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"value": "FRIGOGLASS S.A.I.C. Commercial Refrigerators General Commercial Registry: 1351401000 Frigoglass Industrial Refrigeration, Industrial and Commercial Societe Anonyme",
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"value": "Notes to the Financial Statements Note 1. General Information These financial statements include the financial statements of the Parent Company FRIGOGLASS S.A.I.C. (the \u201cCompany\u201d) and the Consolidated financial statements of the Company and its subsidiaries (the \u201cGroup\u201d). The names of the subsidiaries are presented in Note 9 of the financial statements. FRIGOGLASS S.A.I.C. and its subsidiaries are engaged in the manufacturing, trade and distribution of commercial refrigeration units and packaging materials for the beverage industry. The Group has manufacturing plants and sales offices in Europe, Asia and Africa. The Company\u2019s\u2019 shares are listed on the Athens Stock Exchange. The address of its registered office is: 15, A. Metaxa Street GR 145 64, Kifissia Athens, Greece The corporate web page www.frigoglass.com is used by the Company. The financial statements have been approved by the Board of Directors on 28 April 2023 and are subject to the approval of the Shareholders General Assembly. Note 2. Summary of Significant Accounting Policies The significant accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. 2.1 Basis of Preparation These financial statements have been prepared by management in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union and issued by the IASB. The financial statements have been prepared on a historical cost basis except for assets and related liabilities, that are subject to the holistic restructuring of the Group\u2019s capital structure (as further described below), that are measured in accordance with the requirements of IFRS 5 \u201cNon-current Assets Held for Sale and Discontinued Operations\u201d. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4. The financial statements have been prepared in accordance with the going concern basis of accounting. However, as a result of the deterioration of the macroeconomic environment, the fire incident at the Group\u2019s Commercial Refrigeration manufacturing facility in Romania and the ongoing Russia and Ukraine conflict the Group experienced significant liquidity issues and was adversely affected in its ability to meet its short to medium term debt repayment obligations. Frigoglass, with the support of legal and financial advisors, reviewed and assessed its financial and strategic options in view of improving the Group\u2019s capital structure and securing additional liquidity. The only viable source of funding proved to be the Noteholder committee which provided the initial tranche of bridge finance in December 2022, as further explained in Notes 26, 4.1.6. and 15, using substantially the same collateral, as is applicable to the existing 2025 Notes, as security (Refer to Note 15 for more details on the existing 2025 Notes). At the same time when the initial tranche of bridge finance was committed, a Lock-up Agreement was signed on 5 December 2022 between the Noteholder Committee and certain of the Group\u2019s subsidiaries (Frigoinvest Holdings B.V (\u201cFHBV\u201d) and Frigoglass Finance B.V (\u201cFFBV\u201d)), which provided the framework for the restructuring and recapitalization transaction and a roadmap to the orderly transfer of the control of the FHBV operating group to the Noteholders. On or about 6 March 2023, Frigoglass reached an agreement with the Noteholder Committee with the support of its major indirect shareholder, Truad Verwaltungs A.G. (\u201cTruad\u201d), for a consensual recapitalization and restructuring (the \u201cTransaction\u201d) of the group of companies (i.e., FHBV and its subsidiaries) which was controlled at that time by Frigoglass SAIC (Transaction described in Note 26). In addition, simultaneously to the implementation of the Transaction, Frigoglass SAIC also transferred to Frigoglass Services Single Member SA (a new subsidiary entity of FHBV) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC and also received a series of indemnities to support Frigoglass SAIC\u2019s solvency and liquidity going forward. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC, with the remaining 85% of the recapitalized group being held by certain of its former Noteholders (or their affiliates). As of the date of approval of these financial statements, with respect to the FHBV sub-group, certain of its former Noteholders (or their affiliates), who, following the implementation of the Transaction, are now among the shareholders of Frigo DebtCo PLC, have demonstrated their commitment by providing \u20ac75 million in liquidity to the FHBV sub-group by subscribing for the New Senior Secured Notes, that has been and will be used by the FHBV sub-group to support its solvency. In addition, and as a result of the Transaction, the debt of the FHBV sub-group has been reduced by \u20ac110 million (before the \u20ac75million Super Senior Notes). However, as the Transaction was implemented on 27 April 2023, the management and the board of directors of Frigo DebtCo PLC have still to finalise and implement the business plan of the recapitalised FHBV sub-group, therefore a going concern uncertainty continues to exist with respect to the sub-group. For Frigoglass SAIC, the parent entity as of 31 December 2022, the Board of Directors and management have concluded that, as of the date of approval of these financial statements, no significant going concern uncertainty exists. The Transaction and the Hive-Down have been implemented on 27 April 2023 and Frigoglass SAIC has been discharged from the obligations stemming from the Bridge Notes and the 2025 Notes. In addition, as part for the Hive-Down agreement, FHBV will cover the annual operating costs of the Company up to a capped reasonable amount until 31 December 2026. In addition, FHBV will provide certain indemnity to the Company, the Company's management and the members of the Company\u2019s Board of Directors, for any claims and liabilities (including expenses) that may arise from the Transaction and the Hive-Down and will also provide indemnity up to a capped amount to the Company for any unknown past tax liabilities. Refer to Note 4.1.6. for more details. Frigoglass SAIC has an equity position of \u20ac1,9m for the year ended 31 December 2022 and, therefore, is lower than half (1/2) of the share capital. As a consequence, the requirements of article 119 of Law 4548/2018 are applicable. Differences that may exist between the figures of the financial statement and those of the notes are due to rounding. Wherever it was necessary, the comparative figures have been reclassified in order to be comparable with the current year\u2019s presentation. 2.2 Consolidation Principles and Business Combinations a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless there is evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. The Company accounts for investments in subsidiaries in its separate financial statements at historic cost less impairment losses. Impairment losses are recognized in the income statement. b) Changes in ownership percentages The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non- controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to the owners. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. c) Business combinations The acquisition method of accounting is used to account for all business combinations. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred, \u2022 liabilities incurred to the former owners of the acquired business, \u2022 equity interests issued by the group, \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. Whenever the cost of the acquisition is less than the fair value of the Group\u2019s share of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement, as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration classified as financial liabilities are recognized in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. 2.3 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the managing director and his executive committee that makes strategic decisions. 2.4 Foreign currency translation 2.4.1 Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (\"the functional currency\"). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in Euro, which is the presentation currency for the consolidated financial statements. 2.4.2 Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss, within financial expenses. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. 2.4.3 Group companies The results and financial position of all group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the balance sheet date. \u2022 Income and expenses for each income statement and statement of comprehensive income are translated at the average exchange rate of the reporting period, unless this average is not a reasonable approximation of the cumulative effect of the exchange rates prevailing on the transaction dates, in which case the rate on the date of the transaction is used. \u2022 All resulting exchange differences are recognised in other comprehensive income as a separate component of equity. On the disposal of a foreign operation, the cumulative exchange differences relating to that particular foreign operation, presented as a separate component of equity, are reclassified to the income statement as part of the gain or loss on sale. Goodwill and other fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 2.5 Property plant and equipment All property, plant and equipment are stated at historic cost less accumulated depreciation and any impairment losses, except for land which is shown at cost less any impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the tangible assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost of the assets net of their residual values over its estimated useful life as follows: Buildings up to 40 years Vehicles up to 6 years Glass Furnaces up to 10 years Glass Molds up to 2 years Machinery up to 15 years Furniture & Fixtures up to 6 years The cost of subsequent expenditures is depreciated during the estimated useful life of the asset and costs for major periodic renovations are depreciated to the date of the next scheduled renovation. When an item of plant and machinery comprises major components with different useful lives, the components are accounted for as separate items of plant and machinery. The tangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. In the case where an asset's carrying amount is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference (impairment loss) is recorded as expense in the income statement. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the income statement. Assets under construction are recorded as part of property, plant and equipment at cost. Depreciation on these assets commences when the assets are available for use. 2.6 Intangible Assets 2.6.1 Research Expenses Research expenditure is recognised as an expense as incurred. 2.6.2 Development Expenses Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the technical file so that it will be available for use \u2022 management intends to complete the technical file and use or sell it \u2022 there is an ability to use or sell the technical file \u2022 it can be demonstrated how the technical file will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the technical file are available, and \u2022 the expenditure attributable to the technical file during its development can be reliably measured. Other development expenditures are recognised as an expense in the income statement as incurred. Development costs that have a finite useful life and that have been capitalised, are amortised from the commencement of the asset\u2019s production on a straight-line basis over the period of its useful life, not exceeding 5 years. 2.6.3 Computer software Acquired software licenses are carried at acquisition cost less accumulated amortisation, less any accumulated impairment. They are amortised using the straight-line method over their useful lives, not exceeding a period of 10 years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognized as intangible assets when the criteria specified in 2.6.2 are met. Directly attributable costs that are capitalized as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Computer software maintenance costs are recognised as expenses in the income statement as they incur. 2.6.4 Patterns and Trademarks Separately acquired patents, trademarks and licenses are shown at historical cost less accumulated amortization and less any accumulated impairment. These costs may be acquired externally. They have a finite useful life and are amortized using the straight-line method over a maximum period of 15 years. 2.7 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested for impairment annually, more frequently if events or changes in circumstances indicate that their carrying amount may not be recoverable. Other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash flows from other assets or group of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 2.8 Financial assets (i) Classification The group classifies its financial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through OCI or through profit or loss), and \u2022 those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt instruments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group\u2019s debt instruments are measured at amortised cost given that they are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. (iv) Impairment From 1 January 2018, the Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group currently does not hold any debt instruments. For the accounting policy related to trade receivables and cash and cash equivalents, refer to notes 2.10 and 2.11 respectively. For a description of the Group\u2019s impairment policies refer to Note 3 \u2013 Impairment \u2013 Trade Receivables. 2.9 Inventories Inventories are recorded at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less any applicable selling expenses. The cost of finished goods and work in progress is measured on a weighted average bases and comprises raw materials, direct labour cost and other related production overheads. Appropriate allowance is made for excessive, obsolete and slow-moving items. Write-downs to net realisable value and inventory losses are expensed in the period in which the write-downs or losses occur. 2.10 Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 60- 180 days and therefore are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. For a description of the Group\u2019s impairment policies refer to Note 3- Impairment \u2013 Trade Receivables. 2.11 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term, and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 2.12 Share capital Ordinary shares are classified as equity. Incremental external costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. When the Company or its subsidiaries purchase the Company\u2019s, own equity instruments the amount paid - including any attributable incremental external costs net of income taxes - is deducted from total shareholders' equity as treasury shares until they are cancelled or reissued. Where such shares are subsequently sold or reissued, any proceed received is included in shareholders' equity. 2.13 Borrowings Borrowings are recognised initially at fair value, net of any transaction cost incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date. 2.14 Current and Deferred income taxes The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The deferred income tax that arises from initial recognition of an asset or liability in a transaction other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, is not accounted for. Deferred tax assets are recognised to the extent that future taxable profit, against which the temporary differences can be utilised, is probable. Deferred tax liabilities are provided for taxable temporary differences arising on investments in subsidiaries, except for when the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income taxation is determined using tax rates that have been enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the related deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 2.15 Trade Payables Trade payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest method. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. 2.16 Employee benefits 2.16.1 Post-employment obligations Group entities operate various post-employment schemes in accordance with the local conditions and practices in the countries they operate. Post-employment obligations include both defined benefit and defined contribution pension plans. A defined benefit plan is a pension or voluntary redundancy plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability regarding defined benefit pension or voluntary redundancy plans, including certain unfunded termination indemnity benefits plans, is measured as the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated on an annual basis, by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates applicable to high quality corporate bonds or government securities that are denominated in the currency in which the benefits will be paid, with terms approximating to the terms of the related obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions recognised in the period in which they occur, directly in other comprehensive income. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs. For defined contribution plans, the Group pays contributions to privately administered pension insurance plans on a voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. 2.16.2 Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. Benefits falling due more than 12 months after balance sheet date are discounted to present value. 2.16.3 Profit-sharing and bonus plans The group recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. 2.16.4 Share-based payments Frigoglass issues equity-settled share-based payments to its senior managers and members of the Executive Committee in the form of an employee stock option plan. The employee stock option plan is measured at fair value at the date of grant. The fair value of options granted is recognized as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. When the options are exercised, the Company transfers the appropriate amount of shares to the employee. The proceeds received net of any directly attributable transaction costs are credited directly to share capital (nominal value) and share premium when the options are exercised. 2.17 Provisions Provisions are recognised when a) the Group has a present legal or constructive obligation as a result of past events, b) it is probable that an outflow of resources will be required to settle the obligation, c) and the amount can be reliably estimated. The provisions for restructuring costs include fines related to the premature ending of lease agreements, personnel redundancies as well as provisions for restructuring activities that have been approved and communicated by Management. These costs are recognised when the Group has a present legal or constructive obligation. Personnel redundancies are expensed only when an agreement with the personnel representatives is in place or when employees have been informed in advance for their redundancy. Provisions are not recognised for future operating losses related to the Group\u2019s ongoing activities. When there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. In the case that a Group entity expects a provision to be reimbursed from a third party, for example under an insurance contract, the reimbursement is recognised as a separate asset provided that the reimbursement is virtually certain. The Group entity recognises a provision for onerous contracts when the expected benefits to be derived from a contract are less than the unavoidable costs of settling the obligations under the contract. Provisions are measured at the present value of the expenditures that, according to the management\u2019s best estimations, are expected in order to settle the current obligation at the balance sheet date. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as interest expense. 2.18 Revenue recognition (i) Revenue from sale of goods and sale of services The Group recognises revenue, other than interest and dividend income and other such income from financial instruments recognised in accordance with IFRS 9, upon transfer of promised goods or services to customers in amounts that reflect the consideration to which the Group expects to be entitled in exchange for those goods or services based on the following five step approach: \u2022 Step 1: Identify the contracts with customers \u2022 Step 2: Identify the performance obligations in the contract \u2022 Step 3: Determine the transaction price \u2022 Step 4: Allocate the transaction price to the performance obligations in the contract \u2022 Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation (ii) Sales of goods The Group manufactures and sells commercial refrigeration units (ICM segment) and packaging materials (glass segment) for the beverage industry. Revenue from the sale of goods is recognised when control of the products has transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell the products and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risk of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the group has objective evidence that all criteria for acceptance have been satisfied. The ICM units are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue is recognised based on the price specified in the contract, net of estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the most probable value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are made with a credit term of 60 - 180 days, which is consistent with market practice. The group\u2019s obligation to repair or replace fully faulty commercial refrigerator units under the standard and extended warranty terms is recognised as a provision. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. (iii) Sales of services The ICM segment provides also logistic services, extended warranty services and refurbishment services under fixed price contracts. Revenue from providing services is recognised over time in the accounting period in which the services are rendered. Extended warranty revenue is recognised based on actual service provided at the end of the reporting periods a proportion of the total services to be provided because the customer receives and uses benefits simultaneously. In the case of logistics services and refurbishment where the contract includes a fee per unit, revenue is recognised in the amount to which Frigoglass has a right to invoice. Customers are invoiced on a monthly basis and consideration is payable when invoiced. (iv) Interest income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit impaired. For credit impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes. Any other interest income is included in other income. (v) Dividend income Dividend income is recognised as other income in profit or loss (whether relating to interim dividends or final dividends) is recognised when the right to receive payment is established. 2.19 Dividend distribution Dividends are recorded in the financial statements, as a liability, in the period in which they are approved by the Annual Shareholder Meeting. 2.20 Government Grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the Group entity will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the income statement over the period corresponding to the costs they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in long-term liabilities as deferred income and are credited to the income statement on a straight-line basis over the expected lives of the related assets. 2.21 Leases Information for leases where the Group is a lessee. The group leases various offices, warehouses, equipment, and vehicles. Rental contracts are typically made for fixed periods of 2 to 5 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate, \u2022 amounts expected to be payable by the group under residual value guarantees \u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability b) any lease payments made at or before the commencement date less any lease incentives received c) any initial direct costs, and d) restoration costs at the expense of the lessee in order to disassemble and remove the underlying asset, to restore the premises where it has been located, or to restore the underlying asset to the condition provided by the terms and conditions of the lease. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment. Extension and termination options are included in a number of property and equipment leases across the group. These are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. Information for leases where the Group is a lessor Lessors continue to classify leases as operating or finance leases. Lease income from operating leases where the group is a lessor is recognised in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as an expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. \u03a4here were no instances whereby the Group was a lessor. 2.22 Non-current assets (or disposal groups) classified as held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the noncurrent asset (or disposal group) is recognised at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. 2.23 New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 1 January 2022. The Group\u2019s evaluation of the effect of these new standards, amendments to standards and interpretations is as follows: None of the standards and interpretations issued is expected to have a significant effect on the Consolidated or the Parent Company financial statements. Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u25cf 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u25cf 2022 Amendment \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. Note 3. Financial Risk Management Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including foreign currency risk, commodity price risk and interest rate risk), credit risk, liquidity risk and capital risk. The Group\u2019s risk management programme focuses on the volatility of financial markets and seeks to minimise potential adverse effects on the Group\u2019s cash flows. Group Treasury carries out risk management under policies approved by the Board of Directors. Group Treasury identifies, evaluates and hedges financial risks in close co-operation with the Group\u2019s subsidiaries. The Board of Directors has approved the Treasury Policy, which provides the control framework for all treasury and treasury-related transactions. The Group Treasury does not perform speculative transactions or transactions that are not related to the Group\u2019s operations. The below information with respect to risks relates to the Group prior to the restructuring as well as that which will be relevant following the restructuring. For more details as regards the restructuring refer below and to Notes 2.1 4.1.6 and 26. Frigoglass SAIC, with the completion of the Transaction and the Hive-Down, only holds a 15% minority investment in Frigo DebtCo PLC (i.e., the recapitalized group) and will no longer be required to present consolidated financial statements. As a result, the risks stated below will materially change. In each stated risk below, it is further explained what will be relevant and applicable for Frigoglass SAIC going forward. Market Risk I) Foreign currency risk The Group operates internationally and is exposed to foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s functional currency. To mitigate the exposure of our subsidiaries with functional currencies other than the euro to foreign currency risk we use natural hedging by matching, to the maximum possible extent, revenue and expense cash flows in the same currency in order to limit the impact of currency exchange rate movements. When natural hedging cannot be achieved, we may use derivatives, mainly in the form of forward foreign exchange currency contracts. In some cases when derivatives are either not accessible or at very high hedging cost, we may decide to allow our foreign exchange exposure to remain unhedged. Recently, derivatives have not been used, only natural hedging of exchange rate risks to the extent that this is feasible. Following the Russia-Ukraine conflict, the Group also closely monitors exchange risks relating to Ruble-denominated transactions. The following tables presents the sensitivity of the Group to reasonable possible shifts in exchange rates, based on a historical volatility over a 12-months period. Calculations are based on each subsidiaries exposure of having monetary assets and liabilities in currencies other than their functional currencies. The sensitivity analysis determines the potential gains and losses in the income statement arising from the Group\u2019s foreign exchange positions as a result of the corresponding percentage increase and decrease in the Group\u2019 foreign currencies relative to the Euro and US dollar. Exchange risk sensitivity 31 December 2021 EUR weakens EUR strengthens against local against local currency currency % historical volatility over a (Gain)/loss in (Gain)/loss in 12-month income statement income statement period \u20ac million \u20ac million USD/EUR 5.7% 0.3 -0.3 ZAR/EUR 13.1% -1.9 1.9 NAIRA/EUR 8.1% 3.7 -3.6 RUB/EUR 10.0% -0.5 0.5 INR/EUR 5.7% -0.5 0.5 Other 0.1 -0.1 Total 1.2 -1.1 USD weakens USD strengthens against local against local currency currency % historical volatility over a (Gain)/loss in (Gain)/loss in 12-month income statement income statement period \u20ac million \u20ac million ZAR/USD 14.5% -0.7 0.5 Other 0.1 -0.1 Total -0.6 0.4 The exposure resulted mostly from the foreign currency exposure in cash balances (refer to Note 13) and the exposure of borrowings presented below. 31.12.2021Euro 303.025 US Dollar 18.382 British pound sterling 75 Indian rupee 3.740 Total 325.222 Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will no longer be exposed directly to foreign currency risk. As a result, no table analysis has been prepared for the year ended 31 December 2022. II) Commodity price risk The Group\u2019s production costs are sensitive to the prices of certain raw materials used in the manufacturing process of its products. The Group is primarily exposed to fluctuations in the prices of copper, steel, aluminium, plastics and soda ash and have adopted policies to mitigate the risk of adverse volatility in the prices of such raw materials. In particular, when we purchase raw materials, we negotiate discounts based on volume purchased. We keep strategic inventory reserves at the supplier, at our plants and in finished goods, to guarantee availability. When possible, we enter into annual, six-month or quarterly agreements with our suppliers so as to satisfy production plans but at the same time permit adjustments if prices begin to decline and become more advantageous for us. Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, it will no longer be exposed directly to commodity price risk. III) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates since the Group does not hold any interest-bearing assets other than short-term time deposits. Exposure to interest rate risk on liabilities is limited to cash flow risk from changes in floating rates. The Group continuously reviews interest rate trends and the tenure of financing needs. The Group\u2019s policy is to minimize interest rate cash flow risk exposures on long-term financing. The exposure to interest rate risk on the Group\u2019s income and cash flows from financing activities is set out below with the relevant sensitivity analysis Volatility of Interest Effect on Profit / <Loss> In \u20ac 000's Rates (+/-) before income tax 01.01.2021 - 31.12.2021 -EURO 1% 323 -USD 1% 184 -INR 1% 37 -GBP 1% 1 Total 545 Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will only be exposed to the existing intercompany loans, which were reorganized before the completion of the Transaction (27 April 2023), as explained in Notes 4.1.2 and 26. As a result, a table analysis has not been prepared for the year ended 31 December 2022. Credit risk Credit risk arises from the Group\u2019s cash and cash equivalents and its credit exposures to customers, including outstanding receivables. I) Risk management Regarding banks and financial institutions, mainly independently rated parties with high quality credit credentials are accepted. In respect of outstanding trade receivables, the Group has policies in place to assess the credit quality of the customer, taking into account its financial position, past experience, as well as other factors. Individual credit limits are set, and compliance is regularly monitored by management. The Group's credit policy is determined by the terms of payment that are stated on a case-by-case basis in each contract with a customer. The Group has a significant concentration of credit risk with specific customers which comprise large international Groups with high quality credit ratings. Refer below for the credit ratings of the customers. Trade debtors: Credit rating (S&P Consolidated Parent Companyrating)31.12.2021 31.12.2021CCH Group (BBB+) 11.427 1.179 CCEP Group (BBB+) 1.023 - Other Coca-Cola bottlers (N/A) 5.978 - Diageo -Guinness Group (\u0391-) 4.121 - Heineken Group (BBB+) 5.744 428 Pepsi Group (A+) 8.008 - Other (N/A) 30.807 268 Total67.108 1.875 With regards to Frigoglass SAIC, bank and financial institutions, mainly independently rated parties with high quality credit credentials are accepted. Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will not be exposed to any risk, since the existing intercompany receivables, were reorganized before the completion of the Transaction (27 April 2023), as explained in Notes 4.1.2 and 26. II) Security For some trade receivables the Group may purchase credit guarantee insurance cover. III) Impairment Trade receivables The Group has only one type of financial assets that are subject to the expected credit loss model that is trade receivables for sales of goods and from the provision of services. The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past experience, existing market conditions as well as forward looking estimates at the end of each reporting period. Management has assessed receivable balances of subsidiaries and has determined that these receivables do not require an impairment provision. The analysis of the provision is presented in Note 11. For trade receivables, the Group applies the simplified approach permitted by IFRS 9. Based on this approach, the Group recognizes expected life losses on expected receivables. The calculation is done on an individual basis. Expected loss rates are based on the sales payment profile and the corresponding historical credit losses. The failure of the customer to pay after 180 days from the invoice due date is considered a default, except in specific cases. Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will not be exposed to any risk, since the existing intercompany receivables, were reorganized before the completion of the Transaction (27 April 2023), as explained in Notes 4.1.2 and 26. Liquidity risk The Group actively manages liquidity risk to ensure there is adequate cash reserves and available funding, through committed and uncommitted banking facilities, to meet its obligations when due. For information relating to the undrawn banking facilities refer to Note 15. Group Treasury manages liquidity risk also by maintaining access to the debt and equity capital markets, and by continuously monitoring working capital and forecasted and actual cash flows. As noted previously, following the restructuring Frigoglass SAIC will no longer present consolidated financial statements and holds a 15% minority investment in Frigo DebtCo PLC. As stated in Notes 4.1.2. and 26, the intercompany loan payable has been partially offset against the intercompany receivables and the net intercompany loan balance was fully settled through a reduction of the share capital of FHBV. Additionally, as part for the Transaction and the Hive-Down, FHBV has agreed to provide a series of indemnities to support Frigoglass SAIC\u2019s solvency and liquidity going forward up to 31 December 2026, as described in Note 2.1. As a result of this the risk of liquidity is mitigated and no table has been prepared for the year ended 31 December 2022. Capital risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders as well as maintain an optimal capital structure to reduce the cost of capital. The Group maintains a credit rating with S&P Global Ratings and Moody\u2019s Investor Service. The Lock-up Agreement (as amended from time to time) mentioned in Note 26 included a provision that for the duration of the Lock-up Agreement and in accordance with the terms of the Lock-up Agreement, the Noteholder Committee, agreed to forbear from exercising any rights against the Group that they would otherwise be entitled to exercise as a result of the non-payment of the 1 February 2023 coupon with respect to the 2025 Notes. The Event of Default under the trust deed governing the Bridge Notes occurred on 28 February 2023, the date on which FHBV and FFBV did not repay the principal amount of, and the accrued interest related to the Bridge Notes which became due on that date. Such an Event of Default triggered the commencement of the implementation of the Transaction as described in Note 26. The 2025 Notes were cancelled as a result of the Transaction. The Bridge Notes have been repaid through the proceeds of the New Super Senior Notes. The Lock-up Agreement expired on the Implementation date (Transaction described in Note 26). Following the Transaction Frigoglass SAIC will no longer present consolidated financial statements and only holds a 15% minority investment in Frigo DebtCo PLC. Frigoglass SAIC has an equity position of \u20ac1,9m for the year ended 31 December 2022 and, therefore, is lower than half (1/2) of the share capital. As a consequence, the requirements of article 119 of Law 4548/2018 are applicable. Note 4. Critical Accounting Estimates and Judgements Management makes estimates and judgments in order to select the most appropriate accounting principles taking into consideration the future outcome of events and transactions. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates and judgements are based on management\u2019s knowledge of current events and actions that may be undertaken in the future, actual results may ultimately differ from estimates 4.1 Critical accounting estimates and assumptions The key items concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below: 4.1.1 Income Taxes The Group is subject to income taxes in numerous jurisdictions. There are many transactions and calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. Significant judgement is required by the Group Management in determining the group provision for income taxes, based on assessment of the probabilities as to whether additional taxes will be due. If the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax. 4.1.2. Estimated impairment of investments The Group\u2019s investments in subsidiaries are tested whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). At the year end, the Company has an investment in Frigoinvest Holdings B.V., which holds the Group\u2019s subsidiaries in the ICM and Glass segments which represent the two identifiable, separate cash generating units. As a result of the deterioration of the macroeconomic environment, the fire incident at the Group\u2019s Commercial Refrigeration manufacturing facility in Romania and the ongoing Russia-Ukraine conflict the Group experienced significant liquidity issues adversely impacting its ability to meet its short to medium term debt repayment obligations. Frigoglass, with the support of its legal and financial advisors, proceeded to review and assess its financial and strategic options in order to improve the Group\u2019s capital structure and secure additional liquidity. As described in detail in Notes 2.1, 4.1.6. and 26, the Group obtained bridge financing from the Noteholder Committee, which resulted in the issuance of the Bridge Notes, as further explained in Note 15. Before the implementation of the Transaction and the Hive-Down, which are described in detail in Notes 4.1.6. and 26, the intercompany balances of the Group, including those at Frigoglass SAIC, were reorganized. As a result of such reorganization, Frigoglass SAIC had a net intercompany loan balance towards FHBV of \u20ac51.4m. In April 2023, FHBV undertook a reduction in its share capital of an amount equivalent to the intercompany loan balance owed by Frigoglass SAIC, which also reduced the cost of investment in FHBV by an equivalent amount. Following this reduction, the cost of investment of Frigoglass SAIC into FHBV was \u20ac8.6m. Taking this under consideration and in light of the Transaction overall, management concluded that the recoverable amount of the investment in FHBV should be written down. As a result, an impairment of \u20ac8.6m has been recorded. Refer to Note 9. 4.1.3. Estimation of useful lives of fixed assets The Group assesses on an annual basis, the useful lives of its property, plant and equipment and intangible assets. These estimates take into account the relevant operational facts and circumstances, the future plans of Management and the market conditions that exist as at the date of the assessment. 4.1.4. Estimated impairment of property, plant & equipment and right of use assets The Group\u2019s property, plant and equipment is tested for impairment when indications exist that its carrying value may not be recoverable. The recoverable amount of property, plant & equipment is determined under IAS 36 at the higher of its value in use and fair value less costs of disposal. When the recoverable amount is determined on a value in use basis, the use of assumptions is required. The value in use calculation used to determine the recoverable amount is based on financial budget approved by management covering a one-year period and cash projections for four additional years, taking into account management\u2019s estimates and judgments regarding the future results of the cash-generating unit. These estimates and judgments include assumptions about revenue growth rates, direct costs, and discount rates. The geopolitical situation in Eastern Europe intensified in February 2022, with the conflict between Russia and Ukraine. Large-scale economic sanctions have been imposed on Russia by the US, the UK, and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. The tension and the conflict are increasingly affecting the global economy and exacerbating ongoing economic challenges resulting in high inflation rates and supply-chain disruptions. Moreover, the demand in Russia is declining as customers are reducing coolers\u2019 placements. In addition and given the extent and ongoing duration of the conflict, Frigoglass Eurasia LLC is facing supply chain disruptions on movements of products and the imports of raw materials and is putting appropriate plans in place to maintain its operation in the country. From January 2023 Frigoglass Eurasia LLC is not allowed to export coolers towards European market due to EU sanctions. As a result, the Group proceeded with an impairment test of the Russian cash-generating unit\u2019s recoverable amount. The recoverable amount was determined based on value in use calculations considering management\u2019s best estimates and judgments regarding the future results of the cash-generating unit by taking into consideration the key impacts from the conflict. It is noted that the subsidiary in Russia has export activity and does not serve only the local (Russian) market. As a result of this exercise an impairment of \u20ac0.6million has been recorded. Refer to Note 6 for more information. The calculations used cash flow estimates based on financial budgets approved by Management covering a one-year period and cash flow projections for four additional years, taking into account management\u2019s objective estimates and judgments regarding the future results of the cash-generating. These estimates and judgments include assumptions about revenue growth rates, direct costs and discount rates. Management incorporated the key impacts from the conflict in the aforementioned model. A sensitivity analysis was performed, and Management concluded that the recoverable amount is highly sensitive in changes in the key assumptions. As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable effort to sell the only property that it owns after the Implementation Date. This relates to the former production plant in Kato Achaia, consisting of both owned land and the building. The amount to be collected from the sale will be transferred to Frigoinvest Holdings B.V., that will be part of the new Group. Frigoinvest Holdings B.V. will undertake responsibility to cover the Company for any maintenance costs and any other obligations regarding the property until the date of its sale to third parties. Since the amount to be collected after the sale, will be transferred to FHBV (based on the Hive Down Agreement), management concluded that an impairment charge of \u20ac 1.3 m should be recognised as at 31 December 2022. For more information refer to Notes 6, 20, 26 and 33. 4.1.5. Export Expansion Grants Receivables A significant component of the Export Expansion Grants receivable, in Nigeria have been outstanding for more than 1 year and it is expected that they will be settled through Promissory Notes (PNs) to be issued by Debt Management Office (DMO). Management does not expect any losses from the non-recoverability of these grants, since the majority of the outstanding EEG claims of Beta Glass PLC., for the period 2007-2020, were settled through the issuance of PNs in February 2023. For more information refer to Note 12. 4.1.6. Going concern basis of accounting In 2021 and 2022, the Group experienced a recovery from the COVID-19 pandemic as evidenced by its sales growth (refer to Notes 5 and 33). On June 5, 2021, a fire incident occurred at the Group\u2019s commercial refrigeration manufacturing facility in Timisoara, Romania. The fire caused severe damage, primarily to the plant\u2019s production area affecting part of the building installations, machinery and inventories located in the production area. The total damage relating to the destroyed tangible assets and inventories is evaluated (net book value) at \u20ac13.4 million. Frigoglass reached a definitive agreement with the co-insurance scheme, which had underwritten the insurance coverage in relation to the fire incident, for an aggregate net compensation amount of \u20ac61.6 million related to the property damage (\u20ac42 million compensation) and business interruption claims (\u20ac19.6 million compensation). The entire amount has already been received from the insurance companies. For more information, please refer to Notes 18 and 20 of these Financial Statements. The facility is operational from March 2023. The increased tension between Russia and Ukraine led to a conflict in February 2022. Economic sanctions have been imposed on Russia by the US, the UK and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. Frigoglass operates a production facility in Russia through its Commercial Refrigeration subsidiary, Frigoglass Eurasia LLC (\u201cFrigoglass Eurasia\u201d). As noted previously, Frigoglass Eurasia in 2021 and 2022 represented the Group\u2019s main production facility in Europe following the fire incident in the Romanian plant in June 2021. The above, combined with the ongoing macroeconomic uncertainty stemming from the Russia-Ukraine conflict, has led to Frigoglass experiencing severe liquidity issues that had an impact on its ability to meet its short to medium term financial obligations. To address this, management obtained approval from the Board on 17 March 2022 to appoint financial and legal advisors to assist in improving the Group\u2019s capital structure and securing additional liquidity. The only viable source of funding proved to be the Noteholder Committee, which subscribed for the Bridge Notes as further explained in Notes 15 and 26. The Bridge Notes were refinanced as part of the Transaction. For information regarding the sequence of events up to the Hive-Down refer to Note 26. On and following to the implementation of the Transaction, Frigoglass SAIC transferred to Frigoglass Services Single Member SA (FHBV subsidiary) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC as well as receipt of a series of indemnities to support Frigoglass\u2019 solvency and liquidity going forward. The Hive-Down was approved by the General Meeting of Shareholders of Frigoglass, on 28 March 2023, according to article 23 of law 4706/2020. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC and, thus the recapitalized group, with the remaining 85% being held by Frigo NewCo 1 Limited, a private liability company incorporated in England and Wales. 95% of the share capital of Frigo NewCo 1 Limited has been distributed pro rata to 2025 Noteholders with the remaining 5% of the share capital distributed to 2025 Noteholders who elected to purchase the New Super Senior Notes. As of the date of approval of these financial statements, with respect to the FHBV sub-group, certain of its former Noteholders (or their affiliates), who, following the implementation of the Transaction, are now among the shareholders of Frigo DebtCo PLC, have demonstrated their commitment by providing \u20ac75 million in liquidity to the FHBV sub-group by subscribing for the New Senior Secured Notes, that has been and will be used by the FHBV sub-group to support its solvency. In addition, and as a result of the Transaction, the debt of the FHBV sub-group has been reduced by \u20ac110 million (before the incurrence of the New Super Senior Notes). However, as the Transaction was implemented on 27 April 2023, the management and the board of directors of Frigo DebtCo PLC have still to finalise and implement the business plan of the recapitalised FHBV sub-group, therefore a going concern uncertainty continues to exist with respect to the sub-group. For Frigoglass SAIC, the parent entity as of 31 December 2022, the Board of Directors and management have concluded that, as of the date of approval of these financial statements, no significant going concern uncertainty exists. The Transaction and the Hive-Down have been implemented on 27 April 2023 and Frigoglass SAIC has been discharged from the obligations stemming from the Bridge Notes and the 2025 Notes. In addition, FHBV will cover the annual operating costs of the Company up to a capped reasonable amount until 31 December 2026. In addition, FHBV will provide certain indemnity to the Company, the Company's management and the members of the Company\u2019s Board of Directors, for any claims and liabilities (including expenses) that may arise from the Transaction and the Hive-Down and will also provide indemnity up to a capped amount to the Company for any unknown past tax liabilities. 4.2 Critical judgements in applying the entity\u2019s accounting policies The Group proceeded with the restructuring of its indebtedness, with its key stakeholders, including its largest shareholder, and the holders of the existing 2025 Notes. The Noteholders and the management of Frigoglass SAIC jointly negotiated the terms of the restructuring. Therefore, the various activities and steps stemming from the restructuring were linked and accounted for as one transaction to reflect the substance of the restructuring, rather than its legal form. Refer to Notes 26 and 33 for more information. As a result of the restructuring the Group reclassified the assets and liabilities of the Group and Frigoglass SAIC, that form part of the restructuring but with certain exceptions, to \u201cheld for sale\u201d in accordance with IFRS 5 (refer to Note 33). In distinguishing between the assets and liabilities pertaining to continuing operations and those pertaining to discontinued operations judgment had to be applied. All assets and liabilities exclusively pertaining to one cash generating unit were allocated to that unit. In all other cases a critical assessment was conducted as to whether it could be reasonably expected that the asset or liability concerned would be transferred in the restructuring. For Frigoglass SAIC, those assets and liabilities that were allocated as \u201cheld for sale\u201d were those for which legal transfer was possible under the applicable legal rules. Judgement also had to be applied to determine whether, as of 31/12/2022 the Noteholders obtained control of FHBV and its subsidiaries. The Lock-up Agreement of 5 December 2022, as subsequently amended, merely provided a framework for the Transaction, a roadmap to the orderly transfer of the control of the FHBV operating group to the Noteholders (either the holders of the Bridge Notes or the Senior Secured Notes due 2025). Based on the management\u2019s assessment in respect of indicators of control: \u2022 No default had occurred as of 31/12/2022 on any of the issued notes. \u2022 The Noteholders did not have a contractual right to appoint or remove directors nor veto the management team\u2019s operational decisions. \u2022 The existing management team and directors remained in place until the completion of the Transaction. After the completion of the transaction, the management team will be transferred over to the new Group. \u2022 The Noteholders have not guaranteed management\u2019s compensation. At the same time, they have provided sufficient funding (via the Bridge Notes) to ensure the operating activities of the Group continue until the completion of the Transaction, including the payment of management\u2019s compensation. \u2022 The Noteholders neither had any contractual rights that could be considered as participating decisions nor could veto participating decisions. The Lock-up Agreement did not provide for their consent to be given in respect of \u201cparticipating decisions\u201d. More specifically, the approval rights of the Noteholders in the Lock-up Agreement were primarily protective in nature. \u2022 The Noteholders did not have any other then exercisable rights e.g., warrants, options etc. Therefore, based on management\u2019s assessment, as of 31 December 2022 the Noteholders did not have power to make decisions over the relevant activities of FHBV and its operating subsidiaries that would affect their variable returns, and therefore Frigoglass SAIC as of that date controlled FHBV and its subsidiaries. There are no other significant areas that Management required to make critical judgements in applying accounting policies. FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 5 - Segment InformationA business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments.The Group's CEO and Executive Committee, examine the Group's performance both from a product and geographic perspective and have identified two reportable segments of its business:1) ICM: The Group manufactures and sells Ice-Cold Merchandises (ICMs) and provides integrated after-sales customer service for its products and a rage of cold-drink equipment through Frigoserve2) Glass: The Group manufactures and sells glass containers, plastic crates and metal crowns.The Group\u2019s finance department is organized by segment for effective financial control and performance monitoring. Management monitors the operating results of its business segments separately for the purpose of making decisions, allocating resources and assessing performance. Segment performance is evaluated based on earnings before interest, taxes, depreciation, amortization, impairment and fire cost/income (Adjusted EBITDA).For the classification relating to continuing and discontinued operations refer to Notes 26 and 33.A) Analysis per business segment Year endedYear ended i) Income statement continuing operations31.12.202231.12.2021ICMGlass ICMGlass TotalTotalOperationsOperationsOperationsOperationsNet impairment losses (1.294) - (1.294) - - - Operating Profit / (Loss) (3.060) - (3.060) (1.652) - (1.652)Finance costs (184) - (184) (103) - (103)Profit / (Loss) before income tax (3.244) - (3.244) (1.755) - (1.755)Income tax expense (135) - (135) (116) - (116)Profit/(Loss) for the period (3.379) - (3.379) (1.871) - (1.871)Profit/(Loss) to shareholders (3.379) - (3.379) (1.871) - (1.871)Depreciation 668 - 668 667 - 667 Adjusted EBITDA (Note 23) (1.098) - (1.098) (985) - (985)A) Analysis per business segment Year endedYear ended ii) Income statement discontinued operations31.12.202231.12.2021ICMGlass ICMGlass TotalTotalOperationsOperationsOperationsOperationsTiming of revenue recognitionAt a point in time 241.937 163.997 405.934 220.730 105.755 326.485 Over time 67.373 - 67.373 57.783 - 57.783 Total Revenue from contracts with customers 309.310 163.997 473.307 278.513 105.755 384.268 Impairment of tangible assets (600) - (600) - - - Operating Profit / (Loss) (349) 26.603 26.254 11.796 20.817 32.613 Finance costs (35.659) (1.956) (37.615) (27.644) 2.459 (25.186)Finance income 83 1.046 1.129 24 534 558 Profit / (Loss) before \u0399income \u03a4ax, Fire and Restructuring Costs (35.924) 25.693 (10.231) (15.824) 23.810 7.986 (Losses) / Gains from Fire and Restructuring (2.012) - (2.012) 6.836 - 6.836 Profit / (Loss) before income tax (37.937) 25.693 (12.244) (8.988) 23.810 14.822 Income tax expense (3.110) (7.528) (10.637) (4.658) (7.694) (12.352)Profit/(Loss) for the period (41.047) 18.166 (22.881) (13.645) 16.116 2.470 Profit/(Loss) to shareholders (40.345) 11.891 (28.454) (13.352) 9.548 (3.804)Depreciation 7.446 10.544 17.990 9.667 7.942 17.609 Adjusted EBITDA 7.697 37.147 44.844 21.463 28.759 50.223 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 5 - Segment Information (continued)There are no sales between the segments% Variance31.12.2022 vs 31.12.2021ICMGlass TotalOperationsOperationsTotal Revenue from contracts with customers11,1% 55,1% 23,2%Operating Profit / (Loss)-103,0% 27,8% -19,5%Adjusted EBITDA-64,1% 29,2% -10,7%Total Revenue from contracts with customers - discontinued operationsCommercial Refrigeration (ICM): Sales increased by 11,1% to \u20ac309.3 million, mainly driven by solid demand in Asia reflecting high orders in India and market share gains in central Asia. Orders in West Europe and Africa were higher driven by Coca Cola bottlers. Sales were supported by higher Frigoserve related sales, price increases and lower volume related discounts. These were partly offset by a decline in East Europe reflecting Russia\u2019s soft market and disruptions in deliveries.Glass Operations: Sales increased by 55.1% to \u20ac164 million. The growth reflects solid demand across all operations coupled with pricing initiatives to absorb cost. Sales were supported by favourable Naira/Euro rate.Adjusted EBITDA - discontinued operationsCommercial Refrigeration (ICM): Adjusted EBITDA decreased by 64.1% at \u20ac7.7 million. Adjusted EBITDA was impacted primarily due to raw materials and transportation cost increase, lower cost absorption (due to light assembly line (SKD) in Romania), higher idle cost, receivables write off for customers in Ukraine and a less favourable geographical mix. These factors were partly offset by pricing, volume growth, lower discounts, Frigoserve\u2019s improved performance as well as Business Interruption (Adjusted EBITDA includes 14 m related to Business Interruption claim).Glass Operations: Adjusted EBITDA increased by 29.2% to \u20ac37.1 million, mainly driven by volume growth. Pricing and improved cost absorption more than offset higher production and energy cost. Adjusted EBITDA was also supported by the favourable Naira/Euro rate. iii) Statement of Financial PositionYear endedPeriod ended31.12.202231.12.2021ICMGlass ICMGlass TotalTotalOperationsOperationsOperationsOperationsTotal assets held for sale 255.400 176.892 432.292 - - - Total assets 2.251 - 2.251 248.667 155.794 404.461 Total liabilities associated with assets held for 552.812 - sale504.182 48.630 - - Total liabilities 3.375 - 3.375 466.106 24.118 490.224 Capital expenditure (Notes 6 & 8)32.828 15.329 48.157 5.244 8.880 14.124 Capital expenditure relates to discontinued operations and assets held for sale.Segment assets and liabilities are measured in the same way as in the financial statements. These assets and liabilities are allocated based on the operations of each segment and the physical location of the asset.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 5 - Segment Information (continued)ConsolidatedB) Revenue from contracts with customers per geographical area (based on customer location) - discontinued operations Year ended31.12.2022 31.12.2021ICM Operations :East Europe 116.264 134.702 West Europe 79.976 68.437 Africa / Middle East 48.111 36.266 Asia 64.959 39.108 Total 309.310 278.513 Glass Operations :Africa 163.997 105.755 Total 163.997 105.755 Total Revenue from contracts with customersEast Europe 116.264 134.702 West Europe 79.976 68.437 Africa / Middle East 212.108 142.021 Asia 64.959 39.108 Consolidated 473.307 384.268 Frigoglass (the \u201cGroup\u201d) is a supplier of Ice-Cold Merchandisers (ICMs). The demand for these products is seasonal. Therefore, the Group generally records higher revenues during the first and second quarters of the year.B) Revenue from contracts with customers per geographical area Parent Company(based on customer location) - discontinued operationsYear ended31.12.2022 31.12.2021ICM Operations :West Europe 7.738 6.995 Total Revenue from contracts with customers7.738 6.995 C) Capital expenditure per geographical area - assets held for saleConsolidatedThe basis of allocation to geographical segments is based on the physical Period endedlocation of the asset.31.12.2022 31.12.2021ICM Operations :East Europe 30.574 3.685 West Europe 1.030 938 Africa 530 398 Asia 694 223 Total 32.828 5.244 Glass Operations:Africa 15.329 8.880 Total 15.329 8.880 Consolidated 48.157 14.124 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 6 - Property, Plant and Equipment ConsolidatedMachineryFurniture Buildings and Motor Assets underLandtechnicaland other Totaltechnical worksvehiclesconstructioninstallationequipmentCostBalance at 01.01.2022 4.629 56.098 161.550 4.517 8.439 3.769 239.002 Additions - 1.892 8.067 701 1.328 35.203 47.191 Cost of assets impaired (303) (8.717) - - - - (9.020) Disposals - (5) (478) (202) (568) - (1.253) Write off - - (2.523) (20) (239) (2.782) Transfer from/to - 866 2.442 140 168 (3.616) - Foreign currency translation 4 (384) (3.237) (129) (44) (648) (4.438) Cost of assets classified as held for sale (Note 33)(4.330) (49.750) (165.821) (5.007) (9.084) (34.708) (268.700) Balance at 31.12.2022 - - - - - - - Accumulated DepreciationBalance at 01.01.2022 - 29.820 105.118 3.569 6.634 - 145.141 Depreciation charge - 1.774 11.932 544 986 - 15.236 Disposals - (3) (448) (200) (558) - (1.209) Write off - - (2.491) (20) (225) - (2.736) Accumulated depreciation of assets impaired - (7.726) - - - - (7.726) Impairment charge - - 600 - - - 600 Foreign currency translation - (16) (2.402) (87) (16) - (2.521) Accumulated depreciation of assets classified as held for sale (Note 33)- (23.849) (112.309) (3.806) (6.821) - (146.785) Balance at 31.12.2022 - - - - - - - Net book value at 31.12.2022 - - - - - - - For 2022, additions of \u20ac6.8 million in machinery technical installation relate mostly to the purchase of equipment for the Group's subsidiaries in Nigeria and Romania.Assets under construction at 31 December 2022, include the purchase for machinery and the rebuilding of the factory in the Group's subsidiary in Romania.\u03a4he major variance derives from the depreciation of the Naira against the Euro. Impairment charge - discontinued operations - assets held for saleImpairment assessment has been performed for those cash-generating units (CGUs) with an indication that their carrying amount exceeds their recoverable amount.The recoverable amount of each cash-generating unit was determined through a value-in-use calculation. That calculation uses cash flow projections based on financial budgets approved by management covering a one-year period and cash projections for four additional years.Subjective estimates and judgements by management about the future results of the CGU were included in the above calculation. These estimates and judgements include assumptions surrounding revenue growth rates, direct costs, and discount rates. The following table sets out the key assumptions for the calculation of the Value in Use:ICM segment: Frigoglass Eurasia LLCAfter - Tax discount rate:18.6%Gross margin pre Depreciation:11.1% - 18.6%Growth rate in perpetuity:1,0%Due to adverse operating results due to the geopolitical situation in Eastern Europe intensified in February 2022, with the conflict between Russia and Ukraine, an impairment assessment at 31.12.2022, was carried out, using the assumptions stated above, which resulted to impairment loss of \u20ac 0.6 m. for Frigoglass Eurasia LLC. Impairment charge - continuing operationsThe impairment charge of \u20ac 1.3 m. relates to the former production plant in Kato Achaia, consisting of both owned land and the building. As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable effort to sell the only property that it owns after the implementation date of the Transaction. Since the amount to be collected after the sale, will be transferred to FHBV (based on the Hive Down Agreement), management concluded that an impairment charge is to be recognised as at 31 December 2022. For more information refer to Notes 26 and 33.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 6 - Property, Plant and Equipment (continued)ConsolidatedMachineryFurniture Buildings and Motor Assets underLandtechnicaland other Totaltechnical worksvehiclesconstructioninstallationequipmentCostBalance at 01.01.2021 4.408 58.444 174.625 4.446 8.989 26.070 276.982 Additions - 701 5.882 247 809 5.249 12.888 Disposals - (5) (9.570) (246) - - (9.821) Write off due to fire (Note 20)- (4.313) (32.044) (77) (1.455) (65) (37.954) Write off - - (1.738) - (45) - (1.783) Transfer from/to - 1.004 25.129 268 49 (26.450) - Foreign currency translation 221 267 (734) (121) 92 (1.035) (1.310) Balance at 31.12.2021 4.629 56.098 161.550 4.517 8.439 3.769 239.002 Accumulated DepreciationBalance at 01.01.2021 - 29.980 129.673 3.490 7.141 - 170.284Depreciation charge - 1.731 10.730 450 727 - 13.638 Disposals - (1) (9.564) (247) - - (9.812) Write off due to fire (Note 20) - (2.053) (23.594) (35) (1.288) - (26.970) Write off - - (1.731) - (43) - (1.774) Foreign currency translation - 163 (396) (89) 97 - (225) Balance at 31.12.2021 - 29.820 105.118 3.569 6.634 - 145.141 Net book value at 31.12.2021 4.629 26.278 56.432 948 1.805 3.769 93.861 Pledged assets are described in detail in Note 15 - Borrowings.Construction in progress as at 31.12.2021 mainly relates to the upgrade of machinery and building equipment also the purchase of new one.\u03a4he major variance derives from the depreciation of the Naira against the Euro. FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 6 - Property, Plant & Equipment (continued)Parent CompanyMachineryFurniture Building and Motor Landtechnicaland Totaltechnical worksvehiclesinstallationfixturesCostBalance at 01.01.2022 303 9.042 - - 547 9.892 Additions - - - - 135 135 Cost of assets impaired (303) (8.717) - - - (9.020) Cost of assets classified as held for sale (Note 33)- (325) - - (682) (1.007) Balance at 31.12.2022- - - - - - Accumulated DepreciationBalance at 01.01.2022 - 7.471 - - 315 7.786Depreciation charge - 344 - - 118 462 Accumulated depreciation of assets impaired - (7.726) - - - (7.726) Accumulated depreciation of assets classified as held for sale (Note 33)- (89) - - (433) (522) Balance at 31.12.2022 - - - - - - Net book value at 31.12.2022 - - - - - - Impairment charge - continuing operationsThe impairment charge of \u20ac 1.3 m. relates to the former production plant in Kato Achaia, consisting of both owned land and the building. As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable effort to sell the only property that it owns after the implementation date of the Transaction. Since the amount to be collected after the sale, will be transferred to FHBV (based on the Hive Down Agreement), management concluded that an impairment charge is to be recognised as at 31 December 2022. For more information refer to Notes 26 and 33.Parent CompanyMachineryFurniture Building and Motor Landtechnicaland Totaltechnical worksvehiclesinstallationfixturesCostBalance at 01.01.2021 303 8.962 1.710 - 509 11.484 Additions - 80 - - 38 118 Write-off - - (1.710) - - (1.710) Balance at 31.12.2021 303 9.042 - - 547 9.892 Accumulated DepreciationBalance at 01.01.2021 - 7.128 1.710 - 199 9.037 Depreciation charge - 343 - - 116 459 Write-off - - (1.710) - - (1.710) Balance at 31.12.2021 - 7.471 - - 315 7.786 Net book value at 31.12.2021 303 1.571 - - 232 2.106 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 7 - Right-of-use Assets and Lease LiabilitiesA) Amounts recognised in the Statement of Financial PositionConsolidatedParent CompanyRight-of-use assets31.12.2022 31.12.2021 31.12.2022 31.12.2021Buildings and technical works 2.546 3.166 501 679Furniture and fixtures - - - - Motor vehicles 500 544 203 279Transfer to assets classified as held for sale (Note 33)(2.342) - - - Total 704 3.710 704 958Lease liabilitiesNon current - 3.745 - 658Current 4.091 1.274 762 366Transfer to liabilities directly associated with assets classified as held for sale (Note 33)(3.329) - - - Total 762 5.019 762 1.024Additions during the year 1.929 1.856 118 46B) Amounts recognised in the Income Statement ConsolidatedParent CompanyDepreciation31.12.2022 31.12.2021 31.12.2022 31.12.2021Buildings and technical works 1.968 1.782 201 193Furniture and fixtures - - - - Motor vehicles 565 500 162 126Total 2.533 2.282 363 319Relates to:Continuing operations 363 319 363 319Discontinued operations 2.170 1.963 - - Interest expense ( Note 19 ) 453 272 50 69Relates to:Continuing operations 50 69 50 69Discontinued operations 403 203 - - FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 8 - Intangible assetsConsolidatedDevelopment Assets underSoftwareTotalcostsconstructionCostBalance at 01.01.2022 17.820 9.690 6.670 34.180 Additions 118 219 629 966 Transfer to / from 552 58 (610) - Foreign currency translation (27) (22) (6) (55) Cost of assets classified as held for sale (Note 33) (18.463) (9.945) (6.683) (35.091) Balance at 31.12.2022 - - - - Accumulated AmortisationBalance at 01.01.2022 14.759 8.225 - 22.984 Amortisation charge 1.343 581 - 1.924 Foreign currency translation (28) (22) - (50) Accumulated depreciation of assets classified as held for sale (Note 33)(16.074) (8.784) - (24.858) Balance at 31.12.2022 - - - - Net book value at 31.12.2022 - - - - Assets under construction are allocated to assets held for sale and relate to the implementation of the SAP project.ConsolidatedDevelopment Assets underSoftwareTotalcostsconstructionCostBalance at 01.01.2021 17.542 9.215 5.981 32.738 Additions 134 413 689 1.236 Write - off (12) - - (12) Foreign currency translation 156 62 - 218 Balance at 31.12.2021 17.820 9.690 6.670 34.180 Accumulated AmortisationBalance at 01.01.2021 13.212 7.536 - 20.748 Amortisation charge 1.465 627 - 2.092 Foreign currency translation 82 62 - 144 Balance at 31.12.2021 14.759 8.225 - 22.984 Net book value at 31.12.2021 3.061 1.465 6.670 11.196 Pledged assets are described in detail in Note 15 - Borrowings.Assets under construction relate to the implementation of the SAP project.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 8 - Intangible assets (continued)Parent CompanySoftware & other Assets underTotalintangible assetsconstructionCostBalance at 01.01.2022 1.908 1.140 3.048 Additions 151 - 151 Cost of assets classified as held for sale (Note 33) (2.059) (1.140) (3.199) Balance at 31.12.2022 - - - Accumulated DepreciationBalance at 01.01.2022 1.159 - 1.159 Amortisation charge 294 - 294 Accumulated depreciation of assets classified as held for sale (Note 33)(1.453) - (1.453) Balance at 31.12.2022 - - - Net book value at 31.12.2022 - - - Assets under construction are allocated to assets held for sale and relate to the implementation of the SAP project.Parent CompanySoftware & other Assets underTotalintangible assetsconstructionCostBalance at 01.01.2021 1.699 1.140 2.839 Additions209 - 209 Balance at 31.12.2021 1.908 1.140 3.048 Accumulated DepreciationBalance at 01.01.2021 861 - 861 Amortisation charge 298 - 298 Balance at 31.12.2021 1.159 - 1.159 Net book value at 31.12.2021 749 1.140 1.889 Assets under construction are allocated to assets held for sale and relate to the implementation of the SAP project.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 9 - Investments in subsidiariesParent Company31.12.2022 31.12.2021Investment in Frigoinvest Holdings B.V. Net book value Net book value( The Netherlands )Opening balance60.005 60.005Impairment charge(8.586) - Closing Balance51.419 60.005 Before the implementation of the Transaction and the Hive-Down, which are described in detail in Notes 4.1.6. and 26, the intercompany balances of the Group, including those at Frigoglass SAIC, the parent Company, were reorganized. As a result of such reorganisation, Frigoglass SAIC had a net intercompany loan balance towards FHBV of \u20ac51.4m. In April April 2023, FHBV undertook a reduction in its share capital of an amount equivalent to the net intercompany balance owed by the Company, which also reduced the cost of investment in FHBV by an equivalent amount. Following this reduction, an impairment of \u20ac8.6m was recorded.The discontinued Group explained in Notes 26 and 33 is described below:Country of Company name and business segmentincorporationICM OperationsFrigoglass S.A.I.C. GreeceFrigoglass Romania SRL RomaniaFrigoglass Indonesia PT IndonesiaFrigoglass South Africa Ltd. South AfricaFrigoglass Eurasia LLC RussiaFrigoglass (Guangzhou) Ice Cold Equipment Ltd.ChinaScandinavian Appliances A.S NorwayFrigoglass Spzoo PolandFrigoglass India PVT.Ltd. IndiaFrigoglass Switzerland AG Switzerland Frigoglass East Africa Ltd. KenyaFrigoglass GmbH GermanyFrigoglass Hungary KftHungary Frigoglass Nordic AS NorwayFrigoglass Cyprus Ltd. CyprusNorcool Holding A.S NorwayFrigoinvest Holdings B.V The NetherlandsFrigoglass Finance B.V The Netherlands3P Frigoglass SRL RomaniaGlass OperationsFrigoglass Global Ltd. CyprusBeta Glass Plc. NigeriaFrigoglass Industries (NIG.) Ltd. Nigeria%ShareholdingParent Company100,00%99,98%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%55,21%76,03%The Parent Company does not have any shareholdings in the preference shares of subsidiary undertakingsincluded in the Group.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 9 - Investments in subsidiaries (continued)Below is the summarised financial information of the Group's subsidiaries with non-controlling interests. Total assets andliabilities include intergroup balances. The subsidiaries stated below are part of the assets held for sale and thediscontinued operations. For more information refer to Notes 26 and 33.2022 2021Frigoglass Industries ( Nigeria ) Ltd.Total assets107.331 102.214 Total liabilities73.356 54.803 Total equity33.975 47.411 Revenue from contracts with customers53.326 36.003 Profit / (Loss) after income tax expenses4.663 5.811 Non controlling interest - % 23,97% 23,97%Profit / (Loss) after income tax expenses attributable to non-controlling interests1.118 1.393 Dividends to non-controlling interests3.985 1.366 Capital expenditure2.167 1.396 2022 2021Beta Glass Plc.Total assets160.263 135.891 Total liabilities66.195 48.189 Total equity94.068 87.702 Revenue from contracts with customers120.026 76.127 Profit / (Loss) after income tax expenses10.349 11.254 Non controlling interest - % 44,79% 44,79%Profit / (Loss) after income tax expenses attributable to non-controlling interests4.635 5.040 Dividends to non-controlling interests335 318 Capital expenditure13.163 7.578 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 10 - InventoriesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.202231.12.2021Assets held Assets held for salefor saleRaw materials - 71.361 68.144 - - - Work in progress - 2.673 2.953 - - - Finished goods - 50.152 41.656 - - - Less: Provision - (8.893) (8.436) - - - Total- 115.293 104.317 - - - ConsolidatedParent CompanyAnalysis of Provisions :31.12.202231.12.2022 31.12.2021 31.12.2022 31.12.202231.12.2021Assets held Assets held for salefor saleOpening Balance 8.436 - 7.041 - - - Increase in provision in income statement6.198 - 2.307 - - - Unused amounts reversed during the year (3.153) - (428) - - - Amounts written off during the year(2.626) - (529) - - - Transferred to assets held for sale (Note 33) (8.893) 8.893 - - - - Foreign currency translation 38 - 45 - - - Closing Balance - 8.893 8.436 - - - FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 11 - Trade receivablesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleTrade receivables- 86.176 67.108 - 3.146 1.875 Less: Provisions ( Note 35 ) - (1.276) (1.030) - (22) (22) Total - 84.900 66.078 - 3.124 1.853 In terms of comparing the balances as at 31.12.2021 with the assets held for sale as at 31.12.2022: The increase in the balance of the trade receivables is mainly driven by the sales growth in the third and fourth quarters of the year, compared to the corresponding quarters of the year 2021.Trade receivables are amounts due from goods sold or services performed in the ordinary course of business. Due to the short-term nature of the current receivables, their carrying amount is considered the same as their fair value. The credit risk of customers is described in Note 3.Management does not expect any other losses from non-performance of trade receivables, other than as provided for as at 31.12.2022.Pledged assets are described in detail in Note 15 - Borrowings.The aging analysis of the trade debtorsConsolidatedParent Company is the following:31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor sale00 - 30 days - 54.874 48.372 - 959 1.042 31 - 60 days - 15.676 11.544 - 890 583 61 - 90 days - 7.714 2.147 - 786 116 91 - 120 days - 4.265 1.957 - 311 59 121 - 180 days - 2.025 1.071 - 157 40 > 180 days- 1.622 2.017 - 43 35 Total- 86.176 67.108 - 3.146 1.875 The overdue analysis ConsolidatedParent Companyof the trade debtors is the following:31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Not yet Overdue - 62.018 55.681 - 3.042 1.764 Overdue 00 - 30 days - 13.006 7.505 - 56 57 Overdue 31 - 60 days - 5.226 1.483 - 14 22 Overdue 61 - 90 days - 2.532 488 - 7 7 Overdue 91 - 120 days - 1.536 237 - 1 8 Overdue 121 - 180 days - 440 689 - 2 1 Overdue > 180 days - 1.420 1.025 - 25 16 Total- 86.176 67.108 - 3.146 1.875 Less: Provisions - (1.276) (1.030) - (22) (22) Net trade debtors- 84.900 66.078 - 3.124 1.853 Analysis of provisions for trade receivables:ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleOpening balance 1.030 - 1.083 22 - 131 Additions 467 - 11 - - - Reversed amounts (215) - (54) - - (51) Utilized (30) - (59) - - (58) Exchange differences 24 - 49 - - - Transferred to assets held for sale (Note 33) (1.276) 1.276 - (22) 22 - Closing Balance - 1.276 1.030 - 22 22 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 12 - Other receivablesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleV.A.T receivable 412 16.659 15.429 412 - 57 Intergroup receivables - - - 18.215 - 14.689 Grants for exports receivable - 7.403 7.187 - - - Insurance prepayments 78 1.225 1.041 78 - 51 Prepaid expenses 115 1.559 1.262 115 - 82 Receivable from the disposal of subsidiary - 111 1.977 - - - Other taxes receivable - 441 1.394 - - - Advances to employees - 664 668 - 10 3 Insurance claim receivable due to the fire incident - 15 10.000 - - - Other receivables 89 4.155 3.550 89 - 34 Total 694 32.232 42.508 18.909 10 14.916 V.A.T. receivable in assets held for sale is fully recoverable through the operating activity of the Group and the Company. The balance consists ofrefundable VAT in Romania and Nigeria, due to higher inventories to cover demand in the upcoming quarters.Grants for exports receivable, assets held for sale: Export Expansion Grants (EEG) are granted by the Federal Government of Nigeria on exports of goods produced in the country, after having met certain eligibility criteria. The EEGs are granted by the Nigerian Export Promotion Council (NEPC), a Federal government agency, to qualified non-oil exporters. The NEPC oversees non-oil exporters and sets criteria for all non-oil export grants schemes. The EEGs are recognized at fair value, and Management does not expect any losses from the non-recoverability of these grants. For all EEG claims prior to 2017, the Federal Government of Nigeria settled these claims by issuing Negotiable Duty Credit Certificates (NDCC). The NEPC however ceased issuing the NDCCs, following new guidelines from the Nigerian Federal Government, and these were replaced by Promissory Notes (PNs) issued by Debt Management Office (DMO) of the Nigerian Federal Government. The EEG claims of Frigoglass Industries Ltd. were fully settled through PNs, that were subsequently cashed, in 2019 and 2020. The majority of the outstanding EEG claims of Beta Glass PLC., for the period 2007-2020, were settled through the issuance of PNs in February 2023.Insurance claim receivable due to the fire incident - Assets held for sale:Property damageFrigoglass reached an agreement with the co-insurance scheme for a \u20ac42 million compensation related to the property damage claim including inventory. The amount of \u20ac10m that was received in early February 2022 was presented as an insurance claim receivable as of 31.12.2021, on the basis that the receivable was considered as virtually certain. For more information refer to Notes 18 and 20.Other receivables - assets held for sale: Other receivables mostly include advances and prepayments to third parties.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 13 - Cash and cash equivalentsConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleCash on hand - 86 8 - - - Short term bank deposits 853 62.466 79.199 853 - 1.752 Total 853 62.552 79.207 853 - 1.752 Cash & cash equivalents per currency:EURO - \u20ac 831 21.057 31.569 831 - 1.748 USD - $ 20 20.262 11.836 20 - 2 Polish Zloty - PLN - 457 353 - - - Nigeria Naira - NAIRA - 17.483 30.406 - - - Norwegian krone - NOK - 521 1.005 - - - Chinese yuan renminbi - CNY - 192 43 - - - Indian Rupee - INR- 145 687 - - - Russian rouble - RUB - 837 74 - - - Romanian Lei - RON - 849 1.181 - - - S. African Rand - ZAR 2 221 1.245 2 - 2 Indonesian Rupiah - IDR- 53 57 - - - Hungarian Forint - HUF - 278 356 - - - Kenyan Sheiling-KES - 30 19 - - - Danish Krone-DKK - 20 10 - - - Swedish Krone-SEK - 63 103 - - - Great British Pounds- GBP - 9 38 - - - Swiss Franc -CHF - 76 225 - - - Total 853 62.552 79.207 853 - 1.752 Pledged assets are described in detail in Note 15 - Borrowings.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 14 - Other payablesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for sale Held for saleTaxes and duties payable 320 2.980 3.156 320 - 264 Intergroup payables - - - 4.475 - 5.367 VAT payable - 8.499 5.827 - - - Social security insurance 270 2.196 1.477 270 - 294 Customers' advances - 4.386 5.453 - - 48 Other taxes payable - 654 473 - - - Accrued discounts on sales - 6.483 7.313 - - - Accrued fees & costs payable to third parties 361 10.033 5.388 361 103 402 Accrued payroll expenses - 3.867 11.295 - 98 4.325 Other accrued expenses 35 3.543 3.079 35 - 27 Accrual for warranty expenses - 4.538 5.268 - - - All other payables 259 7.085 5.847 259 - 293 Total 1.245 54.264 54.576 5.720 201 11.020 The carrying amount of other payables is considered to be the same as its fair value, due to their short-term nature.Customer Advances - liabilities associated with assets held for sale: The reduction reflects high advances received by clients, relating to orders for the first quarter of 2022, at the end of 2021.Accrued fees & costs payable to third parties - liabilities associated with assets held for sale: The increase reflects mostly not yet invoiced purchases of property plant and equipment in Nigeria.All other payable liabilities associated with assets held for sale: Other creditors include dividends payable to minority, amounting to \u20ac4 million.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 15 - BorrowingsConsolidatedParent Company31.12.202231.12.202231.12.2021 31.12.202231.12.202231.12.2021Held for sale Held for saleBond loans - 260.000 260.000 - - - Intergroup bond loans - - - - - 53.973 Bank loans - - 4.000 - - - Unamortized costs for the issue of bond - (4.061) (5.763) - - - Total Non current borrowings - 255.939 258.237 - - 53.973 ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for sale Held for saleBank overdrafts - 2.341 3.740 - - - Intergroup bond loans - - 61.965 - Bridge notes - 35.000 - - - - Bank loans - 72.600 55.771 - - - Accrued interest for loans - 10.255 7.474 - - - Total current borrowings - 120.196 66.985 61.965 - - Total borrowings - 376.135 325.222 61.965 - 53.973 ConsolidatedParent CompanyNet debt31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for sale Held for saleTotal borrowings - 376.135 325.222 61.965 - 53.973 Total Lease Liabilities ( Note 7 ) 762 3.328 5.019 762 - 1.024 Cash and cash equivalents (Note 13) (853) (62.552) (79.207) (853) - (1.752) Net debt (91) 316.911 251.034 61.874 - 53.245 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 15 - Borrowings (continued)ConsolidatedParent CompanyHeld for Sale - Discontinued operationsHeld for Sale - Discontinued operationsThe movement of liabilities fromLease borrowings & lease liabilities BorrowingsTotal Borrowings Lease liabilities Totalliabilitiesis listed below:Balance 01.01.2022 325.222 3.995 329.217 - - - Cash flows - - - - Proceeds from borrowings 193.783 - 193.783 - - - Repayments of borrowings (145.242) - (145.242) - - - Principal repayments of lease obligations - (2.878) (2.878) - - - Interest paid (23.316) - (23.316) - - - Total cash flows 25.225 -2.878 22.347 - - - Lease increase - 1.811 1.811 - - - Effect of changes in exchange rate (2.320) (35) (2.355) - - - Other non-cash movements 28.009 436 28.445 - - - Balance 31.12.2022 376.135 3.329 379.464 - - - The other non-cash movements primarily include the interest expense for the period and the amortised issuance costs.ConsolidatedParent CompanyContinuing OperationsContinuing OperationsThe movement of liabilities fromLease borrowings & lease liabilities BorrowingsTotal Borrowings Lease liabilities Totalliabilitiesis listed below:Balance 01.01.2022 0 1.024 1.024 53.973 1.024 54.997Cash flows - Proceeds from borrowings - - - 6.400 - 6.400 Repayments of borrowings - - - (1.300) 0 (1.300) Principal repayments of lease obligations - (370) (370) - (370) (370) Interest paid - - - (900) - (900) Total cash flows 0 -370 -370 4.200 -370 3.830Lease increase 0 118 118 0 118 118Effect of changes in exchange rate- - - - - - Other non-cash movements - (10) (10) 3.792 (10) 3.782 Balance 31.12.2022 0 762 762 61.965 762 62.727 Balance 01.01.2021 312.357 6.122 318.479 50.359 1.358 51.717Cash flowsProceeds from borrowings 111.513 - 111.513 3.350 - 3.350 Repayments of borrowings(100.249) - (100.249) (3.350) 0 (3.350) Principal repayments of lease obligations - (2.700) (2.700) - (351) (351) Interest paid (19.315) - (19.315) (112) - (112) Total cash flows -8.051 -2.700 -10.751 -112 -351 -463Lease increase 0 1.634 1.634 0 46 46Effect of changes in exchange rate 21 0 21 0 0 0Other non-cash movements 20.895 -37 20.858 3.726 -29 3.697Balance 31.12.2021 325.222 5.019 330.241 53.973 1.024 54.997The other non-cash movements primarily include the interest expense for the period and the amortised issuance costs.FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) Discontinued operations Non-current borrowings Bond Loan On February 12, 2020, Frigoglass S.A.I.C. through its subsidiary Frigoglass Finance B.V. (the \"Issuer\") issued \u20ac260.0 million in aggregate principal amount of 6.875% Senior Secured Notes due 2025 (the \u201c2025 Notes\u201d). The Notes are guaranteed on a senior secured basis by Frigoglass S.A.I.C. and certain of our subsidiaries (the \"Guarantors\") and secured by certain assets of the Issuer and the Guarantors. The Notes mature on February 12, 2025. The Notes pay interest semi\u2010annually on February 1 and August 1 of each year. The Indenture limits, among other things, our ability to incur additional indebtedness, pay dividends on, redeem or repurchase our capital stock, make certain restricted payments and investments, create or permit to exist certain liens, transfer or sell assets, merge or consolidate with other entities and enters into transactions with affiliates. Each of the covenants is subject to a number of important exceptions and qualifications. Guarantees The companies that have granted guarantees in respect of the Note are: Frigoglass S.A.I.C., Frigoinvest Holdings B.V., Beta Glass Plc, Frigoglass Eurasia LLC, Frigoglass Industries (Nigeria) Limited, Frigoglass Cyprus Limited, Frigoglass Global Limited, Frigoglass Romania S.R.L. and 3P Frigoglass S.R.L. Security The security granted in favour of the creditors under the Senior Secured Notes due 2025 include the following: (a) Security over shares in the following Group companies: Frigoinvest Holdings B.V., Frigoglass Finance B.V., 3P Frigoglass S.R.L., Frigoglass Romania S.R.L., Frigoglass Eurasia LLC, Frigoglass Global Limited and Frigoglass Cyprus Limited. The Notes are also secured by a pledge over the shares of Frigoglass Industries (Nigeria) Limited and Beta Glass (the \"Share Pledge\"), with an aggregate amount of the secured obligations in respect of the Share Pledge being limited to \u20ac175.0 million. (b) Security over assets of the Group in the value shown below: Assets 31.12.2022 Intergroup receivables 357.478 Other debtors 32 Cash & cash equivalents 8.058 Total 365.568 The 2025 Notes have been canceled as part of the Transaction. FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) Current borrowings On 5 December 2022, a committee of the Noteholders of the \u20ac260 million senior secured notes due 2025 (the \u201c2025 Notes\u201d), that represented 56.9% of the principal amount of the 2025 Notes (such committee, the \u201cNoteholder Committee\u201d), provided to the Company and the Group \u20ac35 million in aggregate principal amount of Fixed Rate Super Senior Secured Notes due 2023 (the \u201cInitial Bridge Notes\u201d), with the ability, subject to agreement between the parties, to tap an additional aggregate amount of \u20ac20 million through two tranches of equal amount (the \u201cAdditional Bridge Notes\u201d, and together with the Initial Bridge Notes, the \u201cBridge Notes\u201d), as further set out below. In addition to funding the Initial Bridge Notes, the Noteholder Committee agreed to support a recapitalization and restructuring transaction, in order to provide stability to the Group\u2019s operations. The Additional Bridge Notes of \u20ac20 million aggregate principal amount were issued on 20 January 2023 and 3 February 2023, following the respective subscription agreements and the extension of the maturity dates of the Bridge Notes. The \u20ac55 million Bridge Notes were used by the Group, inter alia, to support its working capital needs and capital expenditures, including the rebuild of the new manufacturing facility in Romania. The Bridge Notes also have the same guarantees with the 2025 Notes, except for the guarantee of Frigoglass Eurasia which was not granted to the Bridge Notes due to, inter alia, the sanctions regime in place making financial dealings with Russian entities complex, and benefit from the share pledges. The Initial Bridge Notes: \u2022 Were issued by Frigoglass Finance B.V. and Frigoinvest Holdings B.V. (together, the \u201cCo\u2010Issuers\u201d) at an issue price of 95%. \u2022 Ranked pari passu in right of payment to the 2025 Notes but have contractual seniority in respect of proceeds from the enforcement of collateral, a distressed disposal and any amounts which would be subject to turnover provision. \u2022 The proceeds were used, directly or indirectly, including by way of intragroup on\u2010lending, for general corporate purposes, inter alia, to use for capital expenditures in connection with the reconstruction of the Group\u2019s production facility in Romania; to purchase inventory and/or working capital requirements; to repay debt outstanding under certain existing local facilities; to finance payroll, taxes, overdue claims of any third\u2010party creditor and other expenses of Frigoglass; and to finance certain fees, costs, taxes and expenses related to or incurred or charged in connection with the recapitalization and restructuring transaction. \u2022 Included covenants in line with the terms of the indenture governing the terms of the 2025 Notes (the \u201c2025 Notes Indenture\u201d) and also include, inter alia, certain maintenance covenants and certain additional events of default, consistent with a financing of this nature. \u2022 Paid 13% p.a. cash interest which will be payable on the maturity date. \u2022 Were refinanced on the Implementation Date. FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) The initial maturity date of the Bridge Notes was 11 January 2023 with a final maturity date of 28 February 2023. Frigoinvest Holdings B.V. (\u201cFHBV\u201d) and Frigoglass Finance B.V., as issuers of the Bridge Notes, have not repaid the principal amount of and any accrued interest related to the Bridge Notes which was due and payable on 28 February 2023. This constituted an Event of Default under the trust deed governing the Bridge Notes and such Event of Default was required to commence the implementation of the Transaction. On or about 6 March 2023, Frigoglass reached an agreement with the Noteholder Committee with the support of its major indirect shareholder, Truad Verwaltungs A.G. (\u201cTruad\u201d), for a consensual recapitalization and restructuring (the \u201cTransaction\u201d) of the group of companies (i.e., FHBV and its subsidiaries) which was controlled at that time by Frigoglass SAIC. By 24 March 2023, Noteholders representing over 95% of the aggregate principal amount of the 2025 Notes have elected to accede to the Lock\u2010up Agreement and support the Transaction. The Transaction, as reflected in the amended Lock\u2010Up Agreement, involved a number of inter\u2010conditional components which resulted in changes to Frigoglass Group\u2019s debt capital structure on completion on the Implementation Date (as further described below), including: 1) Issuance of new first lien senior secured notes in the amount of \u20ac75 million (the \u201cNew Super Senior Notes\u201d) (with an uncommitted ability to issue in total up to an additional \u20ac30 million under the indenture governing the New Senior Secured Notes) by Frigo DebtCo PLC (refer below for the details of the company). The maturity of the bonds is three years after the Implementation date of the Transaction. 2) Issuance of new second lien senior secured notes in the amount of \u20ac150m (the \u201cReinstated Notes\u201d) by Frigo DebtCo PLC, following the restructuring of the 2025 Notes. The maturity of the bonds is five years after the implementation of the Transaction. As a result of the Transaction the 2025 Notes were canceled. The Bridge Notes have been repaid through the proceeds of the New Super Senior Notes. Following the Event of Default under the trust deed governing the Bridge Notes, the Noteholder Committee commenced the implementation of the Transaction by enforcing the pledge over the shares of Frigoinvest Holdings B.V. (the \u201cShare Pledge Enforcement\u201d), which implementation was completed on 27 April 2023 (the \u201cImplementation Date\u201d). On the Implementation Date, ownership of FHBV (and each of its subsidiaries) was transferred to Frigo DebtCo PLC, an entity in which the Noteholders (or their affiliates) indirectly own an 85% equity stake. As a result, FHBV and its subsidiaries, with effect from 27 April 2023, are controlled by Frigo DebtCo PLC. FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) Additionally, simultaneously to the implementation of the Transaction, Frigoglass SAIC transferred to Frigoglass Services Single Member SA (a new subsidiary entity of FHBV) substantially all of its assets and liabilities (the \u201cHive\u2010Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC as well as receipt of a series of indemnities to support Frigoglass\u2019 solvency and liquidity going forward. On the Implementation Date, Frigoglass SAIC and other Group companies have been discharged from the obligations and guarantees stemming from the 2025 Notes and the Bridge Notes. The Hive\u2010Down was approved by the General Meeting of Shareholders of Frigoglass SAIC, on 28 March 2023, according to article 23 of law 4706/2020. Following the implementation of the Transaction and the Hive\u2010Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC and, thus the recapitalized group, with the remaining 85% being held Frigo NewCo 1 Limited, a private liability company incorporate in England and Wales. 95% of the share capital of Frigo NewCo 1 Limited has been distributed pro rata to the 2025 Noteholders with the remaining 5% of the share capital distributed to the 2025 Noteholders who elected to purchase the New Super Senior Notes. Bank overdrafts, accrued interest and bank loans The Group\u2019s outstanding balance of current borrowings as of December 31, 2022, amounted to \u20ac120.2 million (December 31, 2021: \u20ac67.0 million), including the accrued interest of loans in the period. Current borrowings represent bank overdraft facilities and short\u2010term loans from various banks in India, Romania, Russia and Nigeria, and part of them are secured through inventories, trade receivables and/or property. Continuing operations Intergroup current loans The loans from subsidiaries to the Parent Company are maturing in February 2025. The interest rate on the loans for 2022 is 8.2%. For the reclassification of intergroup loans to current, as well as the subsequent events, refer to Note 26. As a result: a) The initial Bridge Notes have been initially classified in the Group\u2019s current borrowings and subsequently reclassified to Liabilities directly associated with Assets Held for Sale. b) The intercompany loans of the Parent Company have been classified as current following the netting off that took place in April 2023. FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 16 - Share capital, share premium and share based paymentsShare capital:The share capital of the Group at 31.12.2020 comprised of 355.437.751 fully paid up ordinary shares with an nominal value of \u20ac 0.10 each. The General Meeting of shareholders, at 14.12.2021, decided the nominal decrease of the Company\u2019s share capital by the amount of \u20ac14,217,510.04 to become \u20ac21,326,265.06, through decrease of the nominal value of the Company\u2019s 355,437,751 shares from \u20ac0.10 to \u20ac 0.06 each, according to article 31 of Law 4548/2018, for the purpose of forming a special reserve of equal amount and offsetting losses by deletion of losses from the Company\u2019s account \u201cRetained earnings\u201d and the respective amendment of article 3 of the Company\u2019s Articles of Association.On the 31st of December 2021, FRIGOGLASS' s Board of Directors resolved to increase the share capital of the Company by 876,665 ordinary shares, following the exercise of share options by option holders pursuant to the Company\u2019s share option plan. The proceeds from the share capital increase amounted to \u20ac 110 thousand.The share capital of the Parent Company at 31.12.2021 and 31.12.2022 comprised of 356,314,416 fully paid up ordinary shares with an nominal value of \u20ac 0.06 each. Share capitalShare premiumNumber of shares -000' Euro--000' Euro- Balance at 01.01.2021 355.437.751 35.544 (33.801) Transfer to reserves due to the decrease of the nominal value of each share for - (14.218) - offsetting losses by deletion of losses from the account \u201cAccumulated losses\u201dShares issued to employees exercising stock options / Proceeds from the issue of 876.665 53 57 sharesBalance at 31.12.2021356.314.416 21.379 (33.744) Balance at 31.12.2022356.314.416 21.379 (33.744) FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 16 - Share capital, share premium and share based payments ( continued )Share OptionsThe establishment of the Frigoglass Stock Option Plan was approved by shareholders at the 2007 Annual General Meeting and subsequently in 2009, 2010, 2012 ,2014 and 2019.The Stock Option Plan is designed to provide long-term incentives for senior managers and members of the Management Committee to deliver long-term shareholder returns. Participation in the plan is at the board\u2019s discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits.Options vest in one-third increments each year for three years and can be exercised for up to 10 years from the date of award. When the options are exercised, the proceeds received, net of any transaction costs, are credited to share capital (at the nominal value) and share premium.The exercise price of options is determined by the General Meeting.A summary of stock option activity under all plans is as follows:20222021Weighted Average Number of stock Weighted Average Number of stock exercise price (\u20ac)optionsexercise price (\u20ac)optionsBeginning Balance 0,4247 4.469.417 0,4440 5.796.979Granted during the year - - 0,125 (876.665) Expired during the year 1,680 (485.764) 16,620 (30.897) Forfeited during the year - - 0,125 (420.000) Ending Balance 0,2717 3.983.653 0,4247 4.469.417Vested and exercisable at 0,2717 3.983.653 0,4247 4.469.417the end of the periodShare options outstanding at the end of the year have the following expiry date and exercise prices:Share optionsWeighted Average Grant dateExpiry date Exercise price (\u20ac)exercise price (\u20ac)27/6/2014 31/12/2023 11,370 30.663 0,087515/5/2015 31/12/2024 5,700 32.661 0,04674/11/2015 31/12/2024 6,630 6.666 0,011126/7/2016 31/12/2025 0,450 43.663 0,004922/3/2019 31/12/2028 0,125 3.870.000 0,121431/12/2022Total 3.983.653 0,2717Weighted average remaining contractual life, in years, of options outstanding at the end of 5,889periodFRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 17 - Other reservesConsolidatedCurrency Statutory Share based Extraordinary Tax free translation TotalreservespaymentsreservesreservesreserveBalance at 01.01.2021 4.177 1.081 14.201 8.760 (65.684) (37.465) Additions for the year - 46 - - - 46 Share capital decrease (Note 16) - - 4.395 - - 4.395 Shares issued to employees - (162) - - - (162) Foreign currency translation- - (49) - (2.097) (2.146) Balance at 31.12.2021 4.177 965 18.547 8.760 (67.781) (35.332) Balance at 01.01.2022 4.177 965 18.547 8.760 (67.781) (35.332) Additions for the year 9 - - - - 9 Foreign currency translation- - (36) - (4.281) (4.317) Balance at 31.12.2022 4.186 965 18.511 8.760 (72.062) (39.640) Parent CompanyCurrency Statutory Share based Extraordinary Tax free translation TotalreservespaymentsreservesreservesreserveBalance at 01.01.2021 4020 1.081 12.013 8.760 - 25.874 Additions for the year - 46 - - - 46 Share capital decrease (Note 16) - - 4.395 - - 4.395 Shares issued to employees - (162) - - - - Balance at 31.12.2021 4.020 965 16.408 8.760 30.153 Balance at 01.01.2022 4.020 965 16.408 8.760 30.153 Balance at 31.12.2022 4.020 965 16.408 8.760 - 30.153 A statutory reserve has been created under the provisions of Hellenic law (Law 4548/2018) according to which, an amount of at least 5% ofthe profit (after tax) for the year must be transferred to this reserve until it reaches one third of the paid up share capital. The statutoryreserve can not be distributed to the shareholders of the Company except for the case of liquidation.The share based payments reserve refers to the established Stock Option Plan provided to senior managers and members of theManagement Committee. The Company has created tax free reserves, in accordance with several Hellenic tax laws, during the years, in order to achieve taxdeductions, either: a) by postponing the settlement of tax liabilities until the distribution of the reserves to the shareholders, or b) by eliminating any future income tax payment related to the issuance of bonus shares to the shareholders.Should the reserves be distributed to the shareholders as dividends, the distributed profits will be taxed with the applicable rate at the timeof distribution. No provision has been recognized for contingent income tax liabilities in the event of a future distribution of such reservesto the Company's shareholders since such liabilities are recognized at the same time as the dividend liability associated with suchdistributions.In 2017 the Company proceeded with the nominal decrease of the Company\u2019s share capital by the amount of \u20ac 9,107 million, by acorresponding decrease of the nominal value of each Company's share from \u20ac 0.90 to \u20ac 0.36, according to article 4 para. 4a of C.L.2190/1920, for the purpose of forming a special reserve of equal amount the use of which will be decided in the future. This amount hasbeen allocated in the extraordinary and tax free reserves.In 2021 the Company proceeded with the formation of an extraordinary reserve in the amount of \u20ac 4,395 million, to offset future losses,according to article 31 par. 2 of Law 4548/2018.The currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of Groupentities with functional currencies other than the Euro.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 18 - Other operating income and Other gains/(losses) - netOther operating income ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Income from subsidiaries: Services fees- - 13.981 12.767Income from insurance claims & Other operating income13.682 - 1.851 - Income from scraps sales1.061 698 - - Other charges to customers and other income1.900 2.099 108 56 Total: Other operating income 16.643 2.797 15.940 12.823 Other operating income is attributable to:Continuing operations - - - - Discontinued operation 16.643 2.797 15.940 12.823 16.643 2.797 15.940 12.823 Income from insurance claims - discontinued operationsFrigoglass reached an agreement with the co-insurance scheme for a \u20ac19.6 million compensation related to the business interruption claim in July 2022. The Group has already received the entire amount (\u20ac19.6 million), \u20ac6.7 million in the second quarter of 2022 and \u20ac12.9 million in July 2022. The total amount was recognized in the Income Statement for the period ended 31 December 2022, broken down between the fire cost income (\u20ac5.7 million) and other income (\u20ac13.9 million).Other gains /(losses) - net ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Profit/(Loss) from disposal of property, plant & equipment450 478 - - Other (116) (14) - - Total: Other gains/(losses) - net 334 464 - - Other gains /(losses) is attributable to:Continuing operations - - - - Discontinued operation 334 464 - - 334 464 - - Other operating income / (expenses) and other gains / (losses) -discontinued operations- relate to income or expenses not connected to the commercial activity of the Group. FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 19 - Financial costs - netConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Finance income (1.129) (558) - - Interest Expense 26.369 21.181 3.800 3.726 Exchange loss / (gain) and Other Financial costs 10.977 3.836 150 52 Finance cost for lease liabilities 453 272 50 69 Finance cost 37.799 25.289 4.000 3.847 Finance costs - net36.670 24.731 4.000 3.847 Finance cost is attributable to:Continuing operations184 103 3.984 3.829 Discontinued operation 36.486 24.628 16 18 36.670 24.731 4.000 3.847 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 20 - (Losses) / Gains from Fire and RestructuringFire Incident at facility in Romania - Discontinued operationsOn June 5, 2021, a fire incident occurred at the Group\u2019s commercial refrigeration manufacturing facility in Timisoara, Timis County of Romania, which caused severe damage primarily to the plant\u2019s production area and, consequently, to machinery and inventories located within this area. Frigoglass reached a definitive agreement with the co-insurance scheme, which had underwritten the insurance coverage in relation to the fire incident , for an aggregate net compensation amount of \u20ac61.6 million related to the property damage (\u20ac42 million compensation) and business interruption claims (\u20ac19.6 million compensation). The \u20ac42 million for compensation related to property damage were received in the years 2021 and 2022 and were recognized in the Income Statement against the fire costs expenses. For the business interruption claim, the total amount was recognized in the Income Statement for the period ended 31 December 2022, broken down between the fire cost income (\u20ac5.7 million) and other income (\u20ac13.9 million). For more information refer to Note 18.Costs for the restructuring of the group\u2019s capital structure - Discontinued operationsFrigoglass with the support of its legal and financial advisors proceeded to review and assess its financial and strategic options in view of optimizing the Group\u2019s capital structure and securing additional capital and liquidity. The cost has been reflected in the Income Statement of the year ended 31.12.2022, as restructuring costs. For more information regarding the agreement, refer to Note 26.Below is the analysis:Year ended31.12.2022 31.12.2021Fixed Assets write off- (10.984) Inventories write off- (2.464) Income from insurance compensation for property damage17.000 25.000 Income from insurance compensation for business interruption5.684 - 22.684 11.552 Expenses due to business interruption(484) (5.329) Income related to destroyed materials - 613 Fire (Cost)/Income 22.200 6.836 Restructuring costs(24.212) - Restructuring costs (24.212) - (Losses) / Gains from Fire and Restructuring (2.012) 6.836 Gains/losses are attributable to:Continuing operations - - Discontinued operation (2.012) 6.836 (2.012) 6.836 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 21 - Income tax ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2022Corporate tax 10.735 9.429 135 116 Deferred tax 37 3.039 - - Income tax expense 10.772 12.468 135 116 Income tax expense is attributable to:Profit / (Loss) from continuing operations 135 116 135 116 Profit / (Loss) from discontinued operation 10.637 12.352 - - 10.772 12.468 135 116 The tax expense allocated to continuing operations relates to the Parent Company's withholding taxes. Due to accumulated tax losses carried forward, for which no deferred tax assets have been recorded, there is no tax on profit calculated for the Parent Company. As such no reconciliation is presented in the Financial Statements.The Group did not recognize deferred tax assets for accumulated tax losses \u20ac 57 m., for Greece, Indonesia, South Africa, Russia, Hungary and The Netherlands because the future taxable profits within the next years, most probably, will not be adequate to cover the current accumulated tax losses. It is noted that according to Law 4799/2021, the income tax from business activity obtained by legal entities in Greece, are taxed at a rate of 22% for the income of the tax year 2021 onwards.The profit before tax of the Group companies is taxed at the applicable rate corresponding to the country in which each company isdomiciled. The income tax rates in the countries where the Group operates are between 9% and 33%.Audit Tax CertificateEffective from fiscal years ended 31 December 2011 onwards, Greek companies meeting certain criteria can obtained an \"Annual TaxCompliance Report\" as provided for by par. 5, article 82 of L. 2238/1004 and article 65A of L. 4174/2013, from their statutory auditor inrespect of compliance with tax law. With regard to the fiscal year 2021, the Company is subject to the tax audit of the Certified Auditors, stipulated by the provisions of article65A of L. 4174/2013 and a Tax Certificate has been issued without any reservation or emphasis of matter regarding the Company's taxcompliance .For the year 2022, the tax audit has been assigned to \u00abPricewaterhouseCoopers S.\u0391.\u00bb, is in progress and Management does not expect anymaterial changes to the tax liabilities and the corresponding tax provision included in the financial statements.Unaudited Tax Years The tax returns of the Parent Company and the Group's subsidiaries have not been assessed by the tax authorities for different periods, which are presented in the table below. Until such time the special tax audit of the companies in the below table is completed, the tax burden for the Group relating to those yearscannot be accurately determined. The Group is raising provisions for any additional taxes that may result from future tax audits to theextent that the relevant liability is probable and may be reliably measured. FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 21 - Income tax (continued)One of the Group's foreign subsidiary undertakings may be challenged by the foreign tax authorities as regards the deductibility of certain intra group charges, dividend distribution and bad faith suppliers, given recent developments in the tax environment in the country of operation of that foreign subsidiary. The Group and its tax advisors has assessed the possible challenge and has concluded that the foreign subsidiary has in place all required transfer pricing documentation and other relevant supporting documentation to counter any challenge. Moreover a recent tax audit completed for this subsidiary for prior years has not raised significant concerns. The Group has therefore not proceeded to recognise a provision in relation to this matter as a cash outflow is not probable as of 31 December 2022. Note:In some countries, the tax audit is not mandatory and may only be performed under certain conditions.Unaudited tax Company CountryLine of BusinessyearsFrigoglass S.A.I.C. Greece 2022Parent Company & Service and Repair of Frigoglass Romania SRL Romania 2017 - 2022Ice Cold MerchandisersFrigoglass Indonesia PT Indonesia 2018 - 2022Ice Cold MerchandisersFrigoglass South Africa Ltd. S. Africa 2017 - 2022Ice Cold MerchandisersFrigoglass Eurasia LLC Russia 2020 - 2022Ice Cold MerchandisersFrigoglass Guangzhou Ice Cold Eq. Ltd.China 2017 - 2022Sales OfficeScandinavian Appliances A.S Norway 2016 - 2022Sales OfficeFrigoglass Spzoo Poland 2017 - 2022Service & Repair of ICM'sFrigoglass India PVT.Ltd. India 2017 - 2022Ice Cold MerchandisersFrigoglass Switzerland AG Switzerland 2021 - 2022Service & Repair of ICM'sFrigoglass East Africa Ltd. Kenya 2018 - 2022Sales OfficeFrigoglass Gmb\u0397 Germany 2017 - 2022Sales OfficeFrigoglass Hungary Kft Hungary 2017 - 2022Service & Repair of ICM'sFrigoglass Nordic AS Norway 2016 - 2022Sales OfficeFrigoglass Cyprus Ltd. Cyprus 2017 - 2022Holding CompanyNorcool Holding A.S Norway 2016 - 2022Holding CompanyFrigoinvest Holdings B.V The Netherlands 2017 - 2022Holding CompanyFrigoglass Finance B.V The Netherlands 2017 - 2022Financial Services3P Frigoglass SRL Romania 2017 - 2022PlasticsFrigoglass Global Ltd. Cyprus 2016 - 2022Holding CompanyBeta Glass Plc. Nigeria 2020 - 2022Glass OperationFrigoglass Industries (NIG.) Ltd. Nigeria 2019-2022Crowns & PlasticsThe Group Management is not expecting significant tax liabilities to arise from the specific tax audit of the open tax years of the Company as well as of other Group entities in addition to the ones already disclosed in the consolidated financial statements and estimates that the results of the tax audit of the unaudited tax years will not significantly affect the financial position, the asset structure, the profitability and the cash flows of the Company and the Group.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 22 - Earnings / (Losses) per shareBasic & Diluted earnings per shareBasic and Diluted earnings per share are calculated by dividing the profit attributable to shareholders, by the weighted averagenumber of ordinary shares in issue during the year, excluding ordinary shares purchased by the company (treasury shares).The diluted earnings per share are calculated adjusting the weighted average number of ordinary shares outstanding to assumeconversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: shareoptions. For the share options a calculation is done to determine the number of shares that could have been acquired at fairvalue (determined as the average annual market share price of the Company's shares) based on the monetary value of thesubscription rights attached to outstanding share options. The number of shares calculated as above is compared with thenumber of shares that would have been issued assuming the exercise of the share options. The difference is added to thedenominator as an issue of ordinary shares for no consideration. No adjustment is made to net profit (numerator). Options granted to employees under the Employee Option Plans of 2013 to 2019, have not been included in the determinationof diluted earnings per share calculations, given that the average share price for the year is not in excess of the available stockoption's exercise price. These options could potentially dilute basic earnings per share in the future.ConsolidatedParent Companyin 000's \u20acYear endedYear ended(apart from earning per share and number of shares)31.12.2022 31.12.2021 31.12.2022 31.12.2021Profit / (Loss) attributable to the shareholders of the company used in calculating basic earnings per share from continuing operations(3.379) (1.871) (15.765) (5.597) Profit / ( Loss) attributable to the shareholders of the company used in calculating basic earnings per share from discontinued operations(28.453) (3.804) 5.655 (1.770) Profit attributable to the shareholders of the company used in calculating basic earnings per share(31.832) (5.675) (10.110) (7.367) Weighted average number of ordinary shares for the purposes of basic earnings per share356.314.416 355.440.153 356.314.416 355.440.153 Weighted average number of ordinary shares for the purpose of diluted earnings per share356.314.416 355.440.153 356.314.416 355.440.153 Earnings / (Loss) per share after taxes from Continuing operations attributable to the shareholders of the company(0,0095) (0,0053) (0,0442) (0,0157) Earnings / (Loss) per share after taxes from Discontinued operations attributable to shareholders of the company(0,0799) (0,0107) 0,0159 (0,0050) Basic earnings / (losses) per share (0,0893) (0,0160) (0,0284) (0,0207) FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 23 - Reconciliation of Adjusted EBITDA Year ended31.12.2022 31.12.2021ConsolidatedProfit / (Loss) for the period from continuing operations (3.244) (1.755) plus: Depreciation (Note 29) 668 667 plus: Impairment of tangible assets (Note 6) 1.294 - plus: Finance costs / (income) (Note 19) 184 103 Adjusted EBITDA (1.098) (985) Revenue from contracts with customers - - Margin Adjusted EBITDA, % 0,0% 0,0%ICM OperationsProfit / (Loss) for the period from continuing operations (3.244) (1.755) plus: Depreciation 668 667 plus: Impairment of tangible assets 1.294 - plus: Finance costs / (income) 184 103 Adjusted EBITDA (1.098) -986 Revenue from contracts with customers - 0Margin Adjusted EBITDA, % 0,0% 0,0% * Finance costs / <income> = Interest expense - Interest income +/- Exchange Gain/Loss - Other Financial costs (Note 19)FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 24 - Related party transactionsTruad Verwaltungs A.G. currently indirectly owns 48.43% of Frigoglass and 99.3% of A.G. Leventis (Nigeria) Plc andalso indirectly controls Kar Tess Holding, which holds approximately 23% of Coca Col HBC's total issued share capital. Frigoglass is the major shareholder of Frigoglass Nigeria Industries Ltd., with shareholding of 76.026%, where Coca-Cola HBC AG also owns a 23.9% equity interest.Frigoglass Industries (NIG) Ltd. has signed an office lease agreement with A.G. Leventis (Nigeria) Plc. for its offices in Lagos, Nigeria, and freight forwarding in Nigeria.The Group entered into an agreement with Coca-Cola HBC AG for the sale of cooling equipment in 1999. The agreement was extended in 2004, 2008, 2013, 2018 and, most recently, in 2021, on substantially similar terms. The current agreement expires on 31 December 2025. The investments in subsidiaries are reported on Note 9. Refer also to Note 26 for the impact of subsequent events.A) Transactions with other related parties ( Coca-Cola HBC AG Group & A.G. Leventis Nigeria Plc. ) stated above were:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Sales of goods and services 154.009 144.280 5.870 5.386 Purchases of goods and services 4.261 2.657 - - 31.12.2022 31.12.2021 31.12.2022 31.12.2021Receivables 27.046 11.427 1.795 1.179 Dividend payable 3.986 1.499 - - All transactions and balances stated above relate to discontinued operations.B) The intercompany transactions and balances of the Parent company with the Group's subsidiaries were:31.12.2022 31.12.2021Income from subsidiaries: Services fees 13.980 12.767 Income from subsidiaries: Recharge Development expenses 1.221 1.136 Income from subsidiaries is attributable to:Continuing operations - - Discontinued operation 15.201 13.903 Expenses from subsidiaries: Services fees 164 154 Interest expense 3.800 3.726 Expenses attributable to:Continuing operations 3.800 3.726 Discontinued operation 164 154 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000'sNote 24 - Related party transactions (continued)31.12.2022 31.12.2021Receivables (Note 12) 18.215 14.689 Payables (Note 14) 4.475 5.367 Borrowings (Note 15) 61.965 53.973 All intercompany balances of the parent company are attributable to continuing operations.C) The fees of Management employee include wages, indemnities and other benefits and the amounts are:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Board of Directors Fees 403 415 403 415 Wages & other short term employee benefits 1.869 2.806 1.272 2.215 Other long term employee benefits- 668 - 583Post employment benefits 361 406 321 366Total fees 2.230 3.880 1.593 3.164 Total 2.633 4.295 1.996 3.579 Fees attributable to:Continuing operations 490 502 490 502 Discontinued operation 2.143 3.793 1.506 3.077 2.633 4.295 1.996 3.579 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 25 - Contingent Liabilities and Commitmentsa) Bank Guarantee Letters and Guarantees for Loans & Senior Secured Notes :ConsolidatedParent Company31.12.202231.12.202231.12.2021 31.12.2022 31.12.2022 31.12.2021Held for Held for salesaleBank Guarantee Letters - 1.690 2.086 - - - Guarantees for Loans & Senior Secured Notes - - - 295.000 - 260.000 Total - 2.086 295.000 - 260.000 b) Other contingent liabilities & commitments:There are no significant litigations or arbitration disputes between judicial or administrative bodies that have a significant impact on the financial statements or the operation of the Company or the Group, discontinued or continuing operations.As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable efforts to sell the only property that it will own after the implementation date of the restructuring to third parties. This relates to the former production plant in Kato Achaia, consisting of both owned land and the building. The amount to be collected from the sale will be transferred to Frigoinvest Holdings B.V., that will be part of the new Group. As such a contingent liability exists for the Parent Company amounting to the fair value of the building and land in Kato Achaia.On the Implementation Date, Frigoglass SAIC and other Group companies have been discharged from the obligations and guarantees stemming from the 2025 Notes and the Bridge Notes. The shares of Frigo DebtCo PLC have been pledged in favor of the Security Agent for both the New Super Senior Notes and the Reinstated Notes, under a share charge governed by English law.c) Capital commitments:The capital commitments contracted for but not yet incurred in the assets held for sale at the balance sheet date 31.12.2022 for the Group amounted to \u20ac 10 million (31.12.2021: \u20ac 1.0 million.) and relate mainly to purchases of machinery and the rebuilding of the building in Romania. There are no capital commitments for the parent company.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 26 - Post balance sheet eventsGrants for export receivable - Discontinued operations Export Expansion Grants (EEG) are granted by the Federal Government of Nigeria on exports of goods produced in the country, after having met certain eligibility criteria. The EEGs are granted by the Nigerian Export Promotion Council (NEPC) via the issuance of Promissory Notes (PNs) issued by Debt Management Office (DMO) of the Nigerian Federal Government. The majority of the outstanding EEG claims of Beta Glass PLC., for the period 2007-2020, were settled through the issuance of PNs in February 2023.Restructuring and recapitalization of the GroupOn 5 December 2022, a committee of the Noteholders of the \u20ac260 million senior secured notes due 2025 (the \u201c2025 Notes\u201d), that represented 56.9% of the principal amount of the 2025 Notes (such committee, the \u201cNoteholder Committee\u201d), provided to the Company and the Group \u20ac35 million in aggregate principal amount of Fixed Rate Super Senior Secured Notes due 2023 (the \u201cInitial Bridge Notes\u201d), with the ability, subject to agreement between the parties, to tap an additional aggregate amount of \u20ac20 million through two tranches of equal amount (the \u201cAdditional Bridge Notes\u201d, and together with the Initial Bridge Notes, the \u201cBridge Notes\u201d), as further set out below. In addition to funding the Initial Bridge Notes, the Noteholder Committee agreed to support a recapitalization and restructuring transaction, in order to provide stability to the Group\u2019s operations. The Additional Bridge Notes of \u20ac20 million aggregate principal amount were issued on 20 January 2023 and 3 February 2023, following the respective subscription agreements and the extension of the maturity dates of the Bridge Notes. The \u20ac55 million Bridge Notes were used by the Group, inter alia, to support its working capital needs and capital expenditures, including the rebuild of the new manufacturing facility in Romania.The Bridge Notes are presented in detail in Note 15 of the Financial Statements.In addition to the above, the Noteholder Committee and certain entities of the Frigoglass Group (Frigoinvest Holdings B.V. (\u201cFHBV\u201d) and Frigoglass Finance B.V. (\u201cFFBV\u201d)), have entered into a lock-up agreement (as amended from time to time) (the \u201cLock-up Agreement\u201d), pursuant to which the parties committed to provide support to implement the transaction.The initial maturity date of the Bridge Notes was 11 January 2023 with a final maturity date on 28 February 2023. FHBV and FFBV, as issuers of the Bridge Notes, have not repaid the principal amount of and any accrued interest related to the Bridge Notes which was due and payable on 28 February 2023. This constituted an Event of Default under the trust deed governing the Bridge Notes and such Event of Default commenced the implementation of the Transaction, as further described below.On or about 6 March 2023, Frigoglass reached an agreement with the Noteholder Committee with the support of its major indirect shareholder, Truad Verwaltungs A.G. (\u201cTruad\u201d), for a consensual recapitalization and restructuring (the \u201cTransaction\u201d) of the group of companies (i.e., FHBV and its subsidiaries) which was controlled at that time by Frigoglass SAIC.By 24 March 2023, Noteholders representing over 95% of the aggregate principal amount of the 2025 Notes have elected to accede to the Lock-up Agreement and support the Transaction.The Transaction, as reflected in the amended Lock-Up Agreement, involved a number of inter-conditional components which resulted in changes to Frigoglass Group\u2019s debt capital structure on completion on the Implementation Date (as further described below), including:a)Issuance of new first lien senior secured notes in the amount of \u20ac75 million (the \u201cNew Super Senior Notes\u201d) (with an uncommitted ability to issue in total up to an additional \u20ac30 million under the indenture governing the New Senior Secured Notes) by Frigo DebtCo PLC (refer below for the details of the company). The maturity of the bonds is three years after the Implementation date of the Transaction.b)Issuance of new second lien senior secured notes in the amount of \u20ac150m (the \u201cReinstated Notes\u201d) by Frigo DebtCo PLC, following the restructuring of the 2025 Notes. The maturity of the bonds is five years after the implementation of the Transaction.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 26 - Post balance sheet events (continued)As a result of the Transaction the 2025 Notes were canceled. The Bridge Notes have been repaid through the proceeds of the New Super Senior Notes.Following the Event of Default under the trust deed governing the Bridge Notes, the Noteholder Committee commenced the implementation of the Transaction by enforcing the pledge over the shares of FHBV, which was completed on 27 April 2023 (the \u201cImplementation Date\u201d). On the Implementation Date, ownership of FHBV (and each of its subsidiaries) was transferred to Frigo DebtCo PLC an entity in which the Noteholders (or their affiliates) indirectly own an 85% equity stake. As a result, FHBV and its subsidiaries, with effect from 27 April 2023, are controlled by Frigo DebtCo PLC.Additionally, simultaneously to the implementation of the Transaction, Frigoglass SAIC transferred to Frigoglass Services Single Member SA (a new subsidiary entity of FHBV) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC as well as receipt of a series of indemnities to support Frigoglass\u2019 solvency and liquidity going forward. On the Implementation Date, Frigoglass SAIC and other Group companies have been discharged from the obligations and guarantees stemming from the 2025 Notes and the Bridge Notes.The Hive-Down was approved by the General Meeting of Shareholders of Frigoglass SAIC, on 28 March 2023, according to article 23 of law 4706/2020. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC and, thus the recapitalized group, with the remaining 85% being held by Frigo NewCo 1 Limited, a private liability company incorporated in England and Wales. 95% of the share capital of Frigo NewCo 1 Limited has been distributed pro rata to the 2025 Noteholders with the remaining 5% of the share capital distributed to the 2025 Noteholders who elected to purchase the New Super Senior Notes.The shares of Frigo DebtCo PLC have been pledged in favor of the Security Agent for both the New Super Senior Notes and the Reinstated Notes, under a share charge governed by English law.Before the implementation of the Transaction and the Hive-Down, the intercompany balances of the Group, including those at Frigoglass SAIC, were reorganized. As a result of such reorganization, Frigoglass SAIC had a net intercompany balance towards FHBV of \u20ac51.4m. On 27 April 2023, FHBV undertook a reduction in its share capital of an amount equivalent to the intercompany balance owed by the Company, which also reduced the cost of investment in FHBV by an equivalent amount. Following this reduction, the cost of investment was \u20ac8.6m. Taking this under consideration management concluded that the recoverable amount of the investment in FHBV should be written down, resulting in an impairment of \u20ac8.6m with respect to Frigoglass SAIC\u2019s investment in FHBV.As a result, the following have been presented in the Financial Statements as of 31 December 2022: a) The initial Bridge Notes have been initially classified in the Group\u2019s current borrowings and subsequently reclassified to Liabilities directly associated with Assets Held for Sale, as presented in Note 15 of the Financial Statements. b) The Parent Company has written down the value of its investment in subsidiaries, as presented in Note 9 of the Financial Statements. c) The Financial Statements were prepared under the IFRS 5 principle, as discussed in Note 33 of the Financial Statements. There are no other post-balance events which require disclosure or are likely to affect the financial statements or the operations of the Group and the Parent company.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 27 - Personnel expenses and Employee benefitsThe average number of personnel per operation for the Group & for the Parent company are listed below:ConsolidatedParent CompanySegment31.12.2022 31.12.2022 31.12.202131.12.2022 31.12.2022 31.12.2021DiscontinuDiscontinueed d operationsoperationsICM Operations3 3.274 3.377 3 110 113Glass Operations- 1.618 1.467 Total3 4.892 4.844 3 110 113 ConsolidatedParent CompanyPersonnel expenses & Employee benefits31.12.2022 31.12.202131.12.2022 31.12.2021Total Payroll60.484 57.963 8.000 10.362 Pension plan (defined contribution)1.520 1.453 472 525 Retirement benefit (defined benefit) (Note 31)402 518 429 373 Employee benefits, personnel expenses7.072 5.362 503 697 Total Personnel expenses & Employee benefits69.478 65.296 9.404 11.957 Payroll costContinuing operations 523 535 523 535 Discontinued operation 68.955 64.761 8.881 11.422 69.478 65.296 9.404 11.957 Employee benefits, personnel expenses relate mainly to: transportation expenses, canteen expenses, training expenses, medical plan expenses.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 28 - Impact of the Russia and Ukraine conflict The impact of the conflict relates to the Group's discontinued operations. The geopolitical situation in Eastern Europe intensified in February 2022, with the conflict between Russia and Ukraine. Large-scale economic sanctions have been imposed on Russia by the US, the UK and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. The tension and the conflict are increasingly affecting the global economy and exacerbating ongoing economic challenges resulting in high inflation rates and supply-chain disruptions.Frigoglass operates a production facility in Russia through its Commercial Refrigeration subsidiary, Frigoglass Eurasia LLC. Following the fire incident in the Romanian plant in June 2021, the Russian facility represented the Group\u2019s main production facility in Europe in 2021 and 2022 and 13% of Group\u2019s total assets as of 31st of December 2022. Given the extent and ongoing duration of the conflict, Frigoglass Eurasia LLC is facing supply chain disruptions on movements of products and on the imports of raw materials and is putting appropriate plans in place to maintain its operation in the country. From January 2023 Frigoglass Eurasia LLC is not allowed to export coolers towards European market due to EU sanctions.For the period ended 31 December 2022, the Russian and Ukrainian markets accounted for 8.9% and 0.6% of Group\u2019s sales (included in discontinued operations), respectively. The combined sales in Russia and Ukraine in 2022 declined by 30.9% y-o-y. Frigoglass Eurasia LLC also had significant exports (finished and semi-finished goods) to other countries and to the Group\u2019s other subsidiaries in 2021 and 2022 accounting for c. 69% of its 2022 sales. Purchases of raw materials in Russia represent approx. 21% of total purchases of the Commercial Refrigeration segment in 2022 which are consumed by the Russian subsidiary.Finally, Frigoglass Eurasia LLC maintains credit facilities with Russian banks which are primarily on-demand. As of December 31, 2022, Frigoglass Eurasia LLC had \u20ac28.6 million gross debt, and it is in discussions with the banks to extend or negotiate such facilities. Frigoglass Eurasia LLC had \u20ac6.5 million cash and cash equivalents in 31.12.2022.For the impact on property, plant and equipment and right to use assets refer to Notes 4.1.4 and 6. For the impact on the investments in subsidiaries of the Parent company, refer to Notes 4.1.2. and 9.For the impact on revenue from contracts with customers, refer to Note 5. For the impact on going concern, refer to Note 4.1.6FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 29 - Expenses by natureThe expenses of the Group and Parent company are analysed below:Consolidated Parent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Raw materials and consumables used 257.867 189.075 28 1 Energy cost 33.699 19.358 258 199 Transportation expenses 18.727 11.955 - - Staff costs and related expenses (Note 27)69.478 65.296 9.404 11.957 Rental expenses, insurance and security9.784 7.209 1.247 868 After sales expenses 30.310 25.554 5.556 5.051 Third party fees 11.063 8.987 2.196 3.428 Depreciation and amortisation 18.658 18.276 1.119 1.119 Other expenses 17.503 10.856 9.845 600 Total467.089 356.567 29.653 23.222 Expenses by nature attributable to:Continuing operations 3.060 1.652 11.646 1.652 Discontinued operation 464.029 354.915 18.007 21.570 467.089 356.567 29.653 23.222 Other expenses mainly comprise items relating to maintenance and car expenses and impairments.Categorized as:Cost of goods sold424.048 317.019 6.287 5.573 Administration expenses19.434 20.424 10.725 14.091 Selling, distribution & marketing expenses19.336 16.647 2.761 3.558 Research & development expenses2.377 2.477 - - Impairment 1.894 - 9.880 - Total467.089 356.567 29.653 23.222 Depreciation allocated to:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Cost of goods sold14.443 14.202 - - Administration expenses2.344 2.021 1.119 1.119 Selling, distribution & marketing expenses541 511 - - Research & development expenses1.329 1.542 - - Total18.658 18.276 1.119 1.119 Depreciation attributable to:Continuing operations 668 667 668 667 Discontinued operation 17.990 17.609 451 452 18.658 18.276 1.119 1.119 Audit fees and other services of the auditor:The fees of PricewaterhouseCoopers and its network in Greece concerning the permissible non-audit services which have been preapproved from the Audit Committee, along with the audit fees were: 2022 2021Audit fees 205 180Tax certificate 60 60Other fees 153 111Total fees 418 351Audit fees attributable to:Continuing operations 418 351 Discontinued operation - - 418 351FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 30 - Deferred taxConsolidatedPensions & Unrealized Tax Loss Provisions & Deferred tax assetemployee exchange OtherTotalCarryoverLiabilitiesbenefit plandifferencesBalance at 01.01.2021 - 1.968 - 1.571 350 3.889 Charged to income statement - 467 - (1.046) (15) (594) Foreign currency - (14) - 7 (1) (8) Balance at 31.12.2021- 2.421 - 532 334 3.287 Balance at 01.01.2022 - 2.421 - 532 334 3.287 Charged to income statement - (220) - 321 428 529 Foreign currency - 50 - (90) - (40) Transfer to assets held for sale (Note 33) - (2.251) - (763) (762) (3.776) Balance at 31.12.2022 - - - - - - Accelerated Unrealized Deferred tax liabilities tax exchange OtherTotaldepreciationdifferencesBalance at 01.01.2021 9.793 8.896 10 18.699 Charged to income statement 3.065 (618) (1) 2.446 Foreign currency (69) (275) - (344) Balance at 31.12.2021 12.789 8.003 9 20.801 Balance at 01.01.2022 - - 12.789 8.003 9 20.801 Charged to income statement - - (471) 817 220 566 Foreign currency - - (311) (376) 70 (617) Transfer liabilities associated for assets held for sale (Note 33)- - (12.007) (8.444) (299) (20.750) Balance at 31.12.2022 - - - - - - Net deferred tax asset / (liability)- ConsolidatedClosing balance at:31.12.2022 31.12.2022 31.12.2021Held for saleDeferred tax assets - 181 220 Deferred tax liabilities - 17.154 17.733 Net deferred tax asset / (liability)- (16.973) (17.513) Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against tax liabilitiesand when the deferred income taxes relate to the same fiscal authority. The majority portion of deferred tax asset / liability is to berecovered after more than 12 months. The Group recognises a deferred tax asset with respect to tax losses carried forward only to theextend that it believes can be utilised in the immediate future.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 31 - Retirement benefit obligationsMovement in the net liability recognized on theConsolidatedParent Companybalance sheet: 31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for saleHeld for saleNet liability at the beginning of the period4.366 - 4.055 2.915 2.505 Current service cost 442 - 212 302 - 282 Interest expense / (income) 120 - 96 24 - 8 Past service cost (292) - 210 - - 83 Curtailment/settlement 103 - - 103 - - Actuarial losses 29 - - - - - Total amount recognised in the income statement 402 - 518 429 - 373 Loss from change in demographic assumptions (29) - 84 (29) - 84 Loss from change in financial assumptions (579) - 110 (579) - 110 Total amount recognised in other comprehensive income (608) - 194 (608) - 194 Exchange differences 37 - 122 - - - Benefit payments (405) - (523) (395) - (157) Transferred to assets held for sale (Note 33) (3.792) 3.792 (2.341) 2.341 Net liability at the end of the period 0 3.792 4.366 - 2.341 2.915 The assumptions (weighted average for the Group) used in computing the defined benefit obligation comprised the following for the year ended 31December:ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for saleHeld for saleDiscount rate - 5,16% 2,94% - 3,81% 0,84%Salary increase - 4,36% 3,61% - 2,85% 2,25%Plan duration - 11,60 12,91 - 9,26 10,88The major defined benefit plans of the Group are those of the Greek, Indonesia and India entities, which are subject to the local legislation.Employees are entitled to retirement indemnities, generally based on the employee's length of service, employment category and remuneration.These are unfunded plans with obligation of payment at the date when they fall due.The liabilities arising from such obligations are valued by independent firm of actuaries. The last actuarial valuations were undertaken in December 2022.Sensitivity analysis for significant assumptions ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for saleHeld for saleDiscount rate 0,5% higher - (188) (254) - (98) (149) Discount rate 0,5% lower - 204 278 - 105 160 The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur,and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarialassumptions the same method (projected unit credit method) has been applied as when calculating the pension liability recognised within thestatement of financial position. The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the priorperiod.In the following 12 months no significant cash outflows are expected.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 32 - ProvisionsConsolidatedParent CompanyProvisions for Warranties31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for Held for salesaleCarrying amount at start of year 4.948 3.975 - - - Additional provisions recognised 1.494 2.358 - - - Unused amounts reversed (782) (1.442) - - - Charged to income statement 712 - 916 - - - Amounts used during the year (906) - - - - - Foreign currency (14) - 57 - - - Transferred to assets held for sale (Note 33) (4.740) 4.740 Carrying amount at end of year - 4.740 4.948 - - - As at 31 December 2022 the total provision is consistent with the Group's warranty policy and assumes that no extraordinary quality control issues willarise on the basis that no such indicators exist as at the date of approval of these financial statements.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operationsA) DescriptionFollowing the maturity of the Bridge Notes on 28 February 2023, the Noteholder Committee commenced the implementation of the Transaction by enforcing the pledge over the shares of Frigoinvest Holdings B.V. (\u201cFHBV\u201d), which implementation was completed by 27 April 2023 (the \u201cImplementation Date\u201d). On the Implementation Date, ownership of FHBV (and each of its subsidiaries) was transferred to an entity in which the Noteholders (or their affiliates) indirectly own a 85% equity stake (\u201cFrigo DebtCo PLC\u201d). FHBV and the Group are controlled by Frigo DebtCo PLC. For the details refer to Note 26.Based on the Transaction, Management has concluded that the pronouncements of IFRS 5 are applicable for the financial statements, andthe Group operations, excluding some parts of the Parent Company, have been presented as assets held for sale. Assets held for sale aremeasured at the lower of their carrying amount and fair value less costs to sell. In the context of this the Group will leave both businesssegments and for this reason it has been portrayed as discontinued operations.B) Statement of Profit & LossConsolidatedParent CompanyNoteYear endedYear ended31.12.2022 31.12.2021 31.12.2022 31.12.2021Revenue from contracts with customers5473.307 384.268 7.738 6.995 Cost of goods sold29(424.048) (317.019) (6.287) (5.573) Gross profit 49.259 67.249 1.451 1.422 Administrative expenses29(17.668) (18.772) (8.959) (12.439) Selling, distribution and marketing expenses29(19.336) (16.647) (2.761) (3.558) Development expenses29(2.377) (2.477) - - Other operating income1816.643 2.797 15.940 12.823 Other gains/(losses) - net18334 464 - - Impairment of tangible assets6 , 29(600) - - - Operating Profit / (Loss) 26.255 32.614 5.671 (1.752) Finance costs (37.615) (25.186) (16) (18) Finance income 1.129 558 - - Finance costs - net19(36.486) (24.628) (16) (18) Profit / (Loss) before Income \u03a4ax, Fire and Restructuring Costs (10.231) 7.986 5.655 (1.770) (Losses) / Gains from Fire and Restructuring20(2.012) 6.836 - - Profit / (Loss) before income tax (12.243) 14.822 5.655 (1.770) Income tax expense21(10.637) (12.352) - - Profit / (Loss) after income tax expenses from discontinued operations(22.880) 2.470 5.655 (1.770) Attributable to:Non-controlling interests 5.573 6.274 - - Shareholders (28.453) (3.804) 5.655 (1.770) (22.880) 2.470 5.655 (1.770) Depreciation 17.990 17.609 451 452 Adjusted EBITDA*44.845 50.223 6.122 (1.300) * Adjusted EBITDA = Operating profit + Impairment of tangible assets + DepreciationFRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operations (continued)C) Statement of comprehensive incomeConsolidatedParent CompanyYear ended Year ended31.12.2022 31.12.2021 31.12.2022 31.12.2021Profit / (Loss) for the period from discontinued operations (22.880) 2.470 5.655 (1.770) Other Comprehensive Income/(Loss):Items that may be subsequently reclassified to income statementForeign currency translation gains/(losses) shareholders (4.308) (2.146) - - Foreign currency translation gains/(losses) to non-controlling interest(1.603) (1.339) - - Currency translation differences(5.911) (3.485) - - Items that will not be subsequently reclassified to income statementActuarial Gains/ (Losses) - Net of Taxes 609 (194) 609 (194) Items that will not be reclassified to Profit & Loss 609 (194) 609 (194) Total comprehensive income / (loss) (28.182) (1.209) 6.264 (1.964) Attributable to: - Non-controlling interests3.970 4.935 - - - Shareholders (32.152) (6.144) 6.264 (1.964) (28.182) (1.209) 6.264 (1.964) FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operations (continued)Parent ConsolidatedD) Balance SheetCompanyNoteYear ended Year ended31.12.2022 31.12.2022ASSETSNon-current assetsProperty, plant and equipment6121.915 485 Right-of-use assets72.342 - Intangible assets810.233 1.746 Investments in subsidiaries - - Deferred tax assets30181 - Other non-current assets 307 63 Total non-current assets 134.978 2.294 Current assetsInventories10115.292 - Trade receivables1184.900 3.124 Other receivables1232.232 10 Current tax assets 2.338 - Cash and cash equivalents1362.552 - Total current assets 297.314 3.134 Total Assets 432.292 5.428 LIABILITIESNon-current liabilitiesBorrowings15255.939 - Lease liabilities72.055 - Deferred tax liabilities3017.154 - Retirement benefit obligations313.792 2.341 Provisions 324.740 - Total non-current liabilities 283.680 2.341 Current liabilitiesTrade payables 83.084 3.030 Other payables1454.265 202 Current tax liabilities 10.314 - Borrowings15120.196 - Lease liabilities71.273 - Total current liabilities 269.132 3.232 Total Liabilities 552.812 5.573 Net liabilities (120.520) (145) FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operations (continued)E) Cash Flows Statement ConsolidatedNoteYear ended31.12.2022Profit / (Loss) for the period (22.880) Adjustments for: Income tax expense 10.637 Depreciation 17.990 Provisions 4.411 Fire related income/cost20(17.000) Impairment of tangible assets6600 Finance costs - net 36.486 Net (gain)/loss on disposal of property, plant and equipment (450) Changes in working capital:Decrease / (increase) of inventories (15.180) Decrease / (increase) of trade receivables (21.499) Decrease / (increase) of other receivables (1.501) Decrease / (increase) of other non-current assets (56) (Decrease) / increase of trade payables 14.079 (Decrease) / increase of other current and non-current liabilities(16.252) Less:Income taxes paid (6.290) (a) Cash flows from /(used in) operating activities (16.905) Cash flows from investing activitiesPurchase of property, plant and equipment6(47.191) Purchase of intangible assets 8(966) Proceeds from insurance compensation due to fire (property 20damage)27.000 Proceeds from disposal of property, plant and equipment 493 Proceeds from disposal of subsidiary 703 (b) Net cash flows(used in) /from investing activities (19.961) Net cash generated from operating and investing activities (a) + (b)(36.866) Cash flows from financing activitiesProceeds from borrowings15193.783 (Repayments) of borrowings15(145.242) Interest paid15(23.316) Principal elements of lease payments15(2.878) Dividends paid to non-controlling interests (1.618) (c) Net cash flows from/(used in ) financing activities 20.729 Net increase/(decrease) in cash and cash equivalents (a) + (b) + (c)(16.137) Cash and cash equivalents at the beginning of the period 79.207 Effects of exchange rate changes on cash and cash equivalents (518) Cash and cash equivalents at the end of the period1362.552 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-2-2": {
"value": "Notes to the Financial Statements Note 1. General Information These financial statements include the financial statements of the Parent Company FRIGOGLASS S.A.I.C. (the \u201cCompany\u201d) and the Consolidated financial statements of the Company and its subsidiaries (the \u201cGroup\u201d). The names of the subsidiaries are presented in Note 9 of the financial statements. The Company\u2019s\u2019 shares are listed on the Athens Stock Exchange. The corporate web page www.frigoglass.com is used by the Company. Note 2. Summary of Significant Accounting Policies The significant accounting policies adopted in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented, unless otherwise stated. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3-2": {
"value": "FRIGOGLASS S.A.I.C. and its subsidiaries are engaged in the manufacturing, trade and distribution of commercial refrigeration units and packaging materials for the beverage industry. The Group has manufacturing plants and sales offices in Europe, Asia and Africa. Head Offices for Frigoglass Group & Services for ICM's",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-5-2": {
"value": "The address of its registered office is: 15, A. Metaxa Street GR 145 64, Kifissia Athens, Greece 15, A. Metaxa Street, GR 145 64, Kifissia, Athens, Greece",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-7-2": {
"value": "The financial statements have been approved by the Board of Directors on 28 April 2023 and are subject to the approval of the Shareholders General Assembly. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-2": {
"value": "2.1 Basis of Preparation These financial statements have been prepared by management in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union and issued by the IASB. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-9-3": {
"value": "2.1 Basis of Preparation These financial statements have been prepared by management in accordance with International Financial Reporting Standards (IFRS) and IFRIC interpretations as adopted by the European Union and issued by the IASB. The financial statements have been prepared on a historical cost basis except for assets and related liabilities, that are subject to the holistic restructuring of the Group\u2019s capital structure (as further described below), that are measured in accordance with the requirements of IFRS 5 \u201cNon-current Assets Held for Sale and Discontinued Operations\u201d. The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 4. The financial statements have been prepared in accordance with the going concern basis of accounting. However, as a result of the deterioration of the macroeconomic environment, the fire incident at the Group\u2019s Commercial Refrigeration manufacturing facility in Romania and the ongoing Russia and Ukraine conflict the Group experienced significant liquidity issues and was adversely affected in its ability to meet its short to medium term debt repayment obligations. Frigoglass, with the support of legal and financial advisors, reviewed and assessed its financial and strategic options in view of improving the Group\u2019s capital structure and securing additional liquidity. The only viable source of funding proved to be the Noteholder committee which provided the initial tranche of bridge finance in December 2022, as further explained in Notes 26, 4.1.6. and 15, using substantially the same collateral, as is applicable to the existing 2025 Notes, as security (Refer to Note 15 for more details on the existing 2025 Notes). At the same time when the initial tranche of bridge finance was committed, a Lock-up Agreement was signed on 5 December 2022 between the Noteholder Committee and certain of the Group\u2019s subsidiaries (Frigoinvest Holdings B.V (\u201cFHBV\u201d) and Frigoglass Finance B.V (\u201cFFBV\u201d)), which provided the framework for the restructuring and recapitalization transaction and a roadmap to the orderly transfer of the control of the FHBV operating group to the Noteholders. On or about 6 March 2023, Frigoglass reached an agreement with the Noteholder Committee with the support of its major indirect shareholder, Truad Verwaltungs A.G. (\u201cTruad\u201d), for a consensual recapitalization and restructuring (the \u201cTransaction\u201d) of the group of companies (i.e., FHBV and its subsidiaries) which was controlled at that time by Frigoglass SAIC (Transaction described in Note 26). In addition, simultaneously to the implementation of the Transaction, Frigoglass SAIC also transferred to Frigoglass Services Single Member SA (a new subsidiary entity of FHBV) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC and also received a series of indemnities to support Frigoglass SAIC\u2019s solvency and liquidity going forward. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC, with the remaining 85% of the recapitalized group being held by certain of its former Noteholders (or their affiliates). As of the date of approval of these financial statements, with respect to the FHBV sub-group, certain of its former Noteholders (or their affiliates), who, following the implementation of the Transaction, are now among the shareholders of Frigo DebtCo PLC, have demonstrated their commitment by providing \u20ac75 million in liquidity to the FHBV sub-group by subscribing for the New Senior Secured Notes, that has been and will be used by the FHBV sub-group to support its solvency. In addition, and as a result of the Transaction, the debt of the FHBV sub-group has been reduced by \u20ac110 million (before the \u20ac75million Super Senior Notes). However, as the Transaction was implemented on 27 April 2023, the management and the board of directors of Frigo DebtCo PLC have still to finalise and implement the business plan of the recapitalised FHBV sub-group, therefore a going concern uncertainty continues to exist with respect to the sub-group. For Frigoglass SAIC, the parent entity as of 31 December 2022, the Board of Directors and management have concluded that, as of the date of approval of these financial statements, no significant going concern uncertainty exists. The Transaction and the Hive-Down have been implemented on 27 April 2023 and Frigoglass SAIC has been discharged from the obligations stemming from the Bridge Notes and the 2025 Notes. In addition, as part for the Hive-Down agreement, FHBV will cover the annual operating costs of the Company up to a capped reasonable amount until 31 December 2026. In addition, FHBV will provide certain indemnity to the Company, the Company's management and the members of the Company\u2019s Board of Directors, for any claims and liabilities (including expenses) that may arise from the Transaction and the Hive-Down and will also provide indemnity up to a capped amount to the Company for any unknown past tax liabilities. Refer to Note 4.1.6. for more details. Frigoglass SAIC has an equity position of \u20ac1,9m for the year ended 31 December 2022 and, therefore, is lower than half (1/2) of the share capital. As a consequence, the requirements of article 119 of Law 4548/2018 are applicable. Differences that may exist between the figures of the financial statement and those of the notes are due to rounding. Wherever it was necessary, the comparative figures have been reclassified in order to be comparable with the current year\u2019s presentation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-11-3": {
"value": "The financial statements have been prepared in accordance with the going concern basis of accounting. However, as a result of the deterioration of the macroeconomic environment, the fire incident at the Group\u2019s Commercial Refrigeration manufacturing facility in Romania and the ongoing Russia and Ukraine conflict the Group experienced significant liquidity issues and was adversely affected in its ability to meet its short to medium term debt repayment obligations. Frigoglass, with the support of legal and financial advisors, reviewed and assessed its financial and strategic options in view of improving the Group\u2019s capital structure and securing additional liquidity. The only viable source of funding proved to be the Noteholder committee which provided the initial tranche of bridge finance in December 2022, as further explained in Notes 26, 4.1.6. and 15, using substantially the same collateral, as is applicable to the existing 2025 Notes, as security (Refer to Note 15 for more details on the existing 2025 Notes). At the same time when the initial tranche of bridge finance was committed, a Lock-up Agreement was signed on 5 December 2022 between the Noteholder Committee and certain of the Group\u2019s subsidiaries (Frigoinvest Holdings B.V (\u201cFHBV\u201d) and Frigoglass Finance B.V (\u201cFFBV\u201d)), which provided the framework for the restructuring and recapitalization transaction and a roadmap to the orderly transfer of the control of the FHBV operating group to the Noteholders. On or about 6 March 2023, Frigoglass reached an agreement with the Noteholder Committee with the support of its major indirect shareholder, Truad Verwaltungs A.G. (\u201cTruad\u201d), for a consensual recapitalization and restructuring (the \u201cTransaction\u201d) of the group of companies (i.e., FHBV and its subsidiaries) which was controlled at that time by Frigoglass SAIC (Transaction described in Note 26). In addition, simultaneously to the implementation of the Transaction, Frigoglass SAIC also transferred to Frigoglass Services Single Member SA (a new subsidiary entity of FHBV) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC and also received a series of indemnities to support Frigoglass SAIC\u2019s solvency and liquidity going forward. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC, with the remaining 85% of the recapitalized group being held by certain of its former Noteholders (or their affiliates). As of the date of approval of these financial statements, with respect to the FHBV sub-group, certain of its former Noteholders (or their affiliates), who, following the implementation of the Transaction, are now among the shareholders of Frigo DebtCo PLC, have demonstrated their commitment by providing \u20ac75 million in liquidity to the FHBV sub-group by subscribing for the New Senior Secured Notes, that has been and will be used by the FHBV sub-group to support its solvency. In addition, and as a result of the Transaction, the debt of the FHBV sub-group has been reduced by \u20ac110 million (before the \u20ac75million Super Senior Notes). However, as the Transaction was implemented on 27 April 2023, the management and the board of directors of Frigo DebtCo PLC have still to finalise and implement the business plan of the recapitalised FHBV sub-group, therefore a going concern uncertainty continues to exist with respect to the sub-group. For Frigoglass SAIC, the parent entity as of 31 December 2022, the Board of Directors and management have concluded that, as of the date of approval of these financial statements, no significant going concern uncertainty exists. The Transaction and the Hive-Down have been implemented on 27 April 2023 and Frigoglass SAIC has been discharged from the obligations stemming from the Bridge Notes and the 2025 Notes. In addition, as part for the Hive-Down agreement, FHBV will cover the annual operating costs of the Company up to a capped reasonable amount until 31 December 2026. In addition, FHBV will provide certain indemnity to the Company, the Company's management and the members of the Company\u2019s Board of Directors, for any claims and liabilities (including expenses) that may arise from the Transaction and the Hive-Down and will also provide indemnity up to a capped amount to the Company for any unknown past tax liabilities. Refer to Note 4.1.6. for more details. Frigoglass SAIC has an equity position of \u20ac1,9m for the year ended 31 December 2022 and, therefore, is lower than half (1/2) of the share capital. As a consequence, the requirements of article 119 of Law 4548/2018 are applicable. Differences that may exist between the figures of the financial statement and those of the notes are due to rounding. Wherever it was necessary, the comparative figures have been reclassified in order to be comparable with the current year\u2019s presentation. ",
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"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-13-2": {
"value": "2.2 Consolidation Principles and Business Combinations a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless there is evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. The Company accounts for investments in subsidiaries in its separate financial statements at historic cost less impairment losses. Impairment losses are recognized in the income statement. b) Changes in ownership percentages The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non- controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to the owners. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. c) Business combinations The acquisition method of accounting is used to account for all business combinations. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred, \u2022 liabilities incurred to the former owners of the acquired business, \u2022 equity interests issued by the group, \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. Whenever the cost of the acquisition is less than the fair value of the Group\u2019s share of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement, as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration classified as financial liabilities are recognized in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. 2.3 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the managing director and his executive committee that makes strategic decisions. 2.4 Foreign currency translation 2.4.1 Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (\"the functional currency\"). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in Euro, which is the presentation currency for the consolidated financial statements. 2.4.2 Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss, within financial expenses. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. 2.4.3 Group companies The results and financial position of all group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the balance sheet date. \u2022 Income and expenses for each income statement and statement of comprehensive income are translated at the average exchange rate of the reporting period, unless this average is not a reasonable approximation of the cumulative effect of the exchange rates prevailing on the transaction dates, in which case the rate on the date of the transaction is used. \u2022 All resulting exchange differences are recognised in other comprehensive income as a separate component of equity. On the disposal of a foreign operation, the cumulative exchange differences relating to that particular foreign operation, presented as a separate component of equity, are reclassified to the income statement as part of the gain or loss on sale. Goodwill and other fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. 2.5 Property plant and equipment All property, plant and equipment are stated at historic cost less accumulated depreciation and any impairment losses, except for land which is shown at cost less any impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the tangible assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost of the assets net of their residual values over its estimated useful life as follows: Buildings up to 40 years Vehicles up to 6 years Glass Furnaces up to 10 years Glass Molds up to 2 years Machinery up to 15 years Furniture & Fixtures up to 6 years The cost of subsequent expenditures is depreciated during the estimated useful life of the asset and costs for major periodic renovations are depreciated to the date of the next scheduled renovation. When an item of plant and machinery comprises major components with different useful lives, the components are accounted for as separate items of plant and machinery. The tangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. In the case where an asset's carrying amount is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference (impairment loss) is recorded as expense in the income statement. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the income statement. Assets under construction are recorded as part of property, plant and equipment at cost. Depreciation on these assets commences when the assets are available for use. 2.6 Intangible Assets 2.6.1 Research Expenses Research expenditure is recognised as an expense as incurred. 2.6.2 Development Expenses Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the technical file so that it will be available for use \u2022 management intends to complete the technical file and use or sell it \u2022 there is an ability to use or sell the technical file \u2022 it can be demonstrated how the technical file will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the technical file are available, and \u2022 the expenditure attributable to the technical file during its development can be reliably measured. Other development expenditures are recognised as an expense in the income statement as incurred. Development costs that have a finite useful life and that have been capitalised, are amortised from the commencement of the asset\u2019s production on a straight-line basis over the period of its useful life, not exceeding 5 years. 2.6.3 Computer software Acquired software licenses are carried at acquisition cost less accumulated amortisation, less any accumulated impairment. They are amortised using the straight-line method over their useful lives, not exceeding a period of 10 years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognized as intangible assets when the criteria specified in 2.6.2 are met. Directly attributable costs that are capitalized as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Computer software maintenance costs are recognised as expenses in the income statement as they incur. 2.6.4 Patterns and Trademarks Separately acquired patents, trademarks and licenses are shown at historical cost less accumulated amortization and less any accumulated impairment. These costs may be acquired externally. They have a finite useful life and are amortized using the straight-line method over a maximum period of 15 years. 2.7 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested for impairment annually, more frequently if events or changes in circumstances indicate that their carrying amount may not be recoverable. Other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash flows from other assets or group of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. 2.8 Financial assets (i) Classification The group classifies its financial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through OCI or through profit or loss), and \u2022 those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt instruments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group\u2019s debt instruments are measured at amortised cost given that they are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. (iv) Impairment From 1 January 2018, the Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group currently does not hold any debt instruments. For the accounting policy related to trade receivables and cash and cash equivalents, refer to notes 2.10 and 2.11 respectively. For a description of the Group\u2019s impairment policies refer to Note 3 \u2013 Impairment \u2013 Trade Receivables. 2.9 Inventories Inventories are recorded at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less any applicable selling expenses. The cost of finished goods and work in progress is measured on a weighted average bases and comprises raw materials, direct labour cost and other related production overheads. Appropriate allowance is made for excessive, obsolete and slow-moving items. Write-downs to net realisable value and inventory losses are expensed in the period in which the write-downs or losses occur. 2.10 Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 60- 180 days and therefore are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. For a description of the Group\u2019s impairment policies refer to Note 3- Impairment \u2013 Trade Receivables. 2.11 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term, and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. 2.12 Share capital Ordinary shares are classified as equity. Incremental external costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. When the Company or its subsidiaries purchase the Company\u2019s, own equity instruments the amount paid - including any attributable incremental external costs net of income taxes - is deducted from total shareholders' equity as treasury shares until they are cancelled or reissued. Where such shares are subsequently sold or reissued, any proceed received is included in shareholders' equity. 2.13 Borrowings Borrowings are recognised initially at fair value, net of any transaction cost incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date. 2.14 Current and Deferred income taxes The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The deferred income tax that arises from initial recognition of an asset or liability in a transaction other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, is not accounted for. Deferred tax assets are recognised to the extent that future taxable profit, against which the temporary differences can be utilised, is probable. Deferred tax liabilities are provided for taxable temporary differences arising on investments in subsidiaries, except for when the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income taxation is determined using tax rates that have been enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the related deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. 2.15 Trade Payables Trade payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest method. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. 2.16 Employee benefits 2.16.1 Post-employment obligations Group entities operate various post-employment schemes in accordance with the local conditions and practices in the countries they operate. Post-employment obligations include both defined benefit and defined contribution pension plans. A defined benefit plan is a pension or voluntary redundancy plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability regarding defined benefit pension or voluntary redundancy plans, including certain unfunded termination indemnity benefits plans, is measured as the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated on an annual basis, by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates applicable to high quality corporate bonds or government securities that are denominated in the currency in which the benefits will be paid, with terms approximating to the terms of the related obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions recognised in the period in which they occur, directly in other comprehensive income. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs. For defined contribution plans, the Group pays contributions to privately administered pension insurance plans on a voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. 2.16.2 Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. Benefits falling due more than 12 months after balance sheet date are discounted to present value. 2.16.3 Profit-sharing and bonus plans The group recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. 2.16.4 Share-based payments Frigoglass issues equity-settled share-based payments to its senior managers and members of the Executive Committee in the form of an employee stock option plan. The employee stock option plan is measured at fair value at the date of grant. The fair value of options granted is recognized as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. When the options are exercised, the Company transfers the appropriate amount of shares to the employee. The proceeds received net of any directly attributable transaction costs are credited directly to share capital (nominal value) and share premium when the options are exercised. 2.17 Provisions Provisions are recognised when a) the Group has a present legal or constructive obligation as a result of past events, b) it is probable that an outflow of resources will be required to settle the obligation, c) and the amount can be reliably estimated. The provisions for restructuring costs include fines related to the premature ending of lease agreements, personnel redundancies as well as provisions for restructuring activities that have been approved and communicated by Management. These costs are recognised when the Group has a present legal or constructive obligation. Personnel redundancies are expensed only when an agreement with the personnel representatives is in place or when employees have been informed in advance for their redundancy. Provisions are not recognised for future operating losses related to the Group\u2019s ongoing activities. When there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. In the case that a Group entity expects a provision to be reimbursed from a third party, for example under an insurance contract, the reimbursement is recognised as a separate asset provided that the reimbursement is virtually certain. The Group entity recognises a provision for onerous contracts when the expected benefits to be derived from a contract are less than the unavoidable costs of settling the obligations under the contract. Provisions are measured at the present value of the expenditures that, according to the management\u2019s best estimations, are expected in order to settle the current obligation at the balance sheet date. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as interest expense. 2.18 Revenue recognition (i) Revenue from sale of goods and sale of services The Group recognises revenue, other than interest and dividend income and other such income from financial instruments recognised in accordance with IFRS 9, upon transfer of promised goods or services to customers in amounts that reflect the consideration to which the Group expects to be entitled in exchange for those goods or services based on the following five step approach: \u2022 Step 1: Identify the contracts with customers \u2022 Step 2: Identify the performance obligations in the contract \u2022 Step 3: Determine the transaction price \u2022 Step 4: Allocate the transaction price to the performance obligations in the contract \u2022 Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation (ii) Sales of goods The Group manufactures and sells commercial refrigeration units (ICM segment) and packaging materials (glass segment) for the beverage industry. Revenue from the sale of goods is recognised when control of the products has transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell the products and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risk of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the group has objective evidence that all criteria for acceptance have been satisfied. The ICM units are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue is recognised based on the price specified in the contract, net of estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the most probable value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are made with a credit term of 60 - 180 days, which is consistent with market practice. The group\u2019s obligation to repair or replace fully faulty commercial refrigerator units under the standard and extended warranty terms is recognised as a provision. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. (iii) Sales of services The ICM segment provides also logistic services, extended warranty services and refurbishment services under fixed price contracts. Revenue from providing services is recognised over time in the accounting period in which the services are rendered. Extended warranty revenue is recognised based on actual service provided at the end of the reporting periods a proportion of the total services to be provided because the customer receives and uses benefits simultaneously. In the case of logistics services and refurbishment where the contract includes a fee per unit, revenue is recognised in the amount to which Frigoglass has a right to invoice. Customers are invoiced on a monthly basis and consideration is payable when invoiced. (iv) Interest income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit impaired. For credit impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes. Any other interest income is included in other income. (v) Dividend income Dividend income is recognised as other income in profit or loss (whether relating to interim dividends or final dividends) is recognised when the right to receive payment is established. 2.19 Dividend distribution Dividends are recorded in the financial statements, as a liability, in the period in which they are approved by the Annual Shareholder Meeting. 2.20 Government Grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the Group entity will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the income statement over the period corresponding to the costs they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in long-term liabilities as deferred income and are credited to the income statement on a straight-line basis over the expected lives of the related assets. 2.21 Leases Information for leases where the Group is a lessee. The group leases various offices, warehouses, equipment, and vehicles. Rental contracts are typically made for fixed periods of 2 to 5 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate, \u2022 amounts expected to be payable by the group under residual value guarantees \u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability b) any lease payments made at or before the commencement date less any lease incentives received c) any initial direct costs, and d) restoration costs at the expense of the lessee in order to disassemble and remove the underlying asset, to restore the premises where it has been located, or to restore the underlying asset to the condition provided by the terms and conditions of the lease. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment. Extension and termination options are included in a number of property and equipment leases across the group. These are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. Information for leases where the Group is a lessor Lessors continue to classify leases as operating or finance leases. Lease income from operating leases where the group is a lessor is recognised in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as an expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. \u03a4here were no instances whereby the Group was a lessor. 2.22 Non-current assets (or disposal groups) classified as held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the noncurrent asset (or disposal group) is recognised at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "2.2 Consolidation Principles and Business Combinations a) Subsidiaries Subsidiaries are all entities (including structured entities) over which the group has control. The group controls an entity when the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between group companies are eliminated. Unrealized losses are also eliminated unless there is evidence of impairment. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and balance sheet respectively. The Company accounts for investments in subsidiaries in its separate financial statements at historic cost less impairment losses. Impairment losses are recognized in the income statement. b) Changes in ownership percentages The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non- controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to the owners. When the group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
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"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-15-3": {
"value": "c) Business combinations The acquisition method of accounting is used to account for all business combinations. The consideration transferred for the acquisition of a subsidiary comprises the: \u2022 fair values of the assets transferred, \u2022 liabilities incurred to the former owners of the acquired business, \u2022 equity interests issued by the group, \u2022 fair value of any asset or liability resulting from a contingent consideration arrangement, and \u2022 fair value of any pre-existing equity interest in the subsidiary. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquired entity\u2019s net identifiable assets. Acquisition-related costs are expensed as incurred. The excess of the \u2022 consideration transferred, \u2022 amount of any non-controlling interest in the acquired entity, and \u2022 acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. Whenever the cost of the acquisition is less than the fair value of the Group\u2019s share of the net assets of the subsidiary acquired, the difference is recognized directly in the income statement, as a bargain purchase. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity\u2019s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Any contingent consideration to be transferred by the Group is recognized at fair value at the acquisition date. Subsequent changes to the fair value of contingent consideration classified as financial liabilities are recognized in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in profit or loss. ",
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"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-17-3": {
"value": "2.3 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the managing director and his executive committee that makes strategic decisions. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-18-3": {
"value": "2.4 Foreign currency translation 2.4.1 Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (\"the functional currency\"). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in Euro, which is the presentation currency for the consolidated financial statements. 2.4.2 Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognised in profit or loss, within financial expenses. Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss and translation differences on non-monetary assets such as equities classified as at fair value through other comprehensive income are recognized in other comprehensive income. 2.4.3 Group companies The results and financial position of all group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: \u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the balance sheet date. \u2022 Income and expenses for each income statement and statement of comprehensive income are translated at the average exchange rate of the reporting period, unless this average is not a reasonable approximation of the cumulative effect of the exchange rates prevailing on the transaction dates, in which case the rate on the date of the transaction is used. \u2022 All resulting exchange differences are recognised in other comprehensive income as a separate component of equity. On the disposal of a foreign operation, the cumulative exchange differences relating to that particular foreign operation, presented as a separate component of equity, are reclassified to the income statement as part of the gain or loss on sale. Goodwill and other fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at the closing rate. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-19-4": {
"value": "2.4.1 Functional and presentation currency Items included in the financial statements of each entity in the Group are measured using the currency that best reflects the economic substance of the underlying events and circumstances relevant to that entity (\"the functional currency\"). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in Euro, which is the presentation currency for the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-22-3": {
"value": "2.5 Property plant and equipment All property, plant and equipment are stated at historic cost less accumulated depreciation and any impairment losses, except for land which is shown at cost less any impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the tangible assets. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method to allocate the cost of the assets net of their residual values over its estimated useful life as follows: Buildings up to 40 years Vehicles up to 6 years Glass Furnaces up to 10 years Glass Molds up to 2 years Machinery up to 15 years Furniture & Fixtures up to 6 years The cost of subsequent expenditures is depreciated during the estimated useful life of the asset and costs for major periodic renovations are depreciated to the date of the next scheduled renovation. When an item of plant and machinery comprises major components with different useful lives, the components are accounted for as separate items of plant and machinery. The tangible assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. In the case where an asset's carrying amount is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount and the difference (impairment loss) is recorded as expense in the income statement. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These gains or losses are included in the income statement. Assets under construction are recorded as part of property, plant and equipment at cost. Depreciation on these assets commences when the assets are available for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-23-3": {
"value": "2.6 Intangible Assets 2.6.1 Research Expenses Research expenditure is recognised as an expense as incurred. 2.6.2 Development Expenses Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when the following criteria are met: \u2022 it is technically feasible to complete the technical file so that it will be available for use \u2022 management intends to complete the technical file and use or sell it \u2022 there is an ability to use or sell the technical file \u2022 it can be demonstrated how the technical file will generate probable future economic benefits \u2022 adequate technical, financial and other resources to complete the development and to use or sell the technical file are available, and \u2022 the expenditure attributable to the technical file during its development can be reliably measured. Other development expenditures are recognised as an expense in the income statement as incurred. Development costs that have a finite useful life and that have been capitalised, are amortised from the commencement of the asset\u2019s production on a straight-line basis over the period of its useful life, not exceeding 5 years. 2.6.3 Computer software Acquired software licenses are carried at acquisition cost less accumulated amortisation, less any accumulated impairment. They are amortised using the straight-line method over their useful lives, not exceeding a period of 10 years. Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the group are recognized as intangible assets when the criteria specified in 2.6.2 are met. Directly attributable costs that are capitalized as part of the software include employee costs. Capitalised development costs are recorded as intangible assets and amortized from the point at which the asset is ready for use. Computer software maintenance costs are recognised as expenses in the income statement as they incur. 2.6.4 Patterns and Trademarks Separately acquired patents, trademarks and licenses are shown at historical cost less accumulated amortization and less any accumulated impairment. These costs may be acquired externally. They have a finite useful life and are amortized using the straight-line method over a maximum period of 15 years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "2.7 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested for impairment annually, more frequently if events or changes in circumstances indicate that their carrying amount may not be recoverable. Other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash flows from other assets or group of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-25-4": {
"value": "2.7 Impairment of non-financial assets Goodwill and intangible assets that have an indefinite useful life are not subject to amortisation and are tested for impairment annually, more frequently if events or changes in circumstances indicate that their carrying amount may not be recoverable. Other assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows which are largely independent of the cash flows from other assets or group of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-27-3": {
"value": "2.8 Financial assets (i) Classification The group classifies its financial assets in the following measurement categories: \u2022 those to be measured subsequently at fair value (either through OCI or through profit or loss), and \u2022 those to be measured at amortised cost. The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI). The group reclassifies debt instruments when and only when its business model for managing those assets changes. (ii) Recognition and derecognition Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of ownership. (iii) Measurement At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt instruments Subsequent measurement of debt instruments depends on the group\u2019s business model for managing the asset and the cash flow characteristics of the asset. The Group\u2019s debt instruments are measured at amortised cost given that they are held for collection of contractual cash flows and those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. (iv) Impairment From 1 January 2018, the Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group currently does not hold any debt instruments. For the accounting policy related to trade receivables and cash and cash equivalents, refer to notes 2.10 and 2.11 respectively. For a description of the Group\u2019s impairment policies refer to Note 3 \u2013 Impairment \u2013 Trade Receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "2.9 Inventories Inventories are recorded at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business, less any applicable selling expenses. The cost of finished goods and work in progress is measured on a weighted average bases and comprises raw materials, direct labour cost and other related production overheads. Appropriate allowance is made for excessive, obsolete and slow-moving items. Write-downs to net realisable value and inventory losses are expensed in the period in which the write-downs or losses occur. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "2.10 Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 60- 180 days and therefore are all classified as current. Trade receivables are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognized at fair value. The group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest method. For a description of the Group\u2019s impairment policies refer to Note 3- Impairment \u2013 Trade Receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-31-3": {
"value": "2.11 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term, and highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "2.12 Share capital Ordinary shares are classified as equity. Incremental external costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. When the Company or its subsidiaries purchase the Company\u2019s, own equity instruments the amount paid - including any attributable incremental external costs net of income taxes - is deducted from total shareholders' equity as treasury shares until they are cancelled or reissued. Where such shares are subsequently sold or reissued, any proceed received is included in shareholders' equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "2.13 Borrowings Borrowings are recognised initially at fair value, net of any transaction cost incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are removed from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs. Where the terms of a financial liability are renegotiated and the entity issues equity instruments to a creditor to extinguish all or part of the liability (debt for equity swap), a gain or loss is recognised in profit or loss, which is measured as the difference between the carrying amount of the financial liability and the fair value of the equity instruments issued. Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-35-3": {
"value": "2.14 Current and Deferred income taxes The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulations is subject to interpretation and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-36-3": {
"value": "Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. The deferred income tax that arises from initial recognition of an asset or liability in a transaction other than a business combination, that at the time of the transaction affects neither accounting nor taxable profit or loss, is not accounted for. Deferred tax assets are recognised to the extent that future taxable profit, against which the temporary differences can be utilised, is probable. Deferred tax liabilities are provided for taxable temporary differences arising on investments in subsidiaries, except for when the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income taxation is determined using tax rates that have been enacted at the balance sheet date and are expected to apply when the related deferred income tax asset is realised, or the related deferred income tax liability is settled. Current and deferred tax is recognized in profit or loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "2.15 Trade Payables Trade payables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest method. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-3": {
"value": "2.16 Employee benefits 2.16.1 Post-employment obligations Group entities operate various post-employment schemes in accordance with the local conditions and practices in the countries they operate. Post-employment obligations include both defined benefit and defined contribution pension plans. A defined benefit plan is a pension or voluntary redundancy plan that defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability regarding defined benefit pension or voluntary redundancy plans, including certain unfunded termination indemnity benefits plans, is measured as the present value of the defined benefit obligation at the balance sheet date. The defined benefit obligation is calculated on an annual basis, by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates applicable to high quality corporate bonds or government securities that are denominated in the currency in which the benefits will be paid, with terms approximating to the terms of the related obligation. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions recognised in the period in which they occur, directly in other comprehensive income. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognized immediately in profit or loss as past service costs. For defined contribution plans, the Group pays contributions to privately administered pension insurance plans on a voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or a reduction in the future payments is available. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-3": {
"value": "2.16.2 Termination benefits Termination benefits are payable when employment is terminated before the normal retirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. Benefits falling due more than 12 months after balance sheet date are discounted to present value. 2.16.3 Profit-sharing and bonus plans The group recognizes a liability and an expense for bonuses and profit-sharing based on a formula that takes into consideration the profit attributable to the company\u2019s shareholders after certain adjustments. The group recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "2.16.4 Share-based payments Frigoglass issues equity-settled share-based payments to its senior managers and members of the Executive Committee in the form of an employee stock option plan. The employee stock option plan is measured at fair value at the date of grant. The fair value of options granted is recognized as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. When the options are exercised, the Company transfers the appropriate amount of shares to the employee. The proceeds received net of any directly attributable transaction costs are credited directly to share capital (nominal value) and share premium when the options are exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "2.17 Provisions Provisions are recognised when a) the Group has a present legal or constructive obligation as a result of past events, b) it is probable that an outflow of resources will be required to settle the obligation, c) and the amount can be reliably estimated. The provisions for restructuring costs include fines related to the premature ending of lease agreements, personnel redundancies as well as provisions for restructuring activities that have been approved and communicated by Management. These costs are recognised when the Group has a present legal or constructive obligation. Personnel redundancies are expensed only when an agreement with the personnel representatives is in place or when employees have been informed in advance for their redundancy. Provisions are not recognised for future operating losses related to the Group\u2019s ongoing activities. When there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. In the case that a Group entity expects a provision to be reimbursed from a third party, for example under an insurance contract, the reimbursement is recognised as a separate asset provided that the reimbursement is virtually certain. The Group entity recognises a provision for onerous contracts when the expected benefits to be derived from a contract are less than the unavoidable costs of settling the obligations under the contract. Provisions are measured at the present value of the expenditures that, according to the management\u2019s best estimations, are expected in order to settle the current obligation at the balance sheet date. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to the passage of time is recognized as interest expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "2.18 Revenue recognition (i) Revenue from sale of goods and sale of services The Group recognises revenue, other than interest and dividend income and other such income from financial instruments recognised in accordance with IFRS 9, upon transfer of promised goods or services to customers in amounts that reflect the consideration to which the Group expects to be entitled in exchange for those goods or services based on the following five step approach: \u2022 Step 1: Identify the contracts with customers \u2022 Step 2: Identify the performance obligations in the contract \u2022 Step 3: Determine the transaction price \u2022 Step 4: Allocate the transaction price to the performance obligations in the contract \u2022 Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation (ii) Sales of goods The Group manufactures and sells commercial refrigeration units (ICM segment) and packaging materials (glass segment) for the beverage industry. Revenue from the sale of goods is recognised when control of the products has transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell the products and there is no unfulfilled obligation that could affect the wholesaler\u2019s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risk of obsolescence and loss have been transferred to the customer and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the group has objective evidence that all criteria for acceptance have been satisfied. The ICM units are often sold with retrospective volume discounts based on aggregate sales over a 12-month period. Revenue is recognised based on the price specified in the contract, net of estimated volume discounts. Accumulated experience is used to estimate and provide for the discounts, using the most probable value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. A refund liability (included in trade and other payables) is recognised for expected volume discounts payable to customers in relation to sales made until the end of the reporting period. No element of financing is deemed present as the sales are made with a credit term of 60 - 180 days, which is consistent with market practice. The group\u2019s obligation to repair or replace fully faulty commercial refrigerator units under the standard and extended warranty terms is recognised as a provision. A receivable is recognised when the goods are delivered as this is the point in time that the consideration is unconditional because only the passage of time is required before the payment is due. (iii) Sales of services The ICM segment provides also logistic services, extended warranty services and refurbishment services under fixed price contracts. Revenue from providing services is recognised over time in the accounting period in which the services are rendered. Extended warranty revenue is recognised based on actual service provided at the end of the reporting periods a proportion of the total services to be provided because the customer receives and uses benefits simultaneously. In the case of logistics services and refurbishment where the contract includes a fee per unit, revenue is recognised in the amount to which Frigoglass has a right to invoice. Customers are invoiced on a monthly basis and consideration is payable when invoiced. (iv) Interest income Interest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset except for financial assets that subsequently become credit impaired. For credit impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance). Interest income is presented as finance income where it is earned from financial assets that are held for cash management purposes. Any other interest income is included in other income. (v) Dividend income Dividend income is recognised as other income in profit or loss (whether relating to interim dividends or final dividends) is recognised when the right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-3": {
"value": "2.19 Dividend distribution Dividends are recorded in the financial statements, as a liability, in the period in which they are approved by the Annual Shareholder Meeting. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-47-3": {
"value": "2.20 Government Grants Grants from the government are recognized at their fair value where there is a reasonable assurance that the grant will be received, and the Group entity will comply with all attached conditions. Government grants relating to costs are deferred and recognized in the income statement over the period corresponding to the costs they are intended to compensate. Government grants relating to the purchase of property, plant and equipment are included in long-term liabilities as deferred income and are credited to the income statement on a straight-line basis over the expected lives of the related assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "2.21 Leases Information for leases where the Group is a lessee. The group leases various offices, warehouses, equipment, and vehicles. Rental contracts are typically made for fixed periods of 2 to 5 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate, \u2022 amounts expected to be payable by the group under residual value guarantees \u2022 the exercise price of a purchase option if the group is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the group exercising that option. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability b) any lease payments made at or before the commencement date less any lease incentives received c) any initial direct costs, and d) restoration costs at the expense of the lessee in order to disassemble and remove the underlying asset, to restore the premises where it has been located, or to restore the underlying asset to the condition provided by the terms and conditions of the lease. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT equipment. Extension and termination options are included in a number of property and equipment leases across the group. These are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The majority of extension and termination options held are exercisable only by the group and not by the respective lessor. Information for leases where the Group is a lessor Lessors continue to classify leases as operating or finance leases. Lease income from operating leases where the group is a lessor is recognised in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as an expense over the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature. \u03a4here were no instances whereby the Group was a lessor. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-50-3": {
"value": "2.22 Non-current assets (or disposal groups) classified as held for sale and discontinued operations Non-current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, financial assets and investment property that are carried at fair value and contractual rights under insurance contracts, which are specifically exempt from this requirement. An impairment loss is recognised for any initial or subsequent write-down of the asset (or disposal group) to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the noncurrent asset (or disposal group) is recognised at the date of derecognition. Non-current assets (including those that are part of a disposal group) are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities of a disposal group classified as held for sale continue to be recognised. Non-current assets classified as held for sale and the assets of a disposal group classified as held for sale are presented separately from the other assets in the balance sheet. The liabilities of a disposal group classified as held for sale are presented separately from other liabilities in the balance sheet. A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single co-ordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented separately in the statement of profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-2": {
"value": "2.23 New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 1 January 2022. The Group\u2019s evaluation of the effect of these new standards, amendments to standards and interpretations is as follows: None of the standards and interpretations issued is expected to have a significant effect on the Consolidated or the Parent Company financial statements. Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u25cf 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u25cf 2022 Amendment \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-3": {
"value": "2.23 New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 1 January 2022. The Group\u2019s evaluation of the effect of these new standards, amendments to standards and interpretations is as follows: None of the standards and interpretations issued is expected to have a significant effect on the Consolidated or the Parent Company financial statements. Standards and Interpretations effective for the current financial year IFRS 16 (Amendment) \u2018Covid-19-Related Rent Concessions\u2019 The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. IAS 16 (Amendment) \u2018Property, Plant and Equipment \u2013 Proceeds before Intended Use The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity\u2019s ordinary activities. IAS 37 (Amendment) \u2018Onerous Contracts \u2013 Cost of Fulfilling a Contract\u2019 The amendment clarifies that \u2018costs to fulfil a contract\u2019 comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. IFRS 3 (Amendment) \u2018Reference to the Conceptual Framework\u2019 The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. Annual Improvements to IFRS Standards 2018\u20132020 IFRS 9 \u2018Financial instruments\u2019 The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. IFRS 16 \u2018Leases\u2019 The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives. Standards and Interpretations effective for subsequent periods IAS 1 (Amendments) \u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2 \u2018Disclosure of Accounting policies\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. IAS 8 (Amendments) \u2018Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. I\u0391S 12 (Amendments) \u2018Deferred tax related to Assets and Liabilities arising from a Single Transaction\u2019 (effective for annual periods beginning on or after 1 January 2023) The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. IAS 1 \u2018Presentation of Financial Statements\u2019 (Amendments) (effective for annual periods beginning on or after 1 January 2024) \u25cf 2020 Amendment \u2018Classification of liabilities as current or non-current\u2019 The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendment has not yet been endorsed by the EU. \u25cf 2022 Amendment \u2018Non-current liabilities with covenants\u2019 The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its right to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting period. The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU. IFRS 16 (Amendment) \u2018Lease Liability in a Sale and Leaseback\u2019 (effective for annual periods beginning on or after 1 January 2024) The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet been endorsed by the EU. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-2": {
"value": "Market Risk I) Foreign currency risk The Group operates internationally and is exposed to foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s functional currency. To mitigate the exposure of our subsidiaries with functional currencies other than the euro to foreign currency risk we use natural hedging by matching, to the maximum possible extent, revenue and expense cash flows in the same currency in order to limit the impact of currency exchange rate movements. When natural hedging cannot be achieved, we may use derivatives, mainly in the form of forward foreign exchange currency contracts. In some cases when derivatives are either not accessible or at very high hedging cost, we may decide to allow our foreign exchange exposure to remain unhedged. Recently, derivatives have not been used, only natural hedging of exchange rate risks to the extent that this is feasible. Following the Russia-Ukraine conflict, the Group also closely monitors exchange risks relating to Ruble-denominated transactions. The following tables presents the sensitivity of the Group to reasonable possible shifts in exchange rates, based on a historical volatility over a 12-months period. Calculations are based on each subsidiaries exposure of having monetary assets and liabilities in currencies other than their functional currencies. The sensitivity analysis determines the potential gains and losses in the income statement arising from the Group\u2019s foreign exchange positions as a result of the corresponding percentage increase and decrease in the Group\u2019 foreign currencies relative to the Euro and US dollar. Exchange risk sensitivity 31 December 2021 EUR weakens EUR strengthens against local against local currency currency % historical volatility over a (Gain)/loss in (Gain)/loss in 12-month income statement income statement period \u20ac million \u20ac million USD/EUR 5.7% 0.3 -0.3 ZAR/EUR 13.1% -1.9 1.9 NAIRA/EUR 8.1% 3.7 -3.6 RUB/EUR 10.0% -0.5 0.5 INR/EUR 5.7% -0.5 0.5 Other 0.1 -0.1 Total 1.2 -1.1 USD weakens USD strengthens against local against local currency currency % historical volatility over a (Gain)/loss in (Gain)/loss in 12-month income statement income statement period \u20ac million \u20ac million ZAR/USD 14.5% -0.7 0.5 Other 0.1 -0.1 Total -0.6 0.4 The exposure resulted mostly from the foreign currency exposure in cash balances (refer to Note 13) and the exposure of borrowings presented below. 31.12.2021Euro 303.025 US Dollar 18.382 British pound sterling 75 Indian rupee 3.740 Total 325.222 Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will no longer be exposed directly to foreign currency risk. As a result, no table analysis has been prepared for the year ended 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-56-3": {
"value": "Market Risk I) Foreign currency risk The Group operates internationally and is exposed to foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity\u2019s functional currency. To mitigate the exposure of our subsidiaries with functional currencies other than the euro to foreign currency risk we use natural hedging by matching, to the maximum possible extent, revenue and expense cash flows in the same currency in order to limit the impact of currency exchange rate movements. When natural hedging cannot be achieved, we may use derivatives, mainly in the form of forward foreign exchange currency contracts. In some cases when derivatives are either not accessible or at very high hedging cost, we may decide to allow our foreign exchange exposure to remain unhedged. Recently, derivatives have not been used, only natural hedging of exchange rate risks to the extent that this is feasible. Following the Russia-Ukraine conflict, the Group also closely monitors exchange risks relating to Ruble-denominated transactions. The following tables presents the sensitivity of the Group to reasonable possible shifts in exchange rates, based on a historical volatility over a 12-months period. Calculations are based on each subsidiaries exposure of having monetary assets and liabilities in currencies other than their functional currencies. The sensitivity analysis determines the potential gains and losses in the income statement arising from the Group\u2019s foreign exchange positions as a result of the corresponding percentage increase and decrease in the Group\u2019 foreign currencies relative to the Euro and US dollar. Exchange risk sensitivity 31 December 2021 EUR weakens EUR strengthens against local against local currency currency % historical volatility over a (Gain)/loss in (Gain)/loss in 12-month income statement income statement period \u20ac million \u20ac million USD/EUR 5.7% 0.3 -0.3 ZAR/EUR 13.1% -1.9 1.9 NAIRA/EUR 8.1% 3.7 -3.6 RUB/EUR 10.0% -0.5 0.5 INR/EUR 5.7% -0.5 0.5 Other 0.1 -0.1 Total 1.2 -1.1 USD weakens USD strengthens against local against local currency currency % historical volatility over a (Gain)/loss in (Gain)/loss in 12-month income statement income statement period \u20ac million \u20ac million ZAR/USD 14.5% -0.7 0.5 Other 0.1 -0.1 Total -0.6 0.4 The exposure resulted mostly from the foreign currency exposure in cash balances (refer to Note 13) and the exposure of borrowings presented below. 31.12.2021Euro 303.025 US Dollar 18.382 British pound sterling 75 Indian rupee 3.740 Total 325.222 Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will no longer be exposed directly to foreign currency risk. As a result, no table analysis has been prepared for the year ended 31 December 2022. II) Commodity price risk The Group\u2019s production costs are sensitive to the prices of certain raw materials used in the manufacturing process of its products. The Group is primarily exposed to fluctuations in the prices of copper, steel, aluminium, plastics and soda ash and have adopted policies to mitigate the risk of adverse volatility in the prices of such raw materials. In particular, when we purchase raw materials, we negotiate discounts based on volume purchased. We keep strategic inventory reserves at the supplier, at our plants and in finished goods, to guarantee availability. When possible, we enter into annual, six-month or quarterly agreements with our suppliers so as to satisfy production plans but at the same time permit adjustments if prices begin to decline and become more advantageous for us. Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, it will no longer be exposed directly to commodity price risk. III) Interest rate risk The Group\u2019s income and operating cash flows are substantially independent of changes in market interest rates since the Group does not hold any interest-bearing assets other than short-term time deposits. Exposure to interest rate risk on liabilities is limited to cash flow risk from changes in floating rates. The Group continuously reviews interest rate trends and the tenure of financing needs. The Group\u2019s policy is to minimize interest rate cash flow risk exposures on long-term financing. The exposure to interest rate risk on the Group\u2019s income and cash flows from financing activities is set out below with the relevant sensitivity analysis Volatility of Interest Effect on Profit / <Loss> In \u20ac 000's Rates (+/-) before income tax 01.01.2021 - 31.12.2021 -EURO 1% 323 -USD 1% 184 -INR 1% 37 -GBP 1% 1 Total 545 Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will only be exposed to the existing intercompany loans, which were reorganized before the completion of the Transaction (27 April 2023), as explained in Notes 4.1.2 and 26. As a result, a table analysis has not been prepared for the year ended 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-60-2": {
"value": "Credit risk Credit risk arises from the Group\u2019s cash and cash equivalents and its credit exposures to customers, including outstanding receivables. I) Risk management Regarding banks and financial institutions, mainly independently rated parties with high quality credit credentials are accepted. In respect of outstanding trade receivables, the Group has policies in place to assess the credit quality of the customer, taking into account its financial position, past experience, as well as other factors. Individual credit limits are set, and compliance is regularly monitored by management. The Group's credit policy is determined by the terms of payment that are stated on a case-by-case basis in each contract with a customer. The Group has a significant concentration of credit risk with specific customers which comprise large international Groups with high quality credit ratings. Refer below for the credit ratings of the customers. Trade debtors: Credit rating (S&P Consolidated Parent Companyrating)31.12.2021 31.12.2021CCH Group (BBB+) 11.427 1.179 CCEP Group (BBB+) 1.023 - Other Coca-Cola bottlers (N/A) 5.978 - Diageo -Guinness Group (\u0391-) 4.121 - Heineken Group (BBB+) 5.744 428 Pepsi Group (A+) 8.008 - Other (N/A) 30.807 268 Total67.108 1.875 With regards to Frigoglass SAIC, bank and financial institutions, mainly independently rated parties with high quality credit credentials are accepted. Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will not be exposed to any risk, since the existing intercompany receivables, were reorganized before the completion of the Transaction (27 April 2023), as explained in Notes 4.1.2 and 26. II) Security For some trade receivables the Group may purchase credit guarantee insurance cover. III) Impairment Trade receivables The Group has only one type of financial assets that are subject to the expected credit loss model that is trade receivables for sales of goods and from the provision of services. The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group\u2019s past experience, existing market conditions as well as forward looking estimates at the end of each reporting period. Management has assessed receivable balances of subsidiaries and has determined that these receivables do not require an impairment provision. The analysis of the provision is presented in Note 11. For trade receivables, the Group applies the simplified approach permitted by IFRS 9. Based on this approach, the Group recognizes expected life losses on expected receivables. The calculation is done on an individual basis. Expected loss rates are based on the sales payment profile and the corresponding historical credit losses. The failure of the customer to pay after 180 days from the invoice due date is considered a default, except in specific cases. Following the Transaction described in detail in Note 26 Frigoglass SAIC will no longer present consolidated financial statements. As such, Frigoglass SAIC will not be exposed to any risk, since the existing intercompany receivables, were reorganized before the completion of the Transaction (27 April 2023), as explained in Notes 4.1.2 and 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-62-2": {
"value": "Liquidity risk The Group actively manages liquidity risk to ensure there is adequate cash reserves and available funding, through committed and uncommitted banking facilities, to meet its obligations when due. For information relating to the undrawn banking facilities refer to Note 15. Group Treasury manages liquidity risk also by maintaining access to the debt and equity capital markets, and by continuously monitoring working capital and forecasted and actual cash flows. As noted previously, following the restructuring Frigoglass SAIC will no longer present consolidated financial statements and holds a 15% minority investment in Frigo DebtCo PLC. As stated in Notes 4.1.2. and 26, the intercompany loan payable has been partially offset against the intercompany receivables and the net intercompany loan balance was fully settled through a reduction of the share capital of FHBV. Additionally, as part for the Transaction and the Hive-Down, FHBV has agreed to provide a series of indemnities to support Frigoglass SAIC\u2019s solvency and liquidity going forward up to 31 December 2026, as described in Note 2.1. As a result of this the risk of liquidity is mitigated and no table has been prepared for the year ended 31 December 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-2": {
"value": "Capital risk The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders as well as maintain an optimal capital structure to reduce the cost of capital. The Group maintains a credit rating with S&P Global Ratings and Moody\u2019s Investor Service. The Lock-up Agreement (as amended from time to time) mentioned in Note 26 included a provision that for the duration of the Lock-up Agreement and in accordance with the terms of the Lock-up Agreement, the Noteholder Committee, agreed to forbear from exercising any rights against the Group that they would otherwise be entitled to exercise as a result of the non-payment of the 1 February 2023 coupon with respect to the 2025 Notes. The Event of Default under the trust deed governing the Bridge Notes occurred on 28 February 2023, the date on which FHBV and FFBV did not repay the principal amount of, and the accrued interest related to the Bridge Notes which became due on that date. Such an Event of Default triggered the commencement of the implementation of the Transaction as described in Note 26. The 2025 Notes were cancelled as a result of the Transaction. The Bridge Notes have been repaid through the proceeds of the New Super Senior Notes. The Lock-up Agreement expired on the Implementation date (Transaction described in Note 26). Following the Transaction Frigoglass SAIC will no longer present consolidated financial statements and only holds a 15% minority investment in Frigo DebtCo PLC. Frigoglass SAIC has an equity position of \u20ac1,9m for the year ended 31 December 2022 and, therefore, is lower than half (1/2) of the share capital. As a consequence, the requirements of article 119 of Law 4548/2018 are applicable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-2": {
"value": "Note 4. Critical Accounting Estimates and Judgements Management makes estimates and judgments in order to select the most appropriate accounting principles taking into consideration the future outcome of events and transactions. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates and judgements are based on management\u2019s knowledge of current events and actions that may be undertaken in the future, actual results may ultimately differ from estimates 4.1 Critical accounting estimates and assumptions The key items concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below: 4.1.1 Income Taxes The Group is subject to income taxes in numerous jurisdictions. There are many transactions and calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. Significant judgement is required by the Group Management in determining the group provision for income taxes, based on assessment of the probabilities as to whether additional taxes will be due. If the final tax outcome is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax. 4.1.2. Estimated impairment of investments The Group\u2019s investments in subsidiaries are tested whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). At the year end, the Company has an investment in Frigoinvest Holdings B.V., which holds the Group\u2019s subsidiaries in the ICM and Glass segments which represent the two identifiable, separate cash generating units. As a result of the deterioration of the macroeconomic environment, the fire incident at the Group\u2019s Commercial Refrigeration manufacturing facility in Romania and the ongoing Russia-Ukraine conflict the Group experienced significant liquidity issues adversely impacting its ability to meet its short to medium term debt repayment obligations. Frigoglass, with the support of its legal and financial advisors, proceeded to review and assess its financial and strategic options in order to improve the Group\u2019s capital structure and secure additional liquidity. As described in detail in Notes 2.1, 4.1.6. and 26, the Group obtained bridge financing from the Noteholder Committee, which resulted in the issuance of the Bridge Notes, as further explained in Note 15. Before the implementation of the Transaction and the Hive-Down, which are described in detail in Notes 4.1.6. and 26, the intercompany balances of the Group, including those at Frigoglass SAIC, were reorganized. As a result of such reorganization, Frigoglass SAIC had a net intercompany loan balance towards FHBV of \u20ac51.4m. In April 2023, FHBV undertook a reduction in its share capital of an amount equivalent to the intercompany loan balance owed by Frigoglass SAIC, which also reduced the cost of investment in FHBV by an equivalent amount. Following this reduction, the cost of investment of Frigoglass SAIC into FHBV was \u20ac8.6m. Taking this under consideration and in light of the Transaction overall, management concluded that the recoverable amount of the investment in FHBV should be written down. As a result, an impairment of \u20ac8.6m has been recorded. Refer to Note 9. 4.1.3. Estimation of useful lives of fixed assets The Group assesses on an annual basis, the useful lives of its property, plant and equipment and intangible assets. These estimates take into account the relevant operational facts and circumstances, the future plans of Management and the market conditions that exist as at the date of the assessment. 4.1.4. Estimated impairment of property, plant & equipment and right of use assets The Group\u2019s property, plant and equipment is tested for impairment when indications exist that its carrying value may not be recoverable. The recoverable amount of property, plant & equipment is determined under IAS 36 at the higher of its value in use and fair value less costs of disposal. When the recoverable amount is determined on a value in use basis, the use of assumptions is required. The value in use calculation used to determine the recoverable amount is based on financial budget approved by management covering a one-year period and cash projections for four additional years, taking into account management\u2019s estimates and judgments regarding the future results of the cash-generating unit. These estimates and judgments include assumptions about revenue growth rates, direct costs, and discount rates. The geopolitical situation in Eastern Europe intensified in February 2022, with the conflict between Russia and Ukraine. Large-scale economic sanctions have been imposed on Russia by the US, the UK, and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. The tension and the conflict are increasingly affecting the global economy and exacerbating ongoing economic challenges resulting in high inflation rates and supply-chain disruptions. Moreover, the demand in Russia is declining as customers are reducing coolers\u2019 placements. In addition and given the extent and ongoing duration of the conflict, Frigoglass Eurasia LLC is facing supply chain disruptions on movements of products and the imports of raw materials and is putting appropriate plans in place to maintain its operation in the country. From January 2023 Frigoglass Eurasia LLC is not allowed to export coolers towards European market due to EU sanctions. As a result, the Group proceeded with an impairment test of the Russian cash-generating unit\u2019s recoverable amount. The recoverable amount was determined based on value in use calculations considering management\u2019s best estimates and judgments regarding the future results of the cash-generating unit by taking into consideration the key impacts from the conflict. It is noted that the subsidiary in Russia has export activity and does not serve only the local (Russian) market. As a result of this exercise an impairment of \u20ac0.6million has been recorded. Refer to Note 6 for more information. The calculations used cash flow estimates based on financial budgets approved by Management covering a one-year period and cash flow projections for four additional years, taking into account management\u2019s objective estimates and judgments regarding the future results of the cash-generating. These estimates and judgments include assumptions about revenue growth rates, direct costs and discount rates. Management incorporated the key impacts from the conflict in the aforementioned model. A sensitivity analysis was performed, and Management concluded that the recoverable amount is highly sensitive in changes in the key assumptions. As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable effort to sell the only property that it owns after the Implementation Date. This relates to the former production plant in Kato Achaia, consisting of both owned land and the building. The amount to be collected from the sale will be transferred to Frigoinvest Holdings B.V., that will be part of the new Group. Frigoinvest Holdings B.V. will undertake responsibility to cover the Company for any maintenance costs and any other obligations regarding the property until the date of its sale to third parties. Since the amount to be collected after the sale, will be transferred to FHBV (based on the Hive Down Agreement), management concluded that an impairment charge of \u20ac 1.3 m should be recognised as at 31 December 2022. For more information refer to Notes 6, 20, 26 and 33. 4.1.5. Export Expansion Grants Receivables A significant component of the Export Expansion Grants receivable, in Nigeria have been outstanding for more than 1 year and it is expected that they will be settled through Promissory Notes (PNs) to be issued by Debt Management Office (DMO). Management does not expect any losses from the non-recoverability of these grants, since the majority of the outstanding EEG claims of Beta Glass PLC., for the period 2007-2020, were settled through the issuance of PNs in February 2023. For more information refer to Note 12. 4.1.6. Going concern basis of accounting In 2021 and 2022, the Group experienced a recovery from the COVID-19 pandemic as evidenced by its sales growth (refer to Notes 5 and 33). On June 5, 2021, a fire incident occurred at the Group\u2019s commercial refrigeration manufacturing facility in Timisoara, Romania. The fire caused severe damage, primarily to the plant\u2019s production area affecting part of the building installations, machinery and inventories located in the production area. The total damage relating to the destroyed tangible assets and inventories is evaluated (net book value) at \u20ac13.4 million. Frigoglass reached a definitive agreement with the co-insurance scheme, which had underwritten the insurance coverage in relation to the fire incident, for an aggregate net compensation amount of \u20ac61.6 million related to the property damage (\u20ac42 million compensation) and business interruption claims (\u20ac19.6 million compensation). The entire amount has already been received from the insurance companies. For more information, please refer to Notes 18 and 20 of these Financial Statements. The facility is operational from March 2023. The increased tension between Russia and Ukraine led to a conflict in February 2022. Economic sanctions have been imposed on Russia by the US, the UK and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. Frigoglass operates a production facility in Russia through its Commercial Refrigeration subsidiary, Frigoglass Eurasia LLC (\u201cFrigoglass Eurasia\u201d). As noted previously, Frigoglass Eurasia in 2021 and 2022 represented the Group\u2019s main production facility in Europe following the fire incident in the Romanian plant in June 2021. The above, combined with the ongoing macroeconomic uncertainty stemming from the Russia-Ukraine conflict, has led to Frigoglass experiencing severe liquidity issues that had an impact on its ability to meet its short to medium term financial obligations. To address this, management obtained approval from the Board on 17 March 2022 to appoint financial and legal advisors to assist in improving the Group\u2019s capital structure and securing additional liquidity. The only viable source of funding proved to be the Noteholder Committee, which subscribed for the Bridge Notes as further explained in Notes 15 and 26. The Bridge Notes were refinanced as part of the Transaction. For information regarding the sequence of events up to the Hive-Down refer to Note 26. On and following to the implementation of the Transaction, Frigoglass SAIC transferred to Frigoglass Services Single Member SA (FHBV subsidiary) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC as well as receipt of a series of indemnities to support Frigoglass\u2019 solvency and liquidity going forward. The Hive-Down was approved by the General Meeting of Shareholders of Frigoglass, on 28 March 2023, according to article 23 of law 4706/2020. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC and, thus the recapitalized group, with the remaining 85% being held by Frigo NewCo 1 Limited, a private liability company incorporated in England and Wales. 95% of the share capital of Frigo NewCo 1 Limited has been distributed pro rata to 2025 Noteholders with the remaining 5% of the share capital distributed to 2025 Noteholders who elected to purchase the New Super Senior Notes. As of the date of approval of these financial statements, with respect to the FHBV sub-group, certain of its former Noteholders (or their affiliates), who, following the implementation of the Transaction, are now among the shareholders of Frigo DebtCo PLC, have demonstrated their commitment by providing \u20ac75 million in liquidity to the FHBV sub-group by subscribing for the New Senior Secured Notes, that has been and will be used by the FHBV sub-group to support its solvency. In addition, and as a result of the Transaction, the debt of the FHBV sub-group has been reduced by \u20ac110 million (before the incurrence of the New Super Senior Notes). However, as the Transaction was implemented on 27 April 2023, the management and the board of directors of Frigo DebtCo PLC have still to finalise and implement the business plan of the recapitalised FHBV sub-group, therefore a going concern uncertainty continues to exist with respect to the sub-group. For Frigoglass SAIC, the parent entity as of 31 December 2022, the Board of Directors and management have concluded that, as of the date of approval of these financial statements, no significant going concern uncertainty exists. The Transaction and the Hive-Down have been implemented on 27 April 2023 and Frigoglass SAIC has been discharged from the obligations stemming from the Bridge Notes and the 2025 Notes. In addition, FHBV will cover the annual operating costs of the Company up to a capped reasonable amount until 31 December 2026. In addition, FHBV will provide certain indemnity to the Company, the Company's management and the members of the Company\u2019s Board of Directors, for any claims and liabilities (including expenses) that may arise from the Transaction and the Hive-Down and will also provide indemnity up to a capped amount to the Company for any unknown past tax liabilities. 4.2 Critical judgements in applying the entity\u2019s accounting policies The Group proceeded with the restructuring of its indebtedness, with its key stakeholders, including its largest shareholder, and the holders of the existing 2025 Notes. The Noteholders and the management of Frigoglass SAIC jointly negotiated the terms of the restructuring. Therefore, the various activities and steps stemming from the restructuring were linked and accounted for as one transaction to reflect the substance of the restructuring, rather than its legal form. Refer to Notes 26 and 33 for more information. As a result of the restructuring the Group reclassified the assets and liabilities of the Group and Frigoglass SAIC, that form part of the restructuring but with certain exceptions, to \u201cheld for sale\u201d in accordance with IFRS 5 (refer to Note 33). In distinguishing between the assets and liabilities pertaining to continuing operations and those pertaining to discontinued operations judgment had to be applied. All assets and liabilities exclusively pertaining to one cash generating unit were allocated to that unit. In all other cases a critical assessment was conducted as to whether it could be reasonably expected that the asset or liability concerned would be transferred in the restructuring. For Frigoglass SAIC, those assets and liabilities that were allocated as \u201cheld for sale\u201d were those for which legal transfer was possible under the applicable legal rules. Judgement also had to be applied to determine whether, as of 31/12/2022 the Noteholders obtained control of FHBV and its subsidiaries. The Lock-up Agreement of 5 December 2022, as subsequently amended, merely provided a framework for the Transaction, a roadmap to the orderly transfer of the control of the FHBV operating group to the Noteholders (either the holders of the Bridge Notes or the Senior Secured Notes due 2025). Based on the management\u2019s assessment in respect of indicators of control: \u2022 No default had occurred as of 31/12/2022 on any of the issued notes. \u2022 The Noteholders did not have a contractual right to appoint or remove directors nor veto the management team\u2019s operational decisions. \u2022 The existing management team and directors remained in place until the completion of the Transaction. After the completion of the transaction, the management team will be transferred over to the new Group. \u2022 The Noteholders have not guaranteed management\u2019s compensation. At the same time, they have provided sufficient funding (via the Bridge Notes) to ensure the operating activities of the Group continue until the completion of the Transaction, including the payment of management\u2019s compensation. \u2022 The Noteholders neither had any contractual rights that could be considered as participating decisions nor could veto participating decisions. The Lock-up Agreement did not provide for their consent to be given in respect of \u201cparticipating decisions\u201d. More specifically, the approval rights of the Noteholders in the Lock-up Agreement were primarily protective in nature. \u2022 The Noteholders did not have any other then exercisable rights e.g., warrants, options etc. Therefore, based on management\u2019s assessment, as of 31 December 2022 the Noteholders did not have power to make decisions over the relevant activities of FHBV and its operating subsidiaries that would affect their variable returns, and therefore Frigoglass SAIC as of that date controlled FHBV and its subsidiaries. There are no other significant areas that Management required to make critical judgements in applying accounting policies. ",
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"pp-value-67-3": {
"value": "4.1.4. Estimated impairment of property, plant & equipment and right of use assets The Group\u2019s property, plant and equipment is tested for impairment when indications exist that its carrying value may not be recoverable. The recoverable amount of property, plant & equipment is determined under IAS 36 at the higher of its value in use and fair value less costs of disposal. When the recoverable amount is determined on a value in use basis, the use of assumptions is required. The value in use calculation used to determine the recoverable amount is based on financial budget approved by management covering a one-year period and cash projections for four additional years, taking into account management\u2019s estimates and judgments regarding the future results of the cash-generating unit. These estimates and judgments include assumptions about revenue growth rates, direct costs, and discount rates. The geopolitical situation in Eastern Europe intensified in February 2022, with the conflict between Russia and Ukraine. Large-scale economic sanctions have been imposed on Russia by the US, the UK, and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. The tension and the conflict are increasingly affecting the global economy and exacerbating ongoing economic challenges resulting in high inflation rates and supply-chain disruptions. Moreover, the demand in Russia is declining as customers are reducing coolers\u2019 placements. In addition and given the extent and ongoing duration of the conflict, Frigoglass Eurasia LLC is facing supply chain disruptions on movements of products and the imports of raw materials and is putting appropriate plans in place to maintain its operation in the country. From January 2023 Frigoglass Eurasia LLC is not allowed to export coolers towards European market due to EU sanctions. As a result, the Group proceeded with an impairment test of the Russian cash-generating unit\u2019s recoverable amount. The recoverable amount was determined based on value in use calculations considering management\u2019s best estimates and judgments regarding the future results of the cash-generating unit by taking into consideration the key impacts from the conflict. It is noted that the subsidiary in Russia has export activity and does not serve only the local (Russian) market. As a result of this exercise an impairment of \u20ac0.6million has been recorded. Refer to Note 6 for more information. The calculations used cash flow estimates based on financial budgets approved by Management covering a one-year period and cash flow projections for four additional years, taking into account management\u2019s objective estimates and judgments regarding the future results of the cash-generating. These estimates and judgments include assumptions about revenue growth rates, direct costs and discount rates. Management incorporated the key impacts from the conflict in the aforementioned model. A sensitivity analysis was performed, and Management concluded that the recoverable amount is highly sensitive in changes in the key assumptions. As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable effort to sell the only property that it owns after the Implementation Date. This relates to the former production plant in Kato Achaia, consisting of both owned land and the building. The amount to be collected from the sale will be transferred to Frigoinvest Holdings B.V., that will be part of the new Group. Frigoinvest Holdings B.V. will undertake responsibility to cover the Company for any maintenance costs and any other obligations regarding the property until the date of its sale to third parties. Since the amount to be collected after the sale, will be transferred to FHBV (based on the Hive Down Agreement), management concluded that an impairment charge of \u20ac 1.3 m should be recognised as at 31 December 2022. For more information refer to Notes 6, 20, 26 and 33. ",
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"pp-value-70-3": {
"value": "4.1.6. Going concern basis of accounting In 2021 and 2022, the Group experienced a recovery from the COVID-19 pandemic as evidenced by its sales growth (refer to Notes 5 and 33). On June 5, 2021, a fire incident occurred at the Group\u2019s commercial refrigeration manufacturing facility in Timisoara, Romania. The fire caused severe damage, primarily to the plant\u2019s production area affecting part of the building installations, machinery and inventories located in the production area. The total damage relating to the destroyed tangible assets and inventories is evaluated (net book value) at \u20ac13.4 million. Frigoglass reached a definitive agreement with the co-insurance scheme, which had underwritten the insurance coverage in relation to the fire incident, for an aggregate net compensation amount of \u20ac61.6 million related to the property damage (\u20ac42 million compensation) and business interruption claims (\u20ac19.6 million compensation). The entire amount has already been received from the insurance companies. For more information, please refer to Notes 18 and 20 of these Financial Statements. The facility is operational from March 2023. The increased tension between Russia and Ukraine led to a conflict in February 2022. Economic sanctions have been imposed on Russia by the US, the UK and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. Frigoglass operates a production facility in Russia through its Commercial Refrigeration subsidiary, Frigoglass Eurasia LLC (\u201cFrigoglass Eurasia\u201d). As noted previously, Frigoglass Eurasia in 2021 and 2022 represented the Group\u2019s main production facility in Europe following the fire incident in the Romanian plant in June 2021. The above, combined with the ongoing macroeconomic uncertainty stemming from the Russia-Ukraine conflict, has led to Frigoglass experiencing severe liquidity issues that had an impact on its ability to meet its short to medium term financial obligations. To address this, management obtained approval from the Board on 17 March 2022 to appoint financial and legal advisors to assist in improving the Group\u2019s capital structure and securing additional liquidity. The only viable source of funding proved to be the Noteholder Committee, which subscribed for the Bridge Notes as further explained in Notes 15 and 26. The Bridge Notes were refinanced as part of the Transaction. For information regarding the sequence of events up to the Hive-Down refer to Note 26. On and following to the implementation of the Transaction, Frigoglass SAIC transferred to Frigoglass Services Single Member SA (FHBV subsidiary) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC as well as receipt of a series of indemnities to support Frigoglass\u2019 solvency and liquidity going forward. The Hive-Down was approved by the General Meeting of Shareholders of Frigoglass, on 28 March 2023, according to article 23 of law 4706/2020. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC and, thus the recapitalized group, with the remaining 85% being held by Frigo NewCo 1 Limited, a private liability company incorporated in England and Wales. 95% of the share capital of Frigo NewCo 1 Limited has been distributed pro rata to 2025 Noteholders with the remaining 5% of the share capital distributed to 2025 Noteholders who elected to purchase the New Super Senior Notes. As of the date of approval of these financial statements, with respect to the FHBV sub-group, certain of its former Noteholders (or their affiliates), who, following the implementation of the Transaction, are now among the shareholders of Frigo DebtCo PLC, have demonstrated their commitment by providing \u20ac75 million in liquidity to the FHBV sub-group by subscribing for the New Senior Secured Notes, that has been and will be used by the FHBV sub-group to support its solvency. In addition, and as a result of the Transaction, the debt of the FHBV sub-group has been reduced by \u20ac110 million (before the incurrence of the New Super Senior Notes). However, as the Transaction was implemented on 27 April 2023, the management and the board of directors of Frigo DebtCo PLC have still to finalise and implement the business plan of the recapitalised FHBV sub-group, therefore a going concern uncertainty continues to exist with respect to the sub-group. For Frigoglass SAIC, the parent entity as of 31 December 2022, the Board of Directors and management have concluded that, as of the date of approval of these financial statements, no significant going concern uncertainty exists. The Transaction and the Hive-Down have been implemented on 27 April 2023 and Frigoglass SAIC has been discharged from the obligations stemming from the Bridge Notes and the 2025 Notes. In addition, FHBV will cover the annual operating costs of the Company up to a capped reasonable amount until 31 December 2026. In addition, FHBV will provide certain indemnity to the Company, the Company's management and the members of the Company\u2019s Board of Directors, for any claims and liabilities (including expenses) that may arise from the Transaction and the Hive-Down and will also provide indemnity up to a capped amount to the Company for any unknown past tax liabilities. ",
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"pp-value-74-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 5 - Segment InformationA business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments.The Group's CEO and Executive Committee, examine the Group's performance both from a product and geographic perspective and have identified two reportable segments of its business:1) ICM: The Group manufactures and sells Ice-Cold Merchandises (ICMs) and provides integrated after-sales customer service for its products and a rage of cold-drink equipment through Frigoserve2) Glass: The Group manufactures and sells glass containers, plastic crates and metal crowns.The Group\u2019s finance department is organized by segment for effective financial control and performance monitoring. Management monitors the operating results of its business segments separately for the purpose of making decisions, allocating resources and assessing performance. Segment performance is evaluated based on earnings before interest, taxes, depreciation, amortization, impairment and fire cost/income (Adjusted EBITDA).For the classification relating to continuing and discontinued operations refer to Notes 26 and 33.A) Analysis per business segment Year endedYear ended i) Income statement continuing operations31.12.202231.12.2021ICMGlass ICMGlass TotalTotalOperationsOperationsOperationsOperationsNet impairment losses (1.294) - (1.294) - - - Operating Profit / (Loss) (3.060) - (3.060) (1.652) - (1.652)Finance costs (184) - (184) (103) - (103)Profit / (Loss) before income tax (3.244) - (3.244) (1.755) - (1.755)Income tax expense (135) - (135) (116) - (116)Profit/(Loss) for the period (3.379) - (3.379) (1.871) - (1.871)Profit/(Loss) to shareholders (3.379) - (3.379) (1.871) - (1.871)Depreciation 668 - 668 667 - 667 Adjusted EBITDA (Note 23) (1.098) - (1.098) (985) - (985)A) Analysis per business segment Year endedYear ended ii) Income statement discontinued operations31.12.202231.12.2021ICMGlass ICMGlass TotalTotalOperationsOperationsOperationsOperationsTiming of revenue recognitionAt a point in time 241.937 163.997 405.934 220.730 105.755 326.485 Over time 67.373 - 67.373 57.783 - 57.783 Total Revenue from contracts with customers 309.310 163.997 473.307 278.513 105.755 384.268 Impairment of tangible assets (600) - (600) - - - Operating Profit / (Loss) (349) 26.603 26.254 11.796 20.817 32.613 Finance costs (35.659) (1.956) (37.615) (27.644) 2.459 (25.186)Finance income 83 1.046 1.129 24 534 558 Profit / (Loss) before \u0399income \u03a4ax, Fire and Restructuring Costs (35.924) 25.693 (10.231) (15.824) 23.810 7.986 (Losses) / Gains from Fire and Restructuring (2.012) - (2.012) 6.836 - 6.836 Profit / (Loss) before income tax (37.937) 25.693 (12.244) (8.988) 23.810 14.822 Income tax expense (3.110) (7.528) (10.637) (4.658) (7.694) (12.352)Profit/(Loss) for the period (41.047) 18.166 (22.881) (13.645) 16.116 2.470 Profit/(Loss) to shareholders (40.345) 11.891 (28.454) (13.352) 9.548 (3.804)Depreciation 7.446 10.544 17.990 9.667 7.942 17.609 Adjusted EBITDA 7.697 37.147 44.844 21.463 28.759 50.223 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 5 - Segment Information (continued)There are no sales between the segments% Variance31.12.2022 vs 31.12.2021ICMGlass TotalOperationsOperationsTotal Revenue from contracts with customers11,1% 55,1% 23,2%Operating Profit / (Loss)-103,0% 27,8% -19,5%Adjusted EBITDA-64,1% 29,2% -10,7%Total Revenue from contracts with customers - discontinued operationsCommercial Refrigeration (ICM): Sales increased by 11,1% to \u20ac309.3 million, mainly driven by solid demand in Asia reflecting high orders in India and market share gains in central Asia. Orders in West Europe and Africa were higher driven by Coca Cola bottlers. Sales were supported by higher Frigoserve related sales, price increases and lower volume related discounts. These were partly offset by a decline in East Europe reflecting Russia\u2019s soft market and disruptions in deliveries.Glass Operations: Sales increased by 55.1% to \u20ac164 million. The growth reflects solid demand across all operations coupled with pricing initiatives to absorb cost. Sales were supported by favourable Naira/Euro rate.Adjusted EBITDA - discontinued operationsCommercial Refrigeration (ICM): Adjusted EBITDA decreased by 64.1% at \u20ac7.7 million. Adjusted EBITDA was impacted primarily due to raw materials and transportation cost increase, lower cost absorption (due to light assembly line (SKD) in Romania), higher idle cost, receivables write off for customers in Ukraine and a less favourable geographical mix. These factors were partly offset by pricing, volume growth, lower discounts, Frigoserve\u2019s improved performance as well as Business Interruption (Adjusted EBITDA includes 14 m related to Business Interruption claim).Glass Operations: Adjusted EBITDA increased by 29.2% to \u20ac37.1 million, mainly driven by volume growth. Pricing and improved cost absorption more than offset higher production and energy cost. Adjusted EBITDA was also supported by the favourable Naira/Euro rate. iii) Statement of Financial PositionYear endedPeriod ended31.12.202231.12.2021ICMGlass ICMGlass TotalTotalOperationsOperationsOperationsOperationsTotal assets held for sale 255.400 176.892 432.292 - - - Total assets 2.251 - 2.251 248.667 155.794 404.461 Total liabilities associated with assets held for 552.812 - sale504.182 48.630 - - Total liabilities 3.375 - 3.375 466.106 24.118 490.224 Capital expenditure (Notes 6 & 8)32.828 15.329 48.157 5.244 8.880 14.124 Capital expenditure relates to discontinued operations and assets held for sale.Segment assets and liabilities are measured in the same way as in the financial statements. These assets and liabilities are allocated based on the operations of each segment and the physical location of the asset.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 5 - Segment Information (continued)ConsolidatedB) Revenue from contracts with customers per geographical area (based on customer location) - discontinued operations Year ended31.12.2022 31.12.2021ICM Operations :East Europe 116.264 134.702 West Europe 79.976 68.437 Africa / Middle East 48.111 36.266 Asia 64.959 39.108 Total 309.310 278.513 Glass Operations :Africa 163.997 105.755 Total 163.997 105.755 Total Revenue from contracts with customersEast Europe 116.264 134.702 West Europe 79.976 68.437 Africa / Middle East 212.108 142.021 Asia 64.959 39.108 Consolidated 473.307 384.268 Frigoglass (the \u201cGroup\u201d) is a supplier of Ice-Cold Merchandisers (ICMs). The demand for these products is seasonal. Therefore, the Group generally records higher revenues during the first and second quarters of the year.B) Revenue from contracts with customers per geographical area Parent Company(based on customer location) - discontinued operationsYear ended31.12.2022 31.12.2021ICM Operations :West Europe 7.738 6.995 Total Revenue from contracts with customers7.738 6.995 C) Capital expenditure per geographical area - assets held for saleConsolidatedThe basis of allocation to geographical segments is based on the physical Period endedlocation of the asset.31.12.2022 31.12.2021ICM Operations :East Europe 30.574 3.685 West Europe 1.030 938 Africa 530 398 Asia 694 223 Total 32.828 5.244 Glass Operations:Africa 15.329 8.880 Total 15.329 8.880 Consolidated 48.157 14.124 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-77-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 6 - Property, Plant and Equipment ConsolidatedMachineryFurniture Buildings and Motor Assets underLandtechnicaland other Totaltechnical worksvehiclesconstructioninstallationequipmentCostBalance at 01.01.2022 4.629 56.098 161.550 4.517 8.439 3.769 239.002 Additions - 1.892 8.067 701 1.328 35.203 47.191 Cost of assets impaired (303) (8.717) - - - - (9.020) Disposals - (5) (478) (202) (568) - (1.253) Write off - - (2.523) (20) (239) (2.782) Transfer from/to - 866 2.442 140 168 (3.616) - Foreign currency translation 4 (384) (3.237) (129) (44) (648) (4.438) Cost of assets classified as held for sale (Note 33)(4.330) (49.750) (165.821) (5.007) (9.084) (34.708) (268.700) Balance at 31.12.2022 - - - - - - - Accumulated DepreciationBalance at 01.01.2022 - 29.820 105.118 3.569 6.634 - 145.141 Depreciation charge - 1.774 11.932 544 986 - 15.236 Disposals - (3) (448) (200) (558) - (1.209) Write off - - (2.491) (20) (225) - (2.736) Accumulated depreciation of assets impaired - (7.726) - - - - (7.726) Impairment charge - - 600 - - - 600 Foreign currency translation - (16) (2.402) (87) (16) - (2.521) Accumulated depreciation of assets classified as held for sale (Note 33)- (23.849) (112.309) (3.806) (6.821) - (146.785) Balance at 31.12.2022 - - - - - - - Net book value at 31.12.2022 - - - - - - - For 2022, additions of \u20ac6.8 million in machinery technical installation relate mostly to the purchase of equipment for the Group's subsidiaries in Nigeria and Romania.Assets under construction at 31 December 2022, include the purchase for machinery and the rebuilding of the factory in the Group's subsidiary in Romania.\u03a4he major variance derives from the depreciation of the Naira against the Euro. Impairment charge - discontinued operations - assets held for saleImpairment assessment has been performed for those cash-generating units (CGUs) with an indication that their carrying amount exceeds their recoverable amount.The recoverable amount of each cash-generating unit was determined through a value-in-use calculation. That calculation uses cash flow projections based on financial budgets approved by management covering a one-year period and cash projections for four additional years.Subjective estimates and judgements by management about the future results of the CGU were included in the above calculation. These estimates and judgements include assumptions surrounding revenue growth rates, direct costs, and discount rates. The following table sets out the key assumptions for the calculation of the Value in Use:ICM segment: Frigoglass Eurasia LLCAfter - Tax discount rate:18.6%Gross margin pre Depreciation:11.1% - 18.6%Growth rate in perpetuity:1,0%Due to adverse operating results due to the geopolitical situation in Eastern Europe intensified in February 2022, with the conflict between Russia and Ukraine, an impairment assessment at 31.12.2022, was carried out, using the assumptions stated above, which resulted to impairment loss of \u20ac 0.6 m. for Frigoglass Eurasia LLC. Impairment charge - continuing operationsThe impairment charge of \u20ac 1.3 m. relates to the former production plant in Kato Achaia, consisting of both owned land and the building. As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable effort to sell the only property that it owns after the implementation date of the Transaction. Since the amount to be collected after the sale, will be transferred to FHBV (based on the Hive Down Agreement), management concluded that an impairment charge is to be recognised as at 31 December 2022. For more information refer to Notes 26 and 33.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 6 - Property, Plant and Equipment (continued)ConsolidatedMachineryFurniture Buildings and Motor Assets underLandtechnicaland other Totaltechnical worksvehiclesconstructioninstallationequipmentCostBalance at 01.01.2021 4.408 58.444 174.625 4.446 8.989 26.070 276.982 Additions - 701 5.882 247 809 5.249 12.888 Disposals - (5) (9.570) (246) - - (9.821) Write off due to fire (Note 20)- (4.313) (32.044) (77) (1.455) (65) (37.954) Write off - - (1.738) - (45) - (1.783) Transfer from/to - 1.004 25.129 268 49 (26.450) - Foreign currency translation 221 267 (734) (121) 92 (1.035) (1.310) Balance at 31.12.2021 4.629 56.098 161.550 4.517 8.439 3.769 239.002 Accumulated DepreciationBalance at 01.01.2021 - 29.980 129.673 3.490 7.141 - 170.284Depreciation charge - 1.731 10.730 450 727 - 13.638 Disposals - (1) (9.564) (247) - - (9.812) Write off due to fire (Note 20) - (2.053) (23.594) (35) (1.288) - (26.970) Write off - - (1.731) - (43) - (1.774) Foreign currency translation - 163 (396) (89) 97 - (225) Balance at 31.12.2021 - 29.820 105.118 3.569 6.634 - 145.141 Net book value at 31.12.2021 4.629 26.278 56.432 948 1.805 3.769 93.861 Pledged assets are described in detail in Note 15 - Borrowings.Construction in progress as at 31.12.2021 mainly relates to the upgrade of machinery and building equipment also the purchase of new one.\u03a4he major variance derives from the depreciation of the Naira against the Euro. FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 6 - Property, Plant & Equipment (continued)Parent CompanyMachineryFurniture Building and Motor Landtechnicaland Totaltechnical worksvehiclesinstallationfixturesCostBalance at 01.01.2022 303 9.042 - - 547 9.892 Additions - - - - 135 135 Cost of assets impaired (303) (8.717) - - - (9.020) Cost of assets classified as held for sale (Note 33)- (325) - - (682) (1.007) Balance at 31.12.2022- - - - - - Accumulated DepreciationBalance at 01.01.2022 - 7.471 - - 315 7.786Depreciation charge - 344 - - 118 462 Accumulated depreciation of assets impaired - (7.726) - - - (7.726) Accumulated depreciation of assets classified as held for sale (Note 33)- (89) - - (433) (522) Balance at 31.12.2022 - - - - - - Net book value at 31.12.2022 - - - - - - Impairment charge - continuing operationsThe impairment charge of \u20ac 1.3 m. relates to the former production plant in Kato Achaia, consisting of both owned land and the building. As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable effort to sell the only property that it owns after the implementation date of the Transaction. Since the amount to be collected after the sale, will be transferred to FHBV (based on the Hive Down Agreement), management concluded that an impairment charge is to be recognised as at 31 December 2022. For more information refer to Notes 26 and 33.Parent CompanyMachineryFurniture Building and Motor Landtechnicaland Totaltechnical worksvehiclesinstallationfixturesCostBalance at 01.01.2021 303 8.962 1.710 - 509 11.484 Additions - 80 - - 38 118 Write-off - - (1.710) - - (1.710) Balance at 31.12.2021 303 9.042 - - 547 9.892 Accumulated DepreciationBalance at 01.01.2021 - 7.128 1.710 - 199 9.037 Depreciation charge - 343 - - 116 459 Write-off - - (1.710) - - (1.710) Balance at 31.12.2021 - 7.471 - - 315 7.786 Net book value at 31.12.2021 303 1.571 - - 232 2.106 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-80-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 7 - Right-of-use Assets and Lease LiabilitiesA) Amounts recognised in the Statement of Financial PositionConsolidatedParent CompanyRight-of-use assets31.12.2022 31.12.2021 31.12.2022 31.12.2021Buildings and technical works 2.546 3.166 501 679Furniture and fixtures - - - - Motor vehicles 500 544 203 279Transfer to assets classified as held for sale (Note 33)(2.342) - - - Total 704 3.710 704 958Lease liabilitiesNon current - 3.745 - 658Current 4.091 1.274 762 366Transfer to liabilities directly associated with assets classified as held for sale (Note 33)(3.329) - - - Total 762 5.019 762 1.024Additions during the year 1.929 1.856 118 46B) Amounts recognised in the Income Statement ConsolidatedParent CompanyDepreciation31.12.2022 31.12.2021 31.12.2022 31.12.2021Buildings and technical works 1.968 1.782 201 193Furniture and fixtures - - - - Motor vehicles 565 500 162 126Total 2.533 2.282 363 319Relates to:Continuing operations 363 319 363 319Discontinued operations 2.170 1.963 - - Interest expense ( Note 19 ) 453 272 50 69Relates to:Continuing operations 50 69 50 69Discontinued operations 403 203 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-3": {
"value": "Interest expense ( Note 19 ) 453 272 50 69Relates to:Continuing operations 50 69 50 69Discontinued operations 403 203 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-4": {
"value": "Interest expense ( Note 19 ) 453 272 50 69Relates to:Continuing operations 50 69 50 69Discontinued operations 403 203 - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-82-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 8 - Intangible assetsConsolidatedDevelopment Assets underSoftwareTotalcostsconstructionCostBalance at 01.01.2022 17.820 9.690 6.670 34.180 Additions 118 219 629 966 Transfer to / from 552 58 (610) - Foreign currency translation (27) (22) (6) (55) Cost of assets classified as held for sale (Note 33) (18.463) (9.945) (6.683) (35.091) Balance at 31.12.2022 - - - - Accumulated AmortisationBalance at 01.01.2022 14.759 8.225 - 22.984 Amortisation charge 1.343 581 - 1.924 Foreign currency translation (28) (22) - (50) Accumulated depreciation of assets classified as held for sale (Note 33)(16.074) (8.784) - (24.858) Balance at 31.12.2022 - - - - Net book value at 31.12.2022 - - - - Assets under construction are allocated to assets held for sale and relate to the implementation of the SAP project.ConsolidatedDevelopment Assets underSoftwareTotalcostsconstructionCostBalance at 01.01.2021 17.542 9.215 5.981 32.738 Additions 134 413 689 1.236 Write - off (12) - - (12) Foreign currency translation 156 62 - 218 Balance at 31.12.2021 17.820 9.690 6.670 34.180 Accumulated AmortisationBalance at 01.01.2021 13.212 7.536 - 20.748 Amortisation charge 1.465 627 - 2.092 Foreign currency translation 82 62 - 144 Balance at 31.12.2021 14.759 8.225 - 22.984 Net book value at 31.12.2021 3.061 1.465 6.670 11.196 Pledged assets are described in detail in Note 15 - Borrowings.Assets under construction relate to the implementation of the SAP project.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 8 - Intangible assets (continued)Parent CompanySoftware & other Assets underTotalintangible assetsconstructionCostBalance at 01.01.2022 1.908 1.140 3.048 Additions 151 - 151 Cost of assets classified as held for sale (Note 33) (2.059) (1.140) (3.199) Balance at 31.12.2022 - - - Accumulated DepreciationBalance at 01.01.2022 1.159 - 1.159 Amortisation charge 294 - 294 Accumulated depreciation of assets classified as held for sale (Note 33)(1.453) - (1.453) Balance at 31.12.2022 - - - Net book value at 31.12.2022 - - - Assets under construction are allocated to assets held for sale and relate to the implementation of the SAP project.Parent CompanySoftware & other Assets underTotalintangible assetsconstructionCostBalance at 01.01.2021 1.699 1.140 2.839 Additions209 - 209 Balance at 31.12.2021 1.908 1.140 3.048 Accumulated DepreciationBalance at 01.01.2021 861 - 861 Amortisation charge 298 - 298 Balance at 31.12.2021 1.159 - 1.159 Net book value at 31.12.2021 749 1.140 1.889 Assets under construction are allocated to assets held for sale and relate to the implementation of the SAP project.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-2": {
"value": "%ShareholdingParent Company100,00%99,98%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%100,00%55,21%76,03%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-2": {
"value": "Country of Company name and business segmentincorporationICM OperationsFrigoglass S.A.I.C. GreeceFrigoglass Romania SRL RomaniaFrigoglass Indonesia PT IndonesiaFrigoglass South Africa Ltd. South AfricaFrigoglass Eurasia LLC RussiaFrigoglass (Guangzhou) Ice Cold Equipment Ltd.ChinaScandinavian Appliances A.S NorwayFrigoglass Spzoo PolandFrigoglass India PVT.Ltd. IndiaFrigoglass Switzerland AG Switzerland Frigoglass East Africa Ltd. KenyaFrigoglass GmbH GermanyFrigoglass Hungary KftHungary Frigoglass Nordic AS NorwayFrigoglass Cyprus Ltd. CyprusNorcool Holding A.S NorwayFrigoinvest Holdings B.V The NetherlandsFrigoglass Finance B.V The Netherlands3P Frigoglass SRL RomaniaGlass OperationsFrigoglass Global Ltd. CyprusBeta Glass Plc. NigeriaFrigoglass Industries (NIG.) Ltd. Nigeria",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 9 - Investments in subsidiaries (continued)Below is the summarised financial information of the Group's subsidiaries with non-controlling interests. Total assets andliabilities include intergroup balances. The subsidiaries stated below are part of the assets held for sale and thediscontinued operations. For more information refer to Notes 26 and 33.2022 2021Frigoglass Industries ( Nigeria ) Ltd.Total assets107.331 102.214 Total liabilities73.356 54.803 Total equity33.975 47.411 Revenue from contracts with customers53.326 36.003 Profit / (Loss) after income tax expenses4.663 5.811 Non controlling interest - % 23,97% 23,97%Profit / (Loss) after income tax expenses attributable to non-controlling interests1.118 1.393 Dividends to non-controlling interests3.985 1.366 Capital expenditure2.167 1.396 2022 2021Beta Glass Plc.Total assets160.263 135.891 Total liabilities66.195 48.189 Total equity94.068 87.702 Revenue from contracts with customers120.026 76.127 Profit / (Loss) after income tax expenses10.349 11.254 Non controlling interest - % 44,79% 44,79%Profit / (Loss) after income tax expenses attributable to non-controlling interests4.635 5.040 Dividends to non-controlling interests335 318 Capital expenditure13.163 7.578 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-89-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 10 - InventoriesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.202231.12.2021Assets held Assets held for salefor saleRaw materials - 71.361 68.144 - - - Work in progress - 2.673 2.953 - - - Finished goods - 50.152 41.656 - - - Less: Provision - (8.893) (8.436) - - - Total- 115.293 104.317 - - - ConsolidatedParent CompanyAnalysis of Provisions :31.12.202231.12.2022 31.12.2021 31.12.2022 31.12.202231.12.2021Assets held Assets held for salefor saleOpening Balance 8.436 - 7.041 - - - Increase in provision in income statement6.198 - 2.307 - - - Unused amounts reversed during the year (3.153) - (428) - - - Amounts written off during the year(2.626) - (529) - - - Transferred to assets held for sale (Note 33) (8.893) 8.893 - - - - Foreign currency translation 38 - 45 - - - Closing Balance - 8.893 8.436 - - - ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-90-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 11 - Trade receivablesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleTrade receivables- 86.176 67.108 - 3.146 1.875 Less: Provisions ( Note 35 ) - (1.276) (1.030) - (22) (22) Total - 84.900 66.078 - 3.124 1.853 In terms of comparing the balances as at 31.12.2021 with the assets held for sale as at 31.12.2022: The increase in the balance of the trade receivables is mainly driven by the sales growth in the third and fourth quarters of the year, compared to the corresponding quarters of the year 2021.Trade receivables are amounts due from goods sold or services performed in the ordinary course of business. Due to the short-term nature of the current receivables, their carrying amount is considered the same as their fair value. The credit risk of customers is described in Note 3.Management does not expect any other losses from non-performance of trade receivables, other than as provided for as at 31.12.2022.Pledged assets are described in detail in Note 15 - Borrowings.The aging analysis of the trade debtorsConsolidatedParent Company is the following:31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor sale00 - 30 days - 54.874 48.372 - 959 1.042 31 - 60 days - 15.676 11.544 - 890 583 61 - 90 days - 7.714 2.147 - 786 116 91 - 120 days - 4.265 1.957 - 311 59 121 - 180 days - 2.025 1.071 - 157 40 > 180 days- 1.622 2.017 - 43 35 Total- 86.176 67.108 - 3.146 1.875 The overdue analysis ConsolidatedParent Companyof the trade debtors is the following:31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Not yet Overdue - 62.018 55.681 - 3.042 1.764 Overdue 00 - 30 days - 13.006 7.505 - 56 57 Overdue 31 - 60 days - 5.226 1.483 - 14 22 Overdue 61 - 90 days - 2.532 488 - 7 7 Overdue 91 - 120 days - 1.536 237 - 1 8 Overdue 121 - 180 days - 440 689 - 2 1 Overdue > 180 days - 1.420 1.025 - 25 16 Total- 86.176 67.108 - 3.146 1.875 Less: Provisions - (1.276) (1.030) - (22) (22) Net trade debtors- 84.900 66.078 - 3.124 1.853 Analysis of provisions for trade receivables:ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleOpening balance 1.030 - 1.083 22 - 131 Additions 467 - 11 - - - Reversed amounts (215) - (54) - - (51) Utilized (30) - (59) - - (58) Exchange differences 24 - 49 - - - Transferred to assets held for sale (Note 33) (1.276) 1.276 - (22) 22 - Closing Balance - 1.276 1.030 - 22 22 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-3": {
"value": "Analysis of provisions for trade receivables:ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleOpening balance 1.030 - 1.083 22 - 131 Additions 467 - 11 - - - Reversed amounts (215) - (54) - - (51) Utilized (30) - (59) - - (58) Exchange differences 24 - 49 - - - Transferred to assets held for sale (Note 33) (1.276) 1.276 - (22) 22 - Closing Balance - 1.276 1.030 - 22 22 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-93-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 12 - Other receivablesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleV.A.T receivable 412 16.659 15.429 412 - 57 Intergroup receivables - - - 18.215 - 14.689 Grants for exports receivable - 7.403 7.187 - - - Insurance prepayments 78 1.225 1.041 78 - 51 Prepaid expenses 115 1.559 1.262 115 - 82 Receivable from the disposal of subsidiary - 111 1.977 - - - Other taxes receivable - 441 1.394 - - - Advances to employees - 664 668 - 10 3 Insurance claim receivable due to the fire incident - 15 10.000 - - - Other receivables 89 4.155 3.550 89 - 34 Total 694 32.232 42.508 18.909 10 14.916 V.A.T. receivable in assets held for sale is fully recoverable through the operating activity of the Group and the Company. The balance consists ofrefundable VAT in Romania and Nigeria, due to higher inventories to cover demand in the upcoming quarters.Grants for exports receivable, assets held for sale: Export Expansion Grants (EEG) are granted by the Federal Government of Nigeria on exports of goods produced in the country, after having met certain eligibility criteria. The EEGs are granted by the Nigerian Export Promotion Council (NEPC), a Federal government agency, to qualified non-oil exporters. The NEPC oversees non-oil exporters and sets criteria for all non-oil export grants schemes. The EEGs are recognized at fair value, and Management does not expect any losses from the non-recoverability of these grants. For all EEG claims prior to 2017, the Federal Government of Nigeria settled these claims by issuing Negotiable Duty Credit Certificates (NDCC). The NEPC however ceased issuing the NDCCs, following new guidelines from the Nigerian Federal Government, and these were replaced by Promissory Notes (PNs) issued by Debt Management Office (DMO) of the Nigerian Federal Government. The EEG claims of Frigoglass Industries Ltd. were fully settled through PNs, that were subsequently cashed, in 2019 and 2020. The majority of the outstanding EEG claims of Beta Glass PLC., for the period 2007-2020, were settled through the issuance of PNs in February 2023.Insurance claim receivable due to the fire incident - Assets held for sale:Property damageFrigoglass reached an agreement with the co-insurance scheme for a \u20ac42 million compensation related to the property damage claim including inventory. The amount of \u20ac10m that was received in early February 2022 was presented as an insurance claim receivable as of 31.12.2021, on the basis that the receivable was considered as virtually certain. For more information refer to Notes 18 and 20.Other receivables - assets held for sale: Other receivables mostly include advances and prepayments to third parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 12 - Other receivablesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleV.A.T receivable 412 16.659 15.429 412 - 57 Intergroup receivables - - - 18.215 - 14.689 Grants for exports receivable - 7.403 7.187 - - - Insurance prepayments 78 1.225 1.041 78 - 51 Prepaid expenses 115 1.559 1.262 115 - 82 Receivable from the disposal of subsidiary - 111 1.977 - - - Other taxes receivable - 441 1.394 - - - Advances to employees - 664 668 - 10 3 Insurance claim receivable due to the fire incident - 15 10.000 - - - Other receivables 89 4.155 3.550 89 - 34 Total 694 32.232 42.508 18.909 10 14.916 V.A.T. receivable in assets held for sale is fully recoverable through the operating activity of the Group and the Company. The balance consists ofrefundable VAT in Romania and Nigeria, due to higher inventories to cover demand in the upcoming quarters.Grants for exports receivable, assets held for sale: Export Expansion Grants (EEG) are granted by the Federal Government of Nigeria on exports of goods produced in the country, after having met certain eligibility criteria. The EEGs are granted by the Nigerian Export Promotion Council (NEPC), a Federal government agency, to qualified non-oil exporters. The NEPC oversees non-oil exporters and sets criteria for all non-oil export grants schemes. The EEGs are recognized at fair value, and Management does not expect any losses from the non-recoverability of these grants. For all EEG claims prior to 2017, the Federal Government of Nigeria settled these claims by issuing Negotiable Duty Credit Certificates (NDCC). The NEPC however ceased issuing the NDCCs, following new guidelines from the Nigerian Federal Government, and these were replaced by Promissory Notes (PNs) issued by Debt Management Office (DMO) of the Nigerian Federal Government. The EEG claims of Frigoglass Industries Ltd. were fully settled through PNs, that were subsequently cashed, in 2019 and 2020. The majority of the outstanding EEG claims of Beta Glass PLC., for the period 2007-2020, were settled through the issuance of PNs in February 2023.Insurance claim receivable due to the fire incident - Assets held for sale:Property damageFrigoglass reached an agreement with the co-insurance scheme for a \u20ac42 million compensation related to the property damage claim including inventory. The amount of \u20ac10m that was received in early February 2022 was presented as an insurance claim receivable as of 31.12.2021, on the basis that the receivable was considered as virtually certain. For more information refer to Notes 18 and 20.Other receivables - assets held for sale: Other receivables mostly include advances and prepayments to third parties.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 13 - Cash and cash equivalentsConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Assets held Assets held for salefor saleCash on hand - 86 8 - - - Short term bank deposits 853 62.466 79.199 853 - 1.752 Total 853 62.552 79.207 853 - 1.752 Cash & cash equivalents per currency:EURO - \u20ac 831 21.057 31.569 831 - 1.748 USD - $ 20 20.262 11.836 20 - 2 Polish Zloty - PLN - 457 353 - - - Nigeria Naira - NAIRA - 17.483 30.406 - - - Norwegian krone - NOK - 521 1.005 - - - Chinese yuan renminbi - CNY - 192 43 - - - Indian Rupee - INR- 145 687 - - - Russian rouble - RUB - 837 74 - - - Romanian Lei - RON - 849 1.181 - - - S. African Rand - ZAR 2 221 1.245 2 - 2 Indonesian Rupiah - IDR- 53 57 - - - Hungarian Forint - HUF - 278 356 - - - Kenyan Sheiling-KES - 30 19 - - - Danish Krone-DKK - 20 10 - - - Swedish Krone-SEK - 63 103 - - - Great British Pounds- GBP - 9 38 - - - Swiss Franc -CHF - 76 225 - - - Total 853 62.552 79.207 853 - 1.752 Pledged assets are described in detail in Note 15 - Borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-95-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 14 - Other payablesConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for sale Held for saleTaxes and duties payable 320 2.980 3.156 320 - 264 Intergroup payables - - - 4.475 - 5.367 VAT payable - 8.499 5.827 - - - Social security insurance 270 2.196 1.477 270 - 294 Customers' advances - 4.386 5.453 - - 48 Other taxes payable - 654 473 - - - Accrued discounts on sales - 6.483 7.313 - - - Accrued fees & costs payable to third parties 361 10.033 5.388 361 103 402 Accrued payroll expenses - 3.867 11.295 - 98 4.325 Other accrued expenses 35 3.543 3.079 35 - 27 Accrual for warranty expenses - 4.538 5.268 - - - All other payables 259 7.085 5.847 259 - 293 Total 1.245 54.264 54.576 5.720 201 11.020 The carrying amount of other payables is considered to be the same as its fair value, due to their short-term nature.Customer Advances - liabilities associated with assets held for sale: The reduction reflects high advances received by clients, relating to orders for the first quarter of 2022, at the end of 2021.Accrued fees & costs payable to third parties - liabilities associated with assets held for sale: The increase reflects mostly not yet invoiced purchases of property plant and equipment in Nigeria.All other payable liabilities associated with assets held for sale: Other creditors include dividends payable to minority, amounting to \u20ac4 million.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 15 - BorrowingsConsolidatedParent Company31.12.202231.12.202231.12.2021 31.12.202231.12.202231.12.2021Held for sale Held for saleBond loans - 260.000 260.000 - - - Intergroup bond loans - - - - - 53.973 Bank loans - - 4.000 - - - Unamortized costs for the issue of bond - (4.061) (5.763) - - - Total Non current borrowings - 255.939 258.237 - - 53.973 ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for sale Held for saleBank overdrafts - 2.341 3.740 - - - Intergroup bond loans - - 61.965 - Bridge notes - 35.000 - - - - Bank loans - 72.600 55.771 - - - Accrued interest for loans - 10.255 7.474 - - - Total current borrowings - 120.196 66.985 61.965 - - Total borrowings - 376.135 325.222 61.965 - 53.973 ConsolidatedParent CompanyNet debt31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for sale Held for saleTotal borrowings - 376.135 325.222 61.965 - 53.973 Total Lease Liabilities ( Note 7 ) 762 3.328 5.019 762 - 1.024 Cash and cash equivalents (Note 13) (853) (62.552) (79.207) (853) - (1.752) Net debt (91) 316.911 251.034 61.874 - 53.245 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 15 - Borrowings (continued)ConsolidatedParent CompanyHeld for Sale - Discontinued operationsHeld for Sale - Discontinued operationsThe movement of liabilities fromLease borrowings & lease liabilities BorrowingsTotal Borrowings Lease liabilities Totalliabilitiesis listed below:Balance 01.01.2022 325.222 3.995 329.217 - - - Cash flows - - - - Proceeds from borrowings 193.783 - 193.783 - - - Repayments of borrowings (145.242) - (145.242) - - - Principal repayments of lease obligations - (2.878) (2.878) - - - Interest paid (23.316) - (23.316) - - - Total cash flows 25.225 -2.878 22.347 - - - Lease increase - 1.811 1.811 - - - Effect of changes in exchange rate (2.320) (35) (2.355) - - - Other non-cash movements 28.009 436 28.445 - - - Balance 31.12.2022 376.135 3.329 379.464 - - - The other non-cash movements primarily include the interest expense for the period and the amortised issuance costs.ConsolidatedParent CompanyContinuing OperationsContinuing OperationsThe movement of liabilities fromLease borrowings & lease liabilities BorrowingsTotal Borrowings Lease liabilities Totalliabilitiesis listed below:Balance 01.01.2022 0 1.024 1.024 53.973 1.024 54.997Cash flows - Proceeds from borrowings - - - 6.400 - 6.400 Repayments of borrowings - - - (1.300) 0 (1.300) Principal repayments of lease obligations - (370) (370) - (370) (370) Interest paid - - - (900) - (900) Total cash flows 0 -370 -370 4.200 -370 3.830Lease increase 0 118 118 0 118 118Effect of changes in exchange rate- - - - - - Other non-cash movements - (10) (10) 3.792 (10) 3.782 Balance 31.12.2022 0 762 762 61.965 762 62.727 Balance 01.01.2021 312.357 6.122 318.479 50.359 1.358 51.717Cash flowsProceeds from borrowings 111.513 - 111.513 3.350 - 3.350 Repayments of borrowings(100.249) - (100.249) (3.350) 0 (3.350) Principal repayments of lease obligations - (2.700) (2.700) - (351) (351) Interest paid (19.315) - (19.315) (112) - (112) Total cash flows -8.051 -2.700 -10.751 -112 -351 -463Lease increase 0 1.634 1.634 0 46 46Effect of changes in exchange rate 21 0 21 0 0 0Other non-cash movements 20.895 -37 20.858 3.726 -29 3.697Balance 31.12.2021 325.222 5.019 330.241 53.973 1.024 54.997The other non-cash movements primarily include the interest expense for the period and the amortised issuance costs.FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) Discontinued operations Non-current borrowings Bond Loan On February 12, 2020, Frigoglass S.A.I.C. through its subsidiary Frigoglass Finance B.V. (the \"Issuer\") issued \u20ac260.0 million in aggregate principal amount of 6.875% Senior Secured Notes due 2025 (the \u201c2025 Notes\u201d). The Notes are guaranteed on a senior secured basis by Frigoglass S.A.I.C. and certain of our subsidiaries (the \"Guarantors\") and secured by certain assets of the Issuer and the Guarantors. The Notes mature on February 12, 2025. The Notes pay interest semi\u2010annually on February 1 and August 1 of each year. The Indenture limits, among other things, our ability to incur additional indebtedness, pay dividends on, redeem or repurchase our capital stock, make certain restricted payments and investments, create or permit to exist certain liens, transfer or sell assets, merge or consolidate with other entities and enters into transactions with affiliates. Each of the covenants is subject to a number of important exceptions and qualifications. Guarantees The companies that have granted guarantees in respect of the Note are: Frigoglass S.A.I.C., Frigoinvest Holdings B.V., Beta Glass Plc, Frigoglass Eurasia LLC, Frigoglass Industries (Nigeria) Limited, Frigoglass Cyprus Limited, Frigoglass Global Limited, Frigoglass Romania S.R.L. and 3P Frigoglass S.R.L. Security The security granted in favour of the creditors under the Senior Secured Notes due 2025 include the following: (a) Security over shares in the following Group companies: Frigoinvest Holdings B.V., Frigoglass Finance B.V., 3P Frigoglass S.R.L., Frigoglass Romania S.R.L., Frigoglass Eurasia LLC, Frigoglass Global Limited and Frigoglass Cyprus Limited. The Notes are also secured by a pledge over the shares of Frigoglass Industries (Nigeria) Limited and Beta Glass (the \"Share Pledge\"), with an aggregate amount of the secured obligations in respect of the Share Pledge being limited to \u20ac175.0 million. (b) Security over assets of the Group in the value shown below: Assets 31.12.2022 Intergroup receivables 357.478 Other debtors 32 Cash & cash equivalents 8.058 Total 365.568 The 2025 Notes have been canceled as part of the Transaction. FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) Current borrowings On 5 December 2022, a committee of the Noteholders of the \u20ac260 million senior secured notes due 2025 (the \u201c2025 Notes\u201d), that represented 56.9% of the principal amount of the 2025 Notes (such committee, the \u201cNoteholder Committee\u201d), provided to the Company and the Group \u20ac35 million in aggregate principal amount of Fixed Rate Super Senior Secured Notes due 2023 (the \u201cInitial Bridge Notes\u201d), with the ability, subject to agreement between the parties, to tap an additional aggregate amount of \u20ac20 million through two tranches of equal amount (the \u201cAdditional Bridge Notes\u201d, and together with the Initial Bridge Notes, the \u201cBridge Notes\u201d), as further set out below. In addition to funding the Initial Bridge Notes, the Noteholder Committee agreed to support a recapitalization and restructuring transaction, in order to provide stability to the Group\u2019s operations. The Additional Bridge Notes of \u20ac20 million aggregate principal amount were issued on 20 January 2023 and 3 February 2023, following the respective subscription agreements and the extension of the maturity dates of the Bridge Notes. The \u20ac55 million Bridge Notes were used by the Group, inter alia, to support its working capital needs and capital expenditures, including the rebuild of the new manufacturing facility in Romania. The Bridge Notes also have the same guarantees with the 2025 Notes, except for the guarantee of Frigoglass Eurasia which was not granted to the Bridge Notes due to, inter alia, the sanctions regime in place making financial dealings with Russian entities complex, and benefit from the share pledges. The Initial Bridge Notes: \u2022 Were issued by Frigoglass Finance B.V. and Frigoinvest Holdings B.V. (together, the \u201cCo\u2010Issuers\u201d) at an issue price of 95%. \u2022 Ranked pari passu in right of payment to the 2025 Notes but have contractual seniority in respect of proceeds from the enforcement of collateral, a distressed disposal and any amounts which would be subject to turnover provision. \u2022 The proceeds were used, directly or indirectly, including by way of intragroup on\u2010lending, for general corporate purposes, inter alia, to use for capital expenditures in connection with the reconstruction of the Group\u2019s production facility in Romania; to purchase inventory and/or working capital requirements; to repay debt outstanding under certain existing local facilities; to finance payroll, taxes, overdue claims of any third\u2010party creditor and other expenses of Frigoglass; and to finance certain fees, costs, taxes and expenses related to or incurred or charged in connection with the recapitalization and restructuring transaction. \u2022 Included covenants in line with the terms of the indenture governing the terms of the 2025 Notes (the \u201c2025 Notes Indenture\u201d) and also include, inter alia, certain maintenance covenants and certain additional events of default, consistent with a financing of this nature. \u2022 Paid 13% p.a. cash interest which will be payable on the maturity date. \u2022 Were refinanced on the Implementation Date. FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) The initial maturity date of the Bridge Notes was 11 January 2023 with a final maturity date of 28 February 2023. Frigoinvest Holdings B.V. (\u201cFHBV\u201d) and Frigoglass Finance B.V., as issuers of the Bridge Notes, have not repaid the principal amount of and any accrued interest related to the Bridge Notes which was due and payable on 28 February 2023. This constituted an Event of Default under the trust deed governing the Bridge Notes and such Event of Default was required to commence the implementation of the Transaction. On or about 6 March 2023, Frigoglass reached an agreement with the Noteholder Committee with the support of its major indirect shareholder, Truad Verwaltungs A.G. (\u201cTruad\u201d), for a consensual recapitalization and restructuring (the \u201cTransaction\u201d) of the group of companies (i.e., FHBV and its subsidiaries) which was controlled at that time by Frigoglass SAIC. By 24 March 2023, Noteholders representing over 95% of the aggregate principal amount of the 2025 Notes have elected to accede to the Lock\u2010up Agreement and support the Transaction. The Transaction, as reflected in the amended Lock\u2010Up Agreement, involved a number of inter\u2010conditional components which resulted in changes to Frigoglass Group\u2019s debt capital structure on completion on the Implementation Date (as further described below), including: 1) Issuance of new first lien senior secured notes in the amount of \u20ac75 million (the \u201cNew Super Senior Notes\u201d) (with an uncommitted ability to issue in total up to an additional \u20ac30 million under the indenture governing the New Senior Secured Notes) by Frigo DebtCo PLC (refer below for the details of the company). The maturity of the bonds is three years after the Implementation date of the Transaction. 2) Issuance of new second lien senior secured notes in the amount of \u20ac150m (the \u201cReinstated Notes\u201d) by Frigo DebtCo PLC, following the restructuring of the 2025 Notes. The maturity of the bonds is five years after the implementation of the Transaction. As a result of the Transaction the 2025 Notes were canceled. The Bridge Notes have been repaid through the proceeds of the New Super Senior Notes. Following the Event of Default under the trust deed governing the Bridge Notes, the Noteholder Committee commenced the implementation of the Transaction by enforcing the pledge over the shares of Frigoinvest Holdings B.V. (the \u201cShare Pledge Enforcement\u201d), which implementation was completed on 27 April 2023 (the \u201cImplementation Date\u201d). On the Implementation Date, ownership of FHBV (and each of its subsidiaries) was transferred to Frigo DebtCo PLC, an entity in which the Noteholders (or their affiliates) indirectly own an 85% equity stake. As a result, FHBV and its subsidiaries, with effect from 27 April 2023, are controlled by Frigo DebtCo PLC. FRIGOGLASS S.A.I.C. Notes to the Financial Statements in \u20ac 000's Note 15 - Borrowings (continued) Additionally, simultaneously to the implementation of the Transaction, Frigoglass SAIC transferred to Frigoglass Services Single Member SA (a new subsidiary entity of FHBV) substantially all of its assets and liabilities (the \u201cHive\u2010Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC as well as receipt of a series of indemnities to support Frigoglass\u2019 solvency and liquidity going forward. On the Implementation Date, Frigoglass SAIC and other Group companies have been discharged from the obligations and guarantees stemming from the 2025 Notes and the Bridge Notes. The Hive\u2010Down was approved by the General Meeting of Shareholders of Frigoglass SAIC, on 28 March 2023, according to article 23 of law 4706/2020. Following the implementation of the Transaction and the Hive\u2010Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC and, thus the recapitalized group, with the remaining 85% being held Frigo NewCo 1 Limited, a private liability company incorporate in England and Wales. 95% of the share capital of Frigo NewCo 1 Limited has been distributed pro rata to the 2025 Noteholders with the remaining 5% of the share capital distributed to the 2025 Noteholders who elected to purchase the New Super Senior Notes. Bank overdrafts, accrued interest and bank loans The Group\u2019s outstanding balance of current borrowings as of December 31, 2022, amounted to \u20ac120.2 million (December 31, 2021: \u20ac67.0 million), including the accrued interest of loans in the period. Current borrowings represent bank overdraft facilities and short\u2010term loans from various banks in India, Romania, Russia and Nigeria, and part of them are secured through inventories, trade receivables and/or property. Continuing operations Intergroup current loans The loans from subsidiaries to the Parent Company are maturing in February 2025. The interest rate on the loans for 2022 is 8.2%. For the reclassification of intergroup loans to current, as well as the subsequent events, refer to Note 26. As a result: a) The initial Bridge Notes have been initially classified in the Group\u2019s current borrowings and subsequently reclassified to Liabilities directly associated with Assets Held for Sale. b) The intercompany loans of the Parent Company have been classified as current following the netting off that took place in April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-102-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 16 - Share capital, share premium and share based paymentsShare capital:The share capital of the Group at 31.12.2020 comprised of 355.437.751 fully paid up ordinary shares with an nominal value of \u20ac 0.10 each. The General Meeting of shareholders, at 14.12.2021, decided the nominal decrease of the Company\u2019s share capital by the amount of \u20ac14,217,510.04 to become \u20ac21,326,265.06, through decrease of the nominal value of the Company\u2019s 355,437,751 shares from \u20ac0.10 to \u20ac 0.06 each, according to article 31 of Law 4548/2018, for the purpose of forming a special reserve of equal amount and offsetting losses by deletion of losses from the Company\u2019s account \u201cRetained earnings\u201d and the respective amendment of article 3 of the Company\u2019s Articles of Association.On the 31st of December 2021, FRIGOGLASS' s Board of Directors resolved to increase the share capital of the Company by 876,665 ordinary shares, following the exercise of share options by option holders pursuant to the Company\u2019s share option plan. The proceeds from the share capital increase amounted to \u20ac 110 thousand.The share capital of the Parent Company at 31.12.2021 and 31.12.2022 comprised of 356,314,416 fully paid up ordinary shares with an nominal value of \u20ac 0.06 each. Share capitalShare premiumNumber of shares -000' Euro--000' Euro- Balance at 01.01.2021 355.437.751 35.544 (33.801) Transfer to reserves due to the decrease of the nominal value of each share for - (14.218) - offsetting losses by deletion of losses from the account \u201cAccumulated losses\u201dShares issued to employees exercising stock options / Proceeds from the issue of 876.665 53 57 sharesBalance at 31.12.2021356.314.416 21.379 (33.744) Balance at 31.12.2022356.314.416 21.379 (33.744) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 16 - Share capital, share premium and share based payments ( continued )Share OptionsThe establishment of the Frigoglass Stock Option Plan was approved by shareholders at the 2007 Annual General Meeting and subsequently in 2009, 2010, 2012 ,2014 and 2019.The Stock Option Plan is designed to provide long-term incentives for senior managers and members of the Management Committee to deliver long-term shareholder returns. Participation in the plan is at the board\u2019s discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits.Options vest in one-third increments each year for three years and can be exercised for up to 10 years from the date of award. When the options are exercised, the proceeds received, net of any transaction costs, are credited to share capital (at the nominal value) and share premium.The exercise price of options is determined by the General Meeting.A summary of stock option activity under all plans is as follows:20222021Weighted Average Number of stock Weighted Average Number of stock exercise price (\u20ac)optionsexercise price (\u20ac)optionsBeginning Balance 0,4247 4.469.417 0,4440 5.796.979Granted during the year - - 0,125 (876.665) Expired during the year 1,680 (485.764) 16,620 (30.897) Forfeited during the year - - 0,125 (420.000) Ending Balance 0,2717 3.983.653 0,4247 4.469.417Vested and exercisable at 0,2717 3.983.653 0,4247 4.469.417the end of the periodShare options outstanding at the end of the year have the following expiry date and exercise prices:Share optionsWeighted Average Grant dateExpiry date Exercise price (\u20ac)exercise price (\u20ac)27/6/2014 31/12/2023 11,370 30.663 0,087515/5/2015 31/12/2024 5,700 32.661 0,04674/11/2015 31/12/2024 6,630 6.666 0,011126/7/2016 31/12/2025 0,450 43.663 0,004922/3/2019 31/12/2028 0,125 3.870.000 0,121431/12/2022Total 3.983.653 0,2717Weighted average remaining contractual life, in years, of options outstanding at the end of 5,889period",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-104-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 17 - Other reservesConsolidatedCurrency Statutory Share based Extraordinary Tax free translation TotalreservespaymentsreservesreservesreserveBalance at 01.01.2021 4.177 1.081 14.201 8.760 (65.684) (37.465) Additions for the year - 46 - - - 46 Share capital decrease (Note 16) - - 4.395 - - 4.395 Shares issued to employees - (162) - - - (162) Foreign currency translation- - (49) - (2.097) (2.146) Balance at 31.12.2021 4.177 965 18.547 8.760 (67.781) (35.332) Balance at 01.01.2022 4.177 965 18.547 8.760 (67.781) (35.332) Additions for the year 9 - - - - 9 Foreign currency translation- - (36) - (4.281) (4.317) Balance at 31.12.2022 4.186 965 18.511 8.760 (72.062) (39.640) Parent CompanyCurrency Statutory Share based Extraordinary Tax free translation TotalreservespaymentsreservesreservesreserveBalance at 01.01.2021 4020 1.081 12.013 8.760 - 25.874 Additions for the year - 46 - - - 46 Share capital decrease (Note 16) - - 4.395 - - 4.395 Shares issued to employees - (162) - - - - Balance at 31.12.2021 4.020 965 16.408 8.760 30.153 Balance at 01.01.2022 4.020 965 16.408 8.760 30.153 Balance at 31.12.2022 4.020 965 16.408 8.760 - 30.153 A statutory reserve has been created under the provisions of Hellenic law (Law 4548/2018) according to which, an amount of at least 5% ofthe profit (after tax) for the year must be transferred to this reserve until it reaches one third of the paid up share capital. The statutoryreserve can not be distributed to the shareholders of the Company except for the case of liquidation.The share based payments reserve refers to the established Stock Option Plan provided to senior managers and members of theManagement Committee. The Company has created tax free reserves, in accordance with several Hellenic tax laws, during the years, in order to achieve taxdeductions, either: a) by postponing the settlement of tax liabilities until the distribution of the reserves to the shareholders, or b) by eliminating any future income tax payment related to the issuance of bonus shares to the shareholders.Should the reserves be distributed to the shareholders as dividends, the distributed profits will be taxed with the applicable rate at the timeof distribution. No provision has been recognized for contingent income tax liabilities in the event of a future distribution of such reservesto the Company's shareholders since such liabilities are recognized at the same time as the dividend liability associated with suchdistributions.In 2017 the Company proceeded with the nominal decrease of the Company\u2019s share capital by the amount of \u20ac 9,107 million, by acorresponding decrease of the nominal value of each Company's share from \u20ac 0.90 to \u20ac 0.36, according to article 4 para. 4a of C.L.2190/1920, for the purpose of forming a special reserve of equal amount the use of which will be decided in the future. This amount hasbeen allocated in the extraordinary and tax free reserves.In 2021 the Company proceeded with the formation of an extraordinary reserve in the amount of \u20ac 4,395 million, to offset future losses,according to article 31 par. 2 of Law 4548/2018.The currency translation reserve comprises all foreign exchange differences arising from the translation of the financial statements of Groupentities with functional currencies other than the Euro.",
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"language": "en",
"entity": "scheme:2138003J1IUF4RSQ4K72",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 18 - Other operating income and Other gains/(losses) - netOther operating income ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Income from subsidiaries: Services fees- - 13.981 12.767Income from insurance claims & Other operating income13.682 - 1.851 - Income from scraps sales1.061 698 - - Other charges to customers and other income1.900 2.099 108 56 Total: Other operating income 16.643 2.797 15.940 12.823 Other operating income is attributable to:Continuing operations - - - - Discontinued operation 16.643 2.797 15.940 12.823 16.643 2.797 15.940 12.823 Income from insurance claims - discontinued operationsFrigoglass reached an agreement with the co-insurance scheme for a \u20ac19.6 million compensation related to the business interruption claim in July 2022. The Group has already received the entire amount (\u20ac19.6 million), \u20ac6.7 million in the second quarter of 2022 and \u20ac12.9 million in July 2022. The total amount was recognized in the Income Statement for the period ended 31 December 2022, broken down between the fire cost income (\u20ac5.7 million) and other income (\u20ac13.9 million).Other gains /(losses) - net ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Profit/(Loss) from disposal of property, plant & equipment450 478 - - Other (116) (14) - - Total: Other gains/(losses) - net 334 464 - - Other gains /(losses) is attributable to:Continuing operations - - - - Discontinued operation 334 464 - - 334 464 - - Other operating income / (expenses) and other gains / (losses) -discontinued operations- relate to income or expenses not connected to the commercial activity of the Group. ",
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"pp-value-106-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 19 - Financial costs - netConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Finance income (1.129) (558) - - Interest Expense 26.369 21.181 3.800 3.726 Exchange loss / (gain) and Other Financial costs 10.977 3.836 150 52 Finance cost for lease liabilities 453 272 50 69 Finance cost 37.799 25.289 4.000 3.847 Finance costs - net36.670 24.731 4.000 3.847 Finance cost is attributable to:Continuing operations184 103 3.984 3.829 Discontinued operation 36.486 24.628 16 18 36.670 24.731 4.000 3.847 ",
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"pp-value-106-3": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 19 - Financial costs - netConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Finance income (1.129) (558) - - Interest Expense 26.369 21.181 3.800 3.726 Exchange loss / (gain) and Other Financial costs 10.977 3.836 150 52 Finance cost for lease liabilities 453 272 50 69 Finance cost 37.799 25.289 4.000 3.847 Finance costs - net36.670 24.731 4.000 3.847 Finance cost is attributable to:Continuing operations184 103 3.984 3.829 Discontinued operation 36.486 24.628 16 18 36.670 24.731 4.000 3.847 ",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 20 - (Losses) / Gains from Fire and RestructuringFire Incident at facility in Romania - Discontinued operationsOn June 5, 2021, a fire incident occurred at the Group\u2019s commercial refrigeration manufacturing facility in Timisoara, Timis County of Romania, which caused severe damage primarily to the plant\u2019s production area and, consequently, to machinery and inventories located within this area. Frigoglass reached a definitive agreement with the co-insurance scheme, which had underwritten the insurance coverage in relation to the fire incident , for an aggregate net compensation amount of \u20ac61.6 million related to the property damage (\u20ac42 million compensation) and business interruption claims (\u20ac19.6 million compensation). The \u20ac42 million for compensation related to property damage were received in the years 2021 and 2022 and were recognized in the Income Statement against the fire costs expenses. For the business interruption claim, the total amount was recognized in the Income Statement for the period ended 31 December 2022, broken down between the fire cost income (\u20ac5.7 million) and other income (\u20ac13.9 million). For more information refer to Note 18.Costs for the restructuring of the group\u2019s capital structure - Discontinued operationsFrigoglass with the support of its legal and financial advisors proceeded to review and assess its financial and strategic options in view of optimizing the Group\u2019s capital structure and securing additional capital and liquidity. The cost has been reflected in the Income Statement of the year ended 31.12.2022, as restructuring costs. For more information regarding the agreement, refer to Note 26.Below is the analysis:Year ended31.12.2022 31.12.2021Fixed Assets write off- (10.984) Inventories write off- (2.464) Income from insurance compensation for property damage17.000 25.000 Income from insurance compensation for business interruption5.684 - 22.684 11.552 Expenses due to business interruption(484) (5.329) Income related to destroyed materials - 613 Fire (Cost)/Income 22.200 6.836 Restructuring costs(24.212) - Restructuring costs (24.212) - (Losses) / Gains from Fire and Restructuring (2.012) 6.836 Gains/losses are attributable to:Continuing operations - - Discontinued operation (2.012) 6.836 (2.012) 6.836 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 23 - Reconciliation of Adjusted EBITDA Year ended31.12.2022 31.12.2021ConsolidatedProfit / (Loss) for the period from continuing operations (3.244) (1.755) plus: Depreciation (Note 29) 668 667 plus: Impairment of tangible assets (Note 6) 1.294 - plus: Finance costs / (income) (Note 19) 184 103 Adjusted EBITDA (1.098) (985) Revenue from contracts with customers - - Margin Adjusted EBITDA, % 0,0% 0,0%ICM OperationsProfit / (Loss) for the period from continuing operations (3.244) (1.755) plus: Depreciation 668 667 plus: Impairment of tangible assets 1.294 - plus: Finance costs / (income) 184 103 Adjusted EBITDA (1.098) -986 Revenue from contracts with customers - 0Margin Adjusted EBITDA, % 0,0% 0,0% * Finance costs / <income> = Interest expense - Interest income +/- Exchange Gain/Loss - Other Financial costs (Note 19)FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 28 - Impact of the Russia and Ukraine conflict The impact of the conflict relates to the Group's discontinued operations. The geopolitical situation in Eastern Europe intensified in February 2022, with the conflict between Russia and Ukraine. Large-scale economic sanctions have been imposed on Russia by the US, the UK and the EU as well as other countries and counter sanctions have been imposed by the Russian government in response. The tension and the conflict are increasingly affecting the global economy and exacerbating ongoing economic challenges resulting in high inflation rates and supply-chain disruptions.Frigoglass operates a production facility in Russia through its Commercial Refrigeration subsidiary, Frigoglass Eurasia LLC. Following the fire incident in the Romanian plant in June 2021, the Russian facility represented the Group\u2019s main production facility in Europe in 2021 and 2022 and 13% of Group\u2019s total assets as of 31st of December 2022. Given the extent and ongoing duration of the conflict, Frigoglass Eurasia LLC is facing supply chain disruptions on movements of products and on the imports of raw materials and is putting appropriate plans in place to maintain its operation in the country. From January 2023 Frigoglass Eurasia LLC is not allowed to export coolers towards European market due to EU sanctions.For the period ended 31 December 2022, the Russian and Ukrainian markets accounted for 8.9% and 0.6% of Group\u2019s sales (included in discontinued operations), respectively. The combined sales in Russia and Ukraine in 2022 declined by 30.9% y-o-y. Frigoglass Eurasia LLC also had significant exports (finished and semi-finished goods) to other countries and to the Group\u2019s other subsidiaries in 2021 and 2022 accounting for c. 69% of its 2022 sales. Purchases of raw materials in Russia represent approx. 21% of total purchases of the Commercial Refrigeration segment in 2022 which are consumed by the Russian subsidiary.Finally, Frigoglass Eurasia LLC maintains credit facilities with Russian banks which are primarily on-demand. As of December 31, 2022, Frigoglass Eurasia LLC had \u20ac28.6 million gross debt, and it is in discussions with the banks to extend or negotiate such facilities. Frigoglass Eurasia LLC had \u20ac6.5 million cash and cash equivalents in 31.12.2022.For the impact on property, plant and equipment and right to use assets refer to Notes 4.1.4 and 6. For the impact on the investments in subsidiaries of the Parent company, refer to Notes 4.1.2. and 9.For the impact on revenue from contracts with customers, refer to Note 5. For the impact on going concern, refer to Note 4.1.6FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 31 - Retirement benefit obligationsMovement in the net liability recognized on theConsolidatedParent Companybalance sheet: 31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for saleHeld for saleNet liability at the beginning of the period4.366 - 4.055 2.915 2.505 Current service cost 442 - 212 302 - 282 Interest expense / (income) 120 - 96 24 - 8 Past service cost (292) - 210 - - 83 Curtailment/settlement 103 - - 103 - - Actuarial losses 29 - - - - - Total amount recognised in the income statement 402 - 518 429 - 373 Loss from change in demographic assumptions (29) - 84 (29) - 84 Loss from change in financial assumptions (579) - 110 (579) - 110 Total amount recognised in other comprehensive income (608) - 194 (608) - 194 Exchange differences 37 - 122 - - - Benefit payments (405) - (523) (395) - (157) Transferred to assets held for sale (Note 33) (3.792) 3.792 (2.341) 2.341 Net liability at the end of the period 0 3.792 4.366 - 2.341 2.915 The assumptions (weighted average for the Group) used in computing the defined benefit obligation comprised the following for the year ended 31December:ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for saleHeld for saleDiscount rate - 5,16% 2,94% - 3,81% 0,84%Salary increase - 4,36% 3,61% - 2,85% 2,25%Plan duration - 11,60 12,91 - 9,26 10,88The major defined benefit plans of the Group are those of the Greek, Indonesia and India entities, which are subject to the local legislation.Employees are entitled to retirement indemnities, generally based on the employee's length of service, employment category and remuneration.These are unfunded plans with obligation of payment at the date when they fall due.The liabilities arising from such obligations are valued by independent firm of actuaries. The last actuarial valuations were undertaken in December 2022.Sensitivity analysis for significant assumptions ConsolidatedParent Company31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for saleHeld for saleDiscount rate 0,5% higher - (188) (254) - (98) (149) Discount rate 0,5% lower - 204 278 - 105 160 The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur,and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarialassumptions the same method (projected unit credit method) has been applied as when calculating the pension liability recognised within thestatement of financial position. The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the priorperiod.In the following 12 months no significant cash outflows are expected.",
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"pp-value-108-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 21 - Income tax ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2022Corporate tax 10.735 9.429 135 116 Deferred tax 37 3.039 - - Income tax expense 10.772 12.468 135 116 Income tax expense is attributable to:Profit / (Loss) from continuing operations 135 116 135 116 Profit / (Loss) from discontinued operation 10.637 12.352 - - 10.772 12.468 135 116 The tax expense allocated to continuing operations relates to the Parent Company's withholding taxes. Due to accumulated tax losses carried forward, for which no deferred tax assets have been recorded, there is no tax on profit calculated for the Parent Company. As such no reconciliation is presented in the Financial Statements.The Group did not recognize deferred tax assets for accumulated tax losses \u20ac 57 m., for Greece, Indonesia, South Africa, Russia, Hungary and The Netherlands because the future taxable profits within the next years, most probably, will not be adequate to cover the current accumulated tax losses. It is noted that according to Law 4799/2021, the income tax from business activity obtained by legal entities in Greece, are taxed at a rate of 22% for the income of the tax year 2021 onwards.The profit before tax of the Group companies is taxed at the applicable rate corresponding to the country in which each company isdomiciled. The income tax rates in the countries where the Group operates are between 9% and 33%.Audit Tax CertificateEffective from fiscal years ended 31 December 2011 onwards, Greek companies meeting certain criteria can obtained an \"Annual TaxCompliance Report\" as provided for by par. 5, article 82 of L. 2238/1004 and article 65A of L. 4174/2013, from their statutory auditor inrespect of compliance with tax law. With regard to the fiscal year 2021, the Company is subject to the tax audit of the Certified Auditors, stipulated by the provisions of article65A of L. 4174/2013 and a Tax Certificate has been issued without any reservation or emphasis of matter regarding the Company's taxcompliance .For the year 2022, the tax audit has been assigned to \u00abPricewaterhouseCoopers S.\u0391.\u00bb, is in progress and Management does not expect anymaterial changes to the tax liabilities and the corresponding tax provision included in the financial statements.Unaudited Tax Years The tax returns of the Parent Company and the Group's subsidiaries have not been assessed by the tax authorities for different periods, which are presented in the table below. Until such time the special tax audit of the companies in the below table is completed, the tax burden for the Group relating to those yearscannot be accurately determined. The Group is raising provisions for any additional taxes that may result from future tax audits to theextent that the relevant liability is probable and may be reliably measured. FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 21 - Income tax (continued)One of the Group's foreign subsidiary undertakings may be challenged by the foreign tax authorities as regards the deductibility of certain intra group charges, dividend distribution and bad faith suppliers, given recent developments in the tax environment in the country of operation of that foreign subsidiary. The Group and its tax advisors has assessed the possible challenge and has concluded that the foreign subsidiary has in place all required transfer pricing documentation and other relevant supporting documentation to counter any challenge. Moreover a recent tax audit completed for this subsidiary for prior years has not raised significant concerns. The Group has therefore not proceeded to recognise a provision in relation to this matter as a cash outflow is not probable as of 31 December 2022. Note:In some countries, the tax audit is not mandatory and may only be performed under certain conditions.Unaudited tax Company CountryLine of BusinessyearsFrigoglass S.A.I.C. Greece 2022Parent Company & Service and Repair of Frigoglass Romania SRL Romania 2017 - 2022Ice Cold MerchandisersFrigoglass Indonesia PT Indonesia 2018 - 2022Ice Cold MerchandisersFrigoglass South Africa Ltd. S. Africa 2017 - 2022Ice Cold MerchandisersFrigoglass Eurasia LLC Russia 2020 - 2022Ice Cold MerchandisersFrigoglass Guangzhou Ice Cold Eq. Ltd.China 2017 - 2022Sales OfficeScandinavian Appliances A.S Norway 2016 - 2022Sales OfficeFrigoglass Spzoo Poland 2017 - 2022Service & Repair of ICM'sFrigoglass India PVT.Ltd. India 2017 - 2022Ice Cold MerchandisersFrigoglass Switzerland AG Switzerland 2021 - 2022Service & Repair of ICM'sFrigoglass East Africa Ltd. Kenya 2018 - 2022Sales OfficeFrigoglass Gmb\u0397 Germany 2017 - 2022Sales OfficeFrigoglass Hungary Kft Hungary 2017 - 2022Service & Repair of ICM'sFrigoglass Nordic AS Norway 2016 - 2022Sales OfficeFrigoglass Cyprus Ltd. Cyprus 2017 - 2022Holding CompanyNorcool Holding A.S Norway 2016 - 2022Holding CompanyFrigoinvest Holdings B.V The Netherlands 2017 - 2022Holding CompanyFrigoglass Finance B.V The Netherlands 2017 - 2022Financial Services3P Frigoglass SRL Romania 2017 - 2022PlasticsFrigoglass Global Ltd. Cyprus 2016 - 2022Holding CompanyBeta Glass Plc. Nigeria 2020 - 2022Glass OperationFrigoglass Industries (NIG.) Ltd. Nigeria 2019-2022Crowns & PlasticsThe Group Management is not expecting significant tax liabilities to arise from the specific tax audit of the open tax years of the Company as well as of other Group entities in addition to the ones already disclosed in the consolidated financial statements and estimates that the results of the tax audit of the unaudited tax years will not significantly affect the financial position, the asset structure, the profitability and the cash flows of the Company and the Group.",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 22 - Earnings / (Losses) per shareBasic & Diluted earnings per shareBasic and Diluted earnings per share are calculated by dividing the profit attributable to shareholders, by the weighted averagenumber of ordinary shares in issue during the year, excluding ordinary shares purchased by the company (treasury shares).The diluted earnings per share are calculated adjusting the weighted average number of ordinary shares outstanding to assumeconversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: shareoptions. For the share options a calculation is done to determine the number of shares that could have been acquired at fairvalue (determined as the average annual market share price of the Company's shares) based on the monetary value of thesubscription rights attached to outstanding share options. The number of shares calculated as above is compared with thenumber of shares that would have been issued assuming the exercise of the share options. The difference is added to thedenominator as an issue of ordinary shares for no consideration. No adjustment is made to net profit (numerator). Options granted to employees under the Employee Option Plans of 2013 to 2019, have not been included in the determinationof diluted earnings per share calculations, given that the average share price for the year is not in excess of the available stockoption's exercise price. These options could potentially dilute basic earnings per share in the future.ConsolidatedParent Companyin 000's \u20acYear endedYear ended(apart from earning per share and number of shares)31.12.2022 31.12.2021 31.12.2022 31.12.2021Profit / (Loss) attributable to the shareholders of the company used in calculating basic earnings per share from continuing operations(3.379) (1.871) (15.765) (5.597) Profit / ( Loss) attributable to the shareholders of the company used in calculating basic earnings per share from discontinued operations(28.453) (3.804) 5.655 (1.770) Profit attributable to the shareholders of the company used in calculating basic earnings per share(31.832) (5.675) (10.110) (7.367) Weighted average number of ordinary shares for the purposes of basic earnings per share356.314.416 355.440.153 356.314.416 355.440.153 Weighted average number of ordinary shares for the purpose of diluted earnings per share356.314.416 355.440.153 356.314.416 355.440.153 Earnings / (Loss) per share after taxes from Continuing operations attributable to the shareholders of the company(0,0095) (0,0053) (0,0442) (0,0157) Earnings / (Loss) per share after taxes from Discontinued operations attributable to shareholders of the company(0,0799) (0,0107) 0,0159 (0,0050) Basic earnings / (losses) per share (0,0893) (0,0160) (0,0284) (0,0207) ",
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"pp-value-112-2": {
"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 24 - Related party transactionsTruad Verwaltungs A.G. currently indirectly owns 48.43% of Frigoglass and 99.3% of A.G. Leventis (Nigeria) Plc andalso indirectly controls Kar Tess Holding, which holds approximately 23% of Coca Col HBC's total issued share capital. Frigoglass is the major shareholder of Frigoglass Nigeria Industries Ltd., with shareholding of 76.026%, where Coca-Cola HBC AG also owns a 23.9% equity interest.Frigoglass Industries (NIG) Ltd. has signed an office lease agreement with A.G. Leventis (Nigeria) Plc. for its offices in Lagos, Nigeria, and freight forwarding in Nigeria.The Group entered into an agreement with Coca-Cola HBC AG for the sale of cooling equipment in 1999. The agreement was extended in 2004, 2008, 2013, 2018 and, most recently, in 2021, on substantially similar terms. The current agreement expires on 31 December 2025. The investments in subsidiaries are reported on Note 9. Refer also to Note 26 for the impact of subsequent events.A) Transactions with other related parties ( Coca-Cola HBC AG Group & A.G. Leventis Nigeria Plc. ) stated above were:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Sales of goods and services 154.009 144.280 5.870 5.386 Purchases of goods and services 4.261 2.657 - - 31.12.2022 31.12.2021 31.12.2022 31.12.2021Receivables 27.046 11.427 1.795 1.179 Dividend payable 3.986 1.499 - - All transactions and balances stated above relate to discontinued operations.B) The intercompany transactions and balances of the Parent company with the Group's subsidiaries were:31.12.2022 31.12.2021Income from subsidiaries: Services fees 13.980 12.767 Income from subsidiaries: Recharge Development expenses 1.221 1.136 Income from subsidiaries is attributable to:Continuing operations - - Discontinued operation 15.201 13.903 Expenses from subsidiaries: Services fees 164 154 Interest expense 3.800 3.726 Expenses attributable to:Continuing operations 3.800 3.726 Discontinued operation 164 154 FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000'sNote 24 - Related party transactions (continued)31.12.2022 31.12.2021Receivables (Note 12) 18.215 14.689 Payables (Note 14) 4.475 5.367 Borrowings (Note 15) 61.965 53.973 All intercompany balances of the parent company are attributable to continuing operations.C) The fees of Management employee include wages, indemnities and other benefits and the amounts are:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Board of Directors Fees 403 415 403 415 Wages & other short term employee benefits 1.869 2.806 1.272 2.215 Other long term employee benefits- 668 - 583Post employment benefits 361 406 321 366Total fees 2.230 3.880 1.593 3.164 Total 2.633 4.295 1.996 3.579 Fees attributable to:Continuing operations 490 502 490 502 Discontinued operation 2.143 3.793 1.506 3.077 2.633 4.295 1.996 3.579 ",
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"pp-value-114-3": {
"value": "C) The fees of Management employee include wages, indemnities and other benefits and the amounts are:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Board of Directors Fees 403 415 403 415 Wages & other short term employee benefits 1.869 2.806 1.272 2.215 Other long term employee benefits- 668 - 583Post employment benefits 361 406 321 366Total fees 2.230 3.880 1.593 3.164 Total 2.633 4.295 1.996 3.579 Fees attributable to:Continuing operations 490 502 490 502 Discontinued operation 2.143 3.793 1.506 3.077 2.633 4.295 1.996 3.579 ",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 25 - Contingent Liabilities and Commitmentsa) Bank Guarantee Letters and Guarantees for Loans & Senior Secured Notes :ConsolidatedParent Company31.12.202231.12.202231.12.2021 31.12.2022 31.12.2022 31.12.2021Held for Held for salesaleBank Guarantee Letters - 1.690 2.086 - - - Guarantees for Loans & Senior Secured Notes - - - 295.000 - 260.000 Total - 2.086 295.000 - 260.000 b) Other contingent liabilities & commitments:There are no significant litigations or arbitration disputes between judicial or administrative bodies that have a significant impact on the financial statements or the operation of the Company or the Group, discontinued or continuing operations.As part of the Hive-Down Agreement explained in Note 26 the Company is obliged to make reasonable efforts to sell the only property that it will own after the implementation date of the restructuring to third parties. This relates to the former production plant in Kato Achaia, consisting of both owned land and the building. The amount to be collected from the sale will be transferred to Frigoinvest Holdings B.V., that will be part of the new Group. As such a contingent liability exists for the Parent Company amounting to the fair value of the building and land in Kato Achaia.On the Implementation Date, Frigoglass SAIC and other Group companies have been discharged from the obligations and guarantees stemming from the 2025 Notes and the Bridge Notes. The shares of Frigo DebtCo PLC have been pledged in favor of the Security Agent for both the New Super Senior Notes and the Reinstated Notes, under a share charge governed by English law.c) Capital commitments:The capital commitments contracted for but not yet incurred in the assets held for sale at the balance sheet date 31.12.2022 for the Group amounted to \u20ac 10 million (31.12.2021: \u20ac 1.0 million.) and relate mainly to purchases of machinery and the rebuilding of the building in Romania. There are no capital commitments for the parent company.",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 26 - Post balance sheet eventsGrants for export receivable - Discontinued operations Export Expansion Grants (EEG) are granted by the Federal Government of Nigeria on exports of goods produced in the country, after having met certain eligibility criteria. The EEGs are granted by the Nigerian Export Promotion Council (NEPC) via the issuance of Promissory Notes (PNs) issued by Debt Management Office (DMO) of the Nigerian Federal Government. The majority of the outstanding EEG claims of Beta Glass PLC., for the period 2007-2020, were settled through the issuance of PNs in February 2023.Restructuring and recapitalization of the GroupOn 5 December 2022, a committee of the Noteholders of the \u20ac260 million senior secured notes due 2025 (the \u201c2025 Notes\u201d), that represented 56.9% of the principal amount of the 2025 Notes (such committee, the \u201cNoteholder Committee\u201d), provided to the Company and the Group \u20ac35 million in aggregate principal amount of Fixed Rate Super Senior Secured Notes due 2023 (the \u201cInitial Bridge Notes\u201d), with the ability, subject to agreement between the parties, to tap an additional aggregate amount of \u20ac20 million through two tranches of equal amount (the \u201cAdditional Bridge Notes\u201d, and together with the Initial Bridge Notes, the \u201cBridge Notes\u201d), as further set out below. In addition to funding the Initial Bridge Notes, the Noteholder Committee agreed to support a recapitalization and restructuring transaction, in order to provide stability to the Group\u2019s operations. The Additional Bridge Notes of \u20ac20 million aggregate principal amount were issued on 20 January 2023 and 3 February 2023, following the respective subscription agreements and the extension of the maturity dates of the Bridge Notes. The \u20ac55 million Bridge Notes were used by the Group, inter alia, to support its working capital needs and capital expenditures, including the rebuild of the new manufacturing facility in Romania.The Bridge Notes are presented in detail in Note 15 of the Financial Statements.In addition to the above, the Noteholder Committee and certain entities of the Frigoglass Group (Frigoinvest Holdings B.V. (\u201cFHBV\u201d) and Frigoglass Finance B.V. (\u201cFFBV\u201d)), have entered into a lock-up agreement (as amended from time to time) (the \u201cLock-up Agreement\u201d), pursuant to which the parties committed to provide support to implement the transaction.The initial maturity date of the Bridge Notes was 11 January 2023 with a final maturity date on 28 February 2023. FHBV and FFBV, as issuers of the Bridge Notes, have not repaid the principal amount of and any accrued interest related to the Bridge Notes which was due and payable on 28 February 2023. This constituted an Event of Default under the trust deed governing the Bridge Notes and such Event of Default commenced the implementation of the Transaction, as further described below.On or about 6 March 2023, Frigoglass reached an agreement with the Noteholder Committee with the support of its major indirect shareholder, Truad Verwaltungs A.G. (\u201cTruad\u201d), for a consensual recapitalization and restructuring (the \u201cTransaction\u201d) of the group of companies (i.e., FHBV and its subsidiaries) which was controlled at that time by Frigoglass SAIC.By 24 March 2023, Noteholders representing over 95% of the aggregate principal amount of the 2025 Notes have elected to accede to the Lock-up Agreement and support the Transaction.The Transaction, as reflected in the amended Lock-Up Agreement, involved a number of inter-conditional components which resulted in changes to Frigoglass Group\u2019s debt capital structure on completion on the Implementation Date (as further described below), including:a)Issuance of new first lien senior secured notes in the amount of \u20ac75 million (the \u201cNew Super Senior Notes\u201d) (with an uncommitted ability to issue in total up to an additional \u20ac30 million under the indenture governing the New Senior Secured Notes) by Frigo DebtCo PLC (refer below for the details of the company). The maturity of the bonds is three years after the Implementation date of the Transaction.b)Issuance of new second lien senior secured notes in the amount of \u20ac150m (the \u201cReinstated Notes\u201d) by Frigo DebtCo PLC, following the restructuring of the 2025 Notes. The maturity of the bonds is five years after the implementation of the Transaction.FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 26 - Post balance sheet events (continued)As a result of the Transaction the 2025 Notes were canceled. The Bridge Notes have been repaid through the proceeds of the New Super Senior Notes.Following the Event of Default under the trust deed governing the Bridge Notes, the Noteholder Committee commenced the implementation of the Transaction by enforcing the pledge over the shares of FHBV, which was completed on 27 April 2023 (the \u201cImplementation Date\u201d). On the Implementation Date, ownership of FHBV (and each of its subsidiaries) was transferred to Frigo DebtCo PLC an entity in which the Noteholders (or their affiliates) indirectly own an 85% equity stake. As a result, FHBV and its subsidiaries, with effect from 27 April 2023, are controlled by Frigo DebtCo PLC.Additionally, simultaneously to the implementation of the Transaction, Frigoglass SAIC transferred to Frigoglass Services Single Member SA (a new subsidiary entity of FHBV) substantially all of its assets and liabilities (the \u201cHive-Down\u201d) in consideration for a 15% equity stake in Frigo DebtCo PLC as well as receipt of a series of indemnities to support Frigoglass\u2019 solvency and liquidity going forward. On the Implementation Date, Frigoglass SAIC and other Group companies have been discharged from the obligations and guarantees stemming from the 2025 Notes and the Bridge Notes.The Hive-Down was approved by the General Meeting of Shareholders of Frigoglass SAIC, on 28 March 2023, according to article 23 of law 4706/2020. Following the implementation of the Transaction and the Hive-Down, the activities of Frigoglass SAIC are limited to holding company activities related to its 15% equity stake in Frigo DebtCo PLC and, thus the recapitalized group, with the remaining 85% being held by Frigo NewCo 1 Limited, a private liability company incorporated in England and Wales. 95% of the share capital of Frigo NewCo 1 Limited has been distributed pro rata to the 2025 Noteholders with the remaining 5% of the share capital distributed to the 2025 Noteholders who elected to purchase the New Super Senior Notes.The shares of Frigo DebtCo PLC have been pledged in favor of the Security Agent for both the New Super Senior Notes and the Reinstated Notes, under a share charge governed by English law.Before the implementation of the Transaction and the Hive-Down, the intercompany balances of the Group, including those at Frigoglass SAIC, were reorganized. As a result of such reorganization, Frigoglass SAIC had a net intercompany balance towards FHBV of \u20ac51.4m. On 27 April 2023, FHBV undertook a reduction in its share capital of an amount equivalent to the intercompany balance owed by the Company, which also reduced the cost of investment in FHBV by an equivalent amount. Following this reduction, the cost of investment was \u20ac8.6m. Taking this under consideration management concluded that the recoverable amount of the investment in FHBV should be written down, resulting in an impairment of \u20ac8.6m with respect to Frigoglass SAIC\u2019s investment in FHBV.As a result, the following have been presented in the Financial Statements as of 31 December 2022: a) The initial Bridge Notes have been initially classified in the Group\u2019s current borrowings and subsequently reclassified to Liabilities directly associated with Assets Held for Sale, as presented in Note 15 of the Financial Statements. b) The Parent Company has written down the value of its investment in subsidiaries, as presented in Note 9 of the Financial Statements. c) The Financial Statements were prepared under the IFRS 5 principle, as discussed in Note 33 of the Financial Statements. There are no other post-balance events which require disclosure or are likely to affect the financial statements or the operations of the Group and the Parent company.",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 27 - Personnel expenses and Employee benefitsThe average number of personnel per operation for the Group & for the Parent company are listed below:ConsolidatedParent CompanySegment31.12.2022 31.12.2022 31.12.202131.12.2022 31.12.2022 31.12.2021DiscontinuDiscontinueed d operationsoperationsICM Operations3 3.274 3.377 3 110 113Glass Operations- 1.618 1.467 Total3 4.892 4.844 3 110 113 ConsolidatedParent CompanyPersonnel expenses & Employee benefits31.12.2022 31.12.202131.12.2022 31.12.2021Total Payroll60.484 57.963 8.000 10.362 Pension plan (defined contribution)1.520 1.453 472 525 Retirement benefit (defined benefit) (Note 31)402 518 429 373 Employee benefits, personnel expenses7.072 5.362 503 697 Total Personnel expenses & Employee benefits69.478 65.296 9.404 11.957 Payroll costContinuing operations 523 535 523 535 Discontinued operation 68.955 64.761 8.881 11.422 69.478 65.296 9.404 11.957 Employee benefits, personnel expenses relate mainly to: transportation expenses, canteen expenses, training expenses, medical plan expenses.",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 29 - Expenses by natureThe expenses of the Group and Parent company are analysed below:Consolidated Parent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Raw materials and consumables used 257.867 189.075 28 1 Energy cost 33.699 19.358 258 199 Transportation expenses 18.727 11.955 - - Staff costs and related expenses (Note 27)69.478 65.296 9.404 11.957 Rental expenses, insurance and security9.784 7.209 1.247 868 After sales expenses 30.310 25.554 5.556 5.051 Third party fees 11.063 8.987 2.196 3.428 Depreciation and amortisation 18.658 18.276 1.119 1.119 Other expenses 17.503 10.856 9.845 600 Total467.089 356.567 29.653 23.222 Expenses by nature attributable to:Continuing operations 3.060 1.652 11.646 1.652 Discontinued operation 464.029 354.915 18.007 21.570 467.089 356.567 29.653 23.222 Other expenses mainly comprise items relating to maintenance and car expenses and impairments.Categorized as:Cost of goods sold424.048 317.019 6.287 5.573 Administration expenses19.434 20.424 10.725 14.091 Selling, distribution & marketing expenses19.336 16.647 2.761 3.558 Research & development expenses2.377 2.477 - - Impairment 1.894 - 9.880 - Total467.089 356.567 29.653 23.222 Depreciation allocated to:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Cost of goods sold14.443 14.202 - - Administration expenses2.344 2.021 1.119 1.119 Selling, distribution & marketing expenses541 511 - - Research & development expenses1.329 1.542 - - Total18.658 18.276 1.119 1.119 Depreciation attributable to:Continuing operations 668 667 668 667 Discontinued operation 17.990 17.609 451 452 18.658 18.276 1.119 1.119 Audit fees and other services of the auditor:The fees of PricewaterhouseCoopers and its network in Greece concerning the permissible non-audit services which have been preapproved from the Audit Committee, along with the audit fees were: 2022 2021Audit fees 205 180Tax certificate 60 60Other fees 153 111Total fees 418 351Audit fees attributable to:Continuing operations 418 351 Discontinued operation - - 418 351",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 29 - Expenses by natureThe expenses of the Group and Parent company are analysed below:Consolidated Parent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Raw materials and consumables used 257.867 189.075 28 1 Energy cost 33.699 19.358 258 199 Transportation expenses 18.727 11.955 - - Staff costs and related expenses (Note 27)69.478 65.296 9.404 11.957 Rental expenses, insurance and security9.784 7.209 1.247 868 After sales expenses 30.310 25.554 5.556 5.051 Third party fees 11.063 8.987 2.196 3.428 Depreciation and amortisation 18.658 18.276 1.119 1.119 Other expenses 17.503 10.856 9.845 600 Total467.089 356.567 29.653 23.222 Expenses by nature attributable to:Continuing operations 3.060 1.652 11.646 1.652 Discontinued operation 464.029 354.915 18.007 21.570 467.089 356.567 29.653 23.222 Other expenses mainly comprise items relating to maintenance and car expenses and impairments.Categorized as:Cost of goods sold424.048 317.019 6.287 5.573 Administration expenses19.434 20.424 10.725 14.091 Selling, distribution & marketing expenses19.336 16.647 2.761 3.558 Research & development expenses2.377 2.477 - - Impairment 1.894 - 9.880 - Total467.089 356.567 29.653 23.222 Depreciation allocated to:ConsolidatedParent Company31.12.2022 31.12.2021 31.12.2022 31.12.2021Cost of goods sold14.443 14.202 - - Administration expenses2.344 2.021 1.119 1.119 Selling, distribution & marketing expenses541 511 - - Research & development expenses1.329 1.542 - - Total18.658 18.276 1.119 1.119 Depreciation attributable to:Continuing operations 668 667 668 667 Discontinued operation 17.990 17.609 451 452 18.658 18.276 1.119 1.119 Audit fees and other services of the auditor:The fees of PricewaterhouseCoopers and its network in Greece concerning the permissible non-audit services which have been preapproved from the Audit Committee, along with the audit fees were: 2022 2021Audit fees 205 180Tax certificate 60 60Other fees 153 111Total fees 418 351Audit fees attributable to:Continuing operations 418 351 Discontinued operation - - 418 351",
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"value": "Audit fees and other services of the auditor:The fees of PricewaterhouseCoopers and its network in Greece concerning the permissible non-audit services which have been preapproved from the Audit Committee, along with the audit fees were: 2022 2021Audit fees 205 180Tax certificate 60 60Other fees 153 111Total fees 418 351Audit fees attributable to:Continuing operations 418 351 Discontinued operation - - 418 351",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 30 - Deferred taxConsolidatedPensions & Unrealized Tax Loss Provisions & Deferred tax assetemployee exchange OtherTotalCarryoverLiabilitiesbenefit plandifferencesBalance at 01.01.2021 - 1.968 - 1.571 350 3.889 Charged to income statement - 467 - (1.046) (15) (594) Foreign currency - (14) - 7 (1) (8) Balance at 31.12.2021- 2.421 - 532 334 3.287 Balance at 01.01.2022 - 2.421 - 532 334 3.287 Charged to income statement - (220) - 321 428 529 Foreign currency - 50 - (90) - (40) Transfer to assets held for sale (Note 33) - (2.251) - (763) (762) (3.776) Balance at 31.12.2022 - - - - - - Accelerated Unrealized Deferred tax liabilities tax exchange OtherTotaldepreciationdifferencesBalance at 01.01.2021 9.793 8.896 10 18.699 Charged to income statement 3.065 (618) (1) 2.446 Foreign currency (69) (275) - (344) Balance at 31.12.2021 12.789 8.003 9 20.801 Balance at 01.01.2022 - - 12.789 8.003 9 20.801 Charged to income statement - - (471) 817 220 566 Foreign currency - - (311) (376) 70 (617) Transfer liabilities associated for assets held for sale (Note 33)- - (12.007) (8.444) (299) (20.750) Balance at 31.12.2022 - - - - - - Net deferred tax asset / (liability)- ConsolidatedClosing balance at:31.12.2022 31.12.2022 31.12.2021Held for saleDeferred tax assets - 181 220 Deferred tax liabilities - 17.154 17.733 Net deferred tax asset / (liability)- (16.973) (17.513) Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against tax liabilitiesand when the deferred income taxes relate to the same fiscal authority. The majority portion of deferred tax asset / liability is to berecovered after more than 12 months. The Group recognises a deferred tax asset with respect to tax losses carried forward only to theextend that it believes can be utilised in the immediate future.",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 32 - ProvisionsConsolidatedParent CompanyProvisions for Warranties31.12.2022 31.12.2022 31.12.2021 31.12.2022 31.12.2022 31.12.2021Held for Held for salesaleCarrying amount at start of year 4.948 3.975 - - - Additional provisions recognised 1.494 2.358 - - - Unused amounts reversed (782) (1.442) - - - Charged to income statement 712 - 916 - - - Amounts used during the year (906) - - - - - Foreign currency (14) - 57 - - - Transferred to assets held for sale (Note 33) (4.740) 4.740 Carrying amount at end of year - 4.740 4.948 - - - As at 31 December 2022 the total provision is consistent with the Group's warranty policy and assumes that no extraordinary quality control issues willarise on the basis that no such indicators exist as at the date of approval of these financial statements.",
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"value": "FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operationsA) DescriptionFollowing the maturity of the Bridge Notes on 28 February 2023, the Noteholder Committee commenced the implementation of the Transaction by enforcing the pledge over the shares of Frigoinvest Holdings B.V. (\u201cFHBV\u201d), which implementation was completed by 27 April 2023 (the \u201cImplementation Date\u201d). On the Implementation Date, ownership of FHBV (and each of its subsidiaries) was transferred to an entity in which the Noteholders (or their affiliates) indirectly own a 85% equity stake (\u201cFrigo DebtCo PLC\u201d). FHBV and the Group are controlled by Frigo DebtCo PLC. For the details refer to Note 26.Based on the Transaction, Management has concluded that the pronouncements of IFRS 5 are applicable for the financial statements, andthe Group operations, excluding some parts of the Parent Company, have been presented as assets held for sale. Assets held for sale aremeasured at the lower of their carrying amount and fair value less costs to sell. In the context of this the Group will leave both businesssegments and for this reason it has been portrayed as discontinued operations.B) Statement of Profit & LossConsolidatedParent CompanyNoteYear endedYear ended31.12.2022 31.12.2021 31.12.2022 31.12.2021Revenue from contracts with customers5473.307 384.268 7.738 6.995 Cost of goods sold29(424.048) (317.019) (6.287) (5.573) Gross profit 49.259 67.249 1.451 1.422 Administrative expenses29(17.668) (18.772) (8.959) (12.439) Selling, distribution and marketing expenses29(19.336) (16.647) (2.761) (3.558) Development expenses29(2.377) (2.477) - - Other operating income1816.643 2.797 15.940 12.823 Other gains/(losses) - net18334 464 - - Impairment of tangible assets6 , 29(600) - - - Operating Profit / (Loss) 26.255 32.614 5.671 (1.752) Finance costs (37.615) (25.186) (16) (18) Finance income 1.129 558 - - Finance costs - net19(36.486) (24.628) (16) (18) Profit / (Loss) before Income \u03a4ax, Fire and Restructuring Costs (10.231) 7.986 5.655 (1.770) (Losses) / Gains from Fire and Restructuring20(2.012) 6.836 - - Profit / (Loss) before income tax (12.243) 14.822 5.655 (1.770) Income tax expense21(10.637) (12.352) - - Profit / (Loss) after income tax expenses from discontinued operations(22.880) 2.470 5.655 (1.770) Attributable to:Non-controlling interests 5.573 6.274 - - Shareholders (28.453) (3.804) 5.655 (1.770) (22.880) 2.470 5.655 (1.770) Depreciation 17.990 17.609 451 452 Adjusted EBITDA*44.845 50.223 6.122 (1.300) * Adjusted EBITDA = Operating profit + Impairment of tangible assets + DepreciationFRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operations (continued)C) Statement of comprehensive incomeConsolidatedParent CompanyYear ended Year ended31.12.2022 31.12.2021 31.12.2022 31.12.2021Profit / (Loss) for the period from discontinued operations (22.880) 2.470 5.655 (1.770) Other Comprehensive Income/(Loss):Items that may be subsequently reclassified to income statementForeign currency translation gains/(losses) shareholders (4.308) (2.146) - - Foreign currency translation gains/(losses) to non-controlling interest(1.603) (1.339) - - Currency translation differences(5.911) (3.485) - - Items that will not be subsequently reclassified to income statementActuarial Gains/ (Losses) - Net of Taxes 609 (194) 609 (194) Items that will not be reclassified to Profit & Loss 609 (194) 609 (194) Total comprehensive income / (loss) (28.182) (1.209) 6.264 (1.964) Attributable to: - Non-controlling interests3.970 4.935 - - - Shareholders (32.152) (6.144) 6.264 (1.964) (28.182) (1.209) 6.264 (1.964) FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operations (continued)Parent ConsolidatedD) Balance SheetCompanyNoteYear ended Year ended31.12.2022 31.12.2022ASSETSNon-current assetsProperty, plant and equipment6121.915 485 Right-of-use assets72.342 - Intangible assets810.233 1.746 Investments in subsidiaries - - Deferred tax assets30181 - Other non-current assets 307 63 Total non-current assets 134.978 2.294 Current assetsInventories10115.292 - Trade receivables1184.900 3.124 Other receivables1232.232 10 Current tax assets 2.338 - Cash and cash equivalents1362.552 - Total current assets 297.314 3.134 Total Assets 432.292 5.428 LIABILITIESNon-current liabilitiesBorrowings15255.939 - Lease liabilities72.055 - Deferred tax liabilities3017.154 - Retirement benefit obligations313.792 2.341 Provisions 324.740 - Total non-current liabilities 283.680 2.341 Current liabilitiesTrade payables 83.084 3.030 Other payables1454.265 202 Current tax liabilities 10.314 - Borrowings15120.196 - Lease liabilities71.273 - Total current liabilities 269.132 3.232 Total Liabilities 552.812 5.573 Net liabilities (120.520) (145) FRIGOGLASS S.A.I.C.Notes to the Financial Statementsin \u20ac 000's Note 33 - Discontinued operations (continued)E) Cash Flows Statement ConsolidatedNoteYear ended31.12.2022Profit / (Loss) for the period (22.880) Adjustments for: Income tax expense 10.637 Depreciation 17.990 Provisions 4.411 Fire related income/cost20(17.000) Impairment of tangible assets6600 Finance costs - net 36.486 Net (gain)/loss on disposal of property, plant and equipment (450) Changes in working capital:Decrease / (increase) of inventories (15.180) Decrease / (increase) of trade receivables (21.499) Decrease / (increase) of other receivables (1.501) Decrease / (increase) of other non-current assets (56) (Decrease) / increase of trade payables 14.079 (Decrease) / increase of other current and non-current liabilities(16.252) Less:Income taxes paid (6.290) (a) Cash flows from /(used in) operating activities (16.905) Cash flows from investing activitiesPurchase of property, plant and equipment6(47.191) Purchase of intangible assets 8(966) Proceeds from insurance compensation due to fire (property 20damage)27.000 Proceeds from disposal of property, plant and equipment 493 Proceeds from disposal of subsidiary 703 (b) Net cash flows(used in) /from investing activities (19.961) Net cash generated from operating and investing activities (a) + (b)(36.866) Cash flows from financing activitiesProceeds from borrowings15193.783 (Repayments) of borrowings15(145.242) Interest paid15(23.316) Principal elements of lease payments15(2.878) Dividends paid to non-controlling interests (1.618) (c) Net cash flows from/(used in ) financing activities 20.729 Net increase/(decrease) in cash and cash equivalents (a) + (b) + (c)(16.137) Cash and cash equivalents at the beginning of the period 79.207 Effects of exchange rate changes on cash and cash equivalents (518) Cash and cash equivalents at the end of the period1362.552 ",
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