Significant judgement: Recognition of non-controlling interest of Jinan New Emei The acquisition of Jinan New Emei Industries Co Ltd. includes a commitment for the Group to acquire the outstanding shares (35%), see Note (42). The Group has concluded, based on the terms and pricing of the commitment, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration and a non-controlling interest was recognised on acquisition. The financial liability arising from the commitment has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V, while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V. |
Significant estimate: Measurement of assets acquired and liabilities assumed in business combinations Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations disclosed in Note (42). 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 this 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 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Measurement of mining rights Management has 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 60 years |
Technical equipment and machinery | 8 to 50 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant estimate: Useful lives of property, plant and equipment and intangible assets 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 estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the recoverable amounts of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
Significant judgement: Identification of impairment indicators related to CGUs without goodwill 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 CGUs, that did not have goodwill allocated to them. 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: 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 volatility in the Statement of Profit of Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles the forwards through physical delivery and does not expect to sell any (unexpected) surplus of either gas, power or CO2 emission certificates. 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: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (31) are based on best estimates using the information available at the reporting date. The estimates take into account the underlying legal or constructive obligation and are performed by internal experts or, when appropriate, also by external experts. Despite the best possible assumptions and estimates, cash outflows expected at the reporting date may deviate from actual cash outflows. As soon as additional information is available, the estimates made are reviewed and provisions are also adjusted. The majority of other provisions refers to an unfavourable contract which was recognised in the course of the acquisition of former Magnesita Group and is mainly based on an estimate of forgone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related the rehabilitation and restoration of the mining sites or for environmental damages are recorded within other provisions. These are subject to measurement uncertainties in terms of the estimated costs to settle the obligation, estimated term until rehabilitation and restoration, discount rate and inflation rate. Changes in these parameters may result in higher or lower provisions. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit 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 tax 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. Refer to Note (14) for details on recognised deferred tax assets. |
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 | 31.12.2023 | 31.12.2022 |
\u200bPrice level\u00a0 | 3,533.19 | \u200b1,134.59\u00a0 |
\u200bIndex movement (in %) | \u200b211.41 | \u200b94.79\u00a0 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2023 | 31.12.2022 | 2023 | 2022 |
Brazilian Real | BRL | 5.37 | 5.63 | 5.42 | 5.47 |
Canadian Dollar | CAD | 1.46 | 1.45 | 1.46 | 1.37 |
Chinese Renminbi Yuan | CNY | 7.87 | 7.42 | 7.65 | 7.09 |
Indian Rupee | INR | 92.58 | 88.26 | 89.20 | 82.50 |
US Dollar | USD | 1.11 | 1.07 | 1.08 | 1.06 |
2023 in \u20ac million | Steel | Industrial | Group 2023 |
Revenue | 2,460.7 | 1,111.1 | 3,571.8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 549.9 | 307.5 | 857.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | 333.9 |
Net finance costs | \u00a0 | \u00a0 | (100.6) |
Profit before income tax | \u00a0 | \u00a0 | 233.3 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and amortisation charges | (125.7) | (51.8) | (177.5) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment assets 31.12.2023 | 2,607.1 | 1,099.0 | 3,706.1 |
Investments in joint ventures and associates 31.12.2023 | \u00a0 | \u00a0 | 6.2 |
Reconciliation to total assets | \u00a0 | \u00a0 | 1,137.3 |
Total assets | \u00a0 | \u00a0 | 4,849.6 |
Additions to property, plant and equipment and intangible assets | 128.9 | 66.1 | 195.0 |
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 |
Total assets | \u00a0 | \u00a0 | 4,074.9 |
Additions to property, plant and equipment and intangible assets | 128.6 | 68.8 | 197.4 |
in \u20ac million | Steel | Industrial | Group 2023 |
Shaped products | 1,142.9 | 815.1 | 1,958.0 |
Unshaped products | 530.3 | 212.0 | 742.3 |
Management refractory services | 712.2 | 8.3 | 720.5 |
Other | 75.3 | 75.7 | 151.0 |
Revenue | 2,460.7 | 1,111.1 | 3,571.8 |
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 |
Revenue | 2,371.4 | 945.8 | 3,317.2 |
In \u20ac million | 2023 | 2022 |
Netherlands | 14.0 | 11.2 |
USA | 612.2 | 586.5 |
India | 476.6 | 344.0 |
Brazil | 371.1 | 367.8 |
PR China | 259.5 | 221.6 |
Other countries | 1,838.4 | 1,786.1 |
Revenue | 3,571.8 | 3,317.2 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Brazil | 502.7 | 464.8 |
India | 383.2 | 69.7 |
Austria | 368.5 | 352.9 |
USA | 224.6 | 234.1 |
Germany | 212.3 | 187.1 |
PR China | 200.5 | 171.4 |
Other countries | 277.2 | 177.2 |
Goodwill, intangible assets and property, plant and equipment | 2,169.0 | 1,657.2 |
in \u20ac million | 2023 | 2022 |
Restructuring (expenses)/income | (19.6) | 6.8 |
in \u20ac million | 2023 | 2022 |
Net amortisation of Oberhausen provision | 10.8 | 2.0 |
Bargain purchase gain | 7.5 | 0.0 |
Income from the disposal of non-current assets | 3.4 | 0.5 |
Miscellaneous income | 5.4 | 2.3 |
Other income | 27.1 | 4.8 |
in \u20ac million | 2023 | 2022 |
Expenses for strategic projects | (16.0) | (10.1) |
Losses from the disposal of non-current assets | (6.7) | (1.7) |
Miscellaneous expenses | (16.2) | (11.2) |
Other expenses | (38.9) | (23.0) |
in \u20ac million | 2023 | 2022 |
Cost of materials | (1,374.5) | (1,365.0) |
Personnel costs | (747.3) | (627.8) |
Energy costs | (256.8) | (285.7) |
Freight expenses | (229.0) | (285.3) |
Depreciation and amortisation charges | (177.5) | (144.5) |
External services | (164.1) | (136.7) |
Changes in inventories, own work capitalised | (53.6) | 64.3 |
Write-down expenses | (1.4) | 0.0 |
Other income and expenses | (233.8) | (193.0) |
Total expenses | (3,238.0) | (2,973.7) |
in \u20ac million | 2023 | 2022 |
Wages and salaries | (579.5) | (478.5) |
Social security contribution | (113.0) | (99.2) |
Fringe benefits | (33.4) | (28.7) |
Pension and other post-employment benefits | \u00a0 | \u00a0 |
Defined contribution plans | (10.9) | (11.4) |
Defined benefit plans | (3.6) | (4.8) |
Other expenses termination benefits | (6.9) | (5.2) |
Personnel expenses (without interest expenses) | (747.3) | (627.8) |
\u00a0 | 2023 | 2022 |
Salaried employees | 7,063 | 6,391 |
Waged workers | 7,953 | 7,119 |
Number of employees on annual average | 15,016 | 13,510 |
in \u20ac million | 2023 | 2022 |
Foreign currency losses | (43.6) | (10.0) |
Gains/(losses) on forward exchange contracts and derivatives in open orders | 10.7 | (13.3) |
Gain on net monetary position | 2.5 | 0.0 |
Net expense on foreign currency effects | (30.4) | (23.3) |
in \u20ac million | 2023 | 2022 |
Net interest expense relating to personnel provisions | (12.4) | (5.7) |
Unwinding of discount of provisions and payables | (7.7) | (8.5) |
Interest expense on non-controlling interest liabilities | (6.5) | (5.3) |
Interest expense on lease liabilities | (2.4) | (1.3) |
Income from the revaluation of NCI put options | 6.6 | 4.7 |
Other interest and similar income and expenses1) | (9.3) | (14.6) |
Other net financial expenses | (31.7) | (30.7) |
in \u20ac million | 2023 | 2022 |
Current tax expense | (66.7) | (52.7) |
Deferred tax (expense)/income relating to | \u00a0 | \u00a0 |
temporary differences | 8.6 | (11.9) |
tax loss carryforwards | (3.9) | (39.1) |
\u00a0 | 4.7 | (51.0) |
Income tax | (62.0) | (103.7) |
in \u20ac million | 2023 | 2022 |
Profit before income tax | 233.3 | 270.5 |
Income tax expense calculated at 24% (2022: 25%) | 56.0 | 67.6 |
Different foreign tax rates | 2.1 | 5.9 |
Expenses not deductible for tax purposes, non-creditable taxes | 28.0 | 21.4 |
Non-taxable income and tax benefits | (27.9) | (25.7) |
Tax losses and temporary differences of the financial year not recognised | 1.2 | 2.3 |
Utilisation of previously unrecognised loss carryforwards and temporary differences | (1.0) | 0.0 |
Recognition of previously unrecognised loss carryforwards and temporary differences | (0.2) | (3.1) |
Change in write down of deferred tax assets | 0.0 | 3.0 |
Deferred tax expense due to tax rate changes | 2.0 | 2.7 |
Deferred tax assets derecognised | 0.0 | 23.6 |
Deferred income tax relating to prior periods | (6.9) | 5.2 |
Income tax relating to foreign currency translation of local currency to functional currency | 4.0 | 2.8 |
Current income tax relating to prior periods | 4.5 | (2.3) |
Other | 0.2 | 0.3 |
Recognised tax expense | 62.0 | 103.7 |
Effective tax rate (in %) | 26.6% | 38.4% |
\u00a0 | 31.12.2023 | 2023 | 31.12.2022 | 2022 | ||
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 | 29.2 | 119.8 | 3.1 | 25.1 | 113.3 | (6.1) |
Inventories | 24.3 | 10.1 | 0.1 | 20.8 | 9.0 | 6.3 |
Trade receivables, other assets | 12.0 | 9.2 | 11.5 | 11.0 | 21.1 | (17.2) |
Pensions and other personnel provisions | 45.0 | 0.3 | (4.8) | 41.9 | 0.3 | (4.6) |
Other provisions | 29.6 | 0.4 | 1.6 | 27.4 | 0.6 | 0.2 |
Trade payables, other liabilities | 27.9 | 6.0 | (2.9) | 22.2 | 6.7 | 9.5 |
Tax loss carried forward | 67.3 | 0.0 | (3.9) | 68.8 | 0.0 | (39.1) |
Offsetting | (83.3) | (83.3) | 0.0 | (89.0) | (89.0) | 0.0 |
Deferred taxes | 152.0 | 62.5 | 4.7 | 128.2 | 62.0 | (51.0) |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Year of expiry | \u00a0 | \u00a0 |
2022 | 0.0 | 0.4 |
2023 | 0.0 | 0.2 |
2024 | 5.9 | 7.4 |
2025 | 1.7 | 1.8 |
2026 | 2.0 | 2.1 |
2027 | 8.4 | 11.9 |
2028 | 5.8 | 0.8 |
2029 or later | 0.5 | 0.0 |
Not subject to expiration | 156.7 | 154.6 |
Total unrecognised tax losses | 181.0 | 179.2 |
\u00a0 | 2023 | 2022 |
Profit after income tax attributable to RHI Magnesita N.V. shareholders (in \u20ac million) | 164.6 | 155.7 |
Weighted average number of shares for basic EPS | 47,078,254 | 47,000,708 |
Effects of dilution from share options | 1,014,964 | 793,302 |
Weighted average number of shares for dilutive EPS | 48,093,218 | 47,794,010 |
Earnings per share basic (in \u20ac) | 3.50 | 3.31 |
Earnings per share diluted (in \u20ac) | 3.42 | 3.26 |
in \u20ac million | 2023 | 2022 |
Carrying amount at beginning of the year | 136.9 | 114.4 |
Newly acquired businesses | 197.0 | 20.6 |
Currency translation | (1.6) | 1.9 |
Hyperinflation adjustment | 6.9 | 0.0 |
Carrying amount at year-end | 339.2 | 136.9 |
\u00a0 | 2023 | 2022 | ||||
\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 - Linings | 9.9% | 0.9% | 212.8 | 10.8% | 0.9% | 107.2 |
Steel - Flow Control | 10.0% | 0.9% | 66.5 | 11.1% | 0.9% | 28.5 |
Industrial - Cement & Lime | 10.5% | 0.9% | 55.1 | 11.2% | 0.9% | 0.1 |
in \u20ac million | Mining rights | Customer relationship | Internally generated intangible assets | Other intangible assets | Prepayments made and intangible assets under construction | Total |
Cost at 31.12.2022 | 151.9 | 132.1 | 78.5 | 156.8 | 0.0 | 519.3 |
Currency translation | 1.5 | (5.1) | (0.1) | (2.4) | (0.2) | (6.3) |
Additions | 0.0 | 0.0 | 8.0 | 2.0 | 0.1 | 10.1 |
Additions initial consolidation | 0.0 | 158.9 | 0.0 | 6.4 | 8.0 | 173.3 |
Retirements and disposals | (1.0) | 0.2 | (0.6) | (1.0) | 0.0 | (2.4) |
Reclassifications | 0.0 | (1.8) | 0.0 | 8.4 | 14.2 | 20.8 |
Cost at 31.12.2023 | 152.4 | 284.3 | 85.8 | 170.2 | 22.1 | 714.8 |
Accumulated amortisation 31.12.2022 | 14.5 | 45.4 | 48.8 | 94.0 | 0.0 | 202.7 |
Currency translation | 0.0 | (0.5) | 0.0 | 0.5 | 0.0 | 0.0 |
Amortisation charges | 2.5 | 20.2 | 3.6 | 17.3 | 0.0 | 43.6 |
Retirements and disposals | 0.0 | 0.2 | (0.2) | (0.3) | 0.0 | (0.3) |
Reclassifications | 0.0 | (0.5) | 0.0 | (0.5) | 0.0 | (1.0) |
Accumulated amortisation 31.12.2023 | 17.0 | 64.8 | 52.2 | 111.0 | 0.0 | 245.0 |
Carrying amounts at 31.12.2023 | 135.4 | 219.5 | 33.6 | 59.2 | 22.1 | 469.8 |
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 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction | Right-of-use assets | Total |
Cost at 31.12.2022 | 712.2 | 1,143.1 | 392.7 | 231.6 | 112.4 | 2,592.0 |
Currency translation | (0.6) | (1.5) | 1.2 | 3.0 | 0.2 | 2.3 |
Additions1) | 13.5 | 18.6 | 10.9 | 127.1 | 14.8 | 184.9 |
Additions initial consolidation | 52.3 | 51.0 | 6.3 | 5.8 | 21.8 | 137.2 |
Retirements and disposals | (35.0) | (23.9) | (15.0) | 0.0 | (14.7) | (88.6) |
Reclassifications | 15.5 | 43.7 | 20.5 | (100.5) | 0.0 | (20.8) |
Cost at 31.12.2023 | 757.9 | 1,231.0 | 416.6 | 267.0 | 134.5 | 2,807.0 |
Accumulated depreciation 31.12.2022 | 317.4 | 767.5 | 252.1 | 1.3 | 50.0 | 1,388.3 |
Currency translation | (0.4) | 0.5 | 0.0 | 0.0 | 0.7 | 0.8 |
Depreciation charges | 16.9 | 66.5 | 29.7 | 0.0 | 20.8 | 133.9 |
Impairment charges | 0.0 | 0.4 | 1.0 | 0.0 | 0.0 | 1.4 |
Reversal of impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | (0.4) | (0.4) |
Retirements and disposals | (30.1) | (21.0) | (12.9) | 0.0 | (13.8) | (77.8) |
Reclassifications | 0.0 | 0.2 | 0.5 | 0.0 | 0.0 | 0.7 |
Accumulated depreciation 31.12.2023 | 303.8 | 814.1 | 270.4 | 1.3 | 57.3 | 1,446.9 |
Carrying amounts at 31.12.2023 | 454.1 | 416.9 | 146.2 | 265.7 | 77.2 | 1,360.1 |
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 |
Additions2) | 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 |
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 31.12.2022 | 68.8 | 33.0 | 10.6 | 112.4 |
Currency translation | (0.3) | 0.4 | 0.1 | 0.2 |
Additions | 8.7 | 0.8 | 5.3 | 14.8 |
Additions initial consolidation | 20.9 | 0.7 | 0.2 | 21.8 |
Retirements and disposals | (7.5) | (4.8) | (2.4) | (14.7) |
Cost at 31.12.2023 | 90.6 | 30.1 | 13.8 | 134.5 |
Accumulated depreciation 31.12.2022 | 25.3 | 19.2 | 5.5 | 50.0 |
Currency translation | 0.0 | 0.5 | 0.2 | 0.7 |
Depreciation charges | 11.9 | 5.3 | 3.6 | 20.8 |
Reversal of impairment charges | 0.0 | (0.4) | 0.0 | (0.4) |
Retirements and disposals | (7.2) | (4.6) | (2.0) | (13.8) |
Accumulated depreciation 31.12.2023 | 30.0 | 20.0 | 7.3 | 57.3 |
Carrying amounts at 31.12.2023 | 60.6 | 10.1 | 6.5 | 77.2 |
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) |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Tax receivables | 13.9 | 18.7 |
Other non-current assets | 22.8 | 21.3 |
Other non-current assets | 36.7 | 40.0 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Raw materials and supplies | 274.0 | 303.3 |
Work in progress | 220.5 | 206.7 |
Finished products and goods | 488.6 | 526.3 |
Prepayments made | 12.8 | 12.8 |
Inventories | 995.9 | 1,049.1 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Trade receivables | 537.6 | 433.4 |
Contract assets | 3.5 | 3.5 |
Other tax receivables | 95.4 | 106.4 |
Prepaid expenses | 8.4 | 5.9 |
Other current receivables | 40.8 | 29.7 |
Trade and other current receivables | 685.7 | 578.9 |
thereof financial assets | 541.4 | 433.9 |
thereof non-financial assets | 144.3 | 145.0 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Cash at banks and in hand | 644.4 | 471.8 |
Money market funds | 59.1 | 48.9 |
Cash and cash equivalents | 703.5 | 520.7 |
in \u20ac million | 31.12.2023 | 31.12.20221) |
Non-current assets | 420.3 | 50.4 |
Current assets | 257.9 | 168.3 |
Non-current liabilities | (18.4) | (2.5) |
Current liabilities | (151.8) | (71.7) |
Net assets before intragroup eliminations | 508.0 | 144.5 |
Intragroup eliminations | (1.6) | 0.1 |
Net assets | 506.4 | 144.6 |
\u00a0 | \u00a0 | \u00a0 |
Carrying amount of non-controlling interests | 148.6 | 43.1 |
in \u20ac million | 2023 | 20221) |
Revenue | 426.9 | 294.6 |
Operating expenses, net finance costs and income tax | (410.3) | (257.4) |
Profit after income tax before intragroup eliminations | 16.6 | 37.2 |
Intragroup eliminations | (1.8) | 0.6 |
Profit after income tax | 14.8 | 37.8 |
thereof attributable to non-controlling interests | 6.6 | 11.3 |
in \u20ac million | 2023 | 20221) |
Profit after income tax | 14.8 | 37.8 |
Other comprehensive (expense)/income | (32.7) | (8.2) |
Total comprehensive income | (17.9) | 29.6 |
thereof attributable to non-controlling interests | (7.9) | 8.8 |
in \u20ac million | 2023 | 20221) |
Net cash flow from operating activities | 38.2 | 21.5 |
Net cash flow from investing activities | (123.0) | (6.9) |
Net cash flow from financing activities | 75.3 | (6.4) |
Total cash flow | (9.5) | 8.2 |
in \u20ac million | January 2023 | April 2023 |
Consideration received | 270.0 | 100.0 |
Carrying value of the sold interest in RHI Magnesita India Ltd. | 122.3 | 63.8 |
Dilution gain recognised in retained earnings | 147.7 | 36.2 |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2023 | current | non-current |
Syndicated & Term Loan | 1,114.1 | 45.5 | 1,068.6 |
Bonded loans (\"Schuldscheindarlehen\") | 755.0 | 35.0 | 720.0 |
Other credit lines and other loans | 62.9 | 60.3 | 2.6 |
Total liabilities to financial institutions | 1,932.0 | 140.8 | 1,791.2 |
Other financial liabilities | 18.3 | 8.9 | 9.4 |
Capitalised transaction costs | (1.5) | (0.4) | (1.1) |
Borrowings | 1,948.8 | 149.3 | 1,799.5 |
\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 |
Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2023 Carrying amount in \u20ac million | Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2022 Carrying amount in \u20ac million |
2024 | EURIBOR + margin | EUR | 573.6 | 2023 | EURIBOR + margin | EUR | 372.3 |
\u00a0 | 3.10% | EUR | 35.0 | \u00a0 | Variable rate + margin | EUR | 34.0 |
\u00a0 | Various - Variable rate | Various | 34.3 | \u00a0 | Various - Variable rate | Various | 27.4 |
2025 | 0.50% | EUR | 150.0 | \u00a0 | 0.25% | EUR | 115.0 |
2026 | 3.63% | EUR | 264.0 | 2024 | 3.10% | EUR | 35.0 |
2027 | 2.44% | EUR | 743.6 | 2025 | 0.59% | EUR | 177.0 |
2028 | 1.90% | EUR | 118.5 | 2027 | 2.72% | EUR | 751.8 |
2029 | 1.52% | EUR | 8.0 | 2028 | 0.92% | EUR | 86.5 |
2031 | 1.28% | EUR | 5.0 | 2029 | 1.52% | EUR | 8.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2031 | 1.28% | EUR | 5.0 |
\u00a0 | \u00a0 | \u00a0 | 1,932.0 | \u00a0 | \u00a0 | \u00a0 | 1,612.0 |
\u00a0 | 31.12.2023 | 31.12.2022 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 0.8 | 0.0 | 0.8 | 0.6 | 0.0 | 0.6 |
Interest rate derivatives | 0.0 | 2.4 | 2.4 | 0.0 | 0.0 | 0.0 |
Commodity swaps | 1.1 | 9.9 | 11.0 | 0.9 | 0.2 | 1.1 |
Derivatives in open orders | 2.9 | 0.0 | 2.9 | 9.5 | 0.0 | 9.5 |
Derivative financial liabilities | 4.8 | 12.3 | 17.1 | 11.0 | 0.2 | 11.2 |
Lease liabilities | 18.1 | 51.8 | 69.9 | 17.5 | 46.4 | 63.9 |
Fixed-term or puttable non-controlling interests | 18.0 | 69.3 | 87.3 | 21.6 | 46.2 | 67.8 |
Other financial liabilities | 40.9 | 133.4 | 174.3 | 50.1 | 92.8 | 142.9 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Ownership interest held by NCI in \u20ac million | \u00a0 | 31.12.2023 | 31.12.2022 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 49.00% | 7.7 | 8.4 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 15.2 | 21.3 |
Jinan New Emei Industries Co. Ltd. | 35.00% | 30.9 | 0.0 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 22.9 | 26.4 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 10.6 | 11.7 |
Other financial liabilities | \u00a0 | 87.3 | 67.8 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Present value of pension obligations | 420.7 | 395.5 |
Fair value of plan assets | (186.4) | (186.6) |
Deficit of funded plans | 234.3 | 208.9 |
Asset ceiling | 5.2 | 3.8 |
Net liability from pension obligations | 239.5 | 212.7 |
Overfunded pension plans | 2.0 | 2.0 |
Other pension plans | 241.5 | 214.7 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Active beneficiaries | 61.5 | 64.2 |
Vested terminated beneficiaries | 44.0 | 43.4 |
Retirees | 315.2 | 287.9 |
Present value of pension obligations | 420.7 | 395.5 |
in % | 31.12.2023 | 31.12.2022 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.3% | 3.8% |
Brazil | 10.1% | 10.5% |
United Kingdom | 4.5% | 4.8% |
USA | 4.8% | 5.0% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 3.9% | 4.5% |
Germany | 2.5% | 2.5% |
Brazil | 4.5% | 4.3% |
United Kingdom1) | n/a | 3.3% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
Austria | 5.3% | 3.0% |
Germany | 2.2% | 2.2% |
Brazil | 4.5% | 4.3% |
United Kingdom | 3.0% | 3.4% |
USA | 2.0% | 2.0% |
in \u20ac million | 2023 | 2022 |
Net liability from pension obligations at beginning of year | 212.7 | 268.1 |
Currency translation | 2.1 | 4.5 |
Additions initial consolidation | 11.3 | 0.0 |
Pension cost | 11.8 | 8.8 |
Remeasurement losses/(gains) | 22.5 | (48.1) |
Benefits paid | (16.8) | (17.3) |
Employers' contributions to external funds | (4.1) | (3.3) |
Net liability from pension obligations at year-end | 239.5 | 212.7 |
in \u20ac million | 2023 | 2022 |
Present value of pension obligations at beginning of year | 395.5 | 495.0 |
Currency translation | 4.0 | 11.7 |
Additions initial consolidation | 11.3 | 0.0 |
Current service cost | 2.2 | 3.4 |
Interest cost | 19.3 | 11.8 |
Remeasurement losses/(gains) | \u00a0 | \u00a0 |
from changes in demographic assumptions | (0.5) | 0.0 |
from changes in financial assumptions | 27.7 | (107.5) |
due to experience adjustments | (3.1) | 13.5 |
Benefits paid | (35.2) | (33.0) |
Employee contributions to external funds | 0.6 | 0.6 |
Plan amendments | (1.1) | 0.0 |
Present value of pension obligations at year-end | 420.7 | 395.5 |
in \u20ac million | 2023 | 2022 |
Fair value of plan assets at beginning of year | 186.6 | 255.5 |
Currency translation | 2.0 | 6.2 |
Interest income | 9.3 | 6.8 |
Administrative costs (paid from plan assets) | (0.4) | (0.4) |
Gains/(losses) on plan assets less interest income | 2.6 | (69.7) |
Benefits paid | (18.4) | (15.7) |
Employers' contributions to external funds | 4.1 | 3.3 |
Employee contributions to external funds | 0.6 | 0.6 |
Fair value of plan assets at year-end | 186.4 | 186.6 |
in \u20ac million | 2023 | 2022 |
Asset ceiling at beginning of year | 3.8 | 28.6 |
Currency translation | 0.1 | (0.9) |
Interest expense | 0.1 | 0.0 |
Losses/(gains) from changes in asset ceiling less interest expense | 1.2 | (23.9) |
Asset ceiling at year-end | 5.2 | 3.8 |
in \u20ac million | 2023 | 2022 |
Current service cost | 1.2 | 3.4 |
Interest cost | 19.4 | 11.8 |
Interest income | (9.3) | (6.8) |
Interest expense from asset ceiling | 0.1 | 0.0 |
Administrative costs (paid from plan assets) | 0.4 | 0.4 |
Pension expense recognised in profit or loss | 11.8 | 8.8 |
in \u20ac million | 2023 | 2022 |
Accumulated remeasurement losses at beginning of year | 95.4 | 143.6 |
Remeasurement losses/(gains) on present value of pension obligations | 24.1 | (94.0) |
(Gains)/losses on plan assets less interest income | (2.6) | 69.7 |
Losses/(gains) from changes in asset ceiling less interest expense | 1.2 | (23.9) |
Accumulated remeasurement losses at year-end | 118.1 | 95.4 |
\u00a0 | 31.12.2023 | 31.12.2022 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 22.0 | 54.9 | 76.9 | 0.0 | 82.1 | 82.1 |
Equity instruments | 39.9 | 0.0 | 39.9 | 34.4 | 0.0 | 34.4 |
Debt instruments | 44.0 | 0.4 | 44.4 | 22.0 | 2.5 | 24.5 |
Cash and cash equivalents | 9.5 | 0.9 | 10.4 | 11.8 | 0.7 | 12.5 |
Other assets | 14.6 | 0.2 | 14.8 | 32.0 | 1.1 | 33.1 |
Fair value of plan assets | 130.0 | 56.4 | 186.4 | 100.2 | 86.4 | 186.6 |
\u00a0 | \u00a0 | 31.12.2023 | 31.12.2022 | ||
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 | 420.7 | 36.2 | 395.5 | 31.5 |
Interest rate | +0.25 | (9.6) | (0.9) | (9.7) | (1.4) |
\u00a0 | (0.25) | 10.2 | 0.9 | 10.1 | 0.5 |
Salary increase | +0.25 | 0.6 | 0.9 | 0.3 | 0.5 |
\u00a0 | (0.25) | (0.1) | (0.9) | (0.3) | (1.4) |
Pension increase | +0.25 | 7.8 | 0.0 | 8.0 | 0.0 |
\u00a0 | (0.25) | (6.6) | 0.0 | (7.4) | 0.0 |
Life expectancy | + 1 year | 2.7 | 0.0 | 9.1 | 0.0 |
\u00a0 | (1) year | (1.9) | 0.0 | (8.1) | 0.0 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Termination benefits | 33.8 | 31.5 |
Service anniversary bonuses | 18.7 | 17.9 |
Semi-retirements | 2.7 | 2.3 |
Other personnel provisions | 55.2 | 51.7 |
in % | 31.12.2023 | 31.12.2022 |
Interest rate | 3.3% | 3.8% |
Future salary increase | 3.3% | 3.9% |
in \u20ac million | 2023 | 2022 |
Provisions for termination benefits at beginning of year | 31.5 | 44.1 |
Currency translation | 0.0 | 0.1 |
Additions initial consolidation | 2.0 | 0.4 |
Current service cost | 1.9 | 1.0 |
Interest cost | 1.6 | 0.5 |
Remeasurement (gains) | (0.1) | (9.9) |
Benefits paid | (3.1) | (4.7) |
Provisions for termination benefits at year-end | 33.8 | 31.5 |
in \u20ac million | 2023 | 2022 |
Accumulated remeasurement losses at beginning of year | 17.8 | 27.7 |
Remeasurement (gains) | (0.1) | (9.9) |
Accumulated remeasurement losses at year-end | 17.7 | 17.8 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Present value of semi-retirement obligations | 4.2 | 5.8 |
Fair value of plan assets | (1.5) | (3.4) |
Provisions for semi-retirement obligations | 2.7 | 2.4 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2022 | 62.3 | 8.4 | 23.2 | 12.0 | 4.2 | 110.1 |
Currency translation | 2.8 | 0.4 | (0.3) | 0.0 | 0.0 | 2.9 |
Reversals | (2.0) | (2.6) | (1.0) | (0.7) | (1.3) | (7.6) |
Additions | 11.4 | 6.3 | 7.7 | 3.1 | 7.5 | 36.0 |
Additions interest | 5.6 | 1.1 | 1.0 | 0.0 | 0.0 | 7.7 |
Use | (12.6) | (1.8) | (1.0) | (5.7) | (1.9) | (23.0) |
Reclassifications | 0.0 | (0.6) | 0.0 | 0.0 | 0.0 | (0.6) |
31.12.2023 | 67.5 | 11.2 | 29.6 | 8.7 | 8.5 | 125.5 |
non-current | 52.4 | 11.2 | 28.0 | 0.0 | 0.0 | 91.6 |
current | 15.1 | 0.0 | 1.6 | 8.7 | 8.5 | 33.9 |
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 | 31.12.2023 | 31.12.2022 |
Trade payables | 497.9 | 506.5 |
Contract liabilities | 64.6 | 61.8 |
Liabilities to employees | 136.4 | 97.2 |
Capital expenditure payable | 33.0 | 43.1 |
Taxes other than income tax | 32.6 | 35.0 |
Payables from commissions | 9.4 | 7.7 |
Other current liabilities | 46.3 | 29.0 |
Trade payables and other current liabilities | 820.2 | 780.3 |
thereof financial liabilities | 561.2 | 566.4 |
thereof non-financial liabilities | 259.0 | 213.9 |
in \u20ac million | \u00a0 | 2023 | 2022 |
Profit after income tax | \u00a0 | 171.3 | 166.8 |
Adjustments for | \u00a0 | \u00a0 | \u00a0 |
income tax | \u00a0 | 62.0 | 103.7 |
depreciation | \u00a0 | 133.9 | 115.6 |
amortisation | \u00a0 | 43.6 | 28.9 |
write down/(write-up) of property, plant and equipment and intangible assets | \u00a0 | 1.0 | (6.0) |
income from the reversal of investment subsidies | \u00a0 | (1.3) | (0.7) |
(write ups)/impairment losses/loss from sale on securities | \u00a0 | (22.5) | 1.5 |
losses from the disposal of property, plant and equipment | \u00a0 | 4.4 | 2.4 |
losses from the disposal of subsidiaries | \u00a0 | 0.6 | 1.1 |
net interest expense, derivatives and valuation call/put options | \u00a0 | 58.3 | 47.3 |
result from disposal of joint ventures and associates | \u00a0 | (2.7) | (0.2) |
other non-cash changes | \u00a0 | 46.0 | 26.1 |
Changes in working capital | \u00a0 | \u00a0 | \u00a0 |
inventories | \u00a0 | 182.7 | (30.0) |
trade receivables | \u00a0 | 1.7 | (12.5) |
contract assets | \u00a0 | 0.0 | 0.0 |
trade payables | \u00a0 | (118.0) | (156.8) |
contract liabilities | \u00a0 | (13.9) | 4.5 |
Changes in other assets and liabilities | \u00a0 | \u00a0 | \u00a0 |
other receivables and assets | \u00a0 | 13.1 | 25.7 |
provisions | \u00a0 | (24.6) | (49.4) |
other liabilities | \u00a0 | 24.5 | 19.5 |
Cash generated from operations | \u00a0 | 560.1 | 287.5 |
\u00a0 | \u00a0 | Cash changes | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2022 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Reclassifications | Additions from initial consolidation | Additions and modifications of leases (IFRS 16) | 31.12.2023 |
Borrowings1) | (1,620.0) | (257.0) | 0.9 | 0.6 | 0.0 | (73.3) | 0.0 | (1,948.8) |
Lease liabilities | (63.9) | 22.7 | 0.7 | (2.4) | 0.0 | (12.2) | (14.8) | (69.9) |
Cash and cash equivalents | 520.7 | 196.0 | (3.9) | 0.0 | (9.3) | 0.0 | 0.0 | 703.5 |
Net debt | (1,163.2) | (38.3) | (2.3) | (1.8) | (9.3) | (85.5) | (14.8) | (1,315.2) |
Liabilities to fixed-term or puttable non-controlling interests | (67.8) | 7.4 | 4.3 | 0.3 | 0.0 | (31.5) | 0.0 | (87.3) |
\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) | (1,534.7) | (52.5) | (19.5) | (1.3) | 0.0 | (12.0) | 0.0 | (1,620.0) |
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 | (1,009.4) | (81.7) | (31.1) | (1.3) | 0.0 | (19.0) | (20.7) | (1,163.2) |
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 | \u00a0 | 31.12.2023 | 31.12.2022 | ||
in \u20ac million | Measurement category IFRS 91) | Level | Carrying amount | Fair value | Carrying amount | Fair value |
Non-current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 11.8 | 11.8 | 9.0 | 9.0 |
Shares | FVPL | 3 | 0.5 | 0.5 | 0.5 | 0.5 |
Shares | FVOCI | 3 | 4.6 | 4.6 | 0.0 | 0.0 |
Interest rate derivatives and commodity swaps designated as cash flow hedges | - | 2 | 20.5 | 20.5 | 42.4 | 42.4 |
Investments in non-consolidated subsidiaries | FVPL | - | 2.4 | 2.4 | 3.0 | 3.0 |
Other non-current financial assets | AC | - | 3.6 | \u00a0 | 0.2 | \u00a0 |
Trade and other current receivables | AC | - | 510.4 | \u00a0 | 387.7 | \u00a0 |
Trade and other current receivables | FVOCI | - | 31.0 | 31.0 | 46.2 | 46.2 |
Current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 11.3 | 11.3 | 0.0 | 0.0 |
Derivatives in open orders and Forward exchange contracts | FVPL | 2 | 0.4 | 0.4 | 1.1 | 1.1 |
Commodity swaps designated as cash flow hedges | - | 2 | 0.4 | 0.4 | 0.0 | 0.0 |
Other current financial receivables | AC | - | 1.6 | \u00a0 | 0.2 | \u00a0 |
Cash and cash equivalents | AC | - | 703.5 | \u00a0 | 520.7 | \u00a0 |
Financial assets | \u00a0 | \u00a0 | 1,302.0 | \u00a0 | 1,011.0 | \u00a0 |
Non-current and current borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities to financial institutions | AC | 2 | 1,932.0 | 1,919.8 | 1,612.0 | 1,578.1 |
Other financial liabilities | AC | - | 16.8 | \u00a0 | 8.0 | \u00a0 |
Non-current and current other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lease liabilities | - | - | 69.9 | \u00a0 | 63.9 | \u00a0 |
Commodity swaps designated as cash flow hedges | - | 2 | 11.0 | 11.0 | 1.1 | 1.1 |
Derivatives in open orders and Forward exchange contracts | FVPL | 2 | 3.8 | 3.8 | 10.1 | 10.1 |
Interest rate derivatives designated as cash flow hedges | - | 2 | 2.4 | 2.4 | 0.0 | 0.0 |
Liabilities to fixed-term or puttable non-controlling interests | AC | 2/3 | 33.5 | 33.5 | 38.1 | 38.1 |
Liabilities to fixed-term or puttable non-controlling interests | FVPL | 3 | 53.7 | 53.7 | 29.7 | 29.7 |
Trade payables and other current liabilities | AC | - | 561.2 | \u00a0 | 566.4 | \u00a0 |
Financial liabilities | \u00a0 | \u00a0 | 2,684.3 | \u00a0 | 2,329.3 | \u00a0 |
Aggregated according to measurement category | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets measured at amortised cost | \u00a0 | \u00a0 | 1,219.1 | \u00a0 | 908.8 | \u00a0 |
Financial assets measured at FVOCI | \u00a0 | \u00a0 | 35.6 | \u00a0 | 46.2 | \u00a0 |
Financial assets measured at FVPL | \u00a0 | \u00a0 | 26.4 | \u00a0 | 13.6 | \u00a0 |
Financial liabilities measured at amortised cost | \u00a0 | \u00a0 | 2,543.5 | \u00a0 | 2,224.5 | \u00a0 |
Financial liabilities measured at FVPL | \u00a0 | \u00a0 | 57.5 | \u00a0 | 39.8 | \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 | 2023 | 2022 |
Net gain/(loss) from financial assets and liabilities measured at fair value through profit or loss | 18.1 | (14.6) |
Net (loss)/gain from financial assets and liabilities measured at amortised cost | (4.1) | 4.6 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Interest rate derivatives and commodity swaps | 20.5 | 42.4 |
Marketable securities and shares | 16.9 | 9.5 |
Non-current portion of restricted cash | 3.4 | 0.0 |
Interests in subsidiaries not consolidated | 2.4 | 3.0 |
Non-current portion of non-current loans | 0.2 | 0.2 |
Other non-current financial assets | 43.4 | 55.1 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Marketable securities1) | 11.3 | 0.0 |
Derivatives in open orders and forward exchange contracts | 0.7 | 1.1 |
Current portion of non-current loans | 1.3 | 0.2 |
Current portion of restricted cash | 0.3 | 0.0 |
Other current financial assets | 13.6 | 1.3 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2023 | 17.9 | Other non-current financial assets (liabilities) | (14.5) | EUR 1,081.1 million |
2022 | 42.4 | Other non-current financial assets | 59.1 | EUR 709.2 million |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2023 | 17.9 | 13.8 |
2022 | 42.4 | 32.7 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2023 | (10.5) | Other current and non-current financial assets (liabilities) | (10.8) | Gas 1,141 GWh Oil 700,297 bbl |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2023 | (10.5) | (7.9) |
\u00a0 | \u00a0 | 31.12.2023 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
EUR | ZAR | ZAR | 175.0 | 0.0 |
MXN | USD | MXN | 670.0 | 0.0 |
USD | INR | USD | 20.0 | (0.1) |
EUR | USD | USD | 150.0 | (0.6) |
BRL | USD | USD | 30.0 | (0.1) |
CLP | USD | USD | 18.5 | 0.2 |
EUR | INR | EUR | 33.0 | (0.1) |
CZK | EUR | EUR | 16.0 | 0.2 |
Forward exchange contracts | \u00a0 | \u00a0 | (0.5) |
\u00a0 | \u00a0 | 31.12.2022 | ||
Purchase | Sale | Nominal in | 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) |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Steel | 360.0 | 284.6 |
Industrial | 181.1 | 148.8 |
Gross credit exposure | 541.1 | 433.4 |
Credit insurance and letters of credit | (235.4) | (214.5) |
Net credit exposure | 305.7 | 218.9 |
in \u20ac million | 2023 | 2022 | ||
\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 | 29.4 | 0.9 | 23.2 | 0.6 |
Currency translation | 0.1 | - | 0.8 | - |
Additions initial consolidation | 9.1 | - | 0.3 | - |
Addition | 18.4 | - | 7.0 | 0.3 |
Use | (4.3) | - | (1.3) | - |
Reversal | (0.7) | (0.1) | (0.6) | - |
Accumulated valuation allowance at year-end | 52.0 | 0.8 | 29.4 | 0.9 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2023 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.01 - 0.57% | 0.05-1.22% | 0.30 - 59.13% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 414.2 | 27.8 | 17.0 | 459.0 | 89.5 | 548.5 |
Lifetime expected credit loss | (0.6) | (0.1) | (0.1) | - | - | (0.8) |
Valuation allowance - credit impaired | - | - | - | - | (52.0) | (52.0) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 495.7 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 45.4 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 541.1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2022 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.02 - 0.34% | 0.07-0.81% | 0.31-49.48% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 | 30.1 | 429.5 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | - | - | (1.0) |
Valuation allowance - credit impaired | - | - | - | - | (29.3) | (29.3) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 399.2 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 37.7 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 436.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 433.1 | 454.5 | 48.4 | 391.0 | 15.1 |
variable interest | 1,498.9 | 1,736.0 | 154.5 | 1,363.8 | 217.7 |
Other financial liabilities | 16.8 | 22.5 | 13.7 | 8.8 | 0.0 |
Lease liabilities | 69.9 | 77.2 | 17.9 | 33.8 | 25.5 |
Liabilities to fixed-term or puttable non-controlling interests | 87.3 | 181.2 | 18.0 | 13.1 | 150.1 |
Trade payables and other current liabilities | 561.2 | 561.2 | 561.2 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,667.2 | 3,032.6 | 813.7 | 1,810.5 | 408.4 |
\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 | 1,129.1 | 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 | 1,461.0 | 274.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | 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 derivatives | 20.3 | 20.3 | 0.0 | 20.3 | 0.0 |
Commodity swaps | 0.5 | 0.5 | 0.4 | 0.1 | 0.0 |
Forward exchange contracts | 0.4 | 0.4 | 0.4 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 11.0 | 11.0 | 1.1 | 9.9 | 0.0 |
Derivatives in open orders | 2.9 | 2.9 | 2.9 | 0.0 | 0.0 |
Interest rate derivatives | 2.4 | 2.4 | 0.0 | 1.5 | 0.9 |
\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 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 729.3 | 59.6 | 8.2 | 2.6 | 47.8 | 847.5 |
Financial liabilities, provisions | (469.8) | (95.3) | (14.8) | (0.8) | (22.4) | (603.1) |
Net foreign currency position | 259.5 | (35.7) | (6.6) | 1.8 | 25.4 | 244.4 |
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 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
US Dollar | (22.0) | (20.3) | 26.8 | 24.9 |
Euro | 1.5 | 6.1 | (1.9) | (7.4) |
Indian Rupee | (0.2) | (0.2) | 0.2 | 0.2 |
Other currencies | (1.7) | (1.7) | 2.1 | 2.1 |
\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 | 31.12.2023 | 31.12.2022 |
Net debt (in \u20ac million)1)2) | 1,303.9 | 1,163.2 |
Net gearing ratio (in %) | 95.6% | 110.9% |
Net debt to Adjusted EBITDA | 2.40x | 2.33x |
in \u20ac million | 31.12.2023 | 31.12.2022 |
EBIT | 333.9 | 343.6 |
Amortisation | 43.6 | 28.9 |
Restructuring and write-down expenses | 19.6 | (6.8) |
Other operating income and expenses | 11.8 | 18.2 |
Adjusted EBITA | 408.9 | 383.9 |
Depreciation | 133.9 | 115.6 |
Adjusted EBITDA | 542.8 | 499.5 |
\u00a0 | \u00a0 | \u00a0 |
Total debt1) | 1,948.8 | 1,620.0 |
Lease liabilities | 69.9 | 63.9 |
Less: Cash and cash equivalents | 703.5 | 520.7 |
Less: Marketable securities | 11.3 | 0.0 |
Net debt1) | 1,303.9 | 1,163.2 |
\u00a0 | \u00a0 | \u00a0 |
Net debt excluding IFRS 16 lease liabilities | 1,234.0 | 1,099.3 |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA | 2.40x | 2.33x |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA excluding IFRS 16 lease liabilities | 2.27x | 2.20x |
in \u20ac million | 2023 | 2022 |
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements1) | (1.1) | (1.1) |
Other audit fees, in respect of subsidiaries' audit, to PwC network firms | (2.0) | (1.8) |
Total audit fees | (3.1) | (2.9) |
Non-audit services - Interim review1) | (0.2) | (0.2) |
Other non-audit services | (0.3) | 0.0 |
Total fees | (3.6) | (3.1) |
in \u20ac million | preliminary value | fair value adjustments | final value |
Property plant and equipment | 3.6 | 16.7 | 20.3 |
Intangible assets: Customer relationships | 10.5 | (3.0) | 7.5 |
Intangible assets: Order backlogs | 5.9 | (1.1) | 4.8 |
Inventories | 14.1 | 0.7 | 14.8 |
Other assets | 16.2 | 0.0 | 16.2 |
Total assets acquired | 50.3 | 13.3 | 63.6 |
Deferred tax liabilities | 3.8 | 3.0 | 6.8 |
Other liabilities | 8.9 | 0.3 | 9.2 |
Total liabilities assumed | 12.7 | 3.3 | 16.0 |
Net identifiable assets acquired | 37.6 | 10.0 | 47.6 |
Less: Non-controlling interests | (5.0) | (1.6) | (6.6) |
Goodwill | 13.8 | (8.4) | 5.4 |
Consideration paid | 46.4 | \u00a0 | 46.4 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment and other intangible assets | 30.1 | 17.5 | 47.6 |
Intangible assets: Customer relationships | 0.0 | 106.9 | 106.9 |
Intangible assets: prepayments on mining rights | 0.0 | 8.0 | 8.0 |
Inventories | 42.7 | 0.0 | 42.7 |
Trade and other receivables (gross contractual amounts: \u20ac42.2 million) | 38.8 | 0.0 | 38.8 |
Cash and cash equivalents | 0.1 | 0.0 | 0.1 |
Total assets acquired | 111.7 | 132.4 | 244.1 |
Trade and other liabilities | 53.3 | 0.0 | 53.3 |
Lease Liabilities | 9.9 | 0.0 | 9.9 |
Provisions and deferred tax liabilities | 1.6 | 0.0 | 1.6 |
Borrowings | 19.7 | 0.0 | 19.7 |
Total liabilities assumed | 84.5 | 0.0 | 84.5 |
Net identifiable assets acquired | 27.2 | 132.4 | 159.6 |
Plus: net decrease in non-controlling interests1) | \u00a0 | \u00a0 | 68.8 |
Goodwill | \u00a0 | \u00a0 | 96.8 |
Consideration | \u00a0 | \u00a0 | 325.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 55.1 |
Equity shares issued and transferred | \u00a0 | \u00a0 | 270.0 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment | 11.7 | 10.7 | 22.4 |
Intangible assets: Customer relationships | 0.0 | 23.8 | 23.8 |
Inventories | 7.8 | 0.0 | 7.8 |
Trade and other receivables | 0.1 | 0.0 | 0.1 |
Total assets acquired | 19.6 | 34.5 | 54.1 |
Trade and other liabilities | 0.3 | 0.0 | 0.3 |
Deferred tax liabilities | 0.0 | 1.9 | 1.9 |
Total liabilities assumed | 0.3 | 1.9 | 2.2 |
Net identifiable assets acquired | 19.3 | 32.6 | 51.9 |
Goodwill | \u00a0 | \u00a0 | 35.1 |
Consideration | \u00a0 | \u00a0 | 87.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 87.0 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment | 19.3 | 0.3 | 19.6 |
Intangible assets: Customer relationships | 0.0 | 5.9 | 5.9 |
Other intangible assets | 4.8 | 0.0 | 4.8 |
Inventories | 16.4 | (0.3) | 16.1 |
Trade and other receivables (gross contractual amounts: \u20ac64.8 million) | 64.5 | (3.9) | 60.6 |
Cash and cash equivalents | 5.7 | 0.0 | 5.7 |
Total assets acquired | 110.7 | 2.0 | 112.7 |
Trade and other liabilities | 66.4 | 2.7 | 69.1 |
Borrowings | 15.2 | 0.0 | 15.2 |
Total liabilities assumed | 81.6 | 2.7 | 84.3 |
Net identifiable assets acquired | 29.1 | (0.7) | 28.4 |
Less: Non-controlling interests | \u00a0 | \u00a0 | (9.9) |
Goodwill | \u00a0 | \u00a0 | 4.4 |
Consideration | \u00a0 | \u00a0 | 22.9 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 14.1 |
Liability towards former owner | \u00a0 | \u00a0 | 3.1 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment and other intangible assets | 10.5 | 0.0 | 10.5 |
Intangible assets: Customer relationships | 0.0 | 26.4 | 26.4 |
Loan receivables | 8.9 | (7.6) | 1.3 |
Inventories | 11.0 | 0.0 | 11.0 |
Trade and other receivables | 34.2 | 0.0 | 34.2 |
Cash and cash equivalents | 6.7 | 0.0 | 6.7 |
Total assets acquired | 71.3 | 18.8 | 90.1 |
Trade and other liabilities | 22.6 | 0.0 | 22.6 |
Deferred tax liabilities | 0.1 | 5.1 | 5.2 |
Borrowings | 29.6 | 0.0 | 29.6 |
Total liabilities assumed | 52.3 | 5.1 | 57.4 |
Net identifiable assets acquired | 19.0 | 13.7 | 32.7 |
Less: Non-controlling interests | \u00a0 | \u00a0 | (3.0) |
Goodwill | \u00a0 | \u00a0 | 54.7 |
Consideration | \u00a0 | \u00a0 | 84.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 77.7 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment and Investments | 53.2 | (32.5) | 20.7 |
Deferred tax assets | 0.0 | 10.5 | 10.5 |
Inventories | 81.7 | (12.6) | 69.1 |
Trade and other receivables | 38.2 | 0.0 | 38.2 |
Cash and cash equivalents | 3.6 | 0.0 | 3.6 |
Total assets acquired | 176.7 | (34.6) | 142.1 |
Trade and other liabilities | 41.9 | 0.0 | 41.9 |
Other provisions | 3.1 | 0.0 | 3.1 |
Provisions for pensions | 14.5 | (3.2) | 11.3 |
Deferred tax liabilities | 1.3 | (1.3) | 0.0 |
Borrowings | 28.3 | 0.0 | 28.3 |
Total liabilities assumed | 89.1 | (4.5) | 84.6 |
Net identifiable assets acquired | 87.6 | (30.1) | 57.5 |
Less: Non-controlling interests | \u00a0 | \u00a0 | (5.5) |
Bargain purchase gain | \u00a0 | \u00a0 | (7.5) |
Consideration | \u00a0 | \u00a0 | 44.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid less cash acquired plus repaid borrowings for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 63.2 |
\u00a0 | Joint ventures | Associates | ||
in \u20ac million | 2023 | 2022 | 2023 | 2022 |
Revenue from the sale of goods and services | 2.2 | 0.7 | 0.0 | 0.0 |
Purchase of raw materials | 5.5 | 4.0 | 0.0 | 0.0 |
Interest income | 0.0 | 0.0 | 0.0 | 0.7 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade liabilities | 1.0 | 0.5 | 0.0 | 0.0 |
in \u20ac million | 2023 | 2022 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Short-term employee benefits | 9.7 | 7.9 |
Share-based payments | 6.4 | 4.6 |
Total | 16.1 | 12.5 |
\u00a0 | \u00a0 | \u00a0 |
Non-Executive Directors1) | 1.2 | 1.1 |
Significant judgement: Recognition of non-controlling interest of Jinan New Emei The acquisition of Jinan New Emei Industries Co Ltd. includes a commitment for the Group to acquire the outstanding shares (35%), see Note (42). The Group has concluded, based on the terms and pricing of the commitment, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration and a non-controlling interest was recognised on acquisition. The financial liability arising from the commitment has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V, while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V. |
Significant estimate: Measurement of assets acquired and liabilities assumed in business combinations Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations disclosed in Note (42). 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 this 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 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Measurement of mining rights Management has 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 60 years |
Technical equipment and machinery | 8 to 50 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant estimate: Useful lives of property, plant and equipment and intangible assets 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 estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the recoverable amounts of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
Significant judgement: Identification of impairment indicators related to CGUs without goodwill 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 CGUs, that did not have goodwill allocated to them. 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: 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 volatility in the Statement of Profit of Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles the forwards through physical delivery and does not expect to sell any (unexpected) surplus of either gas, power or CO2 emission certificates. 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: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (31) are based on best estimates using the information available at the reporting date. The estimates take into account the underlying legal or constructive obligation and are performed by internal experts or, when appropriate, also by external experts. Despite the best possible assumptions and estimates, cash outflows expected at the reporting date may deviate from actual cash outflows. As soon as additional information is available, the estimates made are reviewed and provisions are also adjusted. The majority of other provisions refers to an unfavourable contract which was recognised in the course of the acquisition of former Magnesita Group and is mainly based on an estimate of forgone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related the rehabilitation and restoration of the mining sites or for environmental damages are recorded within other provisions. These are subject to measurement uncertainties in terms of the estimated costs to settle the obligation, estimated term until rehabilitation and restoration, discount rate and inflation rate. Changes in these parameters may result in higher or lower provisions. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit 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 tax 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. Refer to Note (14) for details on recognised deferred tax assets. |
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 | 31.12.2023 | 31.12.2022 |
\u200bPrice level\u00a0 | 3,533.19 | \u200b1,134.59\u00a0 |
\u200bIndex movement (in %) | \u200b211.41 | \u200b94.79\u00a0 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2023 | 31.12.2022 | 2023 | 2022 |
Brazilian Real | BRL | 5.37 | 5.63 | 5.42 | 5.47 |
Canadian Dollar | CAD | 1.46 | 1.45 | 1.46 | 1.37 |
Chinese Renminbi Yuan | CNY | 7.87 | 7.42 | 7.65 | 7.09 |
Indian Rupee | INR | 92.58 | 88.26 | 89.20 | 82.50 |
US Dollar | USD | 1.11 | 1.07 | 1.08 | 1.06 |
Significant judgement: Recognition of non-controlling interest of Jinan New Emei The acquisition of Jinan New Emei Industries Co Ltd. includes a commitment for the Group to acquire the outstanding shares (35%), see Note (42). The Group has concluded, based on the terms and pricing of the commitment, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration and a non-controlling interest was recognised on acquisition. The financial liability arising from the commitment has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V, while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V. |
Significant estimate: Measurement of assets acquired and liabilities assumed in business combinations Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations disclosed in Note (42). 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 this 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 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Measurement of mining rights Management has 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 60 years |
Technical equipment and machinery | 8 to 50 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant estimate: Useful lives of property, plant and equipment and intangible assets 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 estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the recoverable amounts of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
Significant judgement: Identification of impairment indicators related to CGUs without goodwill 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 CGUs, that did not have goodwill allocated to them. 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: 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 volatility in the Statement of Profit of Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles the forwards through physical delivery and does not expect to sell any (unexpected) surplus of either gas, power or CO2 emission certificates. 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: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (31) are based on best estimates using the information available at the reporting date. The estimates take into account the underlying legal or constructive obligation and are performed by internal experts or, when appropriate, also by external experts. Despite the best possible assumptions and estimates, cash outflows expected at the reporting date may deviate from actual cash outflows. As soon as additional information is available, the estimates made are reviewed and provisions are also adjusted. The majority of other provisions refers to an unfavourable contract which was recognised in the course of the acquisition of former Magnesita Group and is mainly based on an estimate of forgone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related the rehabilitation and restoration of the mining sites or for environmental damages are recorded within other provisions. These are subject to measurement uncertainties in terms of the estimated costs to settle the obligation, estimated term until rehabilitation and restoration, discount rate and inflation rate. Changes in these parameters may result in higher or lower provisions. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit 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 tax 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. Refer to Note (14) for details on recognised deferred tax assets. |
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 | 31.12.2023 | 31.12.2022 |
\u200bPrice level\u00a0 | 3,533.19 | \u200b1,134.59\u00a0 |
\u200bIndex movement (in %) | \u200b211.41 | \u200b94.79\u00a0 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2023 | 31.12.2022 | 2023 | 2022 |
Brazilian Real | BRL | 5.37 | 5.63 | 5.42 | 5.47 |
Canadian Dollar | CAD | 1.46 | 1.45 | 1.46 | 1.37 |
Chinese Renminbi Yuan | CNY | 7.87 | 7.42 | 7.65 | 7.09 |
Indian Rupee | INR | 92.58 | 88.26 | 89.20 | 82.50 |
US Dollar | USD | 1.11 | 1.07 | 1.08 | 1.06 |
Significant judgement: Recognition of non-controlling interest of Jinan New Emei The acquisition of Jinan New Emei Industries Co Ltd. includes a commitment for the Group to acquire the outstanding shares (35%), see Note (42). The Group has concluded, based on the terms and pricing of the commitment, that the risks and rewards of ownership associated with the outstanding shares have not been transferred to the Group. Therefore, the financial liability was not considered as part of the purchase consideration and a non-controlling interest was recognised on acquisition. The financial liability arising from the commitment has been recognised in accordance with the Group\u2019s accounting policy related to fixed-term or puttable non-controlling interests. Being that the financial liability was initially recognised against equity attributable to shareholders of RHI Magnesita N.V, while the said non-controlling interests were derecognised to zero \u2013 also against equity attributable to shareholders of RHI Magnesita N.V. |
Significant estimate: Measurement of assets acquired and liabilities assumed in business combinations Estimates relating to the calculation of fair values of acquired assets, liabilities and contingent liabilities are required within the context of business combinations disclosed in Note (42). 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 this 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 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Measurement of mining rights Management has 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 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
Significant judgement: Measurement of mining rights Management has 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 60 years |
Technical equipment and machinery | 8 to 50 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant estimate: Useful lives of property, plant and equipment and intangible assets 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 60 years |
Technical equipment and machinery | 8 to 50 years |
Other plant, office equipment, furniture and fixtures | 3 to 35 years |
Significant estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the recoverable amounts of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
Significant judgement: Identification of impairment indicators related to CGUs without goodwill 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 CGUs, that did not have goodwill allocated to them. 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 estimate: Determination of recoverable amounts of CGUs which include goodwill Management makes use of various estimates and assumptions in determining the cash flow forecasts used to determine the recoverable amounts of CGUs to which goodwill is allocated for the annual impairment test. Key assumptions include discount rates used to discount cash flows, the perpetual annuity growth rate, projected revenue and projected EBIT margin of the associated CGU. For further details on impairment tests for CGUs which include goodwill, refer to Note (17). |
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 volatility in the Statement of Profit of Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles the forwards through physical delivery and does not expect to sell any (unexpected) surplus of either gas, power or CO2 emission certificates. 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: 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 volatility in the Statement of Profit of Loss can be avoided. The own use exemption requires contracts to be entered into and continued to be held for delivery and usage requirements of the Group. The Group settles the forwards through physical delivery and does not expect to sell any (unexpected) surplus of either gas, power or CO2 emission certificates. 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: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (31) are based on best estimates using the information available at the reporting date. The estimates take into account the underlying legal or constructive obligation and are performed by internal experts or, when appropriate, also by external experts. Despite the best possible assumptions and estimates, cash outflows expected at the reporting date may deviate from actual cash outflows. As soon as additional information is available, the estimates made are reviewed and provisions are also adjusted. The majority of other provisions refers to an unfavourable contract which was recognised in the course of the acquisition of former Magnesita Group and is mainly based on an estimate of forgone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related the rehabilitation and restoration of the mining sites or for environmental damages are recorded within other provisions. These are subject to measurement uncertainties in terms of the estimated costs to settle the obligation, estimated term until rehabilitation and restoration, discount rate and inflation rate. Changes in these parameters may result in higher or lower provisions. |
Significant estimate: Pension plans and other post-employment benefits classified as defined benefit 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 and other post-employment benefits classified as defined benefit 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 tax 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. Refer to Note (14) for details on recognised deferred tax assets. |
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 | 31.12.2023 | 31.12.2022 |
\u200bPrice level\u00a0 | 3,533.19 | \u200b1,134.59\u00a0 |
\u200bIndex movement (in %) | \u200b211.41 | \u200b94.79\u00a0 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2023 | 31.12.2022 | 2023 | 2022 |
Brazilian Real | BRL | 5.37 | 5.63 | 5.42 | 5.47 |
Canadian Dollar | CAD | 1.46 | 1.45 | 1.46 | 1.37 |
Chinese Renminbi Yuan | CNY | 7.87 | 7.42 | 7.65 | 7.09 |
Indian Rupee | INR | 92.58 | 88.26 | 89.20 | 82.50 |
US Dollar | USD | 1.11 | 1.07 | 1.08 | 1.06 |
\u00a0 | 31.12.2023 | 31.12.2022 |
\u200bPrice level\u00a0 | 3,533.19 | \u200b1,134.59\u00a0 |
\u200bIndex movement (in %) | \u200b211.41 | \u200b94.79\u00a0 |
2023 in \u20ac million | Steel | Industrial | Group 2023 |
Revenue | 2,460.7 | 1,111.1 | 3,571.8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 549.9 | 307.5 | 857.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | 333.9 |
Net finance costs | \u00a0 | \u00a0 | (100.6) |
Profit before income tax | \u00a0 | \u00a0 | 233.3 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Depreciation and amortisation charges | (125.7) | (51.8) | (177.5) |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Segment assets 31.12.2023 | 2,607.1 | 1,099.0 | 3,706.1 |
Investments in joint ventures and associates 31.12.2023 | \u00a0 | \u00a0 | 6.2 |
Reconciliation to total assets | \u00a0 | \u00a0 | 1,137.3 |
Total assets | \u00a0 | \u00a0 | 4,849.6 |
Additions to property, plant and equipment and intangible assets | 128.9 | 66.1 | 195.0 |
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 |
Total assets | \u00a0 | \u00a0 | 4,074.9 |
Additions to property, plant and equipment and intangible assets | 128.6 | 68.8 | 197.4 |
in \u20ac million | Steel | Industrial | Group 2023 |
Shaped products | 1,142.9 | 815.1 | 1,958.0 |
Unshaped products | 530.3 | 212.0 | 742.3 |
Management refractory services | 712.2 | 8.3 | 720.5 |
Other | 75.3 | 75.7 | 151.0 |
Revenue | 2,460.7 | 1,111.1 | 3,571.8 |
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 |
Revenue | 2,371.4 | 945.8 | 3,317.2 |
In \u20ac million | 2023 | 2022 |
Netherlands | 14.0 | 11.2 |
USA | 612.2 | 586.5 |
India | 476.6 | 344.0 |
Brazil | 371.1 | 367.8 |
PR China | 259.5 | 221.6 |
Other countries | 1,838.4 | 1,786.1 |
Revenue | 3,571.8 | 3,317.2 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Brazil | 502.7 | 464.8 |
India | 383.2 | 69.7 |
Austria | 368.5 | 352.9 |
USA | 224.6 | 234.1 |
Germany | 212.3 | 187.1 |
PR China | 200.5 | 171.4 |
Other countries | 277.2 | 177.2 |
Goodwill, intangible assets and property, plant and equipment | 2,169.0 | 1,657.2 |
in \u20ac million | 2023 | 2022 |
Restructuring (expenses)/income | (19.6) | 6.8 |
in \u20ac million | 2023 | 2022 |
Expenses for strategic projects | (16.0) | (10.1) |
Losses from the disposal of non-current assets | (6.7) | (1.7) |
Miscellaneous expenses | (16.2) | (11.2) |
Other expenses | (38.9) | (23.0) |
in \u20ac million | 2023 | 2022 |
Net amortisation of Oberhausen provision | 10.8 | 2.0 |
Bargain purchase gain | 7.5 | 0.0 |
Income from the disposal of non-current assets | 3.4 | 0.5 |
Miscellaneous income | 5.4 | 2.3 |
Other income | 27.1 | 4.8 |
in \u20ac million | 2023 | 2022 |
Cost of materials | (1,374.5) | (1,365.0) |
Personnel costs | (747.3) | (627.8) |
Energy costs | (256.8) | (285.7) |
Freight expenses | (229.0) | (285.3) |
Depreciation and amortisation charges | (177.5) | (144.5) |
External services | (164.1) | (136.7) |
Changes in inventories, own work capitalised | (53.6) | 64.3 |
Write-down expenses | (1.4) | 0.0 |
Other income and expenses | (233.8) | (193.0) |
Total expenses | (3,238.0) | (2,973.7) |
in \u20ac million | 2023 | 2022 |
Wages and salaries | (579.5) | (478.5) |
Social security contribution | (113.0) | (99.2) |
Fringe benefits | (33.4) | (28.7) |
Pension and other post-employment benefits | \u00a0 | \u00a0 |
Defined contribution plans | (10.9) | (11.4) |
Defined benefit plans | (3.6) | (4.8) |
Other expenses termination benefits | (6.9) | (5.2) |
Personnel expenses (without interest expenses) | (747.3) | (627.8) |
\u00a0 | 2023 | 2022 |
Salaried employees | 7,063 | 6,391 |
Waged workers | 7,953 | 7,119 |
Number of employees on annual average | 15,016 | 13,510 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Present value of pension obligations | 420.7 | 395.5 |
Fair value of plan assets | (186.4) | (186.6) |
Deficit of funded plans | 234.3 | 208.9 |
Asset ceiling | 5.2 | 3.8 |
Net liability from pension obligations | 239.5 | 212.7 |
Overfunded pension plans | 2.0 | 2.0 |
Other pension plans | 241.5 | 214.7 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Active beneficiaries | 61.5 | 64.2 |
Vested terminated beneficiaries | 44.0 | 43.4 |
Retirees | 315.2 | 287.9 |
Present value of pension obligations | 420.7 | 395.5 |
in % | 31.12.2023 | 31.12.2022 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.3% | 3.8% |
Brazil | 10.1% | 10.5% |
United Kingdom | 4.5% | 4.8% |
USA | 4.8% | 5.0% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 3.9% | 4.5% |
Germany | 2.5% | 2.5% |
Brazil | 4.5% | 4.3% |
United Kingdom1) | n/a | 3.3% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
Austria | 5.3% | 3.0% |
Germany | 2.2% | 2.2% |
Brazil | 4.5% | 4.3% |
United Kingdom | 3.0% | 3.4% |
USA | 2.0% | 2.0% |
in \u20ac million | 2023 | 2022 |
Net liability from pension obligations at beginning of year | 212.7 | 268.1 |
Currency translation | 2.1 | 4.5 |
Additions initial consolidation | 11.3 | 0.0 |
Pension cost | 11.8 | 8.8 |
Remeasurement losses/(gains) | 22.5 | (48.1) |
Benefits paid | (16.8) | (17.3) |
Employers' contributions to external funds | (4.1) | (3.3) |
Net liability from pension obligations at year-end | 239.5 | 212.7 |
in \u20ac million | 2023 | 2022 |
Present value of pension obligations at beginning of year | 395.5 | 495.0 |
Currency translation | 4.0 | 11.7 |
Additions initial consolidation | 11.3 | 0.0 |
Current service cost | 2.2 | 3.4 |
Interest cost | 19.3 | 11.8 |
Remeasurement losses/(gains) | \u00a0 | \u00a0 |
from changes in demographic assumptions | (0.5) | 0.0 |
from changes in financial assumptions | 27.7 | (107.5) |
due to experience adjustments | (3.1) | 13.5 |
Benefits paid | (35.2) | (33.0) |
Employee contributions to external funds | 0.6 | 0.6 |
Plan amendments | (1.1) | 0.0 |
Present value of pension obligations at year-end | 420.7 | 395.5 |
in \u20ac million | 2023 | 2022 |
Fair value of plan assets at beginning of year | 186.6 | 255.5 |
Currency translation | 2.0 | 6.2 |
Interest income | 9.3 | 6.8 |
Administrative costs (paid from plan assets) | (0.4) | (0.4) |
Gains/(losses) on plan assets less interest income | 2.6 | (69.7) |
Benefits paid | (18.4) | (15.7) |
Employers' contributions to external funds | 4.1 | 3.3 |
Employee contributions to external funds | 0.6 | 0.6 |
Fair value of plan assets at year-end | 186.4 | 186.6 |
in \u20ac million | 2023 | 2022 |
Asset ceiling at beginning of year | 3.8 | 28.6 |
Currency translation | 0.1 | (0.9) |
Interest expense | 0.1 | 0.0 |
Losses/(gains) from changes in asset ceiling less interest expense | 1.2 | (23.9) |
Asset ceiling at year-end | 5.2 | 3.8 |
in \u20ac million | 2023 | 2022 |
Current service cost | 1.2 | 3.4 |
Interest cost | 19.4 | 11.8 |
Interest income | (9.3) | (6.8) |
Interest expense from asset ceiling | 0.1 | 0.0 |
Administrative costs (paid from plan assets) | 0.4 | 0.4 |
Pension expense recognised in profit or loss | 11.8 | 8.8 |
in \u20ac million | 2023 | 2022 |
Accumulated remeasurement losses at beginning of year | 95.4 | 143.6 |
Remeasurement losses/(gains) on present value of pension obligations | 24.1 | (94.0) |
(Gains)/losses on plan assets less interest income | (2.6) | 69.7 |
Losses/(gains) from changes in asset ceiling less interest expense | 1.2 | (23.9) |
Accumulated remeasurement losses at year-end | 118.1 | 95.4 |
\u00a0 | 31.12.2023 | 31.12.2022 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 22.0 | 54.9 | 76.9 | 0.0 | 82.1 | 82.1 |
Equity instruments | 39.9 | 0.0 | 39.9 | 34.4 | 0.0 | 34.4 |
Debt instruments | 44.0 | 0.4 | 44.4 | 22.0 | 2.5 | 24.5 |
Cash and cash equivalents | 9.5 | 0.9 | 10.4 | 11.8 | 0.7 | 12.5 |
Other assets | 14.6 | 0.2 | 14.8 | 32.0 | 1.1 | 33.1 |
Fair value of plan assets | 130.0 | 56.4 | 186.4 | 100.2 | 86.4 | 186.6 |
\u00a0 | \u00a0 | 31.12.2023 | 31.12.2022 | ||
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 | 420.7 | 36.2 | 395.5 | 31.5 |
Interest rate | +0.25 | (9.6) | (0.9) | (9.7) | (1.4) |
\u00a0 | (0.25) | 10.2 | 0.9 | 10.1 | 0.5 |
Salary increase | +0.25 | 0.6 | 0.9 | 0.3 | 0.5 |
\u00a0 | (0.25) | (0.1) | (0.9) | (0.3) | (1.4) |
Pension increase | +0.25 | 7.8 | 0.0 | 8.0 | 0.0 |
\u00a0 | (0.25) | (6.6) | 0.0 | (7.4) | 0.0 |
Life expectancy | + 1 year | 2.7 | 0.0 | 9.1 | 0.0 |
\u00a0 | (1) year | (1.9) | 0.0 | (8.1) | 0.0 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Termination benefits | 33.8 | 31.5 |
Service anniversary bonuses | 18.7 | 17.9 |
Semi-retirements | 2.7 | 2.3 |
Other personnel provisions | 55.2 | 51.7 |
in % | 31.12.2023 | 31.12.2022 |
Interest rate | 3.3% | 3.8% |
Future salary increase | 3.3% | 3.9% |
in \u20ac million | 2023 | 2022 |
Provisions for termination benefits at beginning of year | 31.5 | 44.1 |
Currency translation | 0.0 | 0.1 |
Additions initial consolidation | 2.0 | 0.4 |
Current service cost | 1.9 | 1.0 |
Interest cost | 1.6 | 0.5 |
Remeasurement (gains) | (0.1) | (9.9) |
Benefits paid | (3.1) | (4.7) |
Provisions for termination benefits at year-end | 33.8 | 31.5 |
in \u20ac million | 2023 | 2022 |
Accumulated remeasurement losses at beginning of year | 17.8 | 27.7 |
Remeasurement (gains) | (0.1) | (9.9) |
Accumulated remeasurement losses at year-end | 17.7 | 17.8 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Present value of semi-retirement obligations | 4.2 | 5.8 |
Fair value of plan assets | (1.5) | (3.4) |
Provisions for semi-retirement obligations | 2.7 | 2.4 |
\u00a0 | 2023 | 2022 |
Salaried employees | 7,063 | 6,391 |
Waged workers | 7,953 | 7,119 |
Number of employees on annual average | 15,016 | 13,510 |
in \u20ac million | 2023 | 2022 |
Foreign currency losses | (43.6) | (10.0) |
Gains/(losses) on forward exchange contracts and derivatives in open orders | 10.7 | (13.3) |
Gain on net monetary position | 2.5 | 0.0 |
Net expense on foreign currency effects | (30.4) | (23.3) |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 729.3 | 59.6 | 8.2 | 2.6 | 47.8 | 847.5 |
Financial liabilities, provisions | (469.8) | (95.3) | (14.8) | (0.8) | (22.4) | (603.1) |
Net foreign currency position | 259.5 | (35.7) | (6.6) | 1.8 | 25.4 | 244.4 |
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 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
US Dollar | (22.0) | (20.3) | 26.8 | 24.9 |
Euro | 1.5 | 6.1 | (1.9) | (7.4) |
Indian Rupee | (0.2) | (0.2) | 0.2 | 0.2 |
Other currencies | (1.7) | (1.7) | 2.1 | 2.1 |
\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 |
in \u20ac million | 2023 | 2022 |
Net interest expense relating to personnel provisions | (12.4) | (5.7) |
Unwinding of discount of provisions and payables | (7.7) | (8.5) |
Interest expense on non-controlling interest liabilities | (6.5) | (5.3) |
Interest expense on lease liabilities | (2.4) | (1.3) |
Income from the revaluation of NCI put options | 6.6 | 4.7 |
Other interest and similar income and expenses1) | (9.3) | (14.6) |
Other net financial expenses | (31.7) | (30.7) |
in \u20ac million | 2023 | 2022 |
Current tax expense | (66.7) | (52.7) |
Deferred tax (expense)/income relating to | \u00a0 | \u00a0 |
temporary differences | 8.6 | (11.9) |
tax loss carryforwards | (3.9) | (39.1) |
\u00a0 | 4.7 | (51.0) |
Income tax | (62.0) | (103.7) |
in \u20ac million | 2023 | 2022 |
Profit before income tax | 233.3 | 270.5 |
Income tax expense calculated at 24% (2022: 25%) | 56.0 | 67.6 |
Different foreign tax rates | 2.1 | 5.9 |
Expenses not deductible for tax purposes, non-creditable taxes | 28.0 | 21.4 |
Non-taxable income and tax benefits | (27.9) | (25.7) |
Tax losses and temporary differences of the financial year not recognised | 1.2 | 2.3 |
Utilisation of previously unrecognised loss carryforwards and temporary differences | (1.0) | 0.0 |
Recognition of previously unrecognised loss carryforwards and temporary differences | (0.2) | (3.1) |
Change in write down of deferred tax assets | 0.0 | 3.0 |
Deferred tax expense due to tax rate changes | 2.0 | 2.7 |
Deferred tax assets derecognised | 0.0 | 23.6 |
Deferred income tax relating to prior periods | (6.9) | 5.2 |
Income tax relating to foreign currency translation of local currency to functional currency | 4.0 | 2.8 |
Current income tax relating to prior periods | 4.5 | (2.3) |
Other | 0.2 | 0.3 |
Recognised tax expense | 62.0 | 103.7 |
Effective tax rate (in %) | 26.6% | 38.4% |
\u00a0 | 31.12.2023 | 2023 | 31.12.2022 | 2022 | ||
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 | 29.2 | 119.8 | 3.1 | 25.1 | 113.3 | (6.1) |
Inventories | 24.3 | 10.1 | 0.1 | 20.8 | 9.0 | 6.3 |
Trade receivables, other assets | 12.0 | 9.2 | 11.5 | 11.0 | 21.1 | (17.2) |
Pensions and other personnel provisions | 45.0 | 0.3 | (4.8) | 41.9 | 0.3 | (4.6) |
Other provisions | 29.6 | 0.4 | 1.6 | 27.4 | 0.6 | 0.2 |
Trade payables, other liabilities | 27.9 | 6.0 | (2.9) | 22.2 | 6.7 | 9.5 |
Tax loss carried forward | 67.3 | 0.0 | (3.9) | 68.8 | 0.0 | (39.1) |
Offsetting | (83.3) | (83.3) | 0.0 | (89.0) | (89.0) | 0.0 |
Deferred taxes | 152.0 | 62.5 | 4.7 | 128.2 | 62.0 | (51.0) |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Year of expiry | \u00a0 | \u00a0 |
2022 | 0.0 | 0.4 |
2023 | 0.0 | 0.2 |
2024 | 5.9 | 7.4 |
2025 | 1.7 | 1.8 |
2026 | 2.0 | 2.1 |
2027 | 8.4 | 11.9 |
2028 | 5.8 | 0.8 |
2029 or later | 0.5 | 0.0 |
Not subject to expiration | 156.7 | 154.6 |
Total unrecognised tax losses | 181.0 | 179.2 |
\u00a0 | 2023 | 2022 |
Profit after income tax attributable to RHI Magnesita N.V. shareholders (in \u20ac million) | 164.6 | 155.7 |
Weighted average number of shares for basic EPS | 47,078,254 | 47,000,708 |
Effects of dilution from share options | 1,014,964 | 793,302 |
Weighted average number of shares for dilutive EPS | 48,093,218 | 47,794,010 |
Earnings per share basic (in \u20ac) | 3.50 | 3.31 |
Earnings per share diluted (in \u20ac) | 3.42 | 3.26 |
in \u20ac million | 2023 | 2022 |
Carrying amount at beginning of the year | 136.9 | 114.4 |
Newly acquired businesses | 197.0 | 20.6 |
Currency translation | (1.6) | 1.9 |
Hyperinflation adjustment | 6.9 | 0.0 |
Carrying amount at year-end | 339.2 | 136.9 |
\u00a0 | 2023 | 2022 | ||||
\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 - Linings | 9.9% | 0.9% | 212.8 | 10.8% | 0.9% | 107.2 |
Steel - Flow Control | 10.0% | 0.9% | 66.5 | 11.1% | 0.9% | 28.5 |
Industrial - Cement & Lime | 10.5% | 0.9% | 55.1 | 11.2% | 0.9% | 0.1 |
\u00a0 | 2023 | 2022 | ||||
\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 - Linings | 9.9% | 0.9% | 212.8 | 10.8% | 0.9% | 107.2 |
Steel - Flow Control | 10.0% | 0.9% | 66.5 | 11.1% | 0.9% | 28.5 |
Industrial - Cement & Lime | 10.5% | 0.9% | 55.1 | 11.2% | 0.9% | 0.1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2023 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.01 - 0.57% | 0.05-1.22% | 0.30 - 59.13% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 414.2 | 27.8 | 17.0 | 459.0 | 89.5 | 548.5 |
Lifetime expected credit loss | (0.6) | (0.1) | (0.1) | - | - | (0.8) |
Valuation allowance - credit impaired | - | - | - | - | (52.0) | (52.0) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 495.7 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 45.4 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 541.1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2022 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.02 - 0.34% | 0.07-0.81% | 0.31-49.48% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 | 30.1 | 429.5 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | - | - | (1.0) |
Valuation allowance - credit impaired | - | - | - | - | (29.3) | (29.3) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 399.2 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 37.7 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 436.9 |
in \u20ac million | Mining rights | Customer relationship | Internally generated intangible assets | Other intangible assets | Prepayments made and intangible assets under construction | Total |
Cost at 31.12.2022 | 151.9 | 132.1 | 78.5 | 156.8 | 0.0 | 519.3 |
Currency translation | 1.5 | (5.1) | (0.1) | (2.4) | (0.2) | (6.3) |
Additions | 0.0 | 0.0 | 8.0 | 2.0 | 0.1 | 10.1 |
Additions initial consolidation | 0.0 | 158.9 | 0.0 | 6.4 | 8.0 | 173.3 |
Retirements and disposals | (1.0) | 0.2 | (0.6) | (1.0) | 0.0 | (2.4) |
Reclassifications | 0.0 | (1.8) | 0.0 | 8.4 | 14.2 | 20.8 |
Cost at 31.12.2023 | 152.4 | 284.3 | 85.8 | 170.2 | 22.1 | 714.8 |
Accumulated amortisation 31.12.2022 | 14.5 | 45.4 | 48.8 | 94.0 | 0.0 | 202.7 |
Currency translation | 0.0 | (0.5) | 0.0 | 0.5 | 0.0 | 0.0 |
Amortisation charges | 2.5 | 20.2 | 3.6 | 17.3 | 0.0 | 43.6 |
Retirements and disposals | 0.0 | 0.2 | (0.2) | (0.3) | 0.0 | (0.3) |
Reclassifications | 0.0 | (0.5) | 0.0 | (0.5) | 0.0 | (1.0) |
Accumulated amortisation 31.12.2023 | 17.0 | 64.8 | 52.2 | 111.0 | 0.0 | 245.0 |
Carrying amounts at 31.12.2023 | 135.4 | 219.5 | 33.6 | 59.2 | 22.1 | 469.8 |
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 |
in \u20ac million | Real estate, land and buildings | Technical equipment, machinery | Other plant, furniture and fixtures | Prepayments made and plant under construction | Right-of-use assets | Total |
Cost at 31.12.2022 | 712.2 | 1,143.1 | 392.7 | 231.6 | 112.4 | 2,592.0 |
Currency translation | (0.6) | (1.5) | 1.2 | 3.0 | 0.2 | 2.3 |
Additions1) | 13.5 | 18.6 | 10.9 | 127.1 | 14.8 | 184.9 |
Additions initial consolidation | 52.3 | 51.0 | 6.3 | 5.8 | 21.8 | 137.2 |
Retirements and disposals | (35.0) | (23.9) | (15.0) | 0.0 | (14.7) | (88.6) |
Reclassifications | 15.5 | 43.7 | 20.5 | (100.5) | 0.0 | (20.8) |
Cost at 31.12.2023 | 757.9 | 1,231.0 | 416.6 | 267.0 | 134.5 | 2,807.0 |
Accumulated depreciation 31.12.2022 | 317.4 | 767.5 | 252.1 | 1.3 | 50.0 | 1,388.3 |
Currency translation | (0.4) | 0.5 | 0.0 | 0.0 | 0.7 | 0.8 |
Depreciation charges | 16.9 | 66.5 | 29.7 | 0.0 | 20.8 | 133.9 |
Impairment charges | 0.0 | 0.4 | 1.0 | 0.0 | 0.0 | 1.4 |
Reversal of impairment charges | 0.0 | 0.0 | 0.0 | 0.0 | (0.4) | (0.4) |
Retirements and disposals | (30.1) | (21.0) | (12.9) | 0.0 | (13.8) | (77.8) |
Reclassifications | 0.0 | 0.2 | 0.5 | 0.0 | 0.0 | 0.7 |
Accumulated depreciation 31.12.2023 | 303.8 | 814.1 | 270.4 | 1.3 | 57.3 | 1,446.9 |
Carrying amounts at 31.12.2023 | 454.1 | 416.9 | 146.2 | 265.7 | 77.2 | 1,360.1 |
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 |
Additions2) | 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 |
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 31.12.2022 | 68.8 | 33.0 | 10.6 | 112.4 |
Currency translation | (0.3) | 0.4 | 0.1 | 0.2 |
Additions | 8.7 | 0.8 | 5.3 | 14.8 |
Additions initial consolidation | 20.9 | 0.7 | 0.2 | 21.8 |
Retirements and disposals | (7.5) | (4.8) | (2.4) | (14.7) |
Cost at 31.12.2023 | 90.6 | 30.1 | 13.8 | 134.5 |
Accumulated depreciation 31.12.2022 | 25.3 | 19.2 | 5.5 | 50.0 |
Currency translation | 0.0 | 0.5 | 0.2 | 0.7 |
Depreciation charges | 11.9 | 5.3 | 3.6 | 20.8 |
Reversal of impairment charges | 0.0 | (0.4) | 0.0 | (0.4) |
Retirements and disposals | (7.2) | (4.6) | (2.0) | (13.8) |
Accumulated depreciation 31.12.2023 | 30.0 | 20.0 | 7.3 | 57.3 |
Carrying amounts at 31.12.2023 | 60.6 | 10.1 | 6.5 | 77.2 |
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) |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Tax receivables | 13.9 | 18.7 |
Other non-current assets | 22.8 | 21.3 |
Other non-current assets | 36.7 | 40.0 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Raw materials and supplies | 274.0 | 303.3 |
Work in progress | 220.5 | 206.7 |
Finished products and goods | 488.6 | 526.3 |
Prepayments made | 12.8 | 12.8 |
Inventories | 995.9 | 1,049.1 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Trade receivables | 537.6 | 433.4 |
Contract assets | 3.5 | 3.5 |
Other tax receivables | 95.4 | 106.4 |
Prepaid expenses | 8.4 | 5.9 |
Other current receivables | 40.8 | 29.7 |
Trade and other current receivables | 685.7 | 578.9 |
thereof financial assets | 541.4 | 433.9 |
thereof non-financial assets | 144.3 | 145.0 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Cash at banks and in hand | 644.4 | 471.8 |
Money market funds | 59.1 | 48.9 |
Cash and cash equivalents | 703.5 | 520.7 |
in \u20ac million | 31.12.2023 | 31.12.20221) |
Non-current assets | 420.3 | 50.4 |
Current assets | 257.9 | 168.3 |
Non-current liabilities | (18.4) | (2.5) |
Current liabilities | (151.8) | (71.7) |
Net assets before intragroup eliminations | 508.0 | 144.5 |
Intragroup eliminations | (1.6) | 0.1 |
Net assets | 506.4 | 144.6 |
\u00a0 | \u00a0 | \u00a0 |
Carrying amount of non-controlling interests | 148.6 | 43.1 |
in \u20ac million | 2023 | 20221) |
Revenue | 426.9 | 294.6 |
Operating expenses, net finance costs and income tax | (410.3) | (257.4) |
Profit after income tax before intragroup eliminations | 16.6 | 37.2 |
Intragroup eliminations | (1.8) | 0.6 |
Profit after income tax | 14.8 | 37.8 |
thereof attributable to non-controlling interests | 6.6 | 11.3 |
in \u20ac million | 2023 | 20221) |
Profit after income tax | 14.8 | 37.8 |
Other comprehensive (expense)/income | (32.7) | (8.2) |
Total comprehensive income | (17.9) | 29.6 |
thereof attributable to non-controlling interests | (7.9) | 8.8 |
in \u20ac million | 2023 | 20221) |
Net cash flow from operating activities | 38.2 | 21.5 |
Net cash flow from investing activities | (123.0) | (6.9) |
Net cash flow from financing activities | 75.3 | (6.4) |
Total cash flow | (9.5) | 8.2 |
in \u20ac million | January 2023 | April 2023 |
Consideration received | 270.0 | 100.0 |
Carrying value of the sold interest in RHI Magnesita India Ltd. | 122.3 | 63.8 |
Dilution gain recognised in retained earnings | 147.7 | 36.2 |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2023 | current | non-current |
Syndicated & Term Loan | 1,114.1 | 45.5 | 1,068.6 |
Bonded loans (\"Schuldscheindarlehen\") | 755.0 | 35.0 | 720.0 |
Other credit lines and other loans | 62.9 | 60.3 | 2.6 |
Total liabilities to financial institutions | 1,932.0 | 140.8 | 1,791.2 |
Other financial liabilities | 18.3 | 8.9 | 9.4 |
Capitalised transaction costs | (1.5) | (0.4) | (1.1) |
Borrowings | 1,948.8 | 149.3 | 1,799.5 |
\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 |
Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2023 Carrying amount in \u20ac million | Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2022 Carrying amount in \u20ac million |
2024 | EURIBOR + margin | EUR | 573.6 | 2023 | EURIBOR + margin | EUR | 372.3 |
\u00a0 | 3.10% | EUR | 35.0 | \u00a0 | Variable rate + margin | EUR | 34.0 |
\u00a0 | Various - Variable rate | Various | 34.3 | \u00a0 | Various - Variable rate | Various | 27.4 |
2025 | 0.50% | EUR | 150.0 | \u00a0 | 0.25% | EUR | 115.0 |
2026 | 3.63% | EUR | 264.0 | 2024 | 3.10% | EUR | 35.0 |
2027 | 2.44% | EUR | 743.6 | 2025 | 0.59% | EUR | 177.0 |
2028 | 1.90% | EUR | 118.5 | 2027 | 2.72% | EUR | 751.8 |
2029 | 1.52% | EUR | 8.0 | 2028 | 0.92% | EUR | 86.5 |
2031 | 1.28% | EUR | 5.0 | 2029 | 1.52% | EUR | 8.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2031 | 1.28% | EUR | 5.0 |
\u00a0 | \u00a0 | \u00a0 | 1,932.0 | \u00a0 | \u00a0 | \u00a0 | 1,612.0 |
\u00a0 | 31.12.2023 | 31.12.2022 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 0.8 | 0.0 | 0.8 | 0.6 | 0.0 | 0.6 |
Interest rate derivatives | 0.0 | 2.4 | 2.4 | 0.0 | 0.0 | 0.0 |
Commodity swaps | 1.1 | 9.9 | 11.0 | 0.9 | 0.2 | 1.1 |
Derivatives in open orders | 2.9 | 0.0 | 2.9 | 9.5 | 0.0 | 9.5 |
Derivative financial liabilities | 4.8 | 12.3 | 17.1 | 11.0 | 0.2 | 11.2 |
Lease liabilities | 18.1 | 51.8 | 69.9 | 17.5 | 46.4 | 63.9 |
Fixed-term or puttable non-controlling interests | 18.0 | 69.3 | 87.3 | 21.6 | 46.2 | 67.8 |
Other financial liabilities | 40.9 | 133.4 | 174.3 | 50.1 | 92.8 | 142.9 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Ownership interest held by NCI in \u20ac million | \u00a0 | 31.12.2023 | 31.12.2022 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 49.00% | 7.7 | 8.4 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 15.2 | 21.3 |
Jinan New Emei Industries Co. Ltd. | 35.00% | 30.9 | 0.0 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 22.9 | 26.4 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 10.6 | 11.7 |
Other financial liabilities | \u00a0 | 87.3 | 67.8 |
\u00a0 | \u00a0 | \u00a0 | 31.12.2023 | 31.12.2022 | ||
in \u20ac million | Measurement category IFRS 91) | Level | Carrying amount | Fair value | Carrying amount | Fair value |
Non-current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 11.8 | 11.8 | 9.0 | 9.0 |
Shares | FVPL | 3 | 0.5 | 0.5 | 0.5 | 0.5 |
Shares | FVOCI | 3 | 4.6 | 4.6 | 0.0 | 0.0 |
Interest rate derivatives and commodity swaps designated as cash flow hedges | - | 2 | 20.5 | 20.5 | 42.4 | 42.4 |
Investments in non-consolidated subsidiaries | FVPL | - | 2.4 | 2.4 | 3.0 | 3.0 |
Other non-current financial assets | AC | - | 3.6 | \u00a0 | 0.2 | \u00a0 |
Trade and other current receivables | AC | - | 510.4 | \u00a0 | 387.7 | \u00a0 |
Trade and other current receivables | FVOCI | - | 31.0 | 31.0 | 46.2 | 46.2 |
Current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 11.3 | 11.3 | 0.0 | 0.0 |
Derivatives in open orders and Forward exchange contracts | FVPL | 2 | 0.4 | 0.4 | 1.1 | 1.1 |
Commodity swaps designated as cash flow hedges | - | 2 | 0.4 | 0.4 | 0.0 | 0.0 |
Other current financial receivables | AC | - | 1.6 | \u00a0 | 0.2 | \u00a0 |
Cash and cash equivalents | AC | - | 703.5 | \u00a0 | 520.7 | \u00a0 |
Financial assets | \u00a0 | \u00a0 | 1,302.0 | \u00a0 | 1,011.0 | \u00a0 |
Non-current and current borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities to financial institutions | AC | 2 | 1,932.0 | 1,919.8 | 1,612.0 | 1,578.1 |
Other financial liabilities | AC | - | 16.8 | \u00a0 | 8.0 | \u00a0 |
Non-current and current other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lease liabilities | - | - | 69.9 | \u00a0 | 63.9 | \u00a0 |
Commodity swaps designated as cash flow hedges | - | 2 | 11.0 | 11.0 | 1.1 | 1.1 |
Derivatives in open orders and Forward exchange contracts | FVPL | 2 | 3.8 | 3.8 | 10.1 | 10.1 |
Interest rate derivatives designated as cash flow hedges | - | 2 | 2.4 | 2.4 | 0.0 | 0.0 |
Liabilities to fixed-term or puttable non-controlling interests | AC | 2/3 | 33.5 | 33.5 | 38.1 | 38.1 |
Liabilities to fixed-term or puttable non-controlling interests | FVPL | 3 | 53.7 | 53.7 | 29.7 | 29.7 |
Trade payables and other current liabilities | AC | - | 561.2 | \u00a0 | 566.4 | \u00a0 |
Financial liabilities | \u00a0 | \u00a0 | 2,684.3 | \u00a0 | 2,329.3 | \u00a0 |
Aggregated according to measurement category | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets measured at amortised cost | \u00a0 | \u00a0 | 1,219.1 | \u00a0 | 908.8 | \u00a0 |
Financial assets measured at FVOCI | \u00a0 | \u00a0 | 35.6 | \u00a0 | 46.2 | \u00a0 |
Financial assets measured at FVPL | \u00a0 | \u00a0 | 26.4 | \u00a0 | 13.6 | \u00a0 |
Financial liabilities measured at amortised cost | \u00a0 | \u00a0 | 2,543.5 | \u00a0 | 2,224.5 | \u00a0 |
Financial liabilities measured at FVPL | \u00a0 | \u00a0 | 57.5 | \u00a0 | 39.8 | \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 | 2023 | 2022 |
Net gain/(loss) from financial assets and liabilities measured at fair value through profit or loss | 18.1 | (14.6) |
Net (loss)/gain from financial assets and liabilities measured at amortised cost | (4.1) | 4.6 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Interest rate derivatives and commodity swaps | 20.5 | 42.4 |
Marketable securities and shares | 16.9 | 9.5 |
Non-current portion of restricted cash | 3.4 | 0.0 |
Interests in subsidiaries not consolidated | 2.4 | 3.0 |
Non-current portion of non-current loans | 0.2 | 0.2 |
Other non-current financial assets | 43.4 | 55.1 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Marketable securities1) | 11.3 | 0.0 |
Derivatives in open orders and forward exchange contracts | 0.7 | 1.1 |
Current portion of non-current loans | 1.3 | 0.2 |
Current portion of restricted cash | 0.3 | 0.0 |
Other current financial assets | 13.6 | 1.3 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2023 | 17.9 | Other non-current financial assets (liabilities) | (14.5) | EUR 1,081.1 million |
2022 | 42.4 | Other non-current financial assets | 59.1 | EUR 709.2 million |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2023 | 17.9 | 13.8 |
2022 | 42.4 | 32.7 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2023 | (10.5) | Other current and non-current financial assets (liabilities) | (10.8) | Gas 1,141 GWh Oil 700,297 bbl |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2023 | (10.5) | (7.9) |
\u00a0 | \u00a0 | 31.12.2023 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
EUR | ZAR | ZAR | 175.0 | 0.0 |
MXN | USD | MXN | 670.0 | 0.0 |
USD | INR | USD | 20.0 | (0.1) |
EUR | USD | USD | 150.0 | (0.6) |
BRL | USD | USD | 30.0 | (0.1) |
CLP | USD | USD | 18.5 | 0.2 |
EUR | INR | EUR | 33.0 | (0.1) |
CZK | EUR | EUR | 16.0 | 0.2 |
Forward exchange contracts | \u00a0 | \u00a0 | (0.5) |
\u00a0 | \u00a0 | 31.12.2022 | ||
Purchase | Sale | Nominal in | 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 | 31.12.2023 | 31.12.2022 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 0.8 | 0.0 | 0.8 | 0.6 | 0.0 | 0.6 |
Interest rate derivatives | 0.0 | 2.4 | 2.4 | 0.0 | 0.0 | 0.0 |
Commodity swaps | 1.1 | 9.9 | 11.0 | 0.9 | 0.2 | 1.1 |
Derivatives in open orders | 2.9 | 0.0 | 2.9 | 9.5 | 0.0 | 9.5 |
Derivative financial liabilities | 4.8 | 12.3 | 17.1 | 11.0 | 0.2 | 11.2 |
Lease liabilities | 18.1 | 51.8 | 69.9 | 17.5 | 46.4 | 63.9 |
Fixed-term or puttable non-controlling interests | 18.0 | 69.3 | 87.3 | 21.6 | 46.2 | 67.8 |
Other financial liabilities | 40.9 | 133.4 | 174.3 | 50.1 | 92.8 | 142.9 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Present value of pension obligations | 420.7 | 395.5 |
Fair value of plan assets | (186.4) | (186.6) |
Deficit of funded plans | 234.3 | 208.9 |
Asset ceiling | 5.2 | 3.8 |
Net liability from pension obligations | 239.5 | 212.7 |
Overfunded pension plans | 2.0 | 2.0 |
Other pension plans | 241.5 | 214.7 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Active beneficiaries | 61.5 | 64.2 |
Vested terminated beneficiaries | 44.0 | 43.4 |
Retirees | 315.2 | 287.9 |
Present value of pension obligations | 420.7 | 395.5 |
in % | 31.12.2023 | 31.12.2022 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.3% | 3.8% |
Brazil | 10.1% | 10.5% |
United Kingdom | 4.5% | 4.8% |
USA | 4.8% | 5.0% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 3.9% | 4.5% |
Germany | 2.5% | 2.5% |
Brazil | 4.5% | 4.3% |
United Kingdom1) | n/a | 3.3% |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
Austria | 5.3% | 3.0% |
Germany | 2.2% | 2.2% |
Brazil | 4.5% | 4.3% |
United Kingdom | 3.0% | 3.4% |
USA | 2.0% | 2.0% |
in \u20ac million | 2023 | 2022 |
Net liability from pension obligations at beginning of year | 212.7 | 268.1 |
Currency translation | 2.1 | 4.5 |
Additions initial consolidation | 11.3 | 0.0 |
Pension cost | 11.8 | 8.8 |
Remeasurement losses/(gains) | 22.5 | (48.1) |
Benefits paid | (16.8) | (17.3) |
Employers' contributions to external funds | (4.1) | (3.3) |
Net liability from pension obligations at year-end | 239.5 | 212.7 |
in \u20ac million | 2023 | 2022 |
Present value of pension obligations at beginning of year | 395.5 | 495.0 |
Currency translation | 4.0 | 11.7 |
Additions initial consolidation | 11.3 | 0.0 |
Current service cost | 2.2 | 3.4 |
Interest cost | 19.3 | 11.8 |
Remeasurement losses/(gains) | \u00a0 | \u00a0 |
from changes in demographic assumptions | (0.5) | 0.0 |
from changes in financial assumptions | 27.7 | (107.5) |
due to experience adjustments | (3.1) | 13.5 |
Benefits paid | (35.2) | (33.0) |
Employee contributions to external funds | 0.6 | 0.6 |
Plan amendments | (1.1) | 0.0 |
Present value of pension obligations at year-end | 420.7 | 395.5 |
in \u20ac million | 2023 | 2022 |
Fair value of plan assets at beginning of year | 186.6 | 255.5 |
Currency translation | 2.0 | 6.2 |
Interest income | 9.3 | 6.8 |
Administrative costs (paid from plan assets) | (0.4) | (0.4) |
Gains/(losses) on plan assets less interest income | 2.6 | (69.7) |
Benefits paid | (18.4) | (15.7) |
Employers' contributions to external funds | 4.1 | 3.3 |
Employee contributions to external funds | 0.6 | 0.6 |
Fair value of plan assets at year-end | 186.4 | 186.6 |
in \u20ac million | 2023 | 2022 |
Asset ceiling at beginning of year | 3.8 | 28.6 |
Currency translation | 0.1 | (0.9) |
Interest expense | 0.1 | 0.0 |
Losses/(gains) from changes in asset ceiling less interest expense | 1.2 | (23.9) |
Asset ceiling at year-end | 5.2 | 3.8 |
in \u20ac million | 2023 | 2022 |
Current service cost | 1.2 | 3.4 |
Interest cost | 19.4 | 11.8 |
Interest income | (9.3) | (6.8) |
Interest expense from asset ceiling | 0.1 | 0.0 |
Administrative costs (paid from plan assets) | 0.4 | 0.4 |
Pension expense recognised in profit or loss | 11.8 | 8.8 |
in \u20ac million | 2023 | 2022 |
Accumulated remeasurement losses at beginning of year | 95.4 | 143.6 |
Remeasurement losses/(gains) on present value of pension obligations | 24.1 | (94.0) |
(Gains)/losses on plan assets less interest income | (2.6) | 69.7 |
Losses/(gains) from changes in asset ceiling less interest expense | 1.2 | (23.9) |
Accumulated remeasurement losses at year-end | 118.1 | 95.4 |
\u00a0 | 31.12.2023 | 31.12.2022 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 22.0 | 54.9 | 76.9 | 0.0 | 82.1 | 82.1 |
Equity instruments | 39.9 | 0.0 | 39.9 | 34.4 | 0.0 | 34.4 |
Debt instruments | 44.0 | 0.4 | 44.4 | 22.0 | 2.5 | 24.5 |
Cash and cash equivalents | 9.5 | 0.9 | 10.4 | 11.8 | 0.7 | 12.5 |
Other assets | 14.6 | 0.2 | 14.8 | 32.0 | 1.1 | 33.1 |
Fair value of plan assets | 130.0 | 56.4 | 186.4 | 100.2 | 86.4 | 186.6 |
\u00a0 | \u00a0 | 31.12.2023 | 31.12.2022 | ||
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 | 420.7 | 36.2 | 395.5 | 31.5 |
Interest rate | +0.25 | (9.6) | (0.9) | (9.7) | (1.4) |
\u00a0 | (0.25) | 10.2 | 0.9 | 10.1 | 0.5 |
Salary increase | +0.25 | 0.6 | 0.9 | 0.3 | 0.5 |
\u00a0 | (0.25) | (0.1) | (0.9) | (0.3) | (1.4) |
Pension increase | +0.25 | 7.8 | 0.0 | 8.0 | 0.0 |
\u00a0 | (0.25) | (6.6) | 0.0 | (7.4) | 0.0 |
Life expectancy | + 1 year | 2.7 | 0.0 | 9.1 | 0.0 |
\u00a0 | (1) year | (1.9) | 0.0 | (8.1) | 0.0 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Termination benefits | 33.8 | 31.5 |
Service anniversary bonuses | 18.7 | 17.9 |
Semi-retirements | 2.7 | 2.3 |
Other personnel provisions | 55.2 | 51.7 |
in % | 31.12.2023 | 31.12.2022 |
Interest rate | 3.3% | 3.8% |
Future salary increase | 3.3% | 3.9% |
in \u20ac million | 2023 | 2022 |
Provisions for termination benefits at beginning of year | 31.5 | 44.1 |
Currency translation | 0.0 | 0.1 |
Additions initial consolidation | 2.0 | 0.4 |
Current service cost | 1.9 | 1.0 |
Interest cost | 1.6 | 0.5 |
Remeasurement (gains) | (0.1) | (9.9) |
Benefits paid | (3.1) | (4.7) |
Provisions for termination benefits at year-end | 33.8 | 31.5 |
in \u20ac million | 2023 | 2022 |
Accumulated remeasurement losses at beginning of year | 17.8 | 27.7 |
Remeasurement (gains) | (0.1) | (9.9) |
Accumulated remeasurement losses at year-end | 17.7 | 17.8 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Present value of semi-retirement obligations | 4.2 | 5.8 |
Fair value of plan assets | (1.5) | (3.4) |
Provisions for semi-retirement obligations | 2.7 | 2.4 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2022 | 62.3 | 8.4 | 23.2 | 12.0 | 4.2 | 110.1 |
Currency translation | 2.8 | 0.4 | (0.3) | 0.0 | 0.0 | 2.9 |
Reversals | (2.0) | (2.6) | (1.0) | (0.7) | (1.3) | (7.6) |
Additions | 11.4 | 6.3 | 7.7 | 3.1 | 7.5 | 36.0 |
Additions interest | 5.6 | 1.1 | 1.0 | 0.0 | 0.0 | 7.7 |
Use | (12.6) | (1.8) | (1.0) | (5.7) | (1.9) | (23.0) |
Reclassifications | 0.0 | (0.6) | 0.0 | 0.0 | 0.0 | (0.6) |
31.12.2023 | 67.5 | 11.2 | 29.6 | 8.7 | 8.5 | 125.5 |
non-current | 52.4 | 11.2 | 28.0 | 0.0 | 0.0 | 91.6 |
current | 15.1 | 0.0 | 1.6 | 8.7 | 8.5 | 33.9 |
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 | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2022 | 62.3 | 8.4 | 23.2 | 12.0 | 4.2 | 110.1 |
Currency translation | 2.8 | 0.4 | (0.3) | 0.0 | 0.0 | 2.9 |
Reversals | (2.0) | (2.6) | (1.0) | (0.7) | (1.3) | (7.6) |
Additions | 11.4 | 6.3 | 7.7 | 3.1 | 7.5 | 36.0 |
Additions interest | 5.6 | 1.1 | 1.0 | 0.0 | 0.0 | 7.7 |
Use | (12.6) | (1.8) | (1.0) | (5.7) | (1.9) | (23.0) |
Reclassifications | 0.0 | (0.6) | 0.0 | 0.0 | 0.0 | (0.6) |
31.12.2023 | 67.5 | 11.2 | 29.6 | 8.7 | 8.5 | 125.5 |
non-current | 52.4 | 11.2 | 28.0 | 0.0 | 0.0 | 91.6 |
current | 15.1 | 0.0 | 1.6 | 8.7 | 8.5 | 33.9 |
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 | 31.12.2023 | 31.12.2022 |
Trade payables | 497.9 | 506.5 |
Contract liabilities | 64.6 | 61.8 |
Liabilities to employees | 136.4 | 97.2 |
Capital expenditure payable | 33.0 | 43.1 |
Taxes other than income tax | 32.6 | 35.0 |
Payables from commissions | 9.4 | 7.7 |
Other current liabilities | 46.3 | 29.0 |
Trade payables and other current liabilities | 820.2 | 780.3 |
thereof financial liabilities | 561.2 | 566.4 |
thereof non-financial liabilities | 259.0 | 213.9 |
in \u20ac million | \u00a0 | 2023 | 2022 |
Profit after income tax | \u00a0 | 171.3 | 166.8 |
Adjustments for | \u00a0 | \u00a0 | \u00a0 |
income tax | \u00a0 | 62.0 | 103.7 |
depreciation | \u00a0 | 133.9 | 115.6 |
amortisation | \u00a0 | 43.6 | 28.9 |
write down/(write-up) of property, plant and equipment and intangible assets | \u00a0 | 1.0 | (6.0) |
income from the reversal of investment subsidies | \u00a0 | (1.3) | (0.7) |
(write ups)/impairment losses/loss from sale on securities | \u00a0 | (22.5) | 1.5 |
losses from the disposal of property, plant and equipment | \u00a0 | 4.4 | 2.4 |
losses from the disposal of subsidiaries | \u00a0 | 0.6 | 1.1 |
net interest expense, derivatives and valuation call/put options | \u00a0 | 58.3 | 47.3 |
result from disposal of joint ventures and associates | \u00a0 | (2.7) | (0.2) |
other non-cash changes | \u00a0 | 46.0 | 26.1 |
Changes in working capital | \u00a0 | \u00a0 | \u00a0 |
inventories | \u00a0 | 182.7 | (30.0) |
trade receivables | \u00a0 | 1.7 | (12.5) |
contract assets | \u00a0 | 0.0 | 0.0 |
trade payables | \u00a0 | (118.0) | (156.8) |
contract liabilities | \u00a0 | (13.9) | 4.5 |
Changes in other assets and liabilities | \u00a0 | \u00a0 | \u00a0 |
other receivables and assets | \u00a0 | 13.1 | 25.7 |
provisions | \u00a0 | (24.6) | (49.4) |
other liabilities | \u00a0 | 24.5 | 19.5 |
Cash generated from operations | \u00a0 | 560.1 | 287.5 |
\u00a0 | \u00a0 | Cash changes | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2022 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Reclassifications | Additions from initial consolidation | Additions and modifications of leases (IFRS 16) | 31.12.2023 |
Borrowings1) | (1,620.0) | (257.0) | 0.9 | 0.6 | 0.0 | (73.3) | 0.0 | (1,948.8) |
Lease liabilities | (63.9) | 22.7 | 0.7 | (2.4) | 0.0 | (12.2) | (14.8) | (69.9) |
Cash and cash equivalents | 520.7 | 196.0 | (3.9) | 0.0 | (9.3) | 0.0 | 0.0 | 703.5 |
Net debt | (1,163.2) | (38.3) | (2.3) | (1.8) | (9.3) | (85.5) | (14.8) | (1,315.2) |
Liabilities to fixed-term or puttable non-controlling interests | (67.8) | 7.4 | 4.3 | 0.3 | 0.0 | (31.5) | 0.0 | (87.3) |
\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) | (1,534.7) | (52.5) | (19.5) | (1.3) | 0.0 | (12.0) | 0.0 | (1,620.0) |
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 | (1,009.4) | (81.7) | (31.1) | (1.3) | 0.0 | (19.0) | (20.7) | (1,163.2) |
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 | \u00a0 | 31.12.2023 | 31.12.2022 | ||
in \u20ac million | Measurement category IFRS 91) | Level | Carrying amount | Fair value | Carrying amount | Fair value |
Non-current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 11.8 | 11.8 | 9.0 | 9.0 |
Shares | FVPL | 3 | 0.5 | 0.5 | 0.5 | 0.5 |
Shares | FVOCI | 3 | 4.6 | 4.6 | 0.0 | 0.0 |
Interest rate derivatives and commodity swaps designated as cash flow hedges | - | 2 | 20.5 | 20.5 | 42.4 | 42.4 |
Investments in non-consolidated subsidiaries | FVPL | - | 2.4 | 2.4 | 3.0 | 3.0 |
Other non-current financial assets | AC | - | 3.6 | \u00a0 | 0.2 | \u00a0 |
Trade and other current receivables | AC | - | 510.4 | \u00a0 | 387.7 | \u00a0 |
Trade and other current receivables | FVOCI | - | 31.0 | 31.0 | 46.2 | 46.2 |
Current financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Marketable securities | FVPL | 1 | 11.3 | 11.3 | 0.0 | 0.0 |
Derivatives in open orders and Forward exchange contracts | FVPL | 2 | 0.4 | 0.4 | 1.1 | 1.1 |
Commodity swaps designated as cash flow hedges | - | 2 | 0.4 | 0.4 | 0.0 | 0.0 |
Other current financial receivables | AC | - | 1.6 | \u00a0 | 0.2 | \u00a0 |
Cash and cash equivalents | AC | - | 703.5 | \u00a0 | 520.7 | \u00a0 |
Financial assets | \u00a0 | \u00a0 | 1,302.0 | \u00a0 | 1,011.0 | \u00a0 |
Non-current and current borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Liabilities to financial institutions | AC | 2 | 1,932.0 | 1,919.8 | 1,612.0 | 1,578.1 |
Other financial liabilities | AC | - | 16.8 | \u00a0 | 8.0 | \u00a0 |
Non-current and current other financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Lease liabilities | - | - | 69.9 | \u00a0 | 63.9 | \u00a0 |
Commodity swaps designated as cash flow hedges | - | 2 | 11.0 | 11.0 | 1.1 | 1.1 |
Derivatives in open orders and Forward exchange contracts | FVPL | 2 | 3.8 | 3.8 | 10.1 | 10.1 |
Interest rate derivatives designated as cash flow hedges | - | 2 | 2.4 | 2.4 | 0.0 | 0.0 |
Liabilities to fixed-term or puttable non-controlling interests | AC | 2/3 | 33.5 | 33.5 | 38.1 | 38.1 |
Liabilities to fixed-term or puttable non-controlling interests | FVPL | 3 | 53.7 | 53.7 | 29.7 | 29.7 |
Trade payables and other current liabilities | AC | - | 561.2 | \u00a0 | 566.4 | \u00a0 |
Financial liabilities | \u00a0 | \u00a0 | 2,684.3 | \u00a0 | 2,329.3 | \u00a0 |
Aggregated according to measurement category | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Financial assets measured at amortised cost | \u00a0 | \u00a0 | 1,219.1 | \u00a0 | 908.8 | \u00a0 |
Financial assets measured at FVOCI | \u00a0 | \u00a0 | 35.6 | \u00a0 | 46.2 | \u00a0 |
Financial assets measured at FVPL | \u00a0 | \u00a0 | 26.4 | \u00a0 | 13.6 | \u00a0 |
Financial liabilities measured at amortised cost | \u00a0 | \u00a0 | 2,543.5 | \u00a0 | 2,224.5 | \u00a0 |
Financial liabilities measured at FVPL | \u00a0 | \u00a0 | 57.5 | \u00a0 | 39.8 | \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 | 2023 | 2022 |
Net gain/(loss) from financial assets and liabilities measured at fair value through profit or loss | 18.1 | (14.6) |
Net (loss)/gain from financial assets and liabilities measured at amortised cost | (4.1) | 4.6 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Interest rate derivatives and commodity swaps | 20.5 | 42.4 |
Marketable securities and shares | 16.9 | 9.5 |
Non-current portion of restricted cash | 3.4 | 0.0 |
Interests in subsidiaries not consolidated | 2.4 | 3.0 |
Non-current portion of non-current loans | 0.2 | 0.2 |
Other non-current financial assets | 43.4 | 55.1 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Marketable securities1) | 11.3 | 0.0 |
Derivatives in open orders and forward exchange contracts | 0.7 | 1.1 |
Current portion of non-current loans | 1.3 | 0.2 |
Current portion of restricted cash | 0.3 | 0.0 |
Other current financial assets | 13.6 | 1.3 |
in \u20ac million | 2023 | 2022 |
Net gain/(loss) from financial assets and liabilities measured at fair value through profit or loss | 18.1 | (14.6) |
Net (loss)/gain from financial assets and liabilities measured at amortised cost | (4.1) | 4.6 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2023 | 17.9 | Other non-current financial assets (liabilities) | (14.5) | EUR 1,081.1 million |
2022 | 42.4 | Other non-current financial assets | 59.1 | EUR 709.2 million |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2023 | 17.9 | 13.8 |
2022 | 42.4 | 32.7 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2023 | (10.5) | Other current and non-current financial assets (liabilities) | (10.8) | Gas 1,141 GWh Oil 700,297 bbl |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2023 | (10.5) | (7.9) |
\u00a0 | \u00a0 | 31.12.2023 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
EUR | ZAR | ZAR | 175.0 | 0.0 |
MXN | USD | MXN | 670.0 | 0.0 |
USD | INR | USD | 20.0 | (0.1) |
EUR | USD | USD | 150.0 | (0.6) |
BRL | USD | USD | 30.0 | (0.1) |
CLP | USD | USD | 18.5 | 0.2 |
EUR | INR | EUR | 33.0 | (0.1) |
CZK | EUR | EUR | 16.0 | 0.2 |
Forward exchange contracts | \u00a0 | \u00a0 | (0.5) |
\u00a0 | \u00a0 | 31.12.2022 | ||
Purchase | Sale | Nominal in | 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) |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Steel | 360.0 | 284.6 |
Industrial | 181.1 | 148.8 |
Gross credit exposure | 541.1 | 433.4 |
Credit insurance and letters of credit | (235.4) | (214.5) |
Net credit exposure | 305.7 | 218.9 |
in \u20ac million | 2023 | 2022 | ||
\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 | 29.4 | 0.9 | 23.2 | 0.6 |
Currency translation | 0.1 | - | 0.8 | - |
Additions initial consolidation | 9.1 | - | 0.3 | - |
Addition | 18.4 | - | 7.0 | 0.3 |
Use | (4.3) | - | (1.3) | - |
Reversal | (0.7) | (0.1) | (0.6) | - |
Accumulated valuation allowance at year-end | 52.0 | 0.8 | 29.4 | 0.9 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2023 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.01 - 0.57% | 0.05-1.22% | 0.30 - 59.13% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 414.2 | 27.8 | 17.0 | 459.0 | 89.5 | 548.5 |
Lifetime expected credit loss | (0.6) | (0.1) | (0.1) | - | - | (0.8) |
Valuation allowance - credit impaired | - | - | - | - | (52.0) | (52.0) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 495.7 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 45.4 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 541.1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2022 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.02 - 0.34% | 0.07-0.81% | 0.31-49.48% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 | 30.1 | 429.5 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | - | - | (1.0) |
Valuation allowance - credit impaired | - | - | - | - | (29.3) | (29.3) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 399.2 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 37.7 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 436.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 433.1 | 454.5 | 48.4 | 391.0 | 15.1 |
variable interest | 1,498.9 | 1,736.0 | 154.5 | 1,363.8 | 217.7 |
Other financial liabilities | 16.8 | 22.5 | 13.7 | 8.8 | 0.0 |
Lease liabilities | 69.9 | 77.2 | 17.9 | 33.8 | 25.5 |
Liabilities to fixed-term or puttable non-controlling interests | 87.3 | 181.2 | 18.0 | 13.1 | 150.1 |
Trade payables and other current liabilities | 561.2 | 561.2 | 561.2 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,667.2 | 3,032.6 | 813.7 | 1,810.5 | 408.4 |
\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 | 1,129.1 | 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 | 1,461.0 | 274.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | 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 derivatives | 20.3 | 20.3 | 0.0 | 20.3 | 0.0 |
Commodity swaps | 0.5 | 0.5 | 0.4 | 0.1 | 0.0 |
Forward exchange contracts | 0.4 | 0.4 | 0.4 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 11.0 | 11.0 | 1.1 | 9.9 | 0.0 |
Derivatives in open orders | 2.9 | 2.9 | 2.9 | 0.0 | 0.0 |
Interest rate derivatives | 2.4 | 2.4 | 0.0 | 1.5 | 0.9 |
\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 |
in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 729.3 | 59.6 | 8.2 | 2.6 | 47.8 | 847.5 |
Financial liabilities, provisions | (469.8) | (95.3) | (14.8) | (0.8) | (22.4) | (603.1) |
Net foreign currency position | 259.5 | (35.7) | (6.6) | 1.8 | 25.4 | 244.4 |
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 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
US Dollar | (22.0) | (20.3) | 26.8 | 24.9 |
Euro | 1.5 | 6.1 | (1.9) | (7.4) |
Indian Rupee | (0.2) | (0.2) | 0.2 | 0.2 |
Other currencies | (1.7) | (1.7) | 2.1 | 2.1 |
\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 |
in \u20ac million | 31.12.2023 | 31.12.2022 |
Steel | 360.0 | 284.6 |
Industrial | 181.1 | 148.8 |
Gross credit exposure | 541.1 | 433.4 |
Credit insurance and letters of credit | (235.4) | (214.5) |
Net credit exposure | 305.7 | 218.9 |
in \u20ac million | 2023 | 2022 | ||
\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 | 29.4 | 0.9 | 23.2 | 0.6 |
Currency translation | 0.1 | - | 0.8 | - |
Additions initial consolidation | 9.1 | - | 0.3 | - |
Addition | 18.4 | - | 7.0 | 0.3 |
Use | (4.3) | - | (1.3) | - |
Reversal | (0.7) | (0.1) | (0.6) | - |
Accumulated valuation allowance at year-end | 52.0 | 0.8 | 29.4 | 0.9 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2023 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.01 - 0.57% | 0.05-1.22% | 0.30 - 59.13% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 414.2 | 27.8 | 17.0 | 459.0 | 89.5 | 548.5 |
Lifetime expected credit loss | (0.6) | (0.1) | (0.1) | - | - | (0.8) |
Valuation allowance - credit impaired | - | - | - | - | (52.0) | (52.0) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 495.7 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 45.4 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 541.1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2022 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.02 - 0.34% | 0.07-0.81% | 0.31-49.48% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 | 30.1 | 429.5 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | - | - | (1.0) |
Valuation allowance - credit impaired | - | - | - | - | (29.3) | (29.3) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 399.2 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 37.7 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 436.9 |
in \u20ac million | 2023 | 2022 | ||
\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 | 29.4 | 0.9 | 23.2 | 0.6 |
Currency translation | 0.1 | - | 0.8 | - |
Additions initial consolidation | 9.1 | - | 0.3 | - |
Addition | 18.4 | - | 7.0 | 0.3 |
Use | (4.3) | - | (1.3) | - |
Reversal | (0.7) | (0.1) | (0.6) | - |
Accumulated valuation allowance at year-end | 52.0 | 0.8 | 29.4 | 0.9 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2023 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.01 - 0.57% | 0.05-1.22% | 0.30 - 59.13% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 414.2 | 27.8 | 17.0 | 459.0 | 89.5 | 548.5 |
Lifetime expected credit loss | (0.6) | (0.1) | (0.1) | - | - | (0.8) |
Valuation allowance - credit impaired | - | - | - | - | (52.0) | (52.0) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 495.7 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 45.4 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 541.1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2022 | not past due | less than 30 days | more than 31 days | Collectively assessed - not credit impaired | Individually assessed - credit impaired | Total |
Expected credit loss rate in % | 0.02 - 0.34% | 0.07-0.81% | 0.31-49.48% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 385.6 | 10.8 | 3.0 | 399.4 | 30.1 | 429.5 |
Lifetime expected credit loss | (0.5) | (0.1) | (0.4) | - | - | (1.0) |
Valuation allowance - credit impaired | - | - | - | - | (29.3) | (29.3) |
Carrying amount with either expected credit loss or incurred loss allowance | - | - | - | - | - | 399.2 |
Carrying amount without expected credit loss or incurred loss allowance | - | - | - | - | - | 37.7 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 436.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | Cash outflows | up to 1 year | 2 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 433.1 | 454.5 | 48.4 | 391.0 | 15.1 |
variable interest | 1,498.9 | 1,736.0 | 154.5 | 1,363.8 | 217.7 |
Other financial liabilities | 16.8 | 22.5 | 13.7 | 8.8 | 0.0 |
Lease liabilities | 69.9 | 77.2 | 17.9 | 33.8 | 25.5 |
Liabilities to fixed-term or puttable non-controlling interests | 87.3 | 181.2 | 18.0 | 13.1 | 150.1 |
Trade payables and other current liabilities | 561.2 | 561.2 | 561.2 | 0.0 | 0.0 |
Non-derivative financial liabilities | 2,667.2 | 3,032.6 | 813.7 | 1,810.5 | 408.4 |
\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 | 1,129.1 | 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 | 1,461.0 | 274.9 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | 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 derivatives | 20.3 | 20.3 | 0.0 | 20.3 | 0.0 |
Commodity swaps | 0.5 | 0.5 | 0.4 | 0.1 | 0.0 |
Forward exchange contracts | 0.4 | 0.4 | 0.4 | 0.0 | 0.0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 11.0 | 11.0 | 1.1 | 9.9 | 0.0 |
Derivatives in open orders | 2.9 | 2.9 | 2.9 | 0.0 | 0.0 |
Interest rate derivatives | 2.4 | 2.4 | 0.0 | 1.5 | 0.9 |
\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 |
\u00a0 | 31.12.2023 | 31.12.2022 |
Net debt (in \u20ac million)1)2) | 1,303.9 | 1,163.2 |
Net gearing ratio (in %) | 95.6% | 110.9% |
Net debt to Adjusted EBITDA | 2.40x | 2.33x |
in \u20ac million | 31.12.2023 | 31.12.2022 |
EBIT | 333.9 | 343.6 |
Amortisation | 43.6 | 28.9 |
Restructuring and write-down expenses | 19.6 | (6.8) |
Other operating income and expenses | 11.8 | 18.2 |
Adjusted EBITA | 408.9 | 383.9 |
Depreciation | 133.9 | 115.6 |
Adjusted EBITDA | 542.8 | 499.5 |
\u00a0 | \u00a0 | \u00a0 |
Total debt1) | 1,948.8 | 1,620.0 |
Lease liabilities | 69.9 | 63.9 |
Less: Cash and cash equivalents | 703.5 | 520.7 |
Less: Marketable securities | 11.3 | 0.0 |
Net debt1) | 1,303.9 | 1,163.2 |
\u00a0 | \u00a0 | \u00a0 |
Net debt excluding IFRS 16 lease liabilities | 1,234.0 | 1,099.3 |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA | 2.40x | 2.33x |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA excluding IFRS 16 lease liabilities | 2.27x | 2.20x |
in \u20ac million | 2023 | 2022 |
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements1) | (1.1) | (1.1) |
Other audit fees, in respect of subsidiaries' audit, to PwC network firms | (2.0) | (1.8) |
Total audit fees | (3.1) | (2.9) |
Non-audit services - Interim review1) | (0.2) | (0.2) |
Other non-audit services | (0.3) | 0.0 |
Total fees | (3.6) | (3.1) |
in \u20ac million | preliminary value | fair value adjustments | final value |
Property plant and equipment | 3.6 | 16.7 | 20.3 |
Intangible assets: Customer relationships | 10.5 | (3.0) | 7.5 |
Intangible assets: Order backlogs | 5.9 | (1.1) | 4.8 |
Inventories | 14.1 | 0.7 | 14.8 |
Other assets | 16.2 | 0.0 | 16.2 |
Total assets acquired | 50.3 | 13.3 | 63.6 |
Deferred tax liabilities | 3.8 | 3.0 | 6.8 |
Other liabilities | 8.9 | 0.3 | 9.2 |
Total liabilities assumed | 12.7 | 3.3 | 16.0 |
Net identifiable assets acquired | 37.6 | 10.0 | 47.6 |
Less: Non-controlling interests | (5.0) | (1.6) | (6.6) |
Goodwill | 13.8 | (8.4) | 5.4 |
Consideration paid | 46.4 | \u00a0 | 46.4 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment and other intangible assets | 30.1 | 17.5 | 47.6 |
Intangible assets: Customer relationships | 0.0 | 106.9 | 106.9 |
Intangible assets: prepayments on mining rights | 0.0 | 8.0 | 8.0 |
Inventories | 42.7 | 0.0 | 42.7 |
Trade and other receivables (gross contractual amounts: \u20ac42.2 million) | 38.8 | 0.0 | 38.8 |
Cash and cash equivalents | 0.1 | 0.0 | 0.1 |
Total assets acquired | 111.7 | 132.4 | 244.1 |
Trade and other liabilities | 53.3 | 0.0 | 53.3 |
Lease Liabilities | 9.9 | 0.0 | 9.9 |
Provisions and deferred tax liabilities | 1.6 | 0.0 | 1.6 |
Borrowings | 19.7 | 0.0 | 19.7 |
Total liabilities assumed | 84.5 | 0.0 | 84.5 |
Net identifiable assets acquired | 27.2 | 132.4 | 159.6 |
Plus: net decrease in non-controlling interests1) | \u00a0 | \u00a0 | 68.8 |
Goodwill | \u00a0 | \u00a0 | 96.8 |
Consideration | \u00a0 | \u00a0 | 325.2 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 55.1 |
Equity shares issued and transferred | \u00a0 | \u00a0 | 270.0 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment | 11.7 | 10.7 | 22.4 |
Intangible assets: Customer relationships | 0.0 | 23.8 | 23.8 |
Inventories | 7.8 | 0.0 | 7.8 |
Trade and other receivables | 0.1 | 0.0 | 0.1 |
Total assets acquired | 19.6 | 34.5 | 54.1 |
Trade and other liabilities | 0.3 | 0.0 | 0.3 |
Deferred tax liabilities | 0.0 | 1.9 | 1.9 |
Total liabilities assumed | 0.3 | 1.9 | 2.2 |
Net identifiable assets acquired | 19.3 | 32.6 | 51.9 |
Goodwill | \u00a0 | \u00a0 | 35.1 |
Consideration | \u00a0 | \u00a0 | 87.0 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 87.0 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment | 19.3 | 0.3 | 19.6 |
Intangible assets: Customer relationships | 0.0 | 5.9 | 5.9 |
Other intangible assets | 4.8 | 0.0 | 4.8 |
Inventories | 16.4 | (0.3) | 16.1 |
Trade and other receivables (gross contractual amounts: \u20ac64.8 million) | 64.5 | (3.9) | 60.6 |
Cash and cash equivalents | 5.7 | 0.0 | 5.7 |
Total assets acquired | 110.7 | 2.0 | 112.7 |
Trade and other liabilities | 66.4 | 2.7 | 69.1 |
Borrowings | 15.2 | 0.0 | 15.2 |
Total liabilities assumed | 81.6 | 2.7 | 84.3 |
Net identifiable assets acquired | 29.1 | (0.7) | 28.4 |
Less: Non-controlling interests | \u00a0 | \u00a0 | (9.9) |
Goodwill | \u00a0 | \u00a0 | 4.4 |
Consideration | \u00a0 | \u00a0 | 22.9 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 14.1 |
Liability towards former owner | \u00a0 | \u00a0 | 3.1 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment and other intangible assets | 10.5 | 0.0 | 10.5 |
Intangible assets: Customer relationships | 0.0 | 26.4 | 26.4 |
Loan receivables | 8.9 | (7.6) | 1.3 |
Inventories | 11.0 | 0.0 | 11.0 |
Trade and other receivables | 34.2 | 0.0 | 34.2 |
Cash and cash equivalents | 6.7 | 0.0 | 6.7 |
Total assets acquired | 71.3 | 18.8 | 90.1 |
Trade and other liabilities | 22.6 | 0.0 | 22.6 |
Deferred tax liabilities | 0.1 | 5.1 | 5.2 |
Borrowings | 29.6 | 0.0 | 29.6 |
Total liabilities assumed | 52.3 | 5.1 | 57.4 |
Net identifiable assets acquired | 19.0 | 13.7 | 32.7 |
Less: Non-controlling interests | \u00a0 | \u00a0 | (3.0) |
Goodwill | \u00a0 | \u00a0 | 54.7 |
Consideration | \u00a0 | \u00a0 | 84.4 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid, net of cash acquired for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 77.7 |
in \u20ac million | book value | fair value adjustments | (adjusted) value |
Property plant and equipment and Investments | 53.2 | (32.5) | 20.7 |
Deferred tax assets | 0.0 | 10.5 | 10.5 |
Inventories | 81.7 | (12.6) | 69.1 |
Trade and other receivables | 38.2 | 0.0 | 38.2 |
Cash and cash equivalents | 3.6 | 0.0 | 3.6 |
Total assets acquired | 176.7 | (34.6) | 142.1 |
Trade and other liabilities | 41.9 | 0.0 | 41.9 |
Other provisions | 3.1 | 0.0 | 3.1 |
Provisions for pensions | 14.5 | (3.2) | 11.3 |
Deferred tax liabilities | 1.3 | (1.3) | 0.0 |
Borrowings | 28.3 | 0.0 | 28.3 |
Total liabilities assumed | 89.1 | (4.5) | 84.6 |
Net identifiable assets acquired | 87.6 | (30.1) | 57.5 |
Less: Non-controlling interests | \u00a0 | \u00a0 | (5.5) |
Bargain purchase gain | \u00a0 | \u00a0 | (7.5) |
Consideration | \u00a0 | \u00a0 | 44.5 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 |
Consideration paid less cash acquired plus repaid borrowings for purposes of the Consolidated Statement of Cash Flows | \u00a0 | \u00a0 | 63.2 |
\u00a0 | Joint ventures | Associates | ||
in \u20ac million | 2023 | 2022 | 2023 | 2022 |
Revenue from the sale of goods and services | 2.2 | 0.7 | 0.0 | 0.0 |
Purchase of raw materials | 5.5 | 4.0 | 0.0 | 0.0 |
Interest income | 0.0 | 0.0 | 0.0 | 0.7 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Trade liabilities | 1.0 | 0.5 | 0.0 | 0.0 |
in \u20ac million | 2023 | 2022 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Short-term employee benefits | 9.7 | 7.9 |
Share-based payments | 6.4 | 4.6 |
Total | 16.1 | 12.5 |
\u00a0 | \u00a0 | \u00a0 |
Non-Executive Directors1) | 1.2 | 1.1 |
in \u20ac million | 2023 | 2022 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Short-term employee benefits | 9.7 | 7.9 |
Share-based payments | 6.4 | 4.6 |
Total | 16.1 | 12.5 |
\u00a0 | \u00a0 | \u00a0 |
Non-Executive Directors1) | 1.2 | 1.1 |