10. Property, plant, and equipment
Land | Buildings | Machinery and equipment | Other fixed assets | Under construction | Total | |
1 January 2021 | ||||||
Acquisition prices | 14.3 | 178.6 | 653.3 | 65.9 | 64.2 | 976.3 |
Cumulative depreciation/impairments | -87.2 | -486.3 | -47.4 | -620.9 | ||
Book value | 14.3 | 91.4 | 167.0 | 18.5 | 64.2 | 355.4 |
Movements | ||||||
Capital expenditure | 0.1 | 0.7 | 0.4 | 149.7 | 150.9 | |
Divestments | -0.9 | -0.1 | -1.0 | |||
Exchange rate differences | 1.6 | 4.0 | 0.2 | 1.9 | 7.7 | |
Acquisition of group companies | 0.3 | 0.2 | 0.5 | |||
Depreciation | -6.0 | -30.1 | -4.1 | -40.2 | ||
Impairment | -2.0 | -2.0 | ||||
Assets classified as held for sale | -0.6 | -0.5 | -1.1 | |||
Other | 0.6 | 11.2 | 45.9 | 0.7 | -61.8 | -3.4 |
Net movement in book value | 0.0 | 6.4 | 17.9 | -2.7 | 89.8 | 111.4 |
31 December 2021 | ||||||
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 |
Depreciation rates | 2.5 - 4% | 6.7-12.5% | 20-50% |
In 2022, 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, offset by adverse developments in the WACC. The cash flow projections are derived from the financial and business plans for 2023 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 2022 no additional impairment loss or a reversal of an impairment was recognized.
In 2021, an impairment was recorded for assets related to the FiberLive project.
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.