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General information Royal BAM Group nv (\u2018the Company\u2019 or \u2018BAM\u2019) and its subsidiaries (together, \u2018the Group\u2019) design, build and maintain sustainable buildings, homes, and infrastructure for public and private clients. The Group has operations in the Netherlands, the United Kingdom, Ireland and Belgium. In earlier years, the Group also had operations in Germany and in niche markets worldwide. The Company is a public limited company listed on the Euronext Amsterdam and has its registered seat and head office in Bunnik, the Netherlands. The address is Runnenburg 9, 3981 AZ, Bunnik, the Netherlands. The Company is registered at the Chamber of Commerce under number 30058019. The Executive Board and the Supervisory Board authorised the financial statements for issue on 19 February 2025. 2.4 Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in \u2018euro\u2019 (\u20ac), which is the Group\u2019s presentation currency.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-1": { "value": "Royal BAM Group nv", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "value": "Royal BAM Group nv", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "design, build and maintain sustainable buildings, homes, and infrastructure for public and private clients.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "the Netherlands, the United Kingdom, Ireland and Belgium", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "Runnenburg 9, 3981 AZ, Bunnik, the Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "value": "
The Executive Board and the Supervisory Board authorised the financial statements for issue on
19 February 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "
2. Accounting policies
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with
International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union and also
comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code.
The financial statements have been prepared on a going concern basis and, unless otherwise stated,
under the historical cost convention.
The material accounting policies applied in the preparation of
these consolidated financial statements have been consistently applied, unless otherwise stated.
The preparation of financial statements requires management to use certain critical accounting
estimates and to make judgements and use assumptions that affect the amounts of assets and
liabilities, income and expense. Areas involving a higher degree of judgments or complexity, or areas
with signifciant assumptions and estimates are disclosed in note 4.
2.3 Consolidation
The consolidated financial statements comprise the financial statements of the Company and its
subsidiaries. Subsidiaries are all entities (including structured entities) over which the Group has control.
The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations. The cost of an
acquisition is measured as the aggregate of the consideration transferred, exclusive of acquisition
related costs, which are expensed as incurred. The consideration transferred includes the fair value of
any asset or liability resulting from a contingent consideration arrangement. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business combination are measured
initially at their fair values at the acquisition date. The Group recognises any non-controlling interest
in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the
recognised amounts of acquiree\u2019s identifiable net assets.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s
previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any
gains or losses arising from such remeasurement are recognised in the income statement. Any
contingent consideration to be transferred by the Group is recognised at fair value at the acquisition
date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an
asset or liability is recognised in the income statement.
The excess of the consideration transferred,
the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any
previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is
recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised
and previously held interest measured is less than the fair value of the net assets of the subsidiary
acquired in the case of a bargain purchase, the difference is recognised in the income statement.
Intercompany transactions, balances and unrealised gains and losses on transactions between group
companies are eliminated. When necessary amounts reported by subsidiaries have been adjusted to
conform with the Group\u2019s accounting policies.
Transactions with non-controlling interests that do not result in loss of control are accounted for as
equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The
difference between fair value of any consideration paid and the relevant share acquired of the
carrying value of net assets of the subsidiary is recorded in equity.
When the Group ceases to have control in a business, any retained interest in the entity is remeasured to its
fair value at the date when control is lost, with the change in carrying amount recognised in the income
statement. The fair value is the initial carrying amount for the purposes of subsequently accounting for the
retained interest as an associate, joint venture or financial asset. In addition, any amounts previously
recognised in other comprehensive income in respect of that business are accounted for as if the Group had
directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in
other comprehensive income are reclassified to the profit or loss or to retained earnings.
2.4 Foreign currency translation
Items included in the financial statements of each of the Group\u2019s entities are measured using the currency
of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The
consolidated financial statements are presented in \u2018euro\u2019 (\u20ac), which is the Group\u2019s presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at year-end
exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the
income statement within \u2018exchange rate differences\u2019.
The results and financial position of the group companies that have a functional currency different
from the presentation currency are translated into the presentation currency as follows:
\u2022 assets and liabilities are translated at the closing rate at the date of that balance sheet;
\u2022 income and expenses are translated at average exchange rates; and
\u2022 all resulting exchange rate differences are recognised in equity in \u2018other comprehensive income\u2019.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets
and liabilities of the foreign entity and translated at the closing rate. Exchange rate differences arising
from the translation of these items are recognised in \u2018other comprehensive income\u2019.
The following exchange rates of the euro against the pound sterling (\u00a3) have been used in the
preparation of these financial statements:
\u2022 closing exchange rate: 0.829 (2023: 0.869)
\u2022 average exchange rate: 0.846 (2023: 0.870)
2.5 Derivative financial instruments and hedging
Derivatives are used for economic hedging purposes and not as speculative investments and are
recognised at fair value. The recognition of subsequent gains or losses depends on whether the
derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group
designates the derivatives as hedges of a particular risk associated with a recognised asset or liability,
a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment.
At inception of the transaction the Group documents the relationship between hedging instruments
and hedged items, as well as its risk management objective and strategy for undertaking various
hedging transactions. The Group also documents its assessment, both at hedge inception and on an
ongoing basis, of whether the derivatives that are used in hedging transactions are effective in
offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for
hedge accounting if it meets all of the following effectiveness requirements:
\u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument;
\u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship;
\u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is
more than twelve months and as a current when it is less than twelve months. The effective portion of
changes in the fair value of cash flow hedges is recognised in other comprehensive income, the
ineffective portion is recognised immediately in the income statement.
Amounts accumulated in equity are reclassified to the income statement in the periods when the
hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate
swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective
portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a
hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge
accounting, any cumulative gain or loss existing in equity at that time remains in equity and is
recognised when the forecasted transaction is ultimately recognised in the income statement. When a
forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in
equity is immediately transferred to the income statement. When a disposal group is classified as held
for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer
highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is
reclassified to the income statement.
2.6 Statement of cash flows
The statement of cash flows is prepared using the indirect method.
Cash flows in foreign exchange
currencies are converted using the average exchange rate. Exchange rate differences on the net cash
position are separately presented in the statement of cash flows. Payments in connection with interest
and income tax are included in the cash flow from operations. Cash flows in connection with PPP
receivables are also included in the cash flow from operations since these projects are part of regular
construction and maintenance activities. Paid dividend is included in cash flow from financing activities.
The purchase price paid for acquisitions of subsidiaries is included in the cash flow from investing
activities, net of cash and cash equivalents acquired. In the statement of cash flows the interest paid
related to leases is presented as part of the cash flow from operating activities, while the repayments are
presented as part of the cash flows from financing activities.
Non-cash transactions are not included in the statement of cash flows.
4.3 Financial instruments and their fair values
The fair value of financial instruments can be determined in various manners. The fair value hierarchy is
defined as follows:
\u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly (as prices) or indirectly (derived from prices).
\u2022 Level 3: inputs for the asset or liability that are not based on observable market data. The valuation
takes into consideration (changes in) the credit risks of the Group and the counter party.
The following overview indicates the carrying amounts of each category of financial instrument per
balance sheet account, their level in the fair value hierarchy and/or their estimated fair value.
Level 3 fair value measurements are generally based on a discounted cash flow model. The Group
discounts expected future contractual cash flows of the respective finanical instrument at an appropriate
discount rate. As at 31 December 2024, the Group applies a discount rate in the range of 4.0% to 7.0% for
financial assets and 4.0% to 4.5% for financial liabilities.
The estimated fair values of financial instruments accounted at amortised costs has been determined by
discounting expected future cash flows (level 3) as described above. The estimated fair values are not
necessarily indicative of the amounts that will be realized upon maturity or disposal . Changes in
assumptions and/or estimation methods may have a material effect on the estimated fair values .
5. Segment information
The Group\u2019s activities are grouped in two divisions, one dedicated to the Netherlands, which also
includes the Group\u2019s activities in Denmark, and the other to the United Kingdom and Ireland. The
Group allocates resources and analyses performance and identified three reportable segments:
Division Netherlands (\u2018division NL\u2019), division United Kingdom and Ireland (\u2018division UK&I\u2019) and
Invesis. Belgium, Germany and International are considered individual operating segments that are
not individually reportable, and thus combined. The performance of the segments division NL,
division UK&I and Invesis are separately reported to and reviewed by the Executive Board.
The Executive Board is considered the Chief Operating Decision Maker.
6. Revenue and projects
The Group recognises revenue when it transfers control over a product or service to its customer,
in an amount that reflects the consideration the Group expects to be entitled to in exchange for
those goods or services. The Group\u2019s revenue is generally related to construction contracts,
property development, maintenance and service contracts and service concession arrangements.
Revenue recognition is subject to judgments and uncertainties as described in note 4. A provision
is recognised when contracts for which the unavoidable costs of meeting the obligations exceed
the economic benefits expected to be received. This assessment is for the full contract, which is
not necessarily the same as if evaluated on project level, because a contract may include multiple
performance obligations. In determining the amount of variable considerations as part of the
economic benefits expected to be received under the contract, the policies below apply.
Construction contracts
Construction contracts are contracts that are specifically negotiated for the construction of an
asset for a client. The construction of an asset is generally one performance obligation and the
transaction price generally consists of a fixed part and several variable parts. Variable parts include
(but are not limited to) contractual options to a customer to make changes to the design or
construction of the asset, inflation reimbursement clauses, performance incentives and liquidated
damages. Variable revenue may also include changes to the design or construction of the asset for
which the respective price has not been agreed.
Variable revenue is generally constraint and recognised only to the extent it is highly probable that
a significant reversal in the amount of cumulative revenue recognised will not occur. It is common
practice for a contract to be subject to variation orders. These variation orders generally do not
result in additional distinct goods and services and do not have a distinct price. Therefore they are
accounted for as cumulative catch-up adjustment.
In general, the Group is building on the land of the customer or improving an asset of the customer,
which results in creating an asset that the customer controls as the asset is created. As a result,
revenue for construction contracts is recognised over time, generally using the cost-to-cost method
(i.e. an input method). Costs are recognised as incurred and revenue is recognised on the basis of
the proportion of total costs at the reporting date to the estimated total costs of the contract.
Estimated total costs of the contract may include cost contingencies to take account of the specific
risks that have been identified during the early stages of the contract. The cost contingencies are
reviewed on a regular basis throughout the contract life and are adjusted where appropriate.
Property development
The Group also develops and constructs property development at its own risk and rewards.
Developed properties may be sold during the construction process or upon completion. When the
property is sold during the construction process, the property changes into a construction
contract and it follows the accounting policies described earlier. When the property is sold upon
completion, revenue is recognised at a point in time. This happens generally when ownership of
the asset is transferred and the Group has a legal right to receive payment. Sale of completed
property generally occurs for a fixed price.
Maintenance and service contracts
The Group also operates maintenance and service contracts. These services can be sold as separate
contracts (e.g. facilities management) but also as part of a larger contract with other promised
goods or services (e.g. maintenance of an highway that was also constructed). When part of a
larger contract, the maintenance and service component generally represents a separate service
and the transaction price is allocated to performance obligations based on the relative stand-alone
selling price. Revenue from maintenance and service contracts is recognised over time.
Progress for these contracts may be measured in different ways, depending on the nature of the
service. The Group applies the progress measure that best depicts the way the customer receives
and consumes the benefits. E.g. for a facilities management contract, progress may be measured
based on time; the number of months or years that the service has been provided as compared to
the number of months of years that the service was contracted.
Measuring progress based on time is generally not appropriate for highway maintenance contracts
as the amount of service (and costs) fluctuate significantly during the contract period. For these
contracts, progress is measured based on the cost-to-cost method.
Service concession arrangements
The Group\u2019s service concession arrangements generally comprise construction as well as operating
and maintenance activities. Revenue for these activities is recognised in conformity with the
respective policies described above and the consideration (concession payments) is allocated to
the activities using the relative stand-alone selling prices of the individual performance obligations.
PPP receivables are financial assets in the form of concession payments to be received from the
client. These concession payments are unconditional and contain a significant financing
component and therefore are discounted at a market interest rate.
8. Other income
Other income consists of income that is not related to the Group\u2019s core activities such as gains on
the sale of property, plant and equipment and intangible fixed assets, gains on the sale of
subsidiaries, joint ventures or associates and other non-recurring income.
9. Impairments
Non-financial assets that have an indefinite useful life and intangible assets that are not ready to
use are not subject to depreciation or amortisation but are tested annually for impairment.
Non-financial assets that are subject to depreciation or amortisation are reviewed for impairment
whenever events or changes in circumstances indicate that the carrying amount may not be
recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair
value less costs of disposal and value in use. For the purposes of assessing impairment, assets are
grouped at the lowest levels for which there are largely independent cash inflows (CGUs). Prior
impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each
reporting date.
10. Finance income and expense
Finance income is recognised using the effective interest method. Finance income on impaired loan and
receivables is recognised using the original effective interest rate .
Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease
liabilities, finance lease expenses, gains and losses relating to hedging instruments and other
financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the
income statement using the effective interest method.
11. Income tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in the income
statement, except to the extent that it relates to items recognised in other comprehensive income or
directly in equity. In this case, the tax is also recognised in other comprehensive income respectively
directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or
substantively enacted at the balance sheet date in the countries where the Group operates and generates
taxable income. Management periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulation is subject to interpretation. It adjusts and/or establishes tax
assets and tax liabilities where appropriate on the basis of amounts expected to be paid to or received
from tax authorities. Deferred income tax is recognised on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill;
deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither
accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantively enacted by the balance sheet date and are expected to apply when
the related deferred income tax asset is realised or the deferred income tax liability is settled.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profit will be available to allow all or part of the
deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting
date and are recognised to the extent that it has become probable that future taxable profits will allow
the deferred tax asset to be recovered.
Deferred income tax liabilities are provided on taxable temporary differences arising from investments in
subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing
of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred income tax assets are recognised on deductible temporary differences arising from investments
in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary
difference will reverse in the future and there is sufficient taxable profit available against which the
temporary difference can be utilised.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset
current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities
relate to income taxes levied by the same taxation authority on either the same taxable entity or
different taxable entities where there is an intention to settle the balances on a net basis.
12. Discontinued operations
A discontinued operation is a component of the Group that has been disposed or is classified as held
for sale, and represents a separate major line of business or geographical area of operations or is part
of a single co-ordinated plan to dispose of a separate major line of business or geographical area of
operations. The results of discontinued operations are excluded from the results of continued
operations and are presented separately as a single amount in the income statement. When
applicable, the results of prior periods are represented.
13. Earnings per share
Basic EPS is the profit or loss attributable to ordinary shareholders of the Company divided by the
weighted average number of ordinary shares outstanding during the year. Diluted EPS adjusts both
the profit or loss attributable to ordinary shareholders of the Company and the weighed average
number of ordinary shares for the effect of dilution. Basic EPS and diluted EPS from continued
operations solely include the profit or loss from continued operations.
14. Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition or construction of the asset. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Other costs are charged to the income statement when incurred. Land is not depreciated. Depreciation on other assets is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lifes. The useful life of buildings is between 10 and 50 years, the useful life of other assets is between 4 and 10 years. At the end of the reporting period, the assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate. Also the carrying amounts of assets are reviewed to assess whether there is an indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is determined. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds of the disposal to the carrying amount of the asset. A gain is recognised in other income, a loss is recognised as an impairment.
15. Leases
The group is lessee for a range of assets that are used in the ordinary course of business. At inception
of a contract, the Group assesses whether it is or contains, a lease. A contract is or contains a lease if
the contract conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The Group applies the short-term lease recognition exemption to its short-term
leases (i.e., those leases that have a lease term of 12 months or less from the commencement date
and do not contain a purchase option) and it applies the lease of low-value assets recognition
exemption that are considered of low value (i.e., below \u20ac5,000). Payments for short-term leases and
leases of low-value assets are recognised as expense on a straight-line basis over the lease term.
The Group recognises a right-of-use asset and lease liability at the commencement date of the lease
(i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less
any accumulated depreciation and impairments and adjusted for any remeasurement of lease
liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial
direct costs incurred, and lease payments made at or before the commencement date less any lease
incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of
the lease term. At the end of each reporting period the carrying amounts of right-of-use assets are
reviewed to assess whether there is an indication of impairment. If such an indication exists, the
asset\u2019s recoverable amount is determined. An asset\u2019s carrying amount is written down immediately
to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable
amount.
The estimated useful life of the majority of right-of-use assets are as follows:
Land and buildings
5 to 25 years
Cars
1 to 6 years
Equipment and installation
1 to 11 years
IT equipment
1 to 6 years
Other
1 to 10 years
The Group recognises lease liabilities at the present value of lease payments. In calculating the present
value of lease payments, the Group uses the incremental borrowing rate at the lease commencement
date, if the interest rate implicit in the lease is not readily determinable. The lease term comprises the
non-cancellable term of the lease plus any periods covered by an option to extend the lease if it is
reasonably certain to be exercised and any periods covered by an option to terminate the lease, if it is
reasonably certain not to be exercised. For several leases, the Group has renewal and/or extension
options. The Group applies judgement in evaluating whether it is reasonably certain to exercise the
option to renew. That is, it considers all relevant factors that create an economic incentive for it to
exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a
significant change in circumstances that is within its control and affects its ability to exercise (or not to
exercise) the option to renew (e.g., a change in business strategy). Usually, the Group is able to be
reasonably certain if an option is exercised around two years before the lease term ends. The renewal
options for car leases are generally not exercised. Lease payments include fixed payments (including in-
substance fixed payments) less any lease incentives receivable, non-lease components related to the
leased asset, variable lease payments that depend on an index or a rate, and amounts expected to be
paid under residual value guarantees. The lease payments also include the exercise price of a purchase
option that is reasonably certain to be exercised by the Group and payments of penalties for terminating
a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease
payments that do not depend on an index or a rate are recognised as an expense in the profit and loss.
After the commencement date, the lease liability is measured at amortised cost using the effective
interest method. It is remeasured when:
\u2022 there is a change in future lease payments arising from a change in an index. The lease liability is
then remeasured by discounting the revised lease payments by using the initial discount rate;
\u2022 the Group changes its assessment of whether it will exercise a purchase, extension or termination
option. In this case, the lease liability is remeasured by discounting the revised lease payments using
a revised discount rate;
\u2022 a lease contract is modified and the lease modification is not accounted for as a separate lease. In
this case, the lease liability is remeasured by discounting the revised lease payments using a revised
discount rate.
16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. (b) Software Software is stated at cost less accumulated amortisation and impairment losses. The cost of software includes direct labour and any other costs directly attributable to developing the software for its intended use. Amortisation for software is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lives (between four and ten years). The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. (c) Other Other intangible assets relate to market positions (including brand names) are stated at cost less accumulated amortisation and impairment losses. Amortisation on other intangible assets is calculated over their estimated useful lives (generally between two and ten years). The assets\u2019 useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.
17. Investments in joint ventures and associates
Investments in joint arrangements are classified as either joint ventures or joint operations,
depending on the contractual rights and obligations. Joint ventures are joint arrangements
whereby the Group and other parties that have joint control of the arrangement have rights to
the net assets of the joint venture. The parties to the arrangement contractually agreed that
control is shared and decisions regarding relevant activities require unanimous consent of the
parties that have joint control. Joint ventures are accounted for using the equity method.
Joint operations are joint arrangements whereby the Group and other parties that have joint
control of the arrangement have rights to the assets and obligations for the liabilities of the joint
operation. The Group recognises its share in the joint operations\u2019 individual revenues and
expenses, assets and liabilities and recognises it on a line-by-line basis in the Group\u2019s financial
statements (see note 30).
Associates are all entities over which the Group has significant influence but not control, generally
accompanying a shareholding of between 20% and 50% of the voting rights or based on the
representation on the board of directors. Investments in associates are accounted for using the equity
method.
Under the equity method, an investment is initially recognised at cost and the carrying amount is
increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date
of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post-
acquisition profit or loss is recognised in the income statement and its share of post-acquisition
movements in other comprehensive income is recognised in other comprehensive income with a
corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses
equal or exceed the net investment including any unsecured loans, the Group does not recognise further
losses, unless it has incurred legal or constructive obligations for made payments on behalf of the
investment. Unrealised gains and losses on transactions between the Group and its investments are
eliminated to the extent of the Group\u2019s interest in the investment.
The Group determines at each reporting date whether there is any objective evidence that the
investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to
the difference between the carrying amount of the investment and its recoverable amount.
18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss. Financial assets at amortised costs are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the end of the reporting period which are classified as non-current assets. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. If the credit risk on a financial asset has not increased significantly since initial recognition, the loss allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a financial asset has significantly changed since initial recognition the loss allowance equals the lifetime expected credit losses. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Indications of increase in credit risk for financial assets include debtors experiencing significant financial difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime credit losses is measured as the difference between the financial asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Financial assets are derecognised when the right to receive cash flows has expired or has been transferred and the Group has transferred substantially all risks and rewards of ownership.
19. Inventories
Land, building rights and property developments are recorded at the lower of cost and net
realisable value. The Group capitalises interest expenses on loans and borrowings that fund these
assets to facilitate the development. Interest costs are capitalised once development commences
and until practical completion, based on the total actual finance cost incurred on the borrowings
during the period. When properties are acquired for future redevelopment, interest on borrowings
is recognised in the income statement until redevelopment commences.
Raw materials and finished goods are stated at the lower of cost and net realisable value. Cost is
determined using the \u2018first-in, first-out (FIFO) method\u2019. Net realisable value is the estimated selling
price in the ordinary course of business, less applicable variable selling expenses.
20. Trade and other receivables Trade and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less any impairment losses. A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
22. Assets held for sale
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be
recovered through a sale rather than through continuing use. For this to be the case the asset (or
disposal group) must be available for immediate sale in its present condition and its sale must be
highly probable. Non-current assets (or disposal groups) classified as held for sale are measured at the
lower of the asset\u2019s carrying amount and the fair value less costs to sell. Depreciation or amortisation
of an asset and equity accounting for joint ventures and associates ceases when it is classified as held
for sale.
23. Group equity
The Company\u2019s share capital is classified as equity. It consists of the Company\u2019s ordinary shares and
preference shares. The surplus paid by shareholders above the nominal value of shares is recognised as
share premium. Incremental costs directly attributable to the issue of ordinary shares are recognised as a
deduction from equity. Repurchases of own shares are deducted from retained earnings on a cost basis.
The cost represents the market price paid on the acquisition date. When repurchased shares are sold or
re-issued subsequently, any amount received is recognised as an increase in retained earnings, and the
resulting surplus or deficit on the transaction remains in retained earnings.
Dividend is recognised as a liability in the period in which it is approved by the Annual General Meeting.
24. Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. After initial
recognition borrowings are measured at amortised cost using the effective interest rate method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised. The
effective interest rate amortisation is included as finance costs in the income statement (unless
the costs are capitalised). Amortised cost is calculated by taking into account any discount or
premium on acquisition and fees or costs that are an integral part of the effective interest rate.
The Group derecognises a financial liability when its contractual obligations are discharged,
cancelled or expired. When an existing financial liability is replaced by another from the same
lender on substantially different terms, or the terms of an existing liability are substantially
modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability. The difference in the respective carrying amounts is
recognised in the statement of profit or loss.
25. Employee benefits
(a) Pension obligations
A defined contribution plan is a pension plan under which the Group pays fixed contributions into a
separate entity. The Group has no legal or constructive obligations to pay further contributions if
the fund does not hold sufficient assets to pay all employees the benefits relating to employee
service in the current and prior periods. A defined benefit plan is a pension plan that is not a
defined contribution plan.
The liability recognised in the balance sheet in respect of defined benefit pension plans is the
present value of the defined benefit obligation at the end of the reporting period less the fair value
of plan assets. The defined benefit obligation is calculated annually by independent actuaries using
the projected unit credit method. The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows using interest rates of high-quality
corporate bonds that are denominated in the currency in which the benefits will be paid and that
have terms to maturity approximating to the terms of the related pension obligation. When the
plan assets exceed the defined benefit obligation, the Group recognises a pension asset, which is
limited to the present value of economic benefits available in the form of any future refunds from
the plan or reductions in future contributions to the plan. An economic benefit is available when it
can be realised during the life of the plan, or upon settlement of the plan\u2019s liabilities.
Actuarial gains and losses arising from experience adjustments and changes in actuarial
assumptions are charged or credited in other comprehensive income in the period in which they
arise. Current service costs of defined benefit plans are recognised immediately in the income
statement, as part of \u2018employee benefit expenses\u2019, and reflect the increase in the defined benefit
obligation resulting from employee service in the current year, benefit changes, curtailments and
settlements. Past-service costs are recognised immediately in the income statement. Interest
expenses are included in the \u2018employee benefit expenses\u2019.
For defined contribution plans, the Group pays contributions to administered pension insurance
plans on a mandatory, contractual or voluntary basis. The Group has no further payment
obligations once the contributions have been paid. The contributions are recognised as employee
benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent
that a cash refund or a reduction in the future payments is available.
(b) Other employment obligations
Other employment obligations comprise jubilee benefits, retirement gifts, temporary leaves and
similar arrangements and have a non-current nature. These obligations are discounted to their
present value. Remeasurements are recognised- in profit or loss.
26. Provisions Provisions for warranties, restructuring costs, claims/legal obligations, associates and joint ventures and onerous contracts are recognised when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Restructuring provisions are recognised when a detailed formal plan has been approved, and the restructuring has either commenced or has been announced publicly. Restructuring provisions comprise lease termination penalties and employee termination payments. Future operating losses are not recognised. If the Group\u2019s share in losses exceeds the carrying amount of the investment (including separately presented goodwill and other uninsured receivables), further losses will not be recognised, unless the Group has provided securities to the associate or joint venture, committed to liabilities or payment on behalf of the associate and joint venture. In that case, the excess will be provided for
27. Trade and other payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course
of business from suppliers. Accounts payable are classified as current liabilities if payment is due within
one year or less. If not, they are presented as non-current liabilities.
Trade and other payables are recognised initially at fair value and subsequently measured at amortised
cost using the effective interest method. A contract liability is recognised when the Group has an
obligation to transfer goods or services to a customer for which the entity has received consideration
(or the amount is due) from the customer.
29. Share-based payments
The Group operates equity-settled share-based plans. The fair value of the employee services
received in exchange for the grant of the shares is recognised as cost with a corresponding credit
entry of equity. The total expense is recognised over the vesting period, which is the period over
which all of the specified vesting conditions are to be satisfied. The total amount to be expensed is
determined by reference to the fair value of the shares granted:
\u2022 including a market performance condition based on the Company\u2019s share price;
\u2022 excluding the impact of any service and non-market performance vesting conditions; and
\u2022 including the impact of any non-vesting conditions.
At the end of each reporting period, the Group revises its estimates of the number of shares that
are expected to vest based on the non-market vesting conditions and service conditions. It
recognises the impact of the revision to original estimates, if any, in the income statement within
\u2018personnel expenses\u2019, with a corresponding adjustment to equity.
In addition, in some circumstances employees may provide services in advance of the grant date
and therefore the grant date fair value is estimated for the purposes of recognising the expense
during the period between service commencement period and grant date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "2.1 Basis of preparation The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union and also comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code. The financial statements have been prepared on a going concern basis and, unless otherwise stated, under the historical cost convention. The material accounting policies applied in the preparation of these consolidated financial statements have been consistently applied, unless otherwise stated. The preparation of financial statements requires management to use certain critical accounting estimates and to make judgements and use assumptions that affect the amounts of assets and liabilities, income and expense. Areas involving a higher degree of judgments or complexity, or areas with signifciant assumptions and estimates are disclosed in note 4. 2.1.1 Climate-related matters The Group continuously takes steps to reduce footprint and create sustainable environments. The Group\u2019s strategy focuses amongst others on the themes of decarbonisation, circularity and climate adaptation and is working towards the following targets: \u2022 an 80% relative reduction (versus 2015) of Scope 1 and 2 CO 2 intensity by 2026. \u2022 a 50% relative reduction (versus 2019) of Scope 3 CO 2 emissions in 2030. \u2022 a 75% reduction (versus 2015) of construction and office waste intensity by 2030.
On a long term basis, the Group\u2019s ambition is to have a net positive impact on climate and resources by
2050. The following table summarises the financial impact of these targets:
Target
Financial impact
Reduction of Scope 1
and 2
CO
2
intensity
The target is planned to be achieved by amongst others the use of
renewable energy in all offices, the replacement of use of diesel on project
sites by biofuels or establishing early grid-connections in combination with
the use of electrical equipment. Most of these initiatives predominantly
require a change to ways of working rather than significant investments,
but some may also result in higher costs, for example the use of biofuel
instead of diesel. The Group is differentiating from competitors with the
use of biofuel to reduce CO
2
and generally compensated the higher cost
levels by increased revenue and higher margins.
Part of the reduction of CO
2
emissions is expected to be achieved by
increasing the use of electrical equipment and by electrification of the car
fleet. The financial impact of this is assessed as limited, as this is mostly
achieved through generic replacements investments.
Reduction of Scope 3
CO
2
emissions
The vast majority of the Group\u2019s Scope 3
CO
2
emissions are related to
purchased goods and services (mainly concrete, steel and asphalt) and the
energy use of assets that the has constructed. The target is planned to be
achieved by offering alternative products (e.g. based on timber), low carbon
product alternatives (e.g. low carbon asphalt and concrete) and recycled
materials (e.g. steel) and by optimising the energy performance of assets
that the Group has constructed.
The Group is differentiating from
competitors through these initiatives and is generally able to compensate
higher costs, if any, by increased revenue and higher margins.
Reduction of
construction and
office waste
The target is planned to be achieved by supply chain collaboration and
product innovation as part of the Group\u2019s ongoing activities, i.e. it is not
expeced to result in a material increase in costs or investments.
In its double materiality assessment, the Group identified the impact of climate change to the valuation
of land and building rights as a potential financial risk for the long term. In 2024, the Group\u2019s land and
building rights were assessed for their net realisable values and no significant impairments were recorded.
This assessment took into consideration all relevant facts and circumstances with respect to planned
developments, including current and/or expected effects of climate change.
Taking the above into consideration, the Group assessed that climate related matters do not have a
significant adverse financial impact on the Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "value": "The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting Standards (\u2018IFRS\u2019) as adopted by the European Union and also comply with the financial reporting requirements included in Part 9 of Book 2 of the Dutch Civil Code. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "The financial statements have been prepared on a going concern basis and, unless otherwise stated, under the historical cost convention. The material accounting policies applied in the preparation of these consolidated financial statements have been consistently applied, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "value": "
2.2 Changes in accounting policies
Several amendments and interpretations apply for the first time as of 1 January 2024, but these do
not have a material effect on the financial statements of the Group.
A number of new standards and amendments to standards and interpretations are effective for
annual periods beginning on or after 1 January 2025 and have not been applied in preparing these
financial statements. None of these are expected to have a material effect on the financial
statements of the Group except for IFRS 18 Presentation and Disclosure in Financial Statements. This
standard will replace IAS 1 and is expected to be effective on 1 January 2027. The standard intends to
respond to investors\u2019 demand for better information about companies\u2019 finanical performance. It
includes updated and/or new requirements for presentation of the income statement, guidance on
aggregation and disaggregation of information and disclosure of management-defined performance
measures. The Group is currently assessing the impact of this new standard.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-490": { "value": "2.2 Changes in accounting policies Several amendments and interpretations apply for the first time as of 1 January 2024, but these do not have a material effect on the financial statements of the Group. A number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2025 and have not been applied in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Group except for IFRS 18 Presentation and Disclosure in Financial Statements. This standard will replace IAS 1 and is expected to be effective on 1 January 2027. The standard intends to respond to investors\u2019 demand for better information about companies\u2019 finanical performance. It includes updated and/or new requirements for presentation of the income statement, guidance on aggregation and disaggregation of information and disclosure of management-defined performance measures. The Group is currently assessing the impact of this new standard.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "2.2 Changes in accounting policies Several amendments and interpretations apply for the first time as of 1 January 2024, but these do not have a material effect on the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-504": { "value": "2.2 Changes in accounting policies A number of new standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2025 and have not been applied in preparing these financial statements. None of these are expected to have a material effect on the financial statements of the Group except for IFRS 18 Presentation and Disclosure in Financial Statements. This standard will replace IAS 1 and is expected to be effective on 1 January 2027. The standard intends to respond to investors\u2019 demand for better information about companies\u2019 finanical performance. It includes updated and/or new requirements for presentation of the income statement, guidance on aggregation and disaggregation of information and disclosure of management-defined performance measures. The Group is currently assessing the impact of this new standard.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "value": "2.3 Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. When the Group ceases to have control in a business, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in the income statement. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that business are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to the profit or loss or to retained earnings. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "2.3 Consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The Group applies the acquisition method to account for business combinations. The cost of an acquisition is measured as the aggregate of the consideration transferred, exclusive of acquisition related costs, which are expensed as incurred. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurement are recognised in the income statement. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in the income statement. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised in the income statement. Intercompany transactions, balances and unrealised gains and losses on transactions between group companies are eliminated. When necessary amounts reported by subsidiaries have been adjusted to conform with the Group\u2019s accounting policies. Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. When the Group ceases to have control in a business, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognised in the income statement. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that business are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to the profit or loss or to retained earnings. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-523": { "value": "2.3 Consolidation Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions \u2013 that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-540": { "value": "2.3 Consolidation The Group applies the acquisition method to account for business combinations. The cost of an acquisition is measured as the aggregate of the consideration transferred, exclusive of acquisition related costs, which are expensed as incurred. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurement are recognised in the income statement. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in the income statement. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-546": { "value": "2.3 Consolidation The Group applies the acquisition method to account for business combinations. The cost of an acquisition is measured as the aggregate of the consideration transferred, exclusive of acquisition related costs, which are expensed as incurred. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the acquiree either at fair value or at the non-controlling interest\u2019s proportionate share of the recognised amounts of acquiree\u2019s identifiable net assets. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date; any gains or losses arising from such remeasurement are recognised in the income statement. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in the income statement. The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired is recorded as goodwill. If the total of consideration transferred, non-controlling interest recognised and previously held interest measured is less than the fair value of the net assets of the subsidiary acquired in the case of a bargain purchase, the difference is recognised in the income statement. 16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "2.4 Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in \u2018euro\u2019 (\u20ac), which is the Group\u2019s presentation currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-423": { "value": "2.4 Foreign currency translation Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in \u2018euro\u2019 (\u20ac), which is the Group\u2019s presentation currency.Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement within \u2018exchange rate differences\u2019.The results and financial position of the group companies that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 assets and liabilities are translated at the closing rate at the date of that balance sheet; \u2022 income and expenses are translated at average exchange rates; and \u2022 all resulting exchange rate differences are recognised in equity in \u2018other comprehensive income\u2019. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange rate differences arising from the translation of these items are recognised in \u2018other comprehensive income\u2019. The following exchange rates of the euro against the pound sterling (\u00a3) have been used in the preparation of these financial statements: \u2022 closing exchange rate: 0.829 (2023: 0.869) \u2022 average exchange rate: 0.846 (2023: 0.870) ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-492": { "value": "2.5 Derivative financial instruments and hedging Derivatives are used for economic hedging purposes and not as speculative investments and are recognised at fair value. The recognition of subsequent gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group designates the derivatives as hedges of a particular risk associated with a recognised asset or liability, a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment. At inception of the transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is more than twelve months and as a current when it is less than twelve months. The effective portion of changes in the fair value of cash flow hedges is recognised in other comprehensive income, the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. When a disposal group is classified as held for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-549": { "value": "2.5 Derivative financial instruments and hedging Derivatives are used for economic hedging purposes and not as speculative investments and are recognised at fair value. The recognition of subsequent gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group designates the derivatives as hedges of a particular risk associated with a recognised asset or liability, a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment. At inception of the transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is more than twelve months and as a current when it is less than twelve months. The effective portion of changes in the fair value of cash flow hedges is recognised in other comprehensive income, the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. When a disposal group is classified as held for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is reclassified to the income statement. 10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method. 18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss. Financial assets at amortised costs are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the end of the reporting period which are classified as non-current assets. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. If the credit risk on a financial asset has not increased significantly since initial recognition, the loss allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a financial asset has significantly changed since initial recognition the loss allowance equals the lifetime expected credit losses. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Indications of increase in credit risk for financial assets include debtors experiencing significant financial difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime credit losses is measured as the difference between the financial asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Financial assets are derecognised when the right to receive cash flows has expired or has been transferred and the Group has transferred substantially all risks and rewards of ownership. 20. Trade and other receivables Trade and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less any impairment losses. A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. 24. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. After initial recognition borrowings are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the income statement (unless the costs are capitalised). Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. 27. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A contract liability is recognised when the Group has an obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-547": { "value": "2.5 Derivative financial instruments and hedging Derivatives are used for economic hedging purposes and not as speculative investments and are recognised at fair value. The recognition of subsequent gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group designates the derivatives as hedges of a particular risk associated with a recognised asset or liability, a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment. At inception of the transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is more than twelve months and as a current when it is less than twelve months. The effective portion of changes in the fair value of cash flow hedges is recognised in other comprehensive income, the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. When a disposal group is classified as held for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is reclassified to the income statement. 18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss. Financial assets at amortised costs are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the end of the reporting period which are classified as non-current assets. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. If the credit risk on a financial asset has not increased significantly since initial recognition, the loss allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a financial asset has significantly changed since initial recognition the loss allowance equals the lifetime expected credit losses. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Indications of increase in credit risk for financial assets include debtors experiencing significant financial difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime credit losses is measured as the difference between the financial asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Financial assets are derecognised when the right to receive cash flows has expired or has been transferred and the Group has transferred substantially all risks and rewards of ownership. 20. Trade and other receivables Trade and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less any impairment losses. A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-524": { "value": "2.5 Derivative financial instruments and hedging Derivatives are used for economic hedging purposes and not as speculative investments and are recognised at fair value. The recognition of subsequent gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group designates the derivatives as hedges of a particular risk associated with a recognised asset or liability, a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment. At inception of the transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is more than twelve months and as a current when it is less than twelve months. The effective portion of changes in the fair value of cash flow hedges is recognised in other comprehensive income, the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. When a disposal group is classified as held for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is reclassified to the income statement. 24. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. After initial recognition borrowings are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the income statement (unless the costs are capitalised). Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. 27. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A contract liability is recognised when the Group has an obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-512": { "value": "2.5 Derivative financial instruments and hedging Derivatives are used for economic hedging purposes and not as speculative investments and are recognised at fair value. The recognition of subsequent gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group designates the derivatives as hedges of a particular risk associated with a recognised asset or liability, a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment. At inception of the transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is more than twelve months and as a current when it is less than twelve months. The effective portion of changes in the fair value of cash flow hedges is recognised in other comprehensive income, the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. When a disposal group is classified as held for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is reclassified to the income statement. 18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "2.5 Derivative financial instruments and hedging Derivatives are used for economic hedging purposes and not as speculative investments and are recognised at fair value. The recognition of subsequent gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group designates the derivatives as hedges of a particular risk associated with a recognised asset or liability, a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment. At inception of the transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is more than twelve months and as a current when it is less than twelve months. The effective portion of changes in the fair value of cash flow hedges is recognised in other comprehensive income, the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. When a disposal group is classified as held for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-424": { "value": "2.5 Derivative financial instruments and hedging Derivatives are used for economic hedging purposes and not as speculative investments and are recognised at fair value. The recognition of subsequent gains or losses depends on whether the derivative is designated as a hedging instrument and if so, the nature of the hedged item. The Group designates the derivatives as hedges of a particular risk associated with a recognised asset or liability, a highly probable forecast transaction or the foreign currency risk of an unrecognised commitment. At inception of the transaction the Group documents the relationship between hedging instruments and hedged items, as well as its risk management objective and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are effective in offsetting changes in fair values or cash flows of hedged items. A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements: \u2022 there is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic relationship; \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item. The fair value of a hedging derivative is classified as a non-current when the remaining hedged item is more than twelve months and as a current when it is less than twelve months. The effective portion of changes in the fair value of cash flow hedges is recognised in other comprehensive income, the ineffective portion is recognised immediately in the income statement. Amounts accumulated in equity are reclassified to the income statement in the periods when the hedged item affects profit or loss. The gain or loss relating to the effective portion of interest rate swaps is recognised within \u2018finance income/expense\u2019 and the gain or loss relating to the effective portion of forward foreign exchange contracts is recognised within \u2018exchange rate differences\u2019. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecasted transaction is ultimately recognised in the income statement. When a forecasted transaction is no longer highly probable, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement. When a disposal group is classified as held for sale, the Group concludes that any forecast transactions subject to hedge accounting are no longer highly probable. Hedge accounting is then discontinued and the cumulative gain or loss in equity is reclassified to the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-491": { "value": "2.6 Statement of cash flows The statement of cash flows is prepared using the indirect method. Cash flows in foreign exchange currencies are converted using the average exchange rate. Exchange rate differences on the net cash position are separately presented in the statement of cash flows. Payments in connection with interest and income tax are included in the cash flow from operations. Cash flows in connection with PPP receivables are also included in the cash flow from operations since these projects are part of regular construction and maintenance activities. Paid dividend is included in cash flow from financing activities. The purchase price paid for acquisitions of subsidiaries is included in the cash flow from investing activities, net of cash and cash equivalents acquired. In the statement of cash flows the interest paid related to leases is presented as part of the cash flow from operating activities, while the repayments are presented as part of the cash flows from financing activities. Non-cash transactions are not included in the statement of cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-550": { "value": "3. Critical accounting judgements and key sources of estimation uncertainties The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The reported amounts are based on factors which inherently are associated with uncertainties and actual results may therefore differ materially. The most significant judgments and estimates are summarised below. 3.1 Revenue recognition The Group\u2019s revenue recognition policies require management to make judgments and estimates, particularly for revenue that is recognised over time. Such revenue is generally recognised using the cost-to-cost method (i.e. an input method), which requires a forecast to be made of the profit margin on the performance obligation upon its completion and the costs yet to incur. The stage of completion is then determined by comparing actual costs incurred to date to total costs to complete the performance obligation. The Group has coordinated systems for cost estimations, forecasting and revenue and costs reporting. Making forecasts of the profit margin upon completion of the performance obligation involves judgments and estimates on costs as well as revenue. On the cost side, estimates are to be made for costs to be incurred to complete the performance obligation as well as costs for maintenance and defect liabilities. On the revenue side estimates are to be made with respect to the amount of variable consideration and judgments are required to determine whether such variable consideration should be constraint. Variable consideration includes fees for changes in scope of work (\u2018variation orders\u2019), variation orders for which the related fee is under discussion (\u201cunapproved variation orders\u201d) or under a legal procedure (\u201cclaims\u201d) well as performance bonusses and/or penalties (\u2018liquidated damages\u2019). Estimates of variable consideration are to be constraint to an amount that is not highly probable of a significant reversal. The Group quantifies highly probable as a probability of 75% or more. Variable consideration is generally included in total revenue (i.e. not constraint) when: \u2022 the amount is already covered by a client payment; \u2022 the Group has a formal approval from the client on the respective amount or fee proposed by the Group; \u2022 the Group has a written instruction or approval on a change in the scope of work from the client and the related amounts of compensation are contractually agreed based on specific contract rates or based on costs or plus a normal profit margin; \u2022 the additional amounts are covered by a written settlement offers from the client. In exceptional circumstances, variable consideration may also be included in total revenue when none of the above criteria are met and/or when there is a dispute with the client. In such circumstances, the highly probable criterion is generally substantiated by an advice or opinion of a lawyer. 3.2 Income taxes The Group is subject to income taxes in numerous jurisdictions. Judgement and estimates are required in determining the provision for income taxes, particularly in determining the carrying amount of deferred tax assets and the amount of liabilities for (potential) uncertain tax positions. The Group decreases its tax assets or increases its liabilities for anticipated tax audit issues based on estimates of whether less tax will be received respectively additional taxes will be due. Such decrease or increase is based on the technical merits of the underlying position. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which such determination is made. Deferred tax assets are recognised for tax losses carry- forwards, temporary differences and tax credits, to the extent that realisation of the related tax benefit through future taxable profits is probable. This requires an estimation of the amount of future taxable profits, for which a forecast window of five years is generally applied, and judgments to assess the probability of actually achieving the forecasted levels. 3.3 Impairment of goodwill Goodwill is tested for impairment annually. The recoverable amounts of cash-generating units are determined based on value-in-use calculations. These calculations are determined using discounted cash flow projections and require estimates in connection with the future development of revenues, profit before tax margins and the determination of appropriate discount rates. An impairment loss is recognised if the carrying amount of an asset of CGU exceeds its recoverable amount. Sensitivity analyses in respect of key assumptions are disclosed in note 16. 3.4 Impairment of land and building rights Land and building rights are generally acquired at a premium on their value in current condition. The premium is paid as future intentions (i.e. development) represent a considerable value increase. The ultimate value of land and building rights upon development depends on a number of factors such as the number of buildings and their expected sales prices. In case the Group is not able to proceed development, e.g. upon adverse decision of a governmental body, the respective land and building rights is generally subject to an impairment. The valuation of land and building rights, to test their respective carrying amount for impairments, is based on a net realiseable value model. The net realiseable value model is generally supported by a valuation of an external valuator (by rotation) to benchmark. 3.5 Pension obligations The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate, expected salary growth rates and expected indexation of pensions. Any changes in these assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds (AA) that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension obligation. Other key assumptions are based on current market conditions and envisaged developments. Sensitivity analyses in respect of these assumptions is disclosed in note 25. 16 . Intangible assets The recoverable amount of each CGU was determined based on value-in-use calculations. Value-in-use was determined using discounted cash flow projections that cover an explicit period of five years based on financial plans approved by management and a terminal value. Key assumptions applied in determining the value-in-use are the discount rate (WACC), revenue growth rate and profit before tax margin. If and when these assumptions would change in the future, this could have significant impact on the CGU\u2019s value in use, which might give rise to an impairment. The discount rate has been determined consistent with the other parameters of the impairment test. The (pre-tax) WACC used to determine the value in use of each CGU is 7.9% (2023: 9.6% ) subject to country specific adjustments. The key assumptions used in the value-in-use calculations for CGUs with significant allocated goodwill are as specified in the following table. Revenue Revenue Profit Profit Discount growth growth beyond margin margin rate in forecast forecast in forecast after forecast (pre-tax) period period period period 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 BAM Construct UK 8.8% 10.3% 3.4% 1.5% 2.0% 3.0% 3.3% 3.1% 3.6% 3.6% BAM Nuttall 8.6% 10.3% 0.9% 3.6% 2.0% 3.0% 3.6% 3.0% 3.7% 3.4% Revenue growth rates are based on the average annual growth rate from past performance and management\u2019s expectations of market development referenced to external sources of information. The profit margin is the profit before tax margin as a percentage of revenue and is based on past performance and the development to a realistic normalised margin in the respective CGU. The impairment tests in 2024 did not result in impairments (2023: no impairments). The recoverable amounts of all CGUs exceed their carrying amounts with sufficient headroom. 25. Employee benefits The significant actuarial assumptions per country were as follows: United Netherlands Kingdom Ireland Other 2024 Discount rate 3.3% 5.5% - 5.6% 3.8% 3.2% - 3.6% Salary growth rate - - - 2.0% - 2.3% Pension growth rate 0% - 3.5% 2.1% - 3.2% 0% - 2.1% 2.0% - 2.3% 2023 Discount rate 3.1% 4.6% - 4.8% 3.6% 3.6% - 3.8% Salary growth rate - - - 2.1% - 2.5% Pension growth rate 0% - 6.1% 2.7% - 3.2% 0% - 2.4% 2.1% - 2.5% Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The average duration of the defined benefit obligations per country were as follows: United Netherlands Kingdom Ireland Other Average duration (in years) - 2024 11 13 17 10 Average duration (in years) - 2023 11 14 17 10 The impact to the defined benefit obligation to changes in weighted principal assumptions is as follows: 2024 2023 Increase by Decrease by Increase by Decrease by 0,5% 0,5% 0,5% 0,5% Discount rate (\u20ac52 million) \u20ac58 million (\u20ac59 million) \u20ac65 million Indexation \u20ac29 million (\u20ac27 milion) \u20ac33 million (\u20ac29 million) Salary increase \u20ac0 million (\u20ac0 million) \u20ac0 million (\u20ac0 million) If the life expectancy increases or decreases by one year, the pension liability will increase or decrease by approximately \u20ac34 million (2023: increase or decrease by \u20ac35 million). The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur as changes in assumptions are correlated. The sensitivity analyses are based on the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) as when calculating the pension liability recognised within the statement of financial position. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-553": { "value": "3. Critical accounting judgements and key sources of estimation uncertainties The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The reported amounts are based on factors which inherently are associated with uncertainties and actual results may therefore differ materially. The most significant judgments and estimates are summarised below. 3.1 Revenue recognition The Group\u2019s revenue recognition policies require management to make judgments and estimates, particularly for revenue that is recognised over time. Such revenue is generally recognised using the cost-to-cost method (i.e. an input method), which requires a forecast to be made of the profit margin on the performance obligation upon its completion and the costs yet to incur. The stage of completion is then determined by comparing actual costs incurred to date to total costs to complete the performance obligation. The Group has coordinated systems for cost estimations, forecasting and revenue and costs reporting. Making forecasts of the profit margin upon completion of the performance obligation involves judgments and estimates on costs as well as revenue. On the cost side, estimates are to be made for costs to be incurred to complete the performance obligation as well as costs for maintenance and defect liabilities. On the revenue side estimates are to be made with respect to the amount of variable consideration and judgments are required to determine whether such variable consideration should be constraint. Variable consideration includes fees for changes in scope of work (\u2018variation orders\u2019), variation orders for which the related fee is under discussion (\u201cunapproved variation orders\u201d) or under a legal procedure (\u201cclaims\u201d) well as performance bonusses and/or penalties (\u2018liquidated damages\u2019). Estimates of variable consideration are to be constraint to an amount that is not highly probable of a significant reversal. The Group quantifies highly probable as a probability of 75% or more. Variable consideration is generally included in total revenue (i.e. not constraint) when: \u2022 the amount is already covered by a client payment; \u2022 the Group has a formal approval from the client on the respective amount or fee proposed by the Group; \u2022 the Group has a written instruction or approval on a change in the scope of work from the client and the related amounts of compensation are contractually agreed based on specific contract rates or based on costs or plus a normal profit margin; \u2022 the additional amounts are covered by a written settlement offers from the client. In exceptional circumstances, variable consideration may also be included in total revenue when none of the above criteria are met and/or when there is a dispute with the client. In such circumstances, the highly probable criterion is generally substantiated by an advice or opinion of a lawyer. 3.2 Income taxes The Group is subject to income taxes in numerous jurisdictions. Judgement and estimates are required in determining the provision for income taxes, particularly in determining the carrying amount of deferred tax assets and the amount of liabilities for (potential) uncertain tax positions. The Group decreases its tax assets or increases its liabilities for anticipated tax audit issues based on estimates of whether less tax will be received respectively additional taxes will be due. Such decrease or increase is based on the technical merits of the underlying position. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which such determination is made. Deferred tax assets are recognised for tax losses carry- forwards, temporary differences and tax credits, to the extent that realisation of the related tax benefit through future taxable profits is probable. This requires an estimation of the amount of future taxable profits, for which a forecast window of five years is generally applied, and judgments to assess the probability of actually achieving the forecasted levels. 3.3 Impairment of goodwill Goodwill is tested for impairment annually. The recoverable amounts of cash-generating units are determined based on value-in-use calculations. These calculations are determined using discounted cash flow projections and require estimates in connection with the future development of revenues, profit before tax margins and the determination of appropriate discount rates. An impairment loss is recognised if the carrying amount of an asset of CGU exceeds its recoverable amount. Sensitivity analyses in respect of key assumptions are disclosed in note 16. 3.4 Impairment of land and building rights Land and building rights are generally acquired at a premium on their value in current condition. The premium is paid as future intentions (i.e. development) represent a considerable value increase. The ultimate value of land and building rights upon development depends on a number of factors such as the number of buildings and their expected sales prices. In case the Group is not able to proceed development, e.g. upon adverse decision of a governmental body, the respective land and building rights is generally subject to an impairment. The valuation of land and building rights, to test their respective carrying amount for impairments, is based on a net realiseable value model. The net realiseable value model is generally supported by a valuation of an external valuator (by rotation) to benchmark. 3.5 Pension obligations The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate, expected salary growth rates and expected indexation of pensions. Any changes in these assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds (AA) that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension obligation. Other key assumptions are based on current market conditions and envisaged developments. Sensitivity analyses in respect of these assumptions is disclosed in note 25. 16 . Intangible assets The recoverable amount of each CGU was determined based on value-in-use calculations. Value-in-use was determined using discounted cash flow projections that cover an explicit period of five years based on financial plans approved by management and a terminal value. Key assumptions applied in determining the value-in-use are the discount rate (WACC), revenue growth rate and profit before tax margin. If and when these assumptions would change in the future, this could have significant impact on the CGU\u2019s value in use, which might give rise to an impairment. The discount rate has been determined consistent with the other parameters of the impairment test. The (pre-tax) WACC used to determine the value in use of each CGU is 7.9% (2023: 9.6% ) subject to country specific adjustments. The key assumptions used in the value-in-use calculations for CGUs with significant allocated goodwill are as specified in the following table.
Revenue Revenue Profit Profit
Discount growth growth beyond margin margin
rate in forecast forecast in forecast after forecast
(pre-tax) period period period period
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
BAM Construct UK
8.8%
10.3%
3.4%
1.5%
2.0%
3.0%
3.3%
3.1%
3.6%
3.6%
BAM Nuttall
8.6%
10.3%
0.9%
3.6%
2.0%
3.0%
3.6%
3.0%
3.7%
3.4%
Revenue growth rates are based on the average annual growth rate from past performance and management\u2019s expectations of market development referenced to external sources of information. The profit margin is the profit before tax margin as a percentage of revenue and is based on past performance and the development to a realistic normalised margin in the respective CGU. The impairment tests in 2024 did not result in impairments (2023: no impairments). The recoverable amounts of all CGUs exceed their carrying amounts with sufficient headroom. 25. Employee benefits The significant actuarial assumptions per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
2024
Discount rate
3.3%
5.5% - 5.6%
3.8%
3.2% - 3.6%
Salary growth rate
-
-
-
2.0% - 2.3%
Pension growth rate
0% - 3.5%
2.1% - 3.2%
0% - 2.1%
2.0% - 2.3%
2023
Discount rate
3.1%
4.6% - 4.8%
3.6%
3.6% - 3.8%
Salary growth rate
-
-
-
2.1% - 2.5%
Pension growth rate
0% - 6.1%
2.7% - 3.2%
0% - 2.4%
2.1% - 2.5%
Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The average duration of the defined benefit obligations per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
Average duration (in years) - 2024
11
13
17
10
Average duration (in years) - 2023
11
14
17
10
The impact to the defined benefit obligation to changes in weighted principal assumptions is as follows:
2024
2023
Increase by Decrease by Increase by Decrease by
0,5% 0,5% 0,5% 0,5%
Discount rate
(\u20ac52 million)
\u20ac58 million
(\u20ac59 million)
\u20ac65 million
Indexation
\u20ac29 million
(\u20ac27 milion)
\u20ac33 million
(\u20ac29 million)
Salary increase
\u20ac0 million
(\u20ac0 million)
\u20ac0 million
(\u20ac0 million)
If the life expectancy increases or decreases by one year, the pension liability will increase or decrease by approximately \u20ac34 million (2023: increase or decrease by \u20ac35 million). The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur as changes in assumptions are correlated. The sensitivity analyses are based on the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) as when calculating the pension liability recognised within the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-552": { "value": "3. Critical accounting judgements and key sources of estimation uncertainties The preparation of these financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The reported amounts are based on factors which inherently are associated with uncertainties and actual results may therefore differ materially. The most significant judgments and estimates are summarised below. 3.1 Revenue recognition The Group\u2019s revenue recognition policies require management to make judgments and estimates, particularly for revenue that is recognised over time. Such revenue is generally recognised using the cost-to-cost method (i.e. an input method), which requires a forecast to be made of the profit margin on the performance obligation upon its completion and the costs yet to incur. The stage of completion is then determined by comparing actual costs incurred to date to total costs to complete the performance obligation. The Group has coordinated systems for cost estimations, forecasting and revenue and costs reporting. Making forecasts of the profit margin upon completion of the performance obligation involves judgments and estimates on costs as well as revenue. On the cost side, estimates are to be made for costs to be incurred to complete the performance obligation as well as costs for maintenance and defect liabilities. On the revenue side estimates are to be made with respect to the amount of variable consideration and judgments are required to determine whether such variable consideration should be constraint. Variable consideration includes fees for changes in scope of work (\u2018variation orders\u2019), variation orders for which the related fee is under discussion (\u201cunapproved variation orders\u201d) or under a legal procedure (\u201cclaims\u201d) well as performance bonusses and/or penalties (\u2018liquidated damages\u2019). Estimates of variable consideration are to be constraint to an amount that is not highly probable of a significant reversal. The Group quantifies highly probable as a probability of 75% or more. Variable consideration is generally included in total revenue (i.e. not constraint) when: \u2022 the amount is already covered by a client payment; \u2022 the Group has a formal approval from the client on the respective amount or fee proposed by the Group; \u2022 the Group has a written instruction or approval on a change in the scope of work from the client and the related amounts of compensation are contractually agreed based on specific contract rates or based on costs or plus a normal profit margin; \u2022 the additional amounts are covered by a written settlement offers from the client. In exceptional circumstances, variable consideration may also be included in total revenue when none of the above criteria are met and/or when there is a dispute with the client. In such circumstances, the highly probable criterion is generally substantiated by an advice or opinion of a lawyer. 3.2 Income taxes The Group is subject to income taxes in numerous jurisdictions. Judgement and estimates are required in determining the provision for income taxes, particularly in determining the carrying amount of deferred tax assets and the amount of liabilities for (potential) uncertain tax positions. The Group decreases its tax assets or increases its liabilities for anticipated tax audit issues based on estimates of whether less tax will be received respectively additional taxes will be due. Such decrease or increase is based on the technical merits of the underlying position. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the current and deferred tax assets and liabilities in the period in which such determination is made. Deferred tax assets are recognised for tax losses carry- forwards, temporary differences and tax credits, to the extent that realisation of the related tax benefit through future taxable profits is probable. This requires an estimation of the amount of future taxable profits, for which a forecast window of five years is generally applied, and judgments to assess the probability of actually achieving the forecasted levels. 3.3 Impairment of goodwill Goodwill is tested for impairment annually. The recoverable amounts of cash-generating units are determined based on value-in-use calculations. These calculations are determined using discounted cash flow projections and require estimates in connection with the future development of revenues, profit before tax margins and the determination of appropriate discount rates. An impairment loss is recognised if the carrying amount of an asset of CGU exceeds its recoverable amount. Sensitivity analyses in respect of key assumptions are disclosed in note 16. 3.4 Impairment of land and building rights Land and building rights are generally acquired at a premium on their value in current condition. The premium is paid as future intentions (i.e. development) represent a considerable value increase. The ultimate value of land and building rights upon development depends on a number of factors such as the number of buildings and their expected sales prices. In case the Group is not able to proceed development, e.g. upon adverse decision of a governmental body, the respective land and building rights is generally subject to an impairment. The valuation of land and building rights, to test their respective carrying amount for impairments, is based on a net realiseable value model. The net realiseable value model is generally supported by a valuation of an external valuator (by rotation) to benchmark. 3.5 Pension obligations The present value of the pension obligations depends on a number of factors that are determined on an actuarial basis using a number of assumptions. The assumptions used in determining the net cost for pensions include the discount rate, expected salary growth rates and expected indexation of pensions. Any changes in these assumptions will impact the carrying amount of pension obligations. The Group determines the appropriate discount rate at the end of each year. This is the interest rate that should be used to determine the present value of estimated future cash outflows expected to be required to settle the pension obligations. In determining the appropriate discount rate, the Group considers the interest rates of high-quality corporate bonds (AA) that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension obligation. Other key assumptions are based on current market conditions and envisaged developments. Sensitivity analyses in respect of these assumptions is disclosed in note 25. 16 . Intangible assets The recoverable amount of each CGU was determined based on value-in-use calculations. Value-in-use was determined using discounted cash flow projections that cover an explicit period of five years based on financial plans approved by management and a terminal value. Key assumptions applied in determining the value-in-use are the discount rate (WACC), revenue growth rate and profit before tax margin. If and when these assumptions would change in the future, this could have significant impact on the CGU\u2019s value in use, which might give rise to an impairment. The discount rate has been determined consistent with the other parameters of the impairment test. The (pre-tax) WACC used to determine the value in use of each CGU is 7.9% (2023: 9.6% ) subject to country specific adjustments. The key assumptions used in the value-in-use calculations for CGUs with significant allocated goodwill are as specified in the following table.
Revenue Revenue Profit Profit
Discount growth growth beyond margin margin
rate in forecast forecast in forecast after forecast
(pre-tax) period period period period
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
BAM Construct UK
8.8%
10.3%
3.4%
1.5%
2.0%
3.0%
3.3%
3.1%
3.6%
3.6%
BAM Nuttall
8.6%
10.3%
0.9%
3.6%
2.0%
3.0%
3.6%
3.0%
3.7%
3.4%
Revenue growth rates are based on the average annual growth rate from past performance and management\u2019s expectations of market development referenced to external sources of information. The profit margin is the profit before tax margin as a percentage of revenue and is based on past performance and the development to a realistic normalised margin in the respective CGU. The impairment tests in 2024 did not result in impairments (2023: no impairments). The recoverable amounts of all CGUs exceed their carrying amounts with sufficient headroom. 25. Employee benefits The significant actuarial assumptions per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
2024
Discount rate
3.3%
5.5% - 5.6%
3.8%
3.2% - 3.6%
Salary growth rate
-
-
-
2.0% - 2.3%
Pension growth rate
0% - 3.5%
2.1% - 3.2%
0% - 2.1%
2.0% - 2.3%
2023
Discount rate
3.1%
4.6% - 4.8%
3.6%
3.6% - 3.8%
Salary growth rate
-
-
-
2.1% - 2.5%
Pension growth rate
0% - 6.1%
2.7% - 3.2%
0% - 2.4%
2.1% - 2.5%
Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. The average duration of the defined benefit obligations per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
Average duration (in years) - 2024
11
13
17
10
Average duration (in years) - 2023
11
14
17
10
The impact to the defined benefit obligation to changes in weighted principal assumptions is as follows:
2024
2023
Increase by Decrease by Increase by Decrease by
0,5% 0,5% 0,5% 0,5%
Discount rate
(\u20ac52 million)
\u20ac58 million
(\u20ac59 million)
\u20ac65 million
Indexation
\u20ac29 million
(\u20ac27 milion)
\u20ac33 million
(\u20ac29 million)
Salary increase
\u20ac0 million
(\u20ac0 million)
\u20ac0 million
(\u20ac0 million)
If the life expectancy increases or decreases by one year, the pension liability will increase or decrease by approximately \u20ac34 million (2023: increase or decrease by \u20ac35 million). The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur as changes in assumptions are correlated. The sensitivity analyses are based on the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) as when calculating the pension liability recognised within the statement of financial position. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "
4. Financial risk management
4.2 Financial risk factors
The Group\u2019s activities are exposed to a variety of financial risks: market risk (including foreign
exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s risk
management system is designed to identify and manage risks and opportunities. Effective risk
management enables the Group to capitalise on opportunities in a carefully controlled environment.
The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets
and seeks to limit potential adverse effects on the Group\u2019s financial performance. Financial risk
management is carried out by the treasury function under policies approved by the Executive Board.
These policies provide written principles for overall risk management and for specific aspects, such as
foreign exchange risk, interest rate risk, credit risk and the use of (non-)derivative financial
instruments. The treasury function identifies, evaluates and, when necessary, hedges financial risks.
4.2.1 Market risk
(a) Foreign exchange risk
A substantial part of the Group\u2019s activities takes place in the United Kingdom (in pound sterling) and,
to a limited extent, in other non-euro countries. The Group\u2019s results and equity are therefore affected
by fluctuations in foreign exchange rates. Generally, the Group is active in these non-euro countries
through local subsidiaries, limiting the exchange risk as both income and expense are denominated
largely in the same currency. The associated translation risk to the group (arising from translation of
the local currency into euro) is not hedged. Due to changes in the exchange rate of the euro to pound
sterling, revenue, results, equity and order book from the United Kingdom slightly increased in 2024.
At year end 2024, a 10% change in the exchange rate, will impact the Group\u2019s equity by circa \u20ac45
million (2023: circa \u20ac44 million)
A limited part of the group\u2019s activities involves projects in a different currency than the functional
currency of the respective entity. Group policy is that costs and revenue for these projects are in the
same currency, thus limiting foreign exchange risks. The Group may hedge the residual exchange risk
using forward exchange contracts. This involves hedging, using cash flow hedge accounting, of
unconditional project related exchange risks in excess of \u20ac1 million as soon as these occur.
Any exchange risks in the tender stage and arising from contractual amendments are assessed on a
case by case basis. Procedures have been established for proper recording of hedge transactions.
Systems are in place to ensure regular assessments of the hedge effectiveness measurements.
(b) Interest rate risk
The Group\u2019s is exposed to interest rate risk on interest-bearing receivables and cash and cash equivalents
on the one hand and interest-bearing borrowings, on the other. If the interest rate is variable, the Group is
exposed to a cash flow risk, i.e. future interest payments vary with (changes in) the interest rate. If the
interest rate is fixed, the group is exposed to a fair value risk. For interest-bearing borrowings the Group
may manage cash flow risks. Interest rates on borrowings are generally variable and are hedged to fixed
rates on a case-by-case basis with reference to the asset or operation that is funded.
Interest rates on cash and cash equivalents is variable. The overall analysis of interest rate risk profile takes
into account cash and cash equivalents, the debt position and the usual fluctuations in the Group\u2019s
working capital requirements.
The composition of borrowings by interest rate is as follows:
Up to 1 year
1 to 5 years
Over 5 years
Total
31 December 2024
Total borrowings
7,012
55,011
4,827
66,850
Fixed interest rates
(3,109)
(7,733)
(139)
(10,981)
Variable interest rates
3,903
47,278
4,688
55,869
31 December 2023
Total borrowings
7,061
49,080
5,433
61,574
Fixed interest rates
(2,370)
(5,424)
(156)
(7,950)
Variable interest rates
4,691
43,656
5,277
53,624
If variable interest rates had been 100 basis points higher, the Group\u2019s result before tax would have been
\u20ac3.3 million higher (2023: \u20ac4.3 million higher). If the variable interest rates had been 100 basis points
lower, the Group\u2019s result before tax would have been \u20ac3.3 million lower (2023: \u20ac4.3 million lower).
4.2.2 Credit risk
The Group\u2019s exposure to credit risks on financial assets is as follows:
Notes
2024
2023
Non-current assets
PPP receivables
14,272
13,675
Non-current receivables 18 106,126 91,647
Current assets
Trade receivables 20 451,771 525,083
Contract assets 20 600,016 554,840
Amounts due from related parties 20 21,786 18,465
Other receivables 20 91,964 86,057
PPP receivables 690 644
Derivative financial instruments 20 700 121
Cash and cash equivalents
21
763,420
757,333
2,050,745
2,047,865
PPP receivables and a substantial part of trade receivables and contract assets are due from
governments or government bodies in the Netherlands, the United Kingdom and Ireland. Considering
these countries have a strong credit rating, the credit risk related to these assets is therefore
inherently assessed as very low. Furthermore, a significant part of trade receivables is based on
contracts involving advance payments or payments proportionate to progress of the work, which
limits the credit risks, in principle, to the overall balances outstanding. Credit risk on trade and other
receivables and contract assets is monitored continuously. Clients\u2019 creditworthiness is analysed
before entering into a contract and then monitored during performance of the project. This involves
taking account of the client\u2019s financial position, previous collaborations and other factors. Group
policy is designed to mitigate credit risks which can for example be achieved by retaining ownership
of assets until payment has been received, obtaining prepayments and the use of bank guarantees.
Non-current receivables predominantly concern loans granted to property joint ventures. Credit
losses are identified based on the financial position and forecasts of these joint ventures, which also
include the value of the underlying property development positions. For a part of these loans, the
underlying property developments is held as security, but generally subordinated to the providers of
the external financing.
Cash and cash equivalents are held in various banks. The Group limits the credit risk by working with
respectable banks and financial institutions. This involves that cash and cash equivalents in excess of
\u20ac10 million is held at banks and financial institutions with a minimum credit rating of \u2018A\u2019.
The Group assessed the credit risk for these assets and concluded that no significant expected credit
loss provisions are required. In addition, the Group is also exposed to credit risk on parental
guarantees (note 32) and financial guarantees. A provision for financial guarantees of \u20ac3.0 million has
been recognised (2023: \u20ac3.5 million), see note 26.
4.2.3 Liquidity risk
Liquidity risk is the risk that the Group will not be able to satisfy its financial liabilities. It is the Group\u2019s
policy to ensure that, at all times, sufficient liquidity is available to satisfy its liabilities when due. To
monitor liquidity requirements, the group maintains a rolling cash-flow forecast for the next twelve
months. The forecast takes into account the amount of cash and cash equivalents, available credit
facilities and expected working capital requirements which, given the large size of individual transactions
is subject to relatively large fluctuations.
The main instruments to ensure that sufficient liquidity is available are the group\u2019s cash pools and its
credit facilities. The cash pools provide the flexibility to optimise the use of cash that is available in the
group while the Group\u2019s committed syndicated credit facility of \u20ac330 million and other credit facilities
(see note 24), allow to draw loans when required. As of 31 December 2024 and 2023 no loans were drawn
from these facilities. The expected contractual cash flows as of 31 December 2024 and 2023 is as follows:
Carrying Contractual
amount
cash flows
< 1 year
1 \u2013 5 years
> 5 years
2024
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,069 9,170
930
3,142
5,098
Non-recourse property financing 36,852 42,402
4,705
37,697
-
Other non-recourse financing 7,550 8,150
2,575
5,575
-
Recourse property financing 12,160 13,548
1,210
12,160
178
Other recourse financing 2,219 2,254
833
1,421
-
Lease liabilities 256,363 267,868
88,881
119,001
59,986
Provisions
1
3,000 3,000
3,000
-
-
Trade and other payables
1,220,923
1,220,923
1,220,923
-
-
1,547,136
1,567,315
1,323,057
178,996
65,262
2023
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,509 9,782
855
3,347
5,580
Non-recourse property financing 32,464 39,447
5,464
33,983
-
Other non-recourse financing 3,557 3,766
1,539
2,227
-
Recourse property financing 13,874 16,323
1,629
14,485
209
Other recourse financing 3,170 3,240
985
2,255
-
Lease liabilities 234,215 241,652
72,450
138,203
30,999
Provisions
1
3,500 3,500
3,500
-
-
Trade and other payables
1,364,088
1,364,088
1,364,088
-
-
1,663,377
1,681,798
1,450,510
194,500
36,788
1
Consisting of financial guarantees relating to the sale of BAM Deutschland as disclosed in note 25.
20. Trade and other receivables
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based
on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its
historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment.
The ageing analysis of trade receivables and related provisioning is as follows:
2024
2023
Trade Provision for Trade Provision for
receivables impairment receivables impairment
Not past due
333,443
(11)
430,130
(260)
Up to 3 months
47,285
(79)
53,330
(10)
3 to 6 months
26,410
(155)
8,361
(104)
6 to 12 months
17,431
(907)
19,821
(1,794)
1 to 2 years
21,815
(643)
9,480
(2,803)
Over 2 years
7,876
(694)
10,386
(1,454)
454,260
(2,489)
531,508
(6,425)
Movements in the provision for impairment of trade receivables are as follows:
2024
2023
As at 1 January
6,425
9,963
Additions to provision for impairment
1,641
2,428
Release
(285)
(1,327)
Receivables written off during the year as uncollectable
(5,332)
(4,577)
Reclassifications
-
(81)
Exchange rate differences
40
19
As at 31 December
2,489
6,425
Provision for impairment of receivables in 2024 and 2023 is mainly related to disputed balances and
final negotiations on these balances with the customers. No significant credit losses were incurred.
Additions to and releases of provisions for impaired receivables are included in other operating
expenses in the income statement.
26. Provisions
As at 31 December 2024, other provisions includes \u20ac3.0 million for the remaining exposure on
financial guarantees related to the sale of BAM Deutschland AG (2023: \u20ac3.5 million).
32.2 Guarantees
Bonds and guarantees are provided in the ordinary course of business to clients, either by the
Company (parental guarantees), by banks (bank guarantees), or by surety companies (surety bonds),
to secure due performance of the Group\u2019s contractual obligations. These securities can only be called by the client in case of (proven) default. It is not expected that any material risks will arise from these securities. The parent company guarantees issued amount to \u20ac111 million (2023: \u20ac109 million). Guarantees issued by banks and surety companies amount to \u20ac1.3 billion (2023: \u20ac1.0 billion). Guarantee facilities amount to \u20ac2.1 billion (2023: \u20ac1.9 billion). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-505": { "value": "4. Financial risk management 4.2 Financial risk factors The Group\u2019s activities are exposed to a variety of financial risks: market risk (including foreign exchange risk, interest rate risk and price risk), credit risk and liquidity risk. The Group\u2019s risk management system is designed to identify and manage risks and opportunities. Effective risk management enables the Group to capitalise on opportunities in a carefully controlled environment. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to limit potential adverse effects on the Group\u2019s financial performance. Financial risk management is carried out by the treasury function under policies approved by the Executive Board. These policies provide written principles for overall risk management and for specific aspects, such as foreign exchange risk, interest rate risk, credit risk and the use of (non-)derivative financial instruments. The treasury function identifies, evaluates and, when necessary, hedges financial risks. 4.2.1 Market risk (a) Foreign exchange risk A substantial part of the Group\u2019s activities takes place in the United Kingdom (in pound sterling) and, to a limited extent, in other non-euro countries. The Group\u2019s results and equity are therefore affected by fluctuations in foreign exchange rates. Generally, the Group is active in these non-euro countries through local subsidiaries, limiting the exchange risk as both income and expense are denominated largely in the same currency. The associated translation risk to the group (arising from translation of the local currency into euro) is not hedged. Due to changes in the exchange rate of the euro to pound sterling, revenue, results, equity and order book from the United Kingdom slightly increased in 2024. At year end 2024, a 10% change in the exchange rate, will impact the Group\u2019s equity by circa \u20ac45 million (2023: circa \u20ac44 million) A limited part of the group\u2019s activities involves projects in a different currency than the functional currency of the respective entity. Group policy is that costs and revenue for these projects are in the same currency, thus limiting foreign exchange risks. The Group may hedge the residual exchange risk using forward exchange contracts. This involves hedging, using cash flow hedge accounting, of unconditional project related exchange risks in excess of \u20ac1 million as soon as these occur. Any exchange risks in the tender stage and arising from contractual amendments are assessed on a case by case basis. Procedures have been established for proper recording of hedge transactions. Systems are in place to ensure regular assessments of the hedge effectiveness measurements. (b) Interest rate risk The Group\u2019s is exposed to interest rate risk on interest-bearing receivables and cash and cash equivalents on the one hand and interest-bearing borrowings, on the other. If the interest rate is variable, the Group is exposed to a cash flow risk, i.e. future interest payments vary with (changes in) the interest rate. If the interest rate is fixed, the group is exposed to a fair value risk. For interest-bearing borrowings the Group may manage cash flow risks. Interest rates on borrowings are generally variable and are hedged to fixed rates on a case-by-case basis with reference to the asset or operation that is funded. Interest rates on cash and cash equivalents is variable. The overall analysis of interest rate risk profile takes into account cash and cash equivalents, the debt position and the usual fluctuations in the Group\u2019s working capital requirements. The composition of borrowings by interest rate is as follows:
Up to 1 year
1 to 5 years
Over 5 years
Total
31 December 2024
Total borrowings
7,012
55,011
4,827
66,850
Fixed interest rates
(3,109)
(7,733)
(139)
(10,981)
Variable interest rates
3,903
47,278
4,688
55,869
31 December 2023
Total borrowings
7,061
49,080
5,433
61,574
Fixed interest rates
(2,370)
(5,424)
(156)
(7,950)
Variable interest rates
4,691
43,656
5,277
53,624
If variable interest rates had been 100 basis points higher, the Group\u2019s result before tax would have been \u20ac3.3 million higher (2023: \u20ac4.3 million higher). If the variable interest rates had been 100 basis points lower, the Group\u2019s result before tax would have been \u20ac3.3 million lower (2023: \u20ac4.3 million lower). 4.2.2 Credit risk The Group\u2019s exposure to credit risks on financial assets is as follows:
Notes
2024
2023
Non-current assets
PPP receivables
14,272
13,675
Non-current receivables 18 106,126 91,647
Current assets
Trade receivables 20 451,771 525,083
Contract assets 20 600,016 554,840
Amounts due from related parties 20 21,786 18,465
Other receivables 20 91,964 86,057
PPP receivables 690 644
Derivative financial instruments 20 700 121
Cash and cash equivalents
21
763,420
757,333
2,050,745
2,047,865
PPP receivables and a substantial part of trade receivables and contract assets are due from governments or government bodies in the Netherlands, the United Kingdom and Ireland. Considering these countries have a strong credit rating, the credit risk related to these assets is therefore inherently assessed as very low. Furthermore, a significant part of trade receivables is based on contracts involving advance payments or payments proportionate to progress of the work, which limits the credit risks, in principle, to the overall balances outstanding. Credit risk on trade and other receivables and contract assets is monitored continuously. Clients\u2019 creditworthiness is analysed before entering into a contract and then monitored during performance of the project. This involves taking account of the client\u2019s financial position, previous collaborations and other factors. Group policy is designed to mitigate credit risks which can for example be achieved by retaining ownership of assets until payment has been received, obtaining prepayments and the use of bank guarantees. Non-current receivables predominantly concern loans granted to property joint ventures. Credit losses are identified based on the financial position and forecasts of these joint ventures, which also include the value of the underlying property development positions. For a part of these loans, the underlying property developments is held as security, but generally subordinated to the providers of the external financing. Cash and cash equivalents are held in various banks. The Group limits the credit risk by working with respectable banks and financial institutions. This involves that cash and cash equivalents in excess of \u20ac10 million is held at banks and financial institutions with a minimum credit rating of \u2018A\u2019. The Group assessed the credit risk for these assets and concluded that no significant expected credit loss provisions are required. In addition, the Group is also exposed to credit risk on parental guarantees (note 32) and financial guarantees. A provision for financial guarantees of \u20ac3.0 million has been recognised (2023: \u20ac3.5 million), see note 26. 4.2.3 Liquidity risk Liquidity risk is the risk that the Group will not be able to satisfy its financial liabilities. It is the Group\u2019s policy to ensure that, at all times, sufficient liquidity is available to satisfy its liabilities when due. To monitor liquidity requirements, the group maintains a rolling cash-flow forecast for the next twelve months. The forecast takes into account the amount of cash and cash equivalents, available credit facilities and expected working capital requirements which, given the large size of individual transactions is subject to relatively large fluctuations. The main instruments to ensure that sufficient liquidity is available are the group\u2019s cash pools and its credit facilities. The cash pools provide the flexibility to optimise the use of cash that is available in the group while the Group\u2019s committed syndicated credit facility of \u20ac330 million and other credit facilities (see note 24), allow to draw loans when required. As of 31 December 2024 and 2023 no loans were drawn from these facilities. The expected contractual cash flows as of 31 December 2024 and 2023 is as follows:
Carrying Contractual
amount
cash flows
< 1 year
1 \u2013 5 years
> 5 years
2024
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,069 9,170
930
3,142
5,098
Non-recourse property financing 36,852 42,402
4,705
37,697
-
Other non-recourse financing 7,550 8,150
2,575
5,575
-
Recourse property financing 12,160 13,548
1,210
12,160
178
Other recourse financing 2,219 2,254
833
1,421
-
Lease liabilities 256,363 267,868
88,881
119,001
59,986
Provisions
1
3,000 3,000
3,000
-
-
Trade and other payables
1,220,923
1,220,923
1,220,923
-
-
1,547,136
1,567,315
1,323,057
178,996
65,262
2023
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,509 9,782
855
3,347
5,580
Non-recourse property financing 32,464 39,447
5,464
33,983
-
Other non-recourse financing 3,557 3,766
1,539
2,227
-
Recourse property financing 13,874 16,323
1,629
14,485
209
Other recourse financing 3,170 3,240
985
2,255
-
Lease liabilities 234,215 241,652
72,450
138,203
30,999
Provisions
1
3,500 3,500
3,500
-
-
Trade and other payables
1,364,088
1,364,088
1,364,088
-
-
1,663,377
1,681,798
1,450,510
194,500
36,788
1 Consisting of financial guarantees relating to the sale of BAM Deutschland as disclosed in note 25. 4.3 Financial instruments and their fair values The fair value of financial instruments can be determined in various manners. The fair value hierarchy is defined as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. The valuation takes into consideration (changes in) the credit risks of the Group and the counter party. The following overview indicates the carrying amounts of each category of financial instrument per balance sheet account, their level in the fair value hierarchy and/or their estimated fair value.
Includes financial instruments at
Estimated
Amortised cost
Fair value
L
1
 Total
fair value
2024
PPP receivables
-
14,272
3
14,272
8,594
Other financial assets
45,760
60,366
3
106,126
99,164
Trade and other receivables
681,669
700
2
682,369
682,369
2
Cash and cash equivalents
763,420
-
-
763,420
763,420
Borrowings
66,850
-
-
66,850
59,416
Provisions
3
-
3,000
3
3,000
3,000
Trade and other payables
1,220,923
-
-
1,220,923
1,220,923
2
2023
PPP receivables
-
13,675
3
13,675
7,909
Other financial assets
27,106
64,541
3
91,647
86,361
Trade and other receivables
743,164
121
2
743,285
743,285
2
Cash and cash equivalents
757,333
-
-
757,333
757,333
Borrowings
61,574
-
-
61,574
52,724
Provisions
3
-
3,500
3
3,500
3,500
Trade and other payables
1,364,088
1,318
2
1,365,406
1,356,406
2
1 Fair value level applied in fair value measurement of the respective financial asset / liability. 2 Due to the short-term nature of the trade and other receivables and payables, their carrying amounts are considered to be a reasonable approximation of their fair values. 3 Consisting of financial guarantees relating to the sale of BAM Deutschland as disclosed in note 25. Level 3 fair value measurements are generally based on a discounted cash flow model. The Group discounts expected future contractual cash flows of the respective finanical instrument at an appropriate discount rate. As at 31 December 2024, the Group applies a discount rate in the range of 4.0% to 7.0% for financial assets and 4.0% to 4.5% for financial liabilities. The estimated fair values of financial instruments accounted at amortised costs has been determined by discounting expected future cash flows (level 3) as described above. The estimated fair values are not necessarily indicative of the amounts that will be realized upon maturity or disposal . Changes in assumptions and/or estimation methods may have a material effect on the estimated fair values . 10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method.
2024
2023
Finance income
Interest income
23,400
23,262
Finance expense
Interest expense on lease liabilities
10,043
7,988
Interest expense on other financial liabilities
8,601
7,313
Less: capitalised interest on property development projects
(3,782)
(4,878)
14,862
10,423
Net finance result
8,538
12,839
The average interest rate for capitalised interest on property development projects for 2024 is 5.5% (2023: 6.1%). 18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss. Financial assets at amortised costs are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the end of the reporting period which are classified as non-current assets. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. If the credit risk on a financial asset has not increased significantly since initial recognition, the loss allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a financial asset has significantly changed since initial recognition the loss allowance equals the lifetime expected credit losses. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Indications of increase in credit risk for financial assets include debtors experiencing significant financial difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime credit losses is measured as the difference between the financial asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Financial assets are derecognised when the right to receive cash flows has expired or has been transferred and the Group has transferred substantially all risks and rewards of ownership.
Receivables Receivables
at fair at
value through amortised
profit or loss cost
Other
Total
As at 1 January 2023
63,235
13,214
1,142
77,591
Additions
-
-
(30)
(30)
Loans granted
9,394
14,785
-
24,179
Loan repayments
(7,697)
(1,463)
-
(9,160)
Transfer to current
(391)
364
(27)
Exchange rate differences
-
206
-
206
As at 31 December 2023
64,541
27,106
1,112
92,759
Investments
-
-
915
915
Loans granted
18,139
20,941
474
39,554
Loan repayments
(22,314)
(2,956)
(474)
(25,744)
Transfer to current
-
-
-
-
Exchange rate differences
-
670
-
670
As at 31 December 2024
60,366
45,761
2,027
108,154
Receivables at fair value through profit or loss mainly comprise loans to project development joint
ventures and are classified as level 3 valuation method; their fair value is determined using a discounted
cash flow model of the expected contractual cash flows of the respective instrument. These expected
cash flows are discounted using a discount rate in the range of 2.7% to 4.5%.
20. Trade and other receivables Trade and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less any impairment losses. A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
2024
2023
Trade receivables
454,260
531,508
Less: Provision for impairment of receivables
(2,489)
(6,425)
Trade receivables - net
451,771
525,083
Amounts due from customers
385,143
330,780
Amounts to be invoiced
113,582
111,673
Retentions
101,291
112,387
Contract assets
600,016
554,840
Amounts due from related parties
21,786
18,465
PPP receivables
690
644
Other financial assets
1,875
1,242
Derivative financial instruments
700
121
Other receivables
91,964
86,057
Prepayments
92,081
139,756
1,260,883
1,326,208
The concentration of credit risk with respect to trade receivables is limited, as the Group\u2019s customer base is large and geographically spread. As at 31 December 2024 a part of the trade receivables amounting to \u20ac30 million (2023: \u20ac20 million) is past due over one year but partly impaired. These overdue receivables relate to a number of customers and remain outstanding mainly due to ongoing discussions about claims and/or variation orders. Retentions relate to amounts retained by customers on progress billings. In the United Kingdom and Ireland in particular, it is common practice to retain a percentage of invoiced amounts until completion of the project. Amounts due from related parties mainly comprise receivables from joint ventures and associates. Other receivables include \u20ac13.6 million for the Group\u2019s entitlement to old receivables of BAM Deutschland AG (2023: \u20ac13.6 million). The ageing analysis of trade receivables and related provisioning is as follows:
2024
2023
Trade Provision for Trade Provision for
receivables impairment receivables impairment
Not past due
333,443
(11)
430,130
(260)
Up to 3 months
47,285
(79)
53,330
(10)
3 to 6 months
26,410
(155)
8,361
(104)
6 to 12 months
17,431
(907)
19,821
(1,794)
1 to 2 years
21,815
(643)
9,480
(2,803)
Over 2 years
7,876
(694)
10,386
(1,454)
454,260
(2,489)
531,508
(6,425)
Movements in the provision for impairment of trade receivables are as follows:
2024
2023
As at 1 January
6,425
9,963
Additions to provision for impairment
1,641
2,428
Release
(285)
(1,327)
Receivables written off during the year as uncollectable
(5,332)
(4,577)
Reclassifications
-
(81)
Exchange rate differences
40
19
As at 31 December
2,489
6,425
Provision for impairment of receivables in 2024 and 2023 is mainly related to disputed balances and final negotiations on these balances with the customers. No significant credit losses were incurred. Additions to and releases of provisions for impaired receivables are included in other operating expenses in the income statement. 21. Cash and cash equivalents Cash and cash equivalents include the Group\u2019s share in cash of joint operations of \u20ac197.9 million (2023: \u20ac237.6 million). Cash in joint operations is subject to project specific (funding) agreements and is not at the Group\u2019s free disposal. From the remaining balance, an amount of \u20ac23.2 million (2023: \u20ac25.4 million) is also not at the Group\u2019s free disposal as it is intended for specific VAT and wage tax payments . 24. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. After initial recognition borrowings are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the income statement (unless the costs are capitalised). Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Changes from
financing Other
cash flows changes
As at Proceeds Repayments Effective As at
1 January from of interest 31 December
2024 borrowings borrowings
method
Other
2024
Non-recourse PPP loans
8,509
287
(727)
-
-
8,069
Non-recourse property financing
32,464
5,903
(1,515)
-
-
36,852
Recourse property financing
13,874
500
(2,214)
-
-
12,160
Other non-recourse financing
3,557
5,859
(1,866)
-
-
7,550
Other recourse financing
3,170
-
(951)
-
-
2,219
Bank overdrafts
-
-
-
-
-
-
61,574
12,549
(7,273)
-
-
66,850
As at Proceeds Repayments Effective As at
1 January from of interest 31 December
2023 borrowings borrowings
method
Other
2023
Non-recourse PPP loans
8,538
615
(644)
-
-
8,509
Non-recourse property financing
20,525
17,218
(5,279)
-
-
32,464
Recourse property financing
15,972
5,061
(7,159)
-
-
13,874
Other non-recourse financing
3,458
2,260
(1,722)
-
(439)
3,557
Other recourse financing
4,136
-
(966)
-
-
3,170
Bank overdrafts
-
-
-
-
-
-
52,629
25,154
(15,770)
-
(439)
61,574
24.1 Non-recourse PPP loans Non-recourse PPP loans are directly related to the associated receivables from government bodies . Of the non-current part, \u20ac4.7million has a term to maturity of more than five years (2023: \u20ac5.3 million). The average term to maturity of these loans is 12 years (2023: 12 years). The average interest rate is 2.2% (2023: 2.1%). 24.2 Non-recourse property financing Non-recourse property loans finance land positions acquired for property development and ongoing property development projects. The average term of non-recourse property financing is 2.8 years (2023: 3.3 years). Interest on these loans is generally based on Euribor plus a margin. The margin is generally fixed during the term of the loan. The terms of property loans are relatively short, therefore interest margins are generally in line with the market. The carrying amount of the assets financed with these loans is \u20ac129 million at year-end 2024 (2023: \u20ac119 million). The assets are pledged as a security for lenders. These loans will be payable on demand if the agreed qualitative and quantitative conditions relating to interest and capital repayments, among other things, are not met. 24.3 Recourse property financing Recourse property loans finance land and building rights and property development. The average term of these loans is 2.3 years (2023: 3.0 years). Interest on these loans is generally based on Euribor plus a margin. The margin is generally fixed during the term of the loan. For loans amounting to \u20ac1 million, the interest is (partially) fixed (2023: \u20ac1 million). The carrying amount of the assets financed with these loans is \u20ac98 million at year-end 2024 (2023: approximately \u20ac90 million). These assets constitute a security for lenders and additional securities exist in the form of a guarantee provided by the Group, in some cases supplemented by a bank guarantee. These loans will be repayable on demand if the agreed qualitative and quantitative conditions relating to interest and capital repayments, among other things, are not met. 24.4 Committed syndicated credit facility On 30 November 2022, the Group entered into a revolving credit facility agreement that provides a facility of maximum \u20ac330 million which can be used for general corporate purposes, including working capital financing. The facility had a term of four years (until 30 November 2026) plus two one-year extension options. In 2024, the second extension option was exercised and the maturity is extended to 30 November 2028. Loans obtained under the facility are subject to variable market interest rates (EURIBOR) plus a margin in the range of 1.75% - 3.00% depending on the Group\u2019s recourse leverage ratio. On an annual basis, the margin is adjusted based on the Group\u2019s performance on four ESG KPIs. The maximum margin adjustment is plus/minus 0.05%, depending on the number of ESG KPI\u2019s meeting their respective target. The RCF is subject to financial covenants (see note 23.6) and to market conform commitment and utilisation fees. The facility has not been used in 2023 and 2024. 24.5 Bank overdrafts Besides the committed syndicated credit facility, the Group holds \u20ac153 million (2023: \u20ac153 million) in bilateral credit facilities. 24.6 Covenants Terms and conditions, including covenants, for project specific financing, being non-recourse PPP loans and (non-) recourse property financing loans, are directly linked to the respective projects. A relevant ratio in non-recourse property financing is the loan to value ratio, i.e. the ratio between the value of the loan and the carrying amount of the assets of the project. In PPP loans and recourse property financing the debt service cover ratio is generally applicable. This is a ratio of the interest and repayment obligations to the operational cash flows of the respective project. A breach of covenants may require immediate repayment of the respective outstanding loan. During 2024, no early payments were made as a result of not adhering to the financing conditions of project related financing (2023: nil). The Group\u2019s revolving credit facility is subject to a number of financial covenants. Non-compliance with the covenants could qualify as an event of default based on which the lenders may require immediate repayment of outstanding loans and cancel their commitments. Terms and conditions for the committed syndicated credit facility are based on the Group as a whole, excluding non-recourse elements. The ratios for this financing arrangement (all recourse) are the leverage ratio, the interest cover ratio, the solvency ratio and the guarantor cover. The capital base in the financial covenants, as part of the solvency ratio, is adjusted for, among other things, the hedging reserve and remeasurements of post-employments benefits. The requirements and realisation of the financial covenants is as follows:
Calculation
Requirement
2024
2023
Leverage ratio
Net borrowings/EBITDA
\u2264 2.50
1
(4.3)
(3.9)
Interest cover ratio
EBITDA/net interest expense
\u2265 4.00
N/A
N/A
Solvency ratio
Capital base
2
/total assets
\u2265 15%
31.6%
30.9%
Guarantor covers
EBITDA share of guarantors
\u2265 70%
103.2%
110.8%
Assets share of guarantors
\u2265 70%
100.5%
99.9%
1 An increased recourse leverage ratio of 2.75 is permitted for each second and third quarter of the year. 2 The capital base in the financial covenant is adjusted for the hedging reserve and remeasurements of post- employment benefits, among other things The Group reported a net recourse interest income instead of an expense for 2023 and 2024, making the recourse interest cover ratio not applicable. 26. Provisions As at 31 December 2024, other provisions includes \u20ac3.0 million for the remaining exposure on financial guarantees related to the sale of BAM Deutschland AG (2023: \u20ac3.5 million). 27. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A contract liability is recognised when the Group has an obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.
Notes
2024
2023
Trade payables
499,685
507,305
Amounts due to customers (contract liabilities)
6
823,479
726,411
Amounts due to related parties
27
47,171
90,192
Social security and other taxes
181,157
167,766
Pension premiums
8,126
8,475
Amounts due for work completed
86,713
90,777
Amounts due for work in progress
548,114
611,014
Derivative financial instruments
-
1,318
Other liabilities
39,240
64,517
Accrued expenses and deferred income
199,918
180,006
2,433,603
2,447,781
Amounts due to related parties mainly comprises payables to joint ventures and associates. The amounts due for work completed and for work in progress relate to suppliers of the Group for contract work performed.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "
4.1 Capital management
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a
going concern in order to provide returns for shareholders and benefits for other stakeholders and to
maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the
capital structure, the Group may adjust dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets to reduce debt.
The Group\u2019s aim is for a financing structure that ensures continuing operations and minimises cost of
equity. For this, flexibility and access to the financial markets are important conditions. As usual within
the industry, the Group monitors its financing structure through its liquidity (see note 4.2.3) and
throught is capital ratio. Capital ratio is calculated as the capital base divided by total assets. The
Group\u2019s capital base consists of equity attributable to shareholders of the Company and, up to 2021,
the carrying amount of subordinated convertible bonds. The Group\u2019s target capital ratio is above 20%.
On 31 December 2024, the capital ratio was 23.0% (2023: 23.4%).
24.6 Covenants
Terms and conditions, including covenants, for project specific financing, being non-recourse PPP
loans and (non-) recourse property financing loans, are directly linked to the respective projects.
A relevant ratio in non-recourse property financing is the loan to value ratio, i.e. the ratio between
the value of the loan and the carrying amount of the assets of the project. In PPP loans and recourse
property financing the debt service cover ratio is generally applicable. This is a ratio of the interest
and repayment obligations to the operational cash flows of the respective project. A breach of
covenants may require immediate repayment of the respective outstanding loan. During 2024, no
early payments were made as a result of not adhering to the financing conditions of project related
financing (2023: nil).
The Group\u2019s revolving credit facility is subject to a number of financial covenants. Non-compliance
with the covenants could qualify as an event of default based on which the lenders may require
immediate repayment of outstanding loans and cancel their commitments. Terms and conditions for
the committed syndicated credit facility are based on the Group as a whole, excluding non-recourse
elements. The ratios for this financing arrangement (all recourse) are the leverage ratio, the interest
cover ratio, the solvency ratio and the guarantor cover.
The capital base in the financial covenants, as part of the solvency ratio, is adjusted for, among other
things, the hedging reserve and remeasurements of post-employments benefits. The requirements
and realisation of the financial covenants is as follows:
Calculation
Requirement
2024
2023
Leverage ratio
Net borrowings/EBITDA
\u2264 2.50
1
(4.3)
(3.9)
Interest cover ratio
EBITDA/net interest expense
\u2265 4.00
N/A
N/A
Solvency ratio
Capital base
2
/total assets
\u2265 15%
31.6%
30.9%
Guarantor covers
EBITDA share of guarantors
\u2265 70%
103.2%
110.8%
Assets share of guarantors
\u2265 70%
100.5%
99.9%
1
An increased recourse leverage ratio of 2.75 is permitted for each second and third quarter of the year.
2
The capital base in the financial covenant is adjusted for the hedging reserve and remeasurements of post-
employment benefits, among other things
The Group reported a net recourse interest income instead of an expense for 2023 and 2024, making
the recourse interest cover ratio not applicable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "4.2.1 Market risk (a) Foreign exchange risk A substantial part of the Group\u2019s activities takes place in the United Kingdom (in pound sterling) and, to a limited extent, in other non-euro countries. The Group\u2019s results and equity are therefore affected by fluctuations in foreign exchange rates. Generally, the Group is active in these non-euro countries through local subsidiaries, limiting the exchange risk as both income and expense are denominated largely in the same currency. The associated translation risk to the group (arising from translation of the local currency into euro) is not hedged. Due to changes in the exchange rate of the euro to pound sterling, revenue, results, equity and order book from the United Kingdom slightly increased in 2024. At year end 2024, a 10% change in the exchange rate, will impact the Group\u2019s equity by circa \u20ac45 million (2023: circa \u20ac44 million) A limited part of the group\u2019s activities involves projects in a different currency than the functional currency of the respective entity. Group policy is that costs and revenue for these projects are in the same currency, thus limiting foreign exchange risks. The Group may hedge the residual exchange risk using forward exchange contracts. This involves hedging, using cash flow hedge accounting, of unconditional project related exchange risks in excess of \u20ac1 million as soon as these occur. Any exchange risks in the tender stage and arising from contractual amendments are assessed on a case by case basis. Procedures have been established for proper recording of hedge transactions. Systems are in place to ensure regular assessments of the hedge effectiveness measurements. (b) Interest rate risk The Group\u2019s is exposed to interest rate risk on interest-bearing receivables and cash and cash equivalents on the one hand and interest-bearing borrowings, on the other. If the interest rate is variable, the Group is exposed to a cash flow risk, i.e. future interest payments vary with (changes in) the interest rate. If the interest rate is fixed, the group is exposed to a fair value risk. For interest-bearing borrowings the Group may manage cash flow risks. Interest rates on borrowings are generally variable and are hedged to fixed rates on a case-by-case basis with reference to the asset or operation that is funded. Interest rates on cash and cash equivalents is variable. The overall analysis of interest rate risk profile takes into account cash and cash equivalents, the debt position and the usual fluctuations in the Group\u2019s working capital requirements. The composition of borrowings by interest rate is as follows:
Up to 1 year
1 to 5 years
Over 5 years
Total
31 December 2024
Total borrowings
7,012
55,011
4,827
66,850
Fixed interest rates
(3,109)
(7,733)
(139)
(10,981)
Variable interest rates
3,903
47,278
4,688
55,869
31 December 2023
Total borrowings
7,061
49,080
5,433
61,574
Fixed interest rates
(2,370)
(5,424)
(156)
(7,950)
Variable interest rates
4,691
43,656
5,277
53,624
If variable interest rates had been 100 basis points higher, the Group\u2019s result before tax would have been \u20ac3.3 million higher (2023: \u20ac4.3 million higher). If the variable interest rates had been 100 basis points lower, the Group\u2019s result before tax would have been \u20ac3.3 million lower (2023: \u20ac4.3 million lower). ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-533": { "value": "4.2.2 Credit risk The Group\u2019s exposure to credit risks on financial assets is as follows:
Notes
2024
2023
Non-current assets
PPP receivables
14,272
13,675
Non-current receivables 18 106,126 91,647
Current assets
Trade receivables 20 451,771 525,083
Contract assets 20 600,016 554,840
Amounts due from related parties 20 21,786 18,465
Other receivables 20 91,964 86,057
PPP receivables 690 644
Derivative financial instruments 20 700 121
Cash and cash equivalents
21
763,420
757,333
2,050,745
2,047,865
PPP receivables and a substantial part of trade receivables and contract assets are due from governments or government bodies in the Netherlands, the United Kingdom and Ireland. Considering these countries have a strong credit rating, the credit risk related to these assets is therefore inherently assessed as very low. Furthermore, a significant part of trade receivables is based on contracts involving advance payments or payments proportionate to progress of the work, which limits the credit risks, in principle, to the overall balances outstanding. Credit risk on trade and other receivables and contract assets is monitored continuously. Clients\u2019 creditworthiness is analysed before entering into a contract and then monitored during performance of the project. This involves taking account of the client\u2019s financial position, previous collaborations and other factors. Group policy is designed to mitigate credit risks which can for example be achieved by retaining ownership of assets until payment has been received, obtaining prepayments and the use of bank guarantees. Non-current receivables predominantly concern loans granted to property joint ventures. Credit losses are identified based on the financial position and forecasts of these joint ventures, which also include the value of the underlying property development positions. For a part of these loans, the underlying property developments is held as security, but generally subordinated to the providers of the external financing. Cash and cash equivalents are held in various banks. The Group limits the credit risk by working with respectable banks and financial institutions. This involves that cash and cash equivalents in excess of \u20ac10 million is held at banks and financial institutions with a minimum credit rating of \u2018A\u2019. The Group assessed the credit risk for these assets and concluded that no significant expected credit loss provisions are required. In addition, the Group is also exposed to credit risk on parental guarantees (note 32) and financial guarantees. A provision for financial guarantees of \u20ac3.0 million has been recognised (2023: \u20ac3.5 million), see note 26. 20. Trade and other receivables For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The ageing analysis of trade receivables and related provisioning is as follows:
2024
2023
Trade Provision for Trade Provision for
receivables impairment receivables impairment
Not past due
333,443
(11)
430,130
(260)
Up to 3 months
47,285
(79)
53,330
(10)
3 to 6 months
26,410
(155)
8,361
(104)
6 to 12 months
17,431
(907)
19,821
(1,794)
1 to 2 years
21,815
(643)
9,480
(2,803)
Over 2 years
7,876
(694)
10,386
(1,454)
454,260
(2,489)
531,508
(6,425)
Movements in the provision for impairment of trade receivables are as follows:
2024
2023
As at 1 January
6,425
9,963
Additions to provision for impairment
1,641
2,428
Release
(285)
(1,327)
Receivables written off during the year as uncollectable
(5,332)
(4,577)
Reclassifications
-
(81)
Exchange rate differences
40
19
As at 31 December
2,489
6,425
Provision for impairment of receivables in 2024 and 2023 is mainly related to disputed balances and final negotiations on these balances with the customers. No significant credit losses were incurred. Additions to and releases of provisions for impaired receivables are included in other operating expenses in the income statement. 26. Provisions As at 31 December 2024, other provisions includes \u20ac3.0 million for the remaining exposure on financial guarantees related to the sale of BAM Deutschland AG (2023: \u20ac3.5 million).
32. Contingencies
32.2 Guarantees Bonds and guarantees are provided in the ordinary course of business to clients, either by the Company (parental guarantees), by banks (bank guarantees), or by surety companies (surety bonds), to secure due performance of the Group\u2019s contractual obligations. These securities can only be called by the client in case of (proven) default. It is not expected that any material risks will arise from these securities. The parent company guarantees issued amount to \u20ac111 million (2023: \u20ac109 million). Guarantees issued by banks and surety companies amount to \u20ac1.3 billion (2023: \u20ac1.0 billion). Guarantee facilities amount to \u20ac2.1 billion (2023: \u20ac1.9 billion). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "4.2.3 Liquidity risk Liquidity risk is the risk that the Group will not be able to satisfy its financial liabilities. It is the Group\u2019s policy to ensure that, at all times, sufficient liquidity is available to satisfy its liabilities when due. To monitor liquidity requirements, the group maintains a rolling cash-flow forecast for the next twelve months. The forecast takes into account the amount of cash and cash equivalents, available credit facilities and expected working capital requirements which, given the large size of individual transactions is subject to relatively large fluctuations. The main instruments to ensure that sufficient liquidity is available are the group\u2019s cash pools and its credit facilities. The cash pools provide the flexibility to optimise the use of cash that is available in the group while the Group\u2019s committed syndicated credit facility of \u20ac330 million and other credit facilities (see note 24), allow to draw loans when required. As of 31 December 2024 and 2023 no loans were drawn from these facilities. The expected contractual cash flows as of 31 December 2024 and 2023 is as follows:
Carrying Contractual
amount
cash flows
< 1 year
1 \u2013 5 years
> 5 years
2024
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,069 9,170
930
3,142
5,098
Non-recourse property financing 36,852 42,402
4,705
37,697
-
Other non-recourse financing 7,550 8,150
2,575
5,575
-
Recourse property financing 12,160 13,548
1,210
12,160
178
Other recourse financing 2,219 2,254
833
1,421
-
Lease liabilities 256,363 267,868
88,881
119,001
59,986
Provisions
1
3,000 3,000
3,000
-
-
Trade and other payables
1,220,923
1,220,923
1,220,923
-
-
1,547,136
1,567,315
1,323,057
178,996
65,262
2023
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,509 9,782
855
3,347
5,580
Non-recourse property financing 32,464 39,447
5,464
33,983
-
Other non-recourse financing 3,557 3,766
1,539
2,227
-
Recourse property financing 13,874 16,323
1,629
14,485
209
Other recourse financing 3,170 3,240
985
2,255
-
Lease liabilities 234,215 241,652
72,450
138,203
30,999
Provisions
1
3,500 3,500
3,500
-
-
Trade and other payables
1,364,088
1,364,088
1,364,088
-
-
1,663,377
1,681,798
1,450,510
194,500
36,788
1 Consisting of financial guarantees relating to the sale of BAM Deutschland as disclosed in note 25. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "4.2.3 Liquidity risk
Carrying Contractual
amount
cash flows
< 1 year
1 \u2013 5 years
> 5 years
2024
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,069 9,170
930
3,142
5,098
Non-recourse property financing 36,852 42,402
4,705
37,697
-
Other non-recourse financing 7,550 8,150
2,575
5,575
-
Recourse property financing 12,160 13,548
1,210
12,160
178
Other recourse financing 2,219 2,254
833
1,421
-
Lease liabilities 256,363 267,868
88,881
119,001
59,986
Provisions
1
3,000 3,000
3,000
-
-
Trade and other payables
1,220,923
1,220,923
1,220,923
-
-
1,547,136
1,567,315
1,323,057
178,996
65,262
2023
Syndicated credit facility - -
-
-
-
Non-recourse PPP loans 8,509 9,782
855
3,347
5,580
Non-recourse property financing 32,464 39,447
5,464
33,983
-
Other non-recourse financing 3,557 3,766
1,539
2,227
-
Recourse property financing 13,874 16,323
1,629
14,485
209
Other recourse financing 3,170 3,240
985
2,255
-
Lease liabilities 234,215 241,652
72,450
138,203
30,999
Provisions
1
3,500 3,500
3,500
-
-
Trade and other payables
1,364,088
1,364,088
1,364,088
-
-
1,663,377
1,681,798
1,450,510
194,500
36,788
1 Consisting of financial guarantees relating to the sale of BAM Deutschland as disclosed in note 25. 15. Leases The group is lessee for a range of assets that are used in the ordinary course of business. At inception of a contract, the Group assesses whether it is or contains, a lease. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and it applies the lease of low-value assets recognition exemption that are considered of low value (i.e., below \u20ac5,000). Payments for short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. The Group recognises a right-of-use asset and lease liability at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairments and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. At the end of each reporting period the carrying amounts of right-of-use assets are reviewed to assess whether there is an indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is determined. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. The estimated useful life of the majority of right-of-use assets are as follows: Land and buildings 5 to 25 years Cars 1 to 6 years Equipment and installation 1 to 11 years IT equipment 1 to 6 years Other 1 to 10 years The Group recognises lease liabilities at the present value of lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date, if the interest rate implicit in the lease is not readily determinable. The lease term comprises the non-cancellable term of the lease plus any periods covered by an option to extend the lease if it is reasonably certain to be exercised and any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. For several leases, the Group has renewal and/or extension options. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). Usually, the Group is able to be reasonably certain if an option is exercised around two years before the lease term ends. The renewal options for car leases are generally not exercised. Lease payments include fixed payments (including in- substance fixed payments) less any lease incentives receivable, non-lease components related to the leased asset, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option that is reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the profit and loss. After the commencement date, the lease liability is measured at amortised cost using the effective interest method. It is remeasured when: \u2022 there is a change in future lease payments arising from a change in an index. The lease liability is then remeasured by discounting the revised lease payments by using the initial discount rate; \u2022 the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In this case, the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; \u2022 a lease contract is modified and the lease modification is not accounted for as a separate lease. In this case, the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. 15.1 Right of use assets
Equipment
Land and and IT
buildings installation
equipment
Cars
Other
Total
As at 1 January 2023
77,962
9,885
86
82,652
152
170,737
Additions
16,968
19,920
268
70,121
129
107,406
Disposals
(464)
(34)
-
(402)
-
(900)
Depreciation charges
(17,810)
(13,974)
(194)
(43,848)
(1,892)
(77,718)
Remeasurements
(1,536)
10,883
-
2,179
5,779
17,305
Reclassifications
(108)
(399)
-
451
-
(56)
Exchange rate differences
337
81
-
236
5
659
(2,613)
16,477
74
28,737
4,021
46,696
As at 31 December 2023
75,349
26,362
160
111,389
4,173
217,433
Additions
4,691
29,634
52
67,721
120
102,218
Disposals
(109)
-
-
-
-
(109)
Depreciation charges
(15,509)
(14,998)
(163)
(50,426)
(874)
(81,970)
Impairment
(1,487)
-
-
-
-
(1,487)
Remeasurements
7,178
(5,400)
-
300
(28)
2,050
Exchange rate differences
658
1,207
4
1,160
50
3,079
(4,578)
10,443
(107)
18,755
(732)
23,781
As at 31 December 2024
70,771
36,805
53
130,144
3,441
241,214
15.2 Lease liabilities Set out below are the movements in lease liabilities during the period:
2024
2023
As at 1 January
234,215
174,677
Additions
103,885
119,641
Accretion of interest
10,043
7,611
Payments
(97,036)
(83,673)
Remeasurements
2,103
16,384
Reclassifications
-
(1,144)
Exchange rate difference
3,153
719
As at 31 December
256,363
234,215
Current
78,263
73,313
Non-current
178,100
160,902
Refer to note 4.2.3 for further details on the maturities of the Group\u2019s lease liabilities. 15.3 Other lease disclosures The following are the amounts recognised in profit or loss and statement of cash flows
2024
2023
Profit or loss
Depreciation expense of right-of-use assets
81,970
77,718
Interest expense on lease liabilities
10,043
7,611
Impairment of right-of-use assets
1,487
-
Rent expenses \u2013 short term leases
58,681
52,863
Total
152,181
138,192
Statement of cash flows
Repayments of principal portion of lease liabilities
86,993
76,062
Rent expenses
58,681
52,863
Interest
10,043
7,611
Total
155,717
136,536
Commitments for short-term leases as at 31 December 2024 is \u20ac61 million (2023: \u20ac53 million). Given the
applied practical expedient, these leases are not included in the lease liabilities.
The Group has several
lease contracts that include extension options. As of 31 December 2024, the undiscounted potential
future rental payments relating to extension options, which are not included in the lease liabilities are
\u20ac37.8 million (2023: \u20ac53.8 million).
15.4 Lease commitments
The Group has various lease contracts that have not yet commenced as at 31 December 2024.
The undiscounted future lease payments for these contracts are \u20ac
4.6
million within one year,
\u20ac
18.2
million within one to five years and nil thereafter (2023: \u20ac4.5 million within one year,
\u20ac21.5 million within one to five years and \u20ac1.2 million thereafter).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-543": { "value": "4.3 Financial instruments and their fair values The fair value of financial instruments can be determined in various manners. The fair value hierarchy is defined as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. The valuation takes into consideration (changes in) the credit risks of the Group and the counter party. The following overview indicates the carrying amounts of each category of financial instrument per balance sheet account, their level in the fair value hierarchy and/or their estimated fair value. Level 3 fair value measurements are generally based on a discounted cash flow model. The Group discounts expected future contractual cash flows of the respective finanical instrument at an appropriate discount rate. As at 31 December 2024, the Group applies a discount rate in the range of 4.0% to 7.0% for financial assets and 4.0% to 4.5% for financial liabilities. The estimated fair values of financial instruments accounted at amortised costs has been determined by discounting expected future cash flows (level 3) as described above. The estimated fair values are not necessarily indicative of the amounts that will be realized upon maturity or disposal . Changes in assumptions and/or estimation methods may have a material effect on the estimated fair values ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-525": { "value": "4.3 Financial instruments and their fair values The fair value of financial instruments can be determined in various manners. The fair value hierarchy is defined as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. The valuation takes into consideration (changes in) the credit risks of the Group and the counter party. The following overview indicates the carrying amounts of each category of financial instrument per balance sheet account, their level in the fair value hierarchy and/or their estimated fair value.
Includes financial instruments at
Estimated
Amortised cost
Fair value
L
1
 Total
fair value
2024
PPP receivables
-
14,272
3
14,272
8,594
Other financial assets
45,760
60,366
3
106,126
99,164
Trade and other receivables
681,669
700
2
682,369
682,369
2
Cash and cash equivalents
763,420
-
-
763,420
763,420
Borrowings
66,850
-
-
66,850
59,416
Provisions
3
-
3,000
3
3,000
3,000
Trade and other payables
1,220,923
-
-
1,220,923
1,220,923
2
2023
PPP receivables
-
13,675
3
13,675
7,909
Other financial assets
27,106
64,541
3
91,647
86,361
Trade and other receivables
743,164
121
2
743,285
743,285
2
Cash and cash equivalents
757,333
-
-
757,333
757,333
Borrowings
61,574
-
-
61,574
52,724
Provisions
3
-
3,500
3
3,500
3,500
Trade and other payables
1,364,088
1,318
2
1,365,406
1,356,406
2
1 Fair value level applied in fair value measurement of the respective financial asset / liability. 2 Due to the short-term nature of the trade and other receivables and payables, their carrying amounts are considered to be a reasonable approximation of their fair values. 3 Consisting of financial guarantees relating to the sale of BAM Deutschland as disclosed in note 25. Level 3 fair value measurements are generally based on a discounted cash flow model. The Group discounts expected future contractual cash flows of the respective finanical instrument at an appropriate discount rate. As at 31 December 2024, the Group applies a discount rate in the range of 4.0% to 7.0% for financial assets and 4.0% to 4.5% for financial liabilities. The estimated fair values of financial instruments accounted at amortised costs has been determined by discounting expected future cash flows (level 3) as described above. The estimated fair values are not necessarily indicative of the amounts that will be realized upon maturity or disposal . Changes in assumptions and/or estimation methods may have a material effect on the estimated fair values . 18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss. Financial assets at amortised costs are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the end of the reporting period which are classified as non-current assets. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. If the credit risk on a financial asset has not increased significantly since initial recognition, the loss allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a financial asset has significantly changed since initial recognition the loss allowance equals the lifetime expected credit losses. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Indications of increase in credit risk for financial assets include debtors experiencing significant financial difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime credit losses is measured as the difference between the financial asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Financial assets are derecognised when the right to receive cash flows has expired or has been transferred and the Group has transferred substantially all risks and rewards of ownership.
Receivables Receivables
at fair at
value through amortised
profit or loss cost
Other
Total
As at 1 January 2023
63,235
13,214
1,142
77,591
Additions
-
-
(30)
(30)
Loans granted
9,394
14,785
-
24,179
Loan repayments
(7,697)
(1,463)
-
(9,160)
Transfer to current
(391)
364
(27)
Exchange rate differences
-
206
-
206
As at 31 December 2023
64,541
27,106
1,112
92,759
Investments
-
-
915
915
Loans granted
18,139
20,941
474
39,554
Loan repayments
(22,314)
(2,956)
(474)
(25,744)
Transfer to current
-
-
-
-
Exchange rate differences
-
670
-
670
As at 31 December 2024
60,366
45,761
2,027
108,154
Receivables at fair value through profit or loss mainly comprise loans to project development joint ventures and are classified as level 3 valuation method; their fair value is determined using a discounted cash flow model of the expected contractual cash flows of the respective instrument. These expected cash flows are discounted using a discount rate in the range of 2.7% to 4.5%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "value": "4.3 Financial instruments and their fair values The fair value of financial instruments can be determined in various manners. The fair value hierarchy is defined as follows: \u2022 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. \u2022 Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). \u2022 Level 3: inputs for the asset or liability that are not based on observable market data. The valuation takes into consideration (changes in) the credit risks of the Group and the counter party. The following overview indicates the carrying amounts of each category of financial instrument per balance sheet account, their level in the fair value hierarchy and/or their estimated fair value. Level 3 fair value measurements are generally based on a discounted cash flow model. The Group discounts expected future contractual cash flows of the respective finanical instrument at an appropriate discount rate. As at 31 December 2024, the Group applies a discount rate in the range of 4.0% to 7.0% for financial assets and 4.0% to 4.5% for financial liabilities. The estimated fair values of financial instruments accounted at amortised costs has been determined by discounting expected future cash flows (level 3) as described above. The estimated fair values are not necessarily indicative of the amounts that will be realized upon maturity or disposal . Changes in assumptions and/or estimation methods may have a material effect on the estimated fair values . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "5. Segment information The Group\u2019s activities are grouped in two divisions, one dedicated to the Netherlands, which also includes the Group\u2019s activities in Denmark, and the other to the United Kingdom and Ireland. The Group allocates resources and analyses performance and identified three reportable segments: Division Netherlands (\u2018division NL\u2019), division United Kingdom and Ireland (\u2018division UK&I\u2019) and Invesis. Belgium, Germany and International are considered individual operating segments that are not individually reportable, and thus combined. The performance of the segments division NL, division UK&I and Invesis are separately reported to and reviewed by the Executive Board. The Executive Board is considered the Chief Operating Decision Maker.
Belgium,Other
Division Division Germany and including
Revenue and results NL
UK&I
Invesis
2
International
eliminations
Total
2024
Revenue
3,230,707
3,112,407
-
112,562
(725)
6,454,951
Adjusted EBITDA
1
160,803
114,068
29,806
6,405
2,198
313,280
Adjusted items
(5,796)
(6,440)
 -
-
-
(12,236)
EBITDA
155,007
107,628
29,806
6,405
2,198
301,044
Depreciation and
amortisation
(82,668)
(42,351)
-
(2,027)
(723)
(127,769)
Impairments
(4,433)
-
-
-
-
(4,433)
Impairments
in joint
ventures and associates
(3,056)
-
(106,994)
-
-
(110,050)
Finance income
and expense
(6,148)
19,500
-
5,264
(10,078)
8,538
Result before tax
58,702
84,777
(77
,188)
9,642
(8,603)
67,330
Balance sheet
Assets
1,520,741
1,797,700
80,389
241,148
74,018
3,713,996
Equity-accounted
investees
134,569
32,922
-
8,953
570
177,014
Total assets
1,655,310
1,830,622
80,389
250,101
74,588
3,891,010
Liabilities
1,603,748
1,373,418
112,337
(94,032)
2,995,471
Group equity
51,562
457,204
80,389
137,764
168,620
895,539
Equity and liabilities
1,655,310
1,830,622
80,389
250,101
74,588
3,891,010
Belgium, Other
Division Division Germany and including
Revenue and results NL
UK&I
Invesis
 International
eliminations
Total
2023
Revenue
3,007,334
3,138,843
-
125,336
(1,039)
6,270,474
Adjusted EBITDA
1
178,999
121,463
2,594
11,434
(10,174)
304,316
Adjusted items
(7,458)
(2,815)
 -
620
-
(9,653)
EBITDA
171,541
118,648
2,594
12,054
(10,174)
294,663
Depreciation and
amortisation
(75,241)
(42,715)
-
(2,264)
(1,073)
(121,293)
Impairments
(3,559)
-
-
-
-
(3,559)
Impairments
in joint
ventures and associates
917
917
Finance income
and expense
(520)
19,898
-
3,485
(10,024)
12,839
Result before tax
93,138
95,831
2,594
13,275
(21,271)
183,567
Balance sheet
Assets
1,594,614
1,774,641
-
267,458
(38,345)
3,598,368
Equity-accounted
investees
122,384
25,498
176,200
9,000
570
333,652
Total assets
1,716,998
1,800,139
176,200
276,458
(37,775)
3,932,020
Liabilities
1,605,576
1,364,793
-
133,240
(92,408)
3,011,201
Group equity
111,422
435,346
176,200
143,218
54,633
920,819
Equity and liabilities
1,716,998
1,800,139
176,200
276,458
(37,775)
3,932,020
1 Adjusted EBITDA is the main segment performance measure. Refer to 9.3 Glossary for definition and reconciliation. 2 A breakdown of Invesis\u2019 result is included in note 22. Adjusted EBITDA includes Invesis\u2019 operational result up to held-for-sale classification of negative \u20ac1.5 million and reclassification of reserves of \u20ac31.3 million.
Belgium, Other
Division Division Germany and including
Other disclosures NL UK&I International
eliminations
Total
2024
Additions to property, plant and
equipment, right-of-use assets
and intangible assets
116,132
68,210
2,525
672
187,539
Share in result of joint ventures
and associates
20,064
(680)
153
-
19,537
Average number of FTE
6,606
6,254
211
101
13,172
Number of FTE at year-end
6,560
6,229
213
101
13,103
2023
Additions to property, plant and
equipment, right-of-use assets
and intangible assets
122,904
64,634
2,226
1,960
191,724
Share in result of joint ventures
and associates
27,545
(229)
918
-
28,234
Average number of FTE
6,655
6,368
223
97
13,343
Number of FTE at year-end
6,681
6,273
212
97
13,263
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-513": { "value": "5. Segment information The Group\u2019s activities are grouped in two divisions, one dedicated to the Netherlands, which also includes the Group\u2019s activities in Denmark, and the other to the United Kingdom and Ireland. The Group allocates resources and analyses performance and identified three reportable segments: Division Netherlands (\u2018division NL\u2019), division United Kingdom and Ireland (\u2018division UK&I\u2019) and Invesis. Belgium, Germany and International are considered individual operating segments that are not individually reportable, and thus combined. The performance of the segments division NL, division UK&I and Invesis are separately reported to and reviewed by the Executive Board. The Executive Board is considered the Chief Operating Decision Maker. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "5. Segment information
Belgium,Other
Division Division Germany and including
Revenue and results NL
UK&I
Invesis
2
International
eliminations
Total
2024
Revenue
3,230,707
3,112,407
-
112,562
(725)
6,454,951
Adjusted EBITDA
1
160,803
114,068
29,806
6,405
2,198
313,280
Adjusted items
(5,796)
(6,440)
 -
-
-
(12,236)
EBITDA
155,007
107,628
29,806
6,405
2,198
301,044
Depreciation and
amortisation
(82,668)
(42,351)
-
(2,027)
(723)
(127,769)
Impairments
(4,433)
-
-
-
-
(4,433)
Impairments
in joint
ventures and associates
(3,056)
-
(106,994)
-
-
(110,050)
Finance income
and expense
(6,148)
19,500
-
5,264
(10,078)
8,538
Result before tax
58,702
84,777
(77
,188)
9,642
(8,603)
67,330
Balance sheet
Assets
1,520,741
1,797,700
80,389
241,148
74,018
3,713,996
Equity-accounted
investees
134,569
32,922
-
8,953
570
177,014
Total assets
1,655,310
1,830,622
80,389
250,101
74,588
3,891,010
Liabilities
1,603,748
1,373,418
112,337
(94,032)
2,995,471
Group equity
51,562
457,204
80,389
137,764
168,620
895,539
Equity and liabilities
1,655,310
1,830,622
80,389
250,101
74,588
3,891,010
Belgium, Other
Division Division Germany and including
Revenue and results NL
UK&I
Invesis
 International
eliminations
Total
2023
Revenue
3,007,334
3,138,843
-
125,336
(1,039)
6,270,474
Adjusted EBITDA
1
178,999
121,463
2,594
11,434
(10,174)
304,316
Adjusted items
(7,458)
(2,815)
 -
620
-
(9,653)
EBITDA
171,541
118,648
2,594
12,054
(10,174)
294,663
Depreciation and
amortisation
(75,241)
(42,715)
-
(2,264)
(1,073)
(121,293)
Impairments
(3,559)
-
-
-
-
(3,559)
Impairments
in joint
ventures and associates
917
917
Finance income
and expense
(520)
19,898
-
3,485
(10,024)
12,839
Result before tax
93,138
95,831
2,594
13,275
(21,271)
183,567
6. Revenue and projects The Group recognises revenue when it transfers control over a product or service to its customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group\u2019s revenue is generally related to construction contracts, property development, maintenance and service contracts and service concession arrangements. Revenue recognition is subject to judgments and uncertainties as described in note 4. A provision is recognised when contracts for which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received. This assessment is for the full contract, which is not necessarily the same as if evaluated on project level, because a contract may include multiple performance obligations. In determining the amount of variable considerations as part of the economic benefits expected to be received under the contract, the policies below apply. Construction contracts Construction contracts are contracts that are specifically negotiated for the construction of an asset for a client. The construction of an asset is generally one performance obligation and the transaction price generally consists of a fixed part and several variable parts. Variable parts include (but are not limited to) contractual options to a customer to make changes to the design or construction of the asset, inflation reimbursement clauses, performance incentives and liquidated damages. Variable revenue may also include changes to the design or construction of the asset for which the respective price has not been agreed. Variable revenue is generally constraint and recognised only to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. It is common practice for a contract to be subject to variation orders. These variation orders generally do not result in additional distinct goods and services and do not have a distinct price. Therefore they are accounted for as cumulative catch-up adjustment. In general, the Group is building on the land of the customer or improving an asset of the customer, which results in creating an asset that the customer controls as the asset is created. As a result, revenue for construction contracts is recognised over time, generally using the cost-to-cost method (i.e. an input method). Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Estimated total costs of the contract may include cost contingencies to take account of the specific risks that have been identified during the early stages of the contract. The cost contingencies are reviewed on a regular basis throughout the contract life and are adjusted where appropriate. Property development The Group also develops and constructs property development at its own risk and rewards. Developed properties may be sold during the construction process or upon completion. When the property is sold during the construction process, the property changes into a construction contract and it follows the accounting policies described earlier. When the property is sold upon completion, revenue is recognised at a point in time. This happens generally when ownership of the asset is transferred and the Group has a legal right to receive payment. Sale of completed property generally occurs for a fixed price. Maintenance and service contracts The Group also operates maintenance and service contracts. These services can be sold as separate contracts (e.g. facilities management) but also as part of a larger contract with other promised goods or services (e.g. maintenance of an highway that was also constructed). When part of a larger contract, the maintenance and service component generally represents a separate service and the transaction price is allocated to performance obligations based on the relative stand-alone selling price. Revenue from maintenance and service contracts is recognised over time. Progress for these contracts may be measured in different ways, depending on the nature of the service. The Group applies the progress measure that best depicts the way the customer receives and consumes the benefits. E.g. for a facilities management contract, progress may be measured based on time; the number of months or years that the service has been provided as compared to the number of months of years that the service was contracted. Measuring progress based on time is generally not appropriate for highway maintenance contracts as the amount of service (and costs) fluctuate significantly during the contract period. For these contracts, progress is measured based on the cost-to-cost method. Service concession arrangements The Group\u2019s service concession arrangements generally comprise construction as well as operating and maintenance activities. Revenue for these activities is recognised in conformity with the respective policies described above and the consideration (concession payments) is allocated to the activities using the relative stand-alone selling prices of the individual performance obligations. PPP receivables are financial assets in the form of concession payments to be received from the client. These concession payments are unconditional and contain a significant financing component and therefore are discounted at a market interest rate. 6.1 Revenue disaggregation Revenue is further disaggregated to the underlying businesses as follows:
Division NL
Division UK&I
2024
Construction and property
2,255,096
904,531
Ventures
-
310,173
Civil engineering
1,005,373
1,572,943
BAM Ireland
-
426,838
Other including eliminations
(29,762)
(102,078)
3,230,707
3,112,407
2023
Construction and property
2,072,409
1,045,861
Ventures
-
323,307
Civil engineering
963,987
1,363,364
BAM Ireland
-
463,027
Other including eliminations
(29,062)
(56,716)
3,007,334
3,138,843
Revenue of Belgium, Germany and International comprises Belgium of \u20ac112 million (2023: \u20ac118 million), Germany of nil (2023: nil) and International of nil (2023: \u20ac8 million). Revenue is further disaggregated by nature as follows:
Belgium,
Germany and
Division NL
Division UK&I
International
Eliminations
Total
2024
Construction and
maintenance
2,776,458
2,955,432
71,527
(725)
5,802,692
Property development
439,586
-
19,455
-
459,041
Service concessions
arrangements and other
14,663
156,975
21,580
- 193,218
3,230,707
3,112,407
112,562
(725)
6,454,951
2023
Construction and
maintenance
2,535,975
2,940,028
59,662
(1,039)
5,534,626
Property development
423,108
74,565
47,644
-
545,317
Service concession
arrangements and other
48,251
124,250
18,030
- 190,531
3,007,334
3,138,843
125,336
(1,039)
6,270,474
Performance obligations could be satisfied once construction is completed and control has been transferred to the client. It is common to finalise the last discussions about variable consideration (including claims) after control has been transferred. Revenue recognised in 2024 from performance obligations satisfied in previous periods amounts to nil (2023: \u20ac6 million). As at 31 December 2024, the Group considered in its revenues an aggregate amount of \u20ac436 million for claims due from customers and unapproved variation orders (2023: \u20ac44 million). The Group considers the amount as highly probable, however, inherent estimation uncertainty exists. Included are: \u2022 Claims amounting to \u20ac143 million for a construction project in division UK&I. This amount was awarded by an independent mediator in accordance with contractual terms and conditions and a part is due to the project\u2019s suppy chain. The client paid the amount to the Group but continues to challenge the award. \u2022 Unapproved variation orders amounting to \u20ac84 million for a civil engineering project in division UK&I. The project faced increased costs for which the Group and the client are negotiating a settlement via an agreed methodology. In the meantime, the client made a significant advance payment. The Group considers additional revenue up to the amount of additional costs as highly probable. \u2022 Unapproved variation orders amounting to \u20ac193 million for a civil engineering project in division NL. The Group is contractually entitled to compensation of costs plus a reasonable margin and is negotiating the respective amounts with the client. In the absence of an agreement, the Group considers additional revenue up to the amount of additional costs as highly probable. The ultimate outcome of negotiations and settlements can differ and could impact the Group\u2019s results. 6.2 Projects An overview of the balance sheet items attributable to construction contracts and property development is stated below:
Construction Property
contracts
development
Total
2024
Land and building rights
-
269,143
269,143
Property development
-
179,905
179,905
Amounts due from customers
378,220
6,923
385,143
Project assets
378,220
455,971
834,191
Non-recourse property financing
-
(36,852)
(36,852)
Recourse property financing
-
(12,160)
(12,160)
Amounts due to customers
(735,275)
(88,204)
(823,479)
Provision for onerous contracts
(125,526)
-
(125,526)
Project liabilities
(860,801)
(137,216)
(998,017)
2023
Land and building rights
-
236,777
236,777
Property development
-
205,689
205,689
Amounts due from customers
314,306
16,474
330,780
Project assets
314,306
458,940
773,246
Non-recourse property financing
-
(32,464)
(32,464)
Recourse property financing
-
(13,874)
(13,874)
Amounts due to customers
(639,111)
(87,300)
(726,411)
Provision for onerous contracts
(148,071)
-
(148,071)
Project liabilities
(787,182)
(133,638)
(920,820)
As at 31 December 2023
(472,876)
325,302
(147,574)
Amounts due to customers at the beginning of the year have been fully recognised as revenue in the year. Advance payments from customers do not result in significant pre-financing longer than a year.
6.3 Order book
The revenue related to unsatisfied performance obligations is as follows. The Group has not used the
practical expedient to exclude performance obligations with an expected duration of one year or less.
(x \u20ac million)
2024
2023
Up to 1 year
5,771
4,936
2 to 5 years
7,237
4,873
13,008
9,809
Over 5 years
1,247
1,330
Total
14,255
11,139
The impact of the recent nitrogen verdict by the Dutch Council of State of 18 December 2024 on the
Group\u2019s activities is currently being assessed . It is expected that ongoing projects in the Netherlands
will continue as planned and that the diversified order book accommodates flexibility to adapt when
needed, albeit the execution of some projects might be delayed. The impact on the order book is not
clear yet and the Group is currently in close contact with its clients for projects that may be impacted
by the verdict to assess how these challenges can be addressed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-514": { "value": "6. Revenue and projects The Group recognises revenue when it transfers control over a product or service to its customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group\u2019s revenue is generally related to construction contracts, property development, maintenance and service contracts and service concession arrangements. Revenue recognition is subject to judgments and uncertainties as described in note 4. A provision is recognised when contracts for which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received. This assessment is for the full contract, which is not necessarily the same as if evaluated on project level, because a contract may include multiple performance obligations. In determining the amount of variable considerations as part of the economic benefits expected to be received under the contract, the policies below apply. Construction contracts Construction contracts are contracts that are specifically negotiated for the construction of an asset for a client. The construction of an asset is generally one performance obligation and the transaction price generally consists of a fixed part and several variable parts. Variable parts include (but are not limited to) contractual options to a customer to make changes to the design or construction of the asset, inflation reimbursement clauses, performance incentives and liquidated damages. Variable revenue may also include changes to the design or construction of the asset for which the respective price has not been agreed. Variable revenue is generally constraint and recognised only to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. It is common practice for a contract to be subject to variation orders. These variation orders generally do not result in additional distinct goods and services and do not have a distinct price. Therefore they are accounted for as cumulative catch-up adjustment. In general, the Group is building on the land of the customer or improving an asset of the customer, which results in creating an asset that the customer controls as the asset is created. As a result, revenue for construction contracts is recognised over time, generally using the cost-to-cost method (i.e. an input method). Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Estimated total costs of the contract may include cost contingencies to take account of the specific risks that have been identified during the early stages of the contract. The cost contingencies are reviewed on a regular basis throughout the contract life and are adjusted where appropriate. Property development The Group also develops and constructs property development at its own risk and rewards. Developed properties may be sold during the construction process or upon completion. When the property is sold during the construction process, the property changes into a construction contract and it follows the accounting policies described earlier. When the property is sold upon completion, revenue is recognised at a point in time. This happens generally when ownership of the asset is transferred and the Group has a legal right to receive payment. Sale of completed property generally occurs for a fixed price. Maintenance and service contracts The Group also operates maintenance and service contracts. These services can be sold as separate contracts (e.g. facilities management) but also as part of a larger contract with other promised goods or services (e.g. maintenance of an highway that was also constructed). When part of a larger contract, the maintenance and service component generally represents a separate service and the transaction price is allocated to performance obligations based on the relative stand-alone selling price. Revenue from maintenance and service contracts is recognised over time. Progress for these contracts may be measured in different ways, depending on the nature of the service. The Group applies the progress measure that best depicts the way the customer receives and consumes the benefits. E.g. for a facilities management contract, progress may be measured based on time; the number of months or years that the service has been provided as compared to the number of months of years that the service was contracted. Measuring progress based on time is generally not appropriate for highway maintenance contracts as the amount of service (and costs) fluctuate significantly during the contract period. For these contracts, progress is measured based on the cost-to-cost method. Service concession arrangements The Group\u2019s service concession arrangements generally comprise construction as well as operating and maintenance activities. Revenue for these activities is recognised in conformity with the respective policies described above and the consideration (concession payments) is allocated to the activities using the relative stand-alone selling prices of the individual performance obligations. PPP receivables are financial assets in the form of concession payments to be received from the client. These concession payments are unconditional and contain a significant financing component and therefore are discounted at a market interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-493": { "value": "6. Revenue and projects The Group recognises revenue when it transfers control over a product or service to its customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those goods or services. The Group\u2019s revenue is generally related to construction contracts, property development, maintenance and service contracts and service concession arrangements. Revenue recognition is subject to judgments and uncertainties as described in note 4. A provision is recognised when contracts for which the unavoidable costs of meeting the obligations exceed the economic benefits expected to be received. This assessment is for the full contract, which is not necessarily the same as if evaluated on project level, because a contract may include multiple performance obligations. In determining the amount of variable considerations as part of the economic benefits expected to be received under the contract, the policies below apply. Construction contracts Construction contracts are contracts that are specifically negotiated for the construction of an asset for a client. The construction of an asset is generally one performance obligation and the transaction price generally consists of a fixed part and several variable parts. Variable parts include (but are not limited to) contractual options to a customer to make changes to the design or construction of the asset, inflation reimbursement clauses, performance incentives and liquidated damages. Variable revenue may also include changes to the design or construction of the asset for which the respective price has not been agreed. Variable revenue is generally constraint and recognised only to the extent it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur. It is common practice for a contract to be subject to variation orders. These variation orders generally do not result in additional distinct goods and services and do not have a distinct price. Therefore they are accounted for as cumulative catch-up adjustment. In general, the Group is building on the land of the customer or improving an asset of the customer, which results in creating an asset that the customer controls as the asset is created. As a result, revenue for construction contracts is recognised over time, generally using the cost-to-cost method (i.e. an input method). Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Estimated total costs of the contract may include cost contingencies to take account of the specific risks that have been identified during the early stages of the contract. The cost contingencies are reviewed on a regular basis throughout the contract life and are adjusted where appropriate. Property development The Group also develops and constructs property development at its own risk and rewards. Developed properties may be sold during the construction process or upon completion. When the property is sold during the construction process, the property changes into a construction contract and it follows the accounting policies described earlier. When the property is sold upon completion, revenue is recognised at a point in time. This happens generally when ownership of the asset is transferred and the Group has a legal right to receive payment. Sale of completed property generally occurs for a fixed price. Maintenance and service contracts The Group also operates maintenance and service contracts. These services can be sold as separate contracts (e.g. facilities management) but also as part of a larger contract with other promised goods or services (e.g. maintenance of an highway that was also constructed). When part of a larger contract, the maintenance and service component generally represents a separate service and the transaction price is allocated to performance obligations based on the relative stand-alone selling price. Revenue from maintenance and service contracts is recognised over time. Progress for these contracts may be measured in different ways, depending on the nature of the service. The Group applies the progress measure that best depicts the way the customer receives and consumes the benefits. E.g. for a facilities management contract, progress may be measured based on time; the number of months or years that the service has been provided as compared to the number of months of years that the service was contracted. Measuring progress based on time is generally not appropriate for highway maintenance contracts as the amount of service (and costs) fluctuate significantly during the contract period. For these contracts, progress is measured based on the cost-to-cost method. Service concession arrangements The Group\u2019s service concession arrangements generally comprise construction as well as operating and maintenance activities. Revenue for these activities is recognised in conformity with the respective policies described above and the consideration (concession payments) is allocated to the activities using the relative stand-alone selling prices of the individual performance obligations. PPP receivables are financial assets in the form of concession payments to be received from the client. These concession payments are unconditional and contain a significant financing component and therefore are discounted at a market interest rate. 6.1 Revenue disaggregation Revenue is further disaggregated to the underlying businesses as follows:
Division NL
Division UK&I
2024
Construction and property
2,255,096
904,531
Ventures
-
310,173
Civil engineering
1,005,373
1,572,943
BAM Ireland
-
426,838
Other including eliminations
(29,762)
(102,078)
3,230,707
3,112,407
2023
Construction and property
2,072,409
1,045,861
Ventures
-
323,307
Civil engineering
963,987
1,363,364
BAM Ireland
-
463,027
Other including eliminations
(29,062)
(56,716)
3,007,334
3,138,843
Revenue of Belgium, Germany and International comprises Belgium of \u20ac112 million (2023: \u20ac118 million), Germany of nil (2023: nil) and International of nil (2023: \u20ac8 million). Revenue is further disaggregated by nature as follows:
Belgium,
Germany and
Division NL
Division UK&I
International
Eliminations
Total
2024
Construction and
maintenance
2,776,458
2,955,432
71,527
(725)
5,802,692
Property development
439,586
-
19,455
-
459,041
Service concessions
arrangements and other
14,663
156,975
21,580
- 193,218
3,230,707
3,112,407
112,562
(725)
6,454,951
2023
Construction and
maintenance
2,535,975
2,940,028
59,662
(1,039)
5,534,626
Property development
423,108
74,565
47,644
-
545,317
Service concession
arrangements and other
48,251
124,250
18,030
- 190,531
3,007,334
3,138,843
125,336
(1,039)
6,270,474
Performance obligations could be satisfied once construction is completed and control has been transferred to the client. It is common to finalise the last discussions about variable consideration (including claims) after control has been transferred. Revenue recognised in 2024 from performance obligations satisfied in previous periods amounts to nil (2023: \u20ac6 million). As at 31 December 2024, the Group considered in its revenues an aggregate amount of \u20ac436 million for claims due from customers and unapproved variation orders (2023: \u20ac44 million). The Group considers the amount as highly probable, however, inherent estimation uncertainty exists. Included are: \u2022 Claims amounting to \u20ac143 million for a construction project in division UK&I. This amount was awarded by an independent mediator in accordance with contractual terms and conditions and a part is due to the project\u2019s suppy chain. The client paid the amount to the Group but continues to challenge the award. \u2022 Unapproved variation orders amounting to \u20ac84 million for a civil engineering project in division UK&I. The project faced increased costs for which the Group and the client are negotiating a settlement via an agreed methodology. In the meantime, the client made a significant advance payment. The Group considers additional revenue up to the amount of additional costs as highly probable. \u2022 Unapproved variation orders amounting to \u20ac193 million for a civil engineering project in division NL. The Group is contractually entitled to compensation of costs plus a reasonable margin and is negotiating the respective amounts with the client. In the absence of an agreement, the Group considers additional revenue up to the amount of additional costs as highly probable. The ultimate outcome of negotiations and settlements can differ and could impact the Group\u2019s results. 6.2 Projects An overview of the balance sheet items attributable to construction contracts and property development is stated below:
Construction Property
contracts
development
Total
2024
Land and building rights
-
269,143
269,143
Property development
-
179,905
179,905
Amounts due from customers
378,220
6,923
385,143
Project assets
378,220
455,971
834,191
Non-recourse property financing
-
(36,852)
(36,852)
Recourse property financing
-
(12,160)
(12,160)
Amounts due to customers
(735,275)
(88,204)
(823,479)
Provision for onerous contracts
(125,526)
-
(125,526)
Project liabilities
(860,801)
(137,216)
(998,017)
2023
Land and building rights
-
236,777
236,777
Property development
-
205,689
205,689
Amounts due from customers
314,306
16,474
330,780
Project assets
314,306
458,940
773,246
Non-recourse property financing
-
(32,464)
(32,464)
Recourse property financing
-
(13,874)
(13,874)
Amounts due to customers
(639,111)
(87,300)
(726,411)
Provision for onerous contracts
(148,071)
-
(148,071)
Project liabilities
(787,182)
(133,638)
(920,820)
As at 31 December 2023
(472,876)
325,302
(147,574)
Amounts due to customers at the beginning of the year have been fully recognised as revenue in the year. Advance payments from customers do not result in significant pre-financing longer than a year. 6.3 Order book The revenue related to unsatisfied performance obligations is as follows. The Group has not used the practical expedient to exclude performance obligations with an expected duration of one year or less.
(x \u20ac million)
2024
2023
Up to 1 year
5,771
4,936
2 to 5 years
7,237
4,873
13,008
9,809
Over 5 years
1,247
1,330
Total
14,255
11,139
The impact of the recent nitrogen verdict by the Dutch Council of State of 18 December 2024 on the Group\u2019s activities is currently being assessed . It is expected that ongoing projects in the Netherlands will continue as planned and that the diversified order book accommodates flexibility to adapt when needed, albeit the execution of some projects might be delayed. The impact on the order book is not clear yet and the Group is currently in close contact with its clients for projects that may be impacted by the verdict to assess how these challenges can be addressed. 20. Trade and other receivables A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
2024
2023
Trade receivables
454,260
531,508
Less: Provision for impairment of receivables
(2,489)
(6,425)
Trade receivables - net
451,771
525,083
Amounts due from customers
385,143
330,780
Amounts to be invoiced
113,582
111,673
Retentions
101,291
112,387
Contract assets
600,016
554,840
Amounts due from related parties
21,786
18,465
PPP receivables
690
644
Other financial assets
1,875
1,242
Derivative financial instruments
700
121
Other receivables
91,964
86,057
Prepayments
92,081
139,756
1,260,883
1,326,208
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-506": { "value": "6. Revenue and projects Service concession arrangements The Group\u2019s service concession arrangements generally comprise construction as well as operating and maintenance activities. Revenue for these activities is recognised in conformity with the respective policies described above and the consideration (concession payments) is allocated to the activities using the relative stand-alone selling prices of the individual performance obligations. PPP receivables are financial assets in the form of concession payments to be received from the client. These concession payments are unconditional and contain a significant financing component and therefore are discounted at a market interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForServiceConcessionArrangementsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "
6.2 Projects
An overview of the balance sheet items attributable to construction contracts and property
development is stated below:
Construction Property
contracts
development
Total
2024
Land and building rights
-
269,143
269,143
Property development
-
179,905
179,905
Amounts due from customers
378,220
6,923
385,143
Project assets
378,220
455,971
834,191
Non-recourse property financing
-
(36,852)
(36,852)
Recourse property financing
-
(12,160)
(12,160)
Amounts due to customers
(735,275)
(88,204)
(823,479)
Provision for onerous contracts
(125,526)
-
(125,526)
Project liabilities
(860,801)
(137,216)
(998,017)
2023
Land and building rights
-
236,777
236,777
Property development
-
205,689
205,689
Amounts due from customers
314,306
16,474
330,780
Project assets
314,306
458,940
773,246
Non-recourse property financing
-
(32,464)
(32,464)
Recourse property financing
-
(13,874)
(13,874)
Amounts due to customers
(639,111)
(87,300)
(726,411)
Provision for onerous contracts
(148,071)
-
(148,071)
Project liabilities
(787,182)
(133,638)
(920,820)
As at 31 December 2023
(472,876)
325,302
(147,574)
Amounts due to customers at the beginning of the year have been fully recognised as revenue in the
year. Advance payments from customers do not result in significant pre-financing longer than a year.
19. Inventories Land, building rights and property developments are recorded at the lower of cost and net realisable value. The Group capitalises interest expenses on loans and borrowings that fund these assets to facilitate the development. Interest costs are capitalised once development commences and until practical completion, based on the total actual finance cost incurred on the borrowings during the period. When properties are acquired for future redevelopment, interest on borrowings is recognised in the income statement until redevelopment commences. Raw materials and finished goods are stated at the lower of cost and net realisable value. Cost is determined using the \u2018first-in, first-out (FIFO) method\u2019. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
2024
2023
Land and building rights
269,143
236,777
Property development
179,905
205,689
449,048
442,466
Raw materials
9,650
12,340
Work in progress and semi-manufactures
4,783
4,001
Finished products
1,108
4,269
464,589
463,076
Land and building rights are presented as current assets in the ordinary course of business, however
by its nature, the realisation of the majority of these assets will be past one year. The main part of the
carrying amount of property development is expected to be sold within one year.
Impairments relating to land and building rights and property developments are as follows:
Note
2024
2023
Impairment charges
3,212
4,444
Reversal of impairment charges
(5,406)
(885)
9
(2,194)
3,559
Property development includes the following completed and unsold property:
2024
2023
Completed and unsold property
Number/m\u00b2
Carrying
Number/m\u00b2
Carrying
amount amount
Houses
8
4,148
-
-
Commercial property - rented
2,073
1,918
2,073
2,810
Commercial property - unrented 6,002 6,894 1,938 1,793
12,960
4,603
Other inventories were not subject to impairments in 2024 or 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-427": { "value": "
7. Personnel expenses
At year-end 2024, the Group employed 13,103 FTE (2023: 13,263). The average number of FTE in 2024 was 13,172 (2023: 13,343), of which 6,465 in other countries than the Netherlands (2023: 6,591). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-507": { "value": "7. Personnel expenses
Note
2024
2023
Wages and salaries
976,815
942,815
Social security costs
135,050
118,366
Share-based payment expense
29
2,709
4,857
Pension costs - defined contribution plans
103,646
86,927
Pension costs - defined benefit plans
25
1,548
(481)
Other post-employment benefits
8,999
1,339
1,228,767
1,153,823
Personnel expenses include restructuring costs and other termination benefits of \u20ac12 million (2023: \u20ac10 million). At year-end 2024, the Group employed 13,103 FTE (2023: 13,263). The average number of FTE in 2024 was 13,172 (2023: 13,343), of which 6,465 in other countries than the Netherlands (2023: 6,591). 9. Impairments Non-financial assets that have an indefinite useful life and intangible assets that are not ready to use are not subject to depreciation or amortisation but are tested annually for impairment. Non-financial assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (CGUs). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Notes
2024
2023
Property, plant and equipment
14
5,140
-
ROU assets
15
1,487
-
Inventories
19
(2,194)
3,559
Impairments
4,433
3,559
15. Leases The group is lessee for a range of assets that are used in the ordinary course of business. At inception of a contract, the Group assesses whether it is or contains, a lease. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and it applies the lease of low-value assets recognition exemption that are considered of low value (i.e., below \u20ac5,000). Payments for short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. 15.3 Other lease disclosures The following are the amounts recognised in profit or loss and statement of cash flows
2024
2023
Profit or loss
Depreciation expense of right-of-use assets
81,970
77,718
Interest expense on lease liabilities
10,043
7,611
Impairment of right-of-use assets
1,487
-
Rent expenses \u2013 short term leases
58,681
52,863
Total
152,181
138,192
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-494": { "value": "7. Personnel expenses
Note
2024
2023
Wages and salaries
976,815
942,815
Social security costs
135,050
118,366
Share-based payment expense
29
2,709
4,857
Pension costs - defined contribution plans
103,646
86,927
Pension costs - defined benefit plans
25
1,548
(481)
Other post-employment benefits
8,999
1,339
1,228,767
1,153,823
Personnel expenses include restructuring costs and other termination benefits of \u20ac12 million (2023: \u20ac10 million). At year-end 2024, the Group employed 13,103 FTE (2023: 13,263). The average number of FTE in 2024 was 13,172 (2023: 13,343), of which 6,465 in other countries than the Netherlands (2023: 6,591). 25. Employee benefits (a) Pension obligations A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension obligation. When the plan assets exceed the defined benefit obligation, the Group recognises a pension asset, which is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available when it can be realised during the life of the plan, or upon settlement of the plan\u2019s liabilities. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Current service costs of defined benefit plans are recognised immediately in the income statement, as part of \u2018employee benefit expenses\u2019, and reflect the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the income statement. Interest expenses are included in the \u2018employee benefit expenses\u2019. For defined contribution plans, the Group pays contributions to administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. (b) Other employment obligations Other employment obligations comprise jubilee benefits, retirement gifts, temporary leaves and similar arrangements and have a non-current nature. These obligations are discounted to their present value. Remeasurements are recognised- in profit or loss.
2024
2023
Defined benefit asset
46,123
51,894
Defined benefit liability
14,474
19,190
Other employee benefits obligations
12,774
12,851
27,248
32,041
The Group operates defined contribution plans in the Netherlands, United Kingdom, Belgium, Germany and Ireland under broadly similar regulatory frameworks. All pension plans that are accounted as defined benefit arrangement are closed for new entrants. Defined benefit plans in the United Kingdom and Ireland are in a net asset position; there is no asset ceiling on these plans as the Group is entitled to a return of surplus at the end of the plans\u2019 lives. A further description of the post-employment benefit plans per country is as follows: Netherlands In the Netherlands, the Group makes contributions to defined benefit schemes as well as defined contribution schemes. The pension schemes in the Netherlands are subject to the regulations as stipulated in the Pension Act. Due to the Pension Act the pension plans need to be fully funded and need to be operated outside the Company through a separate legal entity. Several multi- employer funds and insurers operate the various pension plans. The Group has no additional responsibilities for the governance of these schemes. The basic pension for every employee is covered by multi-employer funds in which also other companies participate based on legal requirements. These funds have an indexed average salary scheme and are therefore defined benefit schemes. Specifically, these are the industry pension funds for construction, metal & technology and railways. As these funds are not equipped to provide the required information on the Group\u2019s proportionate share of pension liabilities and plan assets, the defined benefit plans are accounted for as defined contribution plans. The Group is obliged to pay the predetermined premium for these plans. The Group may not reclaim any excess payment and is not obliged to make up any deficit, except by way of the adjustment of future premiums. The build-up of future pension entitlements for employees is covered by the multi-employer funds or external insurance companies. Defined benefit schemes are closed for future accumulation and indexation is mainly linked to the industry pension fund for construction. Pensions for salaries exceeding the basic pension amount (top-up part) are not covered by multi-employer funds and are carried out under separate contracts and qualify as defined contribution schemes. The Group has established an accountability committee, with representation from the Central Works Council (CWC) and the Socio-Economic Committee of the BAM pensioners association (SEC).
At year-end 2024, the (twelve-month average) coverage rate of the industry pension fund for
construction is 126% (2023: 125%). The industry pension fund for metal and technical sectors has a
(twelve-month average) coverage rate of 113% at year-end 2024 (2023: 110%). The (twelve-month
average) coverage rate of the industry pension fund for railways is 132% (2023: 133%).
United Kingdom
In the United Kingdom, the Group makes contributions to defined benefit plans as well as defined
contribution plans. The Group is responsible for making supplementary contributions to recover the
historical financing deficits. The plan for supplementary contributions was last revised after the most
recent actuarial valuations of the funds in April 2023 and led to supplementary contributions of \u20ac6
million in 2024 (2023: \u20ac6 million).
The Group replaced the closed defined benefit pension schemes
with defined contribution schemes, which are executed by an independent insurance company.
Following the closure of future accumulation in defined benefit pension schemes in 2010, employees
who participated in these schemes were invited to participate in the defined contribution schemes.
During 2023, the High Court in the United Kingdom concluded in a case between Virgin Media and
NTL Pension Trustees II that a salary-related contracted-out scheme cannot be changed unless the
actuary confirmed in writing (through a so-called section 37 confirmation) that the scheme would
continue to satisfy the legal norms. If such confirmation would not exist, the High Court concluded
that the change would automatically void. In 2024, an appeal of the case in the Court of Appeal was
dismissed and the ruling upheld. The case has the potential to cause significant issues in the United
Kingdom pensions industry. An initial assessment of the historic scheme amendments has identified
that the majority of amendments do not require further action at this stage. For some amendments,
turther investigation is required to identify as to whether the appropriate written actuarial
confirmation was in place at the date of the amendment. Until the exercise is completed, it is
impossible to estimate the potential impact, if any, on the Group\u2019s schemes.
In addition, several defined benefit schemes are accounted for as defined contribution schemes as the
external parties administering the funds are not able to provide the required information. These
schemes have a limited number of members. The Group is obliged to pay the predetermined premium
for these plans. The Group may not reclaim any excess payment and is not obliged to make up any
deficit, except by way of the adjustment of future premiums. The Group did not make material
contributions in 2024 and 2023.
Ireland
In Ireland, the Group has a defined benefit scheme and a multi-employer pension scheme, which was
fully converted from a defined benefit scheme to a defined contribution scheme with effect from 1
January 2006 for new entrants. The Group is responsible for making supplementary contributions to
recover the historical financing deficits. The plan for supplementary contributions was last revised
after the most recent actuarial valuations of the funds in 2017 and led to supplementary
contributions of \u20ac4 million in 2024 (2023: \u20ac4 million).
Other
Includes pension plans in Belgium and Germany. In Belgium, the Group makes contributions to a
relatively small defined benefit scheme that is executed by an external insurance company. The
Group has also made arrangements for employees to participate in a defined contribution scheme.
The defined contribution plans are subject to the law of 28 April 2003 on occupational pensions and
due to changes in the law in December 2015 defined contribution plans are classified and accounted
for as defined benefit plans.
In Germany, the Group operates one remaining small defined benefit pension scheme financed by
the employer, which is closed to new participants.
The significant actuarial assumptions per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
2024
Discount rate
3.3%
5.5% - 5.6%
3.8%
3.2% - 3.6%
Salary growth rate
-
-
-
2.0% - 2.3%
Pension growth rate
0% - 3.5%
2.1% - 3.2%
0% - 2.1%
2.0% - 2.3%
2023
Discount rate
3.1%
4.6% - 4.8%
3.6%
3.6% - 3.8%
Salary growth rate
-
-
-
2.1% - 2.5%
Pension growth rate
0% - 6.1%
2.7% - 3.2%
0% - 2.4%
2.1% - 2.5%
Assumptions regarding future mortality are based on actuarial advice in accordance with published
statistics and experience in each country.
Movements in the defined benefit pension plans over the year are as follows:
United
Netherlands
Kingdom
Ireland
Other
Total
As at 31 December 2024
Defined benefit liability
(5,793)
-
-
(8,681)
(14,474)
Defined benefit asset
-
41,530
4,593
-
46,123
(5,793)
41,530
4,593
(8,681)
31,649
Present value of obligation
As at 1 January 2024
277,423
588,648
68,838
22,256
957,165
Service cost
-
73
1,002
198
1,273
Interest expense
8,345
27,734
2,429
787
39,295
Remeasurements
(8,689)
(54,022)
(494)
(645)
(63,850)
Plan participants contributions
-
-
237
121
358
Benefit payments
(16,433)
(28,468)
(2,979)
(1,350)
(49,230)
Settlements
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Disposals
-
-
-
-
-
Exchange rate differences
-
26,960
-
-
26,960
As at 31 December 2024
260,646
560,925
69,033
21,367
911,971
Fair value of plan assets
As at 1 January 2024
267,116
639,689
69,691
13,373
989,869
Interest income
8,077
30,222
2,540
483
41,322
Remeasurements
(7,267)
(72,488)
(326)
(782)
(80,863)
Employer contributions
3,539
6,459
4,463
850
15,311
Plan participants contributions
-
-
237
120
357
Benefit payments
(16,433)
(28,468)
(2,979)
(1,350)
(49,230)
Administration cost
(179)
(2,114)
-
(8)
(2,301)
Settlements
-
-
-
-
-
Disposals
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Exchange rate differences
-
29,155
-
-
29,155
As at 31 December 2024
254,853
602,455
73,626
12,686
943,620
United
Netherlands
Kingdom
Ireland
Other
Total
Amounts recognised in the income statement
Service cost
-
73
1,002
198
1,273
Net interest expense
268
(2,488)
(111)
304
(2,027)
Changes and plan
-
-
-
-
-
amendments and settlements
Administration cost
179
2,114
8
2,301
447
(301)
891
510
1,547
Amounts recognised in other comprehensive income
Remeasurements:
\u2022 Return on plan assets,
excluding interest
income
7,267
72,488
326
782
80,863
\u2022 (Gain)/loss from change in
demographic
assumptions
(731)
2,475
2,146
-
3,890
\u2022 (Gain)/loss from change in
financial assumptions
(7,958)
(58,398)
(3,186)
(21)
(69,563)
\u2022 Experience (gains)/losses
-
1,901
546
(625)
1,822
(1,422)
18,466
(168)
136
17,012
Income tax
366
(4,615)
22
(50)
(4,277)
Remeasurement net of tax
(1,056)
13,851
(146)
86
12,735
United
Netherlands
Kingdom
Ireland
Other
Total
As at 31 December 2023
Defined benefit liability
(10,307)
-
-
(8,883)
(19,190)
Defined benefit asset
-
51,041
853
-
51,894
(10,307)
51,041
853
(8,883)
32,704
Present value of obligation
As at 1 January 2023
265,334
552,531
61,939
22,321
902,125
Service cost
-
47
696
213
956
Interest expense
9,036
27,080
2,540
788
39,444
Remeasurements
17,433
27,074
6,601
55
51,163
Plan participants contributions
-
-
261
120
381
Benefit payments
(14,380)
(27,609)
(3,199)
(1,241)
(46,429)
Settlements
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Disposals
-
-
-
-
-
Exchange rate differences
-
9,525
-
-
9,525
As at 31 December 2023
277,423
588,648
68,838
22,256
957,165
Fair value of plan assets
As at 1 January 2023
242,192
623,355
63,567
12,978
942,092
Interest income
8,697
30,783
2,710
459
42,649
Remeasurements
8,717
(2,315)
1,913
(885)
7,430
Employer contributions
22,069
6,360
4,439
1,950
34,818
Plan participants contributions
-
-
261
120
381
Benefit payments
(14,380)
(27,609)
(3,199)
(1,241)
(46,429)
Administration cost
(179)
(1,582)
-
(8)
(1,769)
Settlements
-
-
-
-
-
Disposals
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Exchange rate differences
-
10,697
-
-
10,697
As at 31 December 2023
267,116
639,689
69,691
13,373
989,869
United
Netherlands
Kingdom
Ireland
Other
Total
Amounts recognised in the income statement
Service cost
-
47
696
213
956
Net interest expense
339
(3,704)
(170)
329
(3,206)
Changes and plan
amendments and settlements
-
-
-
-
-
Administration cost
179
1,582
-
8
1,769
518
(2,075)
526
550
(481)
Amounts recognised in other comprehensive income
Remeasurements:
\u2022 Return on plan assets,
excluding interest
income
(8,717)
2,315
(1,913)
885
(7,430)
\u2022 (Gain)/loss from change in
demographic
assumptions
-
(2,826)
-
570
(2,256)
\u2022 (Gain)/loss from change in
financial assumptions
14,381
26,066
5,770
(582)
45,635
\u2022 Experience (gains)/losses
3,052
3,834
831
67
7,784
8,716
29,389
4,688
940
43,733
Income tax
-
(7,344)
(585)
(36)
(7,965)
Remeasurement net of tax
8,716
22,045
4,103
904
35,768
The average duration of the defined benefit obligations per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
Average duration (in years) - 2024
11
13
17
10
Average duration (in years) - 2023
11
14
17
10
Plan assets are comprised as follows:
United
Netherlands
Kingdom
Ireland
Other
Total
2024
Equity instruments
-
71,288
5,291
-
76,579
Debt instruments
-
511,159
64,009
-
575,168
Property
-
3,899
3,086
-
6,985
Qualifying insurance policies
254,853
339
-
12,686
267,878
Cash and cash equivalents
-
15,770
1,240
-
17,010
254,853
602,455
73,626
12,686
943,620
2023
Equity instruments
-
55,739
23,183
-
78,922
Debt instruments
-
559,616
41,260
-
600,876
Property
-
9,106
3,128
-
12,234
Qualifying insurance policies
267,116
390
-
13,373
280,879
Cash and cash equivalents
-
14,838
2,120
-
16,958
267,116
639,689
69,691
13,373
989,869
Plan assets do not include the Company\u2019s ordinary shares. Assets with a value of \u20ac360 million are
unquoted (2023: \u20ac381 million).
The impact to the defined benefit obligation to changes in weighted principal assumptions is as
follows:
2024
2023
Increase by Decrease by Increase by Decrease by
0,5% 0,5% 0,5% 0,5%
Discount rate
(\u20ac52 million)
\u20ac58 million
(\u20ac59 million)
\u20ac65 million
Indexation
\u20ac29 million
(\u20ac27 milion)
\u20ac33 million
(\u20ac29 million)
Salary increase
\u20ac0 million
(\u20ac0 million)
\u20ac0 million
(\u20ac0 million)
If the life expectancy increases or decreases by one year, the pension liability will increase or decrease
by approximately \u20ac34 million (2023: increase or decrease by \u20ac35 million). The sensitivity analyses are
based on a change in an assumption while holding all other assumptions constant. In practice, this is
unlikely to occur as changes in assumptions are correlated. The sensitivity analyses are based on the
same method (present value of the defined benefit obligation calculated with the projected unit
credit method at the end of the reporting period) as when calculating the pension liability recognised
within the statement of financial position.
Through its defined benefit pension plans the Group is exposed to a number of risks, the most
significant of which are detailed below:
Risk Impact
Asset volatility Plan liabilities are calculated using a discount rate set with reference to
corporate bond yields; if plan assets underperform this yield, this will create a
deficit.
Bond yields A decrease in corporate bond yields will increase plan liabilities, although this
will be partially offset by an increase in the value of the plans\u2019 bond holdings.
Salary growth Plan liabilities are calculated based on future salaries of the plan participants,
so increases in future salaries will result in an increase in the plan liabilities.
Pension growth
The majority of the plan liabilities are calculated based on future pension
increases, so these increases will result in an increase in the plan liabilities.
Life expectancy The majority of the plan liabilities are to provide benefits for the life of the
member, so increases in life expectancy will result in an increase in the plan
liabilities.
For funded plans, the Group ensures that the investment positions are managed within an asset-liability
matching (\u2018ALM\u2019) framework that has been developed to achieve long-term investments that are in line
with the obligations under the pension schemes. The Group\u2019s ALM objective is to match assets to the
pension obligations by investing in long-term fixed interest securities with maturities that match the
benefit payments as they fall due and in the appropriate currency. The Group monitors how the duration
and the expected yield of the investments are matching the expected cash outflows arising from the
pension obligations. The Group has not changed the processes used to manage its risks from previous
periods. Investments are well diversified, such that the failure of any single investment would not have a
material impact on the overall level of assets.
Employer contributions to post-employment benefit plans for 2025 are expected to decrease from \u20ac15
million in 2024 to \u20ac12 million. The contributions in 2024 included extra amounts for indexation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-526": { "value": "8. Other income Other income consists of income that is not related to the Group\u2019s core activities such as gains on the sale of property, plant and equipment and intangible fixed assets, gains on the sale of subsidiaries, joint ventures or associates and other non-recurring income. Other income can be specified as follows:
2024
2023
Gain on sale of associates
-
1,785
Gain on sale of PP&E and intangible fixed assets
673
1,531
Other
-
2,565
673
5,881
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-515": { "value": "8. Other income Other income consists of income that is not related to the Group\u2019s core activities such as gains on the sale of property, plant and equipment and intangible fixed assets, gains on the sale of subsidiaries, joint ventures or associates and other non-recurring income. Other income can be specified as follows:
2024
2023
Gain on sale of associates
-
1,785
Gain on sale of PP&E and intangible fixed assets
673
1,531
Other
-
2,565
673
5,881
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-551": { "value": "9. Impairments Non-financial assets that have an indefinite useful life and intangible assets that are not ready to use are not subject to depreciation or amortisation but are tested annually for impairment. Non-financial assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (CGUs). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date. 16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. 18. Other financial assets If the credit risk on a financial asset has not increased significantly since initial recognition, the loss allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a financial asset has significantly changed since initial recognition the loss allowance equals the lifetime expected credit losses. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Indications of increase in credit risk for financial assets include debtors experiencing significant financial difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime credit losses is measured as the difference between the financial asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. 20. Trade and other receivables For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-544": { "value": "9. Impairments Non-financial assets that have an indefinite useful life and intangible assets that are not ready to use are not subject to depreciation or amortisation but are tested annually for impairment. Non-financial assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (CGUs). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date. 16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-534": { "value": "9. Impairments Non-financial assets that have an indefinite useful life and intangible assets that are not ready to use are not subject to depreciation or amortisation but are tested annually for impairment. Non-financial assets that are subject to depreciation or amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (CGUs). Prior impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Notes
2024
2023
Property, plant and equipment
14
5,140
-
ROU assets
15
1,487
-
Inventories
19
(2,194)
3,559
Impairments
4,433
3,559
16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
Goodwill
Software
Other
Total
As at 1 January 2023
Cost
684,284
42,011
11,127
737,422
Accumulated amortisation and
impairments
(367,823)
(35,657)
(8,426)
(411,906)
316,461
6,354
2,701
325,516
Additions
-
4,312
-
4,312
Amortisation
-
(3,488)
(786)
(4,274)
Exchange rate differences
2,299
1
-
2,300
318,760
7,179
1,915
327,854
As at 31 December 2023
Cost
686,757
38,088
11,232
736,077
Accumulated amortisation and
impairments
(367,997)
(30,909)
(9,317)
(408,223)
318,760
7,179
1,915
327,854
Goodwill
Software
Other
Total
As at 1 January 2024
318,760
7,179
1,915
327,854
Additions
-
12,323
-
12,323
Amortisation
-
(3,109)
(782)
(3,891)
Reclassifications
-
5,222
-
5,222
Exchange rate differences
6,491
156
-
6,647
325,251
21,771
1,133
348,155
As at 31 December 2024
Cost
693,743
55,970
11,228
760,941
Accumulated amortisation and
impairments
(368,492)
(34,199)
(10,095)
(412,786)
325,251
21,771
1,133
348,155
16.1 Goodwill Goodwill related to BAM Nuttall and BAM Construct UK are assessed as significant balances. The carrying amounts of goodwill for these CGUs are as follows:
2024
2023
BAM Nuttall
69,592
66,418
BAM Construct UK
63,708
60,802
Other CGUs (with non-significant goodwill balance)
191,951
191,539
As at 31 December
325,251
318,759
The recoverable amount of each CGU was determined based on value-in-use calculations. Value-in-use was determined using discounted cash flow projections that cover an explicit period of five years based on financial plans approved by management and a terminal value. Key assumptions applied in determining the value-in-use are the discount rate (WACC), revenue growth rate and profit before tax margin. If and when these assumptions would change in the future, this could have significant impact on the CGU\u2019s value in use, which might give rise to an impairment. The discount rate has been determined consistent with the other parameters of the impairment test. The (pre-tax) WACC used to determine the value in use of each CGU is 7.9% (2023: 9.6% ) subject to country specific adjustments. The key assumptions used in the value-in-use calculations for CGUs with significant allocated goodwill are as specified in the following table.
Revenue Revenue Profit Profit
Discount growth growth beyond margin margin
rate in forecast forecast in forecast after forecast
(pre-tax) period period period period
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
BAM Construct UK
8.8%
10.3%
3.4%
1.5%
2.0%
3.0%
3.3%
3.1%
3.6%
3.6%
BAM Nuttall
8.6%
10.3%
0.9%
3.6%
2.0%
3.0%
3.6%
3.0%
3.7%
3.4%
Revenue growth rates are based on the average annual growth rate from past performance and management\u2019s expectations of market development referenced to external sources of information. The profit margin is the profit before tax margin as a percentage of revenue and is based on past performance and the development to a realistic normalised margin in the respective CGU. The impairment tests in 2024 did not result in impairments (2023: no impairments). The recoverable amounts of all CGUs exceed their carrying amounts with sufficient headroom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-548": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-541": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate .
2024
2023
Finance income
Interest income
23,400
23,262
Finance expense
Interest expense on lease liabilities
10,043
7,988
Interest expense on other financial liabilities
8,601
7,313
Less: capitalised interest on property development projects
(3,782)
(4,878)
14,862
10,423
Net finance result
8,538
12,839
The average interest rate for capitalised interest on property development projects for 2024 is 5.5% (2023: 6.1%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-535": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method.
2024
2023
Finance income
Interest income
23,400
23,262
Finance expense
Interest expense on lease liabilities
10,043
7,988
Interest expense on other financial liabilities
8,601
7,313
Less: capitalised interest on property development projects
(3,782)
(4,878)
14,862
10,423
Net finance result
8,538
12,839
The average interest rate for capitalised interest on property development projects for 2024 is 5.5% (2023: 6.1%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-527": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method.
2024
2023
Finance income
Interest income
23,400
23,262
Finance expense
Interest expense on lease liabilities
10,043
7,988
Interest expense on other financial liabilities
8,601
7,313
Less: capitalised interest on property development projects
(3,782)
(4,878)
14,862
10,423
Net finance result
8,538
12,839
The average interest rate for capitalised interest on property development projects for 2024 is 5.5% (2023: 6.1%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-516": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-495": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate
2024
2023
Finance income
Interest income
23,400
23,262
Finance expense
Interest expense on lease liabilities
10,043
7,988
Interest expense on other financial liabilities
8,601
7,313
Less: capitalised interest on property development projects
(3,782)
(4,878)
14,862
10,423
Net finance result
8,538
12,839
The average interest rate for capitalised interest on property development projects for 2024 is 5.5%
(2023: 6.1%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method.
2024
2023
Finance income
Interest income
23,400
23,262
Finance expense
Interest expense on lease liabilities
10,043
7,988
Interest expense on other financial liabilities
8,601
7,313
Less: capitalised interest on property development projects
(3,782)
(4,878)
14,862
10,423
Net finance result
8,538
12,839
The average interest rate for capitalised interest on property development projects for 2024 is 5.5% (2023: 6.1%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "10. Finance income and expense Finance income is recognised using the effective interest method. Finance income on impaired loan and receivables is recognised using the original effective interest rate . Finance expenses comprise interest expenses on borrowings, deposits, cash positions, lease liabilities, finance lease expenses, gains and losses relating to hedging instruments and other financial expenses. Interest expenses on borrowings and lease liabilities are recognised in the income statement using the effective interest method.
2024
2023
Finance income
Interest income
23,400
23,262
Finance expense
Interest expense on lease liabilities
10,043
7,988
Interest expense on other financial liabilities
8,601
7,313
Less: capitalised interest on property development projects
(3,782)
(4,878)
14,862
10,423
Net finance result
8,538
12,839
The average interest rate for capitalised interest on property development projects for 2024 is 5.5% (2023: 6.1%). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-496": { "value": "11. Income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income respectively directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It adjusts and/or establishes tax assets and tax liabilities where appropriate on the basis of amounts expected to be paid to or received from tax authorities. Deferred income tax is recognised on temporary differences arising between the taxbases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "value": "11. Income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income respectively directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It adjusts and/or establishes tax assets and tax liabilities where appropriate on the basis of amounts expected to be paid to or received from tax authorities. Deferred income tax is recognised on temporary differences arising between the taxbases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "11. Income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income respectively directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It adjusts and/or establishes tax assets and tax liabilities where appropriate on the basis of amounts expected to be paid to or received from tax authorities. Deferred income tax is recognised on temporary differences arising between the taxbases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.11.2 Deferred income tax
2024
2023
Deferred tax assets
111,875
82,446
Deferred tax liabilities
(6,919)
(14,848)
Deferred tax assets (net)
104,956
67,598
Deferred tax assets in a country are recognised only to the extent that it is probable that future taxable profits in that country are available against which the deductible temporary differences, available tax credits and available tax losses carry-forwards can be utilised. The assessment as to whether an entity will have sufficient taxable profits in the future is a matter requiring careful judgement based on the facts and circumstances available. Although the profit forecast shows that sufficient profit should be available in coming years to recognise a deferred tax asset for compensating losses, the Group performed further analysis of all positive and negative evidence to substantiate the position. The nature of the convincing evidence did not change significantly compared to 31 December 2023, except for the forecasted future taxable profits. The increase in deferred taxes is mainly driven by the reassessment of the Group\u2019s forecasted taxable profits for the years 2025 \u2013 2029, which resulted in the recognition of additional deferred tax assets relating to available tax losses mainly in the Netherlands. Furthermore, the envisaged wind down of foreign operations and subsequent liquidation of legal entities resulted in additional future tax deductions (reflected as intangible assets and financial assets in the deferred tax movement schedule below) in the Netherlands. On balance deferred tax assets increased by \u20ac37 million. The breakdown of deferred income tax assets and liabilities is as follows:
Deferred tax assets
Deferred tax liabilities
Net deferred tax
2024
2023
2024
2023
2024
2023
Intangible and financial assets
36,975
24,680
-
-
36,975
24,680
Tangible assets
2,300
3,881
44,420
39,617
(42,120)
(35,736)
Trade and other receivables
1,115
1,115
-
-
1,115
1,115
Loans and borrowings
42,349
38,517
265
2,032
42,084
36,485
Derivatives
-
340
181
31
(181)
309
Employee benefits provision
25
18
10,954
12,880
(10,929)
(12,862)
Other provisions
8,229
5,251
-
-
8,229
5,251
Current liabilities
-
-
-
1,091
-
(1,091)
Tax loss and tax credits
69,783
49,447
-
-
69,783
49,447
Subtotal
160,776
123,249
55,820
55,651
104,956
67,598
Netting
(48,901)
(40,803)
(48,901)
(40,803)
-
-
Total reported
111,875
82,446
6,919
14,848
104,956
67,598
Tax loss and tax credits as of 31 December 2024 can be further specified by country as follows:
Total available
of which
Deferred
income tax
recognised
Tax rate
tax asset
Netherlands
392,913
251,500
25.8%
64,887
United Kingdom
-
-
25.0%
-
Ireland
19,589
2,563
12.5%
328
Belgium
28,905
18,270
25.0%
4,568
Germany
607,509
-
30.0% -
Total
1,048,916
272,333
69,783
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
(Charged)/
(Charged)/ credited to
As at credited to other Changes in Exchange As at
1 January the income comprehensive enacted Disposal of rate 31 December
2024 statement income tax rates subsidiary
differences
Other
2024
Intangible and financial assets
24,680
12,295
-
-
-
-
-
36,975
Tangible assets
(35,735)
(3,171)
-
-
-
(183)
(3,031)
(42,120)
Trade and other receivables
1,115
-
-
-
-
-
-
1,115
Loans and borrowings
36,485
2,573
-
-
-
-
3,026
42,084
Derivatives
309
(490)
-
-
-
-
-
(181)
Employee benefits provision
(12,861)
(2,178)
4,277
-
-
(549)
382
(10,929)
Other provisions
5,249
2,695
-
-
-
285
-
8,229
Current liabilities
(1,092)
1,092
-
-
-
-
-
-
Tax loss and tax credits
49,447
20,686
-
-
-
-
(350)
69,783
Total
67,597
33,502
4,277
-
-
(447)
27
104,956
(Charged)/
(Charged)/ credited to
As at credited to other Changes in Exchange As at
1 January the income comprehensive enacted Disposal of rate 31 December
2023 statement income tax rates subsidiary
differences
Other
2023
Intangible and financial assets
3,751
20,929
-
-
-
-
-
24,680
Tangible assets
(28,661)
(8,683)
-
-
10
29
1,570
(35,735)
Trade and other receivables
19
1,096
-
-
-
-
-
1,115
Loans and borrowings
32,137
5,850
-
-
-
-
(1,502)
36,485
Derivatives
(135)
349
95
-
-
-
-
309
Employee benefits provision
(17,952)
(2,662)
7,965
-
-
(293)
81
(12,861)
Other provisions
3,218
1,998
-
-
(9)
43
(1)
5,249
Current liabilities
(1,834)
804
-
-
-
-
(62)
(1,092)
Tax loss and tax credits
48,374
1,201
-
-
(128)
-
-
49,447
Total
38,917
20,882
8,060
-
(127)
(221)
86
67,597
Netherlands Tax losses available to the fiscal unity in the Netherlands at 31 December 2024 amount to approximately \u20ac393 million (2023: \u20ac442 million). These available tax losses relate to the years 2013 - 2017 and result to a large extent from identifiable causes, including significant impairments on properties and significant restructuring costs which are both unlikely to recur. Available tax losses can be carried forward to be offset against future profits indefinitely and can be utilised up to 50% for a taxable profit exceeding \u20ac1 million. Based on estimates and timing of future taxable profits within the fiscal unity in the Netherlands for the upcoming five years, approximately \u20ac252 million of these losses are recognised (2023: \u20ac173 million). Management estimates of forecasted taxable profits in the Netherlands are based on financial budgets approved by management, extrapolated using growth rates for revenue and profit before tax margins that take into account external market data and benchmark information and taking into account past performance. Growth rates for revenue and profit before tax margins are in line with the Group\u2019s mid- and long-term expectations. Subsequently these forecasts have been reduced to meet the recognition criteria for deferred tax assets. No specific tax planning opportunities have been taken into account. Furthermore, envisaged wind down of foreign operations and subsequent liquidation of legal entities resulted in additional future tax deductions in the Netherlands, resulting in a deferred tax assets of \u20ac32 million relating to intangible assets. Ireland In Ireland the Group has several legal entities that have available tax losses. These entities do not form a tax group and available tax losses can only be settled by the legal entity that has incurred the losses. At 31 December 2024 the total amount of tax losses available are \u20ac20 million, of which \u20ac3 million is recognised (2023: \u20ac23 million of which nil recognised). The legal term within which these losses may be offset against future profits is indefinite. Belgium In Belgium the Group has several legal entities that have available tax losses. These entities do not form a tax group and available tax losses can only be settled by the legal entity that has incurred the losses. At 31 December 2024 the total amount of tax losses available are \u20ac29 million, of which \u20ac18 million is recognised (2023: \u20ac33 million of which \u20ac20 million recognised). The legal term within which these losses may be offset against future profits is indefinite. Germany Although the group has sold its German activities, a number of German legal entities remain present in the Group\u2019s legal structure. These entities have tax losses available for future settlement of in total approximately \u20ac607 million, for which no deferred tax asset has been recognized (2023: \u20ac610 million of which nil recognised). The legal term within which these losses may be offset against future profits is indefinite.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "11. Income tax The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income respectively directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It adjusts and/or establishes tax assets and tax liabilities where appropriate on the basis of amounts expected to be paid to or received from tax authorities. Deferred income tax is recognised on temporary differences arising between the taxbases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred income tax liabilities are provided on taxable temporary differences arising from investments in subsidiaries, associates and joint arrangements, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are recognised on deductible temporary differences arising from investments in subsidiaries, associates and joint arrangements only to the extent that it is probable the temporary difference will reverse in the future and there is sufficient taxable profit available against which the temporary difference can be utilised. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.11.1 Income tax expense
2024
2023
Current tax
38,666
30,093
Deferred tax
(33,502)
(21,479)
5,164
8,614
The weighted average tax rate applicable was 20.5% (2023: 23.7%). Income tax on the Group\u2019s result before tax differs from the theoretical amount that would arise using BAM\u2019s weighted average tax rate, caused by the main items: \u2022 Reassessment of the utilisation potential for available tax losses have resulted in recognition of previously unrecognised tax losses, mainly in the Netherlands, decreased the effective tax rate. This includes the effect of the envisaged wind down of foreign operations and subsequent liquidation of legal entities, which results in additional future tax deductions in the Netherlands. \u2022 The Group\u2019s share in results of joint ventures and associates is subject to the participation exemption. This increases the effective tax rate. \u2022 For operational losses in several countries, no deferred tax assets have been recognized as no or insufficient future taxable profits are expected, increasing the effective tax rate. \u2022 Non-refundable financing to wound down operations are not deductible for tax purposes in the current year. As a result non-deductible expenses increased the effective tax rate. On the other hand these expenses will be deductible in the future actual year of liquidation. Therefore, additional deferred tax assets have been recognized for these expenses. This can be further specified as follows
2024
2023
Result before tax (including discontinued operations)
87,400
183,568
Tax calculated at Dutch tax rate of 25.8%;
22,549
47,361
Tax effects of:
\u2022 Tax rates in other countries
(4,665)
(3,770)
\u2022 Non deductible expenses
18,576
2,270
\u2022 Adjustments from filing tax returns
(8,566)
(846)
\u2022 Previously unrecognised tax losses
(48,488)
(44,717)
\u2022 Tax losses no(t) (longer) recognised
5,031
14,458
\u2022 Results of investments and other participations
18,171
(4,796)
\u2022 Change in uncertain tax provisions
2,556
(804)
\u2022 Other including expenses not deductible for tax purposes
-
(542)
Tax charge/(gain)
5,164
8,614
Effective tax rate
5.9%
4.7%
In December 2023, the Council of the European Union unanimously adopted the Directive implementing Pillar Two global minimum tax rules. This directive aims to ensure a global minimum level of taxation of 15% in all countries in which multinationals are present. The Group completed an assessment of the impact of the new rules based on initiatives presented by governments in countries in which the Group is active. Based on this assessment the Group expects to meet the transitional safe harbour requirements in almost all jurisdictions. In jurisdictions where transitional safe harbour requirements are not met, the
Pillar Two charge is assessed to be immaterial. The adoption of the Pillar Two Model rules by the
jurisdictions in which the Group operates, is expected to have no material impact.
In all relevant jurisdictions the applicable tax rate is around 25%, well above the minimum rate of 15%.
The only exception is Ireland, where the corporate income tax rate is 12.5% for trading income and 25% for
non-trading income. At the current mix of income, the Group expects an effective tax rate in Ireland of
circa 15% and thus no material additional Pillar Two charge is expected. The Group applies the mandatory
temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional
implementation of the Pillar Two model rules.
11.2 Deferred income tax
2024
2023
Deferred tax assets
111,875
82,446
Deferred tax liabilities
(6,919)
(14,848)
Deferred tax assets (net)
104,956
67,598
Deferred tax assets in a country are recognised only to the extent that it is probable that future taxable
profits in that country are available against which the deductible temporary differences, available tax
credits and available tax losses carry-forwards can be utilised. The assessment as to whether an entity will
have sufficient taxable profits in the future is a matter requiring careful judgement based on the facts and
circumstances available. Although the profit forecast shows that sufficient profit should be available in
coming years to recognise a deferred tax asset for compensating losses, the Group performed further
analysis of all positive and negative evidence to substantiate the position. The nature of the convincing
evidence did not change significantly compared to 31 December 2023, except for the forecasted future
taxable profits.
The increase in deferred taxes is mainly driven by the reassessment of the Group\u2019s forecasted taxable
profits for the years 2025 \u2013 2029, which resulted in the recognition of additional deferred tax assets
relating to available tax losses mainly in the Netherlands. Furthermore, the envisaged wind down of
foreign operations and subsequent liquidation of legal entities resulted in additional future tax deductions
(reflected as intangible assets and financial assets in the deferred tax movement schedule below) in the
Netherlands. On balance deferred tax assets increased by \u20ac37 million.
The breakdown of deferred income tax assets and liabilities is as follows:
Deferred tax assets
Deferred tax liabilities
Net deferred tax
2024
2023
2024
2023
2024
2023
Intangible and financial assets
36,975
24,680
-
-
36,975
24,680
Tangible assets
2,300
3,881
44,420
39,617
(42,120)
(35,736)
Trade and other receivables
1,115
1,115
-
-
1,115
1,115
Loans and borrowings
42,349
38,517
265
2,032
42,084
36,485
Derivatives
-
340
181
31
(181)
309
Employee benefits provision
25
18
10,954
12,880
(10,929)
(12,862)
Other provisions
8,229
5,251
-
-
8,229
5,251
Current liabilities
-
-
-
1,091
-
(1,091)
Tax loss and tax credits
69,783
49,447
-
-
69,783
49,447
Subtotal
160,776
123,249
55,820
55,651
104,956
67,598
Netting
(48,901)
(40,803)
(48,901)
(40,803)
-
-
Total reported
111,875
82,446
6,919
14,848
104,956
67,598
Tax loss and tax credits as of 31 December 2024 can be further specified by country as follows:
Total available
of which
Deferred
income tax
recognised
Tax rate
tax asset
Netherlands
392,913
251,500
25.8%
64,887
United Kingdom
-
-
25.0%
-
Ireland
19,589
2,563
12.5%
328
Belgium
28,905
18,270
25.0%
4,568
Germany
607,509
-
30.0% -
Total
1,048,916
272,333
69,783
The movement in deferred income tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdiction, is as follows:
(Charged)/
(Charged)/ credited to
As at credited to other Changes in Exchange As at
1 January the income comprehensive enacted Disposal of rate 31 December
2024 statement income tax rates subsidiary
differences
Other
2024
Intangible and financial assets
24,680
12,295
-
-
-
-
-
36,975
Tangible assets
(35,735)
(3,171)
-
-
-
(183)
(3,031)
(42,120)
Trade and other receivables
1,115
-
-
-
-
-
-
1,115
Loans and borrowings
36,485
2,573
-
-
-
-
3,026
42,084
Derivatives
309
(490)
-
-
-
-
-
(181)
Employee benefits provision
(12,861)
(2,178)
4,277
-
-
(549)
382
(10,929)
Other provisions
5,249
2,695
-
-
-
285
-
8,229
Current liabilities
(1,092)
1,092
-
-
-
-
-
-
Tax loss and tax credits
49,447
20,686
-
-
-
-
(350)
69,783
Total
67,597
33,502
4,277
-
-
(447)
27
104,956
(Charged)/
(Charged)/ credited to
As at credited to other Changes in Exchange As at
1 January the income comprehensive enacted Disposal of rate 31 December
2023 statement income tax rates subsidiary
differences
Other
2023
Intangible and financial assets
3,751
20,929
-
-
-
-
-
24,680
Tangible assets
(28,661)
(8,683)
-
-
10
29
1,570
(35,735)
Trade and other receivables
19
1,096
-
-
-
-
-
1,115
Loans and borrowings
32,137
5,850
-
-
-
-
(1,502)
36,485
Derivatives
(135)
349
95
-
-
-
-
309
Employee benefits provision
(17,952)
(2,662)
7,965
-
-
(293)
81
(12,861)
Other provisions
3,218
1,998
-
-
(9)
43
(1)
5,249
Current liabilities
(1,834)
804
-
-
-
-
(62)
(1,092)
Tax loss and tax credits
48,374
1,201
-
-
(128)
-
-
49,447
Total
38,917
20,882
8,060
-
(127)
(221)
86
67,597
Netherlands
Tax losses available to the fiscal unity in the Netherlands at 31 December 2024 amount to approximately
\u20ac393 million (2023: \u20ac442 million). These available tax losses relate to the years 2013 - 2017 and result to
a large extent from identifiable causes, including significant impairments on properties and significant
restructuring costs which are both unlikely to recur. Available tax losses can be carried forward to be
offset against future profits indefinitely and can be utilised up to 50% for a taxable profit exceeding
\u20ac1 million. Based on estimates and timing of future taxable profits within the fiscal unity in the
Netherlands for the upcoming five years, approximately \u20ac252 million of these losses are recognised
(2023: \u20ac173 million). Management estimates of forecasted taxable profits in the Netherlands are based
on financial budgets approved by management, extrapolated using growth rates for revenue and profit
before tax margins that take into account external market data and benchmark information and taking
into account past performance. Growth rates for revenue and profit before tax margins are in line with
the Group\u2019s mid- and long-term expectations. Subsequently these forecasts have been reduced to meet
the recognition criteria for deferred tax assets. No specific tax planning opportunities have been taken
into account. Furthermore, envisaged wind down of foreign operations and subsequent liquidation of
legal entities resulted in additional future tax deductions in the Netherlands, resulting in a deferred tax
assets of \u20ac32 million relating to intangible assets.
Ireland
In Ireland the Group has several legal entities that have available tax losses. These entities do not form
a tax group and available tax losses can only be settled by the legal entity that has incurred the losses.
At 31 December 2024 the total amount of tax losses available are \u20ac20 million, of which \u20ac3 million is
recognised (2023: \u20ac23 million of which nil recognised). The legal term within which these losses may
be offset against future profits is indefinite.
Belgium
In Belgium the Group has several legal entities that have available tax losses. These entities do not
form a tax group and available tax losses can only be settled by the legal entity that has incurred
the losses. At 31 December 2024 the total amount of tax losses available are \u20ac29 million, of which
\u20ac18 million is recognised (2023: \u20ac33 million of which \u20ac20 million recognised). The legal term within
which these losses may be offset against future profits is indefinite.
Germany
Although the group has sold its German activities, a number of German legal entities remain present
in the Group\u2019s legal structure. These entities have tax losses available for future settlement of in total
approximately \u20ac607 million, for which no deferred tax asset has been recognized (2023: \u20ac610 million
of which nil recognised). The legal term within which these losses may be offset against future profits
is indefinite.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-497": { "value": "12. Discontinued operations A discontinued operation is a component of the Group that has been disposed or is classified as held for sale, and represents a separate major line of business or geographical area of operations or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. The results of discontinued operations are excluded from the results of continued operations and are presented separately as a single amount in the income statement. When applicable, the results of prior periods are represented. Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale rather than through continuing use. For this to be the case the asset (or disposal group) must be available for immediate sale in its present condition and its sale must be highly probable. Non-current assets (or disposal groups) classified as held for sale are measured at the lower of the asset\u2019s carrying amount and the fair value less costs to sell. Depreciation or amortisation of an asset and equity accounting for joint ventures and associates ceases when it is classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "value": "12. Discontinued operations A discontinued operation is a component of the Group that has been disposed or is classified as held for sale, and represents a separate major line of business or geographical area of operations or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. The results of discontinued operations are excluded from the results of continued operations and are presented separately as a single amount in the income statement. When applicable, the results of prior periods are represented. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "12. Discontinued operations A discontinued operation is a component of the Group that has been disposed or is classified as held for sale, and represents a separate major line of business or geographical area of operations or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. The results of discontinued operations are excluded from the results of continued operations and are presented separately as a single amount in the income statement. When applicable, the results of prior periods are represented. In December 2020, the Group sold 50% of the shares of BAM PPP (currently known as Invesis), until then a wholly owned subsidiary, to PGGM Infrastructure Fund (\u201cPGGM\u201d). Consequently, the consolidated results of BAM PPP were reported as results from discontinued operations. As part of the sale, the Group and PGGM agreed on a contingent consideration of up to \u20ac25 million, becoming payable when secured equity commitments in the period 2021 - 2025 exceed a certain threshold. At the time of the sale, the fair value of the contingent consideration was estimated at \u20ac2 million. In 2024, Invesis significantly increased its secured equity commitments. Upon Invesis\u2019 transfer to held for sale the Group reasessed the fair value of the contingent consideration. The reassessment was based on the performance in 2024 and the business plan for 2025. The fair value was estimated at \u20ac22.1 million, representing a gain of \u20ac20.1 million. The gain not subject to income tax and is reported as a result from discontinued operations as BAM PPP classified as a discontinued operation upon the partial divestment to PGGM in 2020. The contingent consideration will be settled upon the divestment of Invesis as further described in note 17. 22. Assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale rather than through continuing use. For this to be the case the asset (or disposal group) must be available for immediate sale in its present condition and its sale must be highly probable. Non-current assets (or disposal groups) classified as held for sale are measured at the lower of the asset\u2019s carrying amount and the fair value less costs to sell. Depreciation or amortisation of an asset and equity accounting for joint ventures and associates ceases when it is classified as held for sale. The breakdown of assets held for sale is as follows:
2024
2023
Investment in joint venture Invesis
80,389
-
Other
10,155
5,634
90,544
5,634
On 16 December 2024, the Group reached an agreement on the sale of its remaining 50%-share in Invesis to PGGM Infrastructure Fund. The consideration for the sale is \u20ac107.5 million in cash, including the settlement of the contingent consideration agreed in the previous transaction in 2020. Half of the consideration will be received in June 2025 and the remainder in December 2025. On a discounted basis, the fair value of the consideration is \u20ac104.4 million. Closing of the transaction is subject to various conditions, including required regulatory approvals, and is expected in the first quarter of 2025. The carrying amount of Invesis of \u20ac187.4 million, previously included in investments in joint ventures and associates, was transferred to assets held for sale. Upon the transfer to held for sale, the Group: \u2022 reassessed the fair value of the contingent consideration that was agreed in partial sale of Invesis to PGGM in 2020, resulting in an increase from \u20ac2 million to \u20ac22 million. The related gain qualifies as a result from discontinued operations as further disclosed in note 12; \u2022 recognised an impairment of \u20ac107.0 million on the carrying amount of the joint venture; and \u2022 discontinued hedge accounting and therefore reclassified Invesis\u2019 reserves of \u20ac31.3 million to the income statement. The impairment of the carrying amount of the joint venture is specified as follows:
2024
Fair value of consideration
104,389
Settlement contingent consideration related to sale in 2020 and other items
(23,000)
81,389
Cost to sell (1,000)
Carrying amount of joint venture
(187,383)
Impairment
(106,994)
Invesis\u2019 result for 2024 can be summarised as follows:
2024
Share in result joint venture before transfer to held for sale
(1,484)
Reclassification of reserves
31,290
Impairment
(106,994)
Share in result of joint venture
(77,188)
Other assets held for sale include equipment of BAM Infra Funderingstechnieken. The Group reached a sale agreement with a third party and the assets transferred in February 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "12. Discontinued operations A discontinued operation is a component of the Group that has been disposed or is classified as held for sale, and represents a separate major line of business or geographical area of operations or is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations. The results of discontinued operations are excluded from the results of continued operations and are presented separately as a single amount in the income statement. When applicable, the results of prior periods are represented. In December 2020, the Group sold 50% of the shares of BAM PPP (currently known as Invesis), until then a wholly owned subsidiary, to PGGM Infrastructure Fund (\u201cPGGM\u201d). Consequently, the consolidated results of BAM PPP were reported as results from discontinued operations. As part of the sale, the Group and PGGM agreed on a contingent consideration of up to \u20ac25 million, becoming payable when secured equity commitments in the period 2021 - 2025 exceed a certain threshold. At the time of the sale, the fair value of the contingent consideration was estimated at \u20ac2 million. In 2024, Invesis significantly increased its secured equity commitments. Upon Invesis\u2019 transfer to held for sale the Group reasessed the fair value of the contingent consideration. The reassessment was based on the performance in 2024 and the business plan for 2025. The fair value was estimated at \u20ac22.1 million, representing a gain of \u20ac20.1 million. The gain not subject to income tax and is reported as a result from discontinued operations as BAM PPP classified as a discontinued operation upon the partial divestment to PGGM in 2020. The contingent consideration will be settled upon the divestment of Invesis as further described in note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "13. Earnings per share Basic EPS is the profit or loss attributable to ordinary shareholders of the Company divided by the weighted average number of ordinary shares outstanding during the year. Diluted EPS adjusts both the profit or loss attributable to ordinary shareholders of the Company and the weighed average number of ordinary shares for the effect of dilution. Basic EPS and diluted EPS from continued operations solely include the profit or loss from continued operations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "value": "13. Earnings per share Basic EPS is the profit or loss attributable to ordinary shareholders of the Company divided by the weighted average number of ordinary shares outstanding during the year. Diluted EPS adjusts both the profit or loss attributable to ordinary shareholders of the Company and the weighed average number of ordinary shares for the effect of dilution. Basic EPS and diluted EPS from continued operations solely include the profit or loss from continued operations.
2024
2023
Weighted average number of ordinary shares in issue (x 1,000)
268,969
269,966
Net result attributable to shareholders
82,248
174,991
Basic earnings per share (in \u20ac)
0.31
0.65
Net result from continued operations attributable to shareholders
62,179
174,991
Basic earnings per share from continued operations (in \u20ac)
0.23
0.65
Net result from discontinued operations attributable to shareholders
20,069
-
Basic earnings per share from discontinued operations (in \u20ac)
0.07
-
Diluted weighted average number of ordinary shares in issue (x 1,000)
270,597
274,336
Diluted earnings per share (in \u20ac)
0.30
0.64
Diluted earnings per share from continued operations (in \u20ac)
0.23
0.64
Diluted earnings per share from discontinued operations (in \u20ac)
0.07
-
The dilution effect to the number of ordinary shares is 1.6 million shares (2023: 4.4 million) and relates to share-based payment plans. It represents the number of shares that would vest at the balance sheet date if that would be the end of the vesting period. There is no dilution effect on the Group\u2019s result.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "value": "
14. Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and
impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition
or construction of the asset. Subsequent costs are included in the asset\u2019s carrying amount or
recognised as a separate asset, only when it is probable that future economic benefits associated
with the item will flow to the Group and the cost of the item can be measured reliably. Other costs
are charged to the income statement when incurred.
Land is not depreciated. Depreciation on other assets is determined using the straight-line method
to allocate their cost to their residual values over their estimated useful lifes. The useful life of
buildings is between 10 and 50 years, the useful life of other assets is between 4 and 10 years.
At the end of the reporting period, the assets\u2019 residual values and useful lives are reviewed and
adjusted if appropriate. Also the carrying amounts of assets are reviewed to assess whether there
is an indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is
determined. An asset\u2019s carrying amount is written down immediately to its recoverable amount if
the asset\u2019s carrying amount is greater than its estimated recoverable amount.
The gain or loss on disposal of an item of property, plant and equipment is determined by
comparing the proceeds of the disposal to the carrying amount of the asset. A gain is recognised in
other income, a loss is recognised as an impairment.
Land and Plant and Construction
buildings equipment
in progress
Other assets
Total
As at 1 January 2023
Cost
125,599
287,653
16,814
86,555
516,621
Accumulated depreciation
and impairments
(63,577)
(191,237)
-
(62,262)
(317,076)
62,022
96,416
16,814
24,293
199,545
Additions
3,834
43,515
21,155
11,501
80,005
Disposals
(204)
(2,970)
(837)
(941)
(4,952)
Reclassifications
205
4,561
(3,000)
(1,294)
472
Depreciation charges
(6,548)
(22,343)
-
(10,410)
(39,301)
Exchange rate differences
54
484
17
87
642
59,363
119,663
34,149
23,236
236,411
As at 31 December 2023
Cost
129,669
318,723
34,149
96,710
579,251
Accumulated depreciation
and impairments
(70,306)
(199,060)
-
(73,474)
(342,840)
59,363
119,663
34,149
23,236
236,411
Land and Plant and Construction Other
buildings equipment in progress
assets
Total
As at 1 January 2024
59,363
119,663
34,149
23,236
236,411
Additions
10,997
38,077
12,720
11,205
72,999
Disposals
(248)
(927)
(2,774)
(172)
(4,121)
Reclassifications
10,184
8,084
(24,340)
788
(5,284)
Transfer to assets held for sale
-
(10,155)
-
-
(10,155)
Impairment charges
(1,502)
(3,638)
-
-
(5,140)
Depreciation charges
(7,031)
(22,936)
-
(11,940)
(41,907)
Exchange rate differences
321
880
278
194
1,673
72,084
129,048
20,033
23,311
244,476
As at 31 December 2024
Cost
146,913
300,907
20,033
106,816
574,669
Accumulated depreciation
and impairments
(74,829)
(171,859)
-
(83,505)
(330,193)
72,084
129,048
20,033
23,311
244,476
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-517": { "value": "14. Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition or construction of the asset. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Other costs are charged to the income statement when incurred. Land is not depreciated. Depreciation on other assets is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lifes. The useful life of buildings is between 10 and 50 years, the useful life of other assets is between 4 and 10 years.
Land and Plant and Construction
buildings equipment
in progress
Other assets
Total
As at 1 January 2023
Cost
125,599
287,653
16,814
86,555
516,621
Accumulated depreciation
and impairments
(63,577)
(191,237)
-
(62,262)
(317,076)
62,022
96,416
16,814
24,293
199,545
Additions
3,834
43,515
21,155
11,501
80,005
Disposals
(204)
(2,970)
(837)
(941)
(4,952)
Reclassifications
205
4,561
(3,000)
(1,294)
472
Depreciation charges
(6,548)
(22,343)
-
(10,410)
(39,301)
Exchange rate differences
54
484
17
87
642
59,363
119,663
34,149
23,236
236,411
As at 31 December 2023
Cost
129,669
318,723
34,149
96,710
579,251
Accumulated depreciation
and impairments
(70,306)
(199,060)
-
(73,474)
(342,840)
59,363
119,663
34,149
23,236
236,411
Land and Plant and Construction Other
buildings equipment in progress
assets
Total
As at 1 January 2024
59,363
119,663
34,149
23,236
236,411
Additions
10,997
38,077
12,720
11,205
72,999
Disposals
(248)
(927)
(2,774)
(172)
(4,121)
Reclassifications
10,184
8,084
(24,340)
788
(5,284)
Transfer to assets held for sale
-
(10,155)
-
-
(10,155)
Impairment charges
(1,502)
(3,638)
-
-
(5,140)
Depreciation charges
(7,031)
(22,936)
-
(11,940)
(41,907)
Exchange rate differences
321
880
278
194
1,673
72,084
129,048
20,033
23,311
244,476
As at 31 December 2024
Cost
146,913
300,907
20,033
106,816
574,669
Accumulated depreciation
and impairments
(74,829)
(171,859)
-
(83,505)
(330,193)
72,084
129,048
20,033
23,311
244,476
15. Leases The Group recognises a right-of-use asset and lease liability at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairments and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. At the end of each reporting period the carrying amounts of right-of-use assets are reviewed to assess whether there is an indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is determined. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. The estimated useful life of the majority of right-of-use assets are as follows: Land and buildings 5 to 25 years Cars 1 to 6 years Equipment and installation 1 to 11 years IT equipment 1 to 6 years Other 1 to 10 years
15.1 Right of use assets
Equipment
Land and and IT
buildings installation
equipment
Cars
Other
Total
As at 1 January 2023
77,962
9,885
86
82,652
152
170,737
Additions
16,968
19,920
268
70,121
129
107,406
Disposals
(464)
(34)
-
(402)
-
(900)
Depreciation charges
(17,810)
(13,974)
(194)
(43,848)
(1,892)
(77,718)
Remeasurements
(1,536)
10,883
-
2,179
5,779
17,305
Reclassifications
(108)
(399)
-
451
-
(56)
Exchange rate differences
337
81
-
236
5
659
(2,613)
16,477
74
28,737
4,021
46,696
As at 31 December 2023
75,349
26,362
160
111,389
4,173
217,433
Additions
4,691
29,634
52
67,721
120
102,218
Disposals
(109)
-
-
-
-
(109)
Depreciation charges
(15,509)
(14,998)
(163)
(50,426)
(874)
(81,970)
Impairment
(1,487)
-
-
-
-
(1,487)
Remeasurements
7,178
(5,400)
-
300
(28)
2,050
Exchange rate differences
658
1,207
4
1,160
50
3,079
(4,578)
10,443
(107)
18,755
(732)
23,781
As at 31 December 2024
70,771
36,805
53
130,144
3,441
241,214
15.3 Other lease disclosures The following are the amounts recognised in profit or loss and statement of cash flows
2024
2023
Profit or loss
Depreciation expense of right-of-use assets
81,970
77,718
Interest expense on lease liabilities
10,043
7,611
Impairment of right-of-use assets
1,487
-
Rent expenses \u2013 short term leases
58,681
52,863
Total
152,181
138,192
16 . Intangible assets (b) Software Software is stated at cost less accumulated amortisation and impairment losses. The cost of software includes direct labour and any other costs directly attributable to developing the software for its intended use. Amortisation for software is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lives (between four and ten years). The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. (c) Other Other intangible assets relate to market positions (including brand names) are stated at cost less accumulated amortisation and impairment losses. Amortisation on other intangible assets is calculated over their estimated useful lives (generally between two and ten years). The assets\u2019 useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.
Goodwill
Software
Other
Total
As at 1 January 2023
Cost
684,284
42,011
11,127
737,422
Accumulated amortisation and
impairments
(367,823)
(35,657)
(8,426)
(411,906)
316,461
6,354
2,701
325,516
Additions
-
4,312
-
4,312
Amortisation
-
(3,488)
(786)
(4,274)
Exchange rate differences
2,299
1
-
2,300
318,760
7,179
1,915
327,854
As at 31 December 2023
Cost
686,757
38,088
11,232
736,077
Accumulated amortisation and
impairments
(367,997)
(30,909)
(9,317)
(408,223)
318,760
7,179
1,915
327,854
Goodwill
Software
Other
Total
As at 1 January 2024
318,760
7,179
1,915
327,854
Additions
-
12,323
-
12,323
Amortisation
-
(3,109)
(782)
(3,891)
Reclassifications
-
5,222
-
5,222
Exchange rate differences
6,491
156
-
6,647
325,251
21,771
1,133
348,155
As at 31 December 2024
Cost
693,743
55,970
11,228
760,941
Accumulated amortisation and
impairments
(368,492)
(34,199)
(10,095)
(412,786)
325,251
21,771
1,133
348,155
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "14. Property, plant and equipment Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition or construction of the asset. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Other costs are charged to the income statement when incurred. Land is not depreciated. Depreciation on other assets is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lifes. The useful life of buildings is between 10 and 50 years, the useful life of other assets is between 4 and 10 years. At the end of the reporting period, the assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate. Also the carrying amounts of assets are reviewed to assess whether there is an indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is determined. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds of the disposal to the carrying amount of the asset. A gain is recognised in other income, a loss is recognised as an impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-542": { "value": "14. Property, plant and equipment Land is not depreciated. Depreciation on other assets is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lifes. The useful life of buildings is between 10 and 50 years, the useful life of other assets is between 4 and 10 years. 15. Leases The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. At the end of each reporting period the carrying amounts of right-of-use assets are reviewed to assess whether there is an indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is determined. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. The estimated useful life of the majority of right-of-use assets are as follows: Land and buildings 5 to 25 years Cars 1 to 6 years Equipment and installation 1 to 11 years IT equipment 1 to 6 years Other 1 to 10 years ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "15. Leases The group is lessee for a range of assets that are used in the ordinary course of business. At inception of a contract, the Group assesses whether it is or contains, a lease. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option) and it applies the lease of low-value assets recognition exemption that are considered of low value (i.e., below \u20ac5,000). Payments for short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. The Group recognises a right-of-use asset and lease liability at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairments and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. At the end of each reporting period the carrying amounts of right-of-use assets are reviewed to assess whether there is an indication of impairment. If such an indication exists, the asset\u2019s recoverable amount is determined. An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. The estimated useful life of the majority of right-of-use assets are as follows: Land and buildings 5 to 25 years Cars 1 to 6 years Equipment and installation 1 to 11 years IT equipment 1 to 6 years Other 1 to 10 years The Group recognises lease liabilities at the present value of lease payments. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date, if the interest rate implicit in the lease is not readily determinable. The lease term comprises the non-cancellable term of the lease plus any periods covered by an option to extend the lease if it is reasonably certain to be exercised and any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. For several leases, the Group has renewal and/or extension options. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Group reassesses the lease term if there is a significant change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). Usually, the Group is able to be reasonably certain if an option is exercised around two years before the lease term ends. The renewal options for car leases are generally not exercised. Lease payments include fixed payments (including in- substance fixed payments) less any lease incentives receivable, non-lease components related to the leased asset, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option that is reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as an expense in the profit and loss. After the commencement date, the lease liability is measured at amortised cost using the effective interest method. It is remeasured when: \u2022 there is a change in future lease payments arising from a change in an index. The lease liability is then remeasured by discounting the revised lease payments by using the initial discount rate; \u2022 the Group changes its assessment of whether it will exercise a purchase, extension or termination option. In this case, the lease liability is remeasured by discounting the revised lease payments using a revised discount rate; \u2022 a lease contract is modified and the lease modification is not accounted for as a separate lease. In this case, the lease liability is remeasured by discounting the revised lease payments using a revised discount rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "
15.3 Other lease disclosures
Commitments for short-term leases as at 31 December 2024 is \u20ac61 million (2023: \u20ac53 million). Given the applied practical expedient, these leases are not included in the lease liabilities. 15.4 Lease commitments The Group has various lease contracts that have not yet commenced as at 31 December 2024. The undiscounted future lease payments for these contracts are \u20ac 4.6 million within one year, \u20ac 18.2 million within one to five years and nil thereafter (2023: \u20ac4.5 million within one year, \u20ac21.5 million within one to five years and \u20ac1.2 million thereafter).
31. Commitments
Capital expenditure contracted for at the end of the reporting period but not yet incurred and
conditional contractual obligations to purchase land for property development activities is as follows:
2024
2023
Property, plant and equipment
1,647
908
Land
134,304
129,047
135,951
129,955
The conditional nature of the contractual obligations to purchase land relate to, among other items,
the amendment of development plans, the acquirement of planning permissions and the actual
completion of property development projects.
31.1 Acquisition of WL Winet
On 1 November, the Group has reached an agreement on the acquisition of 100% of the shares of WL
Winet bv (\u201cWL Winet\u201d). WL Winet is based in Eindhoven and has an annual revenue of circa
\u20ac15 million and a workforce of approximately hundred employees. It is specialised in technical
installations of mobile networks for telecom, industry and infrastructure in the Netherlands.
WL Winet\u2019s versatile range of activities in the field of mobile networks is a valuable addition to the
services provided by BAM Telecom (part of Construction and Property in division NL). The acquisition
enables BAM Telecom to offer clients integrated services for the construction, management and
maintenance of fixed and mobile telecom networks.
The transaction closed on 7 January 2025 and the purchase price, net of cash acquired, is
\u20ac14.4 million. The purchase price will be allocated to WL Winet\u2019s identifiable assets and liabilities,
but the allocation process has only recently commenced and has not yet been completed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-528": { "value": "15.3 Other lease disclosures Commitments for short-term leases as at 31 December 2024 is \u20ac61 million (2023: \u20ac53 million). Given the applied practical expedient, these leases are not included in the lease liabilities. 15.4 Lease commitments The Group has various lease contracts that have not yet commenced as at 31 December 2024. The undiscounted future lease payments for these contracts are \u20ac 4.6 million within one year, \u20ac 18.2 million within one to five years and nil thereafter (2023: \u20ac4.5 million within one year, \u20ac21.5 million within one to five years and \u20ac1.2 million thereafter). 31. Commitments Capital expenditure contracted for at the end of the reporting period but not yet incurred and conditional contractual obligations to purchase land for property development activities is as follows:
2024
2023
Property, plant and equipment
1,647
908
Land
134,304
129,047
135,951
129,955
The conditional nature of the contractual obligations to purchase land relate to, among other items, the amendment of development plans, the acquirement of planning permissions and the actual completion of property development projects. 31.1 Acquisition of WL Winet On 1 November, the Group has reached an agreement on the acquisition of 100% of the shares of WL Winet bv (\u201cWL Winet\u201d). WL Winet is based in Eindhoven and has an annual revenue of circa \u20ac15 million and a workforce of approximately hundred employees. It is specialised in technical installations of mobile networks for telecom, industry and infrastructure in the Netherlands. WL Winet\u2019s versatile range of activities in the field of mobile networks is a valuable addition to the services provided by BAM Telecom (part of Construction and Property in division NL). The acquisition enables BAM Telecom to offer clients integrated services for the construction, management and maintenance of fixed and mobile telecom networks. The transaction closed on 7 January 2025 and the purchase price, net of cash acquired, is \u20ac14.4 million. The purchase price will be allocated to WL Winet\u2019s identifiable assets and liabilities, but the allocation process has only recently commenced and has not yet been completed. 32. Contingencies 32.1 Claims and legal proceedings In the normal course of business the Group is exposed to claims from (sub)contractors and client that generally arise from a dispute about the quality of work and the amount of compensation. Additionally, the Group is exposed to certain risks following guarantees and indemnities provided in divestments of (former) subsidiaries. The Group recognises provisions for claims and/or exposures when a cash outflow is probable. When not resolved or settled, claims may subsequently involve legal proceeding which, if decided or settled adversely, may have a material impact on the Group\u2019s financial position, operational result or cash flows. In April 2023, the building safety act 2022 in the United Kingdom came into force covering multi high rise residential buildings. The regulations seek to improve fire safety on these buildings and may impact developers and construction companies as there is uncertainty to where liability would fall between the developer, constructor and owner if unsafe conditions would be identified. It is currently not possible to estimate the potential impact. Ethical misconduct or non-compliance with applicable laws and regulations (such as competition, bribery and corruption) could expose BAM to liabilities or have a negative impact on its business and reputation. BAM may be subject to administrative, civil or criminal liabilities including significant fines and penalties, as well as suspension or debarment from government or non-government contracts for some period of time. 32.2 Guarantees Bonds and guarantees are provided in the ordinary course of business to clients, either by the Company (parental guarantees), by banks (bank guarantees), or by surety companies (surety bonds), to secure due performance of the Group\u2019s contractual obligations. These securities can only be called by the client in case of (proven) default. It is not expected that any material risks will arise from these securities. The parent company guarantees issued amount to \u20ac111 million (2023: \u20ac109 million). Guarantees issued by banks and surety companies amount to \u20ac1.3 billion (2023: \u20ac1.0 billion). Guarantee facilities amount to \u20ac2.1 billion (2023: \u20ac1.9 billion). 33. Investigation In December 2024, the Dutch Public Prosecutions Office (DPPO, Openbaar Ministerie) closed its pending investigation into BAM International from 2022 and dismissed their suspicions. The Group conducted its own internal review in connection with the DPPO\u2019s investigation and identified certain potentially irregular payments in connection with an unrelated completed project in Africa. The Group self-reported these potentially irregular payments to the DPPO. The DPPO concluded that not all of these payments were properly recorded in BAM International\u2019s administration and imposed a fine of \u20ac30,000.- on BAM International through a penalty order. The Group will not appeal the penalty order.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "
16 . Intangible assets
(a) Goodwill
Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred
over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the
acquiree and the amount of the non-controlling interest in the acquiree.
For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at
acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from
that business combination. Each unit to which the goodwill is allocated represents the lowest level
within the entity at which the goodwill is monitored for internal management purposes.
Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if
events or changes in circumstances indicate a potential impairment. The carrying value of the CGU
containing the goodwill is compared to the recoverable amount, which is the higher of value in use
and the fair value less costs of disposal. Any impairment is recognised immediately as an expense
and is not subsequently reversed.
(b) Software Software is stated at cost less accumulated amortisation and impairment losses. The cost of software includes direct labour and any other costs directly attributable to developing the software for its intended use. Amortisation for software is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lives (between four and ten years). The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. (c) Other Other intangible assets relate to market positions (including brand names) are stated at cost less accumulated amortisation and impairment losses. Amortisation on other intangible assets is calculated over their estimated useful lives (generally between two and ten years). The assets\u2019 useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.
Goodwill
Software
Other
Total
As at 1 January 2023
Cost
684,284
42,011
11,127
737,422
Accumulated amortisation and
impairments
(367,823)
(35,657)
(8,426)
(411,906)
316,461
6,354
2,701
325,516
Additions
-
4,312
-
4,312
Amortisation
-
(3,488)
(786)
(4,274)
Exchange rate differences
2,299
1
-
2,300
318,760
7,179
1,915
327,854
As at 31 December 2023
Cost
686,757
38,088
11,232
736,077
Accumulated amortisation and
impairments
(367,997)
(30,909)
(9,317)
(408,223)
318,760
7,179
1,915
327,854
Goodwill
Software
Other
Total
As at 1 January 2024
318,760
7,179
1,915
327,854
Additions
-
12,323
-
12,323
Amortisation
-
(3,109)
(782)
(3,891)
Reclassifications
-
5,222
-
5,222
Exchange rate differences
6,491
156
-
6,647
325,251
21,771
1,133
348,155
As at 31 December 2024
Cost
693,743
55,970
11,228
760,941
Accumulated amortisation and
impairments
(368,492)
(34,199)
(10,095)
(412,786)
325,251
21,771
1,133
348,155
16.1 Goodwill
Goodwill related to BAM Nuttall and BAM Construct UK are assessed as significant balances. The
carrying amounts of goodwill for these CGUs are as follows:
2024
2023
BAM Nuttall
69,592
66,418
BAM Construct UK
63,708
60,802
Other CGUs (with non-significant goodwill balance)
191,951
191,539
As at 31 December
325,251
318,759
The recoverable amount of each CGU was determined based on value-in-use calculations. Value-in-use was
determined using discounted cash flow projections that cover an explicit period of five years based on
financial plans approved by management and a terminal value. Key assumptions applied in determining the
value-in-use are the discount rate (WACC), revenue growth rate and profit before tax margin. If and when
these assumptions would change in the future, this could have significant impact on the CGU\u2019s value in use,
which might give rise to an impairment. The discount rate has been determined consistent with the other
parameters of the impairment test.
The (pre-tax) WACC used to determine the value in use of each CGU is 7.9% (2023: 9.6% ) subject to country
specific adjustments. The key assumptions used in the value-in-use calculations for CGUs with significant
allocated goodwill are as specified in the following table.
Revenue Revenue Profit Profit
Discount growth growth beyond margin margin
rate in forecast forecast in forecast after forecast
(pre-tax) period period period period
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
BAM Construct UK
8.8%
10.3%
3.4%
1.5%
2.0%
3.0%
3.3%
3.1%
3.6%
3.6%
BAM Nuttall
8.6%
10.3%
0.9%
3.6%
2.0%
3.0%
3.6%
3.0%
3.7%
3.4%
Revenue growth rates are based on the average annual growth rate from past performance and
management\u2019s expectations of market development referenced to external sources of information.
The profit margin is the profit before tax margin as a percentage of revenue and is based on past
performance and the development to a realistic normalised margin in the respective CGU.
The impairment tests in 2024 did not result in impairments (2023: no impairments). The recoverable
amounts of all CGUs exceed their carrying amounts with sufficient headroom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-498": { "value": "16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. (b) Software Software is stated at cost less accumulated amortisation and impairment losses. The cost of software includes direct labour and any other costs directly attributable to developing the software for its intended use. Amortisation for software is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lives (between four and ten years). The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. (c) Other Other intangible assets relate to market positions (including brand names) are stated at cost less accumulated amortisation and impairment losses. Amortisation on other intangible assets is calculated over their estimated useful lives (generally between two and ten years). The assets\u2019 useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-508": { "value": "16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-481": { "value": "16 . Intangible assets (a) Goodwill Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred over the Group\u2019s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the amount of the non-controlling interest in the acquiree.For the purpose of impairment testing, goodwill acquired in business combinations is allocated, at acquisition date, to the cash- generating units (CGUs) or groups of CGUs expected to benefit from that business combination. Each unit to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually in the fourth quarter or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
Goodwill
Software
Other
Total
As at 1 January 2023
Cost
684,284
42,011
11,127
737,422
Accumulated amortisation and
impairments
(367,823)
(35,657)
(8,426)
(411,906)
316,461
6,354
2,701
325,516
Additions
-
4,312
-
4,312
Amortisation
-
(3,488)
(786)
(4,274)
Exchange rate differences
2,299
1
-
2,300
318,760
7,179
1,915
327,854
As at 31 December 2023
Cost
686,757
38,088
11,232
736,077
Accumulated amortisation and
impairments
(367,997)
(30,909)
(9,317)
(408,223)
318,760
7,179
1,915
327,854
Goodwill
Software
Other
Total
As at 1 January 2024
318,760
7,179
1,915
327,854
Additions
-
12,323
-
12,323
Amortisation
-
(3,109)
(782)
(3,891)
Reclassifications
-
5,222
-
5,222
Exchange rate differences
6,491
156
-
6,647
325,251
21,771
1,133
348,155
As at 31 December 2024
Cost
693,743
55,970
11,228
760,941
Accumulated amortisation and
impairments
(368,492)
(34,199)
(10,095)
(412,786)
325,251
21,771
1,133
348,155
16.1 Goodwill Goodwill related to BAM Nuttall and BAM Construct UK are assessed as significant balances. The carrying amounts of goodwill for these CGUs are as follows:
2024
2023
BAM Nuttall
69,592
66,418
BAM Construct UK
63,708
60,802
Other CGUs (with non-significant goodwill balance)
191,951
191,539
As at 31 December
325,251
318,759
The recoverable amount of each CGU was determined based on value-in-use calculations. Value-in-use was determined using discounted cash flow projections that cover an explicit period of five years based on financial plans approved by management and a terminal value. Key assumptions applied in determining the value-in-use are the discount rate (WACC), revenue growth rate and profit before tax margin. If and when these assumptions would change in the future, this could have significant impact on the CGU\u2019s value in use, which might give rise to an impairment. The discount rate has been determined consistent with the other parameters of the impairment test. The (pre-tax) WACC used to determine the value in use of each CGU is 7.9% (2023: 9.6% ) subject to country specific adjustments. The key assumptions used in the value-in-use calculations for CGUs with significant allocated goodwill are as specified in the following table.
Revenue Revenue Profit Profit
Discount growth growth beyond margin margin
rate in forecast forecast in forecast after forecast
(pre-tax) period period period period
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
BAM Construct UK
8.8%
10.3%
3.4%
1.5%
2.0%
3.0%
3.3%
3.1%
3.6%
3.6%
BAM Nuttall
8.6%
10.3%
0.9%
3.6%
2.0%
3.0%
3.6%
3.0%
3.7%
3.4%
Revenue growth rates are based on the average annual growth rate from past performance and management\u2019s expectations of market development referenced to external sources of information. The profit margin is the profit before tax margin as a percentage of revenue and is based on past performance and the development to a realistic normalised margin in the respective CGU. The impairment tests in 2024 did not result in impairments (2023: no impairments). The recoverable amounts of all CGUs exceed their carrying amounts with sufficient headroom.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "16 . Intangible assets
(b) Software
Software is stated at cost less accumulated amortisation and impairment losses. The cost of
software includes direct labour and any other costs directly attributable to developing the
software for its intended use. Amortisation for software is determined using the straight-line
method to allocate their cost to their residual values over their estimated useful lives (between
four and ten years). The assets\u2019 residual values and useful lives are reviewed and adjusted if
appropriate, at the end of each reporting period.
(c) Other
Other intangible assets relate to market positions (including brand names) are stated at cost less
accumulated amortisation and impairment losses. Amortisation on other intangible assets is
calculated over their estimated useful lives (generally between two and ten years). The assets\u2019
useful lives are reviewed and adjusted if appropriate, at the end of each reporting period.
Goodwill
Software
Other
Total
As at 1 January 2023
Cost
684,284
42,011
11,127
737,422
Accumulated amortisation and
impairments
(367,823)
(35,657)
(8,426)
(411,906)
316,461
6,354
2,701
325,516
Additions
-
4,312
-
4,312
Amortisation
-
(3,488)
(786)
(4,274)
Exchange rate differences
2,299
1
-
2,300
318,760
7,179
1,915
327,854
As at 31 December 2023
Cost
686,757
38,088
11,232
736,077
Accumulated amortisation and
impairments
(367,997)
(30,909)
(9,317)
(408,223)
318,760
7,179
1,915
327,854
Goodwill
Software
Other
Total
As at 1 January 2024
318,760
7,179
1,915
327,854
Additions
-
12,323
-
12,323
Amortisation
-
(3,109)
(782)
(3,891)
Reclassifications
-
5,222
-
5,222
Exchange rate differences
6,491
156
-
6,647
325,251
21,771
1,133
348,155
As at 31 December 2024
Cost
693,743
55,970
11,228
760,941
Accumulated amortisation and
impairments
(368,492)
(34,199)
(10,095)
(412,786)
325,251
21,771
1,133
348,155
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-529": { "value": "16 . Intangible assets (b) Software Software is stated at cost less accumulated amortisation and impairment losses. The cost of software includes direct labour and any other costs directly attributable to developing the software for its intended use. Amortisation for software is determined using the straight-line method to allocate their cost to their residual values over their estimated useful lives (between four and ten years). The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. (c) Other Other intangible assets relate to market positions (including brand names) are stated at cost less accumulated amortisation and impairment losses. Amortisation on other intangible assets is calculated over their estimated useful lives (generally between two and ten years). The assets\u2019 useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-536": { "value": "17. Investments in joint ventures and associates Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations. Joint ventures are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the net assets of the joint venture. The parties to the arrangement contractually agreed that control is shared and decisions regarding relevant activities require unanimous consent of the parties that have joint control. Joint ventures are accounted for using the equity method. Joint operations are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities of the joint operation. The Group recognises its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and recognises it on a line-by-line basis in the Group\u2019s financial statements (see note 30). Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights or based on the representation on the board of directors. Investments in associates are accounted for using the equity method. Under the equity method, an investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post- acquisition profit or loss is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses equal or exceed the net investment including any unsecured loans, the Group does not recognise further losses, unless it has incurred legal or constructive obligations for made payments on behalf of the investment. Unrealised gains and losses on transactions between the Group and its investments are eliminated to the extent of the Group\u2019s interest in the investment. The Group determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to the difference between the carrying amount of the investment and its recoverable amount. The Group\u2019s investment in joint ventures and associates and its share in their results can be specified as follows. Invesis was a material joint venture, all other joint ventures and associates are individually immaterial.
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Invesis Group bv
-
-
-
176,200
-
176,200
Property development
130,555
7,627
138,182
116,576
5,420
121,996
Other
28,644
10,188
38,832
25,711
9,745
35,456
As at 31 December
159,199
17,815
177,014
318,487
15,165
333,652
Share in result
(63,540)
5,889
(57,651)
24,972
5,856
30,828
of which impairments
(110,050)
-
(110,050)
917
-
917
On 16 December 2024, the Group reached an agreement on the sale of its remaining 50%-share in Invesis to PGGM Infrastructure Fund. The carrying amount of Invesis of \u20ac187.4 million was therefore classified as held for sale as described in note 22. Certain individually immaterial joint ventures have a carrying amount below nil. Depending on the funding structure of these joint ventures and the Group\u2019s contractual commitments to them, any further losses are reflected in an allowance for loans receivable or a provision for joint ventures. As at 31 December 2024, the Group recognised a provision for joint ventures amounting to \u20ac1 million (2023: \u20ac2 million) and an allowance for non-recoverable loans amounting to \u20ac14 million (2023: \u20ac7 million) within other financial assets. 17.1 Property development joint ventures and associates The summarised financial information of the Group\u2019s share in property development joint ventures and associates is as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Current assets
323,328
12,541
335,869
370,432
10,116
380,548
Non-current assets
5,087
6,561
11,648
175
6,796
6,971
Current liabilities
(153,211)
(4,114)
(157,325)
(202,053)
(4,117)
(206,170)
Non-current liabilities
(60,360)
(7,361)
(67,721)
(61,165)
(7,361)
(68,526)
Net assets
114,844
7,627
122,471
107,389
5,434
112,824
Profit or loss
6,686
3,942
10,628
14,818
3,574
18,392
Other comprehensive
income
260
-
260
105
-
105
Total comprehensive
income
6,946
3,942
10,888
14,923
3,574
18,497
Dividends received from property development joint ventures and associates amounts to \u20ac20 million in 2024 (2023: \u20ac 14 million). 17.2 Other joint ventures and associates The summarised financial information of the Group\u2019s interest in other joint ventures and associates is as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Profit or loss
6,962
1,947
8,909
7,560
2,282
9,842
Other comprehensive
income
-
-
-
-
-
-
Total comprehensive
income
6,962
1,947
8,909
7,560
2,282
9,842
Dividends received from other joint ventures and associates amount to \u20ac6 million in 2024 (2023: \u20ac 4 million).
30. Joint operations
A part of the Group\u2019s activities is carried out in joint arrangements and classified as joint operations.
These arrangements remain in place until a project is finished. In practice, the duration of the
majority of the joint operations is generally limited to a period of one to four years, with the
exception of joint operations in connection with land and building rights held for strategic purposes.
Based on an assessment of balance sheet total, revenue and result, none of the joint operations is
individually material to the Group. The Group\u2019s share in revenue of joint operations amounts to
\u20ac717 million in 2024 (2023: \u20ac713 million), representing 11% of the Group\u2019s revenue (2023: 11%).
The Group\u2019s share in the balance sheets of joint operations is indicated below:
(in \u20ac million)
2024
Belgium,
Germany and
Division NL
Division UK&I
International
Total
Assets
Non-current assets
2.1
14.0
-
16.1
Current assets
79.5
201.9
25.6
307.0
81.6
215.9
25.6
323.1
Liabilities
Non-current liabilities
9.1
9.1
-
18.2
Current liabilities 50.1
177.0
25.3
252.4
59.2
186.1
25.3
270.6
Net assets
22.4
29.8
0.3
52.5
(in \u20ac million)
2023
Belgium,
Germany and
Division NL
Division UK&I
International
Total
Assets
Non-current assets
2.8
-
-
2.8
Current assets
54.4
192.2
23.3
269.9
57.2
192.2
23.3
272.7
Liabilities
Non-current liabilities
9.4
-
-
9.4
Current liabilities 44.7
165.7
23.0
233.4
54.1
165.7
23.0
242.8
Net assets
3.1
26.5
0.3
29.9
As of 31 December 2024, the Group has capital commitments for joint operations amounting to nil
(2023: nil). Guarantees issued by banks and surety companies amount to nil (2023: \u20ac0.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "17. Investments in joint ventures and associates Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations. Joint ventures are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the net assets of the joint venture. The parties to the arrangement contractually agreed that control is shared and decisions regarding relevant activities require unanimous consent of the parties that have joint control. Joint ventures are accounted for using the equity method. Joint operations are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities of the joint operation. The Group recognises its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and recognises it on a line-by-line basis in the Group\u2019s financial statements (see note 30). Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights or based on the representation on the board of directors. Investments in associates are accounted for using the equity method. Under the equity method, an investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post- acquisition profit or loss is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses equal or exceed the net investment including any unsecured loans, the Group does not recognise further losses, unless it has incurred legal or constructive obligations for made payments on behalf of the investment. Unrealised gains and losses on transactions between the Group and its investments are eliminated to the extent of the Group\u2019s interest in the investment. The Group determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to the difference between the carrying amount of the investment and its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "17. Investments in joint ventures and associates Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations. Joint ventures are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the net assets of the joint venture. The parties to the arrangement contractually agreed that control is shared and decisions regarding relevant activities require unanimous consent of the parties that have joint control. Joint ventures are accounted for using the equity method. Joint operations are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities of the joint operation. The Group recognises its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and recognises it on a line-by-line basis in the Group\u2019s financial statements (see note 30). Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights or based on the representation on the board of directors. Investments in associates are accounted for using the equity method. Under the equity method, an investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post- acquisition profit or loss is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses equal or exceed the net investment including any unsecured loans, the Group does not recognise further losses, unless it has incurred legal or constructive obligations for made payments on behalf of the investment. Unrealised gains and losses on transactions between the Group and its investments are eliminated to the extent of the Group\u2019s interest in the investment. The Group determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to the difference between the carrying amount of the investment and its recoverable amount. The Group\u2019s investment in joint ventures and associates and its share in their results can be specified as follows. Invesis was a material joint venture, all other joint ventures and associates are individually immaterial.
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Invesis Group bv
-
-
-
176,200
-
176,200
Property development
130,555
7,627
138,182
116,576
5,420
121,996
Other
28,644
10,188
38,832
25,711
9,745
35,456
As at 31 December
159,199
17,815
177,014
318,487
15,165
333,652
Share in result
(63,540)
5,889
(57,651)
24,972
5,856
30,828
of which impairments
(110,050)
-
(110,050)
917
-
917
On 16 December 2024, the Group reached an agreement on the sale of its remaining 50%-share in Invesis to PGGM Infrastructure Fund. The carrying amount of Invesis of \u20ac187.4 million was therefore classified as held for sale as described in note 22. Certain individually immaterial joint ventures have a carrying amount below nil. Depending on the funding structure of these joint ventures and the Group\u2019s contractual commitments to them, any further losses are reflected in an allowance for loans receivable or a provision for joint ventures. As at 31 December 2024, the Group recognised a provision for joint ventures amounting to \u20ac1 million (2023: \u20ac2 million) and an allowance for non-recoverable loans amounting to \u20ac14 million (2023: \u20ac7 million) within other financial assets. 17.1 Property development joint ventures and associates The summarised financial information of the Group\u2019s share in property development joint ventures and associates is as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Current assets
323,328
12,541
335,869
370,432
10,116
380,548
Non-current assets
5,087
6,561
11,648
175
6,796
6,971
Current liabilities
(153,211)
(4,114)
(157,325)
(202,053)
(4,117)
(206,170)
Non-current liabilities
(60,360)
(7,361)
(67,721)
(61,165)
(7,361)
(68,526)
Net assets
114,844
7,627
122,471
107,389
5,434
112,824
Profit or loss
6,686
3,942
10,628
14,818
3,574
18,392
Other comprehensive
income
260
-
260
105
-
105
Total comprehensive
income
6,946
3,942
10,888
14,923
3,574
18,497
Dividends received from property development joint ventures and associates amounts to \u20ac20 million in 2024 (2023: \u20ac 14 million). 17.2 Other joint ventures and associates The summarised financial information of the Group\u2019s interest in other joint ventures and associates is as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Profit or loss
6,962
1,947
8,909
7,560
2,282
9,842
Other comprehensive
income
-
-
-
-
-
-
Total comprehensive
income
6,962
1,947
8,909
7,560
2,282
9,842
Dividends received from other joint ventures and associates amount to \u20ac6 million in 2024 (2023: \u20ac 4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-518": { "value": "17. Investments in joint ventures and associates Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations. Joint ventures are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the net assets of the joint venture. The parties to the arrangement contractually agreed that control is shared and decisions regarding relevant activities require unanimous consent of the parties that have joint control. Joint ventures are accounted for using the equity method. Joint operations are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities of the joint operation. The Group recognises its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and recognises it on a line-by-line basis in the Group\u2019s financial statements (see note 30). Under the equity method, an investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post- acquisition profit or loss is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses equal or exceed the net investment including any unsecured loans, the Group does not recognise further losses, unless it has incurred legal or constructive obligations for made payments on behalf of the investment. Unrealised gains and losses on transactions between the Group and its investments are eliminated to the extent of the Group\u2019s interest in the investment. The Group determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to the difference between the carrying amount of the investment and its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-482": { "value": "17. Investments in joint ventures and associates Investments in joint arrangements are classified as either joint ventures or joint operations, depending on the contractual rights and obligations. Joint ventures are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the net assets of the joint venture. The parties to the arrangement contractually agreed that control is shared and decisions regarding relevant activities require unanimous consent of the parties that have joint control. Joint ventures are accounted for using the equity method. Joint operations are joint arrangements whereby the Group and other parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities of the joint operation. The Group recognises its share in the joint operations\u2019 individual revenues and expenses, assets and liabilities and recognises it on a line-by-line basis in the Group\u2019s financial statements (see note 30). Under the equity method, an investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post- acquisition profit or loss is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses equal or exceed the net investment including any unsecured loans, the Group does not recognise further losses, unless it has incurred legal or constructive obligations for made payments on behalf of the investment. Unrealised gains and losses on transactions between the Group and its investments are eliminated to the extent of the Group\u2019s interest in the investment. The Group determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to the difference between the carrying amount of the investment and its recoverable amount. The Group\u2019s investment in joint ventures and associates and its share in their results can be specified as follows. Invesis was a material joint venture, all other joint ventures and associates are individually immaterial.
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Invesis Group bv
-
-
-
176,200
-
176,200
Property development
130,555
7,627
138,182
116,576
5,420
121,996
Other
28,644
10,188
38,832
25,711
9,745
35,456
As at 31 December
159,199
17,815
177,014
318,487
15,165
333,652
Share in result
(63,540)
5,889
(57,651)
24,972
5,856
30,828
of which impairments
(110,050)
-
(110,050)
917
-
917
On 16 December 2024, the Group reached an agreement on the sale of its remaining 50%-share in Invesis to PGGM Infrastructure Fund. The carrying amount of Invesis of \u20ac187.4 million was therefore classified as held for sale as described in note 22. Certain individually immaterial joint ventures have a carrying amount below nil. Depending on the funding structure of these joint ventures and the Group\u2019s contractual commitments to them, any further losses are reflected in an allowance for loans receivable or a provision for joint ventures. As at 31 December 2024, the Group recognised a provision for joint ventures amounting to \u20ac1 million (2023: \u20ac2 million) and an allowance for non-recoverable loans amounting to \u20ac14 million (2023: \u20ac7 million) within other financial assets. 17.1 Property development joint ventures and associates The summarised financial information of the Group\u2019s share in property development joint ventures and associates is as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Current assets
323,328
12,541
335,869
370,432
10,116
380,548
Non-current assets
5,087
6,561
11,648
175
6,796
6,971
Current liabilities
(153,211)
(4,114)
(157,325)
(202,053)
(4,117)
(206,170)
Non-current liabilities
(60,360)
(7,361)
(67,721)
(61,165)
(7,361)
(68,526)
Net assets
114,844
7,627
122,471
107,389
5,434
112,824
Profit or loss
6,686
3,942
10,628
14,818
3,574
18,392
Other comprehensive
income
260
-
260
105
-
105
Total comprehensive
income
6,946
3,942
10,888
14,923
3,574
18,497
Dividends received from property development joint ventures and associates amounts to \u20ac20 million in 2024 (2023: \u20ac 14 million). 17.2 Other joint ventures and associates The summarised financial information of the Group\u2019s interest in other joint ventures and associates is as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Profit or loss
6,962
1,947
8,909
7,560
2,282
9,842
Other comprehensive
income
-
-
-
-
-
-
Total comprehensive
income
6,962
1,947
8,909
7,560
2,282
9,842
Dividends received from other joint ventures and associates amount to \u20ac6 million in 2024 (2023: \u20ac 4 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-509": { "value": "17. Investments in joint ventures and associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights or based on the representation on the board of directors. Investments in associates are accounted for using the equity method. Under the equity method, an investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post- acquisition profit or loss is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses equal or exceed the net investment including any unsecured loans, the Group does not recognise further losses, unless it has incurred legal or constructive obligations for made payments on behalf of the investment. Unrealised gains and losses on transactions between the Group and its investments are eliminated to the extent of the Group\u2019s interest in the investment. The Group determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to the difference between the carrying amount of the investment and its recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-530": { "value": "17. Investments in joint ventures and associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights or based on the representation on the board of directors. Investments in associates are accounted for using the equity method. Under the equity method, an investment is initially recognised at cost and the carrying amount is increased or decreased to recognise the investor\u2019s share of the profit or loss of the investee after the date of acquisition. The carrying amount of the investment includes goodwill. The Group\u2019s share of post- acquisition profit or loss is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses equal or exceed the net investment including any unsecured loans, the Group does not recognise further losses, unless it has incurred legal or constructive obligations for made payments on behalf of the investment. Unrealised gains and losses on transactions between the Group and its investments are eliminated to the extent of the Group\u2019s interest in the investment. The Group determines at each reporting date whether there is any objective evidence that the investment is impaired. If this is the case, the Group recognises an impairment in profit or loss equal to the difference between the carrying amount of the investment and its recoverable amount. The Group\u2019s investment in joint ventures and associates and its share in their results can be specified as follows. Invesis was a material joint venture, all other joint ventures and associates are individually immaterial.
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Invesis Group bv
-
-
-
176,200
-
176,200
Property development
130,555
7,627
138,182
116,576
5,420
121,996
Other
28,644
10,188
38,832
25,711
9,745
35,456
As at 31 December
159,199
17,815
177,014
318,487
15,165
333,652
Share in result
(63,540)
5,889
(57,651)
24,972
5,856
30,828
of which impairments
(110,050)
-
(110,050)
917
-
917
17.1 Property development joint ventures and associates The summarised financial information of the Group\u2019s share in property development joint ventures and associates is as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Current assets
323,328
12,541
335,869
370,432
10,116
380,548
Non-current assets
5,087
6,561
11,648
175
6,796
6,971
Current liabilities
(153,211)
(4,114)
(157,325)
(202,053)
(4,117)
(206,170)
Non-current liabilities
(60,360)
(7,361)
(67,721)
(61,165)
(7,361)
(68,526)
Net assets
114,844
7,627
122,471
107,389
5,434
112,824
Profit or loss
6,686
3,942
10,628
14,818
3,574
18,392
Other comprehensive
income
260
-
260
105
-
105
Total comprehensive
income
6,946
3,942
10,888
14,923
3,574
18,497
17.2 Other joint ventures and associates
The summarised financial information of the Group\u2019s interest in other joint ventures and associates is
as follows:
2024
2023
Joint Joint
ventures
Associates
Total
ventures
Associates
Total
Profit or loss
6,962
1,947
8,909
7,560
2,282
9,842
Other comprehensive
income
-
-
-
-
-
-
Total comprehensive
income
6,962
1,947
8,909
7,560
2,282
9,842
Dividends received from other joint ventures and associates amount to \u20ac6
million in 2024
(2023: \u20ac
4
million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "
18. Other financial assets
If the credit risk on a financial asset has not increased significantly since initial recognition, the loss
allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a
financial asset has significantly changed since initial recognition the loss allowance equals the lifetime
expected credit losses. A financial asset is written off when there is no reasonable expectation of
recovering the contractual cash flows.
Indications of increase in credit risk for financial assets include debtors experiencing significant financial
difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime
credit losses is measured as the difference between the financial asset\u2019s carrying amount and the
present value of estimated future cash flows discounted at the financial asset\u2019s original effective
interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is
reduced and the amount of the loss is recognised in the income statement.
20. Trade and other receivables For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-554": { "value": "18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss. Financial assets at amortised costs are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than twelve months after the end of the reporting period which are classified as non-current assets. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. If the credit risk on a financial asset has not increased significantly since initial recognition, the loss allowance for that financial instrument is the 12-month expected credit loss (ECL). If the credit risk on a financial asset has significantly changed since initial recognition the loss allowance equals the lifetime expected credit losses. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Indications of increase in credit risk for financial assets include debtors experiencing significant financial difficulty or being in default or delinquency in interest or principal payments. The amount of lifetime credit losses is measured as the difference between the financial asset\u2019s carrying amount and the present value of estimated future cash flows discounted at the financial asset\u2019s original effective interest rate, taking into account the value of collateral, if any. The carrying amount of the asset is reduced and the amount of the loss is recognised in the income statement. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss. Financial assets are derecognised when the right to receive cash flows has expired or has been transferred and the Group has transferred substantially all risks and rewards of ownership.
Receivables Receivables
at fair at
value through amortised
profit or loss cost
Other
Total
As at 1 January 2023
63,235
13,214
1,142
77,591
Additions
-
-
(30)
(30)
Loans granted
9,394
14,785
-
24,179
Loan repayments
(7,697)
(1,463)
-
(9,160)
Transfer to current
(391)
364
(27)
Exchange rate differences
-
206
-
206
As at 31 December 2023
64,541
27,106
1,112
92,759
Investments
-
-
915
915
Loans granted
18,139
20,941
474
39,554
Loan repayments
(22,314)
(2,956)
(474)
(25,744)
Transfer to current
-
-
-
-
Exchange rate differences
-
670
-
670
As at 31 December 2024
60,366
45,761
2,027
108,154
Receivables at fair value through profit or loss mainly comprise loans to project development joint ventures and are classified as level 3 valuation method; their fair value is determined using a discounted cash flow model of the expected contractual cash flows of the respective instrument. These expected cash flows are discounted using a discount rate in the range of 2.7% to 4.5%. 20. Trade and other receivables Trade and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less any impairment losses. A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
2024
2023
Trade receivables
454,260
531,508
Less: Provision for impairment of receivables
(2,489)
(6,425)
Trade receivables - net
451,771
525,083
Amounts due from customers
385,143
330,780
Amounts to be invoiced
113,582
111,673
Retentions
101,291
112,387
Contract assets
600,016
554,840
Amounts due from related parties
21,786
18,465
PPP receivables
690
644
Other financial assets
1,875
1,242
Derivative financial instruments
700
121
Other receivables
91,964
86,057
Prepayments
92,081
139,756
1,260,883
1,326,208
The concentration of credit risk with respect to trade receivables is limited, as the Group\u2019s customer base is large and geographically spread. As at 31 December 2024 a part of the trade receivables amounting to \u20ac30 million (2023: \u20ac20 million) is past due over one year but partly impaired. These overdue receivables relate to a number of customers and remain outstanding mainly due to ongoing discussions about claims and/or variation orders. Retentions relate to amounts retained by customers on progress billings. In the United Kingdom and Ireland in particular, it is common practice to retain a percentage of invoiced amounts until completion of the project. Amounts due from related parties mainly comprise receivables from joint ventures and associates. Other receivables include \u20ac13.6 million for the Group\u2019s entitlement to old receivables of BAM Deutschland AG (2023: \u20ac13.6 million). The ageing analysis of trade receivables and related provisioning is as follows:
2024
2023
Trade Provision for Trade Provision for
receivables impairment receivables impairment
Not past due
333,443
(11)
430,130
(260)
Up to 3 months
47,285
(79)
53,330
(10)
3 to 6 months
26,410
(155)
8,361
(104)
6 to 12 months
17,431
(907)
19,821
(1,794)
1 to 2 years
21,815
(643)
9,480
(2,803)
Over 2 years
7,876
(694)
10,386
(1,454)
454,260
(2,489)
531,508
(6,425)
Movements in the provision for impairment of trade receivables are as follows:
2024
2023
As at 1 January
6,425
9,963
Additions to provision for impairment
1,641
2,428
Release
(285)
(1,327)
Receivables written off during the year as uncollectable
(5,332)
(4,577)
Reclassifications
-
(81)
Exchange rate differences
40
19
As at 31 December
2,489
6,425
Provision for impairment of receivables in 2024 and 2023 is mainly related to disputed balances and final negotiations on these balances with the customers. No significant credit losses were incurred. Additions to and releases of provisions for impaired receivables are included in other operating expenses in the income statement. 21. Cash and cash equivalents Cash and cash equivalents include the Group\u2019s share in cash of joint operations of \u20ac197.9 million (2023: \u20ac237.6 million). Cash in joint operations is subject to project specific (funding) agreements and is not at the Group\u2019s free disposal. From the remaining balance, an amount of \u20ac23.2 million (2023: \u20ac25.4 million) is also not at the Group\u2019s free disposal as it is intended for specific VAT and wage tax payments . ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-538": { "value": "18. Other financial assets Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income (OCI), and fair value through profit or loss. The classification depends on the purpose for which the financial assets were acquired or issued. In principle, the financial assets are held in a business model whose objective is to collect contractual cash flows over the lifetime of the instrument. Financial assets that do not meet Solely Payments of Principal and Interest (SPPI) criterion (for which the test is performed at instrument level) are classified as other financial assets at fair value through profit or loss. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss.
Receivables Receivables
at fair at
value through amortised
profit or loss cost
Other
Total
As at 1 January 2023
63,235
13,214
1,142
77,591
Additions
-
-
(30)
(30)
Loans granted
9,394
14,785
-
24,179
Loan repayments
(7,697)
(1,463)
-
(9,160)
Transfer to current
(391)
364
(27)
Exchange rate differences
-
206
-
206
As at 31 December 2023
64,541
27,106
1,112
92,759
Investments
-
-
915
915
Loans granted
18,139
20,941
474
39,554
Loan repayments
(22,314)
(2,956)
(474)
(25,744)
Transfer to current
-
-
-
-
Exchange rate differences
-
670
-
670
As at 31 December 2024
60,366
45,761
2,027
108,154
Receivables at fair value through profit or loss mainly comprise loans to project development joint ventures and are classified as level 3 valuation method; their fair value is determined using a discounted cash flow model of the expected contractual cash flows of the respective instrument. These expected cash flows are discounted using a discount rate in the range of 2.7% to 4.5%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-483": { "value": "18. Other financial assets
Financial assets are derecognised when the right to receive cash flows has expired or has been
transferred and the Group has transferred substantially all risks and rewards of ownership.
24. Borrowings The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-537": { "value": "19. Inventories Land, building rights and property developments are recorded at the lower of cost and net realisable value. The Group capitalises interest expenses on loans and borrowings that fund these assets to facilitate the development. Interest costs are capitalised once development commences and until practical completion, based on the total actual finance cost incurred on the borrowings during the period. When properties are acquired for future redevelopment, interest on borrowings is recognised in the income statement until redevelopment commences. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "value": "19. Inventories Land, building rights and property developments are recorded at the lower of cost and net realisable value. The Group capitalises interest expenses on loans and borrowings that fund these assets to facilitate the development. Interest costs are capitalised once development commences and until practical completion, based on the total actual finance cost incurred on the borrowings during the period. When properties are acquired for future redevelopment, interest on borrowings is recognised in the income statement until redevelopment commences. Raw materials and finished goods are stated at the lower of cost and net realisable value. Cost is determined using the \u2018first-in, first-out (FIFO) method\u2019. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-531": { "value": "20. Trade and other receivables Trade and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less any impairment losses. A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-519": { "value": "20. Trade and other receivables Trade and other receivables are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method less any impairment losses. A contract asset is recognised when the Group has a right to consideration in exchange for goods or services that the entity has transferred to a customer when that right is conditioned on something other than the passage of time. It is recognised as the revenue recognised minus the invoiced amount. When the invoiced amount exceeds the amount of revenue recognised, the balance is classified as amount due to customer. For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
2024
2023
Trade receivables
454,260
531,508
Less: Provision for impairment of receivables
(2,489)
(6,425)
Trade receivables - net
451,771
525,083
Amounts due from customers
385,143
330,780
Amounts to be invoiced
113,582
111,673
Retentions
101,291
112,387
Contract assets
600,016
554,840
Amounts due from related parties
21,786
18,465
PPP receivables
690
644
Other financial assets
1,875
1,242
Derivative financial instruments
700
121
Other receivables
91,964
86,057
Prepayments
92,081
139,756
1,260,883
1,326,208
The concentration of credit risk with respect to trade receivables is limited, as the Group\u2019s customer base is large and geographically spread. As at 31 December 2024 a part of the trade receivables amounting to \u20ac30 million (2023: \u20ac20 million) is past due over one year but partly impaired. These overdue receivables relate to a number of customers and remain outstanding mainly due to ongoing discussions about claims and/or variation orders. Retentions relate to amounts retained by customers on progress billings. In the United Kingdom and Ireland in particular, it is common practice to retain a percentage of invoiced amounts until completion of the project. Amounts due from related parties mainly comprise receivables from joint ventures and associates. Other receivables include \u20ac13.6 million for the Group\u2019s entitlement to old receivables of BAM Deutschland AG (2023: \u20ac13.6 million). The ageing analysis of trade receivables and related provisioning is as follows:
2024
2023
Trade Provision for Trade Provision for
receivables impairment receivables impairment
Not past due
333,443
(11)
430,130
(260)
Up to 3 months
47,285
(79)
53,330
(10)
3 to 6 months
26,410
(155)
8,361
(104)
6 to 12 months
17,431
(907)
19,821
(1,794)
1 to 2 years
21,815
(643)
9,480
(2,803)
Over 2 years
7,876
(694)
10,386
(1,454)
454,260
(2,489)
531,508
(6,425)
Movements in the provision for impairment of trade receivables are as follows:
2024
2023
As at 1 January
6,425
9,963
Additions to provision for impairment
1,641
2,428
Release
(285)
(1,327)
Receivables written off during the year as uncollectable
(5,332)
(4,577)
Reclassifications
-
(81)
Exchange rate differences
40
19
As at 31 December
2,489
6,425
Provision for impairment of receivables in 2024 and 2023 is mainly related to disputed balances and final negotiations on these balances with the customers. No significant credit losses were incurred. Additions to and releases of provisions for impaired receivables are included in other operating expenses in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-484": { "value": "20. Trade and other receivables For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
The ageing analysis of trade receivables and related provisioning is as follows:
2024
2023
Trade Provision for Trade Provision for
receivables impairment receivables impairment
Not past due
333,443
(11)
430,130
(260)
Up to 3 months
47,285
(79)
53,330
(10)
3 to 6 months
26,410
(155)
8,361
(104)
6 to 12 months
17,431
(907)
19,821
(1,794)
1 to 2 years
21,815
(643)
9,480
(2,803)
Over 2 years
7,876
(694)
10,386
(1,454)
454,260
(2,489)
531,508
(6,425)
Movements in the provision for impairment of trade receivables are as follows:
2024
2023
As at 1 January
6,425
9,963
Additions to provision for impairment
1,641
2,428
Release
(285)
(1,327)
Receivables written off during the year as uncollectable
(5,332)
(4,577)
Reclassifications
-
(81)
Exchange rate differences
40
19
As at 31 December
2,489
6,425
Provision for impairment of receivables in 2024 and 2023 is mainly related to disputed balances and final negotiations on these balances with the customers. No significant credit losses were incurred. Additions to and releases of provisions for impaired receivables are included in other operating expenses in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "value": "21. Cash and cash equivalents Cash and cash equivalents include the Group\u2019s share in cash of joint operations of \u20ac197.9 million (2023: \u20ac237.6 million). Cash in joint operations is subject to project specific (funding) agreements and is not at the Group\u2019s free disposal. From the remaining balance, an amount of \u20ac23.2 million (2023: \u20ac25.4 million) is also not at the Group\u2019s free disposal as it is intended for specific VAT and wage tax payments ", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "21. Cash and cash equivalents Cash and cash equivalents include the Group\u2019s share in cash of joint operations of \u20ac197.9 million (2023: \u20ac237.6 million). Cash in joint operations is subject to project specific (funding) agreements and is not at the Group\u2019s free disposal. From the remaining balance, an amount of \u20ac23.2 million (2023: \u20ac25.4 million) is also not at the Group\u2019s free disposal as it is intended for specific VAT and wage tax payments . ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "22. Assets held for sale Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale rather than through continuing use. For this to be the case the asset (or disposal group) must be available for immediate sale in its present condition and its sale must be highly probable. Non-current assets (or disposal groups) classified as held for sale are measured at the lower of the asset\u2019s carrying amount and the fair value less costs to sell. Depreciation or amortisation of an asset and equity accounting for joint ventures and associates ceases when it is classified as held for sale. The breakdown of assets held for sale is as follows:
2024
2023
Investment in joint venture Invesis
80,389
-
Other
10,155
5,634
90,544
5,634
On 16 December 2024, the Group reached an agreement on the sale of its remaining 50%-share in Invesis to PGGM Infrastructure Fund. The consideration for the sale is \u20ac107.5 million in cash, including the settlement of the contingent consideration agreed in the previous transaction in 2020. Half of the consideration will be received in June 2025 and the remainder in December 2025. On a discounted basis, the fair value of the consideration is \u20ac104.4 million. Closing of the transaction is subject to various conditions, including required regulatory approvals, and is expected in the first quarter of 2025.
The carrying amount of Invesis of \u20ac187.4 million, previously included in investments in joint ventures
and associates, was transferred to assets held for sale. Upon the transfer to held for sale, the Group:
\u2022
reassessed the fair value of the contingent consideration that was agreed in partial sale of Invesis to
PGGM in 2020, resulting in an increase from \u20ac2 million to \u20ac22 million. The related gain qualifies as a
result from discontinued operations as further disclosed in note 12;
\u2022
recognised an impairment of \u20ac107.0 million on the carrying amount of the joint venture; and
\u2022
discontinued hedge accounting and therefore reclassified Invesis\u2019 reserves of \u20ac31.3 million to the
income statement.
The impairment of the carrying amount of the joint venture is specified as follows:
2024
Fair value of consideration
104,389
Settlement contingent consideration related to sale in 2020 and other items
(23,000)
81,389
Cost to sell (1,000)
Carrying amount of joint venture
(187,383)
Impairment
(106,994)
Invesis\u2019 result for 2024 can be summarised as follows:
2024
Share in result joint venture before transfer to held for sale
(1,484)
Reclassification of reserves
31,290
Impairment
(106,994)
Share in result of joint venture
(77,188)
Other assets held for sale include equipment of BAM Infra Funderingstechnieken. The Group reached a
sale agreement with a third party and the assets transferred in February 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-485": { "value": "Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale rather than through continuing use. For this to be the case the asset (or disposal group) must be available for immediate sale in its present condition and its sale must be highly probable. Non-current assets (or disposal groups) classified as held for sale are measured at the lower of the asset\u2019s carrying amount and the fair value less costs to sell. Depreciation or amortisation of an asset and equity accounting for joint ventures and associates ceases when it is classified as held for sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "23. Group equity The Company\u2019s share capital is classified as equity. It consists of the Company\u2019s ordinary shares and preference shares. The surplus paid by shareholders above the nominal value of shares is recognised as share premium. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Repurchases of own shares are deducted from retained earnings on a cost basis. The cost represents the market price paid on the acquisition date. When repurchased shares are sold or re-issued subsequently, any amount received is recognised as an increase in retained earnings, and the resulting surplus or deficit on the transaction remains in retained earnings. Dividend is recognised as a liability in the period in which it is approved by the Annual General Meeting. At year-end 2024, the authorised capital of the Group was 400 million ordinary shares (2023: 400 million) and 600 million preference shares (2023: 600 million), all with a nominal value of \u20ac0.10 per share (2023: \u20ac0.10 per share). All issued shares have been paid in full (only ordinary shares). 23.1 Outstanding shares
Number of Number of Number of
ordinary treasury ordinary
shares shares shares
in issue
As at 1 January 2023
279,407,449
11,287,880
268,119,569
Shares issued
4,630,427
4,630,427
-
Repurchase of ordinary shares
-
10,275,655
(10,275,655)
Awarded LTI shares
-
(1,888,153)
1,888,153
Dividends
-
(9,246,187)
9,246,187
As at 31 December 2023
284,037,876
15,059,622
268,978,254
Repurchase of ordinary shares
-
16,449,195
(16,449,195)
Awarded LTI shares
-
(3,778,374)
3,778,374
Dividends
-
(7,216,389)
7,216,389
As at 31 December 2024
284,037,876
20,514,054
263,523,822
On 17 May 1993, the Company granted Stichting Aandelenbeheer BAM Groep (\u2018the Foundation\u2019) a call option to acquire class B cumulative preference shares in the Company\u2019s share capital. This option was granted up to such an amount as the Foundation might require, subject to a maximum of a nominal amount that would result in the total nominal amount of class B cumulative preference shares in issue and not held by the Company equalling no more than 99.9% of the nominal amount of the issued share capital in the form of shares other than class B cumulative preference shares and not held by the Company at the time of exercising of the right referred to above. The board of directors of the Foundation has the exclusive right to determine whether or not to exercise this right to acquire class B cumulative preference shares.
23.2 Translation reserve
The exchange rate differences for 2023 of \u20ac18.4 million include the reclassification of
translation differences to profit or loss related to the wind down of BAM International for
\u20ac 9.8 million. The related loss is included in exchange rate differences in the income statement.
23.3 Dividend
On 10 April 2024, the annual general meeting approved a cash dividend of \u20ac0.20 per ordinary
share with a scrip alternative. On 8 May 2024, the Group paid \u20ac25.8 million in cash and distributed
7.2 million shares to shareholders that opted for stock dividend (2023: \u20ac22.0 million in cash and
distributed 9.2 million shares to shareholders that opted for stock dividend).
23.4 Treasury shares
During 2024, the Group repurchased 16.4 million own shares for a total consideration of \u20ac65.5 million
(2023: \u20ac19.8 million), comprising of:
\u2022 the repurchase programme to offset the dilution effect of stock dividend and the \u20ac30 million share
buyback (14.6 million shares); and
\u2022 repurchases from employees (1.8 million shares) of a part of the shares that vested under long term
incentive plans to settle their wage tax and social security premiums.
23.5 Dividend proposal
The Company proposes to declare a cash dividend of \u20ac0. 25 per ordinary share over 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-510": { "value": "23. Group equity The Company\u2019s share capital is classified as equity. It consists of the Company\u2019s ordinary shares and preference shares. The surplus paid by shareholders above the nominal value of shares is recognised as share premium. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Repurchases of own shares are deducted from retained earnings on a cost basis. The cost represents the market price paid on the acquisition date. When repurchased shares are sold or re-issued subsequently, any amount received is recognised as an increase in retained earnings, and the resulting surplus or deficit on the transaction remains in retained earnings. Dividend is recognised as a liability in the period in which it is approved by the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-486": { "value": "23. Group equity The Company\u2019s share capital is classified as equity. It consists of the Company\u2019s ordinary shares and preference shares. The surplus paid by shareholders above the nominal value of shares is recognised as share premium. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. Repurchases of own shares are deducted from retained earnings on a cost basis. The cost represents the market price paid on the acquisition date. When repurchased shares are sold or re-issued subsequently, any amount received is recognised as an increase in retained earnings, and the resulting surplus or deficit on the transaction remains in retained earnings. Dividend is recognised as a liability in the period in which it is approved by the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-520": { "value": "23. Group equity Dividend is recognised as a liability in the period in which it is approved by the Annual General Meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-532": { "value": "23. Group equity Dividend is recognised as a liability in the period in which it is approved by the Annual General Meeting. 23.3 Dividend On 10 April 2024, the annual general meeting approved a cash dividend of \u20ac0.20 per ordinary share with a scrip alternative. On 8 May 2024, the Group paid \u20ac25.8 million in cash and distributed 7.2 million shares to shareholders that opted for stock dividend (2023: \u20ac22.0 million in cash and distributed 9.2 million shares to shareholders that opted for stock dividend). 23.5 Dividend proposal The Company proposes to declare a cash dividend of \u20ac0. 25 per ordinary share over 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "
23.1 Outstanding shares
Number of Number of Number of
ordinary treasury ordinary
shares shares shares
in issue
As at 1 January 2023
279,407,449
11,287,880
268,119,569
Shares issued
4,630,427
4,630,427
-
Repurchase of ordinary shares
-
10,275,655
(10,275,655)
Awarded LTI shares
-
(1,888,153)
1,888,153
Dividends
-
(9,246,187)
9,246,187
As at 31 December 2023
284,037,876
15,059,622
268,978,254
Repurchase of ordinary shares
-
16,449,195
(16,449,195)
Awarded LTI shares
-
(3,778,374)
3,778,374
Dividends
-
(7,216,389)
7,216,389
As at 31 December 2024
284,037,876
20,514,054
263,523,822
On 17 May 1993, the Company granted Stichting Aandelenbeheer BAM Groep (\u2018the Foundation\u2019) a
call option to acquire class B cumulative preference shares in the Company\u2019s share capital. This option
was granted up to such an amount as the Foundation might require, subject to a maximum of a
nominal amount that would result in the total nominal amount of class B cumulative preference
shares in issue and not held by the Company equalling no more than 99.9% of the nominal amount of
the issued share capital in the form of shares other than class B cumulative preference shares and not
held by the Company at the time of exercising of the right referred to above.
The board of directors of the Foundation has the exclusive right to determine whether or not to
exercise this right to acquire class B cumulative preference shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-499": { "value": "23.1 Outstanding shares
Number of Number of Number of
ordinary treasury ordinary
shares shares shares
in issue
As at 1 January 2023
279,407,449
11,287,880
268,119,569
Shares issued
4,630,427
4,630,427
-
Repurchase of ordinary shares
-
10,275,655
(10,275,655)
Awarded LTI shares
-
(1,888,153)
1,888,153
Dividends
-
(9,246,187)
9,246,187
As at 31 December 2023
284,037,876
15,059,622
268,978,254
Repurchase of ordinary shares
-
16,449,195
(16,449,195)
Awarded LTI shares
-
(3,778,374)
3,778,374
Dividends
-
(7,216,389)
7,216,389
As at 31 December 2024
284,037,876
20,514,054
263,523,822
23.4 Treasury shares During 2024, the Group repurchased 16.4 million own shares for a total consideration of \u20ac65.5 million (2023: \u20ac19.8 million), comprising of: \u2022 the repurchase programme to offset the dilution effect of stock dividend and the \u20ac30 million share buyback (14.6 million shares); and \u2022 repurchases from employees (1.8 million shares) of a part of the shares that vested under long term incentive plans to settle their wage tax and social security premiums. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-487": { "value": "23.2 Translation reserve The exchange rate differences for 2023 of \u20ac18.4 million include the reclassification of translation differences to profit or loss related to the wind down of BAM International for \u20ac 9.8 million. The related loss is included in exchange rate differences in the income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-500": { "value": "0.25", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-465": { "value": "24. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. After initial recognition borrowings are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the income statement (unless the costs are capitalised). Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "24. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. After initial recognition borrowings are measured at amortised cost using the effective interest rate method. Gains and losses are recognised in profit or loss when the liabilities are derecognised. The effective interest rate amortisation is included as finance costs in the income statement (unless the costs are capitalised). Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the effective interest rate. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Changes from
financing Other
cash flows changes
As at Proceeds Repayments Effective As at
1 January from of interest 31 December
2024 borrowings borrowings
method
Other
2024
Non-recourse PPP loans
8,509
287
(727)
-
-
8,069
Non-recourse property financing
32,464
5,903
(1,515)
-
-
36,852
Recourse property financing
13,874
500
(2,214)
-
-
12,160
Other non-recourse financing
3,557
5,859
(1,866)
-
-
7,550
Other recourse financing
3,170
-
(951)
-
-
2,219
Bank overdrafts
-
-
-
-
-
-
61,574
12,549
(7,273)
-
-
66,850
As at Proceeds Repayments Effective As at
1 January from of interest 31 December
2023 borrowings borrowings
method
Other
2023
Non-recourse PPP loans
8,538
615
(644)
-
-
8,509
Non-recourse property financing
20,525
17,218
(5,279)
-
-
32,464
Recourse property financing
15,972
5,061
(7,159)
-
-
13,874
Other non-recourse financing
3,458
2,260
(1,722)
-
(439)
3,557
Other recourse financing
4,136
-
(966)
-
-
3,170
Bank overdrafts
-
-
-
-
-
-
52,629
25,154
(15,770)
-
(439)
61,574
24.1 Non-recourse PPP loans
Non-recourse PPP loans are
directly related to the associated receivables from government bodies
. Of
the non-current part, \u20ac4.7million has a term to maturity of more than five years (2023: \u20ac5.3 million). The
average term to maturity of these loans is 12 years (2023: 12 years). The average interest rate is 2.2%
(2023: 2.1%).
24.2 Non-recourse property financing
Non-recourse property loans finance land positions acquired for property development and ongoing
property development projects. The average term of non-recourse property financing is 2.8 years
(2023: 3.3 years). Interest on these loans is generally based on Euribor plus a margin. The margin is
generally fixed during the term of the loan. The terms of property loans are relatively short, therefore interest margins are generally in line with the market. The carrying amount of the assets financed with these loans is \u20ac129 million at year-end 2024 (2023: \u20ac119 million). The assets are pledged as a security for lenders. These loans will be payable on demand if the agreed qualitative and quantitative conditions relating to interest and capital repayments, among other things, are not met. 24.3 Recourse property financing Recourse property loans finance land and building rights and property development. The average term of these loans is 2.3 years (2023: 3.0 years). Interest on these loans is generally based on Euribor plus a margin. The margin is generally fixed during the term of the loan. For loans amounting to \u20ac1 million, the interest is (partially) fixed (2023: \u20ac1 million). The carrying amount of the assets financed with these loans is \u20ac98 million at year-end 2024 (2023: approximately \u20ac90 million). These assets constitute a security for lenders and additional securities exist in the form of a guarantee provided by the Group, in some cases supplemented by a bank guarantee. These loans will be repayable on demand if the agreed qualitative and quantitative conditions relating to interest and capital repayments, among other things, are not met. 24.4 Committed syndicated credit facility On 30 November 2022, the Group entered into a revolving credit facility agreement that provides a facility of maximum \u20ac330 million which can be used for general corporate purposes, including working capital financing. The facility had a term of four years (until 30 November 2026) plus two one-year extension options. In 2024, the second extension option was exercised and the maturity is extended to 30 November 2028. Loans obtained under the facility are subject to variable market interest rates (EURIBOR) plus a margin in the range of 1.75% - 3.00% depending on the Group\u2019s recourse leverage ratio. On an annual basis, the margin is adjusted based on the Group\u2019s performance on four ESG KPIs. The maximum margin adjustment is plus/minus 0.05%, depending on the number of ESG KPI\u2019s meeting their respective target. The RCF is subject to financial covenants (see note 23.6) and to market conform commitment and utilisation fees. The facility has not been used in 2023 and 2024. 24.5 Bank overdrafts Besides the committed syndicated credit facility, the Group holds \u20ac153 million (2023: \u20ac153 million) in bilateral credit facilities. 24.6 Covenants Terms and conditions, including covenants, for project specific financing, being non-recourse PPP loans and (non-) recourse property financing loans, are directly linked to the respective projects. A relevant ratio in non-recourse property financing is the loan to value ratio, i.e. the ratio between the value of the loan and the carrying amount of the assets of the project. In PPP loans and recourse property financing the debt service cover ratio is generally applicable. This is a ratio of the interest and repayment obligations to the operational cash flows of the respective project. A breach of covenants may require immediate repayment of the respective outstanding loan. During 2024, no early payments were made as a result of not adhering to the financing conditions of project related financing (2023: nil). The Group\u2019s revolving credit facility is subject to a number of financial covenants. Non-compliance with the covenants could qualify as an event of default based on which the lenders may require immediate repayment of outstanding loans and cancel their commitments. Terms and conditions for the committed syndicated credit facility are based on the Group as a whole, excluding non-recourse elements. The ratios for this financing arrangement (all recourse) are the leverage ratio, the interest cover ratio, the solvency ratio and the guarantor cover. The capital base in the financial covenants, as part of the solvency ratio, is adjusted for, among other things, the hedging reserve and remeasurements of post-employments benefits. The requirements and realisation of the financial covenants is as follows:
Calculation
Requirement
2024
2023
Leverage ratio
Net borrowings/EBITDA
\u2264 2.50
1
(4.3)
(3.9)
Interest cover ratio
EBITDA/net interest expense
\u2265 4.00
N/A
N/A
Solvency ratio
Capital base
2
/total assets
\u2265 15%
31.6%
30.9%
Guarantor covers
EBITDA share of guarantors
\u2265 70%
103.2%
110.8%
Assets share of guarantors
\u2265 70%
100.5%
99.9%
1 An increased recourse leverage ratio of 2.75 is permitted for each second and third quarter of the year. 2 The capital base in the financial covenant is adjusted for the hedging reserve and remeasurements of post- employment benefits, among other things The Group reported a net recourse interest income instead of an expense for 2023 and 2024, making the recourse interest cover ratio not applicable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-539": { "value": "24. Borrowings
Changes from
financing Other
cash flows changes
As at Proceeds Repayments Effective As at
1 January from of interest 31 December
2024 borrowings borrowings
method
Other
2024
Non-recourse PPP loans
8,509
287
(727)
-
-
8,069
Non-recourse property financing
32,464
5,903
(1,515)
-
-
36,852
Recourse property financing
13,874
500
(2,214)
-
-
12,160
Other non-recourse financing
3,557
5,859
(1,866)
-
-
7,550
Other recourse financing
3,170
-
(951)
-
-
2,219
Bank overdrafts
-
-
-
-
-
-
61,574
12,549
(7,273)
-
-
66,850
As at Proceeds Repayments Effective As at
1 January from of interest 31 December
2023 borrowings borrowings
method
Other
2023
Non-recourse PPP loans
8,538
615
(644)
-
-
8,509
Non-recourse property financing
20,525
17,218
(5,279)
-
-
32,464
Recourse property financing
15,972
5,061
(7,159)
-
-
13,874
Other non-recourse financing
3,458
2,260
(1,722)
-
(439)
3,557
Other recourse financing
4,136
-
(966)
-
-
3,170
Bank overdrafts
-
-
-
-
-
-
52,629
25,154
(15,770)
-
(439)
61,574
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "value": "24.2 Non-recourse property financing
The carrying amount of the assets financed with these loans is \u20ac129 million at year-end 2024 (2023:
\u20ac119 million). The assets are pledged as a security for lenders. These loans will be payable on demand
if the agreed qualitative and quantitative conditions relating to interest and capital repayments,
among other things, are not met.
24.3 Recourse property financing
The carrying amount of the assets financed with these loans is \u20ac98 million at year-end 2024 (2023: approximately \u20ac90 million). These assets constitute a security for lenders and additional securities exist in the form of a guarantee provided by the Group, in some cases supplemented by a bank guarantee. These loans will be repayable on demand if the agreed qualitative and quantitative conditions relating to interest and capital repayments, among other things, are not met. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-545": { "value": "25. Employee benefits (a) Pension obligations A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension obligation. When the plan assets exceed the defined benefit obligation, the Group recognises a pension asset, which is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available when it can be realised during the life of the plan, or upon settlement of the plan\u2019s liabilities. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Current service costs of defined benefit plans are recognised immediately in the income statement, as part of \u2018employee benefit expenses\u2019, and reflect the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the income statement. Interest expenses are included in the \u2018employee benefit expenses\u2019. (b) Other employment obligations Other employment obligations comprise jubilee benefits, retirement gifts, temporary leaves and similar arrangements and have a non-current nature. These obligations are discounted to their present value. Remeasurements are recognised- in profit or loss.
2024
2023
Defined benefit asset
46,123
51,894
Defined benefit liability
14,474
19,190
Other employee benefits obligations
12,774
12,851
27,248
32,041
The Group operates defined contribution plans in the Netherlands, United Kingdom, Belgium, Germany and Ireland under broadly similar regulatory frameworks. All pension plans that are accounted as defined benefit arrangement are closed for new entrants. Defined benefit plans in the United Kingdom and Ireland are in a net asset position; there is no asset ceiling on these plans as the Group is entitled to a return of surplus at the end of the plans\u2019 lives. A further description of the post-employment benefit plans per country is as follows: Netherlands In the Netherlands, the Group makes contributions to defined benefit schemes as well as defined contribution schemes. The pension schemes in the Netherlands are subject to the regulations as stipulated in the Pension Act. Due to the Pension Act the pension plans need to be fully funded and need to be operated outside the Company through a separate legal entity. Several multi- employer funds and insurers operate the various pension plans. The Group has no additional responsibilities for the governance of these schemes. The basic pension for every employee is covered by multi-employer funds in which also other companies participate based on legal requirements. These funds have an indexed average salary scheme and are therefore defined benefit schemes. Specifically, these are the industry pension funds for construction, metal & technology and railways. As these funds are not equipped to provide the required information on the Group\u2019s proportionate share of pension liabilities and plan assets, the defined benefit plans are accounted for as defined contribution plans. The Group is obliged to pay the predetermined premium for these plans. The Group may not reclaim any excess payment and is not obliged to make up any deficit, except by way of the adjustment of future premiums. The build-up of future pension entitlements for employees is covered by the multi-employer funds or external insurance companies. Defined benefit schemes are closed for future accumulation and indexation is mainly linked to the industry pension fund for construction. Pensions for salaries exceeding the basic pension amount (top-up part) are not covered by multi-employer funds and are carried out under separate contracts and qualify as defined contribution schemes. The Group has established an accountability committee, with representation from the Central Works Council (CWC) and the Socio-Economic Committee of the BAM pensioners association (SEC). At year-end 2024, the (twelve-month average) coverage rate of the industry pension fund for construction is 126% (2023: 125%). The industry pension fund for metal and technical sectors has a (twelve-month average) coverage rate of 113% at year-end 2024 (2023: 110%). The (twelve-month average) coverage rate of the industry pension fund for railways is 132% (2023: 133%). United Kingdom In the United Kingdom, the Group makes contributions to defined benefit plans as well as defined contribution plans. The Group is responsible for making supplementary contributions to recover the historical financing deficits. The plan for supplementary contributions was last revised after the most recent actuarial valuations of the funds in April 2023 and led to supplementary contributions of \u20ac6 million in 2024 (2023: \u20ac6 million). The Group replaced the closed defined benefit pension schemes with defined contribution schemes, which are executed by an independent insurance company. Following the closure of future accumulation in defined benefit pension schemes in 2010, employees who participated in these schemes were invited to participate in the defined contribution schemes. During 2023, the High Court in the United Kingdom concluded in a case between Virgin Media and NTL Pension Trustees II that a salary-related contracted-out scheme cannot be changed unless the actuary confirmed in writing (through a so-called section 37 confirmation) that the scheme would continue to satisfy the legal norms. If such confirmation would not exist, the High Court concluded that the change would automatically void. In 2024, an appeal of the case in the Court of Appeal was dismissed and the ruling upheld. The case has the potential to cause significant issues in the United Kingdom pensions industry. An initial assessment of the historic scheme amendments has identified that the majority of amendments do not require further action at this stage. For some amendments, turther investigation is required to identify as to whether the appropriate written actuarial confirmation was in place at the date of the amendment. Until the exercise is completed, it is impossible to estimate the potential impact, if any, on the Group\u2019s schemes. In addition, several defined benefit schemes are accounted for as defined contribution schemes as the external parties administering the funds are not able to provide the required information. These schemes have a limited number of members. The Group is obliged to pay the predetermined premium for these plans. The Group may not reclaim any excess payment and is not obliged to make up any deficit, except by way of the adjustment of future premiums. The Group did not make material contributions in 2024 and 2023. Ireland In Ireland, the Group has a defined benefit scheme and a multi-employer pension scheme, which was fully converted from a defined benefit scheme to a defined contribution scheme with effect from 1 January 2006 for new entrants. The Group is responsible for making supplementary contributions to recover the historical financing deficits. The plan for supplementary contributions was last revised after the most recent actuarial valuations of the funds in 2017 and led to supplementary contributions of \u20ac4 million in 2024 (2023: \u20ac4 million). Other Includes pension plans in Belgium and Germany. In Belgium, the Group makes contributions to a relatively small defined benefit scheme that is executed by an external insurance company. The Group has also made arrangements for employees to participate in a defined contribution scheme. The defined contribution plans are subject to the law of 28 April 2003 on occupational pensions and due to changes in the law in December 2015 defined contribution plans are classified and accounted for as defined benefit plans. In Germany, the Group operates one remaining small defined benefit pension scheme financed by the employer, which is closed to new participants. The significant actuarial assumptions per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
2024
Discount rate
3.3%
5.5% - 5.6%
3.8%
3.2% - 3.6%
Salary growth rate
-
-
-
2.0% - 2.3%
Pension growth rate
0% - 3.5%
2.1% - 3.2%
0% - 2.1%
2.0% - 2.3%
2023
Discount rate
3.1%
4.6% - 4.8%
3.6%
3.6% - 3.8%
Salary growth rate
-
-
-
2.1% - 2.5%
Pension growth rate
0% - 6.1%
2.7% - 3.2%
0% - 2.4%
2.1% - 2.5%
Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. Movements in the defined benefit pension plans over the year are as follows:
United
Netherlands
Kingdom
Ireland
Other
Total
As at 31 December 2024
Defined benefit liability
(5,793)
-
-
(8,681)
(14,474)
Defined benefit asset
-
41,530
4,593
-
46,123
(5,793)
41,530
4,593
(8,681)
31,649
Present value of obligation
As at 1 January 2024
277,423
588,648
68,838
22,256
957,165
Service cost
-
73
1,002
198
1,273
Interest expense
8,345
27,734
2,429
787
39,295
Remeasurements
(8,689)
(54,022)
(494)
(645)
(63,850)
Plan participants contributions
-
-
237
121
358
Benefit payments
(16,433)
(28,468)
(2,979)
(1,350)
(49,230)
Settlements
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Disposals
-
-
-
-
-
Exchange rate differences
-
26,960
-
-
26,960
As at 31 December 2024
260,646
560,925
69,033
21,367
911,971
Fair value of plan assets
As at 1 January 2024
267,116
639,689
69,691
13,373
989,869
Interest income
8,077
30,222
2,540
483
41,322
Remeasurements
(7,267)
(72,488)
(326)
(782)
(80,863)
Employer contributions
3,539
6,459
4,463
850
15,311
Plan participants contributions
-
-
237
120
357
Benefit payments
(16,433)
(28,468)
(2,979)
(1,350)
(49,230)
Administration cost
(179)
(2,114)
-
(8)
(2,301)
Settlements
-
-
-
-
-
Disposals
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Exchange rate differences
-
29,155
-
-
29,155
As at 31 December 2024
254,853
602,455
73,626
12,686
943,620
United
Netherlands
Kingdom
Ireland
Other
Total
Amounts recognised in the income statement
Service cost
-
73
1,002
198
1,273
Net interest expense
268
(2,488)
(111)
304
(2,027)
Changes and plan
-
-
-
-
-
amendments and settlements
Administration cost
179
2,114
8
2,301
447
(301)
891
510
1,547
Amounts recognised in other comprehensive income
Remeasurements:
\u2022 Return on plan assets,
excluding interest
income
7,267
72,488
326
782
80,863
\u2022 (Gain)/loss from change in
demographic
assumptions
(731)
2,475
2,146
-
3,890
\u2022 (Gain)/loss from change in
financial assumptions
(7,958)
(58,398)
(3,186)
(21)
(69,563)
\u2022 Experience (gains)/losses
-
1,901
546
(625)
1,822
(1,422)
18,466
(168)
136
17,012
Income tax
366
(4,615)
22
(50)
(4,277)
Remeasurement net of tax
(1,056)
13,851
(146)
86
12,735
United
Netherlands
Kingdom
Ireland
Other
Total
As at 31 December 2023
Defined benefit liability
(10,307)
-
-
(8,883)
(19,190)
Defined benefit asset
-
51,041
853
-
51,894
(10,307)
51,041
853
(8,883)
32,704
Present value of obligation
As at 1 January 2023
265,334
552,531
61,939
22,321
902,125
Service cost
-
47
696
213
956
Interest expense
9,036
27,080
2,540
788
39,444
Remeasurements
17,433
27,074
6,601
55
51,163
Plan participants contributions
-
-
261
120
381
Benefit payments
(14,380)
(27,609)
(3,199)
(1,241)
(46,429)
Settlements
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Disposals
-
-
-
-
-
Exchange rate differences
-
9,525
-
-
9,525
As at 31 December 2023
277,423
588,648
68,838
22,256
957,165
Fair value of plan assets
As at 1 January 2023
242,192
623,355
63,567
12,978
942,092
Interest income
8,697
30,783
2,710
459
42,649
Remeasurements
8,717
(2,315)
1,913
(885)
7,430
Employer contributions
22,069
6,360
4,439
1,950
34,818
Plan participants contributions
-
-
261
120
381
Benefit payments
(14,380)
(27,609)
(3,199)
(1,241)
(46,429)
Administration cost
(179)
(1,582)
-
(8)
(1,769)
Settlements
-
-
-
-
-
Disposals
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Exchange rate differences
-
10,697
-
-
10,697
As at 31 December 2023
267,116
639,689
69,691
13,373
989,869
United
Netherlands
Kingdom
Ireland
Other
Total
Amounts recognised in the income statement
Service cost
-
47
696
213
956
Net interest expense
339
(3,704)
(170)
329
(3,206)
Changes and plan
amendments and settlements
-
-
-
-
-
Administration cost
179
1,582
-
8
1,769
518
(2,075)
526
550
(481)
Amounts recognised in other comprehensive income
Remeasurements:
\u2022 Return on plan assets,
excluding interest
income
(8,717)
2,315
(1,913)
885
(7,430)
\u2022 (Gain)/loss from change in
demographic
assumptions
-
(2,826)
-
570
(2,256)
\u2022 (Gain)/loss from change in
financial assumptions
14,381
26,066
5,770
(582)
45,635
\u2022 Experience (gains)/losses
3,052
3,834
831
67
7,784
8,716
29,389
4,688
940
43,733
Income tax
-
(7,344)
(585)
(36)
(7,965)
Remeasurement net of tax
8,716
22,045
4,103
904
35,768
The average duration of the defined benefit obligations per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
Average duration (in years) - 2024
11
13
17
10
Average duration (in years) - 2023
11
14
17
10
Plan assets are comprised as follows:
United
Netherlands
Kingdom
Ireland
Other
Total
2024
Equity instruments
-
71,288
5,291
-
76,579
Debt instruments
-
511,159
64,009
-
575,168
Property
-
3,899
3,086
-
6,985
Qualifying insurance policies
254,853
339
-
12,686
267,878
Cash and cash equivalents
-
15,770
1,240
-
17,010
254,853
602,455
73,626
12,686
943,620
2023
Equity instruments
-
55,739
23,183
-
78,922
Debt instruments
-
559,616
41,260
-
600,876
Property
-
9,106
3,128
-
12,234
Qualifying insurance policies
267,116
390
-
13,373
280,879
Cash and cash equivalents
-
14,838
2,120
-
16,958
267,116
639,689
69,691
13,373
989,869
Plan assets do not include the Company\u2019s ordinary shares. Assets with a value of \u20ac360 million are unquoted (2023: \u20ac381 million). The impact to the defined benefit obligation to changes in weighted principal assumptions is as follows:
2024
2023
Increase by Decrease by Increase by Decrease by
0,5% 0,5% 0,5% 0,5%
Discount rate
(\u20ac52 million)
\u20ac58 million
(\u20ac59 million)
\u20ac65 million
Indexation
\u20ac29 million
(\u20ac27 milion)
\u20ac33 million
(\u20ac29 million)
Salary increase
\u20ac0 million
(\u20ac0 million)
\u20ac0 million
(\u20ac0 million)
If the life expectancy increases or decreases by one year, the pension liability will increase or decrease by approximately \u20ac34 million (2023: increase or decrease by \u20ac35 million). The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur as changes in assumptions are correlated. The sensitivity analyses are based on the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) as when calculating the pension liability recognised within the statement of financial position. Through its defined benefit pension plans the Group is exposed to a number of risks, the most significant of which are detailed below: Risk Impact Asset volatility Plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will create a deficit. Bond yields A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans\u2019 bond holdings. Salary growth Plan liabilities are calculated based on future salaries of the plan participants, so increases in future salaries will result in an increase in the plan liabilities. Pension growth The majority of the plan liabilities are calculated based on future pension increases, so these increases will result in an increase in the plan liabilities. Life expectancy The majority of the plan liabilities are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plan liabilities. For funded plans, the Group ensures that the investment positions are managed within an asset-liability matching (\u2018ALM\u2019) framework that has been developed to achieve long-term investments that are in line with the obligations under the pension schemes. The Group\u2019s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The Group monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The Group has not changed the processes used to manage its risks from previous periods. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. Employer contributions to post-employment benefit plans for 2025 are expected to decrease from \u20ac15 million in 2024 to \u20ac12 million. The contributions in 2024 included extra amounts for indexation. 26. Provisions Provisions for warranties, restructuring costs, claims/legal obligations, associates and joint ventures and onerous contracts are recognised when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Restructuring provisions are recognised when a detailed formal plan has been approved, and the restructuring has either commenced or has been announced publicly. Restructuring provisions comprise lease termination penalties and employee termination payments. Future operating losses are not recognised. If the Group\u2019s share in losses exceeds the carrying amount of the investment (including separately presented goodwill and other uninsured receivables), further losses will not be recognised, unless the Group has provided securities to the associate or joint venture, committed to liabilities or payment on behalf of the associate and joint venture. In that case, the excess will be provided for . Provisions are classified in the balance sheet as follows:
2024
2023
Non-current
64,646
82,217
Current
116,155
114,677
180,801
196,894
The non-current part of provisions is discounted at a rate in the range of 0% to 6% (2023: 0% to 6%). The provision for onerous contracts is based on judgments and uncertainties as described in note 4. Approximately 65% of the provision is current in nature (2023: 60%).The provision for warranty concerns the best estimate of the expenditure required to settle complaints and deficiencies that became apparent after the delivery of projects and that fall within the warranty period. In reaching its best estimate, the Group takes into account the risks and uncertainties that surround the underlying events which are assessed periodically. Approximately 55% of the provision is current in nature (2023: 50%).
Claims and legal Onerous
Warranty
Restructuring
obligations
Joint ventures
contracts
Other
Total
As at 1 January 2023
30,923
5,162
500
10,578
171,677
21,288
240,128
Charged/(credited) to the income statement:
- Additional provisions
24,797
10,273
-
-
82,632
86
117,788
- Release
(9,345)
(620)
(500)
-
(10,265)
(1,200)
(21,930)
Used during the year
(15,418)
(7,698)
-
(8,244)
(96,666)
(11,774)
(139,800)
Exchange rate differences
-
-
-
-
693
15
708
As at 31 December 2023
30,957
7,117
-
2,334
148,071
8,415
196,894
Charged/(credited) to the income statement:
- Additional provisions
15,960
12,236
6,796
651
133,734
1,072
170,449
- Release
(3,307)
-
-
-
(3,880)
(1,499)
(8,686)
Used during the year
(6,798)
(15,559)
-
(1,584)
(153,471)
(1,691)
(179,103)
Exchange rate differences
-
-
139
-
1,073
35
1,247
As at 31 December 2024
36,812
3,794
6,935
1,401
125,527
6,332
180,801
As at 31 December 2024, other provisions includes \u20ac3.0 million for the remaining exposure on financial guarantees related to the sale of BAM Deutschland AG (2023: \u20ac3.5 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-511": { "value": "25. Employee benefits (a) Pension obligations A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension obligation. When the plan assets exceed the defined benefit obligation, the Group recognises a pension asset, which is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available when it can be realised during the life of the plan, or upon settlement of the plan\u2019s liabilities. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Current service costs of defined benefit plans are recognised immediately in the income statement, as part of \u2018employee benefit expenses\u2019, and reflect the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the income statement. Interest expenses are included in the \u2018employee benefit expenses\u2019. For defined contribution plans, the Group pays contributions to administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
2024
2023
Defined benefit asset
46,123
51,894
Defined benefit liability
14,474
19,190
Other employee benefits obligations
12,774
12,851
27,248
32,041
The Group operates defined contribution plans in the Netherlands, United Kingdom, Belgium,
Germany and Ireland under broadly similar regulatory frameworks. All pension plans that are
accounted as defined benefit arrangement are closed for new entrants. Defined benefit plans in the
United Kingdom and Ireland are in a net asset position; there is no asset ceiling on these plans as the
Group is entitled to a return of surplus at the end of the plans\u2019 lives. A further description of the
post-employment benefit plans per country is as follows:
Netherlands
In the Netherlands, the Group makes contributions to defined benefit schemes as well as defined
contribution schemes.
The pension schemes in the Netherlands are subject to the regulations as
stipulated in the Pension Act. Due to the Pension Act the pension plans need to be fully funded and
need to be operated outside the Company through a separate legal entity. Several multi- employer
funds and insurers operate the various pension plans. The Group has no additional responsibilities for
the governance of these schemes.
The basic pension for every employee is covered by multi-employer funds in which also other
companies participate based on legal requirements. These funds have an indexed average salary
scheme and are therefore defined benefit schemes. Specifically, these are the industry pension funds
for construction, metal & technology and railways. As these funds are not equipped to provide the
required information on the Group\u2019s proportionate share of pension liabilities and plan assets, the
defined benefit plans are accounted for as defined contribution plans. The Group is obliged to pay the
predetermined premium for these plans. The Group may not reclaim any excess payment and is not
obliged to make up any deficit, except by way of the adjustment of future premiums.
The build-up of future pension entitlements for employees is covered by the multi-employer funds or
external insurance companies. Defined benefit schemes are closed for future accumulation and
indexation is mainly linked to the industry pension fund for construction. Pensions for salaries
exceeding the basic pension amount (top-up part) are not covered by multi-employer funds and are
carried out under separate contracts and qualify as defined contribution schemes.
The Group has established an accountability committee, with representation from the Central Works
Council (CWC) and the Socio-Economic Committee of the BAM pensioners association (SEC).
At year-end 2024, the (twelve-month average) coverage rate of the industry pension fund for construction is 126% (2023: 125%). The industry pension fund for metal and technical sectors has a (twelve-month average) coverage rate of 113% at year-end 2024 (2023: 110%). The (twelve-month average) coverage rate of the industry pension fund for railways is 132% (2023: 133%). United Kingdom In the United Kingdom, the Group makes contributions to defined benefit plans as well as defined contribution plans. The Group is responsible for making supplementary contributions to recover the historical financing deficits. The plan for supplementary contributions was last revised after the most recent actuarial valuations of the funds in April 2023 and led to supplementary contributions of \u20ac6 million in 2024 (2023: \u20ac6 million). The Group replaced the closed defined benefit pension schemes with defined contribution schemes, which are executed by an independent insurance company. Following the closure of future accumulation in defined benefit pension schemes in 2010, employees who participated in these schemes were invited to participate in the defined contribution schemes. During 2023, the High Court in the United Kingdom concluded in a case between Virgin Media and NTL Pension Trustees II that a salary-related contracted-out scheme cannot be changed unless the actuary confirmed in writing (through a so-called section 37 confirmation) that the scheme would continue to satisfy the legal norms. If such confirmation would not exist, the High Court concluded that the change would automatically void. In 2024, an appeal of the case in the Court of Appeal was dismissed and the ruling upheld. The case has the potential to cause significant issues in the United Kingdom pensions industry. An initial assessment of the historic scheme amendments has identified that the majority of amendments do not require further action at this stage. For some amendments, turther investigation is required to identify as to whether the appropriate written actuarial confirmation was in place at the date of the amendment. Until the exercise is completed, it is impossible to estimate the potential impact, if any, on the Group\u2019s schemes. In addition, several defined benefit schemes are accounted for as defined contribution schemes as the external parties administering the funds are not able to provide the required information. These schemes have a limited number of members. The Group is obliged to pay the predetermined premium for these plans. The Group may not reclaim any excess payment and is not obliged to make up any deficit, except by way of the adjustment of future premiums. The Group did not make material contributions in 2024 and 2023. Ireland In Ireland, the Group has a defined benefit scheme and a multi-employer pension scheme, which was fully converted from a defined benefit scheme to a defined contribution scheme with effect from 1 January 2006 for new entrants. The Group is responsible for making supplementary contributions to recover the historical financing deficits. The plan for supplementary contributions was last revised after the most recent actuarial valuations of the funds in 2017 and led to supplementary contributions of \u20ac4 million in 2024 (2023: \u20ac4 million). Other Includes pension plans in Belgium and Germany. In Belgium, the Group makes contributions to a relatively small defined benefit scheme that is executed by an external insurance company. The Group has also made arrangements for employees to participate in a defined contribution scheme. The defined contribution plans are subject to the law of 28 April 2003 on occupational pensions and due to changes in the law in December 2015 defined contribution plans are classified and accounted for as defined benefit plans. In Germany, the Group operates one remaining small defined benefit pension scheme financed by the employer, which is closed to new participants. The significant actuarial assumptions per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
2024
Discount rate
3.3%
5.5% - 5.6%
3.8%
3.2% - 3.6%
Salary growth rate
-
-
-
2.0% - 2.3%
Pension growth rate
0% - 3.5%
2.1% - 3.2%
0% - 2.1%
2.0% - 2.3%
2023
Discount rate
3.1%
4.6% - 4.8%
3.6%
3.6% - 3.8%
Salary growth rate
-
-
-
2.1% - 2.5%
Pension growth rate
0% - 6.1%
2.7% - 3.2%
0% - 2.4%
2.1% - 2.5%
Assumptions regarding future mortality are based on actuarial advice in accordance with published statistics and experience in each country. Movements in the defined benefit pension plans over the year are as follows:
United
Netherlands
Kingdom
Ireland
Other
Total
As at 31 December 2024
Defined benefit liability
(5,793)
-
-
(8,681)
(14,474)
Defined benefit asset
-
41,530
4,593
-
46,123
(5,793)
41,530
4,593
(8,681)
31,649
Present value of obligation
As at 1 January 2024
277,423
588,648
68,838
22,256
957,165
Service cost
-
73
1,002
198
1,273
Interest expense
8,345
27,734
2,429
787
39,295
Remeasurements
(8,689)
(54,022)
(494)
(645)
(63,850)
Plan participants contributions
-
-
237
121
358
Benefit payments
(16,433)
(28,468)
(2,979)
(1,350)
(49,230)
Settlements
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Disposals
-
-
-
-
-
Exchange rate differences
-
26,960
-
-
26,960
As at 31 December 2024
260,646
560,925
69,033
21,367
911,971
Fair value of plan assets
As at 1 January 2024
267,116
639,689
69,691
13,373
989,869
Interest income
8,077
30,222
2,540
483
41,322
Remeasurements
(7,267)
(72,488)
(326)
(782)
(80,863)
Employer contributions
3,539
6,459
4,463
850
15,311
Plan participants contributions
-
-
237
120
357
Benefit payments
(16,433)
(28,468)
(2,979)
(1,350)
(49,230)
Administration cost
(179)
(2,114)
-
(8)
(2,301)
Settlements
-
-
-
-
-
Disposals
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Exchange rate differences
-
29,155
-
-
29,155
As at 31 December 2024
254,853
602,455
73,626
12,686
943,620
United
Netherlands
Kingdom
Ireland
Other
Total
Amounts recognised in the income statement
Service cost
-
73
1,002
198
1,273
Net interest expense
268
(2,488)
(111)
304
(2,027)
Changes and plan
-
-
-
-
-
amendments and settlements
Administration cost
179
2,114
8
2,301
447
(301)
891
510
1,547
Amounts recognised in other comprehensive income
Remeasurements:
\u2022 Return on plan assets,
excluding interest
income
7,267
72,488
326
782
80,863
\u2022 (Gain)/loss from change in
demographic
assumptions
(731)
2,475
2,146
-
3,890
\u2022 (Gain)/loss from change in
financial assumptions
(7,958)
(58,398)
(3,186)
(21)
(69,563)
\u2022 Experience (gains)/losses
-
1,901
546
(625)
1,822
(1,422)
18,466
(168)
136
17,012
Income tax
366
(4,615)
22
(50)
(4,277)
Remeasurement net of tax
(1,056)
13,851
(146)
86
12,735
United
Netherlands
Kingdom
Ireland
Other
Total
As at 31 December 2023
Defined benefit liability
(10,307)
-
-
(8,883)
(19,190)
Defined benefit asset
-
51,041
853
-
51,894
(10,307)
51,041
853
(8,883)
32,704
Present value of obligation
As at 1 January 2023
265,334
552,531
61,939
22,321
902,125
Service cost
-
47
696
213
956
Interest expense
9,036
27,080
2,540
788
39,444
Remeasurements
17,433
27,074
6,601
55
51,163
Plan participants contributions
-
-
261
120
381
Benefit payments
(14,380)
(27,609)
(3,199)
(1,241)
(46,429)
Settlements
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Disposals
-
-
-
-
-
Exchange rate differences
-
9,525
-
-
9,525
As at 31 December 2023
277,423
588,648
68,838
22,256
957,165
Fair value of plan assets
As at 1 January 2023
242,192
623,355
63,567
12,978
942,092
Interest income
8,697
30,783
2,710
459
42,649
Remeasurements
8,717
(2,315)
1,913
(885)
7,430
Employer contributions
22,069
6,360
4,439
1,950
34,818
Plan participants contributions
-
-
261
120
381
Benefit payments
(14,380)
(27,609)
(3,199)
(1,241)
(46,429)
Administration cost
(179)
(1,582)
-
(8)
(1,769)
Settlements
-
-
-
-
-
Disposals
-
-
-
-
-
Transfer to held for sale
-
-
-
-
-
Exchange rate differences
-
10,697
-
-
10,697
As at 31 December 2023
267,116
639,689
69,691
13,373
989,869
United
Netherlands
Kingdom
Ireland
Other
Total
Amounts recognised in the income statement
Service cost
-
47
696
213
956
Net interest expense
339
(3,704)
(170)
329
(3,206)
Changes and plan
amendments and settlements
-
-
-
-
-
Administration cost
179
1,582
-
8
1,769
518
(2,075)
526
550
(481)
Amounts recognised in other comprehensive income
Remeasurements:
\u2022 Return on plan assets,
excluding interest
income
(8,717)
2,315
(1,913)
885
(7,430)
\u2022 (Gain)/loss from change in
demographic
assumptions
-
(2,826)
-
570
(2,256)
\u2022 (Gain)/loss from change in
financial assumptions
14,381
26,066
5,770
(582)
45,635
\u2022 Experience (gains)/losses
3,052
3,834
831
67
7,784
8,716
29,389
4,688
940
43,733
Income tax
-
(7,344)
(585)
(36)
(7,965)
Remeasurement net of tax
8,716
22,045
4,103
904
35,768
The average duration of the defined benefit obligations per country were as follows:
United
Netherlands
Kingdom
Ireland
Other
Average duration (in years) - 2024
11
13
17
10
Average duration (in years) - 2023
11
14
17
10
Plan assets are comprised as follows:
United
Netherlands
Kingdom
Ireland
Other
Total
2024
Equity instruments
-
71,288
5,291
-
76,579
Debt instruments
-
511,159
64,009
-
575,168
Property
-
3,899
3,086
-
6,985
Qualifying insurance policies
254,853
339
-
12,686
267,878
Cash and cash equivalents
-
15,770
1,240
-
17,010
254,853
602,455
73,626
12,686
943,620
2023
Equity instruments
-
55,739
23,183
-
78,922
Debt instruments
-
559,616
41,260
-
600,876
Property
-
9,106
3,128
-
12,234
Qualifying insurance policies
267,116
390
-
13,373
280,879
Cash and cash equivalents
-
14,838
2,120
-
16,958
267,116
639,689
69,691
13,373
989,869
Plan assets do not include the Company\u2019s ordinary shares. Assets with a value of \u20ac360 million are unquoted (2023: \u20ac381 million). The impact to the defined benefit obligation to changes in weighted principal assumptions is as follows:
2024
2023
Increase by Decrease by Increase by Decrease by
0,5% 0,5% 0,5% 0,5%
Discount rate
(\u20ac52 million)
\u20ac58 million
(\u20ac59 million)
\u20ac65 million
Indexation
\u20ac29 million
(\u20ac27 milion)
\u20ac33 million
(\u20ac29 million)
Salary increase
\u20ac0 million
(\u20ac0 million)
\u20ac0 million
(\u20ac0 million)
If the life expectancy increases or decreases by one year, the pension liability will increase or decrease by approximately \u20ac34 million (2023: increase or decrease by \u20ac35 million). The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur as changes in assumptions are correlated. The sensitivity analyses are based on the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) as when calculating the pension liability recognised within the statement of financial position. Through its defined benefit pension plans the Group is exposed to a number of risks, the most significant of which are detailed below: Risk Impact Asset volatility Plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will create a deficit. Bond yields A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans\u2019 bond holdings. Salary growth Plan liabilities are calculated based on future salaries of the plan participants, so increases in future salaries will result in an increase in the plan liabilities. Pension growth The majority of the plan liabilities are calculated based on future pension increases, so these increases will result in an increase in the plan liabilities. Life expectancy The majority of the plan liabilities are to provide benefits for the life of the member, so increases in life expectancy will result in an increase in the plan liabilities. For funded plans, the Group ensures that the investment positions are managed within an asset-liability matching (\u2018ALM\u2019) framework that has been developed to achieve long-term investments that are in line with the obligations under the pension schemes. The Group\u2019s ALM objective is to match assets to the pension obligations by investing in long-term fixed interest securities with maturities that match the benefit payments as they fall due and in the appropriate currency. The Group monitors how the duration and the expected yield of the investments are matching the expected cash outflows arising from the pension obligations. The Group has not changed the processes used to manage its risks from previous periods. Investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. Employer contributions to post-employment benefit plans for 2025 are expected to decrease from \u20ac15 million in 2024 to \u20ac12 million. The contributions in 2024 included extra amounts for indexation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-488": { "value": "25. Employee benefits (a) Pension obligations A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension obligation. When the plan assets exceed the defined benefit obligation, the Group recognises a pension asset, which is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available when it can be realised during the life of the plan, or upon settlement of the plan\u2019s liabilities. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Current service costs of defined benefit plans are recognised immediately in the income statement, as part of \u2018employee benefit expenses\u2019, and reflect the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the income statement. Interest expenses are included in the \u2018employee benefit expenses\u2019. For defined contribution plans, the Group pays contributions to administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. (b) Other employment obligations Other employment obligations comprise jubilee benefits, retirement gifts, temporary leaves and similar arrangements and have a non-current nature. These obligations are discounted to their present value. Remeasurements are recognised- in profit or loss. 29. Share-based payments The Group operates equity-settled share-based plans. The fair value of the employee services received in exchange for the grant of the shares is recognised as cost with a corresponding credit entry of equity. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The total amount to be expensed is determined by reference to the fair value of the shares granted: \u2022 including a market performance condition based on the Company\u2019s share price; \u2022 excluding the impact of any service and non-market performance vesting conditions; and \u2022 including the impact of any non-vesting conditions. At the end of each reporting period, the Group revises its estimates of the number of shares that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement within \u2018personnel expenses\u2019, with a corresponding adjustment to equity. In addition, in some circumstances employees may provide services in advance of the grant date and therefore the grant date fair value is estimated for the purposes of recognising the expense during the period between service commencement period and grant date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "value": "25. Employee benefits (a) Pension obligations A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating to the terms of the related pension obligation. When the plan assets exceed the defined benefit obligation, the Group recognises a pension asset, which is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. An economic benefit is available when it can be realised during the life of the plan, or upon settlement of the plan\u2019s liabilities. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited in other comprehensive income in the period in which they arise. Current service costs of defined benefit plans are recognised immediately in the income statement, as part of \u2018employee benefit expenses\u2019, and reflect the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes, curtailments and settlements. Past-service costs are recognised immediately in the income statement. Interest expenses are included in the \u2018employee benefit expenses\u2019. For defined contribution plans, the Group pays contributions to administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. (b) Other employment obligations Other employment obligations comprise jubilee benefits, retirement gifts, temporary leaves and similar arrangements and have a non-current nature. These obligations are discounted to their present value. Remeasurements are recognised- in profit or loss. 26. Provisions Provisions for warranties, restructuring costs, claims/legal obligations, associates and joint ventures and onerous contracts are recognised when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Restructuring provisions are recognised when a detailed formal plan has been approved, and the restructuring has either commenced or has been announced publicly. Restructuring provisions comprise lease termination penalties and employee termination payments. Future operating losses are not recognised. If the Group\u2019s share in losses exceeds the carrying amount of the investment (including separately presented goodwill and other uninsured receivables), further losses will not be recognised, unless the Group has provided securities to the associate or joint venture, committed to liabilities or payment on behalf of the associate and joint venture. In that case, the excess will be provided for . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-501": { "value": "26. Provisions Provisions for warranties, restructuring costs, claims/legal obligations, associates and joint ventures and onerous contracts are recognised when: (a) the Group has a present legal or constructive obligation as a result of past events; (b) it is probable that an outflow of resources will be required to settle the obligation; and (c) the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as interest expense. Restructuring provisions are recognised when a detailed formal plan has been approved, and the restructuring has either commenced or has been announced publicly. Restructuring provisions comprise lease termination penalties and employee termination payments. Future operating losses are not recognised. If the Group\u2019s share in losses exceeds the carrying amount of the investment (including separately presented goodwill and other uninsured receivables), further losses will not be recognised, unless the Group has provided securities to the associate or joint venture, committed to liabilities or payment on behalf of the associate and joint venture. In that case, the excess will be provided for . Provisions are classified in the balance sheet as follows:
2024
2023
Non-current
64,646
82,217
Current
116,155
114,677
180,801
196,894
The non-current part of provisions is discounted at a rate in the range of 0% to 6% (2023: 0% to 6%). The provision for onerous contracts is based on judgments and uncertainties as described in note 4. Approximately 65% of the provision is current in nature (2023: 60%).The provision for warranty concerns the best estimate of the expenditure required to settle complaints and deficiencies that became apparent after the delivery of projects and that fall within the warranty period. In reaching its best estimate, the Group takes into account the risks and uncertainties that surround the underlying events which are assessed periodically. Approximately 55% of the provision is current in nature (2023: 50%).
Claims and legal Onerous
Warranty
Restructuring
obligations
Joint ventures
contracts
Other
Total
As at 1 January 2023
30,923
5,162
500
10,578
171,677
21,288
240,128
Charged/(credited) to the income statement:
- Additional provisions
24,797
10,273
-
-
82,632
86
117,788
- Release
(9,345)
(620)
(500)
-
(10,265)
(1,200)
(21,930)
Used during the year
(15,418)
(7,698)
-
(8,244)
(96,666)
(11,774)
(139,800)
Exchange rate differences
-
-
-
-
693
15
708
As at 31 December 2023
30,957
7,117
-
2,334
148,071
8,415
196,894
Charged/(credited) to the income statement:
- Additional provisions
15,960
12,236
6,796
651
133,734
1,072
170,449
- Release
(3,307)
-
-
-
(3,880)
(1,499)
(8,686)
Used during the year
(6,798)
(15,559)
-
(1,584)
(153,471)
(1,691)
(179,103)
Exchange rate differences
-
-
139
-
1,073
35
1,247
As at 31 December 2024
36,812
3,794
6,935
1,401
125,527
6,332
180,801
As at 31 December 2024, other provisions includes \u20ac3.0 million for the remaining exposure on financial guarantees related to the sale of BAM Deutschland AG (2023: \u20ac3.5 million). 32. Contingencies 32.1 Claims and legal proceedings In the normal course of business the Group is exposed to claims from (sub)contractors and client that generally arise from a dispute about the quality of work and the amount of compensation. Additionally, the Group is exposed to certain risks following guarantees and indemnities provided in divestments of (former) subsidiaries. The Group recognises provisions for claims and/or exposures when a cash outflow is probable. When not resolved or settled, claims may subsequently involve legal proceeding which, if decided or settled adversely, may have a material impact on the Group\u2019s financial position, operational result or cash flows. In April 2023, the building safety act 2022 in the United Kingdom came into force covering multi high rise residential buildings. The regulations seek to improve fire safety on these buildings and may impact developers and construction companies as there is uncertainty to where liability would fall between the developer, constructor and owner if unsafe conditions would be identified. It is currently not possible to estimate the potential impact. Ethical misconduct or non-compliance with applicable laws and regulations (such as competition, bribery and corruption) could expose BAM to liabilities or have a negative impact on its business and reputation. BAM may be subject to administrative, civil or criminal liabilities including significant fines and penalties, as well as suspension or debarment from government or non-government contracts for some period of time. 32.2 Guarantees Bonds and guarantees are provided in the ordinary course of business to clients, either by the Company (parental guarantees), by banks (bank guarantees), or by surety companies (surety bonds), to secure due performance of the Group\u2019s contractual obligations. These securities can only be called by the client in case of (proven) default. It is not expected that any material risks will arise from these securities. The parent company guarantees issued amount to \u20ac111 million (2023: \u20ac109 million). Guarantees issued by banks and surety companies amount to \u20ac1.3 billion (2023: \u20ac1.0 billion). Guarantee facilities amount to \u20ac2.1 billion (2023: \u20ac1.9 billion). 33. Investigation In December 2024, the Dutch Public Prosecutions Office (DPPO, Openbaar Ministerie) closed its pending investigation into BAM International from 2022 and dismissed their suspicions. The Group conducted its own internal review in connection with the DPPO\u2019s investigation and identified certain potentially irregular payments in connection with an unrelated completed project in Africa. The Group self-reported these potentially irregular payments to the DPPO. The DPPO concluded that not all of these payments were properly recorded in BAM International\u2019s administration and imposed a fine of \u20ac30,000.- on BAM International through a penalty order. The Group will not appeal the penalty order.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-521": { "value": "27. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A contract liability is recognised when the Group has an obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.
Notes
2024
2023
Trade payables
499,685
507,305
Amounts due to customers (contract liabilities)
6
823,479
726,411
Amounts due to related parties
27
47,171
90,192
Social security and other taxes
181,157
167,766
Pension premiums
8,126
8,475
Amounts due for work completed
86,713
90,777
Amounts due for work in progress
548,114
611,014
Derivative financial instruments
-
1,318
Other liabilities
39,240
64,517
Accrued expenses and deferred income
199,918
180,006
2,433,603
2,447,781
Amounts due to related parties mainly comprises payables to joint ventures and associates. The amounts due for work completed and for work in progress relate to suppliers of the Group for contract work performed.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-502": { "value": "27. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A contract liability is recognised when the Group has an obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.
Notes
2024
2023
Trade payables
499,685
507,305
Amounts due to customers (contract liabilities)
6
823,479
726,411
Amounts due to related parties
27
47,171
90,192
Social security and other taxes
181,157
167,766
Pension premiums
8,126
8,475
Amounts due for work completed
86,713
90,777
Amounts due for work in progress
548,114
611,014
Derivative financial instruments
-
1,318
Other liabilities
39,240
64,517
Accrued expenses and deferred income
199,918
180,006
2,433,603
2,447,781
Amounts due to related parties mainly comprises payables to joint ventures and associates. The amounts due for work completed and for work in progress relate to suppliers of the Group for contract work performed.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "value": "27. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A contract liability is recognised when the Group has an obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "27. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. A contract liability is recognised when the Group has an obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer.
Notes
2024
2023
Trade payables
499,685
507,305
Amounts due to customers (contract liabilities)
6
823,479
726,411
Amounts due to related parties
27
47,171
90,192
Social security and other taxes
181,157
167,766
Pension premiums
8,126
8,475
Amounts due for work completed
86,713
90,777
Amounts due for work in progress
548,114
611,014
Derivative financial instruments
-
1,318
Other liabilities
39,240
64,517
Accrued expenses and deferred income
199,918
180,006
2,433,603
2,447,781
Amounts due to related parties mainly comprises payables to joint ventures and associates. The amounts due for work completed and for work in progress relate to suppliers of the Group for contract work performed.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "value": "
28. Related parties
The Group identifies subsidiaries, associates, joint ventures, third parties executing the Group\u2019s
defined benefit pension plans and key management as related parties. Transactions with related
parties are conducted at arm\u2019s length, i.e. on terms comparable to transactions with third parties.
28.1 Key management compensation Key management includes members of the Executive Board and the Supervisory Board. The compensation paid or payable to members of the Executive Board is as follows:
(in \u20ac thousand)
2024
Fixed Short-term Long-term Other Post- Total
remuneration incentive incentive
benefits
1
employment
benefits
R.J.M. Joosten
854
706
974
22
188
2,744
L.F. den Houter
610
504
668
22
134
1,938
1,464
1,210
1,642
44
322
4,682
2023
Fixed Short-term Long-term Other Post- Total
remuneration incentive incentive
benefits
1
employment
benefits
R.J.M. Joosten
801
554
545
22
176
2,098
L.F. den Houter
572
395
342
22
126
1,457
1,373
949
887
44
302
3,555
1 The amount shown under Other benefits consists of the car allowance. The short-term incentive (\u2018STI\u2019) is part of the remuneration package of the Executive Board and is based on financial objectives (70%) and non-financial objectives (30%). Further information about STI is specified in the remuneration report. For 2024, the Supervisory Board determined that payout over 2024 results is 81% of fixed remuneration (2023: 68%). Post-employment benefits to members of the Executive Board are an age-independent gross allowance of 22% of their fixed remuneration from which they need to finance their own retirement savings, including a surviving dependent\u2019s pension. The long-term incentive (\u201cLTI\u201d) relates to the Performance Share Plan. Additional information is included in the remuneration report and in note 29. No loans or advances have been granted to the members of the Executive Board. On 31 December 2024, Mr Joosten held 100,000 privately acquired BAM shares and Mr Den Houter 25,000.
The supervisory board remuneration only comprises fixed remuneration, as further explained in the
remuneration report, and is as follows:
(in \u20ac thousand)
2024
2023
H.Th.E.M. Rottinghuis, Chairman
131
108
G. Boon, Vice-Chairman
85
71
B. Elfring
84
69
J. Hanson
13
-
D. Koopmans
87
74
M.P. Sheffield
82
67
N.M. Skorupska
88
66
570
455
No share options, loans or advances have been provided to the members of the Supervisory Board.
On 31 December 2024, Mr Boon, Mrs Koopmans and Mr Rottinghuis respectively held 100,000,
15,000 and 100,000 privately acquired BAM shares.
28.2 Sales and purchase of goods and services
A major part of the Group\u2019s activities is carried out in joint ventures. These activities include the
assignment and/or financing of land as well as carrying out construction contracts. In 2024, the
Group carried out transactions with associates and joint ventures related to the sale of goods and
services for \u20ac84 million (2023: \u20ac81 million) and related to the purchase of goods and services for
\u20ac48 million (2023: \u20ac58 million). Short term receivables from joint ventures and associates amount to
\u20ac22 million (2023: \u20ac18 million) and short term liabilities amount to \u20ac47 million (2023: \u20ac90 million).
28.3 Loans to related parties
At year-end 2024, the Group had outstanding loans to joint ventures and associates for the amount of
\u20ac93 million (2023: \u20ac79 million). These loans were provided on normal commercial terms and
conditions, except that a number of loans does not have a fixed repayment date. Interest rates for
these loans are at arm\u2019s length. Loans to related parties are included in \u2018Other financial assets\u2019 in the
statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "28. Related parties The Group identifies subsidiaries, associates, joint ventures, third parties executing the Group\u2019s defined benefit pension plans and key management as related parties. Transactions with related parties are conducted at arm\u2019s length, i.e. on terms comparable to transactions with third parties. 28.2 Sales and purchase of goods and services A major part of the Group\u2019s activities is carried out in joint ventures. These activities include the assignment and/or financing of land as well as carrying out construction contracts. In 2024, the Group carried out transactions with associates and joint ventures related to the sale of goods and services for \u20ac84 million (2023: \u20ac81 million) and related to the purchase of goods and services for \u20ac48 million (2023: \u20ac58 million). Short term receivables from joint ventures and associates amount to \u20ac22 million (2023: \u20ac18 million) and short term liabilities amount to \u20ac47 million (2023: \u20ac90 million). 28.3 Loans to related parties At year-end 2024, the Group had outstanding loans to joint ventures and associates for the amount of \u20ac93 million (2023: \u20ac79 million). These loans were provided on normal commercial terms and conditions, except that a number of loans does not have a fixed repayment date. Interest rates for these loans are at arm\u2019s length. Loans to related parties are included in \u2018Other financial assets\u2019 in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-503": { "value": "
28.1 Key management compensation
Key management includes members of the Executive Board and the Supervisory Board. The
compensation paid or payable to members of the Executive Board is as follows:
(in \u20ac thousand)
2024
Fixed Short-term Long-term Other Post- Total
remuneration incentive incentive
benefits
1
employment
benefits
R.J.M. Joosten
854
706
974
22
188
2,744
L.F. den Houter
610
504
668
22
134
1,938
1,464
1,210
1,642
44
322
4,682
2023
Fixed Short-term Long-term Other Post- Total
remuneration incentive incentive
benefits
1
employment
benefits
R.J.M. Joosten
801
554
545
22
176
2,098
L.F. den Houter
572
395
342
22
126
1,457
1,373
949
887
44
302
3,555
1
The amount shown under Other benefits consists of the car allowance.
The short-term incentive (\u2018STI\u2019) is part of the remuneration package of the Executive Board and is based
on financial objectives (70%) and non-financial objectives (30%). Further information about STI is specified
in the remuneration report. For 2024, the Supervisory Board determined that payout over 2024 results is
81% of fixed remuneration (2023: 68%).
Post-employment benefits to members of the Executive Board are an age-independent gross
allowance of 22% of their fixed remuneration from which they need to finance their own retirement
savings, including a surviving dependent\u2019s pension.
The long-term incentive (\u201cLTI\u201d) relates to the Performance Share Plan. Additional information is
included in the remuneration report and in note 29. No loans or advances have been granted to the
members of the Executive Board. On 31 December 2024, Mr Joosten held 100,000 privately acquired
BAM shares and Mr Den Houter 25,000.
The supervisory board remuneration only comprises fixed remuneration, as further explained in the remuneration report, and is as follows:
(in \u20ac thousand)
2024
2023
H.Th.E.M. Rottinghuis, Chairman
131
108
G. Boon, Vice-Chairman
85
71
B. Elfring
84
69
J. Hanson
13
-
D. Koopmans
87
74
M.P. Sheffield
82
67
N.M. Skorupska
88
66
570
455
No share options, loans or advances have been provided to the members of the Supervisory Board. On 31 December 2024, Mr Boon, Mrs Koopmans and Mr Rottinghuis respectively held 100,000, 15,000 and 100,000 privately acquired BAM shares. 29. Share-based payments The movement of the Performance Share Plan (in number of conditionally awarded shares) during 2024 for the members of the Executive Board and for other participants is as follows:
As at
Awarded
Dividend
Vested
Forfeited
As at
1 January rights (including 31 December
2024 dividend) 2024
R.J.M. Joosten 857,235
218,900
31,418
(237,681)
-
869,872
L.F. den Houter 538,863
140,654
16,841
(145,518)
(147,189)
403,651
Other participants
3,810,788
948,256
56,535
(2,232,494)
(535,057)
2,048,028
5,206,886
1,307,810
104,794
(2,615,693)
(682,246)
3,321,551
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "29. Share-based payments The Group operates equity-settled share-based plans. The fair value of the employee services received in exchange for the grant of the shares is recognised as cost with a corresponding credit entry of equity. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The total amount to be expensed is determined by reference to the fair value of the shares granted: \u2022 including a market performance condition based on the Company\u2019s share price; \u2022 excluding the impact of any service and non-market performance vesting conditions; and \u2022 including the impact of any non-vesting conditions. At the end of each reporting period, the Group revises its estimates of the number of shares that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement within \u2018personnel expenses\u2019, with a corresponding adjustment to equity. In addition, in some circumstances employees may provide services in advance of the grant date and therefore the grant date fair value is estimated for the purposes of recognising the expense during the period between service commencement period and grant date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "value": "29. Share-based payments The Group operates equity-settled share-based plans. The fair value of the employee services received in exchange for the grant of the shares is recognised as cost with a corresponding credit entry of equity. The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. The total amount to be expensed is determined by reference to the fair value of the shares granted: \u2022 including a market performance condition based on the Company\u2019s share price; \u2022 excluding the impact of any service and non-market performance vesting conditions; and \u2022 including the impact of any non-vesting conditions. At the end of each reporting period, the Group revises its estimates of the number of shares that are expected to vest based on the non-market vesting conditions and service conditions. It recognises the impact of the revision to original estimates, if any, in the income statement within \u2018personnel expenses\u2019, with a corresponding adjustment to equity. In addition, in some circumstances employees may provide services in advance of the grant date and therefore the grant date fair value is estimated for the purposes of recognising the expense during the period between service commencement period and grant date. The Group operates a Performance Share Plan for members of the Executive Board and for a limited group of senior management positions below the Executive Board. Under the Performance Share Plan, each year performance shares are conditionally awarded subject to performance over a vesting period of three years and, for members of the Executive Board, followed by a lock-up period of two years. Further information about the Performance Share Plan is included in the remuneration report. In principle, conditionally awarded shares are forfeited if the participant is no longer employed by the company, however upon termination of employment due to retirement, disability or death the participant (or his or her heirs) reserves the right on the pro rata number of conditionally awarded shares to become unconditionally pursuant to the same vesting conditions as described above (pro rata means the number of full months that the participant was engaged by the Group during the performance period divided by 36 months). For the performance shares, the most recent expected results of the group were included to calculate the expected vesting of performance shares. Conditional shares in the Performance Share Plan include a dividend right like ordinary shares, however these dividends will be paid out in shares at the vesting date. Therefore the dividend yield on the conditional shares equals nil. Conditional shares in the Special Incentive Plan do not include a dividend right like ordinary shares.
In 2021, the Group introduced a Special Incentive Plan (\u201cSIP\u201d), under which the Company awarded
conditional performance shares to a limited group of senior management positions below the
Executive Board to motivate them to deliver on the objectives for the strategic period 2021-2023. SIP
measured performance on adjusted EBITDA for the full company and home countries in 2022 and
2023. The plan vested in 2024.
In 2024, an amount of \u20ac2.7 million was charged (2023: \u20ac4.9 million) to the income statement arising
from the share plans.
The movement of the Performance Share Plan (in number of conditionally awarded shares) during
2024 for the members of the Executive Board and for other participants is as follows:
As at
Awarded
Dividend
Vested
Forfeited
As at
1 January rights (including 31 December
2024 dividend) 2024
R.J.M. Joosten 857,235
218,900
31,418
(237,681)
-
869,872
L.F. den Houter 538,863
140,654
16,841
(145,518)
(147,189)
403,651
Other participants
3,810,788
948,256
56,535
(2,232,494)
(535,057)
2,048,028
5,206,886
1,307,810
104,794
(2,615,693)
(682,246)
3,321,551
The movements per plan for 2024 are as follows:
As at
Awarded
Dividend
Vested
Forfeited
As at
1 January rights (including 31 December
2024 dividend) 2024
2021-2023
2,615,693
-
-
(2,615,693)
-
-
2022-2024
1,115,228
-
46,369
-
(200,838)
960,759
2023-2025
1,475,965
-
58,425
-
(282,134)
1,252,256
2024-2026
-
1,307,810
-
-
(199,274)
1,108,536
5,206,886
1,307,810
104,794
(2,615,693)
(682,246)
3,321,551
In 2024, the Performance Share Plan 2021-2023 and the Special Incentive Plan vested at 131% and
146% respectively. Employees were therefore granted 3.8 million shares.
The fair value per share of the 2024 award in connection with the TSR performance part amounted to
\u20ac4.81 per share and is determined using a Monte Carlo simulation model. For the other (non) financial
performance measures, the fair value equals the share price at the grant date. The key assumptions
used in the valuations of the fair values were as follows:
2024
Share price at grant date (in \u20ac) 3.82
Risk-free interest rate (in %) 2.73
Volatility (in %) 36.5
Expected volatility has been determined based on historical volatilities for a period of five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-489": { "value": "32. Contingencies 32.1 Claims and legal proceedings In the normal course of business the Group is exposed to claims from (sub)contractors and client that generally arise from a dispute about the quality of work and the amount of compensation. Additionally, the Group is exposed to certain risks following guarantees and indemnities provided in divestments of (former) subsidiaries. The Group recognises provisions for claims and/or exposures when a cash outflow is probable. When not resolved or settled, claims may subsequently involve legal proceeding which, if decided or settled adversely, may have a material impact on the Group\u2019s financial position, operational result or cash flows. In April 2023, the building safety act 2022 in the United Kingdom came into force covering multi high rise residential buildings. The regulations seek to improve fire safety on these buildings and may impact developers and construction companies as there is uncertainty to where liability would fall between the developer, constructor and owner if unsafe conditions would be identified. It is currently not possible to estimate the potential impact. Ethical misconduct or non-compliance with applicable laws and regulations (such as competition, bribery and corruption) could expose BAM to liabilities or have a negative impact on its business and reputation. BAM may be subject to administrative, civil or criminal liabilities including significant fines and penalties, as well as suspension or debarment from government or non-government contracts for some period of time. 32.2 Guarantees Bonds and guarantees are provided in the ordinary course of business to clients, either by the Company (parental guarantees), by banks (bank guarantees), or by surety companies (surety bonds),
to secure due performance of the Group\u2019s contractual obligations. These securities can only be called
by the client in case of (proven) default. It is not expected that any material risks will arise from these
securities. The parent company guarantees issued amount to \u20ac111 million (2023: \u20ac109 million).
Guarantees issued by banks and surety companies amount to \u20ac1.3 billion (2023: \u20ac1.0 billion).
Guarantee facilities amount to \u20ac2.1 billion (2023: \u20ac1.9 billion).
33. Investigation
In December 2024, the Dutch Public Prosecutions Office (DPPO, Openbaar Ministerie) closed its pending
investigation into BAM International from 2022 and dismissed their suspicions. The Group conducted its
own internal review in connection with the DPPO\u2019s investigation and identified certain potentially irregular
payments in connection with an unrelated completed project in Africa. The Group self-reported these
potentially irregular payments to the DPPO. The DPPO concluded that not all of these payments were
properly recorded in BAM International\u2019s administration and imposed a fine of \u20ac30,000.- on BAM
International through a penalty order. The Group will not appeal the penalty order.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "
34. Audit fees
The fees stated below for the audit of the financial statements are based on the total fees for the
audit of the financial statements, regardless of whether the procedures were already performed in
the financial year. Expenses for services provided by the Company\u2019s current independent auditor,
EY Accountants BV (\u2018EY\u2019) and its foreign member firms to the Group are specified as follows:
2024
2023
\u20ac thousands
EY
EY foreign
Total
EY
EY foreign
Total
member member
firms firms
Audit fees
3,471
2,991
6,462
3,789
2,420
6,209
Audit-related fees
803
18
821
415
22
437
Other non-audit
fees
-
-
-
-
-
-
4,274
3,009
7,283
4,204
2,442
6,646
Audit-related fees include the provision of limited assurance on the Group\u2019s sustainability statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "
35. Events after the reporting period
No material events after the reporting period have occurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500V38C5KTDY5BS93", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }