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Nedap N.V. Earnings Release 2023
3863_iss_2024-02-22_c4bc5dc7-b2e6-4730-988a-cbb0634eb5c0.pdf
Earnings Release
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Groenlo, the Netherlands, 22 February 2024, 07:00 CET.
- Revenue for 2023 amounted to €262.4 million, up 14% on 2022 (€229.5 million1 ).
- Recurring revenue rose by 19% and made up 32% of revenue (31% in 2022).
- Added value as a percentage of revenue increased to 69% (67% in 2022).
- The operating profit was up 16% to €27.3 million (€23.5 million in 2022) with an operating margin of 10.4% (10.3% in 2022).
- The dividend for the 2023 financial year has been set at € 3.20 (€ 3.00 in 2022).
- Further revenue growth is expected for 2024, fully driven by the second half of the year.
Nedap CEO Ruben Wegman: 'In 2023, Nedap took another step forward. Revenue grew autonomously by 14%. All key markets, as well as the other propositions, contributed to the revenue growth. In the first nine months, we increased our product deliveries, catching up on delivery backlogs. Due to customers and partners reaching full capacity and softening market conditions, we saw moderation in product demand towards the year-end in some key markets. Good progress was made in further developing and implementing the Step Up! strategy. In line with this strategy, we have increasingly focused our people and resources on the scale propositions. With our increased competitive strength, we expanded our leading positions in the four key markets and unlocked new growth opportunities. For 2024, unforeseen events notwithstanding, we anticipate further revenue growth for the full year, whereby we expect that this growth will take place in the second half of the year.'
| In millions of euros or expressed as a percentage | 2023 | 20221 | Growth |
|---|---|---|---|
| Revenue | 262.4 | 229.5 | 14% |
| Recurring revenue | 84.1 | 70.6 | 19% |
| Added value as % of revenue | 69% | 67% | |
| Operating profit | 27.3 | 23.5 | 16% |
| Operating margin2 | 10.4% | 10.3% | |
| Profit for the financial year | 21.6 | 18.7 | 16% |
| Earnings per share (x €1) | 3.31 | 2.87 | 15% |
| Dividend per share (x €1) | 3.20 | 3.00 | |
| 31/12/2023 | 31/12/2022 | ||
| Net debt/EBITDA | 0.1 | -0.1 | |
| Solvency | 61% | 60% | |
| ROIC3 | 31% | 30% |
1 The figures for 2022 have been adjusted as a result of the deconsolidation of Nedap Beveiligingstechniek B.V. Revenue was adjusted by - €1.1 million and operating profit by - €0.3 million.
2Defined as operating profit expressed as a percentage of revenue
3ROIC represents operating profit divided by the invested capital (fixed assets + net working capital)
During 2023, substantial progress was made with our Step Up! strategy. Our decision to develop and implement our strategy in parallel yielded significant benefits. This balanced approach enhances our agility and ensures we do not lose sight of our long-term strategic direction within a highly dynamic market.
Over the past year, we further refined and enhanced our strategic plans and achieved significant progress in their implementation. For each of the four key markets, Healthcare, Livestock Management, Retail and Security Management, strategic plans and objectives have been formulated and shared within the company. Also, in our Identifications Systems and Light Controls business units, we are implementing a clear strategic direction with the aim to improve operating margins. In addition, we have phased out activities in the pig sector and it has been decided that we will reduce investments in Staffing Solutions. In our Healthcare key market, we've expanded our market presence by acquiring MediKIT, a general practitioner information system, opening up a new sector in this market.
The focused investments in scale propositions in combination with the costs associated with scaling down nonstrategic activities has placed pressure on our EBIT margin in the short term, but are starting to have a greater effect on the speed at which the organisation develops. By deploying more development and commercial capacity for selected scale propositions and markets, our competitive strength has increased. We have managed to further expand our leading positions in the four key markets supporting our growth ambition. We are confident that this strategic focus within our proposition portfolio will not only enhance our market position, but also creates long-term value for our stakeholders.
We are increasingly successful in combining the entrepreneurship and market orientation of the business units with the execution power of the entire Nedap organisation. Nedap-wide knowledge, experience and insights are better utilised in designing and selling new propositions. This accelerates development processes and improves the quality and customer value of our solutions. A good example is the establishment of the Nedap AI taskforce at the beginning of 2023, in which we closely follow developments in this field and promote the adoption of this technology within Nedap.
In 2023, we made further progress in our four sustainability focus areas Employees, Operations, Products and Customers. An analysis of the complete life cycle of our products showed that energy consumption during the use phase of our products has the biggest environmental impact. This insight has already led to product and software adjustments to cut energy consumption. Furthermore, we kicked off an internal campaign themed 'Do the right thing', and we conducted a double materiality analysis to further align with our stakeholders. Ongoing attention to this topic ensures that sustainability is an integral part of our strategy and daily actions. With the CSRD coming into force in 2024, we see an opportunity to use these new guidelines to support our sustainability strategy.
Revenue for 2023 amounted to €262.4 million, which was 14% higher than in 2022 (€229.5 million1 ). Recurring revenue rose by 19% to €84.1 million (€70.6 million in 2022), comprising 32% of revenue (31% in 2022). All key markets and other propositions contributed to this growth. In the Livestock Management, Retail and Security Management key markets, as well as the Light Controls proposition, supply capacity was increased during the year in cooperation with partners. As a result, delivery backlogs accumulated in the previous year were cleared. This led to a catch-up effect in the first three quarters of the year.
Added value was up from €153.6 million in 2022 to €181.0 million in 2023. As a percentage of revenue, added value increased to 69% (2022: 67%). Alongside a positive effect on added value due to the increase in recurring revenue, the margin on product deliveries increased. In 2023, sales prices were more in line with the higher cost prices, which arose due to supply chain disruptions. Furthermore, there was a positive mix effect as a result of scaling down propositions with a lower added value. Positive effects on added value were partly offset by nonrecurring costs for the write-down of inventories for propositions being scaled down. These amounted to €0.8 million in 2023. Our added value per FTE rose from €186,000 in 2022 to €198,000 in 2023.
Employee costs rose by 23% from €91.5 million in 2022 to €112.1 million in 2023. This increase was caused by several factors. Firstly, it was largely driven by the increase in the number of employees. In line with the longterm strategy, targeted efforts have gone into enhancing the strength of scale propositions in our key markets. The number of FTEs increased from 866 at the end of 2022 to 964 at the end of 2023. Secondly, overall salaries per FTE have gone up, mainly driven by an agreed indexation of 6% with effect from 1 st of April. Thirdly, temporary staff costs have increased, mainly due to the temporary deployment of additional capacity for catching up on delivery backlogs. Fourthly, the costs arising from employee participation plans increased due to an increase in the operating result. Finally, an amount of €0.8 million has been recognised as non-recurring costs related to propositions being scaled down.
Other operating costs rose from €28.9 million in 2022 to €31.5 million in 2023. General and administrative expenses have gone up, largely in line with the increase in the number of FTEs. Marketing and sales costs decreased from the relatively high level in 2022 that was influenced by non-recurring costs due to the volatile supply chain, among other factors. The 2023 cost level was largely at the same level as in the pre-COVID years. The impact of foreign exchange differences amounted to €0.6 million in 2023, up from 2022 (€0.3 million).
Investments in research and development totalled €46.9 million, representing 18% of revenue, whereby €1.6 million was capitalised (€40.4 million in 2022, i.e. 18% of revenue, with €1.5 million capitalised). These costs mostly relate to maintaining and further developing current products and services. The remaining costs are for research and development in relation to new products or services.
Depreciation increased from €8.8 million in 2022 to €9.7 million in 2023 due to investments in our campus at the head office in Groenlo. Amortisation amounted to €0.4 million, down on 2022 (€0.8 million). In 2023, Nedap acquired the GP information system MediKIT. The purchase price will be amortised from the time the asset is ready for its intended use. No costs were yet recognised under amortisation in 2023.
1 The figures for 2022 have been adjusted as a result of the deconsolidation of Nedap Beveiligingstechniek B.V.
Operating profit (EBIT) for 2023 came in at €27.3 million, compared with €23.5 million in 2022. The operating margin, i.e. the operating profit as a percentage of revenue, amounted to 10.4% in 2023 (10.3% in 2022). This increase is a result of increased revenue and added value, which is partly flattened by an increase in operating expenses. Operating profit in 2023 was affected by non-recurring items due to the scaling down of propositions and occurred mainly in the second half-year.
Net financing costs increased to €0.7 million in 2023 (€0.3 million in 2022) due to increased market interest rates. These are mainly the financing costs on the standby roll-over loan.
Taxation over 2023 totalled €5.0 million (€4.7 million in 2022), while the effective tax rate came in at 19.0% for 2023 (20.3% in 2022). The lower effective tax rate is mainly driven by greater benefits ensuing from application of the Innovation Box tax regime combined with a relatively lower share in the profit of subsidiaries in countries with a higher nominal tax rate.
The profit posted for the 2023 financial year came in at €21.6 million, compared to the €18.7 million posted in 2022.
Earnings per share increased from €2.87 in 2022 to €3.31 in 2023. The average number of outstanding shares in 2023 was 6,546,636 (6,512,369 in 2022). This increase is the result of the delivery of shares held by the company itself to cover employee participation plans. A dividend of €3.20 will be paid for 2023 (€3.00 in 2022).
The balance sheet total increased from €134.7 million as at 31 December 2022 to €139.9 million as at 31 December 2023. Trade and other receivables decreased from the relatively high level in 2022, in combination with a reduction in the effective credit term for debtors. In addition, returned prepayments from strategic suppliers had a positive impact on working capital. Inventories increased from €28.3 million in 2022 to €38.9 million in 2023. Our partners' capacity constraints in commissioning projects, combined with softening market conditions, resulted in decreased demand for some products. Consequently, as our delivery capacity expanded, we had to slow down the supply chain towards the year's end, resulting in increased inventory levels. Taxes and social security contributions showed an increase, following a relatively low amount of VAT payable in 2022. The slowdown of the supply chain resulted in a decrease in trade and other payables.
The net debt position amounted to €3.8 million as at 31 December 2023, compared with a surplus of €3.4 million as at 31 December 2022. Cash and cash equivalents decreased from €17.5 million as at 31 December 2022 to €10.2 million as at 31 December 2023, largely driven by the dividend payment, increased inventories and the acquisition of MediKIT during the financial year. Net debt/EBITDA stood at 0.1 on 31 December 2023 (-0.1 on 31 December 2022). Solvency stood at 61% on 31 December 2023 (60% in 2022).
An amount of €14.0 million has been drawn on the credit facilities totalling €39.0 million available on 31 December 2023.
2023 saw the net working capital increase to €35.0 million (€32.0 million in 2022). This increase is largely due
to increased inventories and is partly offset by a decrease in trade and other receivables. Operating cash flow amounted to €29.8 million in 2023, an increase compared to the operating cash flow in 2022 (€17.7 million).
The return on invested capital (ROIC) rose to 31% in 2023 (2022: 30%) as a result of the increase in operating profit, which was partly levelled off by the acquisition of MediKIT and the increase in working capital.
The Healthcare business unit (software services that support healthcare institutions in the Netherlands in planning, registering and administering) successfully maintained its growth rate in 2023. We further expanded our position as market leader in elderly care, disability care and mental healthcare. The number of healthcare professionals using our Ons® platform on a daily basis continued to increase in 2023. This growth is driven by further adoption of our software services by existing customers, as well as the addition of new customers. With the acquisition of the general practitioner information system MediKIT, we entered a new sector in the Dutch healthcare market. The number of customers is still limited, but we see excellent growth opportunities in this sector.
We anticipate that, due to the ongoing pressure on the Dutch healthcare market, the demand for smart solutions will only continue to grow. Ongoing investments in the reliability and functionality of our software services bolster our distinctive capability. We are therefore well positioned to further increase our market share and revenue in the coming years. For the year 2024, we expect further growth in revenue.
In 2023, revenue posted by the Livestock Management business unit (technological solutions for the dairy industry worldwide) grew again. The business unit was able to quickly catch up on the delivery backlogs after the expansion of our delivery capacity in the first half of the year. However, as a result, our business partners reached the limits of their installation capacity in the second half of the year. Alongside a waning investment appetite in the market, this impacted the level of orders towards the end of the year.
The business unit made good progress with accelerating development of solutions to bring new functionality to the market much faster. A focal point here is the Nedap Now cloud platform, a platform that combines the accuracy and reliability offered by Nedap products installed at the farm with the processing power and scalability of cloud computing. Nedap Now also enables other business models. During the year, we started offering SmartTag as a service. We expect that both pricing models (project investments and SmartTag as a Service) will continue to coexist. Being able to offer both pricing models increases sales opportunities.
We have invested to capitalise on the excellent growth opportunities in this market in the coming years. However, we expect volatile market conditions to continue, affecting demand for our products in the short term. For the full year 2024 we expect revenue growth, with the largest revenue contribution in the second half of the year.
The Retail business unit (global RFID solutions for optimised inventory management, simplified shop processes and prevention of shrinkage) achieved revenue growth in 2023. The strategic decision to develop a single platform solution is starting to pay off, as new customers like Levi's, PacSun and Footlocker were welcomed. However, economic conditions in the retail market led to delays in purchasing processes. This had a dampening effect on revenue development, particularly in the second half of 2023. Despite these volatile market conditions,
the business unit further expanded its leading position in RFID solutions for retailers. In 2023, iD Gate Pro was launched, a groundbreaking RFID detection technology that blends the best aspects of RF technology's reliability with RFID's advanced features. This innovation offers retailers enhanced inventory management and shoplifting prevention, fostering a seamless integration of RFID into the retail landscape by harnessing the combined benefits of both technologies.
Nedap Retail is well-positioned to expand its leading position in the retail market. Despite the market's inherent volatility, we foresee that our increased commercial and development capacity will unlock excellent growth opportunities for the coming years. For 2024, we expect revenue to increase, with the second half of the year contributing the most.
The Security Management business unit (access control and global security systems) achieved an increase in revenue in 2023. Throughout the year, the business unit was able to catch up on delivery backlogs. This led to a substantial increase in the number of hardware devices delivered during the year. Our investments in continual product innovation led to the launch of two new propositions, with which we expect to further expand our presence and strengthen our leading position in the access control market. With Access AtWork, a cloud-native access control system, we added a Software-as-a-Service solution to our offering. In anticipation of the challenges that large organisations face in relation to managing access rights and monitoring and ensuring compliance, we developed Pace, a Physical Identity Access Management (PIAM) system. This was introduced to the European market in 2023. In addition, AEOS will remain an important pillar in the proposition portfolio.
With the introduction of the new propositions, our market position in the security market has been further strengthened. We are therefore positive about growth opportunities for the coming years. For 2024, however, revenues are expected to be at a similar level to 2023.
Other propositions
Revenue posted by Nedap Identification Systems (readers and solutions for the identification of vehicles and individuals, worldwide) continued to show growth in 2023. Growth comes both from existing customers and from new business.
The UV proposition within the Light Controls business unit showed revenue growth in 2023. We caught up on delivery backlogs and succeeded in attracting new customers for our UV drivers, partly due to our strong position in sustainable UV driver technologies and our improved supply chain.
Revenue posted by the Staffing Solutions business unit remained stable. In 2023, Nedap concluded that its Flux proposition lacks the potential to become a key market. As a result, investments in this proposition are being reduced and brought into line with market opportunities.
With our increased competitive strength, we have further expanded our leading positions in the four key markets and unlocked new growth opportunities. For 2024, unforeseen events notwithstanding, we anticipate further revenue growth for the full year, whereby we expect that this growth will take place in the second half of the year. We reiterate our Step Up! financial ambitions, including an EBIT margin growing towards 15%, albeit with a potential one-year delay due to market volatility affecting revenue development in the short term.
The 2023 annual report will be published together with this press release on the organisation's website on Thursday 22 February (before the opening of trading). The annual general meeting will take place at 11:00 CET on Thursday 11 April. The company will post notifications regarding the AGM at https://nedap.com/investors/shareholder-meetings/.
Key dates relating to dividend payout:
15 April 2024 - ex-dividend date 16 April 2024 - record date 22 April 2024 - dividend payable date
Nedap focuses on the development and supply of Technology for Life: technological solutions that make people more comfortable and successful in their professional lives. Nedap N.V. has a workforce of over 1,000 employees and operates on a global scale. The company was founded in 1929 and has been listed on Euronext Amsterdam since 1947. Its headquarters are located in Groenlo, the Netherlands.
Daniëlle van der Sluijs
CFO +31 (0)544 47 11 11 [email protected] nedap.com
This press release contains the Board of Directors' forward-looking statements and expectations based on current insights and assumptions, which are subject to known and unknown risks and uncertainties. The actual results or events could differ from these expectations due to changes in the economic climate, developments on specific markets, orders from individual customers and/or other developments.
Nedap cannot be required to update the forward-looking statements contained in this document or held responsible for doing so, regardless of whether they are related to new information, future events or suchlike, unless Nedap is required to do so by law.
In case of discrepancies, inconsistencies or interpretation differences between the English and the Dutch version of this press release, this English version will be leading.
Consolidated financial statements
Consolidated balance sheet as at 31 December (€ x 1,000)
| Assets | Note | 2023 | 2022 |
|---|---|---|---|
| Fixed assets | |||
| Intangible fixed assets | 1 | 10,156 | 2,847 |
| Tangible fixed assets | 2 | 42,636 | 41,121 |
| Deferred tax assets | 3 | 1,373 | 1,161 |
| 54,165 | 45,129 | ||
| Current assets | |||
| Inventories | 4 | 38,904 | 28,343 |
| Income tax receivable | 75 | 129 | |
| Trade and other receivables | 5 | 36,566 | 43,593 |
| Cash and cash equivalents | 6 | 10,156 | 17,483 |
| 85,701 | 89,548 | ||
| 139,866 | 134,677 | ||
| Liabilities | |||
| Group equity | |||
| Shareholders' equity attributable to shareholders |
7 | 85,331 | 81,194 |
| Non-current liabilities | |||
| Borrowings | 8 | 14,000 | 14,000 |
| Lease liabilities | 9 | 837 | 1,162 |
| Employee benefits | 10 | 1,001 | 911 |
| Provisions | 11 | 682 | 875 |
| 16,520 | 16,948 | ||
| Current liabilities | |||
| Lease liabilities | 9 | 957 | 946 |
| Employee benefits | 10 | 85 | 93 |
| Provisions | 11 | 1,010 | 928 |
| Bank overdrafts | 12 | - | - |
| Income tax payable | 600 | 379 | |
| Taxation and social security contributions | 4,047 | 2,070 | |
| Trade and other payables | 13 | 31,316 | 32,119 |
| 38,015 | 36,535 | ||
| Total liabilities | 54,535 | 53,483 | |
| 139,866 | 134,677 |
Consolidated statement of profit or loss (€ x 1,000)
| Note | 2023 | 2022 | |
|---|---|---|---|
| Revenue | 14 | 262,426 | 229,479 |
| Cost of materials and outsourced work | -89,717 | -78,455 | |
| Inventory movements of finished goods and work in progress |
8,270 | 2,544 | |
| -81,447 | -75,911 | ||
| Added value | 180,979 | 153,568 | |
| Personnel costs | 15 | -112,059 | -91,499 |
| Amortisation | 16 | -389 | -813 |
| Depreciation | 17 | -9,718 | -8,778 |
| Other operating costs | 18 | -31,490 | -28,933 |
| Operating costs | -153,656 | -130,023 | |
| Operating result | 27,323 | 23,545 | |
| Financing income | 39 | 3 | |
| Financing costs | -770 | -329 | |
| Net financing costs | -731 | -326 | |
| Result before taxation from continued operations |
26,592 | 23,219 | |
| Taxation | 19 | -5,032 | -4,694 |
| Result for the financial year from continued operations |
21,560 | 18,525 | |
| Result for the financial year from discontinued operations |
81 | 179 | |
| Result for the financial year | 21,641 | 18,704 | |
| Result attributable to shareholders of Nedap N.V. |
21,641 | 18,704 | |
| Average number of outstanding shares | 7 | 6,546,636 | 6,512,369 |
| Earnings per ordinary share from continued operations (in €) |
3.29 | 2.84 | |
| Diluted earnings per ordinary share from continued operations (in €) |
3.29 | 2.84 | |
| Earnings per ordinary share (in €) | 3.31 | 2.87 | |
| Diluted earnings per ordinary share (in €) | 3.31 | 2.87 |
Consolidated statement of comprehensive income (€ x 1,000)
| 2023 | 2022 | |
|---|---|---|
| Result for the financial year from continued operations | 21,560 | 18,525 |
| Result for the financial year from discontinued operations | 81 | 179 |
| Result for the financial year | 21,641 | 18,704 |
| Unrealised result | ||
| Items that will (or may) be reclassified to profit or loss after initial recognition: |
||
| Currency translation differences | -315 | 140 |
| Unrealised result for the financial year, after taxation | -315 | 140 |
| Total realised and unrealised result for the financial year | 21,326 | 18,844 |
| Total realised and unrealised result for the financial year attributable to: |
||
| Nedap N.V. shareholders | 21,326 | 18,844 |
Consolidated statement of cash flows (€ x 1,000)
| Note | 2023 | 2022 | |
|---|---|---|---|
| Cash flow from operating activities | |||
| Result for the financial year from continued operations |
21,560 | 18,525 | |
| Adjustments for: | |||
| Depreciation and amortisation including | |||
| impairment | 16,17 | 10,107 | 9,591 |
| Book result on sale of tangible fixed assets | -204 | -188 | |
| Exchange differences | -164 | 115 | |
| Net financing costs | 731 | 326 | |
| Share-based remuneration | 575 | -550 | |
| Income taxes | 19 | 5,032 | 4,694 |
| 16,077 | 13,988 | ||
| Movements in trade and other receivables | 5 | 6,840 | -8,075 |
| Movements in inventories | 4 | -11,158 | -4,280 |
| Movements in taxation and social security | |||
| contributions | 1,996 | -13 | |
| Movements in trade and other payables | -826 | 2,809 | |
| Movements in employee benefits | 10 | 82 | -118 |
| Movements in provisions | 11 | -111 | -416 |
| -3,177 | -10,093 | ||
| Interest paid | -675 | -302 | |
| Interest received | 39 | 3 | |
| Income tax paid | -4,969 | -3,921 | |
| -5,605 | -4,220 | ||
| Cash flow from operating activities from continued operations |
28,855 | 18,200 | |
| Cash flow from operating activities from | |||
| discontinued operations | 978 | -541 | |
| Cash flow from operating activities | 29,833 | 17,659 | |
| Cash flow from investing activities | |||
| Investments in tangible fixed assets | -10,689 | -9,727 | |
| Investments in intangible fixed assets | -7,698 | -1,853 | |
| Proceeds from sale of tangible fixed assets | 313 | 295 | |
| Proceeds from sale of Nedap Beveiligingstechniek B.V. |
23 | - | |
| Cash flow from investing activities from continued operations |
-18,051 | -11,285 | |
| Cash flow from investing activities from | |||
| discontinued operations | -1,104 | -8 | |
| Cash flow from investing activities | -19,155 | -11,293 |
Consolidated statement of cash flows (€ x 1,000)
| Note | 2023 | 2022 | |
|---|---|---|---|
| Cash flow from financing activities | |||
| Repayments on long-term borrowings and derivatives |
20,21 | - | - |
| Lease payments | -1,069 | -1,050 | |
| Dividend paid to shareholders of Nedap N.V. |
-19,662 | -19,560 | |
| Dividend received from Nedap Beveiligingstechniek B.V. |
982 | - | |
| Sale of own shares | 1,898 | 2,154 | |
| Cash flow from financing activities from continued operations |
-17,851 | -18,456 | |
| Cash flow from financing activities from discontinued operations |
-3 | -67 | |
| Cash flow from financing activities | -17,854 | -18,523 | |
| Movements in cash and cash equivalents | |||
| and bank overdrafts | -7,176 | -12,157 | |
| Cash and cash equivalents and bank overdrafts at 1 January |
17,483 | 29,615 | |
| Exchange differences for cash and cash equivalents and bank overdrafts |
-151 | 25 | |
| Cash and cash equivalents and bank overdrafts at 31 December |
10,156 | 17,483 | |
| Cash and cash equivalents | 10,156 | 17,483 | |
| Bank overdrafts | - | - | |
| 10,156 | 17,483 |
Consolidated statement of changes in shareholders' equity (€ x 1,000)
| Share capital |
Statutory reserves |
Other reserves |
Result attributable to shareholders |
Total shareholders' equity |
|
|---|---|---|---|---|---|
| Balance as at 1/1/2022 | 669 | 1,316 | 60,037 | 18,284 | 80,306 |
| Realised result for financial year |
- | - | - | 18,704 | 18,704 |
| Unrealised result for financial year |
- | -25 | 165 | - | 140 |
| Result for financial year | - | -25 | 165 | 18,704 | 18,844 |
| Dividend | - | - | -19,560 | - | -19,560 |
| Appropriation of result for previous financial |
|||||
| year | - | 448 | 17,836 | -18,284 | - |
| Movement in share based remuneration |
- | - | -550 | - | -550 |
| Movement in own shares | - | - | 2,154 | - | 2,154 |
| Balance as at 31/12/2022 |
669 | 1,739 | 60,082 | 18,704 | 81,194 |
| Realised result for financial year |
- | - | - | 21,641 | 21,641 |
| Unrealised result for financial year |
- | -315 | - | - | -315 |
| Result for financial year | - | -315 | - | 21,641 | 21,326 |
| Dividend | - | - | -19,662 | - | -19,662 |
| Appropriation of result for previous financial year |
- | 669 | 18,035 | -18,704 | - |
| Movement in share | |||||
| based remuneration | - | - | 575 | - | 575 |
| Movement in own shares | - | - | 1,898 | - | 1,898 |
| Balance as at 31/12/2023 |
669 | 2,093 | 60,928 | 21,641 | 85,331 |
Movement in own shares concerns the sale of shares held by the company itself to cover employee participation plans, plus or less changes in shareholders' equity relating to the recognition of liabilities under IFRS 2 regarding these employee participation plans.
Consolidated statement of changes in shareholders' equity (€ x 1,000)
| Share-based remuneration reserve | 2023 | 2022 |
|---|---|---|
| Bonus depositary receipts | 503 | 512 |
| 10% purchase discount | 155 | 131 |
| NAPP reserve | 1,914 | 1,354 |
| Total | 2,572 | 1,997 |
| Statutory reserves | 2023 | 2022 |
| Capitalised development costs | 2,350 | 1,680 |
| Exchange differences | -269 | 47 |
| Result from participations not freely distributable | 12 | 12 |
| Total | 2,093 | 1,739 |
Dividend per share for the 2023 financial year has been set at €3.20 (€3.00 in 2022).