11. Property, plant, and equipment

	Land	Buildings	Machinery and equipment	Other fixed assets	Under construction	Total
1 January 2023
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
Movements
Capital expenditure		0.8	2.9	0.9	59.5	64.1
Divestments			-0.1	-0.1		-0.2
Exchange rate differences	0.7	-0.5	-1.2	-2.3	12.7	9.4
Sale of group companies	-0.5	-12.5	-24.1	-0.5	-6.2	-43.8
Depreciation		-7.0	-39.8	-4.3		-51.1
Impairment			-0.9			-0.9
Other		24.7	29.5	-2.4	-53.8	-2.0
Net movement in book value	0.2	5.5	-33.7	-8.7	12.2	-24.5
31 December 2024
Acquisition prices	14.2	216.2	782.8	62.2	365.6	1,441.0
Cumulative depreciation/impairments		-108.3	-573.4	-44.4		-726.1
Book value	14.2	107.9	209.4	17.8	365.6	714.9
Depreciation rates		2.5 - 4%	6.7-12.5%	20-50%

In 2024, an impairment of € 0.9 million was recorded related to obsolescence of certain assets in the Gorinchem plant in the Netherlands.

In 2023, no impairments were recorded.

For the Algae Ingredients business, management has identified triggers in 2023 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 was 15.3%.

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.