10. Property, plant, and equipment
Land | Buildings | Machinery and equipment | Other fixed assets | Under construction | Total | |
1 January 2022 | ||||||
Acquisition prices | 14.3 | 189.8 | 707.0 | 63.6 | 154.0 | 1,128.7 |
Cumulative depreciation/impairments | -92.0 | -522.1 | -47.8 | -661.9 | ||
Book value | 14.3 | 97.8 | 184.9 | 15.8 | 154.0 | 466.8 |
Movements | ||||||
Capital expenditure | 1.3 | 2.3 | 212.7 | 216.3 | ||
Divestments | -0.4 | -0.1 | -0.5 | |||
Exchange rate differences | 0.8 | 6.9 | 9.0 | 1.3 | 6.9 | 24.9 |
Depreciation | -6.7 | -35.6 | -4.4 | -46.7 | ||
Other | 6.3 | 61.7 | 2.4 | -70.1 | 0.3 | |
Net movement in book value | 0.8 | 6.5 | 36.0 | 1.5 | 149.5 | 194.3 |
31 December 2022 | ||||||
Acquisition prices | 15.1 | 207.8 | 794.5 | 71.4 | 303.5 | 1,392.3 |
Cumulative depreciation/impairments | -103.5 | -573.6 | -54.1 | -731.2 | ||
Book value | 15.1 | 104.3 | 220.9 | 17.3 | 303.5 | 661.1 |
Movements | ||||||
Capital expenditure | 0.2 | 0.2 | 124.2 | 124.6 | ||
Divestments | -0.1 | -0.1 | -0.2 | -0.4 | ||
Exchange rate differences | -0.5 | -2.2 | -3.6 | -11.2 | -17.5 | |
Depreciation | -6.9 | -40.4 | -4.3 | -51.6 | ||
Reversal of impairment | 12.8 | 8.9 | 21.7 | |||
Other | -0.6 | -5.6 | 57.2 | 13.4 | -62.9 | 1.5 |
Net movement in book value | -1.1 | -1.9 | 22.2 | 9.2 | 49.9 | 78.3 |
31 December 2023 | ||||||
Acquisition prices | 14.0 | 218.0 | 835.1 | 63.5 | 353.4 | 1,484.0 |
Cumulative depreciation/impairments | -115.6 | -592.0 | -37.0 | -744.6 | ||
Book value | 14.0 | 102.4 | 243.1 | 26.5 | 353.4 | 739.4 |
Depreciation rates | 2.5 - 4% | 6.7-12.5% | 20-50% |
In 2023, no impairments were recorded.
For the Algae Ingredients business, management has identified triggers to reassess the valuation of tangible fixed assets because of improved business performance. The cash flow projections are derived from the financial and business plans for 2024 onwards which have been approved by the Board of Management. The key assumptions in the cash flow projections are related to revenue projections, EBITDA developments, the rates used for discounting cash flows and the terminal growth rate. In 2023, a full reversal (not exceeding the difference between the current carrying amount and the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognized for the asset) of the previously recorded impairment was recognized. The impairment reversal recorded amounts to € 21.7 million, the pre-tax discount rate used is 15.3% (2022: 20.3%).
In 2022, no impairments were recorded.
The Other line item relates to transfers from Under construction to other categories within Property, plant, and equipment and transfers to intangible fixed assets and inventories.