XAMS:HOLCO ESEF Annual Report
Holland Colours N.V. (XAMS:HOLCO)
ESEF Annual Report
2024-06-11
For: 2024-03-31
View Original
Added on
September 21, 2026
Consolidated Income Statement 82
Consolidated Statement of Comprehensive Income 83
Consolidated Balance Sheet 84
Consolidated Statement of Changes in Equity 85
Consolidated Cash Flow Statement 86
Notes to the Consolidated Financial Statements 87
1. General 87
2. Going Concern 87
3. Key Accounting Principles 87
4. Financial Risk Management 95
5. Cash Flow Statement 96
6. Segment Information 96
7. Revenue 98
8. Personnel Expenses 98
9. Other Operating Expenses 99
10. Income Tax 99
11. Intangible Assets 101
12. Property, Plant and Equipment 102
13. Right-of-Use Assets 103
14. Deferred Tax Assets and Liabilities 104
15. Inventories 104
16. Trade and Other Receivables 105
17. Cash and Cash Equivalents 106
18. Share Capital 106
19. Reserves 106
20. Earnings per Share 107
21. Dividend 107
22. Non-Controlling Interest 107
23. Credit Facilities 107
24. Lease Liabilities 107
25. Employee Benefits 108
26. Other Provisions 109
27. Trade and Other Liabilities 109
Other Disclosures 110
28. Contingent Assets and Liabilities 110
29. Related Parties 110
30. Other Disclosures 112
Company Income Statement 113
Company Balance Sheet 114
Notes to the Company Financial Statements 115
31. General 115
32. Key Accounting Principles 115
33. Revenue 115
34. Personnel Expenses 116
35. Other Operating Expenses 116
36. Income Tax 116
37. Intangible Assets 117
38. Property, Plant and Equipment 118
39. Right-of-Use Assets 119
40. Financial Assets 119
41. Equity 120
42. Credit Facilities 120
43. Lease Liabilities 121
44. Employee Benefits 121
45. Auditor’s Remuneration 122
46. Contingent Assets and Liabilities 122
47. Other Disclosures 122
Other Information 123
Statutory Provisions regarding the Appropriation of Profits 123
Independent Auditor’s Report 124
CONTENTS
FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT
INTRODUCTION BY THE CEO
FINANCIAL STATEMENTS
HOLLAND COLOURS ANNUAL REPORT 2023/2024
81
In thousands of euros Note 2023/2024 2022/2023
Revenue 7 103,285 111,438
Cost of Materials (54,539 ) (62,938 )
Contribution Margin 48,746 48,500
Personnel Expenses *8 (22,253 ) (21,872 )
Amortization and Impairments 11 (5 ) (64 )
Depreciation and Impairments 12/13 (3,222 ) (3,189 )
Other Operating Expenses 9 (16,255 ) (16,082 )
Total Operating Expenses (41,735 ) (41,207 )
Operating Result 7,011 7,293
Finance Income 141 58
Finance Expenses (135 ) (137 )
Finance Income and Expenses 6 (79 )
Result Before Income Tax 7,017 7,214
Income Tax 10 (1,835 ) (1,345 )
Net Result for the Year 5,182 5,869
Attributable to:
Shareholders of the Company 5,182 5,869
Net Result for the Year 5,182 5,869
Earnings per Share Attributable to Shareholders
of the Company in Euros 20
Basic Earnings per Share 6.02 6.82
Diluted Earning per Share 6.02 6.82
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MARCH
*
Comparative numbers have been adjusted. Please refer to Note 8.
FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT
INTRODUCTION BY THE CEO
FINANCIAL STATEMENTS
HOLLAND COLOURS ANNUAL REPORT 2023/2024
82
In thousands of euros Note 2023/2024 2022/2023
Net Result for the Year 5,182 5,869
Items that will not be reclassified to profit or loss:
Actuarial Gains/(Losses) on Employee Benefits – 27
Items that may be reclassified subsequently
to profit or loss:
Exchange Differences on Translation of Foreign Operations 407 715
Other Comprehensive Income for the year, net of tax 407 742
Total Comprehensive Income for the year 5,589 6,611
Attributable to:
Shareholders of the Company 5,589 6,611
Total Comprehensive Income for the Year 5,589 6,611
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH
FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT
INTRODUCTION BY THE CEO
FINANCIAL STATEMENTS
HOLLAND COLOURS ANNUAL REPORT 2023/2024
83
In thousands of euros Note 2024 2023
Non-Current Assets
Intangible Assets 11 1 5
Property, Plant and Equipment 12 24,278 22,327
Right-of-Use Assets 13 1,250 974
Deferred Tax Assets 14 1,108 1,047
Current Assets
Inventories 15 15,189 15,565
Trade and Other Receivables 16 16,851 16,588
Current Income Tax Receivables 1,198 1,492
Cash and Cash Equivalents 17 18,523 15,757
Total Assets 78,398 73,755
In thousands of euros Note 2024 2023
Equity
Share Capital 18 1,953 1,953
Share Premium Reserve 19 1,219 1,219
Translation Reserve 19 721 506
Other Reserves 19 57,562 55,135
Non-Current Liabilities
Lease Liabilities 24 672 441
Employee Benefits 25 458 739
Deferred Tax Liabilities 14 81 106
Other Provisions 26 42 115
Current Liabilities
Trade and Other Payables 27 14,892 12,786
Lease Liabilities 24 432 439
Current Income Tax Liabilities 143 124
Employee Benefits 25 223 192
Total Equity and Liabilities 78,398 73,755
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH
FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT
INTRODUCTION BY THE CEO
FINANCIAL STATEMENTS
HOLLAND COLOURS ANNUAL REPORT 2023/2024
84
In thousands of euros
Share
Capital
Share
Premium
Reserve
Translation
Reserve
Reserve for
Intangible
Assets
Retained
Earnings
Share-
holders’
Equity
Non-
Controlling
Interests
Total
Equity
As at 31 March 2022 1,953 1,219 (209 ) 191 54,176 57,330 420 57,750
Net Result for the Year – – – – 5,869 5,869 – 5,869
Other Comprehensive Income – – 715 – 27 742 – 742
Total Comprehensive Income – – 715 – 5,896 6,611 – 6,611
Transfer of Reserve for Intangible Assets – – – (191 ) 191 – – –
Buyout of Minority Shareholder – – – – – – (420 ) (420 )
Dividends Paid – – – – (5,128 ) (5,128 ) – (5,128 )
As at 31 March 2023 1,953 1,219 506 – 55,135 58,813 – 58,813
Net Result for the Year – – – – 5,182 5,182 – 5,182
Other Comprehensive Income – – 407 – – 407 – 407
Total Comprehensive Income – – 407 – 5,182 5,589 – 5,589
Transfer Translation Reserve – – (192 ) – 179 (13 ) – (13 )
Dividends Paid – – – – (2,934 ) (2,934 ) – (2,934 )
As at 31 March 2024 1,953 1,219 721 – 57,562 61,455 – 61,455
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH
FIVE-YEAR SUMMARY & INVESTOR RELATIONSSUPERVISORY BOARD REPORTESG EMPLOYEE PARTICIPATIONREMUNERATION REPORTGOVERNANCEMANAGEMENT BOARD REPORTABOUT
INTRODUCTION BY THE CEO
FINANCIAL STATEMENTS
HOLLAND COLOURS ANNUAL REPORT 2023/2024
85
In thousands of euros Note
2023/
2024
2022/
2023
Cash Flow from Investing Activities
Purchases Intangible Assets 11
(1 ) –
Proceeds Sale Property, Plant and Equipment 16 3
Purchases Property, Plant and Equipment 12 (4,469 ) (3,879 )
Net Cash from Investing Activities (4,454 ) (3,876 )
Cash Flow from Financing Activities
Purchases Financial Fixed Assets – (420 )
Dividends Paid 21 (2,934 ) (5,128 )
Lease Liabilities Repayments 24 (665 ) (597 )
Net Cash from Financing Activities (3,599 ) (6,145 )
Cash and Cash Equivalents as at 1 April 15,757 16,959
Exchange Rate and Translation Differences
on Cash and Cash Equivalents 89 303
Cash and Cash Equivalents as at 31 March 17 18,523 15,757
In thousands of euros Note
2023/
2024
2022/
2023
Operating Result 7,011 7,293
Adjustments for:
•
Amortization/Impairmenst Intangible Assets 11 5 64
•
Depreciation/Impairments Property, Plant and
Equipment 12 2,558 2,574
•
Depreciation Right-of-Use Assets 13 664 616
•
Changes in Provisions 25/26 (323 ) (147 )
•
Changes in Working Capital 2,439 2,154
•
Exchange Rate Differences (36 ) (41 )
Cash Flow from Operating Activities 12,318 12,513
Income Tax Paid (1,594 ) (3,918 )
Interest Received 141 58
Interest Paid (135 ) (137 )
Net Cash from Operating Activities 10,730 8,516
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH
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FINANCIAL STATEMENTS
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FOR THE YEAR ENDED 31 MARCH 2024
IN THOUSANDS OF EUROS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS
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IN THOUSANDS OF EUROS
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OTHER DISCLOSURES
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OTHER DISCLOSURES
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*
Comparative numbers have been adjusted. Please refer to Note 34.
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IN THOUSANDS OF EUROS
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
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Statutory Provisions regarding the Appropriation
of Profits
REGARDING THE APPROPRIATION OF PROFITS, THE ARTICLES OF ASSOCIATION
STATE THE FOLLOWING:
Article 21
From the profit established in the approved financial statements, reserves are formed as
determined by the Board of Management with the approval of the Supervisory Board.
The profit remaining after the transfer to the reserves and distribution as stated in
paragraph 1 is at the disposal of the Annual General Meeting of Shareholders, with due
regard to the provisions of Section 105, Book 2 of the Dutch Civil Code.
The Board of Management, with the approval of the Supervisory Board, is authorized to
decide on the distribution of an interim dividend with due regard to the provisions of
Article 105 Book 2 of the Dutch Civil Code. The dividend will be made payable within one
month after it has been set, in the manner and at the place determined by the Board
of Management. Claims for profit distribution expire after a period of five years from the
date on which the dividends were made payable.
A resolution regarding the disposal of any reserve may be adopted by the Annual General
Meeting of Shareholders with due regard to the legal and statutory provisions.
OTHER INFORMATION
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INTRODUCTION BY THE CEO
FINANCIAL STATEMENTS
HOLLAND COLOURS ANNUAL REPORT 2023/2024
123123
Independent Auditor’s Report
To: the General Meeting of Shareholders and the
Supervisory Board of Holland Colours N.V.
REPORT ON THE AUDIT OF THE FINANCIAL
STATEMENTS 2023-2024 INCLUDED IN THE
ANNUAL REPORT
Our opinion
In our opinion:
•
the accompanying consolidated nancial statements
give a true and fair view of the nancial position of
Holland Colours N.V. as at 31 March 2024 and of its
result and its cash ows for the year then ended, in
accordance with IFRS Accounting Standards as
endorsed by the European Union (EU-IFRS) and with
Part 9 of Book 2 of the Dutch Civil Code.
•
the accompanying company nancial statements give
a true and fair view of the nancial position of Holland
Colours N.V. as at 31 March 2024 and of its result for
the year then ended in accordance with Part 9 of
Book 2 of the Dutch Civil Code.
What we have audited
We have audited the financial statements 2023-2024 of
Holland Colours N.V. (the Company) based in Apeldoorn.
The financial statements include the consolidated financial
statements and the company financial statements.
The consolidated nancial statements comprise:
1 the consolidated balance sheet as at 31 March 2024;
2 the following consolidated statements for 2023-2024:
the income statement, the statement of comprehensive
income, the statement of changes in equity and cash
flow statement; and
3 the notes comprising material accounting policy
information and other explanatory information.
The company financial statements comprise:
1 the company balance sheet as 31 March 2024;
2 the company income statement for 2023-2024; and
3 the notes comprising a summary of the accounting
policies and other explanatory information.
Basis for our opinion
We conducted our audit in accordance with Dutch law,
including the Dutch Standards on Auditing. Our
responsibilities under those standards are further
described in the ‘Our responsibilities for the audit of the
financial statements’ section of our report.
We are independent of Holland Colours N.V. in
accordance with the ‘Verordening inzake de
onafhankelijkheid van accountants bij assurance-
opdrachten’ (ViO, Code of Ethics for Professional
Accountants, a regulation with respect to independence)
and other relevant independence regulations in the
Netherlands. Furthermore, we have complied with the
‘Verordening gedrags- en beroepsregels accountants’
(VGBA, Dutch Code of Ethics).
We designed our audit procedures in the context of our
audit of the financial statements as a whole and in forming
our opinion thereon. The information in respect of going
concern, fraud and non-compliance with laws and
regulations, climate and the key audit matters was
addressed in this context, and we do not provide a
separate opinion or conclusion on these matters.
We believe the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
opinion.
OTHER INFORMATION
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OTHER INFORMATION
Information in support of our opinion
Summary
Materiality
•
Materiality of EUR 1 million
•
1% of revenue
Group audit
•
Audit coverage of 90% of total assets
•
Audit coverage of 97% of revenue
Risk of material misstatements related to Fraud, NOCLAR, Going concern and Climate risks
•
Fraud risks: presumed risk of management override of controls and presumed risk of revenue recognition are identified.
•
Non-compliance with laws and regulations (NOCLAR) risks: risk of material misstatement related to the bribery and
corruption risk due to business with sales agents in countries with low CPI scores identified.
•
Going concern risks: no going concern risks identified by management.
•
Climate risks: we have considered the impact of climate-related risks on the financial statements and described our
approach and observations in the section ‘Audit response to climate-related risks’.
Key audit matters
•
Revenue recognition
Materiality
Based on our professional judgement we determined
the materiality for the financial statements as a whole at
EUR 1 million. The materiality is determined with reference
to revenue as we consider revenue the most appropriate
benchmark, because revenues is an important metric for
users of the financial statements. We have also taken into
account misstatements and/or possible misstatements
that in our opinion are material for the users of the
financial statements for qualitative reasons.
We agreed with the Supervisory board that misstatements
identified during our audit in excess of EUR 50,000 would
be reported to them, as well as smaller misstatements
that in our view must be reported on qualitative grounds.
Scope of the group audit
Holland Colours N.V. is at the head of a group of
components. The financial information of this group
is included in the financial statements of Holland
Colours N.V.
Our group audit mainly focused on significant
components. These are components that are (i) of
individual financial significance to the group, or (ii) that,
due to their specific nature or circumstances, are likely to
include significant risks of material misstatement for the
group financial statements.
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We have:
•
performed audit procedures ourselves at group level in
respect of the parent entity, the group consolidation,
the financial statement disclosures and complex
accounting items. This included procedures performed
regarding, amongst others, the Dutch tax position and
board remuneration; and
•
made use of the audit procedures performed by other
KPMG component auditors for the operations in the
Netherlands, United States, Canada and Indonesia. We
have provided detailed instructions to all component
auditors part of the group audit, covering the significant
audit areas and set out information required to be
reported back to the group audit team. Meetings were
held with all component auditors that participated in
the group audit to discuss the audit approach and
the audit findings and observations reported to the
group audit team, also we have reviewed the audit
documentation of the component auditors.
The audit coverage obtained through the audit of the
complete reporting packages amounts 90% of Total
assets and 97% of Revenue.
For the residual population not in scope we performed
analytical procedures in order to corroborate that our
scoping remained appropriate throughout the audit.
By performing the procedures mentioned above at group
components, together with additional procedures at
group level, we have been able to obtain sufficient and
OTHER INFORMATION
appropriate audit evidence about the group’s financial
information to provide an opinion about the financial
statements.
Audit response to the risk of fraud and non-compliance with
laws and regulations
In chapter ‘Risk Management’ of the Report of the Board
of Management, the Board of Management describes its
procedures in respect of the risk of fraud and non-
compliance with laws and regulations and the supervisory
board reflects on this.
As part of our audit, we have gained insights into the
Company and its business environment and the
Company’s risk management in relation to fraud and
non-compliance.
Our procedures included, among other things, assessing
the Company’s governance, risk management and
compliance framework, consisting of the Company’s Code
of conduct, Whistleblowing hotline, Anti-bribery and
corruption and Group compliance policies and agent
contracts.
Furthermore, we performed inquiries with the Board of
Management, Supervisory Board and other relevant
functions, such as group finance and the internal legal
counsel and included correspondence with relevant
authorities and regulators in our evaluation.
We have considered our initial audit as our element of
unpredictability, and involved forensic specialists in our
audit procedures.
As a result of our risk assessment, we identified the
following laws and regulations as those which could
potentially have a material effect on the financial
statements in case of non-compliance:
•
trade laws (reflecting the Company’s international
operating character);
•
health and safety law (reflecting the nature of the
Company’s production and distribution processes);
•
consumer product law, including product safety and
product liability claims (reflecting the nature of the
Company’s diverse product base); and
•
environmental law (reflecting environmental impact
restrictions, waste and contamination related to the
Company’s production and distribution processes).
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Based on the above and on the auditing standards, we
identified the following fraud risks that are relevant to our
audit, including the relevant presumed risks laid down in
the auditing standards, and responded as follows:
MANAGEMENT OVERRIDE OF CONTROLS
(A PRESUMED FRAUD RISK)
Risk:
•
Management is in a unique position to manipulate
accounting records and prepare fraudulent financial
statements by overriding controls that otherwise
appear to be operating effectively.
•
The key opportunities for management manipulation
are within the manual elements of the control
environment, such as journal entries.
Responses:
•
We evaluated the design and the implementation of
internal controls that mitigate fraud risks, such as those
related to journal entries;
•
We tested journal entries, including consolidation and
elimination entries, based on high risk criteria, amongst
others in relation to revenues, including inspection of
the source documentation to assess the validity of the
business rationale and substantiation of corroborating
evidence;
•
We assessed the appropriateness of changes
compared to prior year in the methods and underlying
assumptions used to prepare accounting estimates.
OTHER INFORMATION
Revenue recognition (a presumed fraud risk)
Our risk description and procedures performed to
address the fraud risk related to revenue recognition are
described in the key audit matter section.
NON-COMPLIANCE WITH LAWS AND
REGULATIONS
Risk:
•
As disclosed in chapters ‘Laws and regulations’ and
‘Fraud’, the Company is required to comply with
multiple laws and regulations. In case of non-
compliance with these regulations, the Company could
be subjected to fines and penalties. As result of the
Company engaging with sales agents in high risk
countries, we have identified a risk of material
misstatement associated with non-compliance with
laws and regulation.
Responses:
•
We evaluated the design and the implementation of
internal controls related to compliance with laws and
regulations.
•
We designed and performed substantive procedures
that specifically respond to the identified risk. Amongst
others:
•
We assessed and inspected the relevant applicable
regulations as well as the internal Code of Conduct;
•
We evaluated relevant written correspondence from
relevant authorities and regulators;
•
We obtained relevant documentation for a selection
of related transactions and checked underlying
supporting documentation, such as sales agent
contracts, to determine compliance with the
applicable regulations.
Our evaluation of procedures performed related to fraud
and non-compliance with laws and regulations did not
result in an additional key audit matter, next to Revenue
recognition. We communicated our risk assessment, audit
responses and results to the Board of Management and
the Supervisory Board.
Our audit procedures did not reveal indications and/or
reasonable suspicion of fraud and non-compliance that
are considered material for our audit.
Audit response to going concern
The Board of Management has performed its going
concern assessment and has not identified any going
concern risks. Our main procedures to assess the Board
of Management’s assessment were:
•
we considered whether the Board of Management’s
assessment of the going concern risks includes all
relevant information of which we are aware as a result
of our audit;
•
we analysed the company’s financial position as at year-
end and compared it to the previous financial year in
terms of indicators that could identify going concern
risks;
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•
we inquired with the Board of Management on the key
assumptions and principles underlying the
management board’s assessment of the going concern
risks.
The outcome of our risk assessment procedures did not
give reason to perform additional audit procedures on the
Board of Management’s going concern assessment.
Audit response to climate-related risks
The Company has set out its ambitions relating to climate
change in chapter ‘Environmental Social and Governance’
and in the section ‘Sustainability’ in chapter ‘Risk
Management’ of the Report of the Board of Management.
Among others, the Company has set key ambitions, such
as a reduction of CO
2
emission of the operational activities
by 50% in 2030 and an investment in innovation in order
to have 90% of the revenues in 2030 generated by
products that contribute to sustainability as defined by
management in these paragraphs.
Management has assessed, against the background of the
Company’s business and operations at a high level how
climate-related risks and opportunities and the Company’s
own ambitions could have a significant impact on its
business or could impose the need to adapt its strategy
and operations. Management has considered the impact
of transition risks, such as the transition towards applying
more sustainable materials and gaining deeper insights
into the sustainability needs of the Company’s clients, on
the financial statements in accordance with the applicable
financial reporting framework.
The Board of Management prepared the financial
statements, including considering whether the
implications from climate-related risks and ambitions have
been appropriately accounted for and disclosed. As part
of our audit we performed a risk assessment of the impact
of climate-related risks and the commitments/ambitions
made by the company in respect of climate change on the
financial statements and our audit approach. In doing this
we performed the following:
•
Understanding management’s processes:
•
we made inquiries to understand management’s
assessment against the background of the
Company’s business and operations of the potential
impact of climate-related risks and opportunities on
the Company’s financial statements and the
Company’s preparedness for this;
•
we have inspected minutes and documents relevant
for assessing the climate-related risks in the audit;
•
we obtained an understanding of relevant
sustainability themes and issues, considering the
operations and characteristics of the Company.
•
We have evaluated climate related fraud risk factors,
such as the fact that management’s remuneration is
dependent on both financial and non-financial
sustainability targets, such as CO
2
reductions and
compliance with laws and regulations, such as the
Regulation on the registration, evaluation, authorisation
and restriction of chemicals (REACH).
•
We have made use of KPMG’s climate change subject
matter experts to:
•
Support in obtaining an understanding of
management’s assessment processes;
•
Inspect the Company’s climate-related risk
disclosures in the Annual Report;
•
Obtain insights into potential business implications
of the climate-related risks identified by the
Company and its accounting in the financial
statements.
Based on our risk assessment procedures, we did not
identify a risk of material misstatement specific to
climate-related risk, including on the valuation of non-
current assets, and thus no further audit response was
considered necessary.
Based on the procedures performed above we found
climate related risks have no material impact on the
current financial statements and no material impact on
our key audit matters.
Furthermore we have read the ‘Other information’ with
respect to climate-related risks as included in the Annual
Report and considered whether such information contains
material inconsistencies with the financial statements or
our knowledge obtained through the audit, in particular as
described above and our knowledge obtained otherwise.
OTHER INFORMATION
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Our key audit matter
Key audit matters are those matters that, in our
professional judgement, were of most significance in our
audit of the financial statements. We have communicated
the key audit matter to the Supervisory Board. The key
audit matter is not a comprehensive reflection of all
matters discussed.
Compared to last year the key audit matter with respect to
the assumptions in the valuation of inventory is not
included, as the Company’s provision for obsolete
inventory is limited and we agree with the Board of
Management that the risk of a material error in the
valuation of the inventory to be limited.
OTHER INFORMATION
Revenue recognition
Description
We identified a fraud risk in relation to the recognition of revenue. The presumed risk inherently includes the fraud risk
that management deliberately overstates revenue as management may feel pressure to achieve planned results for the
current year. We focused our presumed fraud risk on non-routine entries that increase revenue. As this is a significant
risk for which special attention from the auditor is needed we considered this as a key audit matter.
Our response
Our procedures primarily consisted of:
•
We evaluated the design and the implementation of relevant internal controls that mitigate fraud risks, such as
controls related to revenue recognition through journal entries;
•
We performed a data analysis matching the recorded revenue to the delivery notes and the order confirmations. For
entries increasing revenue outside the routine operational flow, we performed additional procedures including
vouching to source documentation;
•
We performed procedures to determine that no material credit notes have been issued subsequent to balance sheet
date;
•
We tested journal entries posted in revenue accounts based on high risk criteria, such as journal entries that increase
revenue without an expected counter-entry, including inspection of the source documentation to assess the validity of
the business rationale and substantiation of corroborating evidence; and
•
We tested the accuracy of the revenue related disclosures in the financial statements.
Our observation
Our audit procedures did not reveal indications and/or reasonable suspicion of fraudulent revenue recognition. The
results of our procedures performed regarding fraudulent revenue recognition due to fictitious revenue are satisfactory
and the related disclosures (note 7) are adequate.
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REPORT ON THE OTHER INFORMATION INCLUDED
IN THE ANNUAL REPORT
In addition to the financial statements and our auditor’s
report thereon, the annual report contains other
information.
Based on the following procedures performed, we
conclude that the other information:
•
is consistent with the financial statements and does not
contain material misstatements; and
•
contains the information as required by Part 9 of
Book 2 of the Dutch Civil Code for the management
report and other information.
We have read the other information. Based on our
knowledge and understanding obtained through our audit
of the financial statements or otherwise, we have
considered whether the other information contains
material misstatements.
By performing these procedures, we comply with the
requirements of Part 9 of Book 2 of the Dutch Civil Code
and the Dutch Standard 720. The scope of the procedures
performed is less than the scope of those performed in
our audit of the financial statements.
The Board of Management is responsible for the
preparation of the other information, including the
information as required by Part 9 of Book 2 of the Dutch
Civil Code.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS AND ESEF
Engagement
We were initially appointed by the General Meeting of
Shareholders as auditor of Holland Colours N.V. on 13 July
2023, for the audit of the year ended 31 March 2024.
No prohibited non-audit services
We have not provided prohibited non-audit services as
referred to in Article 5(1) of the EU Regulation on specific
requirements regarding statutory audits of public-interest
entities.
European Single Electronic Format (ESEF)
The Company has prepared its annual report in ESEF. The
requirements for this are set out in the Delegated
Regulation (EU) 2019/815 with regard to regulatory
technical standards on the specification of a single
electronic reporting format (hereinafter: the RTS on ESEF).
In our opinion the annual report prepared in XHTML
format, including the (partly) marked-up consolidated
financial statements as included in the reporting package
by Holland Colours N.V., complies in all material respects
with the RTS on ESEF.
The Board of Management is responsible for preparing
the annual report including the financial statements in
accordance with the RTS on ESEF, whereby the Board of
Management combines the various components into one
single reporting package.
Our responsibility is to obtain reasonable assurance for
our opinion whether the annual report in this reporting
package complies with the RTS on ESEF. We performed
our examination in accordance with Dutch law, including
Dutch Standard 3950N ’Assurance-opdrachten inzake het
voldoen aan de criteria voor het opstellen van een digitaal
verantwoordingsdocument’ (assurance engagements
relating to compliance with criteria for digital reporting).
Our examination included among others:
•
Obtaining an understanding of the entity’s financial
reporting process, including the preparation of the
reporting package;
•
Identifying and assessing the risks that the annual
report does not comply in all material respects with the
RTS on ESEF and designing and performing further
assurance procedures responsive to those risks to
provide a basis for our opinion, including:
•
Obtaining the reporting package and performing
validations to determine whether the reporting
package containing the Inline XBRL instance
document and the XBRL extension taxonomy files
have been prepared in accordance with the
technical specifications as included in the RTS on
ESEF;
•
Examining the information related to the
consolidated financial statements in the reporting
package to determine whether all required mark-
ups have been applied and whether these are in
accordance with the RTS on ESEF.
OTHER INFORMATION
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DESCRIPTION OF RESPONSIBILITIES REGARDING
THE FINANCIAL STATEMENTS
Responsibilities of the Board of Management and the
Supervisory Board for the financial statements
The Board of Management is responsible for the
preparation and fair presentation of the financial
statements in accordance with EU-IFRS and Part 9 of
Book 2 of the Dutch Civil Code. Furthermore, the Board
of Management is responsible for such internal control
as management determines is necessary to enable the
preparation of the financial statements that are free from
material misstatement, whether due to fraud or error. In
that respect the Board of Management, under supervision
of the Supervisory Board, is responsible for the prevention
and detection of fraud and non-compliance with laws and
regulations, including determining measures to resolve
the consequences of it and to prevent recurrence.
As part of the preparation of the financial statements, the
Board of Management is responsible for assessing the
Company’s ability to continue as a going concern. Based
on the financial reporting frameworks mentioned, the
Board of Management should prepare the financial
statements using the going concern basis of accounting
unless the Board of Management either intends to
liquidate the Company or to cease operations, or has
no realistic alternative but to do so. The Board of
Management should disclose events and circumstances
that may cast significant doubt on the company’s ability to
continue as a going concern in the financial statements.
The Supervisory Board is responsible for overseeing the
Company’s financial reporting process.
Our responsibilities for the audit of the financial
statements
Our objective is to plan and perform the audit
engagement in a manner that allows us to obtain sufficient
and appropriate audit evidence for our opinion.
Our audit has been performed with a high, but not
absolute, level of assurance, which means we may not
detect all material errors and fraud during our audit.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
financial statements. The materiality affects the nature,
timing and extent of our audit procedures and the
evaluation of the effect of identified misstatements on our
opinion.
A further description of our responsibilities for the audit of
the financial statements is included in the appendix of this
auditor’s report. This description forms part of our
auditor’s report.
Groningen, 29 May 2024
KPMG Accountants N.V.
R.W. van Dijk RA
OTHER INFORMATION
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Appendix
DESCRIPTION OF OUR RESPONSIBILITIES FOR THE
AUDIT OF THE FINANCIAL STATEMENTS
We have exercised professional judgement and have
maintained professional scepticism throughout the audit,
in accordance with Dutch Standards on Auditing, ethical
requirements and independence requirements. Our audit
included among others:
•
identifying and assessing the risks of material
misstatement of the financial statements, whether due
to fraud or error, designing and performing audit
procedures responsive to those risks, and obtaining
audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud
is higher than the risk resulting from error, as fraud
may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
•
obtaining an understanding of internal control relevant
to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness
of the Company’s internal control;
•
evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates
and related disclosures made by the Board of
Management;
•
concluding on the appropriateness of the Board of
Management’s use of the going concern basis of
accounting, and based on the audit evidence obtained,
whether a material uncertainty exists related to events
or conditions that may cast significant doubt on
Holland Colours N.V.’s ability to continue as a going
concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our
auditor’s report to the related disclosures in the
financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are
based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or
conditions may cause a company to cease to continue
as a going concern;
•
evaluating the overall presentation, structure and
content of the financial statements, including the
disclosures; and
•
evaluating whether the financial statements represent
the underlying transactions and events in a manner
that achieves fair presentation.
We are solely responsible for the opinion and therefore
responsible to obtain sufficient appropriate audit evidence
regarding the financial information of the entities or
business activities within the group to express an opinion
on the financial statements. In this respect we are also
responsible for directing, supervising and performing the
group audit.
We communicate with the Supervisory Board regarding,
among other matters, the planned scope and timing of
the audit and significant audit findings, including any
significant findings in internal control that we identify
during our audit. In this respect we also submit an
additional report to the audit committee in accordance
with Article 11 of the EU Regulation on specific
requirements regarding statutory audits of public-interest
entities. The information included in this additional report
is consistent with our audit opinion in this auditor’s report.
We provide the Supervisory Board with a statement that
we have complied with relevant ethical requirements
regarding independence, and to communicate with them
all relationships and other matters that may reasonably be
thought to bear on our independence, and where
applicable, related safeguards.
From the matters communicated with the Supervisory
Board, we determine the key audit matters: those matters
that were of most significance in the audit of the financial
statements. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare
circumstances, not communicating the matter is in the
public interest.
OTHER INFORMATION
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CONTACT
HOLLAND COLOURS NV
T (31) 55-368 0700
Chamber of Commerce 08036180
HOLLAND COLOURS EUROPE BV
Halvemaanweg 1
7323 RW Apeldoorn
P.O. Box 720
7300 AS Apeldoorn
The Netherlands
T (31) 55-368 0700
HOLLAND COLOURS UK LTD
Unit 16/17/18, Sabre Court
Valentine Close, Gillingham
Business Park
Gillingham, Kent ME8 0RW
United Kingdom
T (44) 1634-388 727
HOLLAND COLOURS
HUNGARIA KFT
Déri Miksa körút 2
P.O. Box 8
5000 Szolnok
Hungary
T (36) 56-420 644
HOLLAND COLOURS
AMERICAS INC
1501 Progress Drive
Richmond, Indiana, 47374
USA
T (1) 765-935 0329
Toll-free (1) 800-723-0329
HOLLAND COLOURS CANADA INC
200 Consumers Rd, Suite 303
Toronto, Ontario M2J 4R4
Canada
T (1) 416-449 4344
Toll-free (1) 800-361 3967
HOLLAND COLOURS
MEXICANA SA DE CV
Tezosomoc #4
(Bodega 3)
Col. Recursos Hidráulicos
Tultitlán, Edo de México
México
CP 54913
T 52 (55) 58-94-36-41
PT HOLLAND COLOURS
ASIA - SURABAYA
Jl. Berbek Industri II/2
(Surabaya Industrial Estate Rungkut)
Sidoarjo 61256-East Java
Indonesia
T (62) 31-849 3939
Export department Surabaya:
T (62) 31-841 1 801
PT HOLLAND COLOURS
ASIA – JAKARTA
Kawasan Industri dan Pergudangan
TAMAN TEKNO BSD Blok E3 no. 45
Kecamatan SETU, Tangerang Selatan,
Banten 15314-West Java
Indonesia
T (62) 31-849 3939
REPRESENTATIVE OFFICE CHINA
Room 908, Eco City 1788, No. 1788
West Nanjing Road, Jing’an District
Shanghai 20040
China
T (62) 31-849 3939
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FIND OUT MORE
Contact our sales people about purchasing quantities and deliveries or our technical experts for questions
about our technology and its implementation:
AMERICAS: [email protected] | +1 765-935 0329 / toll-free: +1 800 723 0329
ASIA: [email protected] | +62 31 849 3939
EMEIA: [email protected] | +31 (0)55 36 80 700
www.hollandcolours.com