Significant judgement: Control over Horn & Co Minerals Recovery At the end of the reporting period, the Group holds a 55.0% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d). The Group assessed its respective shareholding rights and power to control in terms of the purchase agreements, founding documents of Mireco and relevant corporate laws. Based on this assessment, the Group determined that it controls Mireco and consolidated it from the date of control. The Group exercises control over Mireco as it has the power to steer the relevant activities of the business and can use this power to affect the variable returns that it is exposed to. In determining that the Group controls Mireco, judgement is applied which takes into account the Group\u2019s voting rights, management representation and the governance structure of Mireco. Control is achieved above all through the Group\u2019s voting rights and the resulting influence on directing the relevant activities of the business. |
\u00a0 | \u00a0 |
Customer relationships | 6 to 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
\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 reporting 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 individual assets and CGUs without goodwill Management reviewed individual assets and CGUs without goodwill for indicators of impairment. These indicators included both external factors affecting the recoverable amounts, 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 or abandon investment projects. Based on the impairment indicator review, certain impairment indicators were identified in the reporting period that led to impairment losses at the level of individual assets totalling \u20ac 42 million. Refer to Notes (6), (8), (18) and (19) for details. |
Significant judgement: Presentation of cash flows related to investments in and divestments of special national government bonds The Group maintains business operations in Argentina. In 2019, the Argentinian Central Bank imposed several foreign exchange restrictions on import payments, essentially preventing the Argentinian subsidiary\u2019s ability to honour its payment obligations to suppliers outside of Argentina in the usual manner. Given a change in legislation in December 2023, Argentinian companies are now allowed to settle their previously restricted import payment obligations by purchasing U.S. dollar-denominated securities issued by the Central Bank of Argentina, also called BOPREAL bonds, which can be held to maturity, transferred or sold in the secondary market. In 2024 the Group has invested \u20ac19 million in these BOPREAL bonds all of which have been sold or transferred before the reporting date. The cash proceeds realised from the sales, amounting to \u20ac13 million, were used to settle intercompany and third-party trade liabilities. The cash flows arising from the investment in and divestment of the BOPREAL bonds are presented within the investing category in the Consolidated Statement of Cash Flows. Judgement is applied in determining that this presentation is appropriate, by taking into account the IFRS Accounting Standard requirements to classify cash flows and the fact that each of the above transactions is a separate unit of account. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forward contracts 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 Consolidated Statement of Profit or 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 most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities 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. However, if surplus quantities of either gas, electricity or CO2 emission certificates are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant estimate: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (30) 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 acquiring the former Magnesita Group and is mainly based on an estimate of foregone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related to 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 updated 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 specific customer contracts in the reportable segment Steel with variable payment arrangements where the transaction price depends on the customer\u2019s production output, (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. Revenue from the delivery of management refractory services is recognised over time and, by applying the practical expedient, corresponds to the amounts that the Group is entitled to invoice to the customer on a regular basis according to the contract terms. |
\u00a0 | 31.12.2024 | 31.12.2023 |
Price level\u00a0 | 7,694.01 | 3,533.19 |
Index movement (in %) | 118 | 211 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2024 | 31.12.2023 | 2024 | 2023 |
Brazilian Real | BRL | 6.46 | 5.37 | 5.79 | 5.42 |
Canadian Dollar | CAD | 1.50 | 1.46 | 1.48 | 1.46 |
Chinese Renminbi Yuan | CNY | 7.61 | 7.87 | 7.79 | 7.65 |
Indian Rupee | INR | 89.11 | 92.58 | 90.68 | 89.20 |
US Dollar | USD | 1.04 | 1.11 | 1.09 | 1.08 |
Significant judgement: Control over Horn & Co Minerals Recovery At the end of the reporting period, the Group holds a 55.0% interest in Horn & Co Minerals Recovery (\u201cMireco\u201d). The Group assessed its respective shareholding rights and power to control in terms of the purchase agreements, founding documents of Mireco and relevant corporate laws. Based on this assessment, the Group determined that it controls Mireco and consolidated it from the date of control. The Group exercises control over Mireco as it has the power to steer the relevant activities of the business and can use this power to affect the variable returns that it is exposed to. In determining that the Group controls Mireco, judgement is applied which takes into account the Group\u2019s voting rights, management representation and the governance structure of Mireco. Control is achieved above all through the Group\u2019s voting rights and the resulting influence on directing the relevant activities of the business. |
\u00a0 | \u00a0 |
Customer relationships | 6 to 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
\u00a0 | \u00a0 |
Customer relationships | 6 to 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
\u00a0 | \u00a0 |
Customer relationships | 6 to 20 years |
Internally generated intangible assets | 4 to 18 years |
Other intangible assets | 4 to 65 years |
\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 reporting 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: 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 reporting 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 individual assets and CGUs without goodwill Management reviewed individual assets and CGUs without goodwill for indicators of impairment. These indicators included both external factors affecting the recoverable amounts, 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 or abandon investment projects. Based on the impairment indicator review, certain impairment indicators were identified in the reporting period that led to impairment losses at the level of individual assets totalling \u20ac 42 million. Refer to Notes (6), (8), (18) and (19) for details. |
Significant judgement: Presentation of cash flows related to investments in and divestments of special national government bonds The Group maintains business operations in Argentina. In 2019, the Argentinian Central Bank imposed several foreign exchange restrictions on import payments, essentially preventing the Argentinian subsidiary\u2019s ability to honour its payment obligations to suppliers outside of Argentina in the usual manner. Given a change in legislation in December 2023, Argentinian companies are now allowed to settle their previously restricted import payment obligations by purchasing U.S. dollar-denominated securities issued by the Central Bank of Argentina, also called BOPREAL bonds, which can be held to maturity, transferred or sold in the secondary market. In 2024 the Group has invested \u20ac19 million in these BOPREAL bonds all of which have been sold or transferred before the reporting date. The cash proceeds realised from the sales, amounting to \u20ac13 million, were used to settle intercompany and third-party trade liabilities. The cash flows arising from the investment in and divestment of the BOPREAL bonds are presented within the investing category in the Consolidated Statement of Cash Flows. Judgement is applied in determining that this presentation is appropriate, by taking into account the IFRS Accounting Standard requirements to classify cash flows and the fact that each of the above transactions is a separate unit of account. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forward contracts 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 Consolidated Statement of Profit or 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 most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities 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. However, if surplus quantities of either gas, electricity or CO2 emission certificates are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant estimate: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (30) 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 acquiring the former Magnesita Group and is mainly based on an estimate of foregone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related to 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 updated 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 specific customer contracts in the reportable segment Steel with variable payment arrangements where the transaction price depends on the customer\u2019s production output, (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. Revenue from the delivery of management refractory services is recognised over time and, by applying the practical expedient, corresponds to the amounts that the Group is entitled to invoice to the customer on a regular basis according to the contract terms. |
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 individual assets and CGUs without goodwill Management reviewed individual assets and CGUs without goodwill for indicators of impairment. These indicators included both external factors affecting the recoverable amounts, 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 or abandon investment projects. Based on the impairment indicator review, certain impairment indicators were identified in the reporting period that led to impairment losses at the level of individual assets totalling \u20ac 42 million. Refer to Notes (6), (8), (18) and (19) for details. |
Significant judgement: Presentation of cash flows related to investments in and divestments of special national government bonds The Group maintains business operations in Argentina. In 2019, the Argentinian Central Bank imposed several foreign exchange restrictions on import payments, essentially preventing the Argentinian subsidiary\u2019s ability to honour its payment obligations to suppliers outside of Argentina in the usual manner. Given a change in legislation in December 2023, Argentinian companies are now allowed to settle their previously restricted import payment obligations by purchasing U.S. dollar-denominated securities issued by the Central Bank of Argentina, also called BOPREAL bonds, which can be held to maturity, transferred or sold in the secondary market. In 2024 the Group has invested \u20ac19 million in these BOPREAL bonds all of which have been sold or transferred before the reporting date. The cash proceeds realised from the sales, amounting to \u20ac13 million, were used to settle intercompany and third-party trade liabilities. The cash flows arising from the investment in and divestment of the BOPREAL bonds are presented within the investing category in the Consolidated Statement of Cash Flows. Judgement is applied in determining that this presentation is appropriate, by taking into account the IFRS Accounting Standard requirements to classify cash flows and the fact that each of the above transactions is a separate unit of account. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forward contracts 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 Consolidated Statement of Profit or 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 most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities 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. However, if surplus quantities of either gas, electricity or CO2 emission certificates are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant Judgement: Own use exemption on gas and power forward purchase and physical delivery CO2-certificate forward contracts 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 Consolidated Statement of Profit or 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 most of these forward contracts through physical delivery and does not expect to sell any (unexpected) surplus quantities 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. However, if surplus quantities of either gas, electricity or CO2 emission certificates are expected to be sold, the corresponding forward contracts are accounted for as derivative financial instruments whose changes in fair value are recognised in the Consolidated Statement of Profit and Loss. |
Significant estimate: Measurement of other provisions The recognition and measurement of other provisions disclosed in Note (30) 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 acquiring the former Magnesita Group and is mainly based on an estimate of foregone profit margins compared to market conditions. Moreover, restructuring provisions and provisions related to 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 updated 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 updated 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 specific customer contracts in the reportable segment Steel with variable payment arrangements where the transaction price depends on the customer\u2019s production output, (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. Revenue from the delivery of management refractory services is recognised over time and, by applying the practical expedient, corresponds to the amounts that the Group is entitled to invoice to the customer on a regular basis according to the contract terms. |
\u00a0 | 31.12.2024 | 31.12.2023 |
Price level\u00a0 | 7,694.01 | 3,533.19 |
Index movement (in %) | 118 | 211 |
\u00a0 | \u00a0 | Closing rate | Average rate1) | ||
Currencies | 1 \u20ac = | 31.12.2024 | 31.12.2023 | 2024 | 2023 |
Brazilian Real | BRL | 6.46 | 5.37 | 5.79 | 5.42 |
Canadian Dollar | CAD | 1.50 | 1.46 | 1.48 | 1.46 |
Chinese Renminbi Yuan | CNY | 7.61 | 7.87 | 7.79 | 7.65 |
Indian Rupee | INR | 89.11 | 92.58 | 90.68 | 89.20 |
US Dollar | USD | 1.04 | 1.11 | 1.09 | 1.08 |
\u00a0 | 31.12.2024 | 31.12.2023 |
Price level\u00a0 | 7,694.01 | 3,533.19 |
Index movement (in %) | 118 | 211 |
\u00a0 | Steel | Industrial | Minerals | \u00a0 | ||
2024 in \u20ac million | \u00a0 | Cement & Lime | Non-Ferrous Metals | Process Industries | \u00a0 | Group 2024 |
Revenue | 2,373 | 376 | 247 | 426 | 65 | 3,487 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 551 | 83 | 110 | 101 | 3 | 848 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 242 |
Net finance costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (42) |
Profit before income tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 200 |
\u00a0 | Steel | Industrial | Minerals | \u00a0 | ||
2023 in \u20ac million | \u00a0 | Cement & Lime | Non-Ferrous Metals | Process Industries | \u00a0 | Group 2023 |
Revenue | 2,461 | 424 | 281 | 326 | 80 | 3,572 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Gross profit | 550 | 105 | 119 | 74 | 9 | 857 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
EBIT | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 333 |
Net finance costs | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (100) |
Profit before income tax | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 233 |
\u00a0 | Steel | Industrial | Minerals | \u00a0 | ||
in \u20ac million | \u00a0 | Cement & Lime | Non-Ferrous Metals | Process Industries | \u00a0 | Group 2024 |
Shaped refractory products | 1,097 | 311 | 204 | 314 | 0 | 1,926 |
Unshaped refractory products | 579 | 51 | 21 | 57 | 0 | 708 |
Flow control refractory products | 553 | 0 | 0 | 0 | 0 | 553 |
Other refractory products | 27 | 5 | 3 | 18 | 0 | 53 |
Systems, sensors, machinery and digital products | 19 | 3 | 8 | 5 | 0 | 35 |
Services | 88 | 6 | 9 | 32 | 0 | 135 |
Raw materials | 10 | 0 | 2 | 0 | 65 | 77 |
Revenue | 2,373 | 376 | 247 | 426 | 65 | 3,487 |
\u00a0 | Steel | Industrial | Minerals | \u00a0 | ||
in \u20ac million | \u00a0 | Cement & Lime | Non-Ferrous Metals | Process Industries | \u00a0 | Group 2023 |
Shaped refractory products | 1,177 | 340 | 231 | 233 | 0 | 1,981 |
Unshaped refractory products | 591 | 63 | 32 | 45 | 0 | 731 |
Flow control refractory products | 555 | 0 | 0 | 0 | 0 | 555 |
Other refractory products | 32 | 6 | 3 | 15 | 0 | 56 |
Systems, sensors, machinery and digital products | 21 | 4 | 7 | 3 | 0 | 35 |
Services | 71 | 10 | 6 | 30 | 0 | 117 |
Raw materials | 14 | 1 | 2 | 0 | 80 | 97 |
Revenue | 2,461 | 424 | 281 | 326 | 80 | 3,572 |
in \u20ac million | 2024 | 2023 |
Netherlands | 15 | 14 |
USA | 584 | 612 |
India | 445 | 477 |
Brazil | 353 | 371 |
China | 260 | 260 |
Other countries | 1,830 | 1,838 |
Revenue | 3,487 | 3,572 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Brazil | 407 | 503 |
India | 392 | 383 |
Austria | 343 | 368 |
USA | 235 | 225 |
Germany | 205 | 212 |
China | 188 | 201 |
Other countries | 274 | 277 |
Goodwill, intangible assets and property, plant and equipment | 2,044 | 2,169 |
in \u20ac million | 2024 | 2023 |
Restructuring (expenses) | (32) | (20) |
Restructuring income | 8 | 0 |
Restructuring (expenses) - net | (24) | (20) |
in \u20ac million | 2024 | 2023 |
Expenses for strategic projects | (75) | (16) |
Impairment of property, plant and equipment and intangible assets | (37) | 0 |
Losses from the disposal of non-current assets | (3) | (7) |
Miscellaneous expenses | (24) | (16) |
Other expenses | (139) | (39) |
in \u20ac million | 2024 | 2023 |
Net amortisation of Oberhausen provision | 14 | 11 |
Gains from the disposal of non-current assets | 6 | 3 |
Bargain purchase gain | 0 | 8 |
Miscellaneous income | 18 | 5 |
Other income | 38 | 27 |
in \u20ac million | 2024 | 2023 |
Cost of materials | (1,352) | (1,375) |
Personnel costs | (806) | (747) |
Energy costs | (225) | (257) |
Freight expenses | (201) | (229) |
Depreciation and amortisation charges | (175) | (178) |
External services | (173) | (164) |
Changes in inventories, own work capitalised | (11) | (54) |
Write-down expenses | (42) | (1) |
Other income and expenses | (260) | (234) |
Total expenses | (3,245) | (3,239) |
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 31.12.2023 | 91 | 30 | 13 | 134 |
Currency translation | (1) | (2) | 0 | (3) |
Additions | 17 | 3 | 9 | 29 |
Retirements and disposals | (5) | (5) | (3) | (13) |
Cost at 31.12.2024 | 102 | 26 | 19 | 147 |
Accumulated depreciation 31.12.2023 | 30 | 20 | 7 | 57 |
Currency translation | 0 | (2) | (1) | (3) |
Depreciation charges | 12 | 5 | 5 | 22 |
Retirements and disposals | (5) | (5) | (2) | (12) |
Accumulated depreciation 31.12.2024 | 37 | 18 | 9 | 64 |
Carrying amounts at 31.12.2024 | 65 | 8 | 10 | 83 |
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 | 69 | 33 | 10 | 112 |
Additions | 9 | 1 | 4 | 14 |
Additions initial consolidation | 21 | 1 | 0 | 22 |
Retirements and disposals | (8) | (5) | (1) | (14) |
Cost at 31.12.2023 | 91 | 30 | 13 | 134 |
Accumulated depreciation 31.12.2022 | 25 | 19 | 6 | 50 |
Currency translation | 0 | 1 | 0 | 1 |
Depreciation charges | 12 | 5 | 3 | 20 |
Retirements and disposals | (7) | (5) | (2) | (14) |
Accumulated depreciation 31.12.2023 | 30 | 20 | 7 | 57 |
Carrying amounts at 31.12.2023 | 61 | 10 | 6 | 77 |
in \u20ac million | 2024 | 2023 |
Wages and salaries | (634) | (579) |
Social security contribution | (121) | (113) |
Fringe benefits | (32) | (33) |
Pension and other post-employment benefits | \u00a0 | \u00a0 |
Defined contribution plans | (12) | (11) |
Defined benefit plans | (4) | (4) |
Other expenses termination benefits | (3) | (7) |
Personnel expenses (without interest expenses) | (806) | (747) |
\u00a0 | 2024 | 2023 |
Salaried employees | 7,426 | 7,063 |
Waged workers | 8,626 | 7,953 |
Number of employees on annual average | 16,052 | 15,016 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Present value of pension obligations | 377 | 421 |
Fair value of plan assets | (182) | (186) |
Deficit of funded plans | 195 | 235 |
Asset ceiling | 5 | 5 |
Net liability from pension obligations | 200 | 240 |
Overfunded pension plans | (1) | (2) |
Other pension plans | 201 | 242 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Active beneficiaries | 62 | 62 |
Vested terminated beneficiaries | 41 | 44 |
Retirees | 274 | 315 |
Present value of pension obligations | 377 | 421 |
in % | 31.12.2024 | 31.12.2023 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.4% | 3.3% |
Brazil | 12.2% | 10.1% |
United Kingdom | 5.5% | 4.5% |
USA | 5.5% | 4.8% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 2.7% | 3.9% |
Germany | 2.5% | 2.5% |
Brazil | 5.8% | 4.5% |
United Kingdom1) | n/a | n/a |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
Austria | 3.3% | 5.3% |
Germany | 2.0% | 2.2% |
Brazil | 4.3% | 4.5% |
United Kingdom | 3.1% | 3.0% |
USA | 2.0% | 2.0% |
in \u20ac million | 2024 | 2023 |
Net liability from pension obligations at beginning of year | 240 | 213 |
Currency translation | (5) | 2 |
Additions initial consolidation | 0 | 11 |
Pension cost | 12 | 12 |
Remeasurement (gains)/losses | (25) | 23 |
Benefits paid | (19) | (17) |
Employers' contributions to external funds | (3) | (4) |
Net liability from pension obligations at year-end | 200 | 240 |
in \u20ac million | 2024 | 2023 |
Present value of pension obligations at beginning of year | 421 | 396 |
Currency translation | (5) | 4 |
Additions initial consolidation | 0 | 11 |
Current service cost | 2 | 2 |
Interest cost | 18 | 19 |
Remeasurement losses/(gains) | \u00a0 | \u00a0 |
from changes in demographic assumptions | 0 | (1) |
from changes in financial assumptions | (25) | 28 |
due to experience adjustments | (3) | (3) |
Benefits paid | (32) | (35) |
Employee contributions to external funds | 1 | 1 |
Plan amendments | 0 | (1) |
Present value of pension obligations at year-end | 377 | 421 |
in \u20ac million | 2024 | 2023 |
Fair value of plan assets at beginning of year | 186 | 187 |
Currency translation | 0 | 1 |
Interest income | 9 | 9 |
(Losses)/gains on plan assets less interest income | (3) | 3 |
Benefits paid | (14) | (19) |
Employers' contributions to external funds | 3 | 4 |
Employee contributions to external funds | 1 | 1 |
Fair value of plan assets at year-end | 182 | 186 |
in \u20ac million | 2024 | 2023 |
Asset ceiling at beginning of year | 5 | 4 |
Losses from changes in asset ceiling less interest expense | 0 | 1 |
Asset ceiling at year-end | 5 | 5 |
in \u20ac million | 2024 | 2023 |
Current service cost | 2 | 2 |
Interest cost | 19 | 19 |
Interest income | (9) | (9) |
Pension expense recognised in profit or loss | 12 | 12 |
in \u20ac million | 2024 | 2023 |
Accumulated remeasurement losses at beginning of year | 118 | 95 |
Remeasurement (gains)/losses on present value of pension obligations | (28) | 24 |
Losses/(gains) on plan assets less interest income | 3 | (2) |
Losses from changes in asset ceiling less interest expense | 0 | 1 |
Accumulated remeasurement losses at year-end | 93 | 118 |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 0 | 73 | 73 | 22 | 55 | 77 |
Equity instruments | 46 | 0 | 46 | 40 | 0 | 40 |
Debt instruments | 41 | 1 | 42 | 44 | 0 | 44 |
Cash and cash equivalents | 12 | 0 | 12 | 9 | 1 | 10 |
Other assets | 9 | 0 | 9 | 15 | 0 | 15 |
Fair value of plan assets | 108 | 74 | 182 | 130 | 56 | 186 |
\u00a0 | \u00a0 | 31.12.2024 | 31.12.2023 | ||
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 | 377 | 39 | 421 | 36 |
Interest rate | +0.25 | (9) | (1) | (10) | (1) |
\u00a0 | (0.25) | 10 | 1 | 10 | 1 |
Salary increase | +0.25 | 1 | 1 | 1 | 1 |
\u00a0 | (0.25) | (1) | (1) | 0 | (1) |
Pension increase | +0.25 | 6 | \u00a0 | 8 | \u00a0 |
\u00a0 | (0.25) | (7) | \u00a0 | (7) | \u00a0 |
Life expectancy | + 1 year | 6 | \u00a0 | 3 | \u00a0 |
\u00a0 | (1) year | (5) | \u00a0 | (2) | \u00a0 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Termination benefits | 35 | 34 |
Service anniversary bonuses | 20 | 19 |
Semi-retirements | 4 | 2 |
Other personnel provisions | 59 | 55 |
in % | 31.12.2024 | 31.12.2023 |
Interest rate | 3.4% | 3.3% |
Future salary increase | 3.4% | 3.3% |
in \u20ac million | 2024 | 2023 |
Provisions for termination benefits at beginning of year | 34 | 32 |
Additions initial consolidation | 0 | 2 |
Current service cost | 1 | 2 |
Interest cost | 1 | 1 |
Remeasurement losses | 1 | 0 |
Benefits paid | (2) | (3) |
Provisions for termination benefits at year-end | 35 | 34 |
in \u20ac million | 2024 | 2023 |
Accumulated remeasurement losses at beginning of year | 18 | 18 |
Remeasurement losses | 1 | 0 |
Accumulated remeasurement losses at year-end | 19 | 18 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Present value of semi-retirement obligations | 5 | 4 |
Fair value of plan assets | (1) | (1) |
Provisions for semi-retirement obligations | 4 | 3 |
\u00a0 | 2024 | 2023 |
Salaried employees | 7,426 | 7,063 |
Waged workers | 8,626 | 7,953 |
Number of employees on annual average | 16,052 | 15,016 |
in \u20ac million | 2024 | 2023 |
Foreign exchange gains/(losses) | 30 | (44) |
(Losses)/gains on forward exchange contracts and derivatives in open orders | (18) | 11 |
(Loss)/gain on net monetary position | (1) | 3 |
Net income/(expense) on foreign exchange effects | 11 | (30) |
31.12.2024 in \u20ac million | USD | EUR | ZAR | TRY | Other | Total |
Financial assets | 579 | 82 | 11 | 22 | 15 | 709 |
Financial liabilities, provisions | (426) | (44) | 0 | (6) | (20) | (496) |
Net foreign currency position | 153 | 38 | 11 | 16 | (5) | 213 |
31.12.2023 in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 729 | 60 | 8 | 3 | 48 | 848 |
Financial liabilities, provisions | (470) | (95) | (15) | (1) | (22) | (603) |
Net foreign currency position | 259 | (35) | (7) | 2 | 26 | 245 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2024 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (14) | (14) | 17 | 17 |
EUR | (3) | 1 | 4 | (1) |
ZAR | (1) | (1) | 1 | 1 |
TRY | (1) | (1) | 2 | 2 |
Other currencies | 0 | 0 | (1) | (1) |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2023 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (22) | (20) | 27 | 25 |
EUR | 2 | 6 | (2) | (7) |
Other currencies | (2) | (2) | 2 | 2 |
in \u20ac million | 2024 | 2023 |
Net interest expense relating to personnel provisions | (12) | (12) |
Unwinding of discount of provisions and payables | (7) | (8) |
Interest income/(expense) on non-controlling interest liabilities | 1 | (7) |
Interest expense on lease liabilities | (3) | (2) |
Income from the revaluation of NCI put options | 21 | 7 |
Other interest and similar income and expenses1) | (14) | (10) |
Other net financial expenses | (14) | (32) |
in \u20ac million | 2024 | 2023 |
Current tax expense | (51) | (67) |
Deferred tax (expense)/income relating to | \u00a0 | \u00a0 |
temporary differences | (4) | 9 |
tax loss carryforwards | 9 | (4) |
\u00a0 | 5 | 5 |
Income tax | (46) | (62) |
in \u20ac million | 2024 | 2023 |
Profit before income tax | 200 | 233 |
Income tax expense calculated at 23% (2023: 24%) | 46 | 56 |
Different foreign tax rates | 8 | 2 |
Expenses not deductible and additions to tax base, non-creditable taxes | 22 | 28 |
Non-taxable income and tax benefits | (30) | (28) |
Tax losses and temporary differences of the financial year not recognised | 5 | 1 |
Utilisation of previously unrecognised loss carryforwards and temporary differences | (5) | (1) |
Deferred tax expense due to tax rate changes | 1 | 2 |
Deferred income tax relating to previous periods | 4 | (7) |
Income tax relating to foreign currency translation of local currency to functional currency | 0 | 4 |
Current income tax relating to prior periods | (5) | 5 |
Recognised tax expense | 46 | 62 |
Effective tax rate (in %) | 23.0% | 26.7% |
\u00a0 | 31.12.2024 | 2024 | 31.12.2023 | 2023 | ||
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 | 28 | 107 | 8 | 29 | 121 | 3 |
Inventories | 26 | 10 | 4 | 24 | 10 | 0 |
Trade receivables, other assets | 14 | 22 | (10) | 12 | 9 | 12 |
Pensions and other personnel provisions | 35 | 0 | (1) | 45 | 0 | (5) |
Other provisions | 23 | 0 | (2) | 30 | 0 | 2 |
Trade payables, other liabilities | 39 | 5 | (3) | 28 | 6 | (3) |
Tax loss carried forward | 67 | 0 | 9 | 67 | 0 | (4) |
Offsetting | (80) | (80) | 0 | (83) | (83) | 0 |
Deferred taxes | 152 | 64 | 5 | 152 | 63 | 5 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Country | \u00a0 | \u00a0 |
Brazil | 51 | 61 |
Luxembourg | 0 | 61 |
China | 37 | 24 |
UK | 6 | 18 |
Dubai | 4 | 4 |
Germany | 6 | 6 |
France | 5 | 4 |
Others | 3 | 3 |
Total | 112 | 181 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Year of expiry | \u00a0 | \u00a0 |
2024 | 0 | 6 |
2025 | 1 | 2 |
2026 | 2 | 2 |
2027 | 10 | 8 |
2028 | 6 | 6 |
2029 | 19 | 0 |
2030 or later | 0 | 1 |
Not subject to expiration | 74 | 156 |
Total unrecognised tax losses | 112 | 181 |
\u00a0 | 2024 | 2023 |
Profit after income tax attributable to RHI Magnesita N.V. shareholders (in \u20ac million) | 142 | 165 |
Weighted average number of shares for basic EPS | 47,170,570 | 47,078,254 |
Effects of dilution from share options | 1,154,648 | 1,014,964 |
Weighted average number of shares for dilutive EPS | 48,325,218 | 48,093,218 |
Earnings per share basic (in \u20ac) | 3.01 | 3.50 |
Earnings per share diluted (in \u20ac) | 2.94 | 3.42 |
in \u20ac million | 2024 | 2023 |
Carrying amount at beginning of year | 339 | 137 |
Business combinations and PPA finalisation | 3 | 197 |
Currency translation | (3) | (2) |
Hyperinflation adjustment | 3 | 7 |
Carrying amount at year-end | 342 | 339 |
\u00a0 | 2024 | 2023 | ||||
\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 | 9.7% | 0.9% | 218 | 9.9% | 0.9% | 213 |
Steel - Flow Control | 10.3% | 0.9% | 67 | 10.0% | 0.9% | 67 |
Industrial - Cement & Lime | 10.7% | 0.9% | 56 | 10.5% | 0.9% | 55 |
\u00a0 | 2024 | 2023 | ||||
\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 | 9.7% | 0.9% | 218 | 9.9% | 0.9% | 213 |
Steel - Flow Control | 10.3% | 0.9% | 67 | 10.0% | 0.9% | 67 |
Industrial - Cement & Lime | 10.7% | 0.9% | 56 | 10.5% | 0.9% | 55 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | 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 % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 371 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
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 | 28 | 17 | 459 | 90 | 549 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (52) | (52) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 496 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 46 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 542 |
in \u20ac million | Mining rights | Customer relationship | Internally generated intangible assets | Other intangible assets | Prepayments made and intangible assets under construction | Total |
Cost at 31.12.2023 | 152 | 284 | 87 | 170 | 22 | 715 |
Currency translation | (10) | 3 | (1) | 0 | 0 | (8) |
Additions | 0 | 0 | 5 | 1 | 0 | 6 |
Initial consolidation and PPA finalisation | 0 | (2) | 0 | 0 | 0 | (2) |
Retirements and disposals | 0 | 0 | (1) | (16) | 0 | (17) |
Reclassifications | 3 | 0 | 0 | 3 | (6) | 0 |
Cost at 31.12.2024 | 145 | 285 | 90 | 158 | 16 | 694 |
Accumulated amortisation 31.12.2023 | 17 | 64 | 53 | 111 | 0 | 245 |
Currency translation | (1) | 0 | 0 | (1) | 0 | (2) |
Amortisation charges | 2 | 20 | 3 | 14 | 0 | 39 |
Impairment charges | 0 | 0 | 7 | 0 | 0 | 7 |
Retirements and disposals | 0 | 0 | 0 | (12) | 0 | (12) |
Accumulated amortisation 31.12.2024 | 18 | 84 | 63 | 112 | 0 | 277 |
Carrying amounts at 31.12.2024 | 127 | 201 | 27 | 46 | 16 | 417 |
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 | 152 | 132 | 79 | 157 | 0 | 520 |
Currency translation | 1 | (5) | 0 | (2) | 0 | (6) |
Additions | 0 | 0 | 8 | 2 | 0 | 10 |
Additions initial consolidation | 0 | 159 | 0 | 6 | 8 | 173 |
Retirements and disposals | (1) | 0 | 0 | (1) | 0 | (2) |
Reclassifications | 0 | (2) | 0 | 8 | 14 | 20 |
Cost at 31.12.2023 | 152 | 284 | 87 | 170 | 22 | 715 |
Accumulated amortisation 31.12.2022 | 15 | 45 | 49 | 94 | 0 | 203 |
Currency translation | (1) | (1) | 0 | 1 | 0 | (1) |
Amortisation charges | 3 | 20 | 4 | 17 | 0 | 44 |
Reclassifications | 0 | 0 | 0 | (1) | 0 | (1) |
Accumulated amortisation 31.12.2023 | 17 | 64 | 53 | 111 | 0 | 245 |
Carrying amounts at 31.12.2023 | 135 | 220 | 34 | 59 | 22 | 470 |
in \u20ac million | Remaining useful life in years | 31.12.2024 Net book value | 31.12.2023 Net book value |
Mining rights | \u00a0 | \u00a0 | \u00a0 |
Brazil | 49 | 63 | 77 |
US | 46 | 61 | 58 |
Customer relationships | \u00a0 | \u00a0 | \u00a0 |
RHI Magnesita India Refractories Ltd and RHI Magnesita Seven Refractories Ltd | 8-18 | 91 | 95 |
Former Magnesita Group | 4-8 | 48 | 55 |
Seven Refractories Group | 14 | 21 | 26 |
RHI Magnesita India / Hi-Tech Chemicals Ltd | 4 | 21 | 22 |
Land use rights | 13-53 | 20 | 24 |
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 31.12.2023 | 758 | 1,231 | 417 | 267 | 134 | 2,807 |
Currency translation | (13) | (10) | (9) | (25) | (3) | (60) |
Additions1) | 6 | 49 | 9 | 68 | 29 | 161 |
Initial consolidation and PPA finalisation | 5 | (2) | 0 | (1) | 0 | 2 |
Retirements and disposals | (31) | (97) | (42) | (6) | (13) | (189) |
Reclassifications | 26 | 106 | 32 | (167) | 0 | (3) |
Cost at 31.12.2024 | 751 | 1,277 | 407 | 136 | 147 | 2,718 |
Accumulated depreciation 31.12.2023 | 304 | 814 | 271 | 1 | 57 | 1,447 |
Currency translation | (1) | (2) | (3) | (1) | (3) | (10) |
Depreciation charges | 21 | 61 | 32 | 0 | 22 | 136 |
Impairment charges | 0 | 9 | 0 | 26 | 0 | 35 |
Retirements and disposals | (29) | (93) | (41) | 0 | (12) | (175) |
Accumulated depreciation 31.12.2024 | 295 | 789 | 259 | 26 | 64 | 1,433 |
Carrying amounts at 31.12.2024 | 456 | 488 | 148 | 110 | 83 | 1,285 |
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 | 1,143 | 393 | 232 | 112 | 2,592 |
Currency translation | (1) | (2) | 1 | 3 | 0 | 1 |
Additions1) | 14 | 19 | 11 | 127 | 14 | 185 |
Additions initial consolidation | 52 | 51 | 6 | 6 | 22 | 137 |
Retirements and disposals | (35) | (24) | (15) | 0 | (14) | (88) |
Reclassifications | 16 | 44 | 21 | (101) | 0 | (20) |
Cost at 31.12.2023 | 758 | 1,231 | 417 | 267 | 134 | 2,807 |
Accumulated depreciation 31.12.2022 | 317 | 768 | 252 | 1 | 50 | 1,388 |
Currency translation | 0 | 0 | 0 | 0 | 1 | 1 |
Depreciation charges | 17 | 67 | 30 | 0 | 20 | 134 |
Impairment charges | 0 | 0 | 1 | 0 | 0 | 1 |
Retirements and disposals | (30) | (21) | (13) | 0 | (14) | (78) |
Reclassifications | 0 | 0 | 1 | 0 | 0 | 1 |
Accumulated depreciation 31.12.2023 | 304 | 814 | 271 | 1 | 57 | 1,447 |
Carrying amounts at 31.12.2023 | 454 | 417 | 146 | 266 | 77 | 1,360 |
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 31.12.2023 | 91 | 30 | 13 | 134 |
Currency translation | (1) | (2) | 0 | (3) |
Additions | 17 | 3 | 9 | 29 |
Retirements and disposals | (5) | (5) | (3) | (13) |
Cost at 31.12.2024 | 102 | 26 | 19 | 147 |
Accumulated depreciation 31.12.2023 | 30 | 20 | 7 | 57 |
Currency translation | 0 | (2) | (1) | (3) |
Depreciation charges | 12 | 5 | 5 | 22 |
Retirements and disposals | (5) | (5) | (2) | (12) |
Accumulated depreciation 31.12.2024 | 37 | 18 | 9 | 64 |
Carrying amounts at 31.12.2024 | 65 | 8 | 10 | 83 |
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 | 69 | 33 | 10 | 112 |
Additions | 9 | 1 | 4 | 14 |
Additions initial consolidation | 21 | 1 | 0 | 22 |
Retirements and disposals | (8) | (5) | (1) | (14) |
Cost at 31.12.2023 | 91 | 30 | 13 | 134 |
Accumulated depreciation 31.12.2022 | 25 | 19 | 6 | 50 |
Currency translation | 0 | 1 | 0 | 1 |
Depreciation charges | 12 | 5 | 3 | 20 |
Retirements and disposals | (7) | (5) | (2) | (14) |
Accumulated depreciation 31.12.2023 | 30 | 20 | 7 | 57 |
Carrying amounts at 31.12.2023 | 61 | 10 | 6 | 77 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Prepayments related to the acquisition of Resco Group | 46 | 0 |
Deferred mine stripping costs | 13 | 12 |
Tax receivables | 11 | 14 |
Other non-current assets | 6 | 11 |
Other non-current assets | 76 | 37 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Raw materials and supplies | 264 | 274 |
Work in progress | 215 | 220 |
Finished products and goods | 464 | 489 |
Prepayments made | 14 | 13 |
Emission rights1) | 5 | 5 |
Inventories | 962 | 1,001 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Trade receivables | 530 | 538 |
Contract assets | 3 | 4 |
Other tax receivables | 87 | 95 |
Prepaid expenses | 9 | 8 |
Other current receivables1) | 31 | 36 |
Trade and other current receivables | 660 | 681 |
thereof financial assets | 533 | 542 |
thereof non-financial assets | 127 | 139 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Cash at banks and in hand | 530 | 644 |
Money market funds | 46 | 60 |
Cash and cash equivalents | 576 | 704 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Non-current assets | 432 | 420 |
Current assets | 260 | 258 |
Non-current liabilities | (24) | (18) |
Current liabilities | (123) | (152) |
Net assets before intragroup eliminations | 545 | 508 |
Intragroup eliminations | (1) | (2) |
Net assets | 544 | 506 |
\u00a0 | \u00a0 | \u00a0 |
Carrying amount of non-controlling interests | 162 | 149 |
in \u20ac million | 2024 | 2023 |
Revenue | 430 | 427 |
Operating expenses, net finance costs and income tax | (406) | (410) |
Profit after income tax before intragroup eliminations | 24 | 17 |
Intragroup eliminations | 1 | (2) |
Profit after income tax | 25 | 15 |
thereof attributable to non-controlling interests | 11 | 6 |
in \u20ac million | 2024 | 2023 |
Profit after income tax | 24 | 15 |
Other comprehensive income/(expense) | 26 | (33) |
Total comprehensive income | 50 | (18) |
thereof attributable to non-controlling interests | 22 | (8) |
in \u20ac million | 2024 | 2023 |
Net cash flow from operating activities | 38 | 38 |
Net cash flow from investing activities | (13) | (123) |
Net cash flow from financing activities | (26) | 75 |
Total cash flow | (1) | (10) |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2024 | Current | Non-current |
Syndicated & Term Loan | 976 | 233 | 743 |
Bonded loans (\"Schuldscheindarlehen\") | 720 | 0 | 720 |
Other credit lines and other loans | 44 | 42 | 2 |
Total liabilities to financial institutions | 1,740 | 275 | 1,465 |
Other financial liabilities | 11 | 1 | 10 |
Capitalised transaction costs | (1) | 0 | (1) |
Borrowings | 1,750 | 276 | 1,474 |
\u00a0 | Total | \u00a0 | |
in \u20ac million | 31.12.2023 | Current | Non-current |
Syndicated & Term Loan | 1,114 | 45 | 1,069 |
Bonded loans (\"Schuldscheindarlehen\") | 755 | 35 | 720 |
Other credit lines and other loans | 63 | 60 | 3 |
Total liabilities to financial institutions | 1,932 | 140 | 1,792 |
Other financial liabilities | 18 | 9 | 9 |
Capitalised transaction costs | (1) | 0 | (1) |
Borrowings | 1,949 | 149 | 1,800 |
Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2024 Carrying amount in \u20ac million | Interest terms fixed until | Effective annual interest rate | Currency | 31.12.2023 Carrying amount in \u20ac million |
2025 | EURIBOR + margin | EUR | 444 | 2024 | EURIBOR + margin | EUR | 573 |
\u00a0 | 0.50% | EUR | 150 | \u00a0 | 3.10% | EUR | 35 |
\u00a0 | Various - Variable rate | Various | 35 | \u00a0 | Various - Variable rate | Various | 34 |
2026 | 3.61% | EUR | 264 | 2025 | 0.50% | EUR | 150 |
2027 | 2.41% | EUR | 715 | 2026 | 3.63% | EUR | 264 |
2028 | 1.87% | EUR | 119 | 2027 | 2.44% | EUR | 744 |
2029 | 1.52% | EUR | 8 | 2028 | 1.90% | EUR | 119 |
2031 | 1.25% | EUR | 5 | 2029 | 1.52% | EUR | 8 |
\u00a0 | \u00a0 | \u00a0 | \u00a0 | 2031 | 1.28% | EUR | 5 |
\u00a0 | \u00a0 | \u00a0 | 1,740 | \u00a0 | \u00a0 | \u00a0 | 1,932 |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 1 | 0 | 1 | 1 | 0 | 1 |
Interest rate derivatives | 0 | 4 | 4 | 0 | 2 | 2 |
Commodity swaps | 2 | 3 | 5 | 1 | 10 | 11 |
Derivatives in open orders | 0 | 0 | 0 | 3 | 0 | 3 |
Derivative financial liabilities | 3 | 7 | 10 | 5 | 12 | 17 |
Lease liabilities | 17 | 60 | 77 | 18 | 52 | 70 |
Fixed-term or puttable non-controlling interests | 7 | 45 | 52 | 18 | 69 | 87 |
Other financial liabilities | 27 | 112 | 139 | 41 | 133 | 174 |
in \u20ac million | Ownership interest held by NCI | 31.12.2024 | 31.12.2023 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 45.00% | 4 | 8 |
RHI Magnesita Czech Republic a.s. | 3.13% | 1 | 0 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 11 | 15 |
Jinan New Emei Industries Co. Ltd. | 35.00% | 21 | 30 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 4 | 23 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 11 | 11 |
Liabilities to fixed-term or puttable non-controlling interests | \u00a0 | 52 | 87 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Liabilities at beginning of the year | 87 | 68 |
Currency translation1) | 2 | (5) |
Interest accrued2) | (1) | 7 |
Remeasurement gains2) | (21) | (7) |
Dividends paid | (6) | (8) |
Additions | 1 | 0 |
Additions from initial consolidation | 0 | 32 |
Derecognition related to Liaoning RHI Jinding Magnesia Co., Ltd. | (10) | 0 |
Liabilities at year-end | 52 | 87 |
in \u20ac million | Financial liabilities increase by | Financial liabilities decrease by |
Profit measure increases by 15% | 6 | \u00a0 |
Profit measure decreases by 15% | \u00a0 | 6 |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2024 | Fair value as of 31.12.2024 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current financial assets | 12 | 15 | 7 | 8 | 0 | 42 | 42 |
Trade and other receivables | 0 | 0 | 46 | 487 | 127 | 660 | 660 |
Current financial assets | 13 | 4 | 0 | 0 | 0 | 17 | 17 |
Cash and cash equivalents | 0 | 0 | 0 | 576 | 0 | 576 | 576 |
\u00a0 | 25 | 19 | 53 | 1,071 | 127 | 1,295 | 1,295 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 0 | 0 | 1,750 | 0 | 1,750 | 1,737 |
Other financial liabilities | 9 | 38 | 0 | 92 | 0 | 139 | 139 |
Trade payables and other liabilities | 0 | 0 | 0 | 619 | 224 | 843 | 843 |
\u00a0 | 9 | 38 | 0 | 2,461 | 224 | 2,732 | 2,719 |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2023 | Fair value as of 31.12.2023 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current financial assets | 21 | 14 | 5 | 3 | 0 | 43 | 43 |
Trade and other receivables | 0 | 0 | 31 | 510 | 139 | 681 | 681 |
Current financial assets | 0 | 12 | 0 | 2 | 0 | 14 | 14 |
Cash and cash equivalents | 0 | 0 | 0 | 704 | 0 | 704 | 704 |
\u00a0 | 21 | 26 | 36 | 1,219 | 139 | 1,441 | 1,441 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 0 | 0 | 1,949 | 0 | 1,949 | 1,937 |
Other financial liabilities | 13 | 58 | 0 | 103 | 0 | 174 | 174 |
Trade payables and other liabilities | 0 | 0 | 0 | 561 | 259 | 820 | 820 |
\u00a0 | 13 | 58 | 0 | 2,613 | 259 | 2,943 | 2,931 |
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. |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||||
in \u20ac million | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current financial assets | 12 | 12 | 8 | 32 | 12 | 20 | 5 | 37 |
Current financial assets | 0 | 16 | 0 | 16 | 11 | 1 | 0 | 12 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 1,727 | 0 | 1,727 | 0 | 1,920 | 0 | 1,920 |
Other financial liabilities | 0 | 10 | 52 | 62 | 0 | 17 | 87 | 104 |
in \u20ac million | 2024 | 2023 |
Net gain from financial assets and liabilities measured at fair value through profit or loss | 5 | 18 |
Net (loss) from financial assets and liabilities measured at amortised cost | (1) | (4) |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Marketable securities and shares | 0 | 20 | 20 | 11 | 17 | 28 |
Interest rate derivatives and commodity swaps | 0 | 12 | 12 | 0 | 21 | 21 |
Restricted cash | 0 | 8 | 8 | 0 | 3 | 3 |
Other interests | 0 | 2 | 2 | 0 | 2 | 2 |
Loans | 0 | 0 | 0 | 2 | 0 | 2 |
Derivatives in open orders and forward exchange contracts | 17 | 0 | 17 | 1 | 0 | 1 |
Other financial assets | 17 | 42 | 59 | 14 | 43 | 57 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2024 | 6 | Other non-current financial assets (liabilities) | 6 | EUR 1,052 million |
2023 | 18 | Other non-current financial assets (liabilities) | (15) | EUR 1,081 million |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2024 | 6 | 5 |
2023 | 18 | 14 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2024 | (3) | Other current and non-current financial assets (liabilities) | 8 | Gas 1,536 GWh Oil 624,033 bbl Power 117 GWh |
2023 | (11) | Other current and non-current financial assets (liabilities) | (11) | Gas 1,141 GWh Oil 700,297 bbl Power 30 GWh |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2024 | (3) | (2) |
2023 | (11) | (8) |
\u00a0 | \u00a0 | \u00a0 | 31.12.2024 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 214 | 1,322 |
\u00a0 | Average hedged price per MWh | 53.15 | 34.93 |
Commodity swaps - oil | Notional amount (bbl) | 346,342 | 277,691 |
\u00a0 | Average hedged price per bbl | 75.14 | 73.47 |
Commodity swaps - power | Notional amount (Gwh) | \u00a0 | 117 |
\u00a0 | Average hedged price per MWh | \u00a0 | 72.10 |
\u00a0 | \u00a0 | \u00a0 | 31.12.2023 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 20 | 1,121 |
\u00a0 | Average hedged price per MWh | 58.40 | 40.17 |
Commodity swaps - oil | Notional amount (bbl) | 406,324 | 293,973 |
\u00a0 | Average hedged price per bbl | 76.67 | 75.28 |
Commodity swaps - power | Notional amount (Gwh) | \u00a0 | 30 |
\u00a0 | Average hedged price per MWh | \u00a0 | 89.45 |
\u00a0 | \u00a0 | 31.12.2024 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
MXN | USD | MXN | 420 | 0 |
EUR | USD | USD | 75 | 0 |
USD | INR | USD | 15 | 0 |
EUR | ZAR | ZAR | 175 | 0 |
USD | BRL | USD | 7 | 0 |
CLP | USD | USD | 17 | 0 |
EUR | INR | EUR | 26 | 0 |
CZK | EUR | EUR | 11 | (1) |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
\u00a0 | \u00a0 | 31.12.2023 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
EUR | ZAR | ZAR | 175 | 0 |
MXN | USD | MXN | 670 | 0 |
USD | INR | USD | 20 | 0 |
EUR | USD | USD | 150 | (1) |
BRL | USD | USD | 30 | 0 |
CLP | USD | USD | 19 | 0 |
EUR | INR | EUR | 33 | 0 |
CZK | EUR | EUR | 16 | 0 |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Forward exchange contracts | 1 | 0 | 1 | 1 | 0 | 1 |
Interest rate derivatives | 0 | 4 | 4 | 0 | 2 | 2 |
Commodity swaps | 2 | 3 | 5 | 1 | 10 | 11 |
Derivatives in open orders | 0 | 0 | 0 | 3 | 0 | 3 |
Derivative financial liabilities | 3 | 7 | 10 | 5 | 12 | 17 |
Lease liabilities | 17 | 60 | 77 | 18 | 52 | 70 |
Fixed-term or puttable non-controlling interests | 7 | 45 | 52 | 18 | 69 | 87 |
Other financial liabilities | 27 | 112 | 139 | 41 | 133 | 174 |
in \u20ac million | Ownership interest held by NCI | 31.12.2024 | 31.12.2023 |
Horn & Co. Minerals Recovery GmbH & Co.KG | 45.00% | 4 | 8 |
RHI Magnesita Czech Republic a.s. | 3.13% | 1 | 0 |
RHI Magnesita (Chongqing) Refractory Materials Co., Ltd. | 49.00% | 11 | 15 |
Jinan New Emei Industries Co. Ltd. | 35.00% | 21 | 30 |
Liaoning RHI Jinding Magnesia Co., Ltd. | 16.67% | 4 | 23 |
RHI Refractories Liaoning Co., Ltd. | 34.00% | 11 | 11 |
Liabilities to fixed-term or puttable non-controlling interests | \u00a0 | 52 | 87 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Liabilities at beginning of the year | 87 | 68 |
Currency translation1) | 2 | (5) |
Interest accrued2) | (1) | 7 |
Remeasurement gains2) | (21) | (7) |
Dividends paid | (6) | (8) |
Additions | 1 | 0 |
Additions from initial consolidation | 0 | 32 |
Derecognition related to Liaoning RHI Jinding Magnesia Co., Ltd. | (10) | 0 |
Liabilities at year-end | 52 | 87 |
in \u20ac million | Financial liabilities increase by | Financial liabilities decrease by |
Profit measure increases by 15% | 6 | \u00a0 |
Profit measure decreases by 15% | \u00a0 | 6 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Present value of pension obligations | 377 | 421 |
Fair value of plan assets | (182) | (186) |
Deficit of funded plans | 195 | 235 |
Asset ceiling | 5 | 5 |
Net liability from pension obligations | 200 | 240 |
Overfunded pension plans | (1) | (2) |
Other pension plans | 201 | 242 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Active beneficiaries | 62 | 62 |
Vested terminated beneficiaries | 41 | 44 |
Retirees | 274 | 315 |
Present value of pension obligations | 377 | 421 |
in % | 31.12.2024 | 31.12.2023 |
Interest rate | \u00a0 | \u00a0 |
Austria and Germany | 3.4% | 3.3% |
Brazil | 12.2% | 10.1% |
United Kingdom | 5.5% | 4.5% |
USA | 5.5% | 4.8% |
Future salary increase | \u00a0 | \u00a0 |
Austria | 2.7% | 3.9% |
Germany | 2.5% | 2.5% |
Brazil | 5.8% | 4.5% |
United Kingdom1) | n/a | n/a |
USA | 3.3% | 3.3% |
Future pension increase | \u00a0 | \u00a0 |
Austria | 3.3% | 5.3% |
Germany | 2.0% | 2.2% |
Brazil | 4.3% | 4.5% |
United Kingdom | 3.1% | 3.0% |
USA | 2.0% | 2.0% |
in \u20ac million | 2024 | 2023 |
Net liability from pension obligations at beginning of year | 240 | 213 |
Currency translation | (5) | 2 |
Additions initial consolidation | 0 | 11 |
Pension cost | 12 | 12 |
Remeasurement (gains)/losses | (25) | 23 |
Benefits paid | (19) | (17) |
Employers' contributions to external funds | (3) | (4) |
Net liability from pension obligations at year-end | 200 | 240 |
in \u20ac million | 2024 | 2023 |
Present value of pension obligations at beginning of year | 421 | 396 |
Currency translation | (5) | 4 |
Additions initial consolidation | 0 | 11 |
Current service cost | 2 | 2 |
Interest cost | 18 | 19 |
Remeasurement losses/(gains) | \u00a0 | \u00a0 |
from changes in demographic assumptions | 0 | (1) |
from changes in financial assumptions | (25) | 28 |
due to experience adjustments | (3) | (3) |
Benefits paid | (32) | (35) |
Employee contributions to external funds | 1 | 1 |
Plan amendments | 0 | (1) |
Present value of pension obligations at year-end | 377 | 421 |
in \u20ac million | 2024 | 2023 |
Fair value of plan assets at beginning of year | 186 | 187 |
Currency translation | 0 | 1 |
Interest income | 9 | 9 |
(Losses)/gains on plan assets less interest income | (3) | 3 |
Benefits paid | (14) | (19) |
Employers' contributions to external funds | 3 | 4 |
Employee contributions to external funds | 1 | 1 |
Fair value of plan assets at year-end | 182 | 186 |
in \u20ac million | 2024 | 2023 |
Asset ceiling at beginning of year | 5 | 4 |
Losses from changes in asset ceiling less interest expense | 0 | 1 |
Asset ceiling at year-end | 5 | 5 |
in \u20ac million | 2024 | 2023 |
Current service cost | 2 | 2 |
Interest cost | 19 | 19 |
Interest income | (9) | (9) |
Pension expense recognised in profit or loss | 12 | 12 |
in \u20ac million | 2024 | 2023 |
Accumulated remeasurement losses at beginning of year | 118 | 95 |
Remeasurement (gains)/losses on present value of pension obligations | (28) | 24 |
Losses/(gains) on plan assets less interest income | 3 | (2) |
Losses from changes in asset ceiling less interest expense | 0 | 1 |
Accumulated remeasurement losses at year-end | 93 | 118 |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||
in \u20ac million | Active market | No active market | Total | Active market | No active market | Total |
Insurances | 0 | 73 | 73 | 22 | 55 | 77 |
Equity instruments | 46 | 0 | 46 | 40 | 0 | 40 |
Debt instruments | 41 | 1 | 42 | 44 | 0 | 44 |
Cash and cash equivalents | 12 | 0 | 12 | 9 | 1 | 10 |
Other assets | 9 | 0 | 9 | 15 | 0 | 15 |
Fair value of plan assets | 108 | 74 | 182 | 130 | 56 | 186 |
\u00a0 | \u00a0 | 31.12.2024 | 31.12.2023 | ||
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 | 377 | 39 | 421 | 36 |
Interest rate | +0.25 | (9) | (1) | (10) | (1) |
\u00a0 | (0.25) | 10 | 1 | 10 | 1 |
Salary increase | +0.25 | 1 | 1 | 1 | 1 |
\u00a0 | (0.25) | (1) | (1) | 0 | (1) |
Pension increase | +0.25 | 6 | \u00a0 | 8 | \u00a0 |
\u00a0 | (0.25) | (7) | \u00a0 | (7) | \u00a0 |
Life expectancy | + 1 year | 6 | \u00a0 | 3 | \u00a0 |
\u00a0 | (1) year | (5) | \u00a0 | (2) | \u00a0 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Termination benefits | 35 | 34 |
Service anniversary bonuses | 20 | 19 |
Semi-retirements | 4 | 2 |
Other personnel provisions | 59 | 55 |
in % | 31.12.2024 | 31.12.2023 |
Interest rate | 3.4% | 3.3% |
Future salary increase | 3.4% | 3.3% |
in \u20ac million | 2024 | 2023 |
Provisions for termination benefits at beginning of year | 34 | 32 |
Additions initial consolidation | 0 | 2 |
Current service cost | 1 | 2 |
Interest cost | 1 | 1 |
Remeasurement losses | 1 | 0 |
Benefits paid | (2) | (3) |
Provisions for termination benefits at year-end | 35 | 34 |
in \u20ac million | 2024 | 2023 |
Accumulated remeasurement losses at beginning of year | 18 | 18 |
Remeasurement losses | 1 | 0 |
Accumulated remeasurement losses at year-end | 19 | 18 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Present value of semi-retirement obligations | 5 | 4 |
Fair value of plan assets | (1) | (1) |
Provisions for semi-retirement obligations | 4 | 3 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2023 | 67 | 11 | 30 | 9 | 9 | 126 |
Currency translation | (9) | (2) | (1) | 0 | 0 | (12) |
Reversals | (6) | (3) | (2) | 0 | (3) | (14) |
Additions | 2 | 3 | 6 | 16 | 3 | 30 |
Additions interest | 5 | 1 | 1 | 0 | 0 | 7 |
Use | (13) | (2) | (1) | (5) | (3) | (24) |
Reclassifications | 0 | 0 | 0 | 0 | 1 | 1 |
31.12.2024 | 46 | 8 | 33 | 20 | 7 | 114 |
non-current | 35 | 8 | 28 | 0 | 0 | 71 |
current | 11 | 0 | 5 | 20 | 7 | 43 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2022 | 62 | 9 | 23 | 12 | 4 | 110 |
Currency translation | 3 | 0 | 0 | 0 | 0 | 3 |
Reversals | (2) | (3) | (1) | (1) | (1) | (8) |
Additions | 11 | 6 | 8 | 3 | 7 | 35 |
Additions interest | 6 | 1 | 1 | 0 | 0 | 8 |
Use | (13) | (2) | (1) | (5) | (1) | (22) |
Reclassifications | 0 | 0 | 0 | 0 | 0 | 0 |
31.12.2023 | 67 | 11 | 30 | 9 | 9 | 126 |
non-current | 52 | 11 | 28 | 0 | 0 | 91 |
current | 15 | 0 | 2 | 9 | 9 | 35 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2023 | 67 | 11 | 30 | 9 | 9 | 126 |
Currency translation | (9) | (2) | (1) | 0 | 0 | (12) |
Reversals | (6) | (3) | (2) | 0 | (3) | (14) |
Additions | 2 | 3 | 6 | 16 | 3 | 30 |
Additions interest | 5 | 1 | 1 | 0 | 0 | 7 |
Use | (13) | (2) | (1) | (5) | (3) | (24) |
Reclassifications | 0 | 0 | 0 | 0 | 1 | 1 |
31.12.2024 | 46 | 8 | 33 | 20 | 7 | 114 |
non-current | 35 | 8 | 28 | 0 | 0 | 71 |
current | 11 | 0 | 5 | 20 | 7 | 43 |
in \u20ac million | Onerous/unfavourable contracts | Labour and civil contingencies | Demolition/disposal costs, environmental damages | Restructuring costs | Other | Total |
31.12.2022 | 62 | 9 | 23 | 12 | 4 | 110 |
Currency translation | 3 | 0 | 0 | 0 | 0 | 3 |
Reversals | (2) | (3) | (1) | (1) | (1) | (8) |
Additions | 11 | 6 | 8 | 3 | 7 | 35 |
Additions interest | 6 | 1 | 1 | 0 | 0 | 8 |
Use | (13) | (2) | (1) | (5) | (1) | (22) |
Reclassifications | 0 | 0 | 0 | 0 | 0 | 0 |
31.12.2023 | 67 | 11 | 30 | 9 | 9 | 126 |
non-current | 52 | 11 | 28 | 0 | 0 | 91 |
current | 15 | 0 | 2 | 9 | 9 | 35 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Trade payables | 455 | 414 |
Trade payables subject to supplier finance arrangements | 117 | 84 |
Contract liabilities | 59 | 65 |
Liabilities to employees | 111 | 136 |
Taxes other than income tax | 31 | 33 |
Capital expenditure payable | 22 | 33 |
Payables from commissions | 10 | 9 |
Other current liabilities | 38 | 46 |
Trade payables and other current liabilities | 843 | 820 |
thereof financial liabilities | 619 | 561 |
thereof non-financial liabilities | 224 | 259 |
in \u20ac million | \u00a0 | 2024 | 2023 |
Profit after income tax | \u00a0 | 154 | 171 |
Adjustments for | \u00a0 | \u00a0 | \u00a0 |
income tax | \u00a0 | 46 | 62 |
depreciation | \u00a0 | 136 | 134 |
amortisation | \u00a0 | 39 | 44 |
impairment of property, plant and equipment and intangible assets | \u00a0 | 42 | 1 |
(income) / expense from financial assets excluding trade and other receivables | \u00a0 | 3 | (23) |
(gains)/losses from the disposal of property, plant and equipment | \u00a0 | (5) | 4 |
(gains)/losses from the disposal of foreign operations | \u00a0 | (8) | 1 |
net interest expense, interest rate derivatives and remeasurement of liabilities to the fixed-term or puttable non-controlling interest | \u00a0 | 43 | 63 |
other non-cash changes | \u00a0 | (10) | 42 |
Changes in working capital | \u00a0 | \u00a0 | \u00a0 |
inventories | \u00a0 | 25 | 183 |
trade receivables | \u00a0 | 2 | 2 |
trade payables | \u00a0 | 83 | (118) |
contract liabilities | \u00a0 | (5) | (14) |
Changes in other assets and liabilities | \u00a0 | \u00a0 | \u00a0 |
other receivables and assets | \u00a0 | 7 | 13 |
provisions | \u00a0 | (28) | (25) |
other liabilities | \u00a0 | (22) | 25 |
Cash generated from operations | \u00a0 | 502 | 565 |
\u00a0 | \u00a0 | Cash changes | \u00a0 | Non-cash changes | \u00a0 | ||||
in \u20ac million | 31.12.2023 | \u00a0 | \u00a0 | Changes in foreign exchange rates | Interest and other fair value changes | Reclassifications | Additions from initial consolidation | Additions and modifications of leases (IFRS 16) | 31.12.2024 |
Borrowings | (1,949) | 201 | \u00a0 | (1) | (1) | 0 | 0 | 0 | (1,750) |
Lease liabilities | (70) | 20 | \u00a0 | 2 | 0 | 0 | 0 | (29) | (77) |
Cash and cash equivalents | 704 | (130) | \u00a0 | 2 | 0 | 0 | 0 | 0 | 576 |
Marketable securities | 11 | (10) | \u00a0 | (1) | 0 | 0 | 0 | 0 | 0 |
Net debt | (1,304) | 81 | \u00a0 | 2 | (1) | 0 | 0 | (29) | (1,251) |
Liabilities to fixed-term or puttable non-controlling interests1) | (87) | 6 | \u00a0 | (2) | 22 | 9 | 0 | 0 | (52) |
\u00a0 | \u00a0 | Cash changes | \u00a0 | Non-cash changes | |||||
in \u20ac million | 31.12.2022 | \u00a0 | \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 |
Borrowings | (1,620) | (257) | \u00a0 | 1 | 1 | 0 | (74) | 0 | (1,949) |
Lease liabilities | (64) | 23 | \u00a0 | 1 | (3) | 0 | (12) | (15) | (70) |
Cash and cash equivalents | 521 | 196 | \u00a0 | (4) | 0 | (9) | 0 | 0 | 704 |
Marketable securities | 0 | 11 | \u00a0 | 0 | 0 | 0 | 0 | 0 | 11 |
Net debt | (1,163) | (27) | \u00a0 | (2) | (2) | (9) | (86) | (15) | (1,304) |
Liabilities to fixed-term or puttable non-controlling interests1) | (68) | 8 | \u00a0 | 5 | 0 | 0 | (32) | 0 | (87) |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2024 | Fair value as of 31.12.2024 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current financial assets | 12 | 15 | 7 | 8 | 0 | 42 | 42 |
Trade and other receivables | 0 | 0 | 46 | 487 | 127 | 660 | 660 |
Current financial assets | 13 | 4 | 0 | 0 | 0 | 17 | 17 |
Cash and cash equivalents | 0 | 0 | 0 | 576 | 0 | 576 | 576 |
\u00a0 | 25 | 19 | 53 | 1,071 | 127 | 1,295 | 1,295 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 0 | 0 | 1,750 | 0 | 1,750 | 1,737 |
Other financial liabilities | 9 | 38 | 0 | 92 | 0 | 139 | 139 |
Trade payables and other liabilities | 0 | 0 | 0 | 619 | 224 | 843 | 843 |
\u00a0 | 9 | 38 | 0 | 2,461 | 224 | 2,732 | 2,719 |
in \u20ac million | Cash flow hedge | At fair value through profit or loss | At fair value through OCI | At amortised cost | Not a financial instrument | Book value as of 31.12.2023 | Fair value as of 31.12.2023 |
Financial assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current financial assets | 21 | 14 | 5 | 3 | 0 | 43 | 43 |
Trade and other receivables | 0 | 0 | 31 | 510 | 139 | 681 | 681 |
Current financial assets | 0 | 12 | 0 | 2 | 0 | 14 | 14 |
Cash and cash equivalents | 0 | 0 | 0 | 704 | 0 | 704 | 704 |
\u00a0 | 21 | 26 | 36 | 1,219 | 139 | 1,441 | 1,441 |
Financial liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 0 | 0 | 1,949 | 0 | 1,949 | 1,937 |
Other financial liabilities | 13 | 58 | 0 | 103 | 0 | 174 | 174 |
Trade payables and other liabilities | 0 | 0 | 0 | 561 | 259 | 820 | 820 |
\u00a0 | 13 | 58 | 0 | 2,613 | 259 | 2,943 | 2,931 |
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. |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||||
in \u20ac million | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total |
Assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Non-current financial assets | 12 | 12 | 8 | 32 | 12 | 20 | 5 | 37 |
Current financial assets | 0 | 16 | 0 | 16 | 11 | 1 | 0 | 12 |
Liabilities | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Borrowings | 0 | 1,727 | 0 | 1,727 | 0 | 1,920 | 0 | 1,920 |
Other financial liabilities | 0 | 10 | 52 | 62 | 0 | 17 | 87 | 104 |
in \u20ac million | 2024 | 2023 |
Net gain from financial assets and liabilities measured at fair value through profit or loss | 5 | 18 |
Net (loss) from financial assets and liabilities measured at amortised cost | (1) | (4) |
\u00a0 | 31.12.2024 | 31.12.2023 | ||||
in \u20ac million | Current | Non-current | Total | Current | Non-current | Total |
Marketable securities and shares | 0 | 20 | 20 | 11 | 17 | 28 |
Interest rate derivatives and commodity swaps | 0 | 12 | 12 | 0 | 21 | 21 |
Restricted cash | 0 | 8 | 8 | 0 | 3 | 3 |
Other interests | 0 | 2 | 2 | 0 | 2 | 2 |
Loans | 0 | 0 | 0 | 2 | 0 | 2 |
Derivatives in open orders and forward exchange contracts | 17 | 0 | 17 | 1 | 0 | 1 |
Other financial assets | 17 | 42 | 59 | 14 | 43 | 57 |
in \u20ac million | 2024 | 2023 |
Net gain from financial assets and liabilities measured at fair value through profit or loss | 5 | 18 |
Net (loss) from financial assets and liabilities measured at amortised cost | (1) | (4) |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2024 | 6 | Other non-current financial assets (liabilities) | 6 | EUR 1,052 million |
2023 | 18 | Other non-current financial assets (liabilities) | (15) | EUR 1,081 million |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2024 | 6 | 5 |
2023 | 18 | 14 |
in \u20ac million | Carrying amount | Statement of Financial Position | Change in fair value recognised in Other Comprehensive Income | Nominal amount |
2024 | (3) | Other current and non-current financial assets (liabilities) | 8 | Gas 1,536 GWh Oil 624,033 bbl Power 117 GWh |
2023 | (11) | Other current and non-current financial assets (liabilities) | (11) | Gas 1,141 GWh Oil 700,297 bbl Power 30 GWh |
in \u20ac million | Cash flow hedge reserve within Equity | Balance net of deferred tax |
2024 | (3) | (2) |
2023 | (11) | (8) |
\u00a0 | \u00a0 | \u00a0 | 31.12.2024 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 214 | 1,322 |
\u00a0 | Average hedged price per MWh | 53.15 | 34.93 |
Commodity swaps - oil | Notional amount (bbl) | 346,342 | 277,691 |
\u00a0 | Average hedged price per bbl | 75.14 | 73.47 |
Commodity swaps - power | Notional amount (Gwh) | \u00a0 | 117 |
\u00a0 | Average hedged price per MWh | \u00a0 | 72.10 |
\u00a0 | \u00a0 | \u00a0 | 31.12.2023 |
Hedging instrument | \u00a0 | up to 1 year | 1 to 5 years |
Commodity swaps - gas | Notional amount (Gwh) | 20 | 1,121 |
\u00a0 | Average hedged price per MWh | 58.40 | 40.17 |
Commodity swaps - oil | Notional amount (bbl) | 406,324 | 293,973 |
\u00a0 | Average hedged price per bbl | 76.67 | 75.28 |
Commodity swaps - power | Notional amount (Gwh) | \u00a0 | 30 |
\u00a0 | Average hedged price per MWh | \u00a0 | 89.45 |
\u00a0 | \u00a0 | 31.12.2024 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
MXN | USD | MXN | 420 | 0 |
EUR | USD | USD | 75 | 0 |
USD | INR | USD | 15 | 0 |
EUR | ZAR | ZAR | 175 | 0 |
USD | BRL | USD | 7 | 0 |
CLP | USD | USD | 17 | 0 |
EUR | INR | EUR | 26 | 0 |
CZK | EUR | EUR | 11 | (1) |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
\u00a0 | \u00a0 | 31.12.2023 | ||
Purchase | Sale | Nominal in | Nominal value in million | Fair value in \u20ac million |
EUR | ZAR | ZAR | 175 | 0 |
MXN | USD | MXN | 670 | 0 |
USD | INR | USD | 20 | 0 |
EUR | USD | USD | 150 | (1) |
BRL | USD | USD | 30 | 0 |
CLP | USD | USD | 19 | 0 |
EUR | INR | EUR | 33 | 0 |
CZK | EUR | EUR | 16 | 0 |
Forward exchange contracts | \u00a0 | \u00a0 | (1) |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Trade receivables and contract assets - gross | 533 | 542 |
Credit insurance and letters of credit | (258) | (235) |
Trade receivables and contract assets - net | 275 | 307 |
\u00a0 | 2024 | 2023 | ||
in \u20ac million | 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 | 52 | 1 | 29 | 1 |
Currency translation | (2) | 0 | 0 | 0 |
Additions initial consolidation | 0 | 0 | 9 | 0 |
Addition | 3 | 0 | 19 | 0 |
Use | (2) | 0 | (4) | 0 |
Reversal | (4) | 0 | (1) | 0 |
Accumulated valuation allowance at year-end | 47 | 1 | 52 | 1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | 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 % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 371 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
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 | 28 | 17 | 459 | 90 | 549 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (52) | (52) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 496 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 46 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 542 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2024 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 403 | 417 | 157 | 252 | 8 |
variable interest | 1,337 | 1,466 | 167 | 1,269 | 30 |
Other financial liabilities | 10 | 10 | 1 | 9 | 0 |
Lease liabilities | 77 | 87 | 19 | 41 | 27 |
Liabilities to fixed-term or puttable non-controlling interests | 52 | 84 | 7 | 27 | 50 |
Trade payables and other current liabilities | 619 | 619 | 619 | 0 | 0 |
Non-derivative financial liabilities | 2,498 | 2,683 | 970 | 1,598 | 115 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 433 | 455 | 49 | 391 | 15 |
variable interest | 1,499 | 1,736 | 154 | 1,364 | 218 |
Other financial liabilities | 17 | 23 | 14 | 9 | 0 |
Lease liabilities | 70 | 77 | 18 | 34 | 25 |
Liabilities to fixed-term or puttable non-controlling interests | 87 | 181 | 18 | 13 | 150 |
Trade payables and other current liabilities | 561 | 561 | 561 | 0 | 0 |
Non-derivative financial liabilities | 2,667 | 3,033 | 814 | 1,811 | 408 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2024 | Cash flows | up to 1 year | 1 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 10 | 10 | 0 | 10 | 0 |
Commodity swaps | 2 | 2 | 0 | 2 | 0 |
Forward exchange contracts | 14 | 14 | 14 | 0 | 0 |
Derivatives in open orders | 3 | 3 | 3 | 0 | 0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 5 | 5 | 2 | 3 | 0 |
Interest rate derivatives | 4 | 4 | 0 | 4 | 0 |
Forward exchange contracts | 1 | 1 | 1 | 0 | 0 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | Cash flows | up to 1 year | 1 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate derivatives | 20 | 20 | 0 | 20 | 0 |
Commodity swaps | 1 | 1 | 1 | 0 | 0 |
Forward exchange contracts | 0 | 0 | 0 | 0 | 0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 11 | 11 | 1 | 10 | 0 |
Derivatives in open orders | 3 | 3 | 3 | 0 | 0 |
Interest rate derivatives | 2 | 2 | 0 | 1 | 1 |
Forward exchange contracts | 1 | 1 | 1 | 0 | 0 |
31.12.2024 in \u20ac million | USD | EUR | ZAR | TRY | Other | Total |
Financial assets | 579 | 82 | 11 | 22 | 15 | 709 |
Financial liabilities, provisions | (426) | (44) | 0 | (6) | (20) | (496) |
Net foreign currency position | 153 | 38 | 11 | 16 | (5) | 213 |
31.12.2023 in \u20ac million | USD | EUR | GBP | INR | Other | Total |
Financial assets | 729 | 60 | 8 | 3 | 48 | 848 |
Financial liabilities, provisions | (470) | (95) | (15) | (1) | (22) | (603) |
Net foreign currency position | 259 | (35) | (7) | 2 | 26 | 245 |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2024 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (14) | (14) | 17 | 17 |
EUR | (3) | 1 | 4 | (1) |
ZAR | (1) | (1) | 1 | 1 |
TRY | (1) | (1) | 2 | 2 |
Other currencies | 0 | 0 | (1) | (1) |
\u00a0 | Appreciation of 10% | Devaluation of 10% | ||
31.12.2023 in \u20ac million | (Loss)/gain | Equity | Gain/(loss) | Equity |
USD | (22) | (20) | 27 | 25 |
EUR | 2 | 6 | (2) | (7) |
Other currencies | (2) | (2) | 2 | 2 |
in \u20ac million | 31.12.2024 | 31.12.2023 |
Trade receivables and contract assets - gross | 533 | 542 |
Credit insurance and letters of credit | (258) | (235) |
Trade receivables and contract assets - net | 275 | 307 |
\u00a0 | 2024 | 2023 | ||
in \u20ac million | 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 | 52 | 1 | 29 | 1 |
Currency translation | (2) | 0 | 0 | 0 |
Additions initial consolidation | 0 | 0 | 9 | 0 |
Addition | 3 | 0 | 19 | 0 |
Use | (2) | 0 | (4) | 0 |
Reversal | (4) | 0 | (1) | 0 |
Accumulated valuation allowance at year-end | 47 | 1 | 52 | 1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | 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 % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 371 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
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 | 28 | 17 | 459 | 90 | 549 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (52) | (52) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 496 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 46 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 542 |
\u00a0 | 2024 | 2023 | ||
in \u20ac million | 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 | 52 | 1 | 29 | 1 |
Currency translation | (2) | 0 | 0 | 0 |
Additions initial consolidation | 0 | 0 | 9 | 0 |
Addition | 3 | 0 | 19 | 0 |
Use | (2) | 0 | (4) | 0 |
Reversal | (4) | 0 | (1) | 0 |
Accumulated valuation allowance at year-end | 47 | 1 | 52 | 1 |
in \u20ac million | Trade receivables and contract assets | |||||
31.12.2024 | 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 % | 0.03 - 0.54% | 0.09-1.24% | 0.77 - 85.52% | \u00a0 | \u00a0 | \u00a0 |
Gross carrying amount invoiced | 371 | 25 | 19 | 416 | 122 | 538 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (47) | (47) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 490 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 43 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 533 |
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 | 28 | 17 | 459 | 90 | 549 |
Lifetime expected credit loss | (1) | 0 | 0 | (1) | \u00a0 | (1) |
Valuation allowance - credit impaired | \u00a0 | \u00a0 | \u00a0 | \u00a0 | (52) | (52) |
Carrying amount with either expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 496 |
Carrying amount without expected credit loss or incurred loss allowance | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 46 |
Total trade receivables and contract assets | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 | 542 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2024 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 403 | 417 | 157 | 252 | 8 |
variable interest | 1,337 | 1,466 | 167 | 1,269 | 30 |
Other financial liabilities | 10 | 10 | 1 | 9 | 0 |
Lease liabilities | 77 | 87 | 19 | 41 | 27 |
Liabilities to fixed-term or puttable non-controlling interests | 52 | 84 | 7 | 27 | 50 |
Trade payables and other current liabilities | 619 | 619 | 619 | 0 | 0 |
Non-derivative financial liabilities | 2,498 | 2,683 | 970 | 1,598 | 115 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | Cash outflows | up to 1 year | 1 to 5 years | over 5 years |
Borrowings | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
fixed interest | 433 | 455 | 49 | 391 | 15 |
variable interest | 1,499 | 1,736 | 154 | 1,364 | 218 |
Other financial liabilities | 17 | 23 | 14 | 9 | 0 |
Lease liabilities | 70 | 77 | 18 | 34 | 25 |
Liabilities to fixed-term or puttable non-controlling interests | 87 | 181 | 18 | 13 | 150 |
Trade payables and other current liabilities | 561 | 561 | 561 | 0 | 0 |
Non-derivative financial liabilities | 2,667 | 3,033 | 814 | 1,811 | 408 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2024 | Cash flows | up to 1 year | 1 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate swaps | 10 | 10 | 0 | 10 | 0 |
Commodity swaps | 2 | 2 | 0 | 2 | 0 |
Forward exchange contracts | 14 | 14 | 14 | 0 | 0 |
Derivatives in open orders | 3 | 3 | 3 | 0 | 0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 5 | 5 | 2 | 3 | 0 |
Interest rate derivatives | 4 | 4 | 0 | 4 | 0 |
Forward exchange contracts | 1 | 1 | 1 | 0 | 0 |
\u00a0 | \u00a0 | \u00a0 | Remaining term | ||
in \u20ac million | Carrying amount 31.12.2023 | Cash flows | up to 1 year | 1 to 5 years | over 5 years |
Receivables from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Interest rate derivatives | 20 | 20 | 0 | 20 | 0 |
Commodity swaps | 1 | 1 | 1 | 0 | 0 |
Forward exchange contracts | 0 | 0 | 0 | 0 | 0 |
Liabilities from derivatives with net settlement | \u00a0 | \u00a0 | \u00a0 | \u00a0 | \u00a0 |
Commodity swaps | 11 | 11 | 1 | 10 | 0 |
Derivatives in open orders | 3 | 3 | 3 | 0 | 0 |
Interest rate derivatives | 2 | 2 | 0 | 1 | 1 |
Forward exchange contracts | 1 | 1 | 1 | 0 | 0 |
\u00a0 | 31.12.2024 | 31.12.2023 |
Net debt (in \u20ac million)1) | 1,251 | 1,304 |
Net gearing ratio (in %) | 91.2% | 95.6% |
Net debt to Adjusted EBITDA | 2.30x | 2.40x |
in \u20ac million | 31.12.2024 | 31.12.2023 |
EBIT | 242 | 333 |
Amortisation | 40 | 44 |
Restructuring and write-down expenses | 24 | 20 |
Other operating income and expenses | 101 | 12 |
Adjusted EBITA | 407 | 409 |
Depreciation | 136 | 134 |
Adjusted EBITDA | 543 | 543 |
\u00a0 | \u00a0 | \u00a0 |
Total debt | 1,750 | 1,949 |
Lease liabilities | 77 | 70 |
Less: Cash and cash equivalents | 576 | 704 |
Less: Marketable securities | 0 | 11 |
Net debt | 1,251 | 1,304 |
\u00a0 | \u00a0 | \u00a0 |
Net debt excluding IFRS 16 lease liabilities | 1,174 | 1,234 |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA | 2.30x | 2.40x |
\u00a0 | \u00a0 | \u00a0 |
Net debt to Adjusted EBITDA excluding IFRS 16 lease liabilities | 2.16x | 2.27x |
in \u20ac million | 2024 | 2023 |
Fees in respect of the audit of the Consolidated and Parent Company Financial Statements1) | (1) | (1) |
Other audit fees, in respect of subsidiaries' audit, to PwC network firms | (2) | (2) |
Total audit fees | (3) | (3) |
Other non-audit services1)2) | (1) | (1) |
Total fees | (4) | (4) |
\u00a0 | Joint ventures | |
in \u20ac million | 2024 | 2023 |
Revenue from the sale of goods and services | 2 | 2 |
Purchase of raw materials | 6 | 6 |
\u00a0 | \u00a0 | \u00a0 |
Trade liabilities | 0 | 1 |
in \u20ac million | 2024 | 2023 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Short-term employee benefits | 9 | 10 |
Share-based payments | 4 | 6 |
Total | 13 | 16 |
\u00a0 | \u00a0 | \u00a0 |
Non-Executive Directors1) | 2 | 1 |
in \u20ac million | 2024 | 2023 |
Executive Directors and EMT | \u00a0 | \u00a0 |
Short-term employee benefits | 9 | 10 |
Share-based payments | 4 | 6 |
Total | 13 | 16 |
\u00a0 | \u00a0 | \u00a0 |
Non-Executive Directors1) | 2 | 1 |