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The Group's inventories are valued at the lower of cost or net realizable value (“NRV”). The cost of purchased inventory is determined after rebates and discounts are deducted.
Trade and other receivables include amounts due from customers for services performed in the ordinary course of business.
Provisions are recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable
The expense or credit for income tax for the period is the tax expected to be payable or receivable on the current period's taxable income, based on the applicable income tax rate.
Cash and cash equivalents are held to meet short-term cash obligations and not for investment or other purposes.
The Group conducts acquisitions on an ongoing basis. Acquisitions qualifying as business combinations are accounted for using the acquisition method.
Property, plant and equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses.
Goodwill, arising from business combinations, is categorized as an intangible asset. Goodwill is not amortized but is tested annually for impairment—and more frequently, if events or changes in circumstances indicate potential impairment.
Loans and borrowings are recognized initially at fair value, net of directly attributable transaction costs.
The Group classifies leased assets into the following categories: real estate, vehicles, and ICT data center space.
At December 31, 2023, 2022 and January 1, 2022, the issued and fully paid capital amounts to € 10 million, consisting of ordinary shares, each € 1.00.
The Group has related party transactions regarding participations in joint agreement contracts, provides energy services on ATES installations. The Group also rents office space for its operations via contracts with related parties.
On January 24, 2024, the Group, through one of its Group companies, signed a contract for an asset and liability transaction for the acquisition of Dräger's fire detection business.
The reconciliation of the statement of financial position according to Dutch GAAP and IFRS at the date of adoption (January 1, 2022) is as follows:
Other operating expenses are composed as follows:
