v3.25.2
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES
 6 Months Ended
Jun. 30, 2025
Disclosure of detailed information about financial instruments [abstract]  
BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES BALANCE SHEET VALUES OF FINANCIAL ASSETS AND LIABILITIES BY MEASUREMENT CATEGORIES
June 30, 2025December 31, 2024
In millionsCategoryCarrying amountFair valueLevel 1Level 2Level 3Carrying amountFair valueLevel 1Level 2Level 3
NON-CURRENT FINANCIAL ASSETS
Other non-current financial assetsAmortized cost$45.6 $— $— $— $— $43.0 $— $— $— $— 
Other non-current financial assetsFair value through OCI14.4 14.4 — — 14.4 12.6 12.6 — — 12.6 
Promissory notesAmortized cost— — — — — 4.2 4.2 — — 4.2 
Derivative financial instruments (3)
Foreign exchange derivatives - used in hedge accountingFair value through OCI0.6 0.6 — 0.6 — 2.2 2.2 — 2.2 — 
CURRENT FINANCIAL ASSETS
Hold-to-collect accounts receivableAmortized cost428.7 — — — — 570.9 — — — — 
Available for sale factoring receivablesFair value through OCI36.2 36.2 — — 36.2 36.2 36.2 — — 36.2 
Other non-interest yielding receivables (1)Amortized cost112.5 — — — — 127.5 — — — — 
Promissory notes (1)Amortized Cost8.4 8.4 — — 8.4 7.0 7.0 — — 7.0 
Derivative financial instruments (3)
Foreign exchange derivatives - used in hedge accountingFair value through OCI15.7 15.7 — 15.7 — 38.9 38.9 — 38.9 — 
Foreign exchange derivatives - not used in hedge accountingFair value through profit or loss9.2 9.2 — 9.2 — 5.6 5.6 — 5.6 — 
Cash and cash equivalentsAmortized cost303.4 — — — — 345.4 — — — — 
Total financial assets per level$— $25.5 $59.0 $— $46.7 $60.0 
June 30, 2025
December 31, 2024
In millionsCategoryCarrying amountFair ValueLevel 1Level 2Level 3Carrying amountFair ValueLevel 1Level 2Level 3
NON-CURRENT FINANCIAL LIABILITIES
Non-current borrowingsAmortized cost791.5 830.0 — 830.0 — 790.8 809.0 — 809.0 — 
Non-current lease liabilitiesAmortized cost516.4 — — — — 439.0 — — — — 
Other non-current liabilitiesAmortized cost6.7 — — — — 13.6 — — — — 
Derivative financial instruments (3)
Foreign exchange derivatives - used in hedge accountingFair Value through OCI6.1 6.1 — 6.1 — 0.6 0.6 — 0.6 — 
Cross Currency Swaps - used in hedge accountingFair Value through OCI3.6 3.6 — 3.6 — 1.2 1.2 — 1.2 — 
CURRENT FINANCIAL LIABILITIES
Current other borrowingsAmortized cost143.2 — — — — 136.5 — — — — 
Current lease liabilitiesAmortized cost133.9 — — — — 116.9 — — — — 
Accounts payableAmortized cost529.2 — — — — 549.0 — — — — 
Other current liabilities (2)Amortized cost633.3 — — — — 611.3 — — — — 
Derivative financial instruments (3)
Foreign exchange derivatives - not used in hedge accountingFair value through profit or loss15.2 15.2 — 15.2 — 8.0 8.0 — 8.0 — 
Foreign exchange derivatives - used in hedge accountingFair Value through OCI72.1 72.1 — 72.1 — 14.3 14.3 — 14.3 — 
Total financial liabilities per level$— $927.0 $— $— $833.1 $— 
In millionsJune 30,
2025		December 31,
2024
(1) Other non-interest yielding receivables
Prepaid expenses and other receivables$198.2 $213.2 
Less
Other tax receivables52.4 34.2 
Derivative financial instruments24.9 44.5 
Promissory notes8.4 7.0 
Total other non-interest yielding receivables$112.5 $127.5 
(2) Other current liabilities
$764.1 $687.9 
Less
Other tax liabilities43.5 54.3 
Derivative financial instruments87.3 22.3 
Total other current liabilities$633.3 $611.3 
(3)The values of the derivatives as per the unaudited condensed consolidated interim statement of financial position have been recorded as they are disclosed in the Company’s unaudited condensed consolidated interim statement of financial position and fair value reserve, and therefore cannot be reconciled with their actual fair values.
Carrying amounts of current financial instruments carried at amortized cost are reasonable approximation of fair value due to their short-term nature.
Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The Company does not have any financial instruments included in Level 1.
Level 2: The fair value of financial instruments that are not traded in an active market (e.g. over-the-counter derivatives) is determined using valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
The Company’s policy is to recognize transfers into and out of fair value hierarchy levels at the end of the reporting period. There were no transfers between Levels 2 and 3 for recurring fair value measurements during the reporting period.
The valuation process and valuation techniques, which are stated in the 2024 consolidated annual financial statements, are applicable in the reporting period.
Specific valuation techniques used to value financial instruments include:
•for interest rate swaps and cross-currency swaps – the present value of the estimated future cash flows based on observable yield curves;
•for foreign currency forwards – the present value of future cash flows based on the forward exchange rates at the end of the reporting period; and
•for other financial instruments – discounted cash flow analysis.
All of the resulting fair value estimates are included in Level 2, except for unlisted equity securities, promissory notes and available-for-sale factoring receivables, where the fair values have been determined based on present values and the discount rates used were adjusted for counterparty or own credit risk. In cases where credit risk of counterparty is low and maturity is short-term, the carrying amount of such instrument approximates its fair value.
The following table shows the valuation technique used in measuring Level 3 fair values for financial instruments in the unaudited condensed consolidated interim statement of financial position, as well as the significant unobservable inputs used.
TypeValuation techniqueSignificant unobservable input
Unlisted equity securitiesMarket comparison approach: fair value of unlisted equity securities is determined by reference to market multiples of comparable listed companies, adjusted by discount for lack of marketability.(i) Sales growth factor
(ii) Risk-adjusted discount rate
Promissory notesThe carrying amount approximates fair value due to the relatively short period to maturity of these instruments and low credit risk of counterparty.

Long-term promissory notes are valued using a discounted cash flow. Expected future cash inflows are discounted over the term of the respective contracts using market interest rates as at the reporting date, adjusted for the credit risk of the counterparty.		The carrying amount approximates fair value for short-term promissory notes due to the relatively short period to maturity of these instruments and low credit risk of counterparty.

For long-term promissory notes, the significant unobservable input is the risk adjusted discount rate.
Available-for-sale factoring receivablesThe carrying amount approximates fair value due to the short-term maturity of these instruments and low credit risk of counterparty.The carrying amount approximates fair value due to the short-term maturity of these instruments and low credit risk of counterparty.
The following table presents the changes in Level 3 items during the period:
In millionsUnlisted equity securitiesPromissory notesAvailable-for-sale
factoring
receivables		Total
Opening balance January 1, 2025$12.6 $11.2 $36.2 $60.0 
Additions1.8 29.5 14.2 45.5 
Disposals— (32.9)(14.2)(47.1)
Exchange rate gains0.0 0.6 — 0.6 
Closing balance June 30, 2025$14.4 $8.4 $36.2 $59.0 

The Company terminated its receivables financing arrangements for two subsidiaries with a third-party banking institution (“Factor in EMEA”) on January 24, 2025. The agreement previously allowed the Company to sell accounts receivable up to a limit of €60 million. The Company previously used the full limit on a daily basis.