8.5 Notes to the company statement of financial position

Intangible assets (goodwill)

x € 1,000

2022

2021

Carrying amount

Balance at 1 January

21,207

21,207

Balance at 31 December

21,207

21,207

Intangible assets comprise goodwill purchased on the acquisition of IBC in 2001. Historical cost was €47.2 million and accumulated impairment was €26 million.

Financial assets

x € 1,000

2022

2021

Investments in Group companies

92,990

37,972

Loans granted to group companies

491,752

499,399

Deferred tax asset

20,727

25,509

Total financial assets

605,469

562,880

With effect from 2022, loans to group companies are being presented in financial assets in view of their long-term nature (the comparative figures for 2021 have been restated accordingly).

Investments in Group companies

x € 1,000

2022

2021

Balance at 1 January

32,501

-13,163

Share in results of investees after tax

60,533

50,243

Changes in cash flow hedges

0

0

Changes in actuarial results relating to employee benefits

-44

-4,579

Balance at 31 December

92,990

32,501

Set off against receivables from Group companies

0

-5,471

Recognised under financial assets

92,990

37,972

The investments in Group companies are direct or indirect interests in them. The principal Group companies are listed in section 7 of the consolidated financial statements.

Loans granted to group companies

x € 1,000

31 December 2022

31 December 2021

Balance at 1 January

499,399

495,559

Loans granted

36,321

71,452

Loans repaid

-43,968

-67,612

Balance at 31 December

491,752

499,399

Loans granted to group companies predominantly have a maturity of more than one year.

Deferred tax assets

Deferred tax assets relate to losses of the Heijmans N.V. tax group which have been recognised but not yet utilised. The movements in the financial year were as follows:

x € 1,000

2022

2021

Balance at 1 January

25,509

31,718

Effect of changes in the tax rate

0

791

Prior-year adjustment

-23

1,434

Charge for the financial year

-9,183

-13,012

Recognition of previously unrecognised losses

4,424

11,421

Impact of new loss relief rules

0

-6,843

Balance at 31 December

20,727

25,509

See note 6.15 to the consolidated financial statements for details of the deferred tax asset relating to losses of the Heijmans N.V tax group which have not yet been utilised.

Cash and cash equivalents

Cash balances are at the free disposal of the Company.

Equity

2022

Issued capital

Share premium reserve

Statutory reserve for investees

Hedging reserve

Reserve for actuarial results

Reserve for Bonus Investment Share Matching Plan

Retained earnings

Result for the year after tax

Total Equity

Balance at 1 January

6,828

257,018

29,859

0

-60,214

340

-16,545

50,299

267,585

Share issue

0

0

0

0

0

0

0

0

0

Dividend payments

238

9,721

0

0

0

0

-20,030

0

-10,071

Reclassification

0

0

-10,600

0

0

0

10,600

0

0

Bonus Investment Share Matching Plan

0

0

0

0

0

-30

0

0

-30

Appropriation of result for 2021

0

0

0

0

0

0

50,299

-50,299

0

Comprehensive income

0

0

0

0

-44

0

0

59,580

59,536

Balance at 31 December

7,066

266,739

19,259

0

-60,258

310

24,324

59,580

317,020

2021

Issued capital

Share premium reserve

Statutory reserve for investees

Hedging reserve

Reserve for actuarial results

Reserve for Bonus Investment Share Matching Plan

Retained earnings

Result for the year after tax

Total Equity

Balance at 1 January

6,580

245,773

43,859

0

-55,635

344

-54,660

40,148

226,409

Share issue

67

3,027

0

0

0

0

0

0

3,094

Dividend payments

181

8,218

0

0

0

0

-16,033

0

-7,634

Reclassification

0

0

-14,000

0

0

0

14,000

0

0

Bonus Investment Share Matching Plan

0

0

0

0

0

-4

0

0

-4

Appropriation of result for 2020

0

0

0

0

0

0

40,148

-40,148

0

Comprehensive income

0

0

0

0

-4,579

0

0

50,299

45,720

Balance at 31 December

6,828

257,018

29,859

0

-60,214

340

-16,545

50,299

267,585

Authorised share capital

Composition of the authorised share capital is as follows:

in €

31 December 2022

31 December 2021

35,100,000 ordinary shares, each with a nominal value of €0.30

10,530,000

10,530,000

7,000,000 cumulative financing preference shares B, each with a nominal value of €0.21

1,470,000

1,470,000

8,000,000 protective preference shares, each with a nominal value of €1.50

12,000,000

12,000,000

24,000,000

24,000,000

As at 31 December 2022, the number of ordinary shares issued was 23,552,926 (2021: 22,760,479). All the outstanding shares are paid up, which represents a value of €7,065,877.80 (at €0.30 per share) (2021: 6,828,143.70 at €0.30 per share). Depositary receipts are issued for ordinary shares. Holders of depositary receipts have the option to convert these into shares under certain conditions. This option has been exercised for 7 depositary receipts. The holders of ordinary shares or their depositary receipts are entitled to dividend and have the right to exercise 30 votes per share at meetings of the Company’s shareholders.

Refer to section 6.22 of the consolidated financial statements for the notes on the rights and obligations relating to the cumulative financing preference shares B.

Share premium reserve

The share premium reserve consists of the capital paid up in excess of the nominal value.

Reserve for investees

The statutory reserve for investees represents the difference between the retained earnings and the direct changes in equity as calculated using the parent company’s accounting policies on the one hand and that portion for which the parent company can determine distribution on the other hand. The statutory reserve is determined for each investee individually. This reserve is not freely distributable.

Hedging reserve

The hedging reserve represents the effective portion of the cumulative net change in the fair value of the cash flow hedging instruments relating to hedged transactions that have not yet occurred. This reserve is not freely distributable.

Reserve for actuarial results

The reserve for actuarial results represents the actuarial results on employee-benefits (see note 6.23 to the consolidated financial statements).

Reserve for Bonus Investment Share Matching Plan

For information on the reserve for the Bonus Investment Share Matching Plan, see note 6.29 to the consolidated financial statements.

Appropriation of result

It is proposed to distribute 40% of the result after tax, of €60 million, as dividend on ordinary shares of their depository receipts and to add the remainder to the reserves, as stated in the ‘11.1 Appropriation of results’ section of the report.

Payables

x € 1,000

31 December 2022

31 December 2021

Non-current liabilities

Financing preference shares

0

28,265

Syndicated bank financing

0

0

0

28,265

Current liabilities

Group companies

344,481

357,464

Dividend payable on financing preference shares

0

2,483

Financing preference shares

0

2,483

Other liabilities

482

177

344,963

362,607

Movements in financing preference shares

x € 1,000

2022

2021

Balance at 1 January

30,748

41,848

Redeemed

-30,748

-11,100

Balance at 31 December

0

30,748

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