Presentation in millions of euros
The financial statements are presented in millions of euros, unless otherwise stated.
Historical cost
The financial statements are based on historical cost, unless otherwise stated.
Going-concern basis
The financial statements were prepared on a going-concern basis.
Estimates and judgements
The preparation of the financial statements in accordance with EU-IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and of income and expenses. The estimates and their underlying assumptions are based on experience and other factors that are considered reasonable. The estimates form the basis for calculating the carrying amounts of assets and liabilities that cannot easily be derived from other sources. Actual results could differ from these estimates. See also note ‘6.30 Management estimates and judgements’.
The estimates and underlying assumptions are continually reassessed. Revised estimates are recognised in the period in which the estimate was revised, provided that the revision only affects that period. Revisions are recognised in the reporting period and future periods if the revision also affects future periods.
Changes in accounting policies
The accounting policies described below have been consistently applied to all periods presented in these consolidated financial statements and to all entities in the Group, except for the item described in ‘change in accounting policy’ below.
The classification of the comparative figures from the previous financial year has been adjusted where necessary for comparison purposes. Such changes have been incorporated in the following notes:
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The ‘new in consolidation’ column in note ‘6.10 Property, Plant and equipment’ with respect to the assets acquired in 2023 is presented net in the 2024 financial statements (namely as the fair value of the acquired property, plant and equipment), while in the 2023 financial statements it was presented gross with a (historical) cost and cumulative depreciation. This adjustment only impacts the presentation in the notes and has no impact on valuation in the statement of financial position.
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The amortisation of the linear loan is presented separately in the statement of changes in ‘6.22 Interest-bearing loans and other financing liabilities’, while in the previous year it was netted in the ‘borrowed’ amount due to the immaterial amount involved. Therefore, this adjustment has no impact on the valuation of the linear loan in the statement of financial position.
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The aforementioned amortisation, together with capitalised interest expenses, is also presented in section ‘4. Consolidated statement of cash flows - indirect method’ as a non-cash adjustment to the operating result (cash generated from operating activities), while the previous year it was included in respectively the balance of the interest-bearing loans drawn down (financing cash flow) and the line item related to changes in other working capital (cash generated from operating activities).
Change in accounting policy
The presentation of the revolving credit facility has changed when compared with the 2023 financial statements, with the amounts in both ‘4. Consolidated statement of cash flows - indirect method’ and in ‘6.22 Interest-bearing loans and other financing liabilities’ being presented on a net basis rather than on a gross basis. This has no impact on the amount of the financing cash flows, because this pertains solely a classification within this category. The comparative figures were revised to account for this change in accounting policy. The Group believes that the changed presentation provides better insight to the users of the financial statements and is more aligned with accounting practices for similar credit facilities in the market.