Presentation in millions of euros
The financial statements are presented in euros, which is the Group’s functional currency. All financial information in euros is rounded to the nearest million with one decimal place, unless stated otherwise.
Historical cost
The financial statements are based on historical cost, unless stated otherwise.
Going concern assumption
The financial statements have been prepared on a going concern basis. Management has assessed the Group’s going concern position and concluded that there are no material uncertainties that raise significant doubt about the Group’s ability to continue its business operations in the foreseeable future.
Estimates and judgements
The preparation of the financial statements in accordance with EU-IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities and of income and expenses. The estimates and their underlying assumptions are based on experience and other factors that are considered reasonable. The estimates form the basis for calculating the carrying amounts of assets and liabilities that cannot easily be derived from other sources. Actual results could differ from these estimates. See also note ‘6.30 Management estimates and judgements’.
The estimates and underlying assumptions are continually reassessed. Revised estimates are recognised in the period in which the estimate was revised, provided that the revision only affects that period. Revisions are recognised in the reporting period and future periods if the revision also affects future periods.
Changes in accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and to all entities within the Group.
Changes in comparative figures
The classification of the comparative figures from the previous financial year has been adjusted where necessary for comparison purposes. Such changes have been incorporated in the following statements and notes:
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In statement 4 (consolidated statement of cash flows), the starting point has been changed from operating result to profit after tax.
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In note '6.3 Revenue', the revenue of the Living segment is further broken down, with revenue from (real estate) development presented separately from revenue from the execution of projects, compared to the previous year.
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In note '6.15 Deferred tax assets and liabilities', the changes have been incorporated in the reconciliation schedule. The separate breakdown of the effects of rights-of-use of leased assets and lease liabilities, as well as of intangible assets, included in the previous financial year has been combined and presented within the balance of other items due to its limited size.
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In note '6.24 Provisions', some changes have been made to better distinguish between the different types of provisions. For example, the provision for share appreciation rights (SARs) granted to employees is explained separately in the reconciliation schedule and is therefore no longer included under 'other provisions'. Furthermore, the provision for negative interests and the provision for restructuring costs are, given the limited amount, recognised under 'other provisions'. These adjustments have no impact on the measurement in the statement of financial position, but only on the disclosures.