in EUR m | 2025 | 2024 | 2023 |
Current | |||
Accrued payroll and related costs | 239.1 | 234.3 | 240.6 |
Deferred revenue (Note 2.2) | 1.7 | 2.4 | 1.8 |
Accrued rent and other property costs | 13.3 | 15.1 | 19.4 |
Accrued insurance costs | 42.7 | 41.1 | 27.4 |
Unbilled deliveries of inventory | 97.9 | 90.0 | 94.7 |
Accrued volume rebates | 108.0 | 125.3 | 100.0 |
Other accrued expenses | 136.4 | 115.8 | 109.7 |
Accrued interest on Bonds (Note 4.4) | 9.4 | 9.4 | 9.4 |
Other accrued interest | 12.3 | 19.9 | 24.1 |
Financial liability at fair value through profit or loss | 22.9 | 24.5 | 169.7 |
Balance at December 31 | 683.7 | 677.8 | 796.8 |
Non-current | |||
PIK interest on related party loan (Note 4.4) | 328.8 | 233.4 | 153.3 |
Financial liability at fair value through profit or loss | 108.0 | 124.2 | 2.2 |
Other non-current liabilities | 12.6 | 11.3 | 15.2 |
Balance at December 31 | 449.4 | 368.9 | 170.7 |
Total other current and non-current liabilities | 1,133.1 | 1,046.7 | 967.5 |
On January 1, 2017, the Group obtained control over Servair by acquiring 50.0% minus one share. Despite legally acquiring less than full ownership, the presence of put and call options on the remaining shares led to the business combination being accounted for as the acquisition of a 100% interest in Servair. A liability for the ownership interest subject to the put/call arrangement was recognized and measured at fair value through profit or loss. Only third-party interests in certain Servair subsidiaries were recognized as non-controlling interests.
In 2019, the Group increased its ownership to 50.0% plus one share by acquiring two additional shares. This was followed by a renegotiation of the put option in 2020. On May 31, 2021, after further revisions to the put option structure, the Group acquired additional shares, increasing its total shareholding in Servair to 65.0%. The payment made for this tranche was considered an investing cash flow related to the acquisition of control.
In 2024, the Group reached a new agreement, which included revised option terms and the purchase of an additional 5.0% equity stake, bringing its total ownership to 70.0% as at December 31, 2024. In 2025, the Group acquired a further 5.0% equity stake, resulting in total ownership of 75.0% as at December 31, 2025. Under the current terms, the majority of the related financial obligations are due beyond one year, with the portion presented as non-current planned to be settled by the end of 2027.
As at December 31, 2025, the financial liability at fair value through profit or loss amounts to EUR 130.9m (2024: EUR 146.2m; 2023: EUR 169.7m) and is categorized as Level 2 in the fair value hierarchy.
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit and loss. They are classified as current if they are due within twelve months and non-current otherwise. They are measured at fair value and related transaction costs are expensed in the income statement. Fair value changes are included in profit or loss for the period in which they arise.