Holland Colours NV

Annual Report (ESEF) • May 30, 2024

Holland Colours N.V. FINANCIAL STATEMENTS FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTCSR EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 80 Consolidated Income Statement 82 Consolidated Statement of Comprehensive Income 83 Consolidated Balance Sheet 84 Consolidated Statement of Changes in Equity 85 Consolidated Cash Flow Statement 86 Notes to the Consolidated Financial Statements 87 1. General 87 2. Going Concern 87 3. Key Accounting Principles 87 4. Financial Risk Management 95 5. Cash Flow Statement 96 6. Segment Information 96 7. Revenue 98 8. Personnel Expenses 98 9. Other Operating Expenses 99 10. Income Tax 99 11. Intangible Assets 101 12. Property, Plant and Equipment 102 13. Right-of-Use Assets 103 14. Deferred Tax Assets and Liabilities 104 15. Inventories 104 16. Trade and Other Receivables 105 17. Cash and Cash Equivalents 106 18. Share Capital 106 19. Reserves 106 20. Earnings per Share 107 21. Dividend 107 22. Non-Controlling Interest 107 23. Credit Facilities 107 24. Lease Liabilities 107 25. Employee Benefits 108 26. Other Provisions 109 27. Trade and Other Liabilities 109 Other Disclosures 110 28. Contingent Assets and Liabilities 110 29. Related Parties 110 30. Other Disclosures 112 Company Income Statement 113 Company Balance Sheet 114 Notes to the Company Financial Statements 115 31. General 115 32. Key Accounting Principles 115 33. Revenue 115 34. Personnel Expenses 116 35. Other Operating Expenses 116 36. Income Tax 116 37. Intangible Assets 117 38. Property, Plant and Equipment 118 39. Right-of-Use Assets 119 40. Financial Assets 119 41. Equity 120 42. Credit Facilities 120 43. Lease Liabilities 121 44. Employee Benefits 121 45. Auditor’s Remuneration 122 46. Contingent Assets and Liabilities 122 47. Other Disclosures 122 Other Information 123 Statutory Provisions regarding the Appropriation of Profits 123 Independent Auditor’s Report 124 CONTENTS FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 81 In thousands of euros Note 2023/2024 2022/2023 Revenue 7 103,285 111,438 Cost of Materials (54,539) (62,938) Contribution Margin 48,746 48,500 Personnel Expenses 8 (22,253) (21,872) Amortization and Impairments 11 (5) (64) Depreciation and Impairments 12/13 (3,222) (3,189) Other Operating Expenses 9 (16,255) (16,082) Total Operating Expenses (41,735) (41,207) Operating Result 7,011 7,293 Finance Income 141 58 Finance Expenses (135) (137) Finance Income and Expenses 6 (79) Result Before Income Tax 7,017 7,214 Income Tax 10 (1,835) (1,345) Net Result for the Year 5,182 5,869 Attributable to: Shareholders of the Company 5,182 5,869 Net Result for the Year 5,182 5,869 Earnings per Share Attributable to Shareholders of the Company in Euros 20 Basic Earnings per Share 6.02 6.82 Diluted Earning per Share 6.02 6.82 CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH * Comparative numbers have been adjusted. Please refer to Note 8. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 82 In thousands of euros Note 2023/2024 2022/2023 Net Result for the Year 5,182 5,869 Items that will not be reclassified to profit or loss: Actuarial Gains/(Losses) on Employee Benefits – 27 Items that may be reclassified subsequently to profit or loss: Exchange Differences on Translation of Foreign Operations 407 715 Other Comprehensive Income for the year, net of tax 407 742 Total Comprehensive Income for the year 5,589 6,611 Attributable to: Shareholders of the Company 5,589 6,611 Total Comprehensive Income for the Year 5,589 6,611 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 83 In thousands of euros Note 2024 2023 Non-Current Assets Intangible Assets 11 1 5 Property, Plant and Equipment 12 24,278 22,327 Right-of-Use Assets 13 1,250 974 Deferred Tax Assets 14 1,108 1,047 26,637 24,353 Current Assets Inventories 15 15,189 15,565 Trade and Other Receivables 16 16,851 16,588 Current Income Tax Receivables 1,198 1,492 Cash and Cash Equivalents 17 18,523 15,757 51,761 49,402 Total Assets 78,398 73,755 In thousands of euros Note 2024 2023 Equity Share Capital 18 1,953 1,953 Share Premium Reserve 19 1,219 1,219 Translation Reserve 19 721 506 Other Reserves 19 57,562 55,135 61,455 58,813 Non-Current Liabilities Lease Liabilities 24 672 441 Employee Benefits 25 458 739 Deferred Tax Liabilities 14 81 106 Other Provisions 26 42 115 1,253 1,401 Current Liabilities Trade and Other Payables 27 14,892 12,786 Lease Liabilities 24 432 439 Current Income Tax Liabilities 143 124 Employee Benefits 25 223 192 15,690 13,541 Total Equity and Liabilities 78,398 73,755 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 84 In thousands of euros Share Capital Share Premium Reserve Translation Reserve Reserve for Intangible Assets Retained Earnings Share- holders’ Equity Non- Controlling Interests Total Equity As at 31 March 2022 1,953 1,219 (209) 191 54,176 57,330 420 57,750 Net Result for the Year – – – – 5,869 5,869 – 5,869 Other Comprehensive Income – – 715 – 27 742 – 742 Total Comprehensive Income – – 715 – 5,896 6,611 – 6,611 Transfer of Reserve for Intangible Assets – – – (191) 191 – – – Buyout of Minority Shareholder – – – – – – (420) (420) Dividends Paid – – – – (5,128) (5,128) – (5,128) As at 31 March 2023 1,953 1,219 506 – 55,135 58,813 – 58,813 Net Result for the Year – – – – 5,182 5,182 – 5,182 Other Comprehensive Income – – 407 – – 407 – 407 Total Comprehensive Income – – 407 – 5,182 5,589 – 5,589 Transfer Translation Reserve – – (192) – 179 (13) – (13) Dividends Paid – – – – (2,934) (2,934) – (2,934) As at 31 March 2024 1,953 1,219 721 – 57,562 61,455 – 61,455 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 85 In thousands of euros Note 2023/ 2024 2022/ 2023 Cash Flow from Investing Activities Purchases Intangible Assets 11 (1) – Proceeds Sale Property, Plant and Equipment 16 3 Purchases Property, Plant and Equipment 12 (4,469) (3,879) Net Cash from Investing Activities (4,454) (3,876) Cash Flow from Financing Activities Purchases Financial Fixed Assets – (420) Dividends Paid 21 (2,934) (5,128) Lease Liabilities Repayments 24 (665) (597) Net Cash from Financing Activities (3,599) (6,145) Cash and Cash Equivalents as at 1 April 15,757 16,959 Exchange Rate and Translation Differences on Cash and Cash Equivalents 89 303 Cash and Cash Equivalents as at 31 March 17 18,523 15,757 In thousands of euros Note 2023/ 2024 2022/ 2023 Operating Result 7,011 7,293 Adjustments for: • Amortization/Impairmenst Intangible Assets 11 5 64 • Depreciation/Impairments Property, Plant and Equipment 12 2,558 2,574 • Depreciation Right-of-Use Assets 13 664 616 • Changes in Provisions 25/26 (323) (147) • Changes in Working Capital 2,439 2,154 • Exchange Rate Differences (36) (41) Cash Flow from Operating Activities 12,318 12,513 Income Tax Paid (1,594) (3,918) Interest Received 141 58 Interest Paid (135) (137) Net Cash from Operating Activities 10,730 8,516 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 86 1. General Holland Colours NV (‘Company’), founded 9 July 1980, is a public limited liability company (‘Naamloze Vennootschap’) under Dutch law. The Company has its registered office in Apeldoorn, the Netherlands, and is registered at the Dutch Chamber of Commerce under number 08036180. The shares of Holland Colours NV are traded on the Amsterdam stock exchange. Holland Colours NV and its subsidiaries are together known as ‘Holland Colours’ or ‘Group’. The Group manufactures, distributes and sells color concentrates. At balance sheet date the Group operates through eight facilities and a network of agents and distributors. Since 2012, just over 50% of the Company’s shares have been held by Holland Pigments BV (‘Pigments’). Pigments is the ultimate parent company of the Company, in which, along with others, all employees of the Group participate. Employees of the Group collectively hold approximately 25% of the shares in Pigments. Participations in Pigments held by former directors, who also are major shareholders in Pigments, are excluded from above mentioned %. On 29 May 2024 the Board of Management authorized the financial statements for issue. The financial statements are subject to adoption by the Annual General Meeting of Shareholders on 11 July 2024. 2. Going Concern The Board of Management of Holland Colours, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial statements for the year ended 31 March 2024. As part of the going concern assessment the Board of Management considered the sufficiency of the Group’s liquidity resources, including committed credit facilities, over a 12 month period to 31 March 2025. 3. Key Accounting Principles GENERAL The Group’s consolidated financial statements are prepared in accordance with both IFRS Accounting Standards, as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. The accounting policies under EU-IFRS are included in Note 3 to the consolidated financial statements. The accounting policies under EU-IFRS below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the financial year ended 31 March 2023. Comparison numbers may have been reclassified or adjusted for comparability purposes. If considered material, the relevant disclosures are stated in applicable Notes. The Company’s financial year commences on 1 April and ends on 31 March of the following calendar year. These consolidated financial statements are presented in thousands of euros, which is the Company’s functional currency. All amounts have been rounded to the nearest thousand, unless stated otherwise. In the financial year there were no changes to any of the key accounting principles. OPERATING SEGMENTS The Group’s reported segments are based on internal reporting structure and financial information provided to the Board of Management. The segmentation is divisional based on the regions in which the Group’s operates. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 IN THOUSANDS OF EUROS FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 87 IFRS STANDARDS The following accounting standards and amendments were adopted during the year and had no material impact on the Group’s accounting policies or reporting: • IFRS 17 Insurance Contracts; • Amendment to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates; • Amendment to IAS 1 Presentation of Financial Statements - Disclosure of Accounting Policies; • Amendment to IAS 12 Income Taxes - Deferred Tax related to Assets and Liabilities arising from a single transaction; and • Amendment to IAS 12 Income Taxes - International Tax Reform - Pillar Two Model Rules. The following amendments and interpretations will become effective for the 2024/2025 financial year. These are not expected to have a significant impact on the accounting policies and reporting. • Amendment to IAS 1 Presentation of Financial Statements - Non-current Liabilities with Covenants; • Amendment to IFRS 16 Leases - Lease Liability in a Sale and Leaseback; • Amendment to IAS 1 Presentation of Financial Statements - Classification of Liabilities as Current or Non-current; and • Amendment to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments - Disclosures - Supplier Finance Arrangements. USE OF JUDGEMENTS AND ESTIMATES In preparing these consolidated financial statements, the Board of Management has made judgements and estimates about the future, including climate-related risks and opportunities, that affect the application of the Group’s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis and are consistent with the Group’s risk management and climate-related commitments where appropriate. Revisions to estimates are recognized prospectively. Judgements Information about judgements made in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in Note 7: Revenue Recognition: when revenue from goods is recognized. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 March 2024 is, if applicable, included in Note 12 Property, Plant and Equipment. CLIMATE CHANGE In preparing the Group’s financial statements the Board of Management has considered the impact of climate change on the judgements and estimates used in the preparation of the financial statements. Recognizing that the Group’s operations have a relatively low environmental impact, no issues were identified that would impact the carrying values of such assets, also no issues were identified related to the sites where the Groups production facilities are located. CONSOLIDATION The consolidated financial statements include the Company and its subsidiaries. Subsidiaries are companies over which the Company has control, because it is exposed to, or has rights to variable return from its involvement with the subsidiary and has the ability to affect returns through its power over the subsidiary. In preparation of the consolidated financial statements, subsidiaries are accounted at net asset value. All intra- group transactions and balances are eliminated, as are the related not realized gains and losses. Non-controlling interests in equity and in results are separately presented. Pigments, the ultimate parent company, based on local legislation, holds 1% of the legal ownership of PT Holland Colours Asia. Full control though resides with Holland Colours NV, therefore PT Holland Colours Asia is 100% consolidated. In this financial year there were no changes to the consolidation group compared to the 2022/2023 financial year. In the previous year Gaypa Sri has sold its shares NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 88 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS (12.1%) in PT Holco lndo Jaya to the Company. The purchase price (consideration) of € 420 was based on the net equity value of PT Holco lndo Jaya per 1 April 2022. The consolidated financial statements include following companies. Legal structure including capital interest and division structure Division Subsidiaries Interest Consolidated EMEIA Holland Colours Europe BV, the Netherlands, Apeldoorn 100% 100% EMEIA Holland Colours UK Ltd, United Kingdom, Gillingham 100% 100% EMEIA Holland Colours Hungária Kft, Hungary, Szolnok 100% 100% Americas Holland Colours Canada Inc., Canada, Toronto 100% 100% Americas Holland Colours Americas Inc., United States, Richmond Indiana 100% 100% Americas Holland Colours Mexicana SA de CV, Mexico, Tultitlán 100% 100% Asia PT Holland Colours Asia, Indonesia, Surabaya 99% 100% FOREIGN CURRENCIES Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities in foreign currency that are measured at historical cost are translated using the exchange rate at the date of the transaction. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on balance sheet statement date. Exchange differences arising are recorded in the income statement as other operating expenses. Hedge accounting does not apply. Assets and liabilities of foreign operations are recorded at the rate of exchange prevailing on the balance sheet statement date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognized in the income statement under other operating expenses. Transactions of subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates and are translated in the subsidiaries functional currency as set out above. Key exchange rates against the euro used in preparing the financial statements are: Exchange Rates Used in euros Balance Sheet Income Statement 2024 2023 2023/ 2024 2022/ 2023 US Dollar 1.08 1.09 1.08 1.04 British Pound 0.85 0.88 0.86 0.86 Canadian Dollar 1.46 1.47 1.46 1.38 Mexican Peso 17.86 19.65 18.77 20.45 REVENUE Revenue arises from the provision of goods under contract with customers and are recognized by identifying the contract and its performance obligations as well as determination and allocation of the transaction price to these performance obligations. A contract with a customer generally has one performance obligation, which is satisfied at a certain point of time. Revenue is recognized when the customer obtains the control of the goods based on the delivery conditions of the sales contract. The main incoterm used is Delivered Duty Paid (DDP) . Revenue is stated at the fair value of the transaction price. This means the revenue is recognized net of (volume based) rebates, discounts and, if applicable, taking returns into consideration. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 89 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS OPERATING EXPENSES Government Grants (Personnel Expenses) Government grants are recognized when there is a reasonable assurance that the grant will be received and all conditions are met. Government grants are recognized in the income statement in the same period as the expenses, to which these relate to, mainly personnel expenses. Finance Income and Expenses Finance income and expenses comprise the interest received from or paid to third parties relating to the financial year and is expensed as incurred. Earnings per Share Earnings per ordinary share are calculated as the net result attributable to shareholders of ordinary shares, divided by the total weighted average number of outstanding shares in the financial year. PRINCIPLES FOR THE VALUATION OF ASSETS AND LIABILITIES General The valuation principles are primarily based on valuation of the assets and liabilities at historical cost. Intangible Assets Costs on research activities are recognized in the income statement as incurred. Development costs are capitalized only if the expenditure can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable and the Group intends to and has sufficient resources to complete development and to use the asset. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, development costs are measured at cost less accumulated amortization and any accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Other intangible assets consist of the costs of software and licenses. If the Group receives a software asset, that is if the Group obtains control over a software intangible asset that it can obtain the future economic benefits from and restricts other’s access to. The asset is measured at cost and includes the directly attributable costs of preparing the software for its intended use such as costs related to implementation and commissioning. Otherwise, costs are recognized in the income statement as incurred. Subsequent to initial recognition, software costs are measured at cost less accumulated amortization and accumulated impairment losses. Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Amortization of Intangible Assets is on a straight-line base over the useful life. The estimated useful lives are: Development Costs 5 years Software 3 to 5 years Property, Plant and Equipment Property, plant and equipment are measured at cost less accumulated depreciation and, if applicable, impairments. Costs of self-constructed assets comprise direct cost, direct labour costs and appropriate allocation of overhead costs and capitalized borrowing costs. Subsequent expenditure is capitalized only when it is probable that the future economic benefits associated with the expenditure will flow to the Group. Depreciation is calculated to write off the cost of items of property, plant and equipment, if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. Depreciation starts from the date the items is ready for intended use. Land is not depreciated. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognized in the income statement. Costs for maintenance and repair as part of normal business operations are recognized as an expense. Low-value assets are fully expensed in the year of acquisition. Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. Property, plant and equipment are assessed for impairment if there are events or indications that an item may have lost value. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 90 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS Right-of-Use Assets At inception a contract is assessed whether the contract is a lease. A lease is defined if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration and following criteria are met: lease is identifiable; the Group has the right to obtain substantially alle economic benefits from the use of the identified asset during the period of use; the Group has the right to use the identified asset throughout the periode of use. At the commencement date of the contract the Group recognizes an asset and a lease liability under non-current assets and non-current liabilities. Lease liabilities due within one year are presented under current liabilities. The right-of-use assets is valued at cost which is the initial valuation of the lease obligation and all lease payments made before commencement date, incentives are deducted. Lease payments that are included in the measurement consist of fixed and variable payments, the latter including changes in an index or price and payments that arise from extension options that are reasonably certain to be exercised. The right-of-use assets is measured at cost less accumulated depreciation, based on the duration of the contract and, if applicable impairments. Depreciation is calculated to write off the right-of-use asset, using the straight-line method over the duration of the lease contract, and is generally recognized in the income statement. At the commencement date the Group values the right-of-use assets and the lease liability at the present value of the lease payments discounted using the interest rate implicit of the lease, if available, or the incremental borrowing rate. The lease liability is valued at the present value as described above for unpaid lease payments at the commencement date. Payments to the lessor are considered repayments of the obligation. After initial valuation the lease liability is lowered for repayments and increased for interest which are recognized in the income statement. The lease liability is remeasured when there is a change in future lease payments arising from a change in an index or rate, if the Group changes its assessment of whether it will exercise a purchase, an extension or a termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in the income statement if the carrying amount of the right-of- use asset has been reduced to zero. The Group applies a single Incremental Borrowing Rate per category of leases and is determined per Division. The Group determines the Incremental Borrowing Rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of the asset leased. For this financial year the weighted average of the Incremental Borrowing Rate is 4.56% (2022/2023: 4.56%). The Group applies the exemptions for short term lease less than a year and low value assets, these are not recognized on the balance sheet. Payments related to these are instead of including a right-of-use asset and lease liability recognized in the income statement over the duration of the lease period. Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment and right-of-use assets if applicable less their estimated residual values, using the straight-line method over their estimated useful lives, and is generally recognized in the income statement. The estimated useful lives are: Land not depreciated Buildings 20 to 40 years Machinery and Equipment 10 years Other 3 to 5 years Right-of-Use Assets 1 to 10 years Impairment of Non-Current Assets At least annually the Group reviews the carrying amounts of its tangible and intangible non-current assets to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value less costs of disposal. The value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or a cash generating unit. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 91 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS An impairment loss is recognized if the carrying amount of an asset exceeds its recoverable amount. Impairment losses are recognized in the income statement. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. In the financial year there were no indications that triggered an impairment. Change in expected useful life of Non-Current Assets The depreciation period for Non-Current Assets is assessed, at the very least, at the end of each financial year. Changes in expected useful life of an asset are accounted for by adjusting either the depreciation period or method. These are treated as changes in accounting estimate. In this financial year no changes in expected useful lives incurred. Taxation Tax expenses comprises current and deferred tax including the effects of changes in tax rate and adjustments to tax assessments related to prior years. Tax is calculated on the result before tax, taking into account the prevailing tax rate and tax legislation in the countries in which the Group operates. Tax is accounted for in the income statement, unless it relates to items recognized in the other comprehensive income, in which case tax is also accounted for in other comprehensive income. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the result for the financial year as adjusted for items that are not taxable or not deductible, and is calculated using tax rate and laws that were enacted or substantively enacted at the date of the balance sheet. The Board of Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each balance sheet, and the provisions are remeasured as required to reflect current information. Deferred tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the balance sheet. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the financial year, and which are expected to apply when the related deferred tax asset is realized or the deferred tax liability is settled. Deferred tax liabilities are generally recognized for all temporary differences. Deferred tax assets are recognized to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilized, and are reviewed at the end of each financial year and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of suitable taxable profit is considered probable when an entity has taxable temporary differences relating to the same tax authority and the same tax entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit. Deferred tax is presented at nominal value, hence no discount rate is applicable. The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, tax returns in the countries operated in are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risks with respect to tax matters under active discussion with tax authorities, or which otherwise are considered to involve uncertainty. The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods the Board of Management expects will better predict the amount it will pay over to the tax authority: FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 92 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS Environmental obligation The provision for environmental cost relates to the Groups production location in Hungary and is valued at the nominal value of the estimated expenditure, with a remaining duration of five years. Employee Benefits Obligations for contributions to defined contribution plans as operated by the Group are expensed as the related service is provided. Short-term employee benefits are expensed, and presented under current liabilities, as the related service is provided. A liability is recognized for the amount expected to be paid within one year if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be reliably estimated. The Group’s net obligation in respect of long-term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurements are recognized in the income statement in the period in which they arise. Pre-pension plan The pre-pension plan operated in the Netherlands was terminated and converted from a conditional obligation for past service years into an conditional payment for an equal amount payable to the employee on an annual assessment is carried out annually. Raw materials are measured at historical cost based on first-in-first-out method (FIFO). Finished goods comprise of cost of direct materials and a surcharge for direct and indirect production cost. A provision for obsolete inventories is stated based on aging of the inventories and management’s assessment on the risk for obsolescence. Trade and Other Receivables Trade and other receivables are stated at the lower of initial fair value, and amortized cost. The Group measures an allowance for expected credit losses for its trade receivables which is based on aging of trade receivables. Cash and Cash Equivalents Cash and Cash Equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the balance sheet at fair value. Provisions Provisions are recognized when there is a present obligation as a result of a past event and when there is a probable outflow of economic benefits which can be reliably estimated. Provisions are recognized based on the expected expenditure required to settle the obligation. Long-term provisions are discounted, with the exception of deferred tax. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as operating expenses. Remeasurements are recognized in profit or loss in the period in which they arise. • The single best estimate – where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary or the range of possible outcomes is narrow or concentrated on a single value or • A probability-weighted expected value – where, on the balance of probabilities something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely to occur). In this case, the provision is the sum of the probability-weighted amounts in the range. In assessing provisions against uncertain tax positions, the Board of Management uses professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded. The Group maintained no provision for any uncertain tax positions in the financial year (2023: nil). The amendment to IAS 12 Income Taxes – International Tax Reform - Pillar Two Model Rules is not applicable to the Group with the Group’s global revenue not exceeding € 750 million. Inventories Inventories are stated at the lower of cost and net realizable value. The net realizable value is the estimated sales price in normal course of business less estimated cost for completion and less estimated selling expenses, which FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 93 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS basis, which will end in September 2037. Following are the conditions: the employee must be in service at the time of the annual payment, the Board of Management annually assesses that the Groups financial results are sufficient to cover the annual payment. These expenses were recognized immediately upon agreement and are measured at net present value at a disount rate of 2.62% (2023: 2.41%) based on Iboxx Index Government Bonds. When changes occur any gain or loss on that change is recognized immediately in the income statement. Plan termination of employment The plan for termination of employment is operated in Indonesia, based on the legal obligation to make a payout should the employment of the employee be terminated. The obligation is measured at the net present value based on estimation of mortality rates and future salary increases at a discount rate of 7.0% (2023: 7.0%). When changes occur a gain or a loss on that change is recognized immediately in the income statement. Jubilee bonuses The liability for jubilee bonuses is the amount for future benefits that relate to the individual employees service in the current and previous financial years. This obligation is measured at the net present value based on estimation of future dismissal and future salary increases at a discount rate of 3.57% (2023: 3.66%). When changes occur a gain or a loss on that change is recognized immediately in the income statement. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 94 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 4. Financial Risk Management As part of the normal conduct of its business, the Group is exposed to a variety of financial risks, such as currency risk, credit risk, liquidity risk, interest risk and capital risk. In terms of risk management policy, it is recognized that the financial markets are volatile and that the aim should be to limit the potential negative effects of this on the Group’s financial results as much as possible. The Board of Management is responsible for managing the risks associated with its activities and the establishment and adequate functioning of appropriate risk management and control systems. CURRENCY RISK The reporting currency of the Group is the euro. Being a global operation, the Group is exposed to a variety of foreign currencies. Currency risk arises from engaging in commercial transactions in non-functional currencies, mainly US Dollar. Holland Colours aims to limit the effect of transaction-related exchange-rate exposure on the Group by preferring to invoice in the functional currency of the supplying entity, which in most cases is regional. Currency hedging on monetary currency positions or projected sales is not in place. The Group participates in several foreign subsidiaries of which the net equity is mainly US Dollar nominated. This is subject to currency translation risk in the consolidation process. The impact varies over the years and is complicate to mitigate due to the long-term fluctuations in the EUR-US Dollar rate. This risk is monitored but not hedged. There are no balance sheet items susceptible to currency risk. The table below shows the sensitivity of the net result after tax and the equity (including translation effects) to the US Dollar with all other variables kept constant: CREDIT RISK Credit risk is the risk of financial loss by the Group in the event a customer fails to meet contractual obligations. Credit risk mainly arises from receivables from customers. The Group follows an active policy to minimize credit risk. This policy includes strict internal guidelines regarding client- and order acceptance, overdue payments, the use of sales information systems, the consultation of external sources and, where necessary, requesting security for payment. Due to its distribution over a large number of customers and geographical areas, there is no significant concentration of credit risk. There is no insurance for credit risk in place. The cash transactions are executed with creditworthy financial institutions. The Company’s credit risk management framework includes a thorough screening of banking partners based on their creditworthiness and high credit ratings from reputable credit rating agencies such as Moody’s. LIQUIDITY RISK Liquidity risk is the risk that the Group is unable to meet its obligations when they are due. The Group’s policy with regard to liquidity risk is to ensure to the best of its ability that sufficient committed credit facilities are available to meet its payment obligations on time, in both normal and exceptional situations. The Trade and Other Liabilities all fall due within one year. The Group maintains flexibility in funding by keeping credit lines available for an amount of € 7 million at the ABN AMRO Bank NV. On the basis of cash flow forecasting models, the Group tests whether the available credit 2023/2024 2022/2023 Increase EUR-USD 10% Decrease EUR-USD 10% Increase EUR-USD 10% Decrease EUR-USD 10% Net Result (311) 375 (454) 608 Equity (2,852) 3,486 (3,003) 3,671 In relative terms, the various currencies affected the Group’s net sales and expenses as follows: Revenue Expenses 2023/2024 2022/2023 2023/2024 2022/2023 Euro 48% 44% 43% 41% US Dollar 36% 39% 34% 35% Other 16% 17% 23% 24% Total 100% 100% 100% 100% FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 95 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS facilities will cover the expected credit need. Based on the analysis, the Group believes that the current expected credit need is covered sufficiently. The maturity of the Company’s non-current and current financial liabilities as per 31 March 2024 is as follows (amounts in thousands of euros; maturity in years): < 1 15,690 1 - 5 969 > 5 284 Total 16,943 INTEREST RATE RISK At the end of the financial year, there were no current or non-current borrowings. As the Group has no significant interest-bearing assets and liabilities, the direct impact of changes in the market rates to the Group’s income and operating cash flow is limited. CAPITAL RISK The policy of the Group regarding the capital structure of the Company is based on the solvency ratio. The solvency ratio remains above 60% and is defined as equity/total assets. In addition, the Group aims to finance its activities with equity. FAIR VALUE OF FINANCIAL INSTRUMENTS The Group applies the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: • Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities; • Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is directly or indirectly observable; • Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is not observable. Changes in the fair value of the above-mentioned Financial Instruments, if accounted for at fair value, are recognized in the Income Statement unless hedge accounting is applied. 5. Cash Flow Statement The cash flow statement is prepared using the indirect method. Cash flows in foreign currencies are translated to euros against the exchange rate at transaction date. Exchange rate diferences for cash and cash equivalents are shown separately in the cash flow statement. Interest paid and received and payments for income taxes are presented under net cash from operating activities. Dividends paid are included under cash flow from financing activities.Transactions not involving an exchange of cash are not included in the cash flow statement. The payment of lease instalments under the financial lease contract are shown as a cash out under financing activities as far as the repayment is concerned and a cash out under operating activities as far as the interest is concerned. 6. Segment Information The Group is divided into geographical segments for management as well as for business purposes. The segment information contained in the financial statements is therefore presented based on the organizational and the reporting structure of the Group. In this, the three operating units each represent a region and the NV, which represents General Management, Innovation and Technology and other central functions. The Board of Management monitors the operating result of the geographic segments to facilitate the decision- making process in relation to the allocation of resources and the performance evaluation. The operating result of the segments is determined and based on the same accounting principles as the operating result shown in the consolidated financial statements. Transfer prices for transactions and services between the operating segments are set on an arm’s-length basis. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 96 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS Segments 2023/2024 EMEIA Americas Asia NV Eliminations Total Revenue 54,564 38,065 10,656 – – 103,285 Intersegmental Transactions 1,240 44 6 – (1,290) – Revenue including Intersegmental Transactions 55,804 38,109 10,662 – (1,290) 103,285 Depreciation, Amortization and Impairments (1,764) (908) (395) (167) 7 (3,227) Operating Result 2,620 2,251 1,028 5,269 (4,157) 7,011 Financial Income 1 24 109 298 (291) 141 Financial Expenses (305) (7) (8) (108) 293 (135) Income Tax (603) (638) (312) (286) 4 (1,835) Net Result 1,713 1,631 817 5,182 (4,161) 5,182 Non-Current Assets 16,091 5,861 2,609 62,448 (60,372) 26,637 Current Assets 23,536 19,326 9,222 1,394 (1,717) 51,761 Liabilities 17,048 4,125 1,638 2,387 (8,255) 16,943 Total Investments 3,935 437 98 – – 4,470 Average Number of Employees (in FTEs) 196 91 102 21 – 410 Segments 2022/2023 EMEIA Americas Asia NV Elimi nations Total Revenue 54,544 42,437 14,457 – – 111,438 Intersegmental Transactions 1,281 52 – – (1,333) – Revenue including Intersegmental Transactions 55,825 42,489 14,457 – (1,333) 111,438 Depreciation, Amortization and Impairments (1,656) (960) (445) (258) 66 (3,253) Operating Result 862 3,389 1,797 5,797 (4,552) 7,293 Financial Income 3 20 36 170 (171) 58 Financial Expenses (200) (7) (1) (100) 171 (137) Income Tax (193) (788) (354) 2 (12) (1,345) Net Result 472 2,613 1,479 5,869 (4,564) 5,869 Non-Current Assets 13,409 6,028 2,717 62,215 (60,016) 24,353 Current Assets 22,182 16,694 10,591 839 (904) 49,402 Liabilities 14,755 1,290 1,795 4,244 (7,142) 14,942 Total Investments 3,264 377 210 28 – 3,879 Average Number of Employees (in FTEs) 204 101 113 20 – 438 FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 97 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 7. Revenue The tables below show the breakdown of revenue by market segment and by geographical market. Revenue by market segment 2023/2024 2022/2023 Building & Construction 47,819 51,695 Packaging 32,731 35,061 Coatings & Sealants 13,880 13,604 Other 8,855 11,078 Total Revenue 103,285 111,438 Revenue by geographical market 2023/2024 2022/2023 Europe 39,480 40,571 North America 36,958 40,584 Asia 15,218 21,180 Rest of world 11,629 9,103 Total Revenue 103,285 111,438 The Group generates revenue primarily from the sale of its self-produced tailored colorants to its B2B customers across the world in following key markets: Building & Construction; Packaging and Coatings & Sealants. In Building & Construction various markets are served, these include profiles, pipes, tubing and fittings, siding and cladding, decking, fencing, window blinds and insulation. The Group offers solutions for a wide range of polymers. The Group’s Packaging products combine any color with multiple functionalities offering a customized packaging solution around properties, specifications and performance. Coatings & Sealants offers a wide range of industrial colorant solutions. Revenue by geographical market from the Netherlands in 2023/2024 was € 9,512 or 9% (2022/2023: € 9,262 or 8%); from United States of Americas in 2023/2024 was € 23,418 or 23% (2022/2023: € 26,626 or 24%) and from Indonesia € 5,369 or 5% in 2023/2024 (2022/2023: € 7,044 or 6%). 8. Personnel Expenses The table below shows the breakdown for Personnel Expenses. 2023/2024 2022/2023 Wages and Salaries (18,828) (18,762) Social Security Costs (2,211) (2,035) Pension Costs (1,214) (1,075) Total Personnel Expenses (22,253) (21,872) In the financial year the Group changed the presentation of costs related to external resources from Wages and Salaries to Other Personnel Expenses in order to increase insights and better align with international reporting standards. For comparison reasons the 2022/2023 numbers have been adjusted (€ 1,502) resulting in an increase of Other Personnel Expenses and a decrease of Wages and Salaries. Please refer to Note 9. Under wages and salaries an accrual for profit sharing € 942 is included (2022/2023: € 968). All employees in the Group are eligible for the profit sharing plan. Payments depend on the actual Group’s ROI and the actual operating result of the division in which the individual employee works, please see Note 30: Profit-sharing plan. Above personnel costs include restructuring costs (2023/2024: € 648; 2022/2023: € nil). Government grants included are € 25 included (2022/2023: € 55). FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 98 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS The remuneration of the Board of Management and the Supervisory Board is shown in Note 29: Related Parties. In this financial year, the average number of employees was 410 FTEs (2022/2023: 438 FTEs), see Note 6 for average number of FTEs per segment. 9. Other Operating Expenses The table below shows the main components of the Other Operating Expenses. 2023/2024 2022/2023 Other Personnel Expenses (4,570) (4,262) Travel and Accommodation (916) (821) Maintenance (1,603) (1,667) Energy (1,753) (1,957) Consulting (2,647) (2,801) Materials (1,510) (1,714) Insurance (783) (732) Other Expenses (2,473) (2,128) Total Other Operating Expenses (16,255) (16,082) In the financial year Other Expenses include exchange rate differences for the amount of (€ 383) (2022/2023: (€ 261)). Please refer to Note 8 for disclosure on a change of presentation of costs compared to previous year. 10. Income Tax The main components of the Tax charge in this financial year are shown in the table below. 2023/2024 2022/2023 Corporate Income Tax due this year: • Current Income Tax (1,769) (1,725) • Tax Incentive Programs, including Innovation Box 164 114 • Adjustments of tax recorded in previous years (17) 334 • Other Taxes (212) (67) Deferred Tax: • In relation to the existence and reversal of temporary differences (1) (1) Total Tax Expense (1,835) (1,345) The Corporate Income Tax as recognized in the consolidated income statement amounts to € 1,835 (2022/2023: € 1,345). The effective tax rate is 26.2% (2022/2023: 18.5%) the latter is mainly explained by previous years adjustments. The Other Taxes mainly relate to local applied Withholding Taxes on royalties charged by and paid to the Company by the operating entity in Indonesia, which will be gradually applied against the Dutch corporate income tax. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 99 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS Calculation of the effective tax rate at statutory tax rates in the Netherlands. 2023/2024 2022/2023 Result before Income Tax 7,017 7,214 Tax at the rate applicable in the Netherlands (25.8%) (1,810) (25.8%) (1,868) Effect of different tax rates in countries in which the Group operates 0.6% 42 2.0% 143 Adjustments of taxes previous years (0.2%) (17) 4.6% 334 Expenses not deductible 0.2% 17 (1.5%) (110) Tax incentive programs 2.3% 164 1.6% 114 Other differences (3.3%) (231) 0.6% 42 Total Tax Expense (26.2%) (1,835) (18.5%) (1,345) FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 100 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 11. Intangible Assets Development Costs Software Total As at 31 March 2022 Cost 1,922 532 2,454 Accumulated Amortization (1,874) (511) (2,385) Carrying Amount 48 21 69 Change in Asset Value Capital Expenditures – – – Amortization (48) (16) (64) Changes (48) (16) (64) As at 31 March 2023 Cost 1,922 532 2,454 Accumulated Amortization (1,922) (527) (2,449) Carrying Amount – 5 5 Change in Asset Value Capital Expenditures – 1 1 Amortization – (5) (5) Changes – (4) (4) As at 31 March 2024 Cost 1,922 533 2,455 Accumulated Amortization (1,922) (532) (2,454) Carrying Amount – 1 1 The Group’s total expenses for research and development were € 1,392 in the financial year (2022/2023: € 1,605). The expenses are included under Personnel Expenses, Depreciation, Amortization and Other Operating Expenses. Due to the development structure of the research and technology department, the Group does not comply with all the criteria for capitalizing development costs in line with IAS 38,57. The amortization amounting to € 5 (2022/2023: € 64) is recognized under Amortization and Impairments in the consolidated Income Statement. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 101 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 12. Property, Plant and Equipment Land and Buildings Machinery and Equipment Equipment Assets under Construction Total As at 31 March 2022 Cost 26,016 31,720 4,930 670 63,336 Accumulated Depreciation (15,736) (22,522) (4,261) – (42,519) Carrying Amount 10,280 9,198 669 670 20,817 Change in Asset Value Capital Expenditures 184 149 73 3,473 3,879 Transfer Assets under Construction 282 1,215 278 (1,775) – Disposals (1) (1) (1) – (3) Depreciation (688) (1,623) (262) – (2,573) Exchange Rate Differences 101 104 10 (8) 207 Changes (122) (156) 98 1,690 1,510 As at 31 March 2023 Cost 26,481 33,083 5,280 2,360 67,204 Accumulated Depreciation (16,323) (24,041) (4,513) – (44,877) Carrying Amount 10,158 9,042 767 2,360 22,327 Change in Asset Value Capital Expenditures 225 663 97 3,484 4,469 Transfer Assets under Construction 166 1,218 23 (1,407) – Disposals (45) (5) 1 – (49) Depreciation (662) (1,670) (225) – (2,557) Exchange Rate Differences 42 35 6 5 88 Changes (274) 241 (98) 2,082 1,951 As at 31 March 2024 Cost 26,827 34,959 5,401 4,442 71,629 Accumulated Depreciation (16,943) (25,676) (4,732) – (47,351) Carrying Amount 9,884 9,283 669 4,442 24,278 No Personnel Expenses were capitalized in this financial year (2022/2023; nil). No impairments incurred this financial year. Included in land and buildings is land for the of amount € 2,133 (2022/2023: € 2,025). FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 102 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 13. Right-of-Use Assets The table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease agreements. Land and Buildings Machinery and Equipment Vehicles Total As at 31 March 2022 Carrying Amount 374 98 775 1,247 Additions – 98 233 331 Remeasurements – – 3 3 Depreciation (190) (66) (360) (616) Transfer (17) 44 (27) – Exchange Rate Differences 7 1 1 9 Changes (200) 77 (150) (273) As at 31 March 2023 Carrying Amount 174 175 625 974 Additions 236 – 134 370 Remeasurements 431 – 134 565 Depreciation (196) (70) (399) (665) Transfer – – – – Exchange Rate Differences 4 1 1 6 Changes 475 (69) (130) 276 As at 31 March 2024 Carrying Amount 649 106 495 1,250 Interest expenses on the lease liabilities recognized within finance expenses was € 44 (2022/2023: € 44). There were no leases with a low value not recorded, while short term leases not recorded amounted to € 8. As at 31 March 2024, the Group was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was € 550. Please refer to Note 24: Lease Liabilities. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 103 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 14. Deferred Tax Assets and Liabilities Deferred Tax resulting from temporary differences between the fiscal and commercial value of assets and liabilities is accounted for at the nominal tax rate applicable in the country concerned, but only if it is likely to be realized from future taxable profits. This likelihood assessment is based on projections of the future taxable results of the relevant entities in the Group. These projections are partly based on approved budgets. The Deferred Tax Assets and Liabilities stated in the balance sheet can be attributed to the following items: 2024 2023 Assets Liabilities Assets Liabilities Property, Plant and Equipment 382 236 314 275 Financial Non-Current Assets 2 48 185 – Inventories 193 20 207 – Other Receivables 413 29 222 – Employee Benefit Obligations 183 16 298 – Other Assets and Liabilities 231 28 15 25 1,404 377 1,241 300 Offset within same tax jurisdiction (296) (296) (194) (194) At the end of the year 1,108 81 1,047 106 2024 2023 Current 29 29 Non-Current 998 912 Total Deferred Income Tax Assets and Liabilities 1,027 941 Change in Net Deferred Tax 2024 2023 At the start of the year 941 1,142 Recognized in Income Statement (1) (1) Transferred to current tax liabilities 87 (200) At the end of the year 1,027 941 The deferred tax asset position increased in the financial year by € 86 compared to a decrease previous year (€ 201) of which € 87 (2022/2023: € 200) due to transfer to current tax liabilities. 15. Inventories 2024 2023 Raw Materials 8,429 8,764 Finished Goods 6,760 6,801 Total Inventories 15,189 15,565 In 2023/2024, inventories of € 51,377 (2022/2023: € 59,016) were recognized as an expense during the year and included in cost of materials. The provision for obsolete inventories amounts to € 1,375 (2023: € 1,220), and is based on aging of the inventories and assessment by the Board of Management on the risk for obsolescence. Neither in the financial year, nor in previous year, inventories have been written off to net realizable value. 2024 2023 At the start of the year (1,220) (1,016) Additions for the year (212) (224) Releases for the year 67 34 Exchange Rate Differences for the year (10) (14) At the end of the year (1,375) (1,220) FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 104 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 16. Trade and Other Receivables 2024 2023 Trade Receivables 15,704 14,935 Loss Allowance (135) (146) Other Tax Receivables 513 1,019 Prepaid costs 769 780 Total Trade and Other Receivables 16,851 16,588 The Tax Receivables relate to a VAT receivable in Indonesia. The Group expects to receive this in full in the following financial year. The aging of Trade Debtors is as follows: Trade Receivables: Aging in Days 2024 2023 Not due 14,249 13,366 1 – 30 1,213 1,227 31 – 60 57 102 61 – 365 20 50 > 366 30 44 Total 15,569 14,789 Trade and Other Receivables with less than one year to maturity are recognized initially at fair value and subsequently at amortized cost. Additions to the Allowance for Expected Credit Losses are included in the Income Statement under Other Operating Expenses. The table below shows movements in the Allowance for Expected Credit Losses. 2024 2023 At the start of year (146) (156) Additions for the year (13) (12) Releases for the year 27 22 Written off for the year – 2 Exchange Rate Differences (3) (2) At the end of year (135) (146) The table below shows the percentages used for expected credit losses on trade receivables. Overdue in days 2024 2023 Not due 0.24% 0.24% 1 – 30 1.00% 1.00% 31 – 60 2.50% 2.50% 61 – 365 5.00% 5.00% > 365 100.00% 100.00% FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 105 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 17. Cash and Cash Equivalents 2024 2023 Cash in banks 18,516 15,750 Cash in hand 7 7 Total Cash and Cash Equivalents 18,523 15,757 Cash and Cash Equivalents are freely available to the Group, except for a limited amount of funds in deposits, which have a maturity within one year. The Company has a credit facility in place with ABN AMRO Bank NV for the amount of € 7,000 (2023: € 7,000). 18. Share Capital ISSUED SHARE CAPITAL The registered capital of Holland Colours NV is € 6,810 divided into 3,000,000 ordinary shares with a face value of € 2.27 per share. Of this registered total, an amount of 860,351 shares are issued and fully paid up. The total issued share capital is € 1,953. There were no changes to the issued capital either in the 2023/2024 or in the 2022/2023 financial year. 19. Reserves SHARE PREMIUM RESERVE The Share Premium Reserve of € 1,219 is available for distribution to shareholders with no changes compared to prior year. TRANSLATION RESERVE The legal Translation Reserve relates to all exchange-rate differences that originate from the translation of the financial statements of the subsidiaries with a functional currency other than the euro. These translation results are directly allocated to Equity via Other Comprehensive Income. OTHER RESERVES The Other Reserves comprise of the Reserve Intangible Assets as well as Retained Earnings: RESERVE INTANGIBLE ASSETS A legal reserve for development costs is accounted for in the Company’s financial statements, although not specifically required under EU-IFRS. This legal reserve is accounted for within Equity to maintain alignment with Equity in the company financial statements. RETAINED EARNINGS Retained earnings comprise the balance of accrued net results not distributed to the Company’s shareholders. In compliance with Article 21 of the Articles of Association and the Dividend Policy of the Company the Board of Management have proposed following: to appropriate 50% of the net result for the financial year 2023/2024 in line with previous year to the retained earnings and a final dividend of 50% of the net result for 2023/2024 in line with 2022/2023. These have been presented under retained earnings, hence no liability has been recognized at balance sheet date. Please refer to Note 21: Dividend and the Statutory Provisions regarding the Appropriation of Profits (Other Information). Legal reserves are not freely distributable to shareholders. Please refer to the Consolidated Statement of Changes in Equity for the movements on equity. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 106 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 20. Earnings per Share Earnings per share allocated to shareholders (ordinary and diluted) in this financial year amounted to € 6.02 (2022/2023: € 6.82). The calculation of the earnings per share at 31 March 2024 is based on the net result for the year attributable to shareholders of € 5,182 (2022/2023: € 5,869) and the average number of shares issued in this financial year of 860,351. The total number of issued shares are unchanged compared to 31 March 2023. 21. Dividend Ordinary dividends declared and paid in the financial year ended 31 March 2024, in amounts per ordinary share, comprise a final dividend for 2022/2023 of € 3.41 (2021/2022: € 5.91). The Board of Management have proposed a final dividend for 2023/2024 of € 3.01 per ordinary share (2022/2023: € 3.41, for which no liability has been recognized at the balance sheet date. 22. Non-Controlling Interest Per 1 April 2022, Gaypa Srl sold its shares (12.1%) in PT Holco Indo Jaya to Holland Colours NV. The purchase price (consideration) of € 420 was based on the net equity value of PT Holco Indo Jaya per 1 April 2022. 2024 2023 At the start of the year – 420 Purchase of Minority Share PT HIJ – (420) At the end of the year – – 23. Credit Facilities The Group does not have any long-term debt positions outstanding (2023: nil). Short- term funding needs are covered with access to current account credit facilities of € 7,000 as per year end (2023: € 7,000). These facilities are provided by ABN AMRO Bank NV and have no expiration date. The amount drawn was nil at the end of the year, as it was at the end of prior year. 24. Lease Liabilities The Group recognized Lease Liabilities on the balance sheet. Please refer to Note 13 for disclosure on the Right-of-Use Assets. 2024 2023 At the start of year 880 1,279 Repayments for the year (665) (597) Additions for the year 370 332 Remeasurements for the year 512 2 Other Adjustments for the year – (143) Exchange Rate Differences 7 7 At the end of year 1,104 880 2024 2023 Non-Current 672 441 Current 432 439 Total Lease Liabilities 1,104 880 FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 107 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS Maturity analysis – contractual undiscounted cashflows: In years 2024 2023 < 1 595 466 1 – 5 716 504 > 5 65 – Total 1,376 970 25. Employee Benefits PRE-PENSION PLAN – THE NETHERLANDS The pre-pension plan in the Netherlands relates to the obligation to issue a conditional annual payment, as per Note 3, the originally agreed conditional financing of past service years in the pre-pension plan has been converted into an equivalent conditional annual payment. At 31 March 2024 the liability amounted to € 139 (2023: € 174). TERMINATION OF EMPLOYMENT - INDONESIA This relates to the legal liability to make a payout should the employment of Indonesian employees be terminated. Primary assumptions are following: 31 March 2024 31 March 2023 Discount Rate 6.8% 7.0% Expected Return Fund Capital Expenditures 6.0% 7.0% Future Salary Increases 6.0% 6.0% Weighted Average Duration 11.06 10.10 Assumptions relating to future mortality rates are based on published statistical data and mortality tables. The mortality table used is the TMI IV 2019 (2023: TMI IV 2019) table with a correction factor varying for age and gender. The total expected long-term Return on Investment amounts to 6.8% (2023: 7.0%). JUBILEE OBLIGATION Movements in the Employee Benefits are shown in the table below. Pre- pension Plan Termination Employment Plan Jubilee Obligation Total As at 31 March 2022 236 569 280 1,085 Additions for the year – – 77 77 Withdrawals for the year (44) (150) (33) (227) Releases for the year (18) – (21) (21) Other Adjustments for the year – 14 3 17 As at 31 March 2023 174 433 324 931 Additions for the year – 44 – 44 Withdrawals for the year (27) (155) (39) (221) Releases for the year (8) – (72) (80) Other Adjustments for the year – 2 5 7 As at 31 March 2024 139 324 218 681 Of this total, the following amounts have been accounted for under current liabilities: Pre- pension Plan Termination Employment Plan Jubilee Obligation Total As at 31 March 2024 43 169 11 223 As at 31 March 2023 42 138 12 192 FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 108 NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS 26. Other Provisions Movements in this other provision is shown in table below. Environmental Provision As at 31 March 2022 109 Additions for the year 6 As at 31 March 2023 115 Releases for the year (73) As at 31 March 2024 42 This provision relates to an obligation for environmental costs in Hungary and is valued at the nominal value of the estimated expenditure with a duration of five years. 27. Trade and Other Liabilities 2024 2023 Trade Payables 9,350 7,751 Other Tax payables 668 629 Other Liabilities and Accruals 4,874 4,406 Total Trade and Other Liabilities 14,892 12,786 The Other Tax Payables relate mainly to property tax and social security costs. The Other Liabilities and Accruals also includes a profit share to be paid to employees of € 942 (2023: € 968). See Notes 29 and 30 for details regarding the profit sharing plan. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 109 28. Contingent Assets and Liabilities CAPITAL COMMITMENTS The Group had entered into capital commitments regarding Property, Plant and Equipment as at 31 March 2024 for the amount of € 680 (2023: € 5,556). PURCHASE CONTRACTS The total commitment related to raw material purchase contracts was € 10,451 (2023: € 8,458). COLLATERALS Collaterals given by Holland Colours NV to ABN AMRO Bank NV are following: pledging of equipment, inventories and receivables in the Netherlands. 29. Related Parties IDENTITY OF RELATED PARTIES Related parties can be divided into the relations between the Group and its subsidiary companies, the members of the Board of Management, Supervisory Board and Pigments. REMUNERATION OF KEY OFFICERS OF THE GROUP The key officers are the members of the Board of Management. OTHER DISCLOSURES IN THOUSANDS OF EUROS REMUNERATION POLICY The remuneration policy for the Board of Management, which consists of the Chief Executive Officer, Chief Financial Officer and Chief Technology Officer, is set by the Remuneration Committee part of the Supervisory Board. The Group strives to pay remuneration in line with the market for a company of its size, and in proportion to its overall salary structure. The remuneration package consists of a fixed and a variable element. Fixed salaries are adjusted annually in line with inflation. The variable payment for the Board of Management consists of a bonus plan based on achieving financial and non-financial targets. The bonus is up to three times the monthly salary in the event that 100% of the targets are achieved. Based on the results for this financial year the Board of Management partly achieved bonus targets, accordingly the bonus was expensed and recorded under current liabilities. The Board of Management also participates in the profit-sharing plan. The cash-settled share-based payment for the Board of Management is 75% of the total eligible profit-sharing. Please refer to Note 30 for further disclosure. The company does not offer an option plan. The Group does not provide any personal loans, guarantees or advance payments to the members of the Board of Management or the Supervisory Board. The contracts with the Chief Executive Officer, the Chief Financial Officer and the Chief Technology Officer specify a term of appointment of four years and a severance payment which is in accordance with the recommendations of the Dutch Corporate Governance Code. The Chief Financial Officer is appointed ad interim. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 110 The breakdown of the remuneration for the Board of Management and Supervisory Board is listed in the table below. Board of Management Coen Vinke Eelco van Hamersveld Total 2023/2024 2022/2023 2023/2024 2022/2023 2023/2024 2022/2023 Fixed Salary 371 338 229 210 600 548 Pension Expenses 28 30 19 23 47 53 Variable Salary - Share-based Payment 20 19 11 11 31 30 Variable Salary - Cash 19 36 12 21 31 57 438 423 271 265 709 688 Above table includes the remuneration of CEO and CTO, and not the remuneration of CFO, who is appointed ad interim, which costs are included in Other Personnel Expenses under Other Operating Expenses. Transactions with Key Officers The total remuneration of Key Officers, which includes the CFO ad interim, is € 1,036 (2022/2023: € 981). Other than the regular remuneration, no transactions with key officers took place during the financial year. Other Interests of Members of the Board of Management No transactions were effectuated during the financial year with parties in which any of the Supervisory Board Members, Members of the Board of Management or their partners have an interest. Supervisory Board 2023/2024 2022/2023 J.W. van der Vlist – Verdel 32 – R. Zoomers 13 45 A.R. Doornbos 32 32 J. Klaus 32 32 G.H. de Heer 32 32 Total 141 141 J.W. van der Vlist - Verdel was appointed July 2024 replacing R. Zoomers, who resigned in that month. Their remuneraton for the financial year prorated is for 9 respectively 3 months. The Annual General Meeting of Shareholders determines the remuneration of the Supervisory Board Members. The remuneration is aligned with market standards. Holland Pigments BV At 31 March 2024 the Dutch based investment company Holland Pigments BV (‘Pigments’) held 434,664 (2023: 434,652) shares in Holland Colours NV. Within Pigments employees collectively held approximately 25% (2023: 25%) of the shares of Holland Pigments BV. The costs incurred by Pigments in connection to activities relating to the employee participation are reimbursed by Holland Colours NV. Please refer to page 74 for a further description of the activities of Pigments. An amount of € 101 was accordingly paid to Holland Pigments BV in the 2023/2024 financial year (2022/2023: € 99). At the balance sheet date, there was no outstanding material position with Pigments. Receivables from and payables to Pigments are not covered by commercial collateral, are non-interest-bearing and are settled in cash. OTHER DISCLOSURES FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 111 30. Other Disclosures PROFIT-SHARING PLAN The Group operates a profit-sharing plan for all employees including Board of Management and management. The gross eligible amount under the plan, up to 1.5 months’ salary, depends on the Group’s actual ROI and the actual operating result per division for the financial year. The profit-sharing is partly paid in shares in Holland Pigments BV (Pigments). This part of the profit-sharing is accounted for as a cash-settled share-based payment since the Group has an obligation to settle in shares of the ultimate parent company, which are not equity instruments of a Group company. Therefore, the eligible payable net amount, derived from the gross taxable amount, comprises of two components: a net payment in cash to the employee, by the entity the employee works for, and a cash payment to Holland Pigments to finance the settlement in Pigments shares. The latter amount is depending on the position of the individual employee, and is 25% to 75% of the total eligible profit-sharing. Each group entity pays this amount for its employees to Pigments. Upon receipt of this net payment, Pigments purchases shares in Pigment with equivalent value for the employees, at the latest calculated share price of Pigments. There are no vesting conditions related to these shares. Payment of the total net amount takes place after the financial statements have been adopted by the Annual General Meeting of Shareholders of the Company. The total liability for profit-sharing plan is accounted for under Other Liabilities and Accruals and expensed under Personnel Expenses. Based on the net result for the year 2023/2024 employees are eligible to a profit-sharing. As disclosed in Note 8 Personnel Expenses, an expense for profit sharing of € 942 is included under Wages and Salaries (2022/2023: € 968), which is accrued for as at 31 March 2024 (Note 26 Other Liabilities and Accruals), and thereof € 349/37% (2023: € 358/37%) relates to conversion of profit-sharing into shares in Pigments accounted for as a cash-settled share-based payment. The shares held by Holland Pigments BV in Holland Colours NV are specified below. 2024 2023 Number of Shares in Holland Colours NV held by Holland Pigments BV At the start of the year 434,652 434,644 Purchased 12 8 At the end of the year 434,664 434,652 In euros Share Price of Holland Colours NV at the end of the year 94 118 Value 40,858,416 51,288,936 EMPLOYEE NUMBERS During the 2023/2024 financial year, the company employed an average of 410 FTEs (2022/2023: 438 FTEs), thereof 131 FTEs (2022/2023: 133 FTEs) were employed in the Netherlands. SUBSEQUENT EVENTS No events took place after the reporting period that could materially affect the financial statements. OTHER DISCLOSURES FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 112 COMPANY INCOME STATEMENT FOR THE YEAR ENDED 31 MARCH In thousands of euros Note 2024 2023 Revenue 9,582 9,532 Personnel Expenses 34 (3,587) (3,339) Amortization and Impairments 37 (4) (64) Depreciation and Impairments 38/39 (163) (194) Other Operating Expenses 35 (4,711) (4,732) Total Operating Expenses (8,465) 8,329 Operating Result 1,117 1,203 Finance Income 298 170 Finance Expenses (108) (100) Finance Income and Expenses 190 70 Result before Income Tax 1,307 1,273 Income Tax 36 (286) 2 Share in Result of Participations 40 4,161 4,594 3,875 4,596 Net Result 5,182 5,869 * Comparative numbers have been adjusted. Please refer to Note 34. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 113 In thousands of euros Note 2024 2023 Non-Current Assets Intangible Assets 37 – 4 Property, Plant and Equipment 38 1,105 1,158 Right-of-Use Assets 39 129 170 Financial Assets 40 60,852 60,884 62,086 62,216 Current Assets Receivables from Group Companies 498 141 Current Income Tax Receivables 683 521 Other Receivables and Prepayments 414 117 Cash and Cash Equivalents 161 60 1,756 839 Total Assets 63,842 63,055 In thousands of euros Note 2024 2023 Equity Share Capital 41 1,953 1,953 Share Premium Reserve 41 1,219 1,219 Translation Reserve 41 721 506 Other Reserves 41 57,562 55,135 61,455 58,813 Non-Current Liabilities Lease Liabilities 43 54 90 Employee Benefits 44 10 20 64 110 Current Liabilities Payables to Group Companies 1,061 2,711 Lease Liabilities 43 81 83 Employee Benefits 44 8 8 Other Liabilities 1,173 1,330 2,323 4,132 Total Equity and Liabilities 63,842 63,055 COMPANY BALANCE SHEET AS OF 31 MARCH BEFORE PROPOSED PROFIT APPROPRIATION FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 114 31. General The company financial statements are part of the consolidated financial statements of Holland Colours NV (the ‘Company’). The company financial statements are prepared in accordance with Part 9 of Book 2 of the Dutch Civil Code. The Company applies the same accounting policies to the company financial statements as to those of the consolidated financial statements, and are described in Note 3. The Company makes use of the option provided in Article 2:362, paragraph 8 of the Dutch Civil Code. The only exception relates to participations in Group companies, which investments in subsidiaries are measured at net asset value. On 29 May the 2023/2024 company financial statements were presented to the Supervisory Board and were authorized for issue. The company financial statements will be presented to the Annual General Meeting of Shareholders for adoption on 11 July 2024. 32. Key Accounting Principles The Company applies the same accounting policies to the company financial statements as to those of the consolidated financial statements. Exceptions to this relate to participations in Group companies and Loans to Group Companies. The share in the result of participating interests consists of the share of the Company in the result of those participating interests. Results on transactions involving the transfer of assets and liabilities between the Company and its participating interests and mutually between participating interests themselves, are eliminated to the extent that they can be considered as not realized. NOTES TO THE COMPANY FINANCIAL STATEMENTS IN THOUSANDS OF EUROS The Company makes use of the option to eliminate intragroup expected credit losses against the book value of loans and receivables from the Company to participating interests, instead of eliminiation against the equity value of the participating interests. Loans to Group Companies are measured at fair value. The Company is the head of the fiscal unity for its Group entities based in the Netherlands. The Company recognizes the portion of corporate income tax that it would owe as an independent tax payer, taking into account the allocation of the advantages of the fiscal unity. Settlement within the fiscal unity between the Company and its subsidairies takes place through current account positions. 33. Revenue Revenue relates to the charge for the financial year and the previous year of head office costs for services provided and a research & technology fee to subsidiaries of the Company. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 115 NOTES TO THE COMPANY FINANCIAL STATEMENTS 34. Personnel Expenses 2023/2024 2022/2023 Wages and Salaries (2,967) (2,896) Social Security (369) (234) Pension Costs (251) (209) Total Personnel Expenses (3,587) (3,339) In the financial year the Company changed the presentation of costs related to external resources from Wages and Salaries to Other Personnel Expenses in order to increase insights and better align with international reporting standards. For comparison reasons the 2022/2023 numbers have been adjusted (€ 509) resulting in an increase of Other Personnel Expenses and a decrease of Wages and Salaries. Please refer to Note 35. Under wages and salaries an accrual for profit sharing € 161 is included (2022/2023: € 150). Please refer to Note 30: Profit-sharing Plan. Above personnel costs include restructuring costs (2023/2024: € 73; 2022/2023: € nil). The remuneration of the Board of Management and the Supervisory Board is shown in Note 29: Related Parties. In this financial year, the average number of employees was 21 FTEs (2022/2023: 20 FTEs), all FTEs worked in the Netherlands. 35. Other Operating Expenses The table below shows the main components of the Other Operating Expenses. 2023/2024 2022/2023 Other Personnel Expenses (699) (921) Travel and Accommodation (100) (95) Consulting (1,774) (1,981) Materials (899) (1,098) Insurance (274) (274) Other Expenses (965) (363) Total Other Operating Expenses (4,711) (4,732) Please refer to Note 34 for disclosure on a change of presentation of costs compared to previous year. 36. Income Tax 2023/2024 2022/2023 Current Tax Current Year (318) (216) Prior Years 32 218 Total Income Tax (286) 2 FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 116 NOTES TO THE COMPANY FINANCIAL STATEMENTS 37. Intangible Assets Development Costs Software Total As at 31 March 2022 Cost 1,922 121 2,043 Accumulated Amortization (1,874) (101) (1,975) Carrying Amount 48 20 68 Change in Asset Value Capital Expenditures – – – Amortization (48) (16) (64) Changes (48) (16) (64) As at 31 March 2023 Cost 1,922 121 2,043 Accumulated Amortization (1,922) (117) (2,039) Carrying Amount – 4 4 Change in Asset Value Amortization – (4) (4) Changes – (4) (4) As at 31 March 2024 Cost 1,922 121 2,043 Accumulated Amortization (1,922) (121) (2,043) Carrying Amount – – – The Company’s total expenses for research and development were € 1,392 in the financial year (2022/2023: € 1,605). Of this amount nil (2022/2023: nil) is capitalized, whereas the remainder is reported under Other Income and Expenses after Tax in the company financial statements. The costs of Amortization and Impairments of € 4 (2022/2023: € 64) are included in the Amortization item in the company financial statements. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 117 NOTES TO THE COMPANY FINANCIAL STATEMENTS 38. Property, Plant and Equipment Land and Buildings Equipment Assets under Construction Total As at 31 March 2022 Cost 3,414 269 1 3,684 Accumulated Depreciation (2,240) (259) – (2,499) Carrying Amount 1,174 10 1 1,185 Change in Asset Value Capital Expenditures 1 – 29 30 Transfer Assets under Construction – 29 (29) – Depreciation (51) (6) – (57) Changes (50) 23 – (27) As at 31 March 2023 Cost 3,415 298 1 3,714 Accumulated Depreciation (2,291) (265) – (2,556) Carrying Amount 1,124 33 1 1,158 Change in Asset Value Capital Expenditures – – – – Transfer Assets under Construction – – – – Depreciation (43) (9) (1) (53) Changes (43) (9) (1) (53) As at 31 March 2024 Cost 3,415 298 1 3,714 Accumulated Depreciation (2,334) (274) (1) (2,609) Carrying Amount 1,081 24 – 1,105 No Personnel Expenses were capitalized in this financial year (2022/202: nil). No impairments incurred this financial year. Included in land and buildings is land for the of amount € 940 (2022/2023: € 940). FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 118 NOTES TO THE COMPANY FINANCIAL STATEMENTS 39. Right-of-Use Assets The table below shows the movement of Right-of-Use Assets. These assets consist of capitalized lease contracts for vehicles. Total As at 31 March 2022 Carrying Amount 223 Change in Asset Value Additions 84 Depreciation (137) Changes (53) As at 31 March 2023 Carrying Amount 170 Change in Asset Value Remeasurement 69 Depreciation (110) Changes (41) As at 31 March 2024 Carrying Amount 129 Interest expenses on the lease liabilities recognized within finance expenses was € 7 (2022/2023: € 6). There were no leases with a low value not recorded, as there were no short term leases not recorded. As at 31 March 2024, the Company was not committed to leases with future cash outflows which had not yet commenced and as such were not accounted for as a liability as at 31 March 2024. The total cash outflow from leases in this financial year was € 120. Please refer to Note 43: Lease Liabilities. 40. Financial Assets The Financial Assets can be specified as follows: 2024 2023 Investments in Subsidiaries 53,540 53,499 Loans Group Companies 6,562 6,694 Deferred Tax Assets 750 691 Total Financial Assets 60,852 60,884 Please refer to Note 3 for a list of the Group companies. The table below shows movements in the investments in subsidiaries. 2024 2023 At the start of the year 53,499 50,280 Share in Result of Participations for the year 4,161 4,594 Purchase Minority Share PT HIJ for the year 27 420 Dividend Declared for the year (4,522) (2,481) Currency Translation for the year 407 715 Other Changes for the year (32) (29) At the end of the year 53,540 53,499 FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 119 NOTES TO THE COMPANY FINANCIAL STATEMENTS Movements in the Loans Group Companies and in the Deferred Tax Assets are shown below. Loans Group Companies Deferred Tax Assets Total As at 31 March 2022 6,694 718 7,412 Additions – 26 26 Credit/(Charge) to the result for the year – (53) (53) As at 31 March 2023 6,694 691 7,385 Additions – 59 59 Repayments for the year (132) – (132) As at 31 March 2024 6,562 750 7,312 Loans to Group Companies are due within one year, with no repayment schedule agreed, this term will automatically be extended for further periods of one year until the loan is fully repaid. Interest on the loans is variable and at arm’s length. 41. Equity Please refer to the Consolidated Statement of Changes in Equity and Notes 18 and 19 for disclosure on Equity. 42. Credit Facilities At the end of the financial year the Company does not have any long-term debt positions outstanding (2023: nil). Short-term funding needs are covered with access to current account credit facilities of € 7,000 as per year end (2023: € 7,000). These facilities are provided by ABN AMRO Bank NV and have no expiration date. The amount drawn was nil at the end of the year, as it was at the end of prior year. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 120 NOTES TO THE COMPANY FINANCIAL STATEMENTS 43. Lease Liabilities The company recognized Lease Liabilities on the balance sheet. The table below shows the movement and breakdown of Non-Current and Current Lease Liabilities. Please refer to Note 39 Right-of-Use Assets. 2024 2023 At the start of the year 173 252 Repayments for the year (112) (85) Additions for the year – 84 Remeasurements for the year 74 – Other Adjustments for the year – (78) At the end of the year 135 173 2024 2023 Non-Current Lease Liabilities 54 90 Current Lease Liabilities 81 83 Total 135 173 Maturity analysis – contractual undiscounted cashflows: In years 2024 2023 < 1 84 89 1 – 5 60 100 > 5 – – Total 144 189 44. Employee Benefits Please refer to Note 25 for disclosure on the Employee Benefits. Movements in the Employee Benefits were as follows: Pre-pension Plan Other Employee Benefits Total As at 31 March 2022 33 11 44 Releases for the year (2) (3) (5) Withdrawals for the year (11) – (11) As at 31 March 2023 20 8 28 Additions for the year 4 – 4 Releases for the year – (4) (4) Withdrawals for the year (8) (2) (10) As at 31 March 2024 16 2 18 The following amounts have been accounted for as current under Other Liabilities and Accrued Income: Pre-pension Plan the Netherlands Other Employee Benefits Total As at 31 March 2024 6 2 8 As at 31 March 2023 8 – 8 FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 121 NOTES TO THE COMPANY FINANCIAL STATEMENTS 45. Auditor’s Remuneration The audit fees listed below relate to the procedures applied to the Companies and its Group financial statements by external independent auditors, by Dutch and foreign based accounting firms as referred to in Section 1, subsection 1 of the Audit Firms Supervision Act (‘Wet toezicht accountantsorganisaties - Wta’) including their tax services and advisory groups. KPMG Accountants N.V. was appointed as auditor starting book year 2023-2024 taking over from PricewaterhouseCoopers Accountants NV. 2023/2024 2022/2023 Audit Fees 403 436 Total 403 436 These audit fees relate to the audit of the Group financial statements, for the work performed during the financial year. For procedures in the Netherlands the remuneration amounts to € 297 (2022/2023: € 253). The remaining fees € 106 (previous year: € 183) were charged to the Group’s subsidiaries. 46. Contingent Assets and Liabilities COLLATERALS Collaterals given by the Company to ABN AMRO Bank NV are following: pledging of equipment, inventories and receivables in the Netherlands. 47. Other Disclosures WRITTEN GUARANTEE The Company has given a guarantee for its subsidiary Holland Colours Europe BV in accordance with Section 403, Title 9, Book 2 of the Dutch Civil Code. The Company has not given any written guarantees for its Group companies not based in the Netherlands. FISCAL UNITY The Company is the head of the fiscal unity for its Group entities based in the Netherlands with regard to value added tax and income tax. SUBSEQUENT EVENTS No events took place after the reporting period that could materially affect the financial statements. Apeldoorn, 29 May 2024 Board of Management Supervisory Board Coen Vinke Jeanine van der Vlist Eelco van Hamersveld Gert-Hein de Heer Aukje Doornbos Jorrit Klaus FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORT EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSESG HOLLAND COLOURS ANNUAL REPORT 2023/2024 122 Statutory Provisions regarding the Appropriation of Profits REGARDING THE APPROPRIATION OF PROFITS, THE ARTICLES OF ASSOCIATION STATE THE FOLLOWING: Article 21 From the profit established in the approved financial statements, reserves are formed as determined by the Board of Management with the approval of the Supervisory Board. The profit remaining after the transfer to the reserves and distribution as stated in paragraph 1 is at the disposal of the Annual General Meeting of Shareholders, with due regard to the provisions of Section 105, Book 2 of the Dutch Civil Code. The Board of Management, with the approval of the Supervisory Board, is authorized to decide on the distribution of an interim dividend with due regard to the provisions of Article 105 Book 2 of the Dutch Civil Code. The dividend will be made payable within one month after it has been set, in the manner and at the place determined by the Board of Management. Claims for profit distribution expire after a period of five years from the date on which the dividends were made payable. A resolution regarding the disposal of any reserve may be adopted by the Annual General Meeting of Shareholders with due regard to the legal and statutory provisions. OTHER INFORMATION FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 123123 Independent Auditor’s Report To: the General Meeting of Shareholders and the Supervisory Board of Holland Colours N.V. REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS 2023-2024 INCLUDED IN THE ANNUAL REPORT Our opinion In our opinion: • the accompanying consolidated nancial statements give a true and fair view of the nancial position of Holland Colours N.V. as at 31 March 2024 and of its result and its cash ows for the year then ended, in accordance with IFRS Accounting Standards as endorsed by the European Union (EU-IFRS) and with Part 9 of Book 2 of the Dutch Civil Code. • the accompanying company nancial statements give a true and fair view of the nancial position of Holland Colours N.V. as at 31 March 2024 and of its result for the year then ended in accordance with Part 9 of Book 2 of the Dutch Civil Code. What we have audited We have audited the financial statements 2023-2024 of Holland Colours N.V. (the Company) based in Apeldoorn. The financial statements include the consolidated financial statements and the company financial statements. The consolidated nancial statements comprise: 1 the consolidated balance sheet as at 31 March 2024; 2 the following consolidated statements for 2023-2024: the income statement, the statement of comprehensive income, the statement of changes in equity and cash flow statement; and 3 the notes comprising material accounting policy information and other explanatory information. The company financial statements comprise: 1 the company balance sheet as 31 March 2024; 2 the company income statement for 2023-2024; and 3 the notes comprising a summary of the accounting policies and other explanatory information. Basis for our opinion We conducted our audit in accordance with Dutch law, including the Dutch Standards on Auditing. Our responsibilities under those standards are further described in the ‘Our responsibilities for the audit of the financial statements’ section of our report. We are independent of Holland Colours N.V. in accordance with the ‘Verordening inzake de onafhankelijkheid van accountants bij assurance- opdrachten’ (ViO, Code of Ethics for Professional Accountants, a regulation with respect to independence) and other relevant independence regulations in the Netherlands. Furthermore, we have complied with the ‘Verordening gedrags- en beroepsregels accountants’ (VGBA, Dutch Code of Ethics). We designed our audit procedures in the context of our audit of the financial statements as a whole and in forming our opinion thereon. The information in respect of going concern, fraud and non-compliance with laws and regulations, climate and the key audit matters was addressed in this context, and we do not provide a separate opinion or conclusion on these matters. We believe the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. OTHER INFORMATION FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 124 OTHER INFORMATION Information in support of our opinion Summary Materiality • Materiality of EUR 1 million • 1% of revenue Group audit • Audit coverage of 90% of total assets • Audit coverage of 97% of revenue Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate risks • Fraud risks: presumed risk of management override of controls and presumed risk of revenue recognition are identified. • Non-compliance with laws and regulations (NOCLAR) risks: risk of material misstatement related to the bribery and corruption risk due to business with sales agents in countries with low CPI scores identified. • Going concern risks: no going concern risks identified by management. • Climate risks: we have considered the impact of climate-related risks on the financial statements and described our approach and observations in the section ‘Audit response to climate-related risks’. Key audit matters • Revenue recognition Materiality Based on our professional judgement we determined the materiality for the financial statements as a whole at EUR 1 million. The materiality is determined with reference to revenue as we consider revenue the most appropriate benchmark, because revenues is an important metric for users of the financial statements. We have also taken into account misstatements and/or possible misstatements that in our opinion are material for the users of the financial statements for qualitative reasons. We agreed with the Supervisory board that misstatements identified during our audit in excess of EUR 50,000 would be reported to them, as well as smaller misstatements that in our view must be reported on qualitative grounds. Scope of the group audit Holland Colours N.V. is at the head of a group of components. The financial information of this group is included in the financial statements of Holland Colours N.V. Our group audit mainly focused on significant components. These are components that are (i) of individual financial significance to the group, or (ii) that, due to their specific nature or circumstances, are likely to include significant risks of material misstatement for the group financial statements. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 125 We have: • performed audit procedures ourselves at group level in respect of the parent entity, the group consolidation, the financial statement disclosures and complex accounting items. This included procedures performed regarding, amongst others, the Dutch tax position and board remuneration; and • made use of the audit procedures performed by other KPMG component auditors for the operations in the Netherlands, United States, Canada and Indonesia. We have provided detailed instructions to all component auditors part of the group audit, covering the significant audit areas and set out information required to be reported back to the group audit team. Meetings were held with all component auditors that participated in the group audit to discuss the audit approach and the audit findings and observations reported to the group audit team, also we have reviewed the audit documentation of the component auditors. The audit coverage obtained through the audit of the complete reporting packages amounts 90% of Total assets and 97% of Revenue. For the residual population not in scope we performed analytical procedures in order to corroborate that our scoping remained appropriate throughout the audit. By performing the procedures mentioned above at group components, together with additional procedures at group level, we have been able to obtain sufficient and OTHER INFORMATION appropriate audit evidence about the group’s financial information to provide an opinion about the financial statements. Audit response to the risk of fraud and non-compliance with laws and regulations In chapter ‘Risk Management’ of the Report of the Board of Management, the Board of Management describes its procedures in respect of the risk of fraud and non- compliance with laws and regulations and the supervisory board reflects on this. As part of our audit, we have gained insights into the Company and its business environment and the Company’s risk management in relation to fraud and non-compliance. Our procedures included, among other things, assessing the Company’s governance, risk management and compliance framework, consisting of the Company’s Code of conduct, Whistleblowing hotline, Anti-bribery and corruption and Group compliance policies and agent contracts. Furthermore, we performed inquiries with the Board of Management, Supervisory Board and other relevant functions, such as group finance and the internal legal counsel and included correspondence with relevant authorities and regulators in our evaluation. We have considered our initial audit as our element of unpredictability, and involved forensic specialists in our audit procedures. As a result of our risk assessment, we identified the following laws and regulations as those which could potentially have a material effect on the financial statements in case of non-compliance: • trade laws (reflecting the Company’s international operating character); • health and safety law (reflecting the nature of the Company’s production and distribution processes); • consumer product law, including product safety and product liability claims (reflecting the nature of the Company’s diverse product base); and • environmental law (reflecting environmental impact restrictions, waste and contamination related to the Company’s production and distribution processes). FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 126 Based on the above and on the auditing standards, we identified the following fraud risks that are relevant to our audit, including the relevant presumed risks laid down in the auditing standards, and responded as follows: MANAGEMENT OVERRIDE OF CONTROLS (A PRESUMED FRAUD RISK) Risk: • Management is in a unique position to manipulate accounting records and prepare fraudulent financial statements by overriding controls that otherwise appear to be operating effectively. • The key opportunities for management manipulation are within the manual elements of the control environment, such as journal entries. Responses: • We evaluated the design and the implementation of internal controls that mitigate fraud risks, such as those related to journal entries; • We tested journal entries, including consolidation and elimination entries, based on high risk criteria, amongst others in relation to revenues, including inspection of the source documentation to assess the validity of the business rationale and substantiation of corroborating evidence; • We assessed the appropriateness of changes compared to prior year in the methods and underlying assumptions used to prepare accounting estimates. OTHER INFORMATION Revenue recognition (a presumed fraud risk) Our risk description and procedures performed to address the fraud risk related to revenue recognition are described in the key audit matter section. NON-COMPLIANCE WITH LAWS AND REGULATIONS Risk: • As disclosed in chapters ‘Laws and regulations’ and ‘Fraud’, the Company is required to comply with multiple laws and regulations. In case of non- compliance with these regulations, the Company could be subjected to fines and penalties. As result of the Company engaging with sales agents in high risk countries, we have identified a risk of material misstatement associated with non-compliance with laws and regulation. Responses: • We evaluated the design and the implementation of internal controls related to compliance with laws and regulations. • We designed and performed substantive procedures that specifically respond to the identified risk. Amongst others: • We assessed and inspected the relevant applicable regulations as well as the internal Code of Conduct; • We evaluated relevant written correspondence from relevant authorities and regulators; • We obtained relevant documentation for a selection of related transactions and checked underlying supporting documentation, such as sales agent contracts, to determine compliance with the applicable regulations. Our evaluation of procedures performed related to fraud and non-compliance with laws and regulations did not result in an additional key audit matter, next to Revenue recognition. We communicated our risk assessment, audit responses and results to the Board of Management and the Supervisory Board. Our audit procedures did not reveal indications and/or reasonable suspicion of fraud and non-compliance that are considered material for our audit. Audit response to going concern The Board of Management has performed its going concern assessment and has not identified any going concern risks. Our main procedures to assess the Board of Management’s assessment were: • we considered whether the Board of Management’s assessment of the going concern risks includes all relevant information of which we are aware as a result of our audit; • we analysed the company’s financial position as at year- end and compared it to the previous financial year in terms of indicators that could identify going concern risks; FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 127 • we inquired with the Board of Management on the key assumptions and principles underlying the management board’s assessment of the going concern risks. The outcome of our risk assessment procedures did not give reason to perform additional audit procedures on the Board of Management’s going concern assessment. Audit response to climate-related risks The Company has set out its ambitions relating to climate change in chapter ‘Environmental Social and Governance’ and in the section ‘Sustainability’ in chapter ‘Risk Management’ of the Report of the Board of Management. Among others, the Company has set key ambitions, such as a reduction of CO 2 emission of the operational activities by 50% in 2030 and an investment in innovation in order to have 90% of the revenues in 2030 generated by products that contribute to sustainability as defined by management in these paragraphs. Management has assessed, against the background of the Company’s business and operations at a high level how climate-related risks and opportunities and the Company’s own ambitions could have a significant impact on its business or could impose the need to adapt its strategy and operations. Management has considered the impact of transition risks, such as the transition towards applying more sustainable materials and gaining deeper insights into the sustainability needs of the Company’s clients, on the financial statements in accordance with the applicable financial reporting framework. The Board of Management prepared the financial statements, including considering whether the implications from climate-related risks and ambitions have been appropriately accounted for and disclosed. As part of our audit we performed a risk assessment of the impact of climate-related risks and the commitments/ambitions made by the company in respect of climate change on the financial statements and our audit approach. In doing this we performed the following: • Understanding management’s processes: • we made inquiries to understand management’s assessment against the background of the Company’s business and operations of the potential impact of climate-related risks and opportunities on the Company’s financial statements and the Company’s preparedness for this; • we have inspected minutes and documents relevant for assessing the climate-related risks in the audit; • we obtained an understanding of relevant sustainability themes and issues, considering the operations and characteristics of the Company. • We have evaluated climate related fraud risk factors, such as the fact that management’s remuneration is dependent on both financial and non-financial sustainability targets, such as CO 2 reductions and compliance with laws and regulations, such as the Regulation on the registration, evaluation, authorisation and restriction of chemicals (REACH). • We have made use of KPMG’s climate change subject matter experts to: • Support in obtaining an understanding of management’s assessment processes; • Inspect the Company’s climate-related risk disclosures in the Annual Report; • Obtain insights into potential business implications of the climate-related risks identified by the Company and its accounting in the financial statements. Based on our risk assessment procedures, we did not identify a risk of material misstatement specific to climate-related risk, including on the valuation of non- current assets, and thus no further audit response was considered necessary. Based on the procedures performed above we found climate related risks have no material impact on the current financial statements and no material impact on our key audit matters. Furthermore we have read the ‘Other information’ with respect to climate-related risks as included in the Annual Report and considered whether such information contains material inconsistencies with the financial statements or our knowledge obtained through the audit, in particular as described above and our knowledge obtained otherwise. OTHER INFORMATION FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 128 Our key audit matter Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements. We have communicated the key audit matter to the Supervisory Board. The key audit matter is not a comprehensive reflection of all matters discussed. Compared to last year the key audit matter with respect to the assumptions in the valuation of inventory is not included, as the Company’s provision for obsolete inventory is limited and we agree with the Board of Management that the risk of a material error in the valuation of the inventory to be limited. OTHER INFORMATION Revenue recognition Description We identified a fraud risk in relation to the recognition of revenue. The presumed risk inherently includes the fraud risk that management deliberately overstates revenue as management may feel pressure to achieve planned results for the current year. We focused our presumed fraud risk on non-routine entries that increase revenue. As this is a significant risk for which special attention from the auditor is needed we considered this as a key audit matter. Our response Our procedures primarily consisted of: • We evaluated the design and the implementation of relevant internal controls that mitigate fraud risks, such as controls related to revenue recognition through journal entries; • We performed a data analysis matching the recorded revenue to the delivery notes and the order confirmations. For entries increasing revenue outside the routine operational flow, we performed additional procedures including vouching to source documentation; • We performed procedures to determine that no material credit notes have been issued subsequent to balance sheet date; • We tested journal entries posted in revenue accounts based on high risk criteria, such as journal entries that increase revenue without an expected counter-entry, including inspection of the source documentation to assess the validity of the business rationale and substantiation of corroborating evidence; and • We tested the accuracy of the revenue related disclosures in the financial statements. Our observation Our audit procedures did not reveal indications and/or reasonable suspicion of fraudulent revenue recognition. The results of our procedures performed regarding fraudulent revenue recognition due to fictitious revenue are satisfactory and the related disclosures (note 7) are adequate. FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 129 REPORT ON THE OTHER INFORMATION INCLUDED IN THE ANNUAL REPORT In addition to the financial statements and our auditor’s report thereon, the annual report contains other information. Based on the following procedures performed, we conclude that the other information: • is consistent with the financial statements and does not contain material misstatements; and • contains the information as required by Part 9 of Book 2 of the Dutch Civil Code for the management report and other information. We have read the other information. Based on our knowledge and understanding obtained through our audit of the financial statements or otherwise, we have considered whether the other information contains material misstatements. By performing these procedures, we comply with the requirements of Part 9 of Book 2 of the Dutch Civil Code and the Dutch Standard 720. The scope of the procedures performed is less than the scope of those performed in our audit of the financial statements. The Board of Management is responsible for the preparation of the other information, including the information as required by Part 9 of Book 2 of the Dutch Civil Code. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS AND ESEF Engagement We were initially appointed by the General Meeting of Shareholders as auditor of Holland Colours N.V. on 13 July 2023, for the audit of the year ended 31 March 2024. No prohibited non-audit services We have not provided prohibited non-audit services as referred to in Article 5(1) of the EU Regulation on specific requirements regarding statutory audits of public-interest entities. European Single Electronic Format (ESEF) The Company has prepared its annual report in ESEF. The requirements for this are set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF). In our opinion the annual report prepared in XHTML format, including the (partly) marked-up consolidated financial statements as included in the reporting package by Holland Colours N.V., complies in all material respects with the RTS on ESEF. The Board of Management is responsible for preparing the annual report including the financial statements in accordance with the RTS on ESEF, whereby the Board of Management combines the various components into one single reporting package. Our responsibility is to obtain reasonable assurance for our opinion whether the annual report in this reporting package complies with the RTS on ESEF. We performed our examination in accordance with Dutch law, including Dutch Standard 3950N ’Assurance-opdrachten inzake het voldoen aan de criteria voor het opstellen van een digitaal verantwoordingsdocument’ (assurance engagements relating to compliance with criteria for digital reporting). Our examination included among others: • Obtaining an understanding of the entity’s financial reporting process, including the preparation of the reporting package; • Identifying and assessing the risks that the annual report does not comply in all material respects with the RTS on ESEF and designing and performing further assurance procedures responsive to those risks to provide a basis for our opinion, including: • Obtaining the reporting package and performing validations to determine whether the reporting package containing the Inline XBRL instance document and the XBRL extension taxonomy files have been prepared in accordance with the technical specifications as included in the RTS on ESEF; • Examining the information related to the consolidated financial statements in the reporting package to determine whether all required mark- ups have been applied and whether these are in accordance with the RTS on ESEF. OTHER INFORMATION FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 130 DESCRIPTION OF RESPONSIBILITIES REGARDING THE FINANCIAL STATEMENTS Responsibilities of the Board of Management and the Supervisory Board for the financial statements The Board of Management is responsible for the preparation and fair presentation of the financial statements in accordance with EU-IFRS and Part 9 of Book 2 of the Dutch Civil Code. Furthermore, the Board of Management is responsible for such internal control as management determines is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error. In that respect the Board of Management, under supervision of the Supervisory Board, is responsible for the prevention and detection of fraud and non-compliance with laws and regulations, including determining measures to resolve the consequences of it and to prevent recurrence. As part of the preparation of the financial statements, the Board of Management is responsible for assessing the Company’s ability to continue as a going concern. Based on the financial reporting frameworks mentioned, the Board of Management should prepare the financial statements using the going concern basis of accounting unless the Board of Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Management should disclose events and circumstances that may cast significant doubt on the company’s ability to continue as a going concern in the financial statements. The Supervisory Board is responsible for overseeing the Company’s financial reporting process. Our responsibilities for the audit of the financial statements Our objective is to plan and perform the audit engagement in a manner that allows us to obtain sufficient and appropriate audit evidence for our opinion. Our audit has been performed with a high, but not absolute, level of assurance, which means we may not detect all material errors and fraud during our audit. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The materiality affects the nature, timing and extent of our audit procedures and the evaluation of the effect of identified misstatements on our opinion. A further description of our responsibilities for the audit of the financial statements is included in the appendix of this auditor’s report. This description forms part of our auditor’s report. Groningen, 29 May 2024 KPMG Accountants N.V. R.W. van Dijk RA OTHER INFORMATION FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 131 Appendix DESCRIPTION OF OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS We have exercised professional judgement and have maintained professional scepticism throughout the audit, in accordance with Dutch Standards on Auditing, ethical requirements and independence requirements. Our audit included among others: • identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, designing and performing audit procedures responsive to those risks, and obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than the risk resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control; • obtaining an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control; • evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Management; • concluding on the appropriateness of the Board of Management’s use of the going concern basis of accounting, and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on Holland Colours N.V.’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause a company to cease to continue as a going concern; • evaluating the overall presentation, structure and content of the financial statements, including the disclosures; and • evaluating whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We are solely responsible for the opinion and therefore responsible to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the financial statements. In this respect we are also responsible for directing, supervising and performing the group audit. We communicate with the Supervisory Board regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant findings in internal control that we identify during our audit. In this respect we also submit an additional report to the audit committee in accordance with Article 11 of the EU Regulation on specific requirements regarding statutory audits of public-interest entities. The information included in this additional report is consistent with our audit opinion in this auditor’s report. We provide the Supervisory Board with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the Supervisory Board, we determine the key audit matters: those matters that were of most significance in the audit of the financial statements. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, not communicating the matter is in the public interest. OTHER INFORMATION FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 132 CONTACT HOLLAND COLOURS NV Halvemaanweg 1 7323 RW Apeldoorn P.O. Box 720 7300 AS Apeldoorn The Netherlands T (31) 55-368 0700 E info@hollandcolours.com Chamber of Commerce 08036180 HOLLAND COLOURS EUROPE BV Halvemaanweg 1 7323 RW Apeldoorn P.O. Box 720 7300 AS Apeldoorn The Netherlands T (31) 55-368 0700 E info@hollandcolours.com HOLLAND COLOURS UK LTD Unit 16/17/18, Sabre Court Valentine Close, Gillingham Business Park Gillingham, Kent ME8 0RW United Kingdom T (44) 1634-388 727 E uk@hollandcolours.com HOLLAND COLOURS HUNGARIA KFT Déri Miksa körút 2 P.O. Box 8 5000 Szolnok Hungary T (36) 56-420 644 E szolnok@hollandcolours.com HOLLAND COLOURS AMERICAS INC 1501 Progress Drive Richmond, Indiana, 47374 USA T (1) 765-935 0329 Toll-free (1) 800-723-0329 E richmond@hollandcolours.com HOLLAND COLOURS CANADA INC 200 Consumers Rd, Suite 303 Toronto, Ontario M2J 4R4 Canada T (1) 416-449 4344 Toll-free (1) 800-361 3967 E canada@hollandcolours.com HOLLAND COLOURS MEXICANA SA DE CV Tezosomoc #4 (Bodega 3) Col. Recursos Hidráulicos Tultitlán, Edo de México México CP 54913 T 52 (55) 58-94-36-41 E mexico@hollandcolours.com PT HOLLAND COLOURS ASIA - SURABAYA Jl. Berbek Industri II/2 (Surabaya Industrial Estate Rungkut) Sidoarjo 61256-East Java Indonesia T (62) 31-849 3939 E surabaya@hollandcolours.com Export department Surabaya: T (62) 31-841 1 801 E exportasia@hollandcolours.com PT HOLLAND COLOURS ASIA – JAKARTA Kawasan Industri dan Pergudangan TAMAN TEKNO BSD Blok E3 no. 45 Kecamatan SETU, Tangerang Selatan, Banten 15314-West Java Indonesia T (62) 31-849 3939 E surabaya@hollandcolours.com REPRESENTATIVE OFFICE CHINA Room 908, Eco City 1788, No. 1788 West Nanjing Road, Jing’an District Shanghai 20040 China T (62) 31-849 3939 E surabaya@hollandcolours.com FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTSFINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 133 FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT INTRODUCTION BY THE CEO FINANCIAL STATEMENTS HOLLAND COLOURS ANNUAL REPORT 2023/2024 134 FIND OUT MORE Contact our sales people about purchasing quantities and deliveries or our technical experts for questions about our technology and its implementation: AMERICAS: richmond@hollandcolours.com | +1 765-935 0329 / toll-free: +1 800 723 0329 ASIA: surabaya@hollandcolours.com | +62 31 849 3939 EMEIA: info@hollandcolours.com | +31 (0)55 36 80 700 www.hollandcolours.com 7245003GZ2696Y0W1X572023-04-012024-03-317245003GZ2696Y0W1X572022-04-012023-03-317245003GZ2696Y0W1X572024-03-317245003GZ2696Y0W1X572023-03-317245003GZ2696Y0W1X572022-03-31ifrs-full:IssuedCapitalMember7245003GZ2696Y0W1X572022-03-31ifrs-full:SharePremiumMember7245003GZ2696Y0W1X572022-03-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember7245003GZ2696Y0W1X572022-03-31HOL:ReserveOfIntangibleAssetsMember7245003GZ2696Y0W1X572022-03-31ifrs-full:RetainedEarningsMember7245003GZ2696Y0W1X572022-03-31ifrs-full:EquityAttributableToOwnersOfParentMember7245003GZ2696Y0W1X572022-03-31ifrs-full:NoncontrollingInterestsMember7245003GZ2696Y0W1X572022-03-317245003GZ2696Y0W1X572022-04-012023-03-31ifrs-full:IssuedCapitalMember7245003GZ2696Y0W1X572023-03-31ifrs-full:IssuedCapitalMember7245003GZ2696Y0W1X572022-04-012023-03-31ifrs-full:SharePremiumMember7245003GZ2696Y0W1X572023-03-31ifrs-full:SharePremiumMember7245003GZ2696Y0W1X572022-04-012023-03-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember7245003GZ2696Y0W1X572023-03-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember7245003GZ2696Y0W1X572022-04-012023-03-31HOL:ReserveOfIntangibleAssetsMember7245003GZ2696Y0W1X572023-03-31HOL:ReserveOfIntangibleAssetsMember7245003GZ2696Y0W1X572022-04-012023-03-31ifrs-full:RetainedEarningsMember7245003GZ2696Y0W1X572023-03-31ifrs-full:RetainedEarningsMember7245003GZ2696Y0W1X572022-04-012023-03-31ifrs-full:EquityAttributableToOwnersOfParentMember7245003GZ2696Y0W1X572023-03-31ifrs-full:EquityAttributableToOwnersOfParentMember7245003GZ2696Y0W1X572022-04-012023-03-31ifrs-full:NoncontrollingInterestsMember7245003GZ2696Y0W1X572023-03-31ifrs-full:NoncontrollingInterestsMember7245003GZ2696Y0W1X572023-04-012024-03-31ifrs-full:IssuedCapitalMember7245003GZ2696Y0W1X572024-03-31ifrs-full:IssuedCapitalMember7245003GZ2696Y0W1X572023-04-012024-03-31ifrs-full:SharePremiumMember7245003GZ2696Y0W1X572024-03-31ifrs-full:SharePremiumMember7245003GZ2696Y0W1X572023-04-012024-03-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember7245003GZ2696Y0W1X572024-03-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember7245003GZ2696Y0W1X572023-04-012024-03-31HOL:ReserveOfIntangibleAssetsMember7245003GZ2696Y0W1X572024-03-31HOL:ReserveOfIntangibleAssetsMember7245003GZ2696Y0W1X572023-04-012024-03-31ifrs-full:RetainedEarningsMember7245003GZ2696Y0W1X572024-03-31ifrs-full:RetainedEarningsMember7245003GZ2696Y0W1X572023-04-012024-03-31ifrs-full:EquityAttributableToOwnersOfParentMember7245003GZ2696Y0W1X572024-03-31ifrs-full:EquityAttributableToOwnersOfParentMember7245003GZ2696Y0W1X572023-04-012024-03-31ifrs-full:NoncontrollingInterestsMember7245003GZ2696Y0W1X572024-03-31ifrs-full:NoncontrollingInterestsMemberiso4217:EURiso4217:EURxbrli:shares