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
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B. F. Aangenendt
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E. H. Slijkhuis
Supervisory Board
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E. ten Cate
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M. E. P. Sanders
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P. Veenema
