8.5 Notes to the company-only statement of financial position

Intangible assets (goodwill)

Intangible assets comprise goodwill purchased on the acquisition of IBC in 2001. Historical cost was € 47.2 million and accumulated impairment is € 26 million.

Financial assets

Investments in Group companies

The investments in Group companies relate to direct or indirect interests in group companies. The principal Group companies are listed in section 7 of the consolidated financial statements.

Loans granted to group companies

Loans granted to group companies predominantly have a maturity of more than one year.

Deferred tax assets

Deferred tax assets relate to losses of the Royal Heijmans N.V. fiscal unity which have been recognised but not yet utilised. The movements in the financial year were as follows:

See note ‘6.15 Deferred tax assets and liabilities’ to the consolidated financial statements for details of the deferred tax asset related to the losses of the Royal Heijmans N.V fiscal unity that have not yet been utilised.

Cash and cash equivalents

Cash balances are at the free disposal of the Company.

Equity

When preparing the 2024 financial statements, it was identified that the legal reserve for participating interests was understated in the 2023 financial statements. Not all participating interests for which the Group cannot distribute dividends without restrictions had a legal reserve formed. This omission only affects the composition of equity and not its size or the result for the 2023 financial year. As of January 1, 2023, the legal reserve for participating interests was understated by €80.3 million, retained earnings were overstated by €24.3 million, and the share premium reserve was overstated by €56 million. As of December 31, 2023, the legal reserve for participating interests was understated by €105.6 million, retained earnings were overstated by €43.1 million, and the share premium reserve was overstated by €62.5 million. The comparative figures have been adjusted accordingly.

Authorised share capital

The composition of the authorised share capital is as follows:

As at 31 December 2024, the number of ordinary shares issued stood at 27,478,005 (2023: 26,825,860). All the outstanding shares are paid up, which represents a value of € 8,243,401 (at € 0.30 per share) (2023: 8,047,758 at € 0.30 per share). Depositary receipts are issued for ordinary shares. Holders of depositary receipts have the option to convert these into shares under certain conditions. At year-end 2024, this option was exercised for 2,615 depositary receipts (2023: seven depositary receipts). The holders of depositary receipts are entitled to dividend and have the right to exercise 30 votes per share at meetings of the Company’s shareholders.

A more detailed explanation of the rights, preferences and restrictions with regard to the preference shares is included in the Heijmans Preference Shares Trust (Stichting Preferente Aandelen Heijmans) appendix.

Share premium reserve

The share premium reserve consists of the capital paid up in excess of the nominal value of the shares.

Legal reserve for participating interests

The legal reserve for participating interests represents the difference between the retained earnings and the direct changes in equity as calculated using the parent company’s accounting policies on the one hand and that portion for which the parent company can determine distribution on the other hand. The legal reserve is determined for each participating interest individually. This reserve is not freely distributable.

Reserve for actuarial results

The reserve for actuarial results represents the actuarial results on employee-benefits (see note ‘6.23 Provision for employee benefits’ to the consolidated financial statements).

Reserve for Bonus Investment Share Matching Plan

For information on the reserve for the Bonus Investment Share Matching Plan, see note ‘6.29 Joint operations and related parties’ to the consolidated financial statements.

Appropriation of result

Of the realized result after taxes amounting to €90 million, it is proposed that 50% be distributed in cash as a dividend on (depositary receipts for) ordinary shares, with the remaining portion being added to the reserves in accordance with the 'allocation of results' section in the other information.

Liabilities

Related parties

The company has entered into financing agreements with a number of its subsidiaries and affiliated companies in the context of its business operations.

Furthermore, the short-term liabilities to group companies include a liability to a group company that arose in the past from the sale of the Group’s foreign operations. No written agreement is available regarding this debt position, and no repayment schedule or interest payment has been agreed between Royal Heijmans N.V. and the associate