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Notes to the company financial statements

2.1 Accounting policies

The company financial statements have been prepared according to the statutory provisions of Part 9 of Book 2 of the Dutch Civil Code. To determine the accounting policies relating to valuation of assets and liabilities and the determination of the result for its company financial statements, Hydratec makes use of the option offered in Book 2 Section 362(8) of the Dutch Civil Code. This means that the accounting policies for Hydratec’s company financial statements are the same as those used for the consolidated financial statements and thus participating interests over which there is significant influence are measured according to the net asset value method. The consolidated financial statements have been prepared according to the standards adopted by the International Accounting Standards Board and accepted by the European Union. Please refer to the accounting policies for the consolidated financial statements for a description of these accounting policies. The company financial statements are prepared on the basis of the going concern principle for which reference is made to section 1.1.3 of the consolidated financial statements. The share in the profits of participations comprises Hydratec’s share in the results of these participating interests. Results of transactions in which assets and liabilities have been transferred between Hydratec and its participating interests are not recognised if they are considered not to have been realised.

2.2 Goodwill

The goodwill recognised by the company of €13,487 thousand consists of the amounts related to Pas Reform/Lan Handling Technologies (2021: €13,487 thousand).

2.3 Statement of changes in financial fixed assets

2.3.1 Financial fixed assets

x €1,000

 

Participating interests

Balance as at 1 January 2021

 

65,350

Result from participating interests

 

16,993

Group company dividends

 

-4,300

Translation reserve

 

198

Movements in hedge reserve

 

133

Other statutory reserve

  

Capital contributions

  

Balance as at 31 December 2021

 

78,374

Result from participating interests

 

18,353

Group company dividends

 

-6,614

Translation reserve

 

-500

Movements in hedge reserve

 

307

Other statutory reserve

  

Capital contributions

  

Balance as at 31 December 2022

 

89,920

Unless otherwise specified, Hydratec owned direct and indirect shares in the following companies as at 31 December 2022 (where companies are not wholly owned, the equity stake is shown in brackets):

Name

Business location

Timmerije B.V.

Neede, Netherlands

Lias Industries B.V.

Zeddam, Netherlands

Pas Reform B.V.

Zeddam, Netherlands

Pas Reform Participações LTDA

São Paulo, Brazil

Pas Reform do Brasil LTDA

São Paulo, Brazil

Windmolen Holding LTDA

São Paulo, Brazil

ION (54.5%)

São Paulo, Brazil

Pas Reform North America LLC

Jacksonville, US

Lias Vastgoed B.V.

Zeddam, Netherlands

Lan Handling Technologies B.V.

Tilburg, Netherlands

Lan Vastgoed B.V.

Tilburg, Netherlands

ABAR Automation B.V.

Halfweg, Netherlands

Lan Handling Solutions B.V.

Tilburg, Netherlands

Lan Robotics B.V.

Tilburg, Netherlands

Lan Services International B.V.

Tilburg, Netherlands

Polmer Sp. z o.o.

Wroclaw, Poland

Helvoet Rubber & Plastic Technologies B.V.

Tilburg, Netherlands

Helvoet Rubber & Plastic Technologies N.V.

Lommel, Belgium

Helvoet Services BVBA

Lommel, Belgium

High Technology Plastics (India) Pvt. Ltd.

Pune, India

Helvoet Rubber & Plastic Technologies GmbH

Gilching, Germany

Schwarzpunkt Schwarz GmbH & Co. KG

Gilching, Germany

Helvoet Polska Sp. z.o.o.

Kaniów, Poland

Rollepaal Pipe Extrusion Technology B.V.

Dedemsvaart, Netherlands

Rollepaal Inc.

Baltimore, US

Rollepaal Engineering India Pvt. Ltd.

Ahmedabad, India

2.3.2 Loans to group companies

x €1,000

Loans to group companies

Carrying amount as at 1 January 2022

10,693

Borrowings repaid

-9,133

Interest

164

Carrying amount as at 31 December 2022

1,724

This relates to two group company loans. The first loan has a book value of €1.7 million and a maturity date of 31 December 2032. The interest rate is 5% per annum. The fair value is in line with the value as recognised in the balance sheet. The second loan of €8.5 million had an interest rate of 1-month Euribor +1.95%. It was repaid in 2022.

2.4 Group companies

Receivables from and debts to group companies relate to current account positions associated with the bank facility and call money, for which market-rate interest is charged. 
 

2.5 Shareholders’ equity

Please refer to note 1.38 for the statement of changes in shareholders’ equity. As at 31 December 2022 there were 1,294,976 shares outstanding (2021: 1,292,805 shares), each with a nominal value of €0.45. No rights have been assigned to taking shares in the capital of the company. 

The revaluation reserve and reserve for capitalised development costs relate to a Systems company.

2.6 Provisions

x €1,000

2022

2021

Carrying amount as at 1 January

1,399

869

Transfer current

-2,227

0

Additions during the year

1,613

530

Book value as at 31 December

785

1,399

The provisions relate to SAR schemes. For a further explanation, see section 1.40.4. The term is non-current.

2.7 Debts to credit institutions

The debts to credit institutions concern the current account with the bank. See note 1.43.

2.8 Liabilities not shown on the balance sheet

The company has been part of a fiscal unity for corporate income tax purposes since 1 October 2015. Settlement takes place through the receivables from or debts to group companies.

Hydratec has issued a statement of joint and several liability to the following companies:

Timmerije B.V.

ABAR Automation B.V.

Lias Industries B.V.

LAN Handling Solutions B.V.

Pas Reform B.V.

LAN Robotics B.V.

Lias Vastgoed B.V.

LAN Services International B.V.

LAN Handling Technologies B.V.

LAN Vastgoed B.V.

Rollepaal Pipe Extrusion Technology B.V.

 

In addition, Hydratec is jointly and severally liable for the bank facility as described in 1.43. This liability applies with respect to the companies listed below:

Timmerije B.V.

LAN Handling Solutions B.V.

Lias Industries B.V.

LAN Robotics B.V.

Pas Reform B.V.

LAN Services International B.V.

Lias Vastgoed B.V.

Helvoet Rubber & Plastic Technologies B.V.

LAN Handling Technologies B.V.

Helvoet Rubber & Plastic Technologies N.V.

ABAR Automation B.V.

Rollepaal Pipe Extrusion Technology B.V.

Lan Vastgoed B.V.

 

2.9 Personnel costs

The company had six employees in 2022 (2021: 6). Please refer to 1.25.3 for the remuneration of the Management Board.

Amersfoort, 16 March 2023

Management Board under the articles of association

  • B. F. Aangenendt

  • E. H. Slijkhuis

Supervisory Board

  • E. ten Cate

  • M. E. P. Sanders

  • P. Veenema