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"value": "Notes to the financial statements Note 1 \u2013 General Playtech plc (the \u201cCompany\u201d) is an Isle of Man company. The registered office is located at St George\u2019s Court, Upper Church Street, Douglas, Isle of Man IM1 1EE. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). Note 2 \u2013 Basis of preparation These consolidated financial statements have been prepared in accordance with the UK adopted International Accounting Standards (IAS). They were authorised for issue by the Company\u2019s Board of Directors on 23 March 2023. Details of the Group\u2019s accounting policies are included in Note 5. Going concern basis In adopting the going concern basis in the preparation of the financial statements, the Directors have considered the current trading performance, financial position and liquidity of the Group, the principal and emerging risks and uncertainties together with scenario planning and reverse stress tests. The Directors have assessed going concern over a 15-month period to 30 June 2024 which aligns with the six-monthly covenant measurement period. 31 December 2022 \u20ac\u2019m 31 December 2021 \u20ac\u2019m Cash and cash equivalents 426.5 575.4 Cash held on behalf of clients, progressive jackpots and security deposits (154.1) (141.1) Adjusted gross cash and cash equivalents (excluding assets and liabilities held for sale) 272.4 434.3 Despite the decline in adjusted gross cash and cash equivalents from \u20ac434.3 million at 31 December 2021 to \u20ac272.4 million at 31 December 2022, the Group continues to hold a strong liquidity position. The decline from the prior year is explained by the full repayment of the revolving credit facility (RCF) drawn amounting to \u20ac166.1 million, as well as the \u20ac330.0 million partial repayment of the 2018 Bond, both offset by the cash proceeds from disposal of the Financial segment of \u20ac223.9 million (refer to Note 25), as well as the Group\u2019s strong performance during the year. The Directors have reviewed liquidity and covenant forecasts for the Group, which assume that there will be no further lockdowns on a global scale. The Directors have also considered sensitivities in respect of potential downside scenarios, reverse stress tests and the mitigating actions available to management. The modelling of downside scenarios assessed if there was a significant risk to the Group\u2019s liquidity and covenant compliance position. This includes risks such as not realising budget/forecasts across certain markets and any potential implications of changes in tax and other regulations, as well as the impact on cash flow should the share buyback scheme and other shareholder return options resume. The Group\u2019s principal financing arrangements include an RCF up to \u20ac277.0 million, the 2018 Bond amounting to \u20ac200.0 million post partial repayment and the 2019 Bond amounting to \u20ac350.0 million which are repayable in October 2023 and March 2026 respectively. The RCF has been restructured during the year reducing the credit line from \u20ac317.0 million to \u20ac277.0 million and is available until October 2025, with the Group having the option to extend by 12 months. The remaining \u20ac200.0 million balance of the 2018 Bond will be due upon expiration in October 2023, with the current plan assuming this will be paid through cash reserves, rather than refinanced. The RCF is subject to certain financial covenants which are tested every six months on a rolling 12-month basis, as set out in Notes 27 and 28. As at 31 December 2022, the Group comfortably met its covenants which were as follows: \u2022 Leverage: Net Debt/Adjusted EBITDA to be less than 3.5:1 for the 12 months ended 31 December 2022 (12 months ended 31 December 2021: 3:1). \u2022 Interest cover: Adjusted EBITDA/Interest to be over 4:1 for the 12 months ended 31 December 2022 (12 months ended 31 December 2021: 4:1). The Bonds only have one financial covenant, being the Fixed Charge Coverage Ratio (same as the Interest cover ratio for the RCF), which should equal or be greater than 2:1. If the Group\u2019s results are in line with its base case projections as approved by the Board it would not be in breach of the financial covenants for a period of no less than 15 months from approval of these financial statements (the \u201crelevant going concern period\u201d). This period covers the bank reporting requirements for June 2023, December 2023 and June 2024 and is the main reason why the Directors selected a 15-month period of assessment. Stress test The stress test assumes a worst-case scenario for the entire Group which includes additional sensitivities around Italy, the Americas and Asia, but with mitigations similar to the ones taken in 2020 and 2021 (including salary and capital expenditure reductions). It also considers the impact of cash flow should the share buyback scheme commence again, as well as other shareholder return options. Under this scenario Adjusted EBITDA would fall on average by 7% per month compared to the base case over the relevant going concern period, but the Group would not breach its covenants. Reverse stress test The reverse stress test was used to identify the reduction in Adjusted EBITDA required that could result in either a liquidity event or breach of the RCF and bond covenants. As a result of completing this assessment, without considering further mitigating actions, management considered the likelihood of the reverse stress test scenario arising to be remote. In reaching this conclusion management considered the following: Note 2 \u2013 Basis of preparation continued Going concern basis continued Reverse stress test continued \u2022 current trading is performing above the base case; \u2022 Adjusted EBITDA would have to fall by 87% in the year ending 31 December 2023 and 88% in the 12 months to June 2024 compared to the base case, to cause a breach of covenants; and \u2022 in the event that revenues decline to this point to drive the decrease in Adjusted EBITDA, additional mitigating actions are available to management which have not been factored into the reverse stress test scenario. As such, the Directors have a reasonable expectation that the Group will have adequate financial resources to continue in operational existence over the relevant going concern period and have therefore considered it appropriate to adopt the going concern basis of preparation in the financial statements. Note 3 \u2013 Functional and presentation currency These consolidated financial statements are presented in Euro, which is the Company\u2019s functional currency. The functional currency for subsidiaries includes Euro, United States Dollar and British Pound. All amounts have been rounded to the nearest million, unless otherwise indicated. Note 4 \u2013 New standards, interpretations and amendments adopted by the Group New standards, interpretations and amendments adopted from 1 January 2022 The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022, but do not have a material impact on the consolidated financial statements of the Group. New standards, interpretations and amendments not yet effective There a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The amendments are applied retrospectively for annual periods on or after 1 January 2023: \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting Policies. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term \u201csignificant accounting policies\u201d with \u201cmaterial accounting policy information\u201d. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted, and are applied prospectively. The amendments to IFRS Practice Statement 2 do not contain an effective date or transition requirements. \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \u201cmonetary amounts in financial statements that are subject to measurement uncertainty\u201d. The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the standard with the following clarifications: \u2022 A change in accounting estimate that results from new information or new developments is not the correction of an error. \u2022 The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors. The amendments are effective for annual periods beginning on or after 1 January 2023 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier application permitted. The Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the Group. The following amendments are effective for the period beginning 1 January 2024: \u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current \u2013 deferral of effective date. The amendments affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount of timing of recognition of any asset, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on the rights that are in existence at the end of the reporting period, specify that the classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain the rights that are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of \u201csettlement\u201d to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. 151 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued
Note 5 \u2013 Significant accounting policies
The Group has consistently applied the following accounting policies to all periods presented in the consolidated financial statements, except if
mentioned otherwise.
A. Basis of consolidation
(i) Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition
of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group
assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired
set has the ability to produce outputs.
The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill
arising is tested semi-annually for impairment. Any gain on a bargain purchase is recognised in the profit or loss immediately. Transaction costs
are expensed as incurred, except if related to the issue of debt or equity securities.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the
definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise,
other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent
consideration are recognised in the profit or loss. A contingent consideration in which the contingent payments are forfeited if employment is
terminated is compensation for the post-combination services and is not included in the calculation of the consideration and recognised as
employee-related costs.
Cash payments arising from settlement of contingent consideration and redemption liability are disclosed in financing activities in the
consolidated statement of cash flows.
When a business combination is achieved in stages, the Group\u2019s previously held interests in the acquired entity are remeasured to its acquisition-
date fair value and the resulting gain or loss, if any, is recognised in the profit or loss. Amounts arising from interests in the acquiree prior to the
acquisition date that have previously been recognised in other comprehensive income are reclassified to the profit or loss, where such treatment
would be appropriate if that interest were disposed of.
(ii) Subsidiaries
Subsidiaries are entities controlled by the Group. Control is achieved when the Group:
\u2022 has the power over the entity;
\u2022 is exposed, or has rights, to variable return from its involvement with the entity; and
\u2022 has the ability to use its power over the entity to affect its returns.
The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three
elements of control listed above.
When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights
are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and
circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including:
\u2022 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders;
\u2022 potential voting rights held by the Company, other vote holders or other parties;
\u2022 rights arising from other contractual arrangements; and
\u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities
at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings.
Where the Group holds a currently exercisable call option, the rights arising as a result of the exercise of the call option are included in the
assessment above of whether the Group has control.
The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences
until the date on which control ceases.
(iii) Non-controlling interests (NCI)
NCI are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition.
Changes in the Group\u2019s interest in a subsidiary that do not result in a change of control are accounted for as equity transactions. The difference
between the consideration and the carrying value of the NCI is recognised as profit/loss in the retained earnings.
(iv) Loss of control
When the Group loses control over a subsidiary it derecognises the assets and liabilities of the subsidiary and any related NCI and other
components of equity. Any resulting gain or loss is recognised in the profit or loss.
(v) Investments in associates and equity call options
An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture.
Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control
over those policies.
The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries.
In the consolidated financial statements, the Group\u2019s investments in associates are accounted for using the equity method of accounting.
152
Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Note 5 \u2013 Significant accounting policies continued
A. Basis of consolidation continued
(v) Investments in associates and equity call options continued
Under the equity method, the investment in an associate or a joint venture is carried in the consolidated balance sheet at cost plus post-acquisition
changes in the Group\u2019s share of the net assets of the associate. The Group\u2019s share of the results of the associate is included in the profit or loss.
Losses of the associate or joint venture in excess of the Group\u2019s cost of the investment are recognised as a liability only when the Group has
incurred obligations on behalf of the associate.
On acquisition of the investment, any difference between the cost of the investment and share of the associate\u2019s identifiable assets and liabilities
is accounted for as follows:
\u2022 Any premium paid is capitalised and included in the carrying amount of the associate.
\u2022 Any excess of the share of the net fair value of the associate\u2019s identifiable assets and liabilities over the cost of the investment is included as
income in the determination of the share of the associate\u2019s profit or loss in the period in which the investment is acquired.
Any intangibles identified and included as part of the investment are amortised over their assumed useful economic life. Where there is objective
evidence that the investment in an associate may be impaired the carrying amount of the investment is tested for impairment in the same way as
other non-financial assets.
The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the profit or loss outside operating profit and
represents profit or loss before tax. The associated tax charge is disclosed in income tax.
The Group recognises its share of any changes in the equity of the associate through the consolidated statement of changes in equity. Profits
and losses resulting from transactions between the Group and the associate are eliminated to the extent of the Group\u2019s interest in the associate.
The Group applies equity accounting only up to the date an investment in associate meets the criteria for classification as held for sale. From
then onwards, the investment is measured at the lower of its carrying amount and fair value less costs to sell.
When potential voting rights or other derivatives containing potential voting rights exist, the Group\u2019s interest in an associate is determined solely
on the basis of existing ownership interests and does not reflect the possible exercise or conversion of potential voting rights and other derivative
instruments unless there is an existing ownership interest as a result of a transaction that currently gives it access to the returns associated with
an ownership interest. In such circumstances, the proportion allocated to the entity is determined by taking into account the eventual exercise
of those potential voting rights and other derivative instruments that currently give the entity access to the returns. When instruments containing
potential voting rights in substance currently give access to the returns associated with an ownership interest in an associate or a joint venture,
the instruments are not subject to IFRS 9 and equity accounting is applied. In all other cases, instruments containing potential voting rights in an
associate or a joint venture are accounted for in accordance with IFRS 9.
A derivative financial asset is measured under fair value under IFRS 9. In the case where there is significant influence, but the option is not
currently exercisable, there is still an investment in associate but as there is no current access to profits the option is fair valued instead.
Derivatives are recorded at fair value and classified as assets when their fair value is positive and as liabilities when their fair value is negative.
Subsequently, derivatives are measured at fair value.
(vi) Equity investments held at fair value
All equity investments in scope of IFRS 9 are measured at fair value in the balance sheet. Fair value changes are recognised in the profit or loss.
Fair value is based on quoted market prices (Level 1). Where this is not possible, fair value is assessed based on alternative methods (Level 3).
(vii) Transactions eliminated on consolidation
Intra-group balances and transactions are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated
against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains,
but only to the extent that there is no evidence of impairment.
B. Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the
dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date.
Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate
when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange
rate at the date of the transaction. Foreign currency differences are generally recognised in the profit or loss and presented within finance costs.
(ii) Foreign operations
On consolidation, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated into Euro at the exchange rates at the reporting date and their statements of profit or loss are translated into Euro at the end of each
month at the average exchange rate for the month which approximates the exchange rates at the date of the transactions.
The exchange differences arising on the translation for consolidation are recognised in other comprehensive income (OCI) and accumulated in
the foreign exchange reserve.
When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative
amount in the foreign exchange reserve relating to the foreign operation is reclassified to the profit or loss as part of the gain or loss on disposal.
153
Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Notes to the financial statements continued
Note 5 \u2013 Significant accounting policies continued
C. Discontinued operation
A discontinued operation is a component of the Group\u2019s business, the operations and cash flows of which can be clearly distinguished
from the rest of the Group and which:
\u2022 represents a separate major line of business or geographical area of operations;
\u2022 is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or
\u2022 is a subsidiary acquired exclusively with a view to resale.
Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as
held for sale.
When an operation is classified as a discontinued operation, the comparative statement of comprehensive income is re-presented as if
the operation had been discontinued from the start of the comparative year.
D. Revenue recognition
The majority of the Group\u2019s revenue is derived from selling services with revenue recognised when services have been delivered to the
customer. Revenue comprises the fair value of the consideration received or receivable for the supply of services in the ordinary course of
the Group\u2019s activities. Revenue is recognised when economic benefits are expected to flow to the Group. Specific criteria and performance
obligations are described below for each of the Group\u2019s material revenue streams.
Type of income Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
B2B licensee fee Licensee fee is the standard operator income of the Group which relates to licensed technology and the provision of
certain services provided via various distribution channels (online, mobile or land-based interfaces).
Licensee fee is based on the underlying gaming revenue earned by our licensees calculated using the contractual terms
in place. Revenue is recognised when performance obligation is met which is when the gaming transaction occurs.
The payment terms of the B2B licensee fee is on average 30 days from the invoice date.
B2B \ufb01xed-fee income Fixed-fee income is the standard operator income of the Group which includes revenue derived from the provision
of certain services and licensed technology for which charges are based on a fixed fee and/or stepped according to
the monthly usage of the service/technology. The usage measurement is typically reset on a monthly basis.
The performance obligation is met and revenue is recognised once the obligations under the contracts have been met
which is when the services have been provided.
Services provided and fees for:
a. minimum revenue guarantee: the additional balance billed by the Group on a monthly basis for the difference in the
minimum guarantee per licensee contract and actual performance; and
b. other: hosting, live, set-up, content delivery network and maintenance fees. The fees charge to licensees for these
services are fixed per month.
The amounts for the above are recognised over the life of the contracts and are typically charged on a fixed percentage
and stepped according to the monthly usage of the service depending on the type of service. Set-up fees are recognised
over the whole period of the contract, with an average period of 36 months. The revenue is recognised monthly over the
period of the contract and the payment terms of the B2B fixed fee income is on average 30 days from the invoice date.
B2B cost-based revenue Cost-based revenue is the standard operator income of the Group which is made of the total revenue charged to the
licensee based on the development costs needed to satisfy the contract with the licensee.
The largest type of service included in cost-based revenue is the dedicated team costs. Dedicated team employees are
charged back to the client based on time spent on each product.
Cost-based revenues are recognised on a monthly basis based on the contract in place of licensee with Playtech and any
additional services needed on development are charged to the licensee upon delivery of the service. The payment terms
of the B2B cost-based revenue is on average 30 days from the invoice date.
B2B revenue received from
the sale of hardware
Revenue received from the sale of hardware is the total revenue charged to customers upon the sale of each hardware
product. The performance obligation is met and revenue is recognised on delivery of the hardware and acceptance
by the customer.
Revenue received from future sale of hardware is recognised as deferred revenue. Once the obligation for the future
sale is met, revenue is then recognised in profit or loss. The payment terms of the B2B revenue received from the sale
of hardware is on average 30 days from the invoice date.
Additional B2B services fee This income is calculated based on the profit and/or net revenues generated by the customer in return for the additional
services provided to them by the Group. This is typically charged on a monthly basis and is measured using a predetermined
percentage set in each licensee arrangement. The revenue is only recognised when the customer\u2019s activities go live and
the revenue from the additional B2B services is recognised only once the Group is unconditionally contractually entitled
to it. The Directors have determined that this is when the customer starts generating profits which is later than when the
customer goes live with its B2C operations. The Directors' rationale is that there is uncertainty that the Group will collect the
consideration to which it is entitled before the customer starts generating profits and therefore, the revenue is wholly variable.
The payment terms of the additional B2B services fees is on average 30 days from the invoice date .
154
Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Type of income Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms
B2C revenue In respect of B2C Snaitech revenues, the Group acts as principal with the end customer, with specific revenue policies
as follows:
\u2022 The revenues from land-based gaming machines are recognised net of the winnings, jackpots and certain flat-rate
gaming tax.
\u2022 The revenue from online gaming (games of skill/casino/bingo) are recognised net of the winnings, jackpots, bonuses
and certain flat-rate gaming tax. In respect of Casino and Bingo, revenue is recognised at the conclusion of the bet.
Revenue from games of skill is recognised at the conclusion of the bet.
\u2022 The revenues related to the acceptance of fixed odds bets are considered financial instruments under IFRS 9 and
are recognised net of certain flat-rate gaming tax, winnings, bonuses and the fair value of open bets.
\u2022 Revenues related to fixed odds bets are recognised at the conclusion of the event.
\u2022 Poker revenues in the form of commission (i.e. rake) is recognised at the conclusion of each poker hand.
The performance obligation is the provision of the poker games to the players.
\u2022 All the revenues from gaming machines are recorded net of players\u2019 winnings and certain gaming taxes while the
concession fees payable to the regulator and the compensation of operators, franchisees and platform providers are
accounted as expenses. Revenue is recognised at the time of the bet.
Where the gaming tax incurred is directly measured by reference to the individual customer transaction and related to
the stake (described as \u201cflat-rate tax\u201d above), this is deducted from revenue.
Where the tax incurred is measured by reference to the Group\u2019s net result from betting and gaming activity, this is not
deducted from revenue and is recognised as an expense.
In respect of Sun Bingo and B2C Sport revenue, the Group acts as principal with the end customer, with revenue being
recognised at the conclusion of the event, net of winnings, jackpots and bonuses.
Financial trading income
(discontinued operations)
Financial trading income represents gains (including commission) and losses arising on client trading activity, primarily
in contracts for difference on shares, indexes, commodities and foreign exchange.
Open client positions are carried at fair market value and gains and losses arising on this valuation are recognised in
revenue as well as gains and losses realised on positions that have closed.
The performance obligation is met in the accounting periods in which the trading transaction occurs and is concluded.
Based on the services provided by the Group, excluding certain rebates provided to customers in the Financial division, no return, refund and
other similar obligations exist. Moreover, no warranties and related obligations exist.
E. Share-based payments
Certain employees participate in the Group\u2019s share option plans. Following the 2012 LTIP employees are granted cash-settled options and
equity-settled options. The Remuneration Committee has the option to determine if the option will be settled in cash or equity, a decision
that is made at grant date. The fair value of the equity-settled options granted is charged to the profit or loss on a straight-line basis over the
vesting period and the credit is taken to equity, based on the Group\u2019s estimate of shares that will eventually vest. Fair value is determined
by the Black-Scholes, Monte Carlo or binomial valuation model, as appropriate. The cash-settled options are presented as a liability. The
liability is remeasured at each reporting date and settlement date so that the ultimate liability equals the cash payment on settlement date.
Remeasurements of the fair value of the liability are recognised in profit or loss.
The Group has also granted awards to be distributed from the Group\u2019s Employee Benefit Trust. The fair value of these awards is based on
the market price at the date of the grant; some of the grants have performance conditions. The performance conditions are for the Executive
Management and include targets based on growth in earnings per share and total shareholder return over a specific period compared to other
competitors. The fair value of the awards with market performance conditions is factored into the overall fair value and determined using a
Monte Carlo method. Where these options lapse due to not meeting market performance conditions the share option charge is not reversed.
F. Income tax
The income tax expense represents the sum of the tax currently payable and deferred tax.
(i) Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because
it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or
deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of
the reporting period.
A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a
future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable.
The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of
such activities and in certain cases based on specialist tax advice.
Note 5 \u2013 Significant accounting policies continued
D. Revenue recognition continued
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Notes to the financial statements continued Note 5 \u2013 Significant accounting policies continued F. Income tax continued (ii) Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised in the period in which the deductible temporary differences arise when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which are expected to reverse, or where it is probable that taxable profit will be available against which a deductible temporary difference can be utilised. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside the profit or loss is recognised outside the profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently, if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was recognised during the measurement period or is otherwise recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. The tax base of assets and liabilities is assessed at each reporting date, and changes in the tax base that result from internal reorganisations, changes in the expected manner of recovery or changes in tax law are reflected in the calculation of deductible and taxable temporary differences. G. Finance expense Finance expense arising on interest-bearing financial instruments carried at amortised cost are recognised in the profit or loss using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. Interest expense arising on the above during the period is disclosed under the financing activities in the consolidated statement of cash flows. H. Inventories Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. 156 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 5 \u2013 Significant accounting policies continued I. Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. (ii) Subsequent expenditure Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. (iii) Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight- line method over their estimated useful lives, and is generally recognised in profit or loss. Land is not depreciated. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: % Computers and gaming machines 20\u201333 Office furniture and equipment 7\u201333 Freehold and leasehold buildings and improvements 3\u201320, or over the length of the lease Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. J. Intangible assets and goodwill (i) Recognition and measurement Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the profit or loss on the acquisition date as a gain on bargain purchase. Externally acquired intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Business combinations Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques. Internally generated intangible assets (development costs) Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Expenditure includes salaries, wages and other employee-related costs directly engaged in generating the assets and any other expenditure that is directly attributable to generating the assets (i.e. certifications and amortisation of right of use assets). Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the profit or loss as incurred. (iii) Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in the profit or loss. Goodwill is not amortised. 157 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 5 \u2013 Significant accounting policies continued J. Intangible assets and goodwill continued (iii) Amortisation continued The estimated useful lives for current and comparative periods are as follows: % Domain names Nil Internally generated capitalised development costs 20\u201333 Technology IP 13\u201333 Customer lists In line with projected cash \ufb02ows or 7\u201320 Affiliate contracts 5\u201312.5 Patents and licences 10\u201333 or over the period of the licence Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. K. Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets on a pro rata basis, except that no loss is allocated to inventories, financial assets or deferred tax assets, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in the profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. L. Financial instruments Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \u2022 financial assets at amortised cost (debt instruments); \u2022 financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments); \u2022 financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); and \u2022 financial assets at fair value through profit or loss. Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, loans receivable and cash and cash equivalents. Cash and cash equivalents consist of cash at bank and in hand, short-term deposits with an original maturity of less than three months and customer balances. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the profit or loss. This category includes listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. 158 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 5 \u2013 Significant accounting policies continued
L. Financial instruments continued
(i) Financial assets continued
Financial assets at fair value through profit or loss continued
The Group recognises a debt financial instrument with an embedded conversion option, such as a loan convertible into ordinary shares of an
entity, as a financial asset in the balance sheet. On initial recognition, the convertible loan is measured at fair value with any gain or loss arising on
subsequent measurement until conversion recognised in profit or loss. On conversion of a convertible instrument, the Group derecognises the
financial asset component and recognises it as an investment (equity interest, associate, joint venture or subsidiary) depending on the results of
the assessment performed under the relevant standards.
At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and
supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit
rating of the debt instrument. In addition, the Group considers whether there has been a significant increase in credit risk depending on the
characteristics of each debt instrument.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised
(i.e. removed from the Group\u2019s consolidated balance sheet) when:
\u2022 the rights to receive cash flows from the asset have expired; or
\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full
without material delay to a third party under a \u201cpass-through\u201d arrangement, and either (a) the Group has transferred substantially all the risks
and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and
to what extent, it has retained the risks and rewards of ownership. When it has neither: transferred nor retained substantially all of the risks and
rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing
involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on
a basis that reflects the rights and obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount
of the asset and the maximum amount of consideration that the Group could be required to repay .
Impairment
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs
are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group
expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from
the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition,
ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit
exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses
expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk,
but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is
based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
(ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables,
or; derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value
and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade
and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in two categories:
\u2022 financial liabilities at fair value through profit or loss; and
\u2022 financial liabilities at amortised cost (loans and borrowings and bonds).
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial
recognition as at fair value through profit or loss.
Financial liabilities at amortised cost
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured
at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in the profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the profit or loss.
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Financial Statements
Notes to the financial statements continued
Note 5 \u2013 Significant accounting policies continued
L. Financial instruments continued
(ii) Financial liabilities continued
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability
is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the
respective carrying amounts is recognised in the profit or loss .
(iii) Offsetting
Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right
to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.
M. Share capital
Ordinary shares are classified as equity and are stated at the proceeds received net of direct issue costs.
N. Share buyback
Consideration paid for the share buyback is recognised against the additional paid in capital. Any excess of the consideration paid over the
weighted average price of shares in issue is debited to the retained earnings.
O. Employee Benefit Trust
Consideration paid/received for the purchase/sale of shares subsequently put in the Employee Benefit Trust, which is controlled by the
Company, is recognised directly in equity. The cost of shares held is presented as a separate reserve (the \u201cEmployee Benefit Trust reserve\u201d).
Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to
retained earnings.
P. Dividends
Dividends are recognised when they become legally due. In the case of interim dividends to equity shareholders, this is when paid by the
Directors. In the case of final dividends, this is when they are declared and approved by the shareholders at the AGM.
Q. Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets)
to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated.
Goodwill is tested semi-annually for impairment.
For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are
largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs that are
expected to benefit from the synergies of the combination.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the
estimated future cash flows, discounted to their present value using a post-tax discount rate that reflects current market assessments of the
time value of money and the risks specific to the asset or CGU.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are recognised in the profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the
CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment
loss had been recognised.
R. Provisions
Provisions for legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable
that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognised for
future operating losses.
Where 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 minimum.
Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the
end of the reporting period. 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 liability.
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Note 5 \u2013 Significant accounting policies continued S. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right of use assets representing the right to use the underlying assets. (i) Right of use assets The Group recognises right of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated amortisation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of use assets are amortised on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. (ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset or is recorded in the profit or loss if the carrying amount of the right of use asset has been reduced to zero. The cash payments made in relation to long-term leases is split between principal and interest paid on lease liability and disclosed within financing activities in the consolidated statement of cash flows. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term and included within financing activities in the consolidated statement of cash flows. T. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (a) in the principal market for the asset or liability; or (b) in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 quoted (unadjusted) market prices in active markets for identical assets or liabilities. \u2022 Level 2 \u2013 valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. \u2022 Level 3 \u2013 valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. 161 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 5 \u2013 Significant accounting policies continued U. Adjusted results The Group discloses EBITDA, being the profit before interest, taxes, depreciation and amortisation. EBITDA is a measure of the Group\u2019s overall financial performance and profitability which the Directors consider useful to reflect the underlying performance of the business. The Board of Directors believes that in order to best represent the trading performance and results of the Group, the reported numbers should exclude certain non-cash items, one-off items and the impact of substantial reorganisations and acquisition-related items. Adjusted EBITDA and Adjusted Profit/Loss after making these exclusions are therefore presented alongside the reported EBITDA and reported Profit/loss in the consolidated statement of comprehensive income. The Directors use the Adjusted EBITDA and Adjusted Profit/Loss to understand, manage and evaluate the business and make operating decisions. These adjusted measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, compensation of the executives is based in part on the performance of the business based on Adjusted EBITDA. Adjusted results exclude the following items: \u2022 Material non-cash items: these items are excluded to better analyse the underlying cash transactions of the business as the management regularly monitors the operating cash conversion to Adjusted EBITDA. \u2022 Material one-off items: there items are excluded to get normalised results that are distorted by unusual or infrequent items unusual or infrequent items that are excluded to get normalised results that were previously distorted by these items. Unusual items include highly abnormal, one-off and only incidentally relating to the ordinary activities of the Group. Infrequent items are those which are not reasonably expected to recur in the foreseeable future given the environment in which the Group operates. \u2022 Material reorganisations and acquisition-related items: these items are excluded as they are not considered related to the ordinary activities of the business and are not considered to be ongoing costs of the operations of the business. In addition, management presents underlying adjusted results and constant currency adjusted results to the Board of Directors. Underlying adjusted results are presented as an alternative performance measure to exclude the impact of acquisitions made in the period or in the comparable period in order to present a more accurate \u201clike-for-like\u201d comparison over the comparable period. Constant currency adjusted results are presented in order to try and present measures that exclude the effect of currency fluctuations. In view of the fact that the Group has transactions in foreign currencies and may be affected from the fluctuations of the currencies, all transactions in foreign currencies are converted to Euro using the exchange rate of the comparable period. As these are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Group\u2019s definition of these non-GAAP measures may not be comparable to other similarly titled measures reported by other companies. A full reconciliation of adjustments is included in Note 10. Note 6 \u2013 Significant accounting judgements, estimates and assumptions In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual events may differ from these estimates. Judgements In the process of applying the Group\u2019s accounting policies management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements. Revenue from contracts with customers The Group applies judgement in determining whether it is acting as a principal or an agent specifically on the revenue earned under the B2B licensee fee stream. This income falls within the scope of IFRS 15 Revenue from Contracts with Customers. In making these judgements, the Group considers, by examining each contract with its customers, which party has the primary responsibility for providing the services and is exposed to the majority of the risks and rewards associated with providing the services, as well as if it has latitude in establishing prices, either directly or indirectly. The business model of this division is predominantly a revenue share model which is based on royalties earned from B2C business partners\u2019 revenue. IFRS 15, paragraph B37 describes indicators that an entity controls the specified good or service before it is transferred to a customer and therefore acts as the principal. Based on this assessment it was concluded that Playtech is acting as an agent under the B2B licensee fee stream due to the three indicators under B37 which are not satisfied as follows: \u2022 Playtech is responsible in fulfilling the contract to the operator, principally in respect of the software solutions, and not to the end customer which is the responsibility of the operator; \u2022 there is no inventory risk as Playtech does not have the ability to direct the use of, and obtain substantially all of the remaining benefits from the good or service before it is transferred to the end customer; and \u2022 Playtech does not have any discretion in establishing prices set by the operator to third parties. Based on the above it was determined that the Group was acting as agent and revenue is recognised as the net amount of B2B licensee fees received. The majority of this B2B revenue is recognised when the gaming or betting activity used as the basis for the revenue share calculation takes place, and furthermore is only recognised when collection is virtually certain with a legally enforceable right to collect. 162 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued
Judgements continued
Internally generated intangible assets
The Group capitalises costs for product development projects. Expenditure on internally developed products is capitalised when it meets
the following criteria:
\u2022 adequate resources are available to complete and sell the product;
\u2022 the Group is able to sell the product;
\u2022 sale of the product will generate future economic benefits; and
\u2022 expenditure on the project can be measured reliably.
Initial capitalisation of cost is based on the management\u2019s judgement that the technological and economic feasibility is confirmed, usually when
product development has reached a defined milestone and future economic benefits are expected to be realised according to an established
project management model. Following capitalisation, an assessment is performed in regard to project recoverability which is based on the
actual return of the project. During the year, the Group capitalised \u20ac57.5 million (2021: \u20ac51.3 million) and the carrying amount of capitalised
development costs as at 31 December 2022 was \u20ac123.2 million (2021: \u20ac122.3 million).
Adjusted performance measures
As noted in Note 5, paragraph U, the Group presents adjusted performance measures which differ from statutory measures due to exclusion
of certain non-cash and one-off items and material reorganisation and acquisition-related items from the actual results. The determination
of whether non-cash and one-off items and material reorganisation and acquisition-related items should form part of the adjusted results
is a matter of judgement and is based on whether the inclusion/exclusion from the results represent more closely the consistent trading
performance of the business. The items excluded from the adjusted measures are described in further detail in Note 10.
Provision for risks and charges and potential liabilities
The Group operates in a number of regulated markets and is subject to lawsuits and potential lawsuits regarding complex legal matters, which
are subject to a different degree of uncertainty in different jurisdictions and under different laws. For all material ongoing and potential legal
and regulatory claims against the Group, an assessment is performed to consider whether an obligation or possible obligation exists and
to determine the probability of any potential outflow to determine whether a claim results in the recognition of a provision or disclosure of a
contingent liability. The timing of payment of provisions is subject to uncertainty and may have an effect on the presentation of the provisions
as current and non-current liabilities in the balance sheet. Expected timing of payment and classification of provision is determined by the
management based on the latest information available at the reporting date. See Note 29 for further details.
Classification of equity call options
Background
In addition to the provision of software-related solutions as a B2B product, the Group also offers certain customers a form of offering (which
includes software and related services) which is termed a \u201cstructured agreement\u201d. Structured agreements are customarily with customers which
have a gaming licence and are retail/land based operators that are looking to establish their online B2C businesses \u2013 these customers require
initial support beyond the provision of the Group\u2019s standard B2B software technology. With this product offering, Playtech offers additional
services to support the customer\u2019s B2C activities over and above the B2B software solution products.
Playtech generates revenues from the structured agreements as follows:
\u2022 the standard operator revenue (B2B licensee fee income as per Note 5D); and
\u2022 revenue based on predefined revenue generated by each customer under the structured agreement which is typically capped at a percentage
of the profit (also defined in each agreement) generated by the customer, which compensates Playtech for the additional services provided
(additional B2B services fee as per Note 5D).
Under these agreements, Playtech typically has a call option to acquire equity in the operating entities. If the call option is exercised by Playtech,
the Group would no longer provide certain services (which generally include technical and general strategic support services) and would no
longer receive the related additional B2B services fee. This mechanism is not designed as a control feature but mainly to protect Playtech\u2019s
position should the customer be subject to an exit transaction. Playtech is therefore able to benefit from any value appreciation in the operation
and could also potentially cease to provide the additional B2B services should it choose to do so dependent on the nature of the exit transaction.
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Notes to the financial statements continued Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Judgements continued Classification of equity call options continued Judgement applied In respect of each of the structured agreements where the Group holds equity call options, management applies judgement to assess whether the Group has control or significant influence. For each of the Group\u2019s structured agreements an assessment was completed in Note 20 using the below guidance. The existence of control by an entity is evidenced if all of the below are met in accordance with IFRS 10 Consolidated Financial Statements, paragraph 7: \u2022 power over the investee; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect the amount of the investor\u2019s returns. In the cases where the Group assessed that it exercises control over these arrangements, then the company is consolidated in the Group\u2019s annual results in accordance with IFRS 10. The existence of significant influence by an entity is usually evidenced in one or more of the following ways in accordance with IAS 28 Investment in Associates and Joint Ventures, paragraph 6: \u2022 representation on the board of directors or equivalent governing body of the investee; \u2022 participation in policy-making processes, including participation in decisions about dividends or other distributions; \u2022 material transactions between the entity and its investee; \u2022 interchange of managerial personnel; or \u2022 provision of essential technical information. If the conclusion is that the Group has significant influence, the next consideration made is whether there is current access to net profits and losses of the underlying associate. This is determined by the exercise conditions of each relevant equity call option and in particular whether the options are exercisable at the end of each reporting period. If the option is exercisable then the investment is accounted for using the equity accounting method. However, in the cases where the company over which the Group has a current exercisable option generates profits, management made a judgement and concluded that Playtech\u2019s share of profits (were the option to be exercised) should not be recognised as it is unlikely that the profits will be realised as the existing shareholder has the right, and is entitled, to extract distributable profits. As such management did not consider it appropriate to recognise any share of these profits. However, in the cases where the associate has generated losses, the Group\u2019s percentage share is recognised and deducted from the carrying value of the investment in associate. Management has made a further judgement that if the equity call option is not exercisable at the end of the reporting period, then the option is recorded at fair value as per IAS 28, paragraph 14 and recognised as a derivative financial asset as per IFRS 9 Financial Instruments. Furthermore, under some of these arrangements the Group has provided loan advances. In such instances a judgement was made as to whether these amounts form part of the Group\u2019s investment in the associate as per IAS 28, paragraph 38, with a key consideration being whether the Group expects settlement to occur in the foreseeable future. In the case where this is not expected and there is no set repayment term, then it is concluded that in substance these loans are extensions of the entity\u2019s investment in the associate and therefore would form part of the cost of the investment. Finally, the Group has certain agreements in relation to the provision of services by service providers in connection with certain of the Group\u2019s obligations under their various structured agreements. Under these arrangements, the service providers have certain rights to equity. In order for these rights to crystallise, the Group must first exercise the relevant option. A judgement was therefore made that no current liability exists under IAS 32, until the point when Playtech exercises the option. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which 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. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a discounted cash flow model (DCF). The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that may enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount of the different CGUs, are disclosed and further explained in Note 19, including a sensitivity analysis for the CGUs with lower headroom. 164 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Estimates and assumptions continued Income taxes The Group is subject to income tax in several jurisdictions and significant judgement is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Group recognises tax liabilities based on estimates of whether additional taxes and interest will be due. These tax liabilities are recognised when, despite the Group\u2019s belief that its tax return positions are supportable, the Group believes it is more likely than not that a taxation authority would not accept its filing position. In these cases, the Group records its tax balances based on either the most likely amount or the expected value, which weights multiple potential scenarios. The Group believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgements about future events. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made. Where management conclude that it is not probable that the taxation authority will accept an uncertain tax treatment, they calculate the effect of uncertainty in determining the related taxable profit (tax loss), tax bases, unused tax losses, unused tax, credits or tax rates. The effect of uncertainty for each uncertain tax treatment is reflected by using the expected value \u2013 the sum of the probabilities and the weighted amounts in a range of possible outcomes. More details are included in Note 14. Deferred tax asset In evaluating the Group\u2019s ability to recover our deferred tax assets in the jurisdiction from which they arise, management considers all available positive and negative evidence, projected future taxable income, tax-planning strategies and results of recent operations. Deferred tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Judgement is required in determining the initial recognition and the subsequent carrying value of the deferred tax assets. Deferred tax asset is only able to be recognised to the extent that utilisation is considered probable. It is possible that a change in profit forecasts or risk factors could result in a material change to the income tax expense and deferred tax asset in future periods. Deferred tax asset in the UK As a result of the Group\u2019s internal restructuring in January 2021, the Group is entitled to UK tax deductions in respect of certain goodwill and intangible assets. A deferred tax asset was recognised as the tax base of the goodwill and intangible assets is in excess of the book value base of those assets. At the beginning of the period, the net recognised deferred tax asset amounted to \u20ac63.6 million. As at 31 December 2022, an additional deferred tax asset of \u20ac5.2 million was recognised. This additional deferred tax asset has been recognised as the Group\u2019s management has concluded that it is probable for the UK entities to continue to generate taxable profits in the future against which the Group can utilise the tax deductions for goodwill and intangible assets giving a tax benefit of \u20ac68.8 million. This represents the benefit of the deductions against forecast profits for the next five years. During the year, \u20ac12.0 million has been utilised and the net recognised deferred tax asset as at 31 December 2022 amounts to \u20ac56.8 million. In addition, a total of \u20ac37.0 million of deferred tax asset has not been recognised in respect of the benefit of future tax deductions expected to arise after the next five years for the remaining useful economic life of the goodwill and intangible assets. The Group reviewed the latest forecasts for the UK companies for the next five years, including their ability to continue to generate income beyond the forecast period under the tax laws substantively enacted at the reporting date. Based on this, the Group\u2019s management concludes that it is probable that the UK companies will continue to generate taxable income in the future. Any future changes in the tax law or the structure of the Group could have a significant effect on the use of the tax deductions, including the period over which the deductions can be utilised. The Group has recognised a deferred tax asset of \u20ac60.4 million in respect of tax losses and excess interest in the UK which are available to offset against the future profits of the UK Group companies. Based on the current forecasts, these losses will be fully utilised over the next five years. Deferred tax assets in Italy The Group has recognised a deferred tax asset of \u20ac23.1 million in respect of tax losses in Italy which are available to offset against the future profits of the Italian Group companies. Based on the current forecasts, these losses will be fully utilised within the next five years. The Group reviewed the latest forecasts for the Italian companies for the next five years, including their ability to continue to generate income beyond the forecast period under the tax laws substantively enacted at the reporting date. Based on this, the Group management concludes that it is probable that the Italian Group companies will continue to generate taxable income in the future against which the losses can be utilised. Any future changes in the tax law or the structure of the Group could have a significant effect on the use of the tax deductions, including the period over which the deductions can be utilised. 165 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued
Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued
Estimates and assumptions continued
Impairment of financial assets
The Group undertook a review of trade receivables and other financial assets, as applicable, and their expected credit losses (ECLs). The review
considered the macroeconomic outlook, customer credit quality, exposure at default, and effect of payment deferral options as at the reporting date.
The ECL methodology and definition of default remained consistent with prior periods. The model inputs, including forward-looking information,
scenarios and associated weightings, together with the determination of the staging of exposures, were revised. The Group\u2019s financial assets
consist of trade and loans receivables and cash and cash equivalents. ECL on cash balances was considered and calculated by reference
to Moody\u2019s credit rating for each financial institution, while ECL on trade and loans receivables was based on past default experience and an
assessment of the future economic environment. More details are included in Note 38.
In respect of the Group\u2019s Asian licensees\u2019 business model an additional ECL risk was identified due to increase in collection days and uncertainty
over timing of receipt of funds. This resulted in an additional provision for bad debts of \u20ac15.4 million (2021: \u20ac7.5 million) recognised in the profit or
loss in H1 2022 with nothing further recognised in H2 2022.
Sun Bingo agreement
Background
The News UK contract commenced in 2016 and was originally set for a five-year period to June 2021. Both parties have obligations under
the contract, which include News UK providing access to brand and related materials as well as other services. Playtech has the primary
responsibility for the operation of the arrangement, but both parties have contractual responsibilities.
The related brands are used in Playtech\u2019s B2C service, where the Group acts as the principal, meaning that in the Group\u2019s consolidated
statement of comprehensive income:
\u2022 revenue from B2C customers is recognised as income; and
\u2022 the fees paid to News UK for use of the brands are an expense as they are effectively a supplier.
In the original contract, the fees payable were subject to a predetermined annual minimum guarantee (MG) which Playtech had to pay
to News UK.
During the period from 2016 to 2018, performance was not in line with expectations, and as such, the MG made this operation significantly loss
making for the Group. This opened the negotiations with News UK for certain amendments to the contract, which were agreed and signed in
February 2019 as follows:
\u2022 the MG was still payable up until the end of the original contract period, being June 2021, with no MG payable after that; and
\u2022 the contract term was extended to permit Playtech access to News UK\u2019s brands and other related materials and other services, for a longer
period, to allow Playtech to recover its MG payments and to make a commercial return as was always envisaged. The term of the contract was
extended to end at the earlier of: a) five years from the date when Playtech had fully recovered all MG payments made; or b) 15 years from the
renegotiation (i.e. June 2036).
Judgements made on recognition and measurement
The annual MG paid to News UK was recognised in Playtech\u2019s profit or loss up until February 2019, essentially being expensed over the original
term of the contract. However, from the point at which the amended contract became effective, the timing of the MG paid (being based on the
original terms) no longer reflected the period over which Playtech was consuming the use of the News UK brands and other related services
from them. As such, a prepayment was recorded to reflect the amount that had been paid, as at each period end, which related to the future use
of the brands and services. IFRS do not have a specific standard that deals with accounting for prepayments; however, the asset recognised as
a prepayment is in accordance with IAS 1 Presentation of Financial Statements.
At the commencement of the agreement and on renegotiation of the contract, the Directors considered whether the nature of the arrangement
gave rise to any intangible assets. At contract inception the Directors concluded that there were no such assets to recognise as both parties
had contractual obligations under the agreement to deliver services, as explained above. Post the contract renegotiation, the amounts to be
paid in the remainder of the initial period were considered to be advanced payments in respect of amounts to be earned by News UK over the
remainder of the extended contract period. Consequently, the Directors did not believe that there was a fundamental change in the nature of
the arrangements and it was considered most appropriate to categorise the amounts paid as operating expense prepayments.
As noted above, the term of this renegotiated contract is dependent on the future profitability of the contract, and it was expected that the future
profitability would mean the contract would finish before the end of the fixed term period. For this reason, it was considered appropriate that the
prepayment recognised should be released to the profit or loss in line with this expected profitability, rather than on a straight-line basis.
The amounts held in non-current and current assets of \u20ac63.4 million and \u20ac3.6 million in Notes 21 and 23, respectively, are the difference between
the MG actually paid to News UK from February 2019 to June 2021 and the amounts recognised in the Group\u2019s profit or loss from February 2019
to December 2022.
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Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Estimates and assumptions continued Sun Bingo agreement continued Judgements made on recognition and measurement continued There is always a risk with any budgeting process that the plan may not be realised. This risk increases the longer the period for which the budget covers and in this instance the period is potentially up to 15 years. When producing the budget management applies reasonable assumptions based on known factors, but sometimes and outside of management\u2019s control, these factors may vary. However, management also reviews these forecasts at each reporting period and more regularly internally and adjusts the expense released accordingly. Based on the most recent forecasts and current profitability and the fact that the Group had been running the operation since 2016 and therefore has significant experience of the level of profitability that can be derived from the operation, it is confident that the performance of the business will allow the full recovery of this asset, before the contract ends. Calculation of legal provisions The Group ascertains a liability in the presence of legal disputes or ongoing lawsuits when it believes it is probable that a financial outlay will take place and when the amount of the losses can be reasonably estimated. The Group is subject to lawsuits regarding complex legal problems, which are subject to a differing degree of uncertainty (also due to a complex legislative framework), including the facts and the circumstances inherent to each case, the jurisdiction and the different laws applicable. Given the uncertainties inherent to these problems, it is difficult to predict with certainty the outlay which will derive from these disputes and it is therefore possible that the value of the provisions for legal proceedings and disputes may vary depending on future developments in the proceedings underway. The Group monitors the status of the disputes underway and consults with its legal advisers and experts on legal and tax-related matters. More details are included in Note 29. Measurement of fair values of equity investments and equity call options The Group\u2019s equity investments and, where applicable (based on the judgements applied above), equity call options held by the Group, are measured at fair value for financial reporting purposes. The Group has an established control framework with respect to the measurement of fair value. In estimating the fair value of an asset and liability, the Group uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Group engages third-party qualified valuers to perform the valuation. The Group works closely with the qualified valuers to establish the appropriate valuation techniques and inputs to the model. As mentioned in Note 20, the Group has: \u2022 investments in listed securities where the fair values of these equity shares are determined by reference to published price quotations in an active market; \u2022 equity investments in entities that are not listed, accounted at fair value through profit or loss under IFRS 9; and \u2022 derivative financial assets (call options in instruments containing potential voting rights), which are accounted at fair value through profit or loss under IFRS 9. The fair value of the equity investments that are not listed and of the derivative financial assets, rely on non-observable inputs that require a higher level of management judgement to calculate a fair value than those based wholly on observable inputs. Valuation techniques are used to calculate fair values include comparisons with similar financial instruments for which market observable prices exist, discounted cash flow analysis and other valuation techniques commonly used by market participants. Upon the use of DCF method, the Group assumes that the expected cash flows are based on the EBITDA. The Group only uses models with unobservable inputs for the valuation of certain unquoted equity investments. In these cases, estimates are made to reflect uncertainties in fair values resulting from a lack of market data inputs, for example, as a result of illiquidity in the market. Inputs into valuations based on unobservable data are inherently uncertain because there is little or no current market data available from which to determine the level at which an arm\u2019s length transaction would occur under normal business conditions. Unobservable inputs are determined based on the best information available. Further details on the fair value of assets are disclosed in Note 20, which includes a significant judgement relating to the public announcement made by the Group on 6 February 2023 where Playtech plc is seeking a declaration from the English Courts to obtain clarification on a point of disagreement between the Group and Caliplay. The following table shows the carrying amount and fair value of non-current assets, as disclosed in Note 20, including their levels in the fair value hierarchy. Carrying amount Fair value 2022 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m Non-current assets Other investments (Note 20B) 9.2 1.4 \u2014 7.8 Derivative \ufb01nancial assets (Note 20C) 636.4 \u2014 \u2014 636.4 645.6 1.4 \u2014 644.2 Carrying amount Fair value 2021 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m Non-current assets Other investments (Note 20B) 8.1 1.6 \u2014 6.5 Derivative \ufb01nancial assets (Note 20C) 622.2 \u2014 \u2014 622.2 630.3 1.6 \u2014 628.7 167 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 7 \u2013 Segment information The Group\u2019s reportable segments are strategic business units that offer different products and services. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the management team including the Chief Executive Officer and the Chief Financial Officer. The operating segments identified are: \u2022 B2B: including Casino, Services, Sport, Bingo, Poker and Other; \u2022 B2C: including Snaitech, Sun Bingo and Other B2C and HAPPYBET; and \u2022 Financial: including B2C and B2B CFD (discontinued operations). The Group-wide profit measures are Adjusted EBITDA and Adjusted Profit (see Note 10). Year ended 31 December 2022 B2B \u20ac\u2019m Snaitech \u20ac\u2019m Sun Bingo and Other B2C \u20ac\u2019m HAPPYBET \u20ac\u2019m Intercompany B2C \u20ac\u2019m Total B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m Revenue 632.4 899.8 65.3 20.1 (2.1) 983.1 (13.7) 1,601.8 74.5 1,676.3 Adjusted EBITDA 160.2 254.2 2.0 (10.8) \u2014 245.4 \u2014 405.6 33.8 439.4 Adjusted Pro\ufb01t/(Loss) attributable to the owners of the Company 43.8 127.4 1.1 (11.8) \u2014 116.7 \u2014 160.5 41.2 201.7 Total assets 1,853.2 1,070.4 89.7 9.1 \u2014 1,169.2 \u2014 3,022.4 \u2014 3,022.4 Total liabilities 697.2 603.2 14.6 6.4 \u2014 624.2 \u2014 1,321.4 \u2014 1,321.4 Year ended 31 December 2021 B2B \u20ac\u2019m Snaitech \u20ac\u2019m Sun Bingo and Other B2C \u20ac\u2019m HAPPYBET \u20ac\u2019m Intercompany B2C \u20ac\u2019m Total B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m Revenue 554.3 584.7 61.9 18.2 (1.1 ) 663.7 (12.6) 1,205.4 46.6 1,252.0 Adjusted EBITDA 139.2 182.6 6.7 (11.4) \u2014 177.9 \u2014 317.1 (23.0) 294.1 Adjusted Pro\ufb01t/(Loss) attributable to the owners of the Company 45.9 83.2 10.3 (11.8) \u2014 81.7 \u2014 127.6 (13.8) 113.8 Total assets 1,911.1 1,154.7 92.9 6.2 \u2014 1,253.8 \u2014 3,164.9 487.4 3,652.3 Total liabilities 842.7 867.3 11.4 5.9 \u2014 884.6 \u2014 1,727.3 343.8 2,071.1 168 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 7 \u2013 Segment information continued Geographical analysis of non-current assets The Group\u2019s information about its non-current assets by location is detailed below: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Italy 746.1 755.5 UK 328.4 332.6 Austria 131.5 132.8 Alderney 75.9 100.0 Sweden 59.9 70.2 Gibraltar 27.9 37.7 Cyprus 22.0 25.6 Latvia 15.5 15.9 Australia 18.8 15.1 Ukraine 8.8 11.3 Estonia 7.8 9.4 British Virgin Islands 8.2 8.0 Rest of World 59.7 27.5 1,510.5 1,541.6 Note 8 \u2013 Discontinued operation The results of the discontinued operations for the year are presented below: 2022 2021 Actual \u20ac\u2019m Adjusted \u20ac\u2019m Actual \u20ac\u2019m Adjusted \u20ac\u2019m Revenue 74.5 74.5 46.6 46.6 Distribution costs before depreciation and amortisation (34.9) (34.8) (56.9) (56.4) Administrative expenses before depreciation and amortisation (13.3) (4.0) (15.9) (8.5) Impairment of \ufb01nancial assets (1.9) (1.9) (4.7) (4.7) EBITDA 24.4 33.8 (30.9) (23.0) Reversal of impairment of asset held for sale \u2014 \u2014 2.0 \u2014 Finance income 11.6 11.6 12.0 12.0 Finance costs (0.5) (0.5) (0.9) (0.9) Pro\ufb01t on disposal of discontinued operations (Note 25C/25B) 15.1 \u2014 7.6 \u2014 Pro\ufb01t/(loss) before taxation 50.6 44.9 (10.2) (11.9) Tax expense (3.6) (3.7) (1.9) (1.9) Pro\ufb01t/(loss) from discontinued operations, net of tax 47.0 41.2 (12.1 ) (13.8) 169 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 8 \u2013 Discontinued operation continued All of the profit from discontinued operations, net of tax in the year ended 31 December 2022 relates to the Financial segment, which was disposed during the current year (refer to Note 25C). Included in the loss from discontinued operations, net of tax, in the prior year is a profit on disposal of \u20ac7.6 million relating to the \u201cYoYo\u201d business, which was part of the Group\u2019s Casual and Social Gaming business, all fully disposed during 2021. The remainder of the 2021 results included in the loss from discontinued operations, net of tax, all relate to the Financials segment. The following tables provide a full reconciliation between adjusted and actual results from discontinued operations: For the year ended 31 December 2022 Revenue \u20ac\u2019m EBITDA \u20ac\u2019m Pro\ufb01t from discontinued operations attributable to the owners of the Company \u20ac\u2019m Reported as actual 74.5 24.4 47.0 Employee stock option expenses \u2014 0.3 0.2 Professional fees 1 \u2014 9.1 9.1 Pro\ufb01t on disposal of discontinued operations (Note 25C) \u2014 \u2014 (15.1) Adjusted measure 74.5 33.8 41.2 1 On the completion of the transaction the break fee of US$8.8 million to the Consortium that had previously agreed to acquire the Financial segment, as announced in May 2021 was triggered and therefore paid. This is included in professional fees. For the year ended 31 December 2021 Revenue \u20ac\u2019m EBITDA \u20ac\u2019m Loss from discontinued operations attributable to the owners of the Company \u20ac\u2019m Reported as actual 46.6 (30.9) (12.1 ) Employee stock option expenses \u2014 0.8 0.8 Professional fees \u2014 7.1 7.1 Reversal of impairment of asset held for sale (Note 25C) \u2014 \u2014 (2.0) Pro\ufb01t on disposal of discontinued operations (Note 25B) \u2014 \u2014 (7.6) Adjusted measure 46.6 (23.0) (13.8) Earnings per share from discontinued operations 2022 2021 Actual Adjusted Actual Adjusted Basic (cents) 15.7 13.7 (4.0) (4.6) Diluted (cents) 15.1 13.2 (4.0) (4.6) The net cash flows incurred by the Financial segment in the period are as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Operating 28.2 (2.6) Investing (3.8) (6.9) Financing (1.1) (2.2) Net cash in\ufb02ow/(out\ufb02ow) 23.3 (11.7) The above net cash inflow/(outflow) does not include the disposal proceeds. 170 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 9 \u2013 Revenue from contracts with customers The Group has disaggregated revenue into various categories in the following table which is intended to: \u2022 depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by recognition date; and \u2022 enable users to understand the relationship with revenue segment information provided in the segmental information note. Set out below is the disaggregation of the Group\u2019s revenue: Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets The revenues from B2B (consisting of licensee fee, fixed-fee income, revenue received from the sale of hardware, cost-based revenue and additional B2B services fee), B2C and Financials are described in Note 5D. For the year ended 31 December 2022 Primary geographic markets B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m Italy 35.1 897.7 (10.0) 922.8 1.3 924.1 UK 127.0 65.2 (3.7) 188.5 34.1 222.6 Mexico 123.7 \u2014 \u2014 123.7 0.3 124.0 Malta 55.7 \u2014 \u2014 55.7 0.1 55.8 Philippines 51.2 \u2014 \u2014 51.2 \u2014 51.2 Spain 27.7 \u2014 \u2014 27.7 1.0 28.7 Gibraltar 24.9 \u2014 \u2014 24.9 \u2014 24.9 Poland 21.9 \u2014 \u2014 21.9 0.1 22.0 Netherlands 20.2 \u2014 \u2014 20.2 1.0 21.2 Greece 20.5 \u2014 \u2014 20.5 0.3 20.8 Curacao 20.2 \u2014 \u2014 20.2 \u2014 20.2 Germany 0.8 16.8 \u2014 17.6 1.0 18.6 British Virgin Islands \u2014 \u2014 \u2014 \u2014 16.0 16.0 Ireland 10.0 \u2014 \u2014 10.0 0.3 10.3 Colombia 9.1 \u2014 \u2014 9.1 0.4 9.5 Rest of World 84.4 3.4 \u2014 87.8 18.6 106.4 632.4 983.1 (13.7) 1,601.8 74.5 1,676.3 Product type B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m B2B licensee fee 451.7 \u2014 \u2014 451.7 \u2014 451.7 B2B \ufb01xed-fee income 42.1 \u2014 \u2014 42.1 \u2014 42.1 B2B cost-based revenue 59.9 \u2014 \u2014 59.9 \u2014 59.9 B2B revenue received from the sale of hardware 13.2 \u2014 \u2014 13.2 \u2014 13.2 Additional B2B services fee 65.5 \u2014 \u2014 65.5 \u2014 65.5 Total B2B 632.4 \u2014 \u2014 632.4 \u2014 632.4 Snaitech \u2014 899.8 \u2014 899.8 \u2014 899.8 Sun Bingo and Other B2C \u2014 65.3 \u2014 65.3 \u2014 65.3 HAPPYBET \u2014 20.1 \u2014 20.1 \u2014 20.1 Intercompany \u2014 (2.1) \u2014 (2.1) \u2014 (2.1) Total B2C \u2014 983.1 \u2014 983.1 \u2014 983.1 Intercompany \u2014 \u2014 (13.7) (13.7) \u2014 (13.7) Total intercompany \u2014 \u2014 (13.7) (13.7) \u2014 (13.7) Financial \u2014 \u2014 \u2014 \u2014 74.5 74.5 632.4 983.1 (13.7) 1,601.8 74.5 1,676.3 171 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 9 \u2013 Revenue from contracts with customers continued Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets continued For the year ended 31 December 2022 continued Timing of transfer of performance obligations B2B \u20ac\u2019m B2C \u20ac\u2019m 1 Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m Recognised over time 619.2 28.4 (13.7) 633.9 74.5 708.4 Recognised at the point in time 13.2 954.7 \u2014 967.9 \u2014 967.9 632.4 983.1 (13.7) 1,601.8 74.5 1,676.3 1 B2C revenue recognised at the point in time is recorded under IFRS 9. 2022 \u20ac\u2019m Regulated \u2013 Americas 144.7 Regulated \u2013 Europe (excluding UK) 184.6 Regulated \u2013 UK 126.7 Regulated \u2013 Rest of World 5.6 Total regulated B2B revenue 461.6 Unregulated excluding Asia 103.6 Total core B2B revenue 565.2 Asia 67.2 Total B2B Gambling revenue 632.4 For the year ended 31 December 2021 Primary geographic markets B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m Italy 30.7 583.6 (7.6) 606.7 1.2 607.9 UK 132.2 61.9 (4.1) 190.0 14.1 204.1 Mexico 90.3 \u2014 \u2014 90.3 0.3 90.6 Philippines 67.6 \u2014 \u2014 67.6 \u2014 67.6 Malta 52.3 \u2014 \u2014 52.3 0.5 52.8 Gibraltar 27.9 \u2014 \u2014 27.9 \u2014 27.9 Spain 21.7 \u2014 \u2014 21.7 1.7 23.4 Germany 1.2 16.4 (0.8) 16.8 2.3 19.1 Greece 16.8 \u2014 \u2014 16.8 1.5 18.3 Poland 14.4 \u2014 \u2014 14.4 0.1 14.5 Curacao 12.2 \u2014 \u2014 12.2 0.1 12.3 Netherlands 7.2 \u2014 \u2014 7.2 3.2 10.4 Colombia 8.5 \u2014 \u2014 8.5 (0.2) 8.3 Romania 5.7 \u2014 \u2014 5.7 0.2 5.9 Norway 5.4 \u2014 \u2014 5.4 0.3 5.7 Rest of World 60.2 1.8 (0.1) 61.9 21.3 83.2 554.3 663.7 (12.6) 1,205.4 46.6 1,252.0 172 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 9 \u2013 Revenue from contracts with customers continued Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets continued For the year ended 31 December 2021 continued Product type B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m B2B licensee fee 404.0 \u2014 \u2014 404.0 \u2014 404.0 B2B \ufb01xed-fee income 48.5 \u2014 \u2014 48.5 \u2014 48.5 B2B cost-based revenue 45.3 \u2014 \u2014 45.3 \u2014 45.3 B2B revenue received from the sale of hardware 7.1 \u2014 \u2014 7.1 \u2014 7.1 Additional B2B services fee 49.4 \u2014 \u2014 49.4 \u2014 49.4 Total B2B 554.3 \u2014 \u2014 554.3 \u2014 554.3 Snaitech \u2014 584.7 \u2014 584.7 \u2014 584.7 Sun Bingo and Other B2C \u2014 61.9 \u2014 61.9 \u2014 61.9 HAPPYBET \u2014 18.2 \u2014 18.2 \u2014 18.2 Intercompany \u2014 (1.1) \u2014 (1 .1) \u2014 (1 .1) Total B2C \u2014 663.7 \u2014 663.7 \u2014 663.7 Intercompany \u2014 \u2014 (12.6) (12.6) \u2014 (12.6) Total intercompany \u2014 \u2014 (12.6) (12.6) \u2014 (12.6) Financial \u2014 \u2014 \u2014 \u2014 46.6 46.6 554.3 663.7 (12.6) 1,205.4 46.6 1,252.0 Timing of transfer of performance obligations B2B \u20ac\u2019m B2C \u20ac\u2019m 1 Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m Recognised over time 547.2 22.2 (12.6) 556.8 46.6 603.4 Recognised at the point in time 7.1 641.5 \u2014 648.6 \u2014 648.6 554.3 663.7 (12.6) 1,205.4 46.6 1,252.0 1 B2C revenue recognised at the point in time is recorded under IFRS 9. 2021 \u20ac\u2019m Regulated \u2013 Americas 101.3 Regulated \u2013 Europe (excluding UK) 141.4 Regulated \u2013 UK 132.1 Regulated \u2013 Rest of World 3.9 Total regulated B2B revenue 378.7 Unregulated excluding Asia 93.7 Total core B2B revenue 472.4 Asia 81.9 Total B2B Gambling revenue 554.3 173 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 9 \u2013 Revenue from contracts with customers continued Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets continued There were no changes in the Group\u2019s revenue measurement policies and procedures in 2021 and 2022. The vast majority of the Group\u2019s B2B contracts are for the delivery of services within the next 12 months. Furthermore, no individual licensee in 2022 and 2021 accounted for more than 10% of the total gaming revenue and the total revenue of the Group. The Group\u2019s contract liabilities, in other words deferred income, primarily include advance payment for hardware and services and also include certain fixed fees paid by the licensee in the beginning of the contract. Deferred income as at 31 December 2022 was \u20ac6.0 million (2021: \u20ac8.1 million). The movement in contract liabilities during the year was the following: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 8.1 11.8 Recognised during the year 8.4 7.0 Realised in the pro\ufb01t or loss (10.5) (10.7) Balance at 31 December 6.0 8.1 174 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 10 \u2013 Adjusted items Management regularly uses adjusted financial measures internally to understand, manage and evaluate the business and make operating decisions. These adjusted measures are among the primary factors management uses in planning for and forecasting future periods. The primary adjusted financial measures are Adjusted EBITDA and Adjusted Profit, which management considers are relevant in understanding the Group\u2019s financial performance. The definitions of adjusted items and underlying adjusted results are disclosed in Note 5. As these are not a defined performance measure under IFRS, the Group\u2019s definition of adjusted items may not be comparable with similarly titled performance measures or disclosures by other entities. The following tables provide a full reconciliation between adjusted and actual results from continuing operations: For the year ended 31 December 2022 Revenue \u20ac\u2019m EBITDA \u2013 B2B \u20ac\u2019m EBITDA \u2013 B2C \u20ac\u2019m EBITDA \u20ac\u2019m (Loss)/ Pro\ufb01t \u2013 B2B \u20ac\u2019m Pro\ufb01t\u2013 B2C \u20ac\u2019m Pro\ufb01t from continuing operations attributable to the owners of the Company \u20ac\u2019m Pro\ufb01t before tax from continuing operations \u20ac\u2019m Reported as actual 1,601.8 138.4 234.1 372.5 (42.8) 83.4 40.6 95.6 Employee stock option expenses 1 \u2014 7.1 0.9 8.0 7.1 0.9 8.0 8.0 Professional fees 2 \u2014 15.7 \u2014 15.7 15.7 \u2014 15.7 15.7 Fair value change and \ufb01nance cost on contingent consideration and redemption liability 3 \u2014 (4.3) \u2014 (4.3) (4.2) \u2014 (4.2) (4.2) Ukraine employee support costs 4 \u2014 3.3 \u2014 3.3 3.3 \u2014 3.3 3.3 Onerous contract 5 \u2014 \u2014 10.4 10.4 \u2014 10.4 10.4 10.4 Fair value change of equity instruments 6 \u2014 \u2014 \u2014 \u2014 0.3 \u2014 0.3 0.3 Fair value change of derivative \ufb01nancial assets 6 \u2014 \u2014 \u2014 \u2014 (6.0) \u2014 (6.0) (6.0) Fair value loss on convertible loans 7 \u2014 \u2014 \u2014 \u2014 3.0 \u2014 3.0 3.0 Amortisation of intangibles on acquisitions 8 \u2014 \u2014 \u2014 \u2014 13.2 28.8 42.0 42.0 Impairment of tangible and intangible assets 9 \u2014 \u2014 \u2014 \u2014 38.7 (0.2) 38.5 38.5 Loss on disposal of subsidiary 10 \u2014 \u2014 \u2014 \u2014 8.8 \u2014 8.8 8.8 Deferred tax on acquisitions 8 \u2014 \u2014 \u2014 \u2014 (1.7) (6.6) (8.3) \u2014 Tax related to uncertain positions 11 \u2014 \u2014 \u2014 \u2014 8.4 \u2014 8.4 \u2014 Adjusted measure 1,601.8 160.2 245.4 405.6 43.8 116.7 160.5 215.4 Constant currency impact (19.8) \u2014 \u2014 (17.9) \u2014 \u2014 (27.1) \u2014 Underlying adjusted result on constant currency basis 1,582.0 \u2014 \u2014 387.7 \u2014 \u2014 133.4 \u2014 1 Employee stock option expenses relate to non-cash expenses of the Group and differ from year to year based on share price and the number of options granted. 2 The vast majority of the professional fees relate to the potential sale of the Group. These expenses are not considered ongoing costs of operations and therefore are excluded. 3 Fair value change and finance costs on redemption liability related to the acquisition of Statscore. These expenses are not considered ongoing costs of operations and therefore are excluded. 4 Financial support provided to the employees based in Ukraine. These expenses are not considered ongoing costs of operations and therefore are excluded. 5 One off payment to terminate an onerous contract with a former service provider made in H1 2022. This expense is not considered an ongoing cost of operations and therefore is excluded. 6 Fair value change of equity instruments and derivative financial assets. These are excluded from the results as they relate to unrealised profit/loss. 7 Fair value loss on convertible loans relates to Gameco. This write off is not considered an ongoing cost of operations and is excluded. Refer to Note 20B. 8 Amortisation and deferred tax on intangible assets acquired through business combinations. Costs directly related to acquisitions are not considered ongoing costs of operations and therefore are excluded. 9 Impairment of tangible and intangible assets mainly relates to the impairment of Eyecon \u20ac13.6 million, Quickspin \u20ac7.0 million, Bingo VF \u20ac12.5 million and IGS \u20ac5.6 million. Refer to Note 19. 10 Loss arising on the disposal of Statscore, previously a subsidiary of the Group. Even though, Statscore was a separate CGU which was tested for impairment biannually up to the date of disposal, it didn\u2019t meet the criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations of being a separate major line of business for the Group. As such it was not presented separately as discontinued operations as at 31 December 2022. This loss is not considered an ongoing cost of operations and therefore is excluded. Refer to Note 20A. 11 Change in estimates related to uncertain overseas tax positions in respect of prior years . 175 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued For the year ended 31 December 2021 Revenue \u20ac\u2019m EBITDA \u2013 B2B \u20ac\u2019m EBITDA \u2013 B2C \u20ac\u2019m EBITDA \u20ac\u2019m Pro\ufb01t \u2013 B2B \u20ac\u2019m Pro\ufb01t\u2013 B2C \u20ac\u2019m Pro\ufb01t from continuing operations attributable to the owners of the Company \u20ac\u2019m Pro\ufb01t before tax from continuing operations \u20ac\u2019m Reported as actual 1,205.4 105.5 175.8 281.3 629.2 57.5 686.7 605.0 Employee stock option expenses 1 \u2014 11.5 1.6 13.1 11.5 1.6 13.1 13.1 Professional fees 2 \u2014 13.9 0.5 14.4 13.9 0.5 14.4 14.4 Fair value change and \ufb01nance cost on redemption liability 3 \u2014 1.3 \u2014 1.3 1.4 \u2014 1.4 1.4 Charitable donation 4 \u2014 3.5 \u2014 3.5 3.5 \u2014 3.5 3.5 Provision for other receivables 5 \u2014 1.2 \u2014 1.2 1.2 \u2014 1.2 1.2 Settlement of legal matter 6 \u2014 2.3 \u2014 2.3 2.3 \u2014 2.3 2.3 Fair value change and \ufb01nance cost on contingent consideration 3 \u2014 \u2014 \u2014 \u2014 4.4 0.3 4.7 4.7 Fair value change of equity instruments 7 \u2014 \u2014 \u2014 \u2014 1.6 \u2014 1.6 1.6 Fair value change of derivative \ufb01nancial assets 7 \u2014 \u2014 \u2014 \u2014 (583.2) \u2014 (583.2) (583.2) Amortisation of intangibles on acquisitions 8 \u2014 \u2014 \u2014 \u2014 16.9 17.9 34.8 34.8 Impairment of tangible and intangible assets 9 \u2014 \u2014 \u2014 \u2014 9.3 12.3 21.6 21.6 Deferred tax on acquisitions 8 \u2014 \u2014 \u2014 \u2014 (2.5) (6.6) (9.1) \u2014 Deferred tax on asset held for sale 10 \u2014 \u2014 \u2014 \u2014 \u2014 (1.8) (1.8) \u2014 Deferred tax 11 \u2014 \u2014 \u2014 \u2014 (63.6) \u2014 (63.6) \u2014 Adjusted measure 1,205.4 139.2 177.9 317.1 45.9 81.7 127.6 120.4 Constant currency impact \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 0.5 \u2014 Underlying adjusted result on constant currency basis 1,205.4 \u2014 \u2014 317.1 \u2014 \u2014 128.1 \u2014 1 Employee stock option expenses relate to non-cash expenses of the Group and differ from year to year based on share price and the number of options granted. 2 The majority of the professional fees equally relate to: (a) work completed in relation to the potential exercise of Playtech M&A Call Option (Note 20A); and (b) the potential sale of the Group. These expenses are not considered ongoing costs of operations and therefore are excluded. 3 Fair value change and finance costs on redemption liability and contingent consideration related to the acquisition of Statscore, Eyecon and Wplay. These expenses are not considered ongoing costs of operations. 4 In 2020, the Board of Directors approved a \u00a33.0 million COVID-19 Recovery and Resilience Fund which was paid in the year ended 31 December 2021. This is a one-off payment and therefore is excluded. 5 Provision against loan receivables that do not relate to the ordinary operations of the Group. 6 Settlement of legal matter which is not considered a recurring cost and therefore is excluded. 7 Fair value change of equity instruments and derivative financial assets. These are excluded from the results as they relate to unrealised profit/loss. 8 Amortisation and deferred tax on intangible assets acquired through business combinations. Costs directly related to acquisitions are not considered ongoing costs of operations and therefore are excluded. 9 Impairment of tangible and intangible assets mainly relates to the impairment of land before the classification as held for sale (Refer to Note 25A) and impairment of Bingo VF and several capitalisation costs (Refer to Note 12). 10 Deferred tax recognised in respect of the assets classified as held for sale during the year. Please refer to Note 25A for further details. 11 The recognition of \u20ac63.6 million of deferred tax asset relates to the special project the Group completed on 1 January 2021 to move the tax residency of a number of companies from the Isle of Man to the UK. The following table provides a full reconciliation between adjusted and actual tax from continuing operations: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Tax on pro\ufb01t or loss for the year 55.0 (81.7) Adjusted for: Deferred tax on intangible assets on acquisitions 8.3 9.1 Deferred tax (refer to footnote 11 above) \u2014 63.6 Tax on disposal of asset held for sale \u2014 1.8 Tax related to uncertain positions (8.4) \u2014 Adjusted tax 54.9 (7.2) Note 10 \u2013 Adjusted items continued 176 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 11 \u2013 Auditor\u2019s remuneration 2022 \u20ac\u2019m 2021 \u20ac\u2019m Group audit and Parent Company (BDO) 2.3 1.5 Audit of subsidiaries (BDO) 1.4 1.4 Audit of subsidiaries (non-BDO) 0.3 0.3 Total audit fees 4.0 3.2 Non-audit services provided by Parent Company auditor and its international member \ufb01rms Other non-audit services 0.9 0.5 Total non-audit fees 0.9 0.5 Note 12 \u2013 Impairment of tangible and intangible assets 2022 \u20ac\u2019m 2021 \u20ac\u2019m (Reversal of)/impairment of property, plant and equipment (Note 17) (0.2) 12.5 Impairment of intangible assets (Note 19) 38.7 9.1 38.5 21.6 Impairment of intangibles assets for 2022 relates to the impairment of Eyecon \u20ac13.6 million, Quickspin \u20ac7.0 million, Bingo VF \u20ac12.5 million and IGS \u20ac5.6 million. Refer to Note 19. Of the total impairment of property, plant and equipment of \u20ac12.5 million in 2021, an amount of \u20ac12.3 million relates to land classified as held for sale. Refer to Note 25A. Out of the total of \u20ac9.1 million in 2021, an amount of \u20ac6.4 million relates to the impairment of Bingo VF. The remaining relates to the impairment of capitalised development costs. Based on the assessment performed at the reporting date, several projects will not be recoverable. Note 13 \u2013 Finance income and costs A. Finance income 2022 \u20ac\u2019m 2021 \u20ac\u2019m Interest income 2.4 1.1 Net foreign exchange gain 9.2 \u2014 11.6 1.1 B. Finance costs 2022 \u20ac\u2019m 2021 \u20ac\u2019m Net foreign exchange loss \u2014 (0.5) Interest on bonds (35.7) (36.7) Interest on lease liability (5.5) (5.3) Interest on loans and borrowings and other (6.0) (5.6) Bank facility fees (7.0) (1.8) Bank charges (14.1) (13.0) Movement in contingent consideration and redemption liability (0.1) (4.8) Fair value loss on convertible loans (3.0) \u2014 Expected credit loss on loans receivable (1.6) \u2014 (73.0) (67.7) Net \ufb01nance costs (61.4) (66.6) 177 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued
Note 14 \u2013 Tax expense/(credit)
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Current tax expense
Income tax expense for the current year 19.3 10.8
Income tax relating to prior years 9.1 3.4
Withholding tax 0.3 0.4
Total current tax expense 28.7 14.6
Deferred tax
Origination and reversal of temporary differences 23.5 (78.8)
Deferred tax movements relating to prior years 8.1 \u2014
Impact of changes in tax rates (5.3) (17.5)
Total deferred tax expense/(credit) 26.3 (96.3)
Total tax expense/(credit) from continuing operations 55.0 (81.7)
A reconciliation of the reported income tax charge of \u20ac55.0 million (2021: tax credit of \u20ac81.7 million) applicable to profit before tax of \u20ac95.6 million
(2021: profit before tax of \u20ac605.0 million) at the UK statutory income tax rate of 19% is as follows:
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Pro\ufb01t for the year 40.6 686.7
Income tax expense/(credit) 55.0 (81.7)
Pro\ufb01t before income tax 95.6 605.0
Tax using the Company\u2019s domestic tax rate (19% in 2021 and 2022) 18.2 115.0
Tax effect of:
Non-taxable fair value movements on call options (1.1) (110.9)
Tax exempt income (4.3) (7.5)
Non-deductible expenses 19.8 2.3
Deferred tax asset recognised on Group restructuring (5.4) (75.2)
Difference in tax rates applied in overseas jurisdictions 13.8 (3.6)
Impact of changes in tax rates (5.3) (5.5)
Increase in unrecognised tax losses 2.1 2.3
Adjustment in respect of previous years:
\u2013 Deferred tax asset 8.0 (2.0)
\u2013 Tax asset not provided 9.2 3.4
Total tax expense/(credit) 55.0 (81.7)
Reported tax charge/(credit)
A reported tax charge of \u20ac55.0 million from continuing operations arises on a profit before income tax of \u20ac95.6 million compared to an expected
charge of \u20ac18.2 million (2021: a tax credit of \u20ac81.7 million on profit before income tax of \u20ac605.0 million). The reported tax expense includes
adjustments in respect of prior years relating to current tax and deferred tax. The prior year adjustment in respect of current tax of \u20ac9.2 million
includes an additional provision of \u20ac8.4 million relating to uncertain overseas tax positions in respect of prior years. The prior year adjustment
relating to deferred tax of \u20ac8.1 million relates to the overprovision of deferred tax assets and an underprovision for deferred tax liabilities in
respect of goodwill.
The Group\u2019s effective tax rate for the current period is 39.5%. The key reasons for the differences are:
\u2022 Profits of subsidiaries located in territories where the tax rate is higher than the UK statutory tax rate, this includes Snaitech profits in Italy.
\u2022 Expenses not deductible for tax purposes including professional fees, impairment of intangible assets and loss on disposal of subsidiaries.
Changes in tax rates and factors affecting the future tax charge
The most significant elements of the Group\u2019s income arise in the UK where the tax rate for the current period is 19%. It should be noted that
the UK tax rate is set to increase to 25% from 1 April 2023. As such, the UK statutory headline rate of corporation tax is the basis on which the
applicable tax rate is computed.
In December 2022, European Union (EU) Member States unanimously adopted the Minimum Tax Directive via written procedure ensuring a
global minimum level of taxation (set at 15%) for multinational enterprise groups. GLoBE Model rules were released in March 2022 and broadly
EU Member States have until 31 December 2023 to transpose the Directive into national legislation with the rules to be applicable for fiscal years
starting on or after 31 December 2023. None of the countries in which the Group operates has enacted or substantively enacted Pillar Two
Model Rules as part of their national laws as of 31 December 2022. Whilst consultation on a number of areas remains ongoing, the Group will
continue to closely monitor developments.
178
Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Note 14 \u2013 Tax expense/(credit) continued Deferred tax The deferred tax asset and liability are measured at the enacted or substantively enacted tax rates of the respective territories which are expected to apply to the year in which the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. The deferred tax balances within the financial statements reflect the increase in the UK\u2019s main corporation tax rate from 19% to 25% from 1 April 2023. Note 15 \u2013 Earnings per share The calculation of basic earnings per share (EPS) has been based on the following profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding. 2022 2021 Actual \u20ac\u2019m Adjusted \u20ac\u2019m Actual \u20ac\u2019m Adjusted \u20ac\u2019m Pro\ufb01t attributable to owners of the Company 87.6 201.7 674.6 113.8 Basic (cents) 29.2 67.2 226.3 38.2 Diluted (cents) 28.1 64.7 216.2 36.5 2022 2021 Actual \u20ac\u2019m Adjusted \u20ac\u2019m Actual \u20ac\u2019m Adjusted \u20ac\u2019m Pro\ufb01t attributable to the owners of the Company from continuing operations 40.6 160.5 686.7 127.6 Basic (cents) 13.5 53.5 230.3 42.8 Diluted (cents) 13.0 51.5 220.1 40.9 2022 2021 Actual Number Adjusted Number Actual Number Adjusted Number Denominator \u2013 basic Weighted average number of equity shares 300,059,994 300,059,994 298,229,795 298,229,795 Denominator \u2013 diluted Weighted average number of equity shares 300,059,994 300,059,994 298,229,795 298,229,795 Weighted average number of option shares 11,792,385 11,792,385 13,882,774 13,882,774 Weighted average number of shares 311,852,379 311,852,379 312,112,569 312,112,569 The calculation of diluted EPS has been based on the above profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. The effects of the anti-dilutive potential ordinary shares are ignored in calculating diluted EPS. EPS for discontinued operations is disclosed in Note 8. Note 16 \u2013 Employee benefits Total staff costs comprise the following: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Salaries and personnel-related costs 427.0 367.4 Cash-settled share-based payments (0.3) 3.4 Equity-settled share-based payments 8.3 13.8 435.0 384.6 Average number of personnel: Distribution 6,269 6,259 General and administration 538 650 6,807 6,909 The Group has the following employee share option plans (ESOP) for the granting of non-transferable options to certain employees: \u2022 the GTS 2010 Company Share Option Plan (CSOP). Options granted under these plan vest on the first day on which they become exercisable which is three years after grant date; \u2022 the Long Term Incentive Plan 2012 (LTIP). Awards (options, conditional awards, cash-settled awards, or a forfeitable share award) granted under this plan vest on the first day on which they become exercisable which is typically between 18 and 36 months after grant date; and \u2022 the Long Term Incentive Plan 2022 (LTIP22). Awards (options, conditional Share awards, Restricted shares, cash-settled awards) granted under this plan vest on the first day on which they become exercisable which is typically after 36 months. 179 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 16 \u2013 Employee benefits continued The overall term of the ESOP is ten years. These options are settled in equity or cash once exercised. Option prices are denominated in GBP. During 2022 the Group granted the following under its LTIP22: \u2022 492,765 nil cost awards subject to EPS growth, relative total shareholder return (TSR) against constituents of the FTSE 250 but excluding the investment trusts index, and relative TSR against a sector comparator group of peer companies. The fair value per share according to the Monte Carlo simulation model is between \u00a32.71 and \u00a34.58. Inputs used were as follows: Expected life (years) Share price at grant date Dividend yield Risk free rate Projection period (years) Volatility 3 \u00a34.582 Nil 2.34% 3 41%-49% There were no grants during 2021. At 31 December 2022 and 2021 the following options were outstanding: 2022 Number 2021 Number Shares vested on 1 March 2018 at nil cost 72,596 102,844 Shares vested between 1 September 2016 and 1 March 2018 at nil cost 20,890 23,112 Shares vested on 1 March 2019 at nil cost 21,820 31,972 Shares vested between 1 September 2017 and 1 March 2019 at nil cost 39,021 50,742 Shares vested on 21 December 2019 at nil cost 9,779 12,870 Shares vested between 1 September 2017 and 1 April 2019 at nil cost \u2014 21,187 Shares vested on 1 March 2020 at nil cost 98,444 112,369 Shares vested on 1 March 2021 at nil cost 1,047,782 1,347,475 Shares vested between 1 March 2022 and 1 August 2022 at nil cost 2,218,735 3,499,954 Shares will vest by 19 December 2024 at nil cost 1,900,000 1,900,000 Shares will vest between 1 March 2023 and 26 October 2023 at nil cost 6,392,073 6,780,249 Shares will vest by August 18 2025 at nil cost 351,724 \u2014 12,172,864 13,882,774 The total number of shares exercisable as of 31 December 2022 is 4,729,067 (2021: 2,402,571). The total number of outstanding shares that will be cash settled is 561,385 (2021: 630,923). The total liability outstanding for the cash-settled options is \u20ac3.1 million (2021: \u20ac3.8 million). The following table illustrates the number and weighted average exercise prices of share options for the ESOP. 2022 Number of options 2021 Number of options 2022 Weighted average exercise price 2021 Weighted average exercise price Outstanding at the beginning of the year 13,882,774 16,886,778 \u2014 \u00a30.03 Granted 492,765 \u2014 \u2014 \u2014 Forfeited (408,237) (1,130,697) \u2014 \u2014 Exercised (1,794,438) (1,873,307) \u2014 \u00a30.05 Outstanding at the end of the year 12,172,864 13,882,774 \u2014 \u2014 Included in the number of options exercised during the year are 50,448 options (2021: 232,796) which were cash settled. The weighted average share price at the date of exercise of options was \u00a35.302 (2021: \u00a36.506). Share options outstanding at the end of the year have the following exercise prices: Expiry date Exercise price 2022 Number 2021 Number 21 December 2025 Nil 93,486 125,956 Between 21 December 2026 and 31 December 2026 Nil 70,620 116,771 Between 1 March 2027 and 28 June 2027 Nil 98,444 112,369 23 July 2028 Nil 1,044,771 1,344,464 Between 27 February 2029 and 19 December 2029 Nil 4,121,746 5,402,965 Between 17 July 2030 and 26 October 2030 Nil 6,392,073 6,780,249 18 August 2032 Nil 351,724 \u2014 12,172,864 13,882,774 180 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 17 \u2013 Property, plant and equipment Computer software and hardware \u20ac\u2019m Gaming machines \u20ac\u2019m Office furniture and equipment \u20ac\u2019m Buildings, leasehold buildings and improvements \u20ac\u2019m Tota l \u20ac\u2019m Cost At 1 January 2022 132.1 96.2 41.1 270.1 539.5 Additions 19.8 15.8 8.8 9.2 53.6 Disposals (6.3) (2.3) (2.0) (3.8) (14.4) Reclassi\ufb01cations (0.3) \u2014 \u2014 0.3 \u2014 At 31 December 2022 145.3 109.7 47.9 275.8 578.7 Accumulated depreciation and impairment losses At 1 January 2022 95.3 61.4 24.5 28.6 209.8 Charge 16.0 14.5 5.4 5.6 41.5 Impairment loss \u2014 \u2014 (0.2) \u2014 (0.2) Disposals (6.1) (2.0) (1.9) (3.8) (13.8) At 31 December 2022 105.2 73.9 27.8 30.4 237.3 Net book value At 31 December 2022 40.1 35.8 20.1 245.4 341.4 At 1 January 2022 36.8 34.8 16.6 241.5 329.7 Computer software and hardware \u20ac\u2019m Gaming machines \u20ac\u2019m Office furniture and equipment \u20ac\u2019m Buildings, leasehold buildings and improvements \u20ac\u2019m Tot al \u20ac\u2019m Cost At 1 January 2021 115.1 86.6 34.7 302.8 539.2 Additions 24.2 10.7 7.8 6.0 48.7 Disposals (7.2) (1 .1) (1.4) (2.9) (12.6) Transfer to held for sale \u2014 \u2014 \u2014 (35.8) (35.8) At 31 December 2021 132.1 96.2 41.1 270.1 539.5 Accumulated depreciation and impairment losses At 1 January 2021 87.5 44.4 21.0 29.2 182.1 Charge 14.8 17.7 4.8 5.6 42.9 Impairment loss \u2014 \u2014 \u2014 12.5 12.5 Disposals (7.0) (0.7) (1.3) (2.9) (11.9) Transfer to held for sale \u2014 \u2014 \u2014 (15.8) (15.8) At 31 December 2021 95.3 61.4 24.5 28.6 209.8 Net book value At 31 December 2021 36.8 34.8 16.6 241.5 329.7 At 1 January 2021 27.6 42.2 13.7 273.6 357.1 181 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 18 \u2013 Leases Set out below are the carrying amounts of right of use assets recognised and the movements during the year: Office leases \u20ac\u2019m Hosting \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2022 67.8 6.0 73.8 Additions/modi\ufb01cations 7.4 12.1 19.5 Disposal of subsidiary (0.2) \u2014 (0.2) Amortisation charge (14.5) (7.0) (21.5) At 31 December 2022 60.5 11.1 71.6 Office leases \u20ac\u2019m Hosting \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2021 60.1 6.6 66.7 Additions/modi\ufb01cations 22.5 4.8 27.3 Amortisation charge (14.8) (5.4) (20.2) At 31 December 2021 67.8 6.0 73.8 Set out below are the carrying amounts of lease liabilities and the movements during the year: 2022 \u20ac\u2019m 2021 \u20ac\u2019m At 1 January 90.1 82.5 Additions/modi\ufb01cations 18.8 26.1 Disposal of subsidiary (0.2) \u2014 Accretion of interest 5.5 5.3 Payments (27.1) (26.2) Effect of movement in exchange rates (1.3) 2.4 At 31 December 85.8 90.1 Current 31.8 20.3 Non-current 54.0 69.8 85.8 90.1 The maturity analysis of lease liabilities is disclosed in Note 38B. The following are the amounts recognised in the profit or loss: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Amortisation expense of right of use assets 21.5 20.2 Interest expense on lease liabilities 5.5 5.3 Impact of early termination of lease contracts (0.7) (1.2) Variable lease payments (included in distribution costs) 0.1 1.0 26.4 25.3 Rent concessions have been provided to the Group companies as a result of the COVID-19 pandemic. The Group elected to account for qualifying rent concessions in the same way as they would if they were not lease modifications, resulting in accounting for the concession as a variable lease payment. The amount recognised in the profit or loss to reflect changes in lease payments that arose from rent concessions to which the Group has applied the practical expedient is \u20ac0.1 million (2021: \u20ac1.0 million). 182 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 19 \u2013 Intangible assets Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tota l \u20ac\u2019m Cost At 1 January 2022 191.4 86.5 363.6 526.9 773.6 1,942.0 Additions 32.2 \u2014 59.4 \u2014 \u2014 91.6 Assets acquired through business combinations \u2014 2.9 \u2014 \u2014 5.4 8.3 Disposal of subsidiary \u2014 (3.0) (1.4) (0.5) (12.4) (17.3) Write offs \u2014 (1.8) (4.3) \u2014 \u2014 (6.1) At 31 December 2022 223.6 84.6 417.3 526.4 766.6 2,018.5 Accumulated amortisation and impairment losses At 1 January 2022 110.6 72.7 241.3 346.2 125.1 895.9 Charge 24.3 2.9 49.7 32.9 \u2014 109.8 Impairment loss \u2014 \u2014 7.0 \u2014 31.7 38.7 Disposal of subsidiary \u2014 (0.9) \u2014 (0.2) \u2014 (1.1) Write offs \u2014 (1.8) (3.9) \u2014 \u2014 (5.7) At 31 December 2022 134.9 72.9 294.1 378.9 156.8 1,037.6 Net book value At 31 December 2022 88.7 11.7 123.2 147.5 609.8 980.9 At 1 January 2022 80.8 13.8 122.3 180.7 648.5 1,046.1 Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tot al \u20ac\u2019m Cost At 1 January 2021 185.7 84.9 316.8 526.9 773.6 1,887.9 Additions 5.7 1.6 53.4 \u2014 \u2014 60.7 Write offs \u2014 \u2014 (6.6) \u2014 \u2014 (6.6) At 31 December 2021 191.4 86.5 363.6 526.9 773.6 1,942.0 Accumulated amortisation and impairment losses At 1 January 2021 91.6 65.5 198.3 310.1 118.3 783.8 Charge 19.0 7.2 47.0 36.1 \u2014 109.3 Impairment loss \u2014 \u2014 2.3 \u2014 6.8 9.1 Write offs \u2014 \u2014 (6.3) \u2014 \u2014 (6.3) At 31 December 2021 110.6 72.7 241.3 346.2 125.1 895.9 Net book value At 31 December 2021 80.8 13.8 122.3 180.7 648.5 1,046.1 At 1 January 2021 94.1 19.4 118.5 216.8 655.3 1,104.1 183 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued
Note 19 \u2013 Intangible assets continued
During the year, the research and development costs net of capitalised development costs were \u20ac88.3 million (2021: \u20ac80.1 million). The internal
capitalisation for the year was \u20ac57.5 million (2021: \u20ac51.3 million).
Out of the total amortisation charge of \u20ac109.8 million (2021: \u20ac109.3 million), an amount of \u20ac42.0 million (2021: \u20ac34.8 million) relates to the
intangible assets acquired through business combinations.
In accordance with IAS 36, the Group regularly monitors the carrying value of its intangible assets, including goodwill. Goodwill is allocated
to thirteen cash-generating units (CGUs) (2021: fifteen out of which two CGUs were under held for sale).
The allocation of the goodwill in CGUs (excluding CGUs held for sale) is as follows:
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Snai 259.7 258.7
Sports B2B 132.5 132.5
Services 109.9 109.9
Casino 50.8 50.8
Quickspin 19.8 26.8
Eyecon 3.0 16.6
Poker 15.6 15.6
Statscore \u2014 12.4
Bingo retail 9.5 9.5
Bingo VF \u2014 7.4
VB retail 4.6 4.6
IGS \u2014 3.7
AUS GMTC 4.4 \u2014
609.8 648.5
Management reviews CGUs for impairment bi-annually, or on the occurrence of an impairment indicator. The recoverable amount of each CGU
has been determined from value in use calculations based on cash flow projections covering five years plus a terminal value which have been
adjusted to take into account each CGU\u2019s major events as expected in future periods.
Management has considered the ongoing economic uncertainty caused by the Russian invasion in Ukraine and the overall global recessionary
pressures, with a higher level of judgement and uncertainty implemented in the forecasts. A potential risk for future impairment exists should
there be a significant change in the economic outlook, versus those trends management anticipates in its forecasts due to the occurrence of
these events.
With the exception of CGUs which have been fully impaired to date and CGUs deemed sensitive to impairment from a reasonably possible
change in key assumptions as reviewed in further detail below, management has calculated the growth estimates for years one to five by
applying an average annual growth rate for revenue based on the underlying economic environment in which the CGU operates and the
expected performance over that period. Beyond this period, management has applied an annual growth rate of 2%. Management has included
appropriate capital expenditure requirements to support the forecast growth and assumed the maintenance of the current level of licences.
Management has also applied post-tax discount rates to the cash flow projections as summarised below.
2022 CGUs not sensitive to changes in assumptions:
Average revenue
growth rate
2023-2027
Discount
rate applied
Snai 9.4% 17.3%
Services 22.2% 16.2%
Casino 5.5% 13.9%
Poker 6.2% 17.4%
VB retail 10.0% 12.4%
2021 CGUs not sensitive to changes in assumptions:
Average revenue
growth rate
2022-2026
Discount
rate applied
Snai 9.9% 15.0%
Sports B2B 23.7% 13.9%
Services 10.3% 14.2%
Casino 6.0% 12.9%
Poker 2.2% 14.7%
IGS 24.0% 12.9%
VB retail 18.0% 11.2%
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Financial Statements
Note 19 \u2013 Intangible assets continued
In relation to the Bingo VF, Eyecon, Quickspin and IGS CGUs, following impairment tests completed as at 31 December 2022, partial
impairments have been recognised as disclosed below. Certain other CGUs, which are specifically referred to below but not impaired,
are considered sensitive to changes in assumptions used for the calculation of value in use.
Bingo VF CGU
The recoverable amount of the Bingo VF CGU of \u20ac4.8 million, with carrying value of \u20ac21.1 million, has been determined using a cash flow forecast
that includes annual revenue growth rates between negative 1% and 10% over the one to five-year forecast period, a 2% long-term growth rate
and a post-tax discount rate of 15.8%. Following the contract termination of a significant licensee, the CGU is currently making considerable
efforts to recover through new geographical expansion and organic growth. However, growth is slower than expected, with new business
planned in new territories being delayed given the overall recessionary pressures worldwide. The impairment recognised in the current year
was \u20ac12.5 million which impairs the assets down to the recoverable amount.
Eyecon CGU
The recoverable amount of the Eyecon CGU showed signs of underperformance during H1 2022, mainly due to the fact that its operations are
highly concentrated in the UK online market which has seen a slowdown due to uncertain regulatory climate and as a result the recoverable
amount did not cover the carrying value, with an impairment loss of \u20ac13.6 million recognised in the profit or loss for the period ended 30 June 2022.
No further impairment has been recognised in the year. The recoverable amount of this CGU of \u20ac16.9 million, with a carrying value equal to
\u20ac16.1 million at 31 December 2022, was determined using a cash flow forecast that includes annual revenue growth rates between 0% to 10.0%
over the 1-5 year forecast period, 2% long-term growth rate and a post-tax discount rate of 15.6%. The recoverable amount would equal the
carrying value of the CGU if:
\u2022 the discount rate applied was higher by 4.8%, i.e. reaching a post-tax discount rate of 15.6%; or
\u2022 the revenue growth was lower by 0.2% when compared to the forecasted average five-year growth.
Quickspin CGU
The recoverable amount of the Quickspin CGU was impaired during H1 2022, given the risk the CGU bore from the proportion of revenues being
generated from Group\u2019s B2B customers choosing to operate in areas with geopolitical tension, and the resulting 1% increase on the post-tax discount
rate of the CGU to mitigate for that factor. As a result of the above and also the decrease in the CGU performance which went through organisational
updates, an impairment loss of \u20ac7.0 million was recognised in the profit or loss for the period ended 30 June 2022. No further impairment was
recognised in the year. The recoverable amount of this CGU of \u20ac56.2 million, with a carrying value of \u20ac46.2 million at 31 December 2022, has been
determined using a cash flow forecast that includes annual revenue growth rates between 5.0% to 15.1% over the 1\u20135 year forecast period, 2% long-
term growth rate and a post-tax discount rate of 12.1%. The recoverable amount would equal the carrying value of the CGU if:
\u2022 the discount rate applied was higher by 18.3%, i.e., reaching a post-tax discount rate of 14.3%; or
\u2022 the revenue growth was lower by 2% when compared to the forecasted average five-year growth.
IGS CGU
The recoverable amount of the IGS CGU of \u20ac1.1 million, with carrying value of \u20ac6.7 million, has been determined using a cash flow forecast that
includes annual revenue growth rates between 10.0% and 77.0% over the one to five-year forecast period, a 2% long-term growth rate and a
post-tax discount rate of 22.0%. The unit was severely affected by COVID-19 and until recently it had not managed to bring revenue up to pre-COVID
levels with the business suffering from cancelled or postponed projects. As a result, the recoverable amount does not cover the carrying value,
with an impairment loss of \u20ac5.6 million recognised in the profit or loss.
If the revenue growth rate per annum is lower by 1%, then an additional impairment of \u20ac1.1 million would be recognised. Similarly, if the discount
rate increases by 1% to a post-tax discount rate of 23.0%, this would result in a further impairment of \u20ac0.4 million.
Bingo retail CGU
The recoverable amount of the Bingo retail CGU, with carrying value of \u20ac24.9 million, which has not been impaired, has been determined using a
cash flow forecast that includes annual revenue growth rates of 2% over the one to five-year forecast period, a 2% long-term growth rate and a
post-tax discount rate of 14.4%. The recoverable amount would equal the carrying value of the CGU if:
\u2022 the discount rate applied was higher by 8.1%, i.e. reaching a post-tax discount rate of 15.6%; or
\u2022 the revenue growth was lower by 1.0% when compared to the forecasted average five-year growth.
Sports B2B CGU
The recoverable amount of the Sports B2B CGU, with carrying value of \u20ac232.9 million, which has not been impaired, has been determined using
a cash flow forecast that includes annual revenue growth rates of 9.2% over the one to five-year forecast period, a 2% long-term growth rate and
a post-tax discount rate of 14.9%. The recoverable amount would equal the carrying value of the CGU if:
\u2022 the discount rate applied was higher by 7.6%, i.e. reaching a post-tax discount rate of 16.0%; or
\u2022 the revenue growth was lower by 0.5% when compared to the forecasted average five-year growth.
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Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Notes to the financial statements continued
Note 20 \u2013 Investments and derivative financial assets
Introduction
Below is a breakdown of the relevant assets at 31 December 2022 and 2021 per the consolidated balance sheet:
2022
\u20ac\u2019m
2021
\u20ac\u2019m
A. Investments in associates 36.6 5.2
B. Other investments 9.2 8.1
C. Derivative \ufb01nancial assets 636.4 622.2
682.2 635.5
The following are the amounts recognised in the statement of comprehensive income:
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Pro\ufb01t or Loss
A. Share of loss from associates (3.8) (0.6)
B. Unrealised fair value changes of equity investments (0.3) (1.6)
C. Unrealised fair value changes of derivative \ufb01nancial assets 6.0 583.2
Other comprehensive income
Foreign exchange movement from the derivative call options held in non-Euro functional currency subsidiaries 6.8 \u2014
8.7 581.0
Where the underlying derivative call option is held in a non-Euro functional currency entity, the foreign exchange movement is recorded through
other comprehensive income. As at 31 December 2022, the foreign exchange movement of the derivative call option held in Caliplay (Note 20C)
is recorded in the profit or loss as the derivative call option is held in a Euro functional currency entity. The foreign exchange movement of the
derivative call option held in Wplay, Onjoc and Tenbet are recorded through other comprehensive income as the derivative call option is held in
a USD functional currency entity.
The recognition and valuation methodologies for each category are explained in each of the relevant sections below, including key judgements
made under each arrangement as described in Note 6.
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Financial Statements
Note 20 \u2013 Investments and derivative financial assets continued
A. Investments in associates
Balance sheet
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Caliplay \u2014 \u2014
ALFEA SPA 1.7 1.6
Galera \u2014 3.6
LSports 34.9 \u2014
Total investment in equity accounted associates 36.6 5.2
Profit and loss impact
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Share of pro\ufb01t in ALFEA SPA 0.1 \u2014
Share of loss in Galera (3.6) (0.6)
Share of loss in LSports (0.3) \u2014
Total pro\ufb01t and loss impact (3.8) (0.6)
Caliplay
Background
During 2014 the Group entered into an agreement with Tur\u00edstica Akalli, S. A. de C.V, which has since changed its name to Corporacion Caliente
SAPI (\u201cCaliente\u201d), the majority owner of Tecnologia en Entretenimiento Caliplay, S. de R.L. de C.V (\u201cCaliplay\u201d), which is a leading betting and
gaming operator in Mexico which operates the \u201cCaliente\u201d brand in Mexico.
The Group made a \u20ac16.8 million loan to September Holdings B.V (previously the 49% shareholder of Caliplay), a company which is 100% owned
by Caliente, in return for a call option that would grant the Group the right to acquire 49% of the economic interest of Caliplay for a nominal
amount (the \u201cPlaytech Call Option\u201d).
During 2021 Caliplay redeemed its share at par from September Holdings, which resulted in Caliente becoming the sole shareholder in Caliplay.
The terms of the existing structured agreement were varied, with the following key changes:
\u2022 A new additional option (in addition to the Playtech Call Option) was granted to the Group which allowed the Group to take up to a 49%
equity interest in a new acquisition vehicle should Caliplay be subject to a corporate transaction \u2013 this additional option is only exercisable in
connection with a corporate transaction and therefore was not exercisable at 31 December 2021 or 31 December 2022 (the \u201cPlaytech M&A
Call Option\u201d).
\u2022 Caliente received a put option which would require Playtech to acquire September Holding Company B.V. for a nominal amount (the
\u201cSeptember Put Option\u201d). This option has been exercised and the parties are in the process of transferring legal ownership of September
Holding Company B.V. to the Group.
The Group has no equity holding in Caliplay or Caliente and is currently providing services to Caliplay including technical and general strategic
support services for which it receives income (including an additional B2B services fee as described in Note 5). If the Playtech Call Option or
the Playtech M&A Call Option are exercised, the Group would no longer be entitled to receive the additional B2B services fee (and will cease to
provide the related services) which for the year ended 31 December 2022 was \u20ac66.3 million (2021: \u20ac49.4 million). In addition, for 45 days after
the finalisation of Caliplay\u2019s 2021 accounts, Caliplay also had an option to redeem the Group\u2019s additional B2B services fee or (if the Playtech
Call Option had been exercised at that time) Caliente would have the option to acquire Playtech\u2019s 49% stake in Caliplay (together the \u201cCaliente
Call Option\u201d).
As per the public announcement made by the Group on 6 February 2023, Playtech plc is seeking a declaration from the English Courts to obtain
clarification on a point of disagreement between the parties in relation to the Caliente Call Option. The Group believes the Caliente Call Option
has expired and referred to its expiry having taken place in its interim report for the six-month period ended 30 June 2022, which was published
on 22 September 2022. If the Caliente Call Option was declared as being exercisable and was exercised, this would extinguish the Playtech Call
Option and the Playtech M&A Call Option.
In addition to the above, from 1 January 2025, if there is a change of control of Caliplay or any member of the Caliente group which holds a
regulatory permit under which Caliplay operates, each of the Group and Caliente shall be entitled (but not obligated), within 60 days of the time
of such change of control, to require that the Caliente group redeems the Group\u2019s additional B2B services fee or (if the Playtech Call Option had
been exercised at that time) acquires Playtech\u2019s 49% stake in Caliplay. If such change of control were to take place and the right to redeem/
acquire were to occur, this would extinguish the Playtech Call Option (to the extent not exercised prior thereto) and the Playtech M&A Call
Option. In respect of this change of control arrangement the Group has made a judgement that as at 31 December 2022 this has no impact on
the fair value calculation of the Playtech M&A Call Option.
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Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Notes to the financial statements continued
Note 20 \u2013 Investments and derivative financial assets continued
A. Investments in associates continued
Caliplay continued
Assessment of control and significant influence
As at 31 December 2022 and 2021 it was assessed that the Group did not have control over Caliplay, because it does not meet the criteria
of IFRS 10 Consolidated Financial Statements, paragraph 7 due to the following:
\u2022 Despite the Group previously having a nominated director on the Caliplay board in 2020 and having consent rights on certain decisions
(in each case, removed in 2021), there was no ability to control the relevant activities.
\u2022 Whilst they are not members of the board, the Group has the ability to appoint and change both the Chief Operating Officer (COO) and Chief
Marketing Officer (CMO) who form part of the management team. The COO and the CMO form part of the wider management team but not
the board and therefore are unable to control the relevant activities of Caliplay.
\u2022 The Playtech Call Option or the Playtech M&A Call Option, if exercised, would result in Playtech having up to 49% of the voting rights and
would not result in Playtech having control.
\u2022 Whilst the Group does receive variable returns from its structured agreement, it does not have the power to direct relevant activities so any
variation cannot arise from such a power.
As at 31 December 2022 and 2021, the Group has significant influence over Caliplay because it meets one or more of the criteria under IAS 28,
paragraph 6 as follows:
\u2022 It has the ability to appoint key members of the Caliplay management team.
\u2022 The standard operator revenue by itself is not considered to give rise to significant influence; however, when combined with the additional B2B
services fee, this is an indicator of significant influence.
\u2022 The material transaction of the historical loan funding is also an indicator of significant influence.
Accounting for each of the options
The Playtech Call Option was exercisable at 31 December 2022 and 31 December 2021, although it still has not been exercised. As the Group
has significant influence and the option is exercisable, the investment is recognised as an investment in associate using the equity accounting
method which includes having current access to profits and losses. The cost of the investment was previously deemed to be the loan given
through September Holdings of \u20ac16.8 million, which at the time was assessed under IAS 28, paragraph 38 as not recoverable for the foreseeable
future and part of the overall investment in the entity.
In 2021, with the introduction of the September Put Option, the investment in associate relating to the original Playtech Call Option was reduced
to zero and the \u20ac16.8 million original loan amount was determined by management to be the cost of the new Playtech M&A Call option and therefore
fully offset the balance of \u20ac16.8 million against the overall fair value movement of the Playtech M&A Call Option (refer to part C of this note).
The Playtech M&A Call Option is not currently exercisable and therefore in accordance with IAS 28, paragraph 14 has been recognised as
derivative financial asset, and disclosed separately under part C of this note.
As per the judgement in Note 6, the Group did not consider it appropriate to equity account for the share of profits as the current 100%
shareholder is entitled to any undistributed profits.
Below is the financial information of Caliplay:
2022
1
\u20ac\u2019m
2021
1
\u20ac\u2019m
Current assets 96.7 62.9
Non-current assets 30.3 20.2
Current liabilities (78.1) (67.5)
Non-current liabilities \u2014 \u2014
Equity 48.9 15.6
Revenue 532.1 372.3
Pro\ufb01t from continuing operations 30.4 23.3
Other comprehensive income /(loss), net of tax 2.5 (1.0)
Total comprehensive income 32.9 22.3
1 The 2021 balances above have been extracted from Caliplay\u2019s audited 2021 financial statements whereas the 2022 balances have been extracted from the draft unaudited Caliplay financial statements.
Investment in ALFEA SPA
The Group has held 30.7% equity shares in ALFEA SPA since June 2018. At 31 December 2022 the Group\u2019s value of the investment in ALFEA
SPA was \u20ac1.7 million (2021: \u20ac1.6 million). A share of profit of \u20ac0.1 million was recognised in the profit or loss for the year ended 31 December 2022
(2021: \u20acNil).
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Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Note 20 \u2013 Investments and derivative financial assets continued
A. Investments in associates continued
Investment in Galera
In June 2021, the Group entered into an agreement with Ocean 88 Holdings Ltd which is the sole holder of Galera Gaming Group (together
\u201cGalera\u201d), a company registered in Brazil. Galera offers and operates online and mobile sports betting and gaming (poker, casino, etc.) in Brazil.
They will continue to do so under the local regulatory license, when this becomes available, and will expand to other gaming and gambling
products based on the local license conditions.
The Group\u2019s total consideration paid for the investment in Galera was $5.0 million (\u20ac4.2 million) in the year ended 31 December 2021, which
was the consideration for the option to subscribe and purchase from Galera an amount of shares equal to 40% in Galera at nominal price.
In addition to the investment amount paid, Playtech made available to Galera a line of credit up to $20.0 million. In 2022, an amendment was
signed to the original framework agreement to increase the credit line to $45.0 million. As at 31 December 2022, an amount of \u20ac26.9 million,
which is included in loans receivable under other non-current assets (refer to Note 36) has been drawn down (2021: \u20ac8.1 million). An amount
of \u20ac18.0 million has been loaned in the year ended 31 December 2022. The loan is required to be repaid to Playtech prior to any dividend
distribution to the current shareholders of Galera. The Group recognised an allowance for expected credit losses for the loan to Galera of
\u20ac1.1 million as at 31 December 2022 (2021: \u20acNil).
In respect of the loan receivable from Galera even though the framework agreement does not state a set repayment term, management has
assessed that this should still be recognised as a loan as opposed to part of the overall investment in associate in line with IAS 28. The Directors
have made a judgement that the loan will be settled from operational cash flows as opposed to being settled as part of an overall transaction. If
the Group had determined that the loan was part of the overall investment in associate an additional \u20ac3.6 million share of loss of associate would
have been recorded in the profit and loss. The \u20ac3.6 million has not been recognised as the investment in associate has been reduced to \u20acNil
(see below).
Playtech has assessed whether it holds power to control the investee and it was concluded that this is not the case. Even if the option is
exercised, it would only result in a 40% voting right over the operating entity and therefore no control.
Under the agreement in place:
\u2022 the standard operator income to be generated from services provided to Galera when combined with the additional B2B services fee,
the loan and certain other contractual rights, are all indicators of significant influence; and
\u2022 the Group provides standard B2B services (similar to services provided to other B2B customers) as well as additional services to Galera
that Galera requires to assist it in successfully running its operations, which could be considered essential technical information.
Considering the above factors, the Group has significant influence under IAS 28, paragraph 6 over Galera.
As the option is currently exercisable and gives Playtech access to the returns associated with the ownership interest, the investment is treated
as an investment in associate. Playtech\u2019s interest in Galera is accounted for using the equity method in the consolidated financial statements.
Galera is still considered a start-up and therefore is currently loss making. If the call option is exercised by Playtech the Group will no longer
provide certain services and as such will no longer be entitled to the additional B2B service fee. The additional B2B services fee was \u20acNil in
the year ended 31 December 2022 (2021: \u20acNil).
The cost of the investment was deemed to be the price paid for the option of $5.0 million (\u20ac4.2 million). A share of the loss of \u20ac3.6 million
was recognised in the profit or loss in the year ended 31 December 2022 (2021: \u20ac0.6 million) making the resulting value of the investment at
31 December 2022 \u20acNil (2021: \u20ac3.6 million). The total share of loss from Galera was \u20ac7.2 million as at 31 December 2022 but is capped at
\u20ac3.6 million to bring the cost of the investment to \u20acNil.
Investment in LSports
Background
In November 2022, the Group entered into the following transactions:
\u2022 acquisition of 15% of Statscore for a total consideration of \u20ac1.8 million. As a result of this transaction Statscore became a 100% subsidiary
of the Group;
\u2022 disposal of 100% of Statscore to LSports Data Ltd (\u201cLSports\u201d) for a total consideration of \u20ac7.5 million (settled through the acquisition of
LSports in shares) less a novated inter-company loan of \u20ac1.6 million, therefore a non-cash net consideration of \u20ac5.9 million; and
\u2022 acquisition of 30.89% of LSports for a total consideration of \u20ac36.7 million, which also included an option to acquire further shares (up to 18.11%)
in LSports. Of the total consideration, \u20ac29.2 million was paid in cash with the balance offset against the disposal proceeds of Statscore as per
the above.
As a result of the disposal of 100% of Statscore, the Group realised a loss of \u20ac8.8 million which has been recognised in the profit or loss for the
year ended 31 December 2022 and is made up as follows:
2022
\u20ac\u2019m
Net asset position as at the date of the disposal (including goodwill of \u20ac12.4 million) 14.7
Net consideration (5.9)
Loss on disposal 8.8
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Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Notes to the financial statements continued
Note 20 \u2013 Investments and derivative financial assets continued
A. Investments in associates continued
Investment in LSports continued
Background continued
Furthermore, the Group has an option to acquire up to 49% (so an additional 18.11%) of the equity of LSports (\u201cLSports Option\u201d). The LSports
Option is exercisable under the following conditions:
\u2022 within 90 days from the date of receipt of the LSports audited financial statements for each of the years ending 31 December 2024, 2025
and 2026; or
\u2022 at any time until 31 December 2026 subject and immediately prior to the consummation of an Initial Public Offering or Merger & Acquisition
event of LSports.
The fair value of the option acquired was \u20ac1.4 million which was part of the total consideration \u20ac36.7 million. Refer to part of Note 20C; there is no
movement on the fair value between acquisition and year end.
LSports is a company whose principal activity is to empower sportsbooks and media companies with the highest quality sports data on a
wide range of events, so they can build the best product possible for their business. The company is based in Israel. The principal reason of
the acquisition is the attractive opportunity considered by Playtech to increase its footprint in the growing sports data market segment.
Assessment of control and significant influence
As at date of acquisition and 31 December 2022 it was assessed that the Group did not have control over LSports, because it does not meet
the criteria of IFRS 10 Consolidated Financial Statements, paragraph 7 due to the following:
\u2022 despite Playtech having the right to appoint a director on the LSports board, as at 31 December 2022, one had not yet been appointed.
Moreover, once Playtech appoints a director, there is still no ability to control the relevant activities, as the total number of directors including
potentially one Playtech appointed director will be five;
\u2022 Playtech has neither the ability to change any members of the board or of the management of LSports; and
\u2022 as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power.
Per the above assessment Playtech does not hold power over the investee and as such does not have control.
As at 31 December 2022, the Group has significant influence over LSports because it meets one or more of the criteria under IAS 28, paragraph
6, the main one being Playtech having the ability to appoint a member on the board of LSports enabling it to therefore participate in policy-
making processes, including decisions about dividends and/or other distributions. As a result of this assessment LSports has been recognised
as an investment in associate.
The LSports option, which is not currently exercisable, is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in
accordance with IFRS 9 and disclosed separately under part C of this note.
Purchase Price Allocation (PPA)
The Group has prepared a PPA following the acquisition of the investment, where any difference between the cost of the investment and
Playtech\u2019s share of the net fair value of the LSports\u2019 identifiable assets and liabilities results in goodwill.
Details of the provisional fair value of identifiable assets and liabilities acquired, investment consideration and goodwill are as follows:
Playtech\u2019s share
of net fair value
of the identi\ufb01able
assets and
liabilities acquired
2022
\u20ac\u2019m
Net book value of liabilities acquired (1.3)
Fair value of customer contracts and relationships 7.8
Fair value of technology \u2013 internally developed 11.5
Fair value of brand 1.6
Deferred tax arising on acquisition (2.3)
Total net assets 17.3
Total consideration 35.3
Goodwill 18.0
A total of \u20ac0.4 million and \u20ac0.1 million was recognised in relation to the amortisation of intangibles and the release of the deferred tax liability
respectively, arising on acquisition in the profit or loss for the year ended 31 December 2022, with a corresponding entry against the investment
in associate. The net effect of \u20ac0.3 million is recognised in share of loss in profit or loss as at 31 December 2022. No share of profit was recognised
as this amount is negligible.
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Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Note 20 \u2013 Investments and derivative financial assets continued
A. Investments in associates continued
Other investment in associates that are fair valued under IAS 28, paragraph 14
The following are also investments in associates where the Group has significant influence but where the option is not currently exercisable.
As there is no current access to profits, the relevant option is fair valued under IFRS 9, and disclosed as derivative financial assets under part C
of this note:
\u2022 Wplay;
\u2022 Tenbet (Costa Rica); and
\u2022 Onjoc (Panama).
The financial information required for investments in associates, other than Caliplay, have not been included here as from a Group perspective
the Directors do not consider them to have a material impact jointly or separately.
B. Other investments
Balance sheet
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Listed investment \u2013 PhilWeb 1.1 0.8
Listed investment \u2013 Torque Esports Corp 0.3 0.8
Investment in Tenlot Guatemala 4.4 4.4
Investment in Tentech Costa Rica 2.1 2 .1
Investment in Gameco 1.3 \u2014
Total other investments 9.2 8.1
Profit and loss impact
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Change of fair value of listed securities \u2013 PhilWeb 0.2 (0.4)
Change in fair value of listed securities \u2013 Torque Esports Corp (0.5) (1.2)
Total pro\ufb01t and loss impact (0.3) (1.6)
Listed investments
The Group has shares in listed securities in PhilWeb and Torque Esports Corp. The fair values of these equity shares are determined by reference
to published price quotations in an active market. For the year ended 31 December 2022, the fair value of PhilWeb increased by \u20ac0.2 million
(2021: decrease of \u20ac0.4 million). For the year ended 31 December 2022, the fair value of Torque Esports Corp decreased by \u20ac0.5 million
(2021: decrease of \u20ac1.2 million).
Investment in Tenlot Guatemala
In 2020, the Group entered into an agreement with Tenlot Guatemala, a member of the Tenlot Group. Tenlot Guatemala commenced its activity
in 2018 and it is currently growing its lottery business in Guatemala, expanding its distribution network and game offering.
The Group has acquired a 10% equity holding in Tenlot Guatemala for a total consideration of $5.0 million (\u20ac4.4 million) in 2020, which has been
accounted at fair value through profit or loss under IFRS 9.
The fair value of the equity holding as at 31 December 2022 is $5.0 million (\u20ac4.4 million) with no movement in fair value from the prior year.
In addition, the Group was granted a 10% equity holding in Super Sports S.A. at no additional cost. The Group also has an option to acquire an
additional 80% equity holding in Super Sports S.A. If the option is exercised, the Group would no longer provide certain services and, as such,
would no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil for the year ended 31 December 2022
(2021: \u20acNil). There are no conditions attached to the exercise of the option.
The right of exercising the call option at any time and the acquisition of the additional 80% in Super Sports S.A. give Playtech:
\u2022 power over the investee;
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect the amount of the investor\u2019s returns.
It therefore satisfies all the criteria of control under IFRS 10, paragraph 7 and, as such, at 31 December 2022 Super Sports S.A. has been
consolidated in the consolidated financial statements of the Group, noting that this is not material from a Group perspective.
Investment in Tentech Costa Rica
In 2020, the Group entered into an agreement in Costa Rica with the Tenlot Group. The Group acquired a 6% equity holding in Tentech CR S.A.,
a member of the Tenlot Group, for a total consideration of $2.5 million (\u20ac2.1 million). Tentech CR S.A. sells printed bingo cards in accordance with
article 29 of the Law of Raffles and Lotteries of Costa Rica (CRC \u2013 Costa Rican Red Cross Association).
The 6% equity holding in Tentech CR S.A. is accounted at fair value through profit or loss under IFRS 9.
The fair value of the equity holding as at 31 December 2022 is $2.5 million (\u20ac2.1 million) with no movement in fair value from the prior year.
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Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Notes to the financial statements continued
Note 20 \u2013 Investments and derivative financial assets continued
B. Other investments continued
Investment in Gameco
In 2021, the Group entered into a convertible loan agreement with GameCo LLC (\u201cGameCo\u201d), where it provided $4.0 million in the form of a debt
security with 8% interest (2021: \u20ac3.8 million). As at 31 December 2021 the receivable was included in loans receivable in Note 21. In December
2022, Gameco acquired Green Jade Games and subsequently, the Playtech debt was converted into equity shares, representing a 7.1% into the
newly formed group. Immediately prior to the conversion, the loan was impaired by \u20ac3.0 million and this has been recognised in the profit or loss
in the current year.
The 7.1% equity holding in the newly formed group is accounted at fair value through profit or loss under IFRS 9. The fair value of the equity
holding as at 31 December 2022 is \u20ac1.3 million.
C. Derivative financial assets
Balance sheet
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Playtech M&A Call Option (Caliplay) 524.0 506.7
Wplay 93.5 97.2
Onjoc 8.6 6.9
Tenbet 8.9 11.4
LSports (Note 20A) 1.4 \u2014
Total derivative \ufb01nancial assets 636.4 622.2
Statement of comprehensive income impact
2022
\u20ac\u2019m
2021
\u20ac\u2019m
Caliplay
Fair value change of Playtech M&A Call Option (13.3) 506.7
Playtech Call Option \u2014 (16.6)
Foreign exchange movement to pro\ufb01t or loss 30.6 \u2014
Wplay
Fair value change in Wplay (9.4) 74.8
Foreign exchange movement recognised in other comprehensive income 5.7 \u2014
Onjoc
Fair value change in Onjoc 1.3 6.9
Foreign exchange movement recognised in other comprehensive income 0.4 \u2014
Tenbet
Fair value change in Tenbet (3.2) 11.4
Foreign exchange movement recognised in other comprehensive income 0.7 \u2014
Total comprehensive income impact 12.8 583.2
Caliplay
As already disclosed in section A of this note, the Playtech M&A Call Option is not currently exercisable and therefore in accordance with IAS 28,
paragraph 14 has been recognised as a derivative financial asset and fair valued under IFRS 9.
As at 31 December 2021, Caliplay was actively negotiating a merger with a US listed special purpose acquisition corporation (SPAC), which in
turn was expected to enter into a long-term commercial agreement with a leading media partner. As part of the transaction, the media partner
and certain of its shareholders were expected to invest a cash amount in the SPAC in exchange for shares and warrants issued by the SPAC,
which was expected to result in them together holding a material minority equity interest.
Further attempts were made to complete the SPAC transaction during the year, however as per the announcement made on 29 July 2022,
with capital market conditions having deteriorated significantly since the transaction was initially contemplated, the transaction was no longer
being pursued.
For this reason, a decision was taken to change the valuation methodology used as at 31 December 2022 for the Playtech M&A Call Option to
that of a DCF approach with a market exit multiple assumption, as opposed to 31 December 2021, where the Group has assessed the fair value
of the Playtech M&A Call Option based on the proposed term of the expected merger with the SPAC, including the transaction value.
As already mentioned in part A of Note 20 the Group is seeking a declaration from the English Courts to obtain clarification on a point of
disagreement between the parties in relation to the Caliente Call Option and in particular, whether Caliplay still holds this option which permits
it to redeem the additional B2B services fee element. Should it be declared that Caliplay still has the Caliente Call Option and Caliplay then
exercises said option, this would cancel both the Playtech M&A Call Option and the Playtech Call Option.
The Group believes the Caliente Call Option has expired and whilst Caliplay has not sought to exercise the option to date, Caliplay has made it
clear that it considers the option has not yet expired.
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Financial Statements
Note 20 \u2013 Investments and derivative financial assets continued
C. Derivative financial assets continued
Caliplay continued
In arriving at the fair value of the Playtech M&A Call Option, the Group has made a judgement that the Caliente Call Option has expired and
therefore no probability weighted scenarios have been modelled that include an assumption that the Caliente Call Option is exercisable. Should
the English Courts determine that the option is exercisable and Caliplay chooses to exercise the option, the amount payable by Caliplay to the
Group upon exercise would either be agreed between the parties or, failing which, determined by an independent investment bank valuing the
Group\u2019s remaining entitlement to receive the additional B2B services fee until 31 December 2034. There is therefore the potential that, should the
Caliente Call Option be exercisable and then subsequently exercised, the proceeds received by the Group may be materially different (positive
or adverse) to the fair value of the Playtech M&A Call Option recorded as at 31 December 2022.
Valuation
The Group has assessed the fair value of the Playtech M&A Option of the derivative financial asset as at 31 December 2022 using a discounted
cash flow (DCF) approach with a market exit multiple assumption. The Group used a discount rate of 16% reflecting the cash flow risks given the
high growth rates in place, as well as a discount for illiquidity and control until the expected Group exit date. The Group also made assumptions
on the probability of a possible transaction that may be completed on a number of exit date scenarios over a four-year period, until December
2026. The Group used a compound annual growth rate of 17.2% over the forecasted cash flow period, an average Adjusted EBITDA margin of
26.3% and an exit multiple of 9.6x. Due to the uncertainty as to how the exercise of the Playtech M&A Call Option may occur and the potential
for the shares held to not be immediately realisable, the Group included an additional discount for lack of marketability (DLOM) for two years
of 13.8%. Furthermore, Playtech\u2019s share in Caliplay was adjusted to reflect the rights to Caliplay shares that a service provider has under its
services agreement with the Group.
As at 31 December 2022, the fair value of the Playtech M&A Call Option was $560.6 million (2021: $574.7 million) which converted to \u20ac524.0 million
(2021: \u20ac506.7 million). The year-on-year movement of \u20ac17.3 million recognised in the profit or loss is attributable to the favourable movement in
the USD to EUR foreign exchange rate of \u20ac30.6 million, offset by \u20ac13.3 million unfavourable movement in the fair value arising from the change
in a number of variables including exit dates and loss of transaction synergies which impacted cash flows that were only partly offset by the
increase in the shareholding as discussed below.
As at 31 December 2021 the fair value of the option in Caliplay was determined using a potential transaction price where, due to incoming
shareholders, Playtech\u2019s share in Caliplay was being diluted down to 36%. As at 31 December 2022, a discounted cash flow valuation method
is used with a dilution in shareholding down only to 45.8% reflecting the expected rights to Caliplay shares to be allocated to a service provider
under its services agreement with the Group. These rights were reduced following the exercise of a redemption option post year end as disclosed
in Note 40, noting that the Group had assumed this option would be exercised for the purposes of the valuation performed at 31 December 2022.
Despite the change in valuation approach, the Group considers it reasonable that the value of the Playtech M&A Call Option is broadly
unchanged given the continued strong operational results of Caliplay for 2022.
Sensitivity analysis
The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following
sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value:
\u2022 A different discount rate within the range of 14% to 18% will result in a fair value of the derivative financial asset in the range of \u20ac484.2 million \u2013
\u20ac568.3 million.
\u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac494.5 million \u2013
\u20ac553.3 million.
\u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac464.6 million \u2013
\u20ac583.3 million.
\u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac487.0 million \u2013
\u20ac561.8 million.
\u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac450.5 million \u2013
\u20ac601.0 million.
\u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac473.9 million \u2013
\u20ac573.9 million.
\u2022 If the 13.8% DLOM applied for two-year period post exercise of the Playtech M&A option was removed (i.e. in the event that an M&A transaction
included the acquisition of Playtech\u2019s shares immediately post exercise) the fair value of the derivative financial asset would increase to \u20ac607.6 million.
Conversely, if we double the applied DLOM to 27.6% the fair value of the derivative financial asset would decrease to \u20ac440.2 million.
Wplay
In August 2019, Playtech entered into a structured agreement with Aquila Global Group SAS (\u201cWplay\u201d), which has a license to operate online
gaming activities in Colombia. Under the agreement the Group provides Wplay its technology products, where it receives standard operator
revenue and additional B2B services fee as per Note 5. The Group has no shareholding in Wplay.
Playtech has a call option to acquire a 49.9% equity holding in the Wplay business. As at 31 December 2021 this option was exercisable in August
2022, however during 2022, the parties agreed to defer the Group\u2019s ability to exercise this option to August 2023. If the call option is exercised
by Playtech, the Group would no longer provide certain services and as such will no longer be entitled to the additional B2B services fee.
The additional B2B services fee was \u20acNil for the year ended 31 December 2022 (2021: \u20acNil).
The payment of \u20ac22.4 million made to Wplay in 2019 and 2020 was considered to be the payment made for the option in Wplay. The Group
had contingent commitments totalling $6.0 million, of which $5.0 million was paid in June 2021 and $1.0 million was paid in October 2022.
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Financial Statements
Notes to the financial statements continued
Note 20 \u2013 Investments and derivative financial assets continued
C. Derivative financial assets continued
Wplay continued
Assessment of control and significant influence
The Group assessed whether it holds power over the investee (in accordance with IFRS 10, paragraph 7) with the following considerations:
\u2022 Playtech does not have the ability to direct Wplay\u2019s activities as it has no voting representation on the executive committee or members of
the executive committee.
\u2022 Whilst they are not members of the executive committee, Playtech has the ability to appoint and change both the COO and CMO who form
part of the management team (albeit this right has never been exercised). The COO and the CMO are part of the wider management team
but would not be able to control the relevant activities of Wplay.
\u2022 If the option is exercised it would result in Playtech acquiring 49.9% of the voting rights of the operating entity and therefore would not
result in having control. Furthermore, as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the
assessment of power.
Per the above assessment Playtech does not hold power over the investee and as such does not have control.
With regards to the assessment of significant influence, the following facts were considered:
\u2022 Playtech has the right to appoint and remove the COO and CMO which is a potential indicator of significant influence given their relative
positions and involvement in the day-to-day operations of Wplay.
\u2022 The standard operator revenue is not considered to give rise to significant influence. However, when combined with the additional B2B
services fee, this is an indicator of significant influence.
\u2022 The Group provides additional services to Wplay which Wplay requires to assist it in successfully running its operations, which could be
considered essential technical information.
The Group therefore has significant influence under IAS 28, paragraph 6 over Wplay. However, as the option is not currently exercisable, we have
an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative
financial asset in accordance with IFRS 9.
The Group has given an interest-bearing loan of $1.7 million (\u20ac1.6 million) to Wplay, which is due for repayment in December 2023 and is included
in loans receivable from related parties (refer to Note 36).
Valuation
The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group
used a discount rate of 25% (2021: 23%) reflecting the cash flow risks given the high growth rates in place and the relative early stages of the
business, as well as a discount for illiquidity and control until the expected Playtech exit date of December 2026 (2021: expected exit date of
December 2026). The Group used a compound annual growth rate of 24.7% (2021: 27.2%) over the forecasted cash flow period, an average
Adjusted EBITDA margin of 20.6% (2021: 17.5%) and an exit multiple of 9.6x (2021: 9.8x). As part of the agreement, there is a lock-in mechanism
that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit date assumed in the
model is earlier, then both parties would be in agreement to this earlier exit point, therefore no further discounts were applied post transaction.
Furthermore, Playtech\u2019s share in Wplay was adjusted to reflect the rights to shares that a service provider has under its services agreement with
the Group.
As at 31 December 2022, the fair value of the Wplay derivative financial asset is \u20ac93.5 million. The difference of \u20ac3.7 million between the fair
value at 31 December 2021 of \u20ac97.2 million and the fair value at 31 December 2022 has been recognised as follows:
a. \u20ac9.4 million derived from the fair value decrease of the derivative call option calculated using the DCF model in the profit or loss for the year
ended 31 December 2022.
b. \u20ac5.7 million derived from the fair value increase due to the exchange rate fluctuation of USD to EUR (as the derivative call option is under a
foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income for the year ended 31 December 2022.
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Note 20 \u2013 Investments and derivative financial assets continued
C. Derivative financial assets continued
Wplay continued
Sensitivity analysis
The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following
sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value:
\u2022 A different discount rate within the range of 20% to 30% will result in a fair value of the derivative financial asset in the range of \u20ac79.5 million \u2013
\u20ac111.0 million.
\u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac89.0 million \u2013
\u20ac98.1 million.
\u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac84.4 million \u2013
\u20ac102.6 million.
\u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac90.1 million \u2013
\u20ac97.1 million.
\u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac86.7 million \u2013
\u20ac100.8 million.
\u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac85.8 million \u2013
\u20ac101.2 million.
\u2022 If the expected Playtech exit date fluctuates by one year later or earlier, the fair value of the derivative financial asset will change to
\u20ac87.8 million and \u20ac99.5 million respectively.
Onjoc
In June 2020, Playtech entered into a framework agreement with ONJOC CORP. (\u201cOnjoc\u201d), which holds a license to operate online sports
betting, gaming and gambling activities in Panama. The Group has no equity holding in Onjoc but has an option to acquire 50%. Under the
agreement the Group provides Onjoc its technology products, where it receives standard operator revenue and additional B2B services fee
as per Note 5. If the option is exercised, the Group would no longer provide certain services and, as such, would no longer be entitled to the
additional B2B services fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). The option can be
exercised any time subject to Onjoc having $15.0 million of Gross Gaming Revenue (GGR) over a consecutive 12-month period.
Assessment of control and significant influence
The Group performed an analysis for Onjoc to assess whether it holds power over Onjoc (in accordance with IFRS 10, paragraph 7)
with the following considerations:
\u2022 Playtech can propose an independent member to the board of directors, who has to be independent to both Playtech and Onjoc,
and as such does not have the ability to direct Onjoc\u2019s activities as it has no voting representation on the board;
\u2022 Playtech has the right to appoint and remove the COO, CTO and CMO, which although would form part of the wider management team,
would not be able to control the relevant activities of Onjoc by themselves; and
\u2022 if the option is exercised it would result in Playtech acquiring 50% of the voting rights of the operating entity and therefore would not
result in having control. Furthermore, as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the
assessment of power.
Per the above assessment Playtech does not hold power over the investee and as such does not have control.
With regards to the assessment of significant influence, the following facts were considered:
\u2022 Playtech can propose an independent member to the board of directors and has the right to appoint and remove the COO, CTO and CMO
which are potential indicators of significant influence given their relative positions and the involvement in day-to-day operations of Onjoc;
\u2022 the standard operator revenue is not considered to give rise to significant influence. However, when combined with the additional B2B
services fee, this is an indicator of significant influence; and
\u2022 the Group provides additional services to Onjoc which Onjoc requires to assist it in successfully running its operations which could be
considered essential technical information.
The Group therefore has significant influence under IAS 28, paragraph 6 over Onjoc. However, as the option is not currently exercisable, we have
an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative
financial asset in accordance with IFRS 9.
The Group has given an interest-bearing loan to Onjoc of \u20ac1.8 million (2021: \u20ac1.1 million) which is due for repayment in October 2025 and is
included in loans receivable from related parties (refer to Note 36).
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Financial Statements
Notes to the financial statements continued
Note 20 \u2013 Investments and derivative financial assets continued
C. Derivative financial assets continued
Onjoc continued
Valuation
The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group
used a discount rate of 33% (2021: 31%) reflecting the cash flow risk given the high growth rates in place and the early stages of the business, as
well as a discount for illiquidity and control until the expected Playtech exit date of December 2027 (2021: expected exit date of December 2027).
The Group used a compound annual growth rate of 60.1% (2021: 89.3%) over the forecasted cash flow period and an average Adjusted EBITDA
margin of 20.4% (2021: 3.7%). As part of the agreement, there is a lock-in mechanism that contractually might prevent Playtech from selling the
resulting shares, however an assumption was made that if the exit date assumed in the model is earlier, then both parties would be in agreement
to this earlier exit point, therefore no further discounts applied post transaction. Furthermore, Playtech\u2019s share in Onjoc was adjusted to reflect
the rights to shares that a service provider has under its services agreement with the Group.
As at 31 December 2022, the fair value of the Onjoc derivative financial asset is \u20ac8.6 million. The difference of \u20ac1.7 million between the fair value
at 31 December 2021 of \u20ac6.9 million and the fair value at 31 December 2022 has been recognised as follows:
a. \u20ac1.3 million derived from the fair value increase of the derivative call option calculated using the DCF model in the profit or loss in the year
ended 31 December 2022.
b. \u20ac0.4 million derived from the fair value increase from the exchange rate fluctuation of USD to EUR (as the derivative call option is under a
foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income in the year ended 31 December 2022.
Sensitivity analysis
The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following
sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value:
\u2022 A different discount rate within the range of 28% to 38% will result in a fair value of the derivative financial asset in the range of \u20ac7.1 million \u2013 \u20ac10.5 million.
\u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.1 million \u2013 \u20ac9.1 million.
\u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac7.7 million \u2013 \u20ac9.5 million.
\u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.9 million \u2013 \u20ac9.3 million.
\u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.3 million \u2013 \u20ac10.1 million.
\u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac7.6 million \u2013 \u20ac9.7 million.
Tenbet Costa Rica
In addition to the 6% equity holding in Tentech CR S.A as per section B of this note, the Group has an option to acquire 81% equity holding in
Tenbet. Tenbet which is another member of the Tenlot Group, operates online bingo games and casino side games. Playtech provides certain
services to Tenbet in return for its additional B2B services fee. The Group has no equity holding in Tenbet but has an option to acquire 81% equity.
If the option is exercised, the Group would no longer provide certain services to Tenbet and, as such, would no longer be entitled to the additional
B2B services fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). In H1 2022, the Group signed
an amendment to the Tenbet agreement in which the option can be exercised at any time from the end of 35 months (previously 18 months) of
Tenbet going live. The call option to acquire 81% equity holding in Tenbet is exercisable from July 2023 (previously February 2022).
Under the existing agreements, the Group has provided Tenbet with a credit facility of \u20ac2.7 million out of which \u20ac2.1 million had been drawn down
as at 31 December 2022 (2021: \u20ac1.1 million).
Assessment of control and significant influence
The Group assessed whether it holds power over Tenbet (in accordance with IFRS 10, paragraph 7) with the following considerations:
\u2022 Playtech does not have the ability to direct Tenbet\u2019s activities as it has no voting representation on the Board of Directors (or equivalent)
or people in managerial positions;
\u2022 Playtech has neither the ability to appoint, or change any members of the Board of Tenbet; and
\u2022 as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power.
Per the above assessment, Playtech does not hold power over the investee and as such does not have control.
With regards to the assessment of significant influence, the standard operator revenue alone is not considered to give rise to significant
influence. However, when combined with the additional B2B services fee, this is an indicator of significant influence. Furthermore, the Group
provides additional services to Tenbet which Tenbet requires to assist it in successfully running its operations that could be considered essential
technical information. Playtech therefore has significant influence under IAS 28, paragraph 6 over Tenbet. However, as the option is not currently
exercisable, we have an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and
shown as a derivative financial asset in accordance with IFRS 9.
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Note 20 \u2013 Investments and derivative financial assets continued C. Derivative financial assets continued Tenbet Costa Rica continued Valuation The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group used a discount rate of 35% (2021: 33%) reflecting the cash flow risk given the high growth rates in place and the early stages of the business, as well as a discount for illiquidity and control until the expected Playtech exit date of December 2027 (2021: expected exit date of December 2027). The Group used a compound annual growth rate of 135% (2021: 64.2%) over the forecasted cash flow period and an average Adjusted EBITDA margin within the range of \u2013 335% to 31% in years 1-5 with an average of -59.8% (2021: average of -10.1%). As part of the agreement, there is a lock-in mechanism that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit date assumed in the model is earlier, then both parties would be in agreement to this earlier exit point. Furthermore, Playtech\u2019s share in Tenbet was adjusted to reflect the rights to shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Tenbet derivative financial asset is \u20ac8.9 million. The difference of \u20ac2.5 million between the fair value at 31 December 2021 of \u20ac11.4 million and the fair value at 31 December 2022 has been recognised as follows: a. \u20ac3.2 million derived from the fair value decrease of the derivative call option calculated using the DCF model in the profit or loss in the year ended 31 December 2022. b. \u20ac0.7 million derived from the fair value increase from the exchange rate fluctuation of USD to EUR (as the derivative call option is under a foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income in the year ended 31 December 2022. Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 30% to 40% will result in a fair value of the derivative financial asset in the range of \u20ac7.2 million \u2013 \u20ac11.0 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.5 million \u2013 \u20ac9.3 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.0 million \u2013 \u20ac9.8 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.9 million \u2013 \u20ac10.0 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac6.9 million \u2013 \u20ac11.2 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac7.7 million \u2013 \u20ac10.2 million. Note 21 \u2013 Other non-current assets 2022 \u20ac\u2019m 2021 \u20ac\u2019m Security deposits 3.3 3.3 Guarantee for gaming licences 2.2 2.6 Prepaid costs relating to Sun Bingo contract 63.4 71.7 Loans receivable (Net of ECL) 1.7 8.1 Loans receivable from related parties (Net of ECL) (Note 36) 27.9 9.5 Other receivables 11.1 9.2 109.6 104.4 Note 22 \u2013 Trade receivables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Trade receivables 144.5 168.6 Related parties (Note 36) 20.5 16.5 Trade receivables \u2013 net 165.0 185.1 Split to: Non-current assets 1.1 6.6 Current assets 163.9 178.5 165.0 185.1 197 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 23 \u2013 Other receivables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Prepaid expenses 23.4 25.9 VAT and other taxes 13.6 14.1 Security deposits for regulators 24.2 13.1 Prepaid costs relating to Sun Bingo contract 3.6 4.3 Receivable for legal proceedings and disputes 1 16.4 16.4 Loans receivable 2 (Net of ECL) 13.0 2.1 Loans receivable from related parties (Net of ECL) (Note 36) 3.3 2.4 Other receivables 10.1 8.8 107.6 87.1 1 Receivable for legal proceedings and disputes relates to funds held in escrow, in relation to a historical and ongoing legal matter. The corresponding liability is included under gaming and other taxes. The funds will be released when the case is finally settled, in accordance with the escrow agreement. 2 Included in loans receivable above, is a convertible debenture of C$12.25 million (\u20ac8.3 million net of ECL) issued to NorthStar Gaming Inc in December 2022 that will convert into equity and warrants in connection with NorthStar\u2019s proposed reverse takeover (the \u201cRTO\u201d) of Baden Resources Inc. The fair value of the convertible debenture was assessed as being materially in line with its face value at 31 December 2022. Refer to Note 40. Note 24 \u2013 Cash and cash equivalents Cash and cash equivalents for the purposes of the statement of cash flows comprises: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Continuing operations Cash at bank 426.8 572.4 Deposits 0.1 3.6 426.9 576.0 Less: expected credit loss (Note 38A) (0.4) (0.6) 426.5 575.4 Treated as held for sale Cash at bank \u2014 71.2 Cash at brokers \u2014 293.4 Deposits \u2014 1.5 \u2014 366.1 Cash and cash equivalents in the statement of cash \ufb02ows 426.9 942.1 Less: expected credit loss (Note 38A) (0.4) (0.6) 426.5 941.5 Out of the total cash at bank, an amount of \u20ac6.8 million were held by payment processors as at 31 December 2022 (2021: \u20ac6.9 million). The Group holds cash balances on behalf of operators in respect of their jackpot games and poker and casino operations, as well as client funds with respect to B2C. Furthermore, and up to the point of the Financial segment disposal, the Group held CFD and client deposits in relation to liquidity and clearing activities. All of these are included in current liabilities. 2022 \u20ac\u2019m 2021 \u20ac\u2019m Continuing operations Funds attributed to jackpots 84.7 82.2 Security deposits 29.6 28.5 Players\u2019 balances 39.8 30.4 154.1 141.1 Included in liabilities held for sale Client deposits \u2014 138.5 Client funds \u2014 170.3 \u2014 308.8 198 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 25 \u2013 Assets held for sale 2022 \u20ac\u2019m 2021 \u20ac\u2019m Assets A. Property, plant and equipment 19.6 20.0 B. Casual CGU \u2014 \u2014 C. Financials CGU \u2014 487.4 D. Investment in associates \u2014 \u2014 19.6 507.4 A. During 2021, the Group entered into a binding agreement for the disposal of a real estate area in Milan for a total consideration of \u20ac20.0 million. Accordingly, the real estate was classified as held for sale. Of the total consideration, \u20ac1.0 million was received during the year ended 31 December 2021. The advance received was classified as part of the liabilities directly associated with assets classified as held for sale. At the date of the transfer to assets held for sale, an impairment review was performed, where the carrying amount was compared to the fair value less expected disposal costs. The carrying value of the land was higher than the fair value less expected selling costs and therefore an impairment of \u20ac12.3 million was recognised in the profit or loss in the year ended 31 December 2021. In addition, \u20ac1.8 million of deferred tax liability relating to the land was recognised in the profit or loss in the prior year. It was the Group\u2019s decision to sell the asset, and subsequently the prospective buyer was only interested in the land and not the buildings, which led to this impairment. The sale has been finalised but the disposal is expected to complete in 2024 with the movement of the trot track from La Maura area to San Siro (previously it was expected that the sale would complete during 2022). B. Following the decision made by the Group in 2019 to dispose the Casual and Social Gaming businesses, the value of the divisions were classified as held for sale and the results were included in discontinued operations. On 11 January 2021, the Group entered into an agreement for the disposal of \u201cYoYo\u201d, also included in this division, for a total consideration of $9.5 million. As a result of this transaction, the Group realised a profit of \u20ac7.6 million in the profit or loss for the year ended 31 December 2021, included within the total profit from discontinued operations (refer to Note 8). The Social and Casual Gaming CGU is now fully disposed. C. Following the decision made by the Board of Directors in 2020 to dispose of the Financial segment, the division was classified as held for sale and its results included in discontinued operations. In September 2021, the Group entered into an agreement to sell this division for a cash consideration of $250.0 million, with the final consideration being subject to a completion accounts adjustment of up to $25.0 million in either direction, to be determined by the financial performance of the Financial segment from 1 January 2021 to the completion date. The disposal was completed in July 2022, with cash consideration after this adjustment of $228.1 million (\u20ac223.9 million). At 31 December 2020 an impairment charge of \u20ac221.2 million was recognised against this CGU as a result of comparing its carrying value to expected proceeds from the disposal, less expected costs to sell. Following a review of the net assets of the unit at 31 December 2021, when compared to the expected proceeds, \u20ac2.0 million of the previously recognised impairment was reversed. The impairment loss allocated against goodwill cannot be reversed. 199 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 25 \u2013 Assets held for sale continued The profit on disposal of Financial segment was determined as follows: \u20ac\u2019m Cash consideration received 223.9 Transaction costs paid (1.6) Cash disposed off (392.1) Net cash out\ufb02ow on disposal of Financial segment (169.8) Net assets disposed (other than cash): Property, plant and equipment (4.3) Right of use assets (6.3) Intangible assets (98.0) Trade and other receivables (13.9) Deferred tax liability 7.0 Trade payables and other payables 24.8 Client deposits 144.5 Client funds 147.1 Income tax payable 2.7 Lease liability 4.5 Net liability position on disposal of Financial segment 208.1 Net cash out\ufb02ow (169.8) Net liability position disposed 208.1 Recycling of foreign exchange reserve related to the foreign discontinued operations (23.2) Pro\ufb01t on disposal 15.1 D. In 2020, the Board of Directors made a decision to dispose of its shareholding in two associates and as such their value of \u20ac2.2 million was transferred to assets held for sale. During 2021, the Group entered into an agreement for the disposal of these associates for a total consideration of \u20ac2.2 million. Note 26 \u2013 Shareholders\u2019 equity A. Share capital Share capital is comprised of no par value shares as follows: 2022 Number of shares 2021 Number of shares Authorised 1 N/A N/A Issued and paid up 309,294,243 309,294,243 1 The Company has no authorised share capital, but it is authorised to issue up to 1,000,000,000 shares of no par value. The table below shows the movement of the shares: Shares in issue/ circulation Number of shares Treasury shares Shares held by 2014 EBT Shares held by 2021 EBT Tot al At 1 January 2021 297,603,815 9,965,889 1,724,539 \u2014 309,294,243 Transfer to EBT \u2014 (7,028,339) \u2014 7,028,339 \u2014 Exercise of options 1,640,511 \u2014 (1,640,511) \u2014 \u2014 At 31 December 2021/1 January 2022 299,244,326 2,937,550 84,028 7,028,339 309,294,243 Exercise of options 1,743,990 \u2014 (84,028) (1,659,962) \u2014 At 31 December 2022 300,988,316 2,937,550 \u2014 5,368,377 309,294,243 200 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 26 \u2013 Shareholders\u2019 equity continued B. Employee Benefit Trust 2014 EBT In 2014, the Group established an Employee Benefit Trust (2014 EBT) by acquiring 5,517,241 shares for a total of \u20ac48.5 million. During the year ended 31 December 2022, 84,028 shares (2021: 1,640,511 shares) were issued at a cost of \u20ac0.6 million (2021: \u20ac13.9 million). 2021 EBT In 2021 the Company transferred 7,028,339 shares held by the Company in treasury to the Employee Benefit Trust (2021 EBT) for a total of \u20ac22.6 million. During the year ended 31 December 2022, 1,659,962 shares (2021: Nil) were issued at a cost of \u20ac5.4 million (2021: \u20acNil). As at 31 December 2022, a balance of 5,368,377 shares (2021: 7,028,339 shares) remains in the 2021 EBT with a cost of \u20ac17.2 million (2021: \u20ac22.6 million). C. Share options exercised During the year 1,794,438 (2021: 1,873,307) share options were exercised, of which 50,448 were cash settled (2021: 232,796). D. Distribution of dividends During 2022 the Group did not pay any dividends . E. Reserves The following describes the nature and purpose of each reserve within owners\u2019 equity: Reserve Description and purpose Additional paid in capital Share premium (i.e. amount subscribed for share capital in excess of nominal value) Employee Bene\ufb01t Trust Cost of own shares held in treasury by the trust Put/call options reserve Fair value of put/call options as part of business acquisition Foreign exchange reserve Gains/losses arising on retranslating the net assets of overseas operations Employee termination indemnities Gains/losses arising from the actuarial remeasurement of the employee termination indemnities Non-controlling interest The portion of equity ownership in a subsidiary not attributable to the owners of the Company Retained earnings Cumulative net gains and losses recognised in the consolidated statement of comprehensive income Note 27 \u2013 Loans and borrowings The credit facility of the Group is a revolving credit facility (RCF) which has been restructured during the year. The facility has been reduced from \u20ac317.0 million to \u20ac277.0 million and is available until October 2025, with an option to extend by 12 months. Interest payable on the loan is based on SONIA rates (replacing Euro Libor and Libor rates) based on the currency of each withdrawal. Following the announcement of the UK Financial Conduct Authority (FCA) as to the future cessation or loss of representativeness of the 35 Libor benchmark, effective from 1 January 2022, Libor rates were replaced with the SONIA daily rate (Sterling overnight index average). As at the reporting date the credit facility drawn amounted to \u20acNil (2021: \u20ac167.1 million). Under the RCF, the covenants are monitored on a regular basis by the finance department, including modelling future projected cash flows under a number of scenarios to stress-test any risk of covenant breaches, the results of which are reported to management and the Board of Directors. The covenants are as follows: \u2022 Leverage: Net Debt/Adjusted EBITDA 3.5:1 (2021: 3:1) \u2022 Interest cover: Adjusted EBITDA/Interest 4:1 (2021: 4:1) As at 31 December 2022 and 2021 the Group met these financial covenants. 201 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 28 \u2013 Bonds 2018 Bond \u20ac\u2019m 2019 Bond \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2021 526.3 346.8 873.1 Release of capitalised expenses 1.3 0.6 1.9 At 31 December 2021/1 January 2022 527.6 347.4 875.0 Repayment of bonds (330.0) \u2014 (330.0) Release of capitalised expenses 2.0 0.6 2.6 At 31 December 2022 199.6 348.0 547.6 2022 \u20ac\u2019m 2021 \u20ac\u2019m Split to: Non-current 348.0 875.0 Current 199.6 \u2014 547.6 875.0 Bonds (a) 2018 Bond On 12 October 2018, the Group issued \u20ac530 million of senior secured notes (the \u201c2018 Bond\u201d) maturing in October 2023. During the year, the Group partially repaid the 2018 Bond by \u20ac330 million. The net proceeds of issuing the 2018 Bond after deducting commissions and other direct costs of issue totalled \u20ac523.4 million. Commissions and other direct costs of issue have been offset against the principal balance and are amortised over the period of the 2018 Bond. The issue price was 100% of its principal amount and bears interest from 12 October 2018 at the rate of 3.75% per annum payable semi-annually, in arrears, on 12 April and 12 October commencing on 12 April 2019. The fair value of the Bond as Level 1 at 31 December 2022 was \u20ac198.8 million (2021: \u20ac536.1 million). (b) 2019 Bond On 7 March 2019, the Group issued \u20ac350 million of senior secured notes (the \u201c2019 Bond\u201d) maturing in March 2026. The net proceeds of issuing the 2019 Bond after deducting commissions and other direct costs of issue totalled \u20ac345.7 million. Commissions and other direct costs of issue have been offset against the principal balance and are amortised over the period of the 2019 Bond. The issue price is 100% of its principal amount and bears interest from 7 March 2019 at a rate of 4.25% per annum payable semi-annually, in arrears, on 7 September and 7 March commencing on 7 September 2019. The fair value of the Bond as Level 1 at 31 December 2022 was \u20ac331.6 million (2021: \u20ac358.3 million). As at 31 December 2022 and 2021 the Group met the required interest cover financial covenant of 2:1 Adjusted EBITDA/interest ratio, for the combined 2018 and 2019 Bonds. Note 29 \u2013 Provisions for risks and charges, litigation and contingent liabilities The Group is involved in proceedings before civil and administrative courts, and other legal or potential legal actions related to its business, including certain matters related to previous acquisitions. Based on the information currently available, and taking into consideration the existing provisions for risks, the Group currently considers that such proceedings and potential actions will not result in an adverse effect upon the financial statements; however, where this is not considered to be remote, they have been disclosed as contingent liabilities. All the matters were subject to a review and estimate by the Board of Directors based on the information available at the date of preparation of these financial statements and, where appropriate, supported by updated legal opinions from independent professionals. These provisions are classified based on the Directors\u2019 assessment of the progress and probabilities of success of each case at each reporting date. Movements of the provisions outstanding as at 31 December 2022 are shown below: Legal and regulatory \u20ac\u2019m Contractual \u20ac\u2019m Other \u20ac\u2019m Total \u20ac\u2019m Balance at 1 January 2022 6.9 6.7 3.1 16.7 Provisions made during the year 1.0 \u2014 0.9 1.9 Provisions used during the year (0.1 ) (0.5) (0.4) (1.0) Provisions reversed during the year (0.5) (2.0) (1.2) (3.7) Balance at 31 December 2022 7.3 4.2 2.4 13.9 202 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 29 \u2013 Provisions for risks and charges, litigation and contingent liabilities continued Legal and regulatory \u20ac\u2019m Contractual \u20ac\u2019m Other \u20ac\u2019m Total \u20ac\u2019m 2021 Non-current 6.9 3.5 3.1 13.5 Current \u2014 3.2 \u2014 3.2 6.9 6.7 3.1 16.7 2022 Non-current 7.3 0.3 2.4 10.0 Current \u2014 3.9 \u2014 3.9 7.3 4.2 2.4 13.9 Provision for legal and regulatory issues The Group is subject to proceedings and potential claims regarding complex legal matters (including those related to previous acquisitions), which are subject to a different degree of uncertainty. Provisions are held for various legal and regulatory issues that relate to matters arising in the normal course of business, including in particular various disputes that arose in relation to the operation of the various licenses held by the Group\u2019s subsidiary Snaitech. The uncertainty is due to complex legislative and licensing frameworks in the various territories in which the Group operates. The Group also operates in certain jurisdictions where legal and regulatory matters can take considerable time for the required local processes to be completed and the matters to be resolved. Contractual claims The Group is subject to historic claims relating to contractual matters that arise with customers in the normal course of business. The Group believes they have a robust defence to the claims raised and has provided for the likely settlement where an outflow of funds is probable. The uncertainty relates to complex contractual dealings with a wide range of customers in various jurisdictions, and because as noted above, the Group operates in certain jurisdictions where contractual disputes can take considerable time to be resolved in the local legal system. Given the uncertainties inherent, it is difficult to predict with certainty the outlay (or the timing thereof) which will derive from these matters. It is therefore possible that the value of the provisions may vary further to future developments. The Group monitors the status of these matters and consults with its advisers and experts on legal and tax-related matters in arriving at the provisions recorded. The provisions included represent the Directors\u2019 best estimate of the potential outlay and none of the matters provided for are individually material to the financial statements. Accounting for uncertain tax positions The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry and the jurisdictions within which the Group operates, the tax, legal and regulatory regimes are continuously changing and subject to differing interpretations. As such, the Group is exposed to a small number of uncertain tax positions and open audits/enquiries. Judgement is applied in order to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an economic outflow will arise. The Group has provided for uncertain tax positions which meet the recognition threshold and these positions are included within tax liabilities. There is a risk that additional liabilities could arise. Given the uncertainty and the complexity of application of international tax in the sector, it is not feasible to accurately quantify any possible range of liability or exposure, and this has therefore not been disclosed. Note 30 \u2013 Contingent consideration and redemption liability 2022 \u20ac\u2019m 2021 \u20ac\u2019m Non-current contingent consideration and redemption liability consists of: Non-current redemption liability Acquisition of Statscore SP Z.O.O. \u2014 6.0 Non-current contingent consideration Acquisition of Aus GMTC PTY Ltd 2.1 \u2014 Others 0.2 \u2014 Total non-current contingent consideration and redemption liability 2.3 6.0 Current contingent consideration consists of: Acquisition of Eyecon Limited \u2014 3.6 Amount payable to Aquila Global Group SAS (\u201cWplay\u201d) (Note 20) \u2014 0.8 Other acquisitions 0.6 0.6 Total current contingent consideration 0.6 5.0 Total contingent consideration and redemption liability 2.9 11.0 203 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 30 \u2013 Contingent consideration and redemption liability continued The maximum contingent consideration and redemption liability payable is as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Acquisition of Eyecon Limited \u2014 3.6 Acquisition of HPYBET Austria GmbH \u2014 15.0 Interest in Aquila Global Group SAS (\u201cWplay\u201d) \u2014 0.9 Acquisition of Statscore SP Z.O.O. \u2014 15.0 Acquisition of Aus GMTC PTY Ltd 46.7 \u2014 Other acquisitions 0.8 6.8 47.5 41.3 Note 31 \u2013 Trade payables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Suppliers 47.0 33.5 Customer liabilities 14.2 7.8 61.2 41.3 Note 32 \u2013 Deferred tax The movement on the deferred tax is as shown below: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 14.0 (82.5) Charge to pro\ufb01t or loss (Note 14) (26.3) 96.3 Exchange differences \u2014 0.2 At 31 December (12.3) 14.0 2022 \u20ac\u2019m 2021 \u20ac\u2019m Split as: Deferred tax liability (124.8) (88.9) Deferred tax asset 112.5 102.9 (12.3) 14.0 Deferred tax assets and liabilities are offset only when there is a legally enforceable right of offset, in accordance with IAS 12. As at 31 December 2022, the Directors continued to recognise deferred tax assets arising from temporary differences and tax losses carried forward, with the latter only to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised. Please refer to Note 14 for the assessment performed on the recognition of deferred tax in the period. Details of the deferred tax outstanding as at 31 December 2022 and 2021 are as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Deferred tax recognised on Group restructuring 56.8 63.6 Tax losses 75.9 74.1 Other temporary and deductible differences (145.0) (123.7) Total (12.3) 14.0 Details of the deferred tax, amounts recognised in profit or loss are as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Accelerated capital allowances (1.3) 76.8 Employee pension liabilities (0.3) 0.1 Other temporary and deductible differences (26.6) (15.5) Leases (0.1) \u2014 Tax losses 2.0 34.9 Total (26.3) 96.3 204 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 33 \u2013 Other payables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Non-current liabilities Payroll and related expenses 23.9 10.8 Other 1.0 2.0 24.9 12.8 Current liabilities Payroll and related expenses 96.5 81.7 Accrued expenses 48.2 67.4 VAT payable 3.0 3.8 Interest payable 7.4 10.4 Other payables 14.0 2.9 169.1 166.2 Note 34 \u2013 Gaming and other taxes payable 2022 \u20ac\u2019m 2021 \u20ac\u2019m Gaming tax 112.5 105.3 Other 0.3 0.1 112.8 105.4 Note 35 \u2013 Acquisitions during the year On 30 August 2022, the Group acquired 100% of the share capital of Aus GMTC PTY Ltd (\u201cAus GMTC\u201d) which creates content and online games. The Group paid a total cash consideration of \u20ac2.9 million (US$3.0 million), with an additional consideration (capped at US$50.0 million) in cash payable in 2025 based on a pre-defined EBITDA calculation resulting from the performance of the developed games active during the year ending 30 September 2025. The consideration is calculated based on four times the pre-defined EBITDA for that year, less the cash consideration already paid, plus the \u20ac1.8 million loan provided to the acquired company pre-acquisition. Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill, are as follows: Fair value of the identi\ufb01able assets, liabilities and goodwill acquired \u20ac\u2019m Net book value of liabilities acquired (0.5) Fair value of IP Technology acquired 2.9 Total net assets acquired 2.4 Fair value of consideration 6.8 Goodwill arising on acquisition 4.4 Fair value of consideration paid and payable \u20ac\u2019m Cash consideration 2.9 Non-current contingent consideration 3.9 Fair value of consideration 6.8 Adjustments to fair value include the following: Amount \u20ac\u2019m Amortisation % IP Technology 2.9 33.3 The main factor leading to the recognition of goodwill is the future games to be developed by the studio and the assembled work force who have significant experience in the field of game design and development. The resulting goodwill is not deductible for tax purposes. The acquisition represents its own CGU and in accordance with IAS 36 the Group will regularly monitor the carrying value of this. 205 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 35 \u2013 Acquisitions during the year continued Management has used the replacement cost methodology in determining the fair value of the IP Technology acquired. The future consideration is \u20ac3.9 million, discounted at 35% based on Damodaran\u2019s Target Rates of Return \u2013 Stage in Life Cycle, and is calculated based on the estimated future EBITDA of the studio. The \u20ac1.8 million loan provided to the company pre-acquisition has been deducted against the future consideration in Note 30. Management has not disclosed Aus GMTC\u2019s contribution to the Group profit since the acquisition nor the impact the acquisition would have had on the Group\u2019s revenue and profits if it had occurred on 1 January 2022, because the amounts are negligible. Note 36 \u2013 Related parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party\u2019s making of financial or operational decisions, or if both parties are controlled by the same third party. Also, a party is considered to be related if a member of the key management personnel has the ability to control the other party. During the year, Group companies entered into the following transactions with related parties which are not members of the Group: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Revenue Investments in associates 132.7 95.0 Interest income Investments in associates 0.8 0.1 The revenue from investments in associates includes income from Caliplay, Galera, Wplay, Onjoc and Tenbet. The interest income relates to the same companies except Caliplay. The following amounts were outstanding at the reporting date: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Trade receivables (Note 22) Associates 20.5 16.5 Loans and interest receivable \u2013 current (Note 23) Associates 3.4 2.4 Loans and interest receivable \u2013 non-current (Note 21) Associates 29.0 9.5 The loans and interest receivables above do not include the expected credit losses. For the year ended 31 December 2022, the Group recognised a provision for expected credit losses of \u20ac0.1 million relating to amounts owed by related parties in less than one year (2021: \u20acNil) and \u20ac1.1 million for more than one year. The loans due from related parties are further disclosed in Note 20. Key management personnel compensation which includes the Board members (Executive and Non-executive Directors) and senior management personnel comprised the following: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Short-term employee bene\ufb01ts 13.6 14.2 Post-employment bene\ufb01ts 0.1 0.1 Termination bene\ufb01ts 1.2 0.1 Share-based payments 2.2 4.3 17.1 18.7 The Group is aware that a partnership in which a member of key management personnel (who is not a Board member) has a non-controlling interest provides certain advisory and consulting services to third-party service providers of the Group in connection with certain of the Group\u2019s structured and other commercial agreements. The partnership contracts with and is compensated by the third-party service providers, and the Group has no direct arrangement with the partnership. The total paid to this partnership by the third-party service providers was \u20ac5.9 million (2021: \u20ac3.0 million). 206 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 37\u2013 Subsidiaries
Details of the Group\u2019s principal subsidiaries as at the end of the year are set out below:
Name Country of incorporation
Proportion of voting
rights and ordinary
share capital held Nature of business
Playtech Holdings Limited Isle of Man 100% Main trading company of the Group up to December 2020, owns the
intellectual property rights and licenses the software to customers.
From January 2021 onwards, the principal activity is the holding of
investment in subsidiaries
Playtech Software Limited United Kingdom 100% Main trading company from 2021 onwards, owns the intellectual
property rights and licenses the software to customers
Video B Holding Limited British Virgin Islands 100% Trading company for the Videobet software, owns the intellectual
property rights of Videobet and licenses it to customers. From
January 2021 onwards, the principal activity is the holding of
investment in subsidiaries
Playtech Services (Cyprus) Limited Cyprus 100% Activates the iPoker Network in regulated markets. Owns the
intellectual property of the GTS, Ash and Geneity businesses
VB (Video) Cyprus Limited Cyprus 100% Trading company for the Videobet product to Romanian companies
Virtue Fusion (Alderney) Limited Alderney 100% Online bingo and casino software provider
Intelligent Gaming Systems Limited United Kingdom 100% Casino management systems to land-based businesses
VF 2011 Limited Alderney 100% Holds licence in Alderney for online gaming and Bingo B2C operations
PT Turnkey Services Limited Isle of Man 100% Holding company of the Turnkey Services group
PT Entertenimiento Online EAD Bulgaria 100% Poker and Bingo network for Spain
PT Marketing Services Limited British Virgin Islands 100% Marketing services to online gaming operators
PT Operational Services Limited British Virgin Islands 100% Operational and hosting services to online gaming operators
S-Tech Limited British Virgin Islands
and branch office in the
Philippines
100% Previously, live game services to Asia. Currently a dormant company
PT Network Management Limited British Virgin Islands 100% Manages the iPoker Network
Videobet Interactive Sweden AB Sweden 100% Trading company for the Aristocrat Lotteries VLTs
V.B. Video (Italia) S.r.l. Italy 100% Trading company for the Aristocrat Lotteries VLTs
Quickspin AB Sweden 100% Owns video slots intellectual property
Best Gaming Technology GmbH Austria 100% Trading company for sports betting
Playtech BGT Sports Limited Cyprus 100% Owns sports betting intellectual property solutions and trading
company for sports betting
ECM Systems Ltd United Kingdom 100% Owns bingo software intellectual property and bingo hardware
Eyecon Limited Alderney 100% Develops and provides online gaming slots
Rarestone Gaming PTY Ltd Australia 100% Development company
HPYBET Austria GmbH Austria 100% Operating shops in Austria
Snaitech SPA Italy 100% Italian retail betting market and gaming machine market
OU Playtech (Estonia) Estonia 100% Designs, develops and manufactures online software
Techplay Marketing Limited Israel 100% Marketing and advertising
OU Videobet Estonia 100% Develops software for \ufb01xed odds betting terminals and casino
machines (as opposed to online software)
Playtech Bulgaria Bulgaria 100% Designs, develops and manufactures online software
PTVB Management Limited Isle of Man 100% Management company
Techplay S.A. Software Limited Israel 100% Develops online software
CSMS Limited Bulgaria 100% Consulting and online technical support, data mining processing
and advertising services to Group companies
207
Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Notes to the financial statements continued Name Country of incorporation Proportion of voting rights and ordinary share capital held Nature of business Mobenga AB Limited Sweden 100% Mobile sportsbook betting platform developer PokerStrategy Ltd Gibraltar 100% Operates poker community business Snai Rete Italia S.r.l. Italy 100% Italian retail betting market PT Services UA LTD Ukraine 100% Designs, develops and manufactures software Trinity Bet Operations Ltd Malta 100% Retail and Digital Sports Betting Euro live Technologies SIA Latvia 100% Global broadcaster providing innovative video stream services for users worldwide Gaming Technology Solutions Limited United Kingdom 100% Provision of B2B services within Bingo, Virtual Sports, Sports Betting and Games Development Note 38 \u2013 Financial instruments and risk management The Group has exposure to the following risks arising from financial instruments: \u2022 Credit risk; \u2022 Liquidity risk; and \u2022 Market risk. There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. The principal financial instruments of the Group, from which financial instrument risks arises, are as follows: \u2022 Trade receivables; \u2022 Loans receivable; \u2022 Convertible loans; \u2022 Cash and cash equivalents; \u2022 Investments in equity securities; \u2022 Derivative financial assets; \u2022 Trade payables; \u2022 Bonds; \u2022 Loans and borrowings; and \u2022 Contingent consideration and redemption liability . Note 37\u2013 Subsidiaries continued 208 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 38 \u2013 Financial instruments and risk management continued
Financial instrument by category
The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy.
Carrying amount Fair value
Note
Measurement
category
2022
\u20ac\u2019m
Level 1
\u20ac\u2019m
Level 2
\u20ac\u2019m
Level 3
\u20ac\u2019m
31 December 2022
Continuing operations
Non-current \ufb01nancial assets
Equity investments 20B FVTPL 9.2 1.4 \u2014 7.8
Derivative \ufb01nancial assets 20C FVTPL 636.4 \u2014 \u2014 636.4
Trade receivables 22 Amortised cost 1.1 \u2014 \u2014 \u2014
Loans receivable 21 Amortised cost 29.6 \u2014 \u2014 \u2014
Current \ufb01nancial assets
Trade receivables 22 Amortised cost 163.9 \u2014 \u2014 \u2014
Convertible loans 23 FVTPL 8.3 \u2014 \u2014 8.3
Loans receivables 23 Amortised cost 8.0 \u2014 \u2014 \u2014
Cash and cash equivalents 24 Amortised cost 426.5 \u2014 \u2014 \u2014
Non-current liabilities
Bonds 28 Amortised cost 348.0 \u2014 \u2014 \u2014
Lease liability 18 Amortised cost 54.0 \u2014 \u2014 \u2014
Contingent consideration and redemption liability 30 FVTPL 2.3 \u2014 \u2014 2.3
Current liabilities
Bonds 28 Amortised cost 199.6 \u2014 \u2014 \u2014
Trade payables 31 Amortised cost 61.2 \u2014 \u2014 \u2014
Lease liability 18 Amortised cost 31.8 \u2014 \u2014 \u2014
Progressive operators\u2019 jackpots and security deposits 24 Amortised cost 114.3 \u2014 \u2014 \u2014
Client funds 24 Amortised cost 39.8 \u2014 \u2014 \u2014
Contingent consideration and redemption liability 30 FVTPL 0.6 \u2014 \u2014 0.6
Interest payable 33 Amortised cost 7.4 \u2014 \u2014 \u2014
209
Playtech plc Annual Report and Financial Statements 2022
Financial Statements
Notes to the financial statements continued Note 38 \u2013 Financial instruments and risk management continued Financial instrument by category continued Note Measurement category Carrying amount Fair value 2021 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m 31 December 2021 Continuing operations Non-current \ufb01nancial assets Equity investments 20B FVTPL 8.1 1.6 \u2014 6.5 Derivative \ufb01nancial assets 20C FVTPL 622.2 \u2014 \u2014 622.2 Trade receivables 22 Amortised cost 6.6 \u2014 \u2014 \u2014 Convertible loans 21 FVTPL 3.7 \u2014 \u2014 3.7 Loans receivable 21 Amortised cost 13.9 \u2014 \u2014 \u2014 Current \ufb01nancial assets Trade receivables 22 Amortised cost 178.5 \u2014 \u2014 \u2014 Loans receivables 21 Amortised cost 4.5 \u2014 \u2014 \u2014 Cash and cash equivalents 24 Amortised cost 575.4 \u2014 \u2014 \u2014 Non-current liabilities Bonds 28 Amortised cost 875.0 \u2014 \u2014 \u2014 Loans and borrowings 27 Amortised cost 1 67.1 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 69.8 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 6.0 \u2014 \u2014 6.0 Current liabilities Trade payables 31 Amortised cost 41.3 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 20.3 \u2014 \u2014 \u2014 Progressive operators\u2019 jackpots and security deposits 24 Amortised cost 110.7 \u2014 \u2014 \u2014 Client funds 24 Amortised cost 30.4 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 5.0 \u2014 \u2014 5.0 Interest payable 33 Amortised cost 10.4 \u2014 \u2014 \u2014 Treated as held for sale Current \ufb01nancial assets Cash and cash equivalents Amortised cost 366.1 \u2014 \u2014 \u2014 Current liabilities Trade payables Amortised cost 0.4 \u2014 \u2014 \u2014 Lease liability Amortised cost 5.2 \u2014 \u2014 \u2014 Client deposits Amortised cost 138.5 \u2014 \u2014 \u2014 Client funds Amortised cost 170.3 \u2014 \u2014 \u2014 The fair value of the contingent consideration and redemption liability is calculated by discounting the estimated cash flows. The valuation model considers the present value of the expected future payments, discounted using a risk adjusted discount rate. For details of the fair value hierarchy, valuation techniques and significant unobservable inputs relating to determining the fair value of derivative financial assets, which are classified as Level 3 of the fair value hierarchy, refer to Note 20C. The carrying amount does not materially differ from the fair value of the financial assets and liabilities. The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s Finance function. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: 210 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 38 \u2013 Financial instruments and risk management continued A. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables), its investing activities through loans made and from its financing activities, including deposits with banks and financial institutions. After the impairment analysis performed at the reporting date, the expected credit losses (ECLs) are \u20ac4.9 million (2021: \u20ac7.4 million). Cash and cash equivalents The Group held cash and cash equivalents (before ECL) of \u20ac426.9 million as at 31 December 2022 (2021: \u20ac576.0 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from Caa- to AA+, based on Moody\u2019s ratings. Impairment on cash and cash equivalents has been measured on a 12-month expected credit loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. The Group uses a similar approach for assessment of ECLs for cash and cash equivalents to those used for trade receivables. The ECL on cash balances as at 31 December 2022 is \u20ac0.4 million (2021: \u20ac0.6 million). A reasonable movement in the inputs of the ECL calculation of cash and cash equivalents does not materially change the ECL to be recognised. Tot al \u20ac\u2019m Financial institutions with A- and above rating \u20ac\u2019m Financial institutions with below A- rating and no rating \u20ac\u2019m Continuing operations At 31 December 2022 426.9 214.2 212.7 At 31 December 2021 576.0 291.7 284.3 Treated as held for sale At 31 December 2022 \u2014 \u2014 \u2014 At 31 December 2021 366.1 291.9 74.2 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. As at 31 December 2022, the Group has trade receivables of \u20ac165.0 million (2021: \u20ac185.1 million) which is net of an allowance for ECL of \u20ac4.5 million (2021: \u20ac6.8 million). The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are calculated based on past default experience and an assessment of the future economic environment. The ECL is calculated with reference to the ageing and risk profile of the balances. The carrying amounts of financial assets represent the maximum credit exposure. Set out below is the movement in the allowance for expected credit losses of trade receivables: 31 December 2022 Tota l \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 2.7% 3.0% 1.1% 2.9% Gross carrying amount 169.5 124.9 27.2 17.5 Expected credit loss (4.5) (3.7) (0.3) (0.5) Trade receivables \u2013 net 165.0 121.2 26.9 17.0 31 December 2021 Tot al \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 3.5% 4.2% 1.6% 1.9% Gross carrying amount 191.9 139.6 32.6 19.7 Expected credit loss (6.8) (5.9) (0.5) (0.4) Trade receivables \u2013 net 185.1 133.7 32.1 19.3 A reasonable movement in the inputs of the ECL calculation of trade receivables does not materially change the ECL to be recognised. Impairment losses on trade receivables and contract assets are presented as net impairment losses within the impairment of financial assets. Subsequent recoveries of amounts previously written off are credited against the same line item. 211 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 38 \u2013 Financial instruments and risk management continued A. Credit risk continued Trade receivables continued The movement in the ECL in respect of trade receivables during the year was as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 6.8 21.7 Charged to pro\ufb01t or loss (2.3) (14.9) Balance at 31 December 4.5 6.8 Loans receivable The Group recognised an allowance for expected credit losses for all debt instruments given to third parties based on past default experience and assessment of the future economic environment. For the year ended 31 December 2022, the Group recognised provision for expected credit losses of \u20ac1.6 million in the profit or loss relating to loans receivable (2021: \u20acNil). 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January \u2014 \u2014 Charged to pro\ufb01t or loss 1.6 \u2014 Balance at 31 December 1.6 \u2014 Furthermore, \u20ac3.0 million of an existing loan to Gameco was impaired as at 31 December 2022 (refer to Note 20B). At 31 December 2021, there was a loan impairment of \u20ac1.2 million relating to BGO. B. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. Balances due within one year equal their carrying balances as the impact of discounting is not significant. Contractual cash \ufb02ows 2022 Carrying amount \u20ac\u2019m Tota l \u20ac\u2019m Within 1 year \u20ac\u2019m 1\u20135 years \u20ac\u2019m More than 5 years \u20ac\u2019m Bonds 547.6 604.6 221.1 383.5 \u2014 Lease liability 85.8 110.2 34.1 43.1 33.0 Contingent consideration and redemption liability 2.9 7.9 0.2 7.7 \u2014 Trade payables 61.2 61.2 61.2 \u2014 \u2014 Progressive and other operators\u2019 jackpots 114.3 114.3 114.3 \u2014 \u2014 Client funds 39.8 39.8 39.8 \u2014 \u2014 Interest payable 7.4 7.4 7.4 \u2014 \u2014 Provisions for risks and charges 13.9 13.9 3.9 10.0 \u2014 872.9 959.3 482.0 444.3 33.0 2021 Loans and borrowings 1 67.1 173.8 3.3 170.5 \u2014 Bonds 875.0 979.7 34.8 944.9 \u2014 Lease liability 90.1 107.1 22.3 59.7 25.1 Contingent consideration and redemption liability 11.0 11.6 5.1 6.5 \u2014 Trade payables 41.3 41.3 41.3 \u2014 \u2014 Progressive and other operators\u2019 jackpots 110.7 110.7 110.7 \u2014 \u2014 Client funds 30.4 30.4 30.4 \u2014 \u2014 Interest payable 10.4 10.4 10.4 \u2014 \u2014 Provisions for risks and charges 16.7 16.7 3.2 13.5 \u2014 1,352.7 1,481.7 261.5 1,195.1 25.1 212 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 38 \u2013 Financial instruments and risk management continued C. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return. Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Foreign exchange risk arises because the Group has operations located in various parts of the world. However, the functional currency of those operations is the same as the Group\u2019s primary currency (Euro) and the Group is not substantially exposed to fluctuations in exchange rates in respect of assets held overseas. Foreign exchange risk also arises when the Group operations enters into foreign transactions, and when the Group holds cash balances, in currencies denominated in a currency other than the functional currency. 31 December 2022 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tota l \u20ac\u2019m Continuing operations Cash and cash equivalents 338.5 5.8 60.2 22.4 426.9 Progressive operators\u2019 jackpots and security deposits (139.0) (0.2) (14.9) \u2014 (154.1) Cash and cash equivalents less client funds 199.5 5.6 45.3 22.4 272.8 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Continuing operations Cash and cash equivalents 477.4 34.9 41.5 22.2 576.0 Progressive operators\u2019 jackpots and security deposits (126.6) (0.1 ) (14.4) \u2014 (141.1) Cash and cash equivalents less client funds 350.8 34.8 27.1 22.2 434.9 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Treated as held for sale Cash and cash equivalents 85.1 211.1 44.4 25.5 366.1 Client funds and client deposits (63.7) (208.6) (12.1 ) (24.4) (308.8) Cash and cash equivalents less client funds 21.4 2.5 32.3 1.1 57.3 The Group\u2019s policy is not to enter into any currency hedging transactions. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate bonds and loans and borrowings. At 31 December 2022, none of the Group\u2019s borrowings are at a variable rate of interest (2021: 16%). Any reasonably possible change to the interest rate would have an immaterial effect on the interest payable. Equity price risk The Group is exposed to market risk by way of holding some investments in other companies on a short-term basis. Variations in market value over the life of these investments will have an immaterial impact on the balance sheet and the statement of comprehensive income. 213 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Notes to the financial statements continued Note 39 \u2013 Reconciliation of movement of liabilities to cash flows arising from financing activities Liabilities Loans and borrowings \u20ac\u2019m Bonds \u20ac\u2019m Interest on loans and borrowings and bonds \u20ac\u2019m Contingent consideration and redemption liability \u20ac\u2019m Lease liabilities \u20ac\u2019m Tot al \u20ac\u2019m Balance at 1 January 2022 167.1 875.0 10.4 11.0 95.3 1,158.8 Changes from \ufb01nancing cash \ufb02ows Interest payable on bonds and loans and borrowings \u2014 \u2014 (36.7) \u2014 \u2014 (36.7) Repayment of loans and borrowings (166.1) \u2014 \u2014 \u2014 \u2014 (166.1) Repayment of bonds \u2014 (330.0) \u2014 \u2014 \u2014 (330.0) Payment of contingent consideration and redemption liability \u2014 \u2014 \u2014 (5.9) \u2014 (5.9) Principal paid on lease liability \u2014 \u2014 \u2014 \u2014 (22.5) (22.5) Interest paid on lease liability \u2014 \u2014 \u2014 \u2014 (5.7) (5.7) Total changes from \ufb01nancing cash \ufb02ows (166.1) (330.0) (36.7) (5.9) (28.2) (566.9) Other changes Liability related New leases \u2014 \u2014 \u2014 \u2014 19.0 19.0 Interest on bonds, bank borrowings and other borrowings \u2014 2.6 33.6 \u2014 \u2014 36.2 Interest on lease liability \u2014 \u2014 \u2014 \u2014 5.7 5.7 Movement in deferred and contingent consideration and redemption liability \u2014 \u2014 \u2014 (4.3) \u2014 (4.3) Payment of contingent consideration related to investments \u2014 \u2014 \u2014 (1.0) \u2014 (1.0) Additional contingent consideration \u2014 \u2014 \u2014 2.9 \u2014 2.9 Disposal of subsidiary/discontinued operations \u2014 \u2014 \u2014 \u2014 (4.7) (4.7) Foreign exchange difference (1.0) \u2014 \u2014 0.2 (1.3) (2.1 ) Total liability-related other changes (1.0) 2.6 33.6 (2.2) 18.7 51.7 Balance at 31 December 2022 \u2014 547.6 7.3 2.9 85.8 643.6 Liabilities Loans and borrowings \u20ac\u2019m Bonds \u20ac\u2019m Interest on loans and borrowings and bonds \u20ac\u2019m Contingent consideration and redemption liability \u20ac\u2019m Lease liabilities \u20ac\u2019m Tot al \u20ac\u2019m Balance at 1 January 2021 308.9 873.1 10.5 9.7 88.3 1,290.5 Changes from \ufb01nancing cash \ufb02ows Interest payable on bonds and loans and borrowings \u2014 \u2014 (39.4) \u2014 \u2014 (39.4) Repayment of loans and borrowings (150.0) \u2014 \u2014 \u2014 \u2014 (150.0) Payment of contingent consideration and redemption liability \u2014 \u2014 \u2014 (0.7) \u2014 (0.7) Principal paid on lease liability \u2014 \u2014 \u2014 \u2014 (22.7) (22.7) Interest paid on lease liability \u2014 \u2014 \u2014 \u2014 (5.6) (5.6) Total changes from \ufb01nancing cash \ufb02ows (150.0) \u2014 (39.4) (0.7) (28.3) (218.4) Other changes Liability related New leases \u2014 \u2014 \u2014 \u2014 26.8 26.8 Interest on bonds, bank borrowings and other borrowings \u2014 1.9 39.3 \u2014 \u2014 41.2 Interest on lease liability \u2014 \u2014 \u2014 \u2014 5.6 5.6 Movement in deferred and contingent consideration and redemption liability \u2014 \u2014 \u2014 6.2 \u2014 6.2 Payment of contingent consideration related to investments \u2014 \u2014 \u2014 (4.1) \u2014 (4.1) Foreign exchange difference 8.2 \u2014 \u2014 (0.1) 2.9 11.0 Total liability-related other changes 8.2 1.9 39.3 2.0 35.3 86.7 Balance at 31 December 2021 167.1 875.0 10.4 11.0 95.3 1,158.8 214 Playtech plc Annual Report and Financial Statements 2022 Financial Statements Note 40 \u2013 Events after the reporting date Post year end, 50% of the service fee entitlement of a third-party service provider of the Group in connection with one of the Group\u2019s structured agreements was redeemed pursuant to the exercise of an option. A redemption payment of \u20ac41.3 million was made to the service provider in March 2023. Post year end, the RTO explained in Note 23 completed, resulting in the Group owning 16% of the issued and outstanding common shares of Baden Resources Inc (now renamed to NorthStar Gaming Holdings Inc.), as well as warrants giving the Group the right to further increase its stake potentially beyond 20% of the issued and outstanding common shares. In March 2023 the Group announced a strategic partnership with Hard Rock Digital (HRD), the exclusive, global vehicle for interactive gaming and sports betting for Hard Rock International and Seminole Gaming, to supply its products and services predominantly under long-term commercial agreements. Alongside these commercial arrangements, the Group has also invested $85 million (c.\u20ac80 million) in exchange for a low single digit percentage minority equity ownership stake in HRD.",
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"fact-557": {
"value": "Note 1 \u2013 General Playtech plc (the \u201cCompany\u201d) is an Isle of Man company. The registered office is located at St George\u2019s Court, Upper Church Street, Douglas, Isle of Man IM1 1EE. These consolidated financial statements comprise the Company and its subsidiaries (together referred to as the \u201cGroup\u201d). ",
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"fact-554": {
"value": "Playtech plc (the \u201cCompany\u201d) is an Isle of Man company. The registered office is located at St George\u2019s Court, Upper Church Street, Douglas, ",
"dimensions": {
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"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Playtech plc",
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"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
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"value": "St George\u2019s Court, Upper Church Street, Douglas, Isle of Man IM1 1EE",
"dimensions": {
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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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"fact-558": {
"value": "Note 2 \u2013 Basis of preparation These consolidated financial statements have been prepared in accordance with the UK adopted International Accounting Standards (IAS). They were authorised for issue by the Company\u2019s Board of Directors on 23 March 2023. Details of the Group\u2019s accounting policies are included in Note 5. Going concern basis In adopting the going concern basis in the preparation of the financial statements, the Directors have considered the current trading performance, financial position and liquidity of the Group, the principal and emerging risks and uncertainties together with scenario planning and reverse stress tests. The Directors have assessed going concern over a 15-month period to 30 June 2024 which aligns with the six-monthly covenant measurement period. 31 December 2022 \u20ac\u2019m 31 December 2021 \u20ac\u2019m Cash and cash equivalents 426.5 575.4 Cash held on behalf of clients, progressive jackpots and security deposits (154.1) (141.1) Adjusted gross cash and cash equivalents (excluding assets and liabilities held for sale) 272.4 434.3 Despite the decline in adjusted gross cash and cash equivalents from \u20ac434.3 million at 31 December 2021 to \u20ac272.4 million at 31 December 2022, the Group continues to hold a strong liquidity position. The decline from the prior year is explained by the full repayment of the revolving credit facility (RCF) drawn amounting to \u20ac166.1 million, as well as the \u20ac330.0 million partial repayment of the 2018 Bond, both offset by the cash proceeds from disposal of the Financial segment of \u20ac223.9 million (refer to Note 25), as well as the Group\u2019s strong performance during the year. The Directors have reviewed liquidity and covenant forecasts for the Group, which assume that there will be no further lockdowns on a global scale. The Directors have also considered sensitivities in respect of potential downside scenarios, reverse stress tests and the mitigating actions available to management. The modelling of downside scenarios assessed if there was a significant risk to the Group\u2019s liquidity and covenant compliance position. This includes risks such as not realising budget/forecasts across certain markets and any potential implications of changes in tax and other regulations, as well as the impact on cash flow should the share buyback scheme and other shareholder return options resume. The Group\u2019s principal financing arrangements include an RCF up to \u20ac277.0 million, the 2018 Bond amounting to \u20ac200.0 million post partial repayment and the 2019 Bond amounting to \u20ac350.0 million which are repayable in October 2023 and March 2026 respectively. The RCF has been restructured during the year reducing the credit line from \u20ac317.0 million to \u20ac277.0 million and is available until October 2025, with the Group having the option to extend by 12 months. The remaining \u20ac200.0 million balance of the 2018 Bond will be due upon expiration in October 2023, with the current plan assuming this will be paid through cash reserves, rather than refinanced. The RCF is subject to certain financial covenants which are tested every six months on a rolling 12-month basis, as set out in Notes 27 and 28. As at 31 December 2022, the Group comfortably met its covenants which were as follows: \u2022 Leverage: Net Debt/Adjusted EBITDA to be less than 3.5:1 for the 12 months ended 31 December 2022 (12 months ended 31 December 2021: 3:1). \u2022 Interest cover: Adjusted EBITDA/Interest to be over 4:1 for the 12 months ended 31 December 2022 (12 months ended 31 December 2021: 4:1). The Bonds only have one financial covenant, being the Fixed Charge Coverage Ratio (same as the Interest cover ratio for the RCF), which should equal or be greater than 2:1. If the Group\u2019s results are in line with its base case projections as approved by the Board it would not be in breach of the financial covenants for a period of no less than 15 months from approval of these financial statements (the \u201crelevant going concern period\u201d). This period covers the bank reporting requirements for June 2023, December 2023 and June 2024 and is the main reason why the Directors selected a 15-month period of assessment. Stress test The stress test assumes a worst-case scenario for the entire Group which includes additional sensitivities around Italy, the Americas and Asia, but with mitigations similar to the ones taken in 2020 and 2021 (including salary and capital expenditure reductions). It also considers the impact of cash flow should the share buyback scheme commence again, as well as other shareholder return options. Under this scenario Adjusted EBITDA would fall on average by 7% per month compared to the base case over the relevant going concern period, but the Group would not breach its covenants. Reverse stress test The reverse stress test was used to identify the reduction in Adjusted EBITDA required that could result in either a liquidity event or breach of the RCF and bond covenants. As a result of completing this assessment, without considering further mitigating actions, management considered the likelihood of the reverse stress test scenario arising to be remote. In reaching this conclusion management considered the following: Note 2 \u2013 Basis of preparation continued Going concern basis continued Reverse stress test continued \u2022 current trading is performing above the base case; \u2022 Adjusted EBITDA would have to fall by 87% in the year ending 31 December 2023 and 88% in the 12 months to June 2024 compared to the base case, to cause a breach of covenants; and \u2022 in the event that revenues decline to this point to drive the decrease in Adjusted EBITDA, additional mitigating actions are available to management which have not been factored into the reverse stress test scenario. As such, the Directors have a reasonable expectation that the Group will have adequate financial resources to continue in operational existence over the relevant going concern period and have therefore considered it appropriate to adopt the going concern basis of preparation in the financial statements. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-614": {
"value": "Going concern basis In adopting the going concern basis in the preparation of the financial statements, the Directors have considered the current trading performance, financial position and liquidity of the Group, the principal and emerging risks and uncertainties together with scenario planning and reverse stress tests. The Directors have assessed going concern over a 15-month period to 30 June 2024 which aligns with the six-monthly covenant measurement period. 31 December 2022 \u20ac\u2019m 31 December 2021 \u20ac\u2019m Cash and cash equivalents 426.5 575.4 Cash held on behalf of clients, progressive jackpots and security deposits (154.1) (141.1) Adjusted gross cash and cash equivalents (excluding assets and liabilities held for sale) 272.4 434.3 Despite the decline in adjusted gross cash and cash equivalents from \u20ac434.3 million at 31 December 2021 to \u20ac272.4 million at 31 December 2022, the Group continues to hold a strong liquidity position. The decline from the prior year is explained by the full repayment of the revolving credit facility (RCF) drawn amounting to \u20ac166.1 million, as well as the \u20ac330.0 million partial repayment of the 2018 Bond, both offset by the cash proceeds from disposal of the Financial segment of \u20ac223.9 million (refer to Note 25), as well as the Group\u2019s strong performance during the year. The Directors have reviewed liquidity and covenant forecasts for the Group, which assume that there will be no further lockdowns on a global scale. The Directors have also considered sensitivities in respect of potential downside scenarios, reverse stress tests and the mitigating actions available to management. The modelling of downside scenarios assessed if there was a significant risk to the Group\u2019s liquidity and covenant compliance position. This includes risks such as not realising budget/forecasts across certain markets and any potential implications of changes in tax and other regulations, as well as the impact on cash flow should the share buyback scheme and other shareholder return options resume. The Group\u2019s principal financing arrangements include an RCF up to \u20ac277.0 million, the 2018 Bond amounting to \u20ac200.0 million post partial repayment and the 2019 Bond amounting to \u20ac350.0 million which are repayable in October 2023 and March 2026 respectively. The RCF has been restructured during the year reducing the credit line from \u20ac317.0 million to \u20ac277.0 million and is available until October 2025, with the Group having the option to extend by 12 months. The remaining \u20ac200.0 million balance of the 2018 Bond will be due upon expiration in October 2023, with the current plan assuming this will be paid through cash reserves, rather than refinanced. The RCF is subject to certain financial covenants which are tested every six months on a rolling 12-month basis, as set out in Notes 27 and 28. As at 31 December 2022, the Group comfortably met its covenants which were as follows: \u2022 Leverage: Net Debt/Adjusted EBITDA to be less than 3.5:1 for the 12 months ended 31 December 2022 (12 months ended 31 December 2021: 3:1). \u2022 Interest cover: Adjusted EBITDA/Interest to be over 4:1 for the 12 months ended 31 December 2022 (12 months ended 31 December 2021: 4:1). The Bonds only have one financial covenant, being the Fixed Charge Coverage Ratio (same as the Interest cover ratio for the RCF), which should equal or be greater than 2:1. If the Group\u2019s results are in line with its base case projections as approved by the Board it would not be in breach of the financial covenants for a period of no less than 15 months from approval of these financial statements (the \u201crelevant going concern period\u201d). This period covers the bank reporting requirements for June 2023, December 2023 and June 2024 and is the main reason why the Directors selected a 15-month period of assessment. Stress test The stress test assumes a worst-case scenario for the entire Group which includes additional sensitivities around Italy, the Americas and Asia, but with mitigations similar to the ones taken in 2020 and 2021 (including salary and capital expenditure reductions). It also considers the impact of cash flow should the share buyback scheme commence again, as well as other shareholder return options. Under this scenario Adjusted EBITDA would fall on average by 7% per month compared to the base case over the relevant going concern period, but the Group would not breach its covenants. Reverse stress test The reverse stress test was used to identify the reduction in Adjusted EBITDA required that could result in either a liquidity event or breach of the RCF and bond covenants. As a result of completing this assessment, without considering further mitigating actions, management considered the likelihood of the reverse stress test scenario arising to be remote. In reaching this conclusion management considered the following: Going concern basis continued Reverse stress test continued \u2022 current trading is performing above the base case; \u2022 Adjusted EBITDA would have to fall by 87% in the year ending 31 December 2023 and 88% in the 12 months to June 2024 compared to the base case, to cause a breach of covenants; and \u2022 in the event that revenues decline to this point to drive the decrease in Adjusted EBITDA, additional mitigating actions are available to management which have not been factored into the reverse stress test scenario. As such, the Directors have a reasonable expectation that the Group will have adequate financial resources to continue in operational existence over the relevant going concern period and have therefore considered it appropriate to adopt the going concern basis of preparation in the financial statements. ",
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"fact-560": {
"value": "Note 3 \u2013 Functional and presentation currency These consolidated financial statements are presented in Euro, which is the Company\u2019s functional currency. The functional currency for subsidiaries includes Euro, United States Dollar and British Pound. All amounts have been rounded to the nearest million, unless otherwise indicated. ",
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"fact-559": {
"value": "Note 4 \u2013 New standards, interpretations and amendments adopted by the Group New standards, interpretations and amendments adopted from 1 January 2022 The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022, but do not have a material impact on the consolidated financial statements of the Group. New standards, interpretations and amendments not yet effective There a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The amendments are applied retrospectively for annual periods on or after 1 January 2023: \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting Policies. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term \u201csignificant accounting policies\u201d with \u201cmaterial accounting policy information\u201d. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted, and are applied prospectively. The amendments to IFRS Practice Statement 2 do not contain an effective date or transition requirements. \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \u201cmonetary amounts in financial statements that are subject to measurement uncertainty\u201d. The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the standard with the following clarifications: \u2022 A change in accounting estimate that results from new information or new developments is not the correction of an error. \u2022 The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors. The amendments are effective for annual periods beginning on or after 1 January 2023 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier application permitted. The Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the Group. The following amendments are effective for the period beginning 1 January 2024: \u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current \u2013 deferral of effective date. The amendments affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount of timing of recognition of any asset, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on the rights that are in existence at the end of the reporting period, specify that the classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain the rights that are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of \u201csettlement\u201d to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. ",
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},
"fact-615": {
"value": "Note 4 \u2013 New standards, interpretations and amendments adopted by the Group New standards, interpretations and amendments adopted from 1 January 2022 The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2022, but do not have a material impact on the consolidated financial statements of the Group. New standards, interpretations and amendments not yet effective There a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early. The amendments are applied retrospectively for annual periods on or after 1 January 2023: \u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Disclosure of Accounting Policies. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term \u201csignificant accounting policies\u201d with \u201cmaterial accounting policy information\u201d. Accounting policy information is material if, when considered together with other information included in an entity\u2019s financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. The amendments to IAS 1 are effective for annual periods beginning on or after 1 January 2023, with earlier application permitted, and are applied prospectively. The amendments to IFRS Practice Statement 2 do not contain an effective date or transition requirements. \u2022 Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates. The amendments replace the definition of a change in accounting estimates with a definition of accounting estimates. Under the new definition, accounting estimates are \u201cmonetary amounts in financial statements that are subject to measurement uncertainty\u201d. The definition of a change in accounting estimates was deleted. However, the Board retained the concept of changes in accounting estimates in the standard with the following clarifications: \u2022 A change in accounting estimate that results from new information or new developments is not the correction of an error. \u2022 The effects of a change in an input or a measurement technique used to develop an accounting estimate are changes in accounting estimates if they do not result from the correction of prior period errors. The amendments are effective for annual periods beginning on or after 1 January 2023 to changes in accounting policies and changes in accounting estimates that occur on or after the beginning of that period, with earlier application permitted. The Group does not expect any other standards issued by the IASB, but not yet effective, to have a material impact on the Group. The following amendments are effective for the period beginning 1 January 2024: \u2022 Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current and Classification of Liabilities as Current or Non-current \u2013 deferral of effective date. The amendments affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount of timing of recognition of any asset, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on the rights that are in existence at the end of the reporting period, specify that the classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain the rights that are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of \u201csettlement\u201d to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. 151 Playtech plc Annual Rep",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-556": {
"value": "Note 5 \u2013 Significant accounting policies The Group has consistently applied the following accounting policies to all periods presented in the consolidated financial statements, except if mentioned otherwise. A. Basis of consolidation (i) Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill arising is tested semi-annually for impairment. Any gain on a bargain purchase is recognised in the profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in the profit or loss. A contingent consideration in which the contingent payments are forfeited if employment is terminated is compensation for the post-combination services and is not included in the calculation of the consideration and recognised as employee-related costs. Cash payments arising from settlement of contingent consideration and redemption liability are disclosed in financing activities in the consolidated statement of cash flows. When a business combination is achieved in stages, the Group\u2019s previously held interests in the acquired entity are remeasured to its acquisition- date fair value and the resulting gain or loss, if any, is recognised in the profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to the profit or loss, where such treatment would be appropriate if that interest were disposed of. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. Control is achieved when the Group: \u2022 has the power over the entity; \u2022 is exposed, or has rights, to variable return from its involvement with the entity; and \u2022 has the ability to use its power over the entity to affect its returns. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Where the Group holds a currently exercisable call option, the rights arising as a result of the exercise of the call option are included in the assessment above of whether the Group has control. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (iii) Non-controlling interests (NCI) NCI are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. Changes in the Group\u2019s interest in a subsidiary that do not result in a change of control are accounted for as equity transactions. The difference between the consideration and the carrying value of the NCI is recognised as profit/loss in the retained earnings. (iv) Loss of control When the Group loses control over a subsidiary it derecognises the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognised in the profit or loss. (v) Investments in associates and equity call options An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. In the consolidated financial statements, the Group\u2019s investments in associates are accounted for using the equity method of accounting. Note 5 \u2013 Significant accounting policies continued A. Basis of consolidation continued (v) Investments in associates and equity call options continued Under the equity method, the investment in an associate or a joint venture is carried in the consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the associate. The Group\u2019s share of the results of the associate is included in the profit or loss. Losses of the associate or joint venture in excess of the Group\u2019s cost of the investment are recognised as a liability only when the Group has incurred obligations on behalf of the associate. On acquisition of the investment, any difference between the cost of the investment and share of the associate\u2019s identifiable assets and liabilities is accounted for as follows: \u2022 Any premium paid is capitalised and included in the carrying amount of the associate. \u2022 Any excess of the share of the net fair value of the associate\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the share of the associate\u2019s profit or loss in the period in which the investment is acquired. Any intangibles identified and included as part of the investment are amortised over their assumed useful economic life. Where there is objective evidence that the investment in an associate may be impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets. The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the profit or loss outside operating profit and represents profit or loss before tax. The associated tax charge is disclosed in income tax. The Group recognises its share of any changes in the equity of the associate through the consolidated statement of changes in equity. Profits and losses resulting from transactions between the Group and the associate are eliminated to the extent of the Group\u2019s interest in the associate. The Group applies equity accounting only up to the date an investment in associate meets the criteria for classification as held for sale. From then onwards, the investment is measured at the lower of its carrying amount and fair value less costs to sell. When potential voting rights or other derivatives containing potential voting rights exist, the Group\u2019s interest in an associate is determined solely on the basis of existing ownership interests and does not reflect the possible exercise or conversion of potential voting rights and other derivative instruments unless there is an existing ownership interest as a result of a transaction that currently gives it access to the returns associated with an ownership interest. In such circumstances, the proportion allocated to the entity is determined by taking into account the eventual exercise of those potential voting rights and other derivative instruments that currently give the entity access to the returns. When instruments containing potential voting rights in substance currently give access to the returns associated with an ownership interest in an associate or a joint venture, the instruments are not subject to IFRS 9 and equity accounting is applied. In all other cases, instruments containing potential voting rights in an associate or a joint venture are accounted for in accordance with IFRS 9. A derivative financial asset is measured under fair value under IFRS 9. In the case where there is significant influence, but the option is not currently exercisable, there is still an investment in associate but as there is no current access to profits the option is fair valued instead. Derivatives are recorded at fair value and classified as assets when their fair value is positive and as liabilities when their fair value is negative. Subsequently, derivatives are measured at fair value. (vi) Equity investments held at fair value All equity investments in scope of IFRS 9 are measured at fair value in the balance sheet. Fair value changes are recognised in the profit or loss. Fair value is based on quoted market prices (Level 1). Where this is not possible, fair value is assessed based on alternative methods (Level 3). (vii) Transactions eliminated on consolidation Intra-group balances and transactions are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. B. Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in the profit or loss and presented within finance costs. (ii) Foreign operations On consolidation, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into Euro at the exchange rates at the reporting date and their statements of profit or loss are translated into Euro at the end of each month at the average exchange rate for the month which approximates the exchange rates at the date of the transactions. The exchange differences arising on the translation for consolidation are recognised in other comprehensive income (OCI) and accumulated in the foreign exchange reserve. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the foreign exchange reserve relating to the foreign operation is reclassified to the profit or loss as part of the gain or loss on disposal. Note 5 \u2013 Significant accounting policies continued C. Discontinued operation A discontinued operation is a component of the Group\u2019s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale. When an operation is classified as a discontinued operation, the comparative statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year. D. Revenue recognition The majority of the Group\u2019s revenue is derived from selling services with revenue recognised when services have been delivered to the customer. Revenue comprises the fair value of the consideration received or receivable for the supply of services in the ordinary course of the Group\u2019s activities. Revenue is recognised when economic benefits are expected to flow to the Group. Specific criteria and performance obligations are described below for each of the Group\u2019s material revenue streams. Type of income Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms B2B licensee fee Licensee fee is the standard operator income of the Group which relates to licensed technology and the provision of certain services provided via various distribution channels (online, mobile or land-based interfaces). Licensee fee is based on the underlying gaming revenue earned by our licensees calculated using the contractual terms in place. Revenue is recognised when performance obligation is met which is when the gaming transaction occurs. The payment terms of the B2B licensee fee is on average 30 days from the invoice date. B2B \ufb01xed-fee income Fixed-fee income is the standard operator income of the Group which includes revenue derived from the provision of certain services and licensed technology for which charges are based on a fixed fee and/or stepped according to the monthly usage of the service/technology. The usage measurement is typically reset on a monthly basis. The performance obligation is met and revenue is recognised once the obligations under the contracts have been met which is when the services have been provided. Services provided and fees for: a. minimum revenue guarantee: the additional balance billed by the Group on a monthly basis for the difference in the minimum guarantee per licensee contract and actual performance; and b. other: hosting, live, set-up, content delivery network and maintenance fees. The fees charge to licensees for these services are fixed per month. The amounts for the above are recognised over the life of the contracts and are typically charged on a fixed percentage and stepped according to the monthly usage of the service depending on the type of service. Set-up fees are recognised over the whole period of the contract, with an average period of 36 months. The revenue is recognised monthly over the period of the contract and the payment terms of the B2B fixed fee income is on average 30 days from the invoice date. B2B cost-based revenue Cost-based revenue is the standard operator income of the Group which is made of the total revenue charged to the licensee based on the development costs needed to satisfy the contract with the licensee. The largest type of service included in cost-based revenue is the dedicated team costs. Dedicated team employees are charged back to the client based on time spent on each product. Cost-based revenues are recognised on a monthly basis based on the contract in place of licensee with Playtech and any additional services needed on development are charged to the licensee upon delivery of the service. The payment terms of the B2B cost-based revenue is on average 30 days from the invoice date. B2B revenue received from the sale of hardware Revenue received from the sale of hardware is the total revenue charged to customers upon the sale of each hardware product. The performance obligation is met and revenue is recognised on delivery of the hardware and acceptance by the customer. Revenue received from future sale of hardware is recognised as deferred revenue. Once the obligation for the future sale is met, revenue is then recognised in profit or loss. The payment terms of the B2B revenue received from the sale of hardware is on average 30 days from the invoice date. Additional B2B services fee This income is calculated based on the profit and/or net revenues generated by the customer in return for the additional services provided to them by the Group. This is typically charged on a monthly basis and is measured using a predetermined percentage set in each licensee arrangement. The revenue is only recognised when the customer\u2019s activities go live and the revenue from the additional B2B services is recognised only once the Group is unconditionally contractually entitled to it. The Directors have determined that this is when the customer starts generating profits which is later than when the customer goes live with its B2C operations. The Directors' rationale is that there is uncertainty that the Group will collect the consideration to which it is entitled before the customer starts generating profits and therefore, the revenue is wholly variable. The payment terms of the additional B2B services fees is on average 30 days from the invoice date . Type of income Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms B2C revenue In respect of B2C Snaitech revenues, the Group acts as principal with the end customer, with specific revenue policies as follows: \u2022 The revenues from land-based gaming machines are recognised net of the winnings, jackpots and certain flat-rate gaming tax. \u2022 The revenue from online gaming (games of skill/casino/bingo) are recognised net of the winnings, jackpots, bonuses and certain flat-rate gaming tax. In respect of Casino and Bingo, revenue is recognised at the conclusion of the bet. Revenue from games of skill is recognised at the conclusion of the bet. \u2022 The revenues related to the acceptance of fixed odds bets are considered financial instruments under IFRS 9 and are recognised net of certain flat-rate gaming tax, winnings, bonuses and the fair value of open bets. \u2022 Revenues related to fixed odds bets are recognised at the conclusion of the event. \u2022 Poker revenues in the form of commission (i.e. rake) is recognised at the conclusion of each poker hand. The performance obligation is the provision of the poker games to the players. \u2022 All the revenues from gaming machines are recorded net of players\u2019 winnings and certain gaming taxes while the concession fees payable to the regulator and the compensation of operators, franchisees and platform providers are accounted as expenses. Revenue is recognised at the time of the bet. Where the gaming tax incurred is directly measured by reference to the individual customer transaction and related to the stake (described as \u201cflat-rate tax\u201d above), this is deducted from revenue. Where the tax incurred is measured by reference to the Group\u2019s net result from betting and gaming activity, this is not deducted from revenue and is recognised as an expense. In respect of Sun Bingo and B2C Sport revenue, the Group acts as principal with the end customer, with revenue being recognised at the conclusion of the event, net of winnings, jackpots and bonuses. Financial trading income (discontinued operations) Financial trading income represents gains (including commission) and losses arising on client trading activity, primarily in contracts for difference on shares, indexes, commodities and foreign exchange. Open client positions are carried at fair market value and gains and losses arising on this valuation are recognised in revenue as well as gains and losses realised on positions that have closed. The performance obligation is met in the accounting periods in which the trading transaction occurs and is concluded. Based on the services provided by the Group, excluding certain rebates provided to customers in the Financial division, no return, refund and other similar obligations exist. Moreover, no warranties and related obligations exist. E. Share-based payments Certain employees participate in the Group\u2019s share option plans. Following the 2012 LTIP employees are granted cash-settled options and equity-settled options. The Remuneration Committee has the option to determine if the option will be settled in cash or equity, a decision that is made at grant date. The fair value of the equity-settled options granted is charged to the profit or loss on a straight-line basis over the vesting period and the credit is taken to equity, based on the Group\u2019s estimate of shares that will eventually vest. Fair value is determined by the Black-Scholes, Monte Carlo or binomial valuation model, as appropriate. The cash-settled options are presented as a liability. The liability is remeasured at each reporting date and settlement date so that the ultimate liability equals the cash payment on settlement date. Remeasurements of the fair value of the liability are recognised in profit or loss. The Group has also granted awards to be distributed from the Group\u2019s Employee Benefit Trust. The fair value of these awards is based on the market price at the date of the grant; some of the grants have performance conditions. The performance conditions are for the Executive Management and include targets based on growth in earnings per share and total shareholder return over a specific period compared to other competitors. The fair value of the awards with market performance conditions is factored into the overall fair value and determined using a Monte Carlo method. Where these options lapse due to not meeting market performance conditions the share option charge is not reversed. F. Income tax The income tax expense represents the sum of the tax currently payable and deferred tax. (i) Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist tax advice. Note 5 \u2013 Significant accounting policies continued D. Revenue recognition continued Note 5 \u2013 Significant accounting policies continued F. Income tax continued (ii) Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised in the period in which the deductible temporary differences arise when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which are expected to reverse, or where it is probable that taxable profit will be available against which a deductible temporary difference can be utilised. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside the profit or loss is recognised outside the profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently, if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was recognised during the measurement period or is otherwise recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. The tax base of assets and liabilities is assessed at each reporting date, and changes in the tax base that result from internal reorganisations, changes in the expected manner of recovery or changes in tax law are reflected in the calculation of deductible and taxable temporary differences. G. Finance expense Finance expense arising on interest-bearing financial instruments carried at amortised cost are recognised in the profit or loss using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. Interest expense arising on the above during the period is disclosed under the financing activities in the consolidated statement of cash flows. H. Inventories Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. Note 5 \u2013 Significant accounting policies continued I. Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. (ii) Subsequent expenditure Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. (iii) Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight- line method over their estimated useful lives, and is generally recognised in profit or loss. Land is not depreciated. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: % Computers and gaming machines 20\u201333 Office furniture and equipment 7\u201333 Freehold and leasehold buildings and improvements 3\u201320, or over the length of the lease Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. J. Intangible assets and goodwill (i) Recognition and measurement Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the profit or loss on the acquisition date as a gain on bargain purchase. Externally acquired intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Business combinations Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques. Internally generated intangible assets (development costs) Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Expenditure includes salaries, wages and other employee-related costs directly engaged in generating the assets and any other expenditure that is directly attributable to generating the assets (i.e. certifications and amortisation of right of use assets). Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the profit or loss as incurred. (iii) Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in the profit or loss. Goodwill is not amortised. Note 5 \u2013 Significant accounting policies continued J. Intangible assets and goodwill continued (iii) Amortisation continued The estimated useful lives for current and comparative periods are as follows: % Domain names Nil Internally generated capitalised development costs 20\u201333 Technology IP 13\u201333 Customer lists In line with projected cash \ufb02ows or 7\u201320 Affiliate contracts 5\u201312.5 Patents and licences 10\u201333 or over the period of the licence Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. K. Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets on a pro rata basis, except that no loss is allocated to inventories, financial assets or deferred tax assets, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in the profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. L. Financial instruments Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \u2022 financial assets at amortised cost (debt instruments); \u2022 financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments); \u2022 financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); and \u2022 financial assets at fair value through profit or loss. Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, loans receivable and cash and cash equivalents. Cash and cash equivalents consist of cash at bank and in hand, short-term deposits with an original maturity of less than three months and customer balances. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the profit or loss. This category includes listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. Note 5 \u2013 Significant accounting policies continued L. Financial instruments continued (i) Financial assets continued Financial assets at fair value through profit or loss continued The Group recognises a debt financial instrument with an embedded conversion option, such as a loan convertible into ordinary shares of an entity, as a financial asset in the balance sheet. On initial recognition, the convertible loan is measured at fair value with any gain or loss arising on subsequent measurement until conversion recognised in profit or loss. On conversion of a convertible instrument, the Group derecognises the financial asset component and recognises it as an investment (equity interest, associate, joint venture or subsidiary) depending on the results of the assessment performed under the relevant standards. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers whether there has been a significant increase in credit risk depending on the characteristics of each debt instrument. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement, and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither: transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay . Impairment The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. (ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or; derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 financial liabilities at fair value through profit or loss; and \u2022 financial liabilities at amortised cost (loans and borrowings and bonds). Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in the profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the profit or loss. Note 5 \u2013 Significant accounting policies continued L. Financial instruments continued (ii) Financial liabilities continued Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the profit or loss . (iii) Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. M. Share capital Ordinary shares are classified as equity and are stated at the proceeds received net of direct issue costs. N. Share buyback Consideration paid for the share buyback is recognised against the additional paid in capital. Any excess of the consideration paid over the weighted average price of shares in issue is debited to the retained earnings. O. Employee Benefit Trust Consideration paid/received for the purchase/sale of shares subsequently put in the Employee Benefit Trust, which is controlled by the Company, is recognised directly in equity. The cost of shares held is presented as a separate reserve (the \u201cEmployee Benefit Trust reserve\u201d). Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings. P. Dividends Dividends are recognised when they become legally due. In the case of interim dividends to equity shareholders, this is when paid by the Directors. In the case of final dividends, this is when they are declared and approved by the shareholders at the AGM. Q. Impairment of non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested semi-annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in the profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. R. Provisions Provisions for legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Where 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 minimum. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. 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 liability. Note 5 \u2013 Significant accounting policies continued S. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right of use assets representing the right to use the underlying assets. (i) Right of use assets The Group recognises right of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated amortisation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of use assets are amortised on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. (ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset or is recorded in the profit or loss if the carrying amount of the right of use asset has been reduced to zero. The cash payments made in relation to long-term leases is split between principal and interest paid on lease liability and disclosed within financing activities in the consolidated statement of cash flows. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term and included within financing activities in the consolidated statement of cash flows. T. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (a) in the principal market for the asset or liability; or (b) in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 quoted (unadjusted) market prices in active markets for identical assets or liabilities. \u2022 Level 2 \u2013 valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. \u2022 Level 3 \u2013 valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. Note 5 \u2013 Significant accounting policies continued U. Adjusted results The Group discloses EBITDA, being the profit before interest, taxes, depreciation and amortisation. EBITDA is a measure of the Group\u2019s overall financial performance and profitability which the Directors consider useful to reflect the underlying performance of the business. The Board of Directors believes that in order to best represent the trading performance and results of the Group, the reported numbers should exclude certain non-cash items, one-off items and the impact of substantial reorganisations and acquisition-related items. Adjusted EBITDA and Adjusted Profit/Loss after making these exclusions are therefore presented alongside the reported EBITDA and reported Profit/loss in the consolidated statement of comprehensive income. The Directors use the Adjusted EBITDA and Adjusted Profit/Loss to understand, manage and evaluate the business and make operating decisions. These adjusted measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, compensation of the executives is based in part on the performance of the business based on Adjusted EBITDA. Adjusted results exclude the following items: \u2022 Material non-cash items: these items are excluded to better analyse the underlying cash transactions of the business as the management regularly monitors the operating cash conversion to Adjusted EBITDA. \u2022 Material one-off items: there items are excluded to get normalised results that are distorted by unusual or infrequent items unusual or infrequent items that are excluded to get normalised results that were previously distorted by these items. Unusual items include highly abnormal, one-off and only incidentally relating to the ordinary activities of the Group. Infrequent items are those which are not reasonably expected to recur in the foreseeable future given the environment in which the Group operates. \u2022 Material reorganisations and acquisition-related items: these items are excluded as they are not considered related to the ordinary activities of the business and are not considered to be ongoing costs of the operations of the business. In addition, management presents underlying adjusted results and constant currency adjusted results to the Board of Directors. Underlying adjusted results are presented as an alternative performance measure to exclude the impact of acquisitions made in the period or in the comparable period in order to present a more accurate \u201clike-for-like\u201d comparison over the comparable period. Constant currency adjusted results are presented in order to try and present measures that exclude the effect of currency fluctuations. In view of the fact that the Group has transactions in foreign currencies and may be affected from the fluctuations of the currencies, all transactions in foreign currencies are converted to Euro using the exchange rate of the comparable period. As these are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Group\u2019s definition of these non-GAAP measures may not be comparable to other similarly titled measures reported by other companies. A full reconciliation of adjustments is included in Note 10. ",
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"fact-561": {
"value": "A. Basis of consolidation (i) Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill arising is tested semi-annually for impairment. Any gain on a bargain purchase is recognised in the profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in the profit or loss. A contingent consideration in which the contingent payments are forfeited if employment is terminated is compensation for the post-combination services and is not included in the calculation of the consideration and recognised as employee-related costs. Cash payments arising from settlement of contingent consideration and redemption liability are disclosed in financing activities in the consolidated statement of cash flows. When a business combination is achieved in stages, the Group\u2019s previously held interests in the acquired entity are remeasured to its acquisition- date fair value and the resulting gain or loss, if any, is recognised in the profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to the profit or loss, where such treatment would be appropriate if that interest were disposed of. (ii) Subsidiaries Subsidiaries are entities controlled by the Group. Control is achieved when the Group: \u2022 has the power over the entity; \u2022 is exposed, or has rights, to variable return from its involvement with the entity; and \u2022 has the ability to use its power over the entity to affect its returns. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Where the Group holds a currently exercisable call option, the rights arising as a result of the exercise of the call option are included in the assessment above of whether the Group has control. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases. (iii) Non-controlling interests (NCI) NCI are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. Changes in the Group\u2019s interest in a subsidiary that do not result in a change of control are accounted for as equity transactions. The difference between the consideration and the carrying value of the NCI is recognised as profit/loss in the retained earnings. (iv) Loss of control When the Group loses control over a subsidiary it derecognises the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognised in the profit or loss. (v) Investments in associates and equity call options An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. In the consolidated financial statements, the Group\u2019s investments in associates are accounted for using the equity method of accounting. A. Basis of consolidation continued (v) Investments in associates and equity call options continued Under the equity method, the investment in an associate or a joint venture is carried in the consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the associate. The Group\u2019s share of the results of the associate is included in the profit or loss. Losses of the associate or joint venture in excess of the Group\u2019s cost of the investment are recognised as a liability only when the Group has incurred obligations on behalf of the associate. On acquisition of the investment, any difference between the cost of the investment and share of the associate\u2019s identifiable assets and liabilities is accounted for as follows: \u2022 Any premium paid is capitalised and included in the carrying amount of the associate. \u2022 Any excess of the share of the net fair value of the associate\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the share of the associate\u2019s profit or loss in the period in which the investment is acquired. Any intangibles identified and included as part of the investment are amortised over their assumed useful economic life. Where there is objective evidence that the investment in an associate may be impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets. The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the profit or loss outside operating profit and represents profit or loss before tax. The associated tax charge is disclosed in income tax. The Group recognises its share of any changes in the equity of the associate through the consolidated statement of changes in equity. Profits and losses resulting from transactions between the Group and the associate are eliminated to the extent of the Group\u2019s interest in the associate. The Group applies equity accounting only up to the date an investment in associate meets the criteria for classification as held for sale. From then onwards, the investment is measured at the lower of its carrying amount and fair value less costs to sell. When potential voting rights or other derivatives containing potential voting rights exist, the Group\u2019s interest in an associate is determined solely on the basis of existing ownership interests and does not reflect the possible exercise or conversion of potential voting rights and other derivative instruments unless there is an existing ownership interest as a result of a transaction that currently gives it access to the returns associated with an ownership interest. In such circumstances, the proportion allocated to the entity is determined by taking into account the eventual exercise of those potential voting rights and other derivative instruments that currently give the entity access to the returns. When instruments containing potential voting rights in substance currently give access to the returns associated with an ownership interest in an associate or a joint venture, the instruments are not subject to IFRS 9 and equity accounting is applied. In all other cases, instruments containing potential voting rights in an associate or a joint venture are accounted for in accordance with IFRS 9. A derivative financial asset is measured under fair value under IFRS 9. In the case where there is significant influence, but the option is not currently exercisable, there is still an investment in associate but as there is no current access to profits the option is fair valued instead. Derivatives are recorded at fair value and classified as assets when their fair value is positive and as liabilities when their fair value is negative. Subsequently, derivatives are measured at fair value. (vi) Equity investments held at fair value All equity investments in scope of IFRS 9 are measured at fair value in the balance sheet. Fair value changes are recognised in the profit or loss. Fair value is based on quoted market prices (Level 1). Where this is not possible, fair value is assessed based on alternative methods (Level 3). (vii) Transactions eliminated on consolidation Intra-group balances and transactions are eliminated. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-616": {
"value": "(i) Business combinations The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The consideration transferred in the acquisition is generally measured at fair value, as are the identifiable net assets acquired. Any goodwill arising is tested semi-annually for impairment. Any gain on a bargain purchase is recognised in the profit or loss immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities. Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured, and settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in the profit or loss. A contingent consideration in which the contingent payments are forfeited if employment is terminated is compensation for the post-combination services and is not included in the calculation of the consideration and recognised as employee-related costs. Cash payments arising from settlement of contingent consideration and redemption liability are disclosed in financing activities in the consolidated statement of cash flows. When a business combination is achieved in stages, the Group\u2019s previously held interests in the acquired entity are remeasured to its acquisition- date fair value and the resulting gain or loss, if any, is recognised in the profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to the profit or loss, where such treatment would be appropriate if that interest were disposed of. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-617": {
"value": "(ii) Subsidiaries Subsidiaries are entities controlled by the Group. Control is achieved when the Group: \u2022 has the power over the entity; \u2022 is exposed, or has rights, to variable return from its involvement with the entity; and \u2022 has the ability to use its power over the entity to affect its returns. The Group reassesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Group has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant facts and circumstances in assessing whether or not the Company\u2019s voting rights in an investee are sufficient to give it power, including: \u2022 the size of the Group\u2019s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; \u2022 potential voting rights held by the Company, other vote holders or other parties; \u2022 rights arising from other contractual arrangements; and \u2022 any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders\u2019 meetings. Where the Group holds a currently exercisable call option, the rights arising as a result of the exercise of the call option are included in the assessment above of whether the Group has control. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date on which control ceases.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-618": {
"value": "(v) Investments in associates and equity call options An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. The considerations made in determining significant influence or joint control are similar to those necessary to determine control over subsidiaries. In the consolidated financial statements, the Group\u2019s investments in associates are accounted for using the equity method of accounting. (v) Investments in associates and equity call options continued Under the equity method, the investment in an associate or a joint venture is carried in the consolidated balance sheet at cost plus post-acquisition changes in the Group\u2019s share of the net assets of the associate. The Group\u2019s share of the results of the associate is included in the profit or loss. Losses of the associate or joint venture in excess of the Group\u2019s cost of the investment are recognised as a liability only when the Group has incurred obligations on behalf of the associate. On acquisition of the investment, any difference between the cost of the investment and share of the associate\u2019s identifiable assets and liabilities is accounted for as follows: \u2022 Any premium paid is capitalised and included in the carrying amount of the associate. \u2022 Any excess of the share of the net fair value of the associate\u2019s identifiable assets and liabilities over the cost of the investment is included as income in the determination of the share of the associate\u2019s profit or loss in the period in which the investment is acquired. Any intangibles identified and included as part of the investment are amortised over their assumed useful economic life. Where there is objective evidence that the investment in an associate may be impaired the carrying amount of the investment is tested for impairment in the same way as other non-financial assets. The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the profit or loss outside operating profit and represents profit or loss before tax. The associated tax charge is disclosed in income tax. The Group recognises its share of any changes in the equity of the associate through the consolidated statement of changes in equity. Profits and losses resulting from transactions between the Group and the associate are eliminated to the extent of the Group\u2019s interest in the associate. The Group applies equity accounting only up to the date an investment in associate meets the criteria for classification as held for sale. From then onwards, the investment is measured at the lower of its carrying amount and fair value less costs to sell. When potential voting rights or other derivatives containing potential voting rights exist, the Group\u2019s interest in an associate is determined solely on the basis of existing ownership interests and does not reflect the possible exercise or conversion of potential voting rights and other derivative instruments unless there is an existing ownership interest as a result of a transaction that currently gives it access to the returns associated with an ownership interest. In such circumstances, the proportion allocated to the entity is determined by taking into account the eventual exercise of those potential voting rights and other derivative instruments that currently give the entity access to the returns. When instruments containing potential voting rights in substance currently give access to the returns associated with an ownership interest in an associate or a joint venture, the instruments are not subject to IFRS 9 and equity accounting is applied. In all other cases, instruments containing potential voting rights in an associate or a joint venture are accounted for in accordance with IFRS 9. A derivative financial asset is measured under fair value under IFRS 9. In the case where there is significant influence, but the option is not currently exercisable, there is still an investment in associate but as there is no current access to profits the option is fair valued instead. Derivatives are recorded at fair value and classified as assets when their fair value is positive and as liabilities when their fair value is negative. Subsequently, derivatives are measured at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-562": {
"value": "B. Foreign currency (i) Foreign currency transactions Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured at fair value in a foreign currency are translated into the functional currency at the exchange rate when the fair value was determined. Non-monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction. Foreign currency differences are generally recognised in the profit or loss and presented within finance costs. (ii) Foreign operations On consolidation, the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into Euro at the exchange rates at the reporting date and their statements of profit or loss are translated into Euro at the end of each month at the average exchange rate for the month which approximates the exchange rates at the date of the transactions. The exchange differences arising on the translation for consolidation are recognised in other comprehensive income (OCI) and accumulated in the foreign exchange reserve. When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is lost, the cumulative amount in the foreign exchange reserve relating to the foreign operation is reclassified to the profit or loss as part of the gain or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-563": {
"value": "C. Discontinued operation A discontinued operation is a component of the Group\u2019s business, the operations and cash flows of which can be clearly distinguished from the rest of the Group and which: \u2022 represents a separate major line of business or geographical area of operations; \u2022 is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2022 is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale. When an operation is classified as a discontinued operation, the comparative statement of comprehensive income is re-presented as if the operation had been discontinued from the start of the comparative year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-564": {
"value": "D. Revenue recognition The majority of the Group\u2019s revenue is derived from selling services with revenue recognised when services have been delivered to the customer. Revenue comprises the fair value of the consideration received or receivable for the supply of services in the ordinary course of the Group\u2019s activities. Revenue is recognised when economic benefits are expected to flow to the Group. Specific criteria and performance obligations are described below for each of the Group\u2019s material revenue streams. Type of income Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms B2B licensee fee Licensee fee is the standard operator income of the Group which relates to licensed technology and the provision of certain services provided via various distribution channels (online, mobile or land-based interfaces). Licensee fee is based on the underlying gaming revenue earned by our licensees calculated using the contractual terms in place. Revenue is recognised when performance obligation is met which is when the gaming transaction occurs. The payment terms of the B2B licensee fee is on average 30 days from the invoice date. B2B \ufb01xed-fee income Fixed-fee income is the standard operator income of the Group which includes revenue derived from the provision of certain services and licensed technology for which charges are based on a fixed fee and/or stepped according to the monthly usage of the service/technology. The usage measurement is typically reset on a monthly basis. The performance obligation is met and revenue is recognised once the obligations under the contracts have been met which is when the services have been provided. Services provided and fees for: a. minimum revenue guarantee: the additional balance billed by the Group on a monthly basis for the difference in the minimum guarantee per licensee contract and actual performance; and b. other: hosting, live, set-up, content delivery network and maintenance fees. The fees charge to licensees for these services are fixed per month. The amounts for the above are recognised over the life of the contracts and are typically charged on a fixed percentage and stepped according to the monthly usage of the service depending on the type of service. Set-up fees are recognised over the whole period of the contract, with an average period of 36 months. The revenue is recognised monthly over the period of the contract and the payment terms of the B2B fixed fee income is on average 30 days from the invoice date. B2B cost-based revenue Cost-based revenue is the standard operator income of the Group which is made of the total revenue charged to the licensee based on the development costs needed to satisfy the contract with the licensee. The largest type of service included in cost-based revenue is the dedicated team costs. Dedicated team employees are charged back to the client based on time spent on each product. Cost-based revenues are recognised on a monthly basis based on the contract in place of licensee with Playtech and any additional services needed on development are charged to the licensee upon delivery of the service. The payment terms of the B2B cost-based revenue is on average 30 days from the invoice date. B2B revenue received from the sale of hardware Revenue received from the sale of hardware is the total revenue charged to customers upon the sale of each hardware product. The performance obligation is met and revenue is recognised on delivery of the hardware and acceptance by the customer. Revenue received from future sale of hardware is recognised as deferred revenue. Once the obligation for the future sale is met, revenue is then recognised in profit or loss. The payment terms of the B2B revenue received from the sale of hardware is on average 30 days from the invoice date. Additional B2B services fee This income is calculated based on the profit and/or net revenues generated by the customer in return for the additional services provided to them by the Group. This is typically charged on a monthly basis and is measured using a predetermined percentage set in each licensee arrangement. The revenue is only recognised when the customer\u2019s activities go live and the revenue from the additional B2B services is recognised only once the Group is unconditionally contractually entitled to it. The Directors have determined that this is when the customer starts generating profits which is later than when the customer goes live with its B2C operations. The Directors' rationale is that there is uncertainty that the Group will collect the consideration to which it is entitled before the customer starts generating profits and therefore, the revenue is wholly variable. The payment terms of the additional B2B services fees is on average 30 days from the invoice date Type of income Nature, timing of satisfaction of performance obligations and signi\ufb01cant payment terms B2C revenue In respect of B2C Snaitech revenues, the Group acts as principal with the end customer, with specific revenue policies as follows: \u2022 The revenues from land-based gaming machines are recognised net of the winnings, jackpots and certain flat-rate gaming tax. \u2022 The revenue from online gaming (games of skill/casino/bingo) are recognised net of the winnings, jackpots, bonuses and certain flat-rate gaming tax. In respect of Casino and Bingo, revenue is recognised at the conclusion of the bet. Revenue from games of skill is recognised at the conclusion of the bet. \u2022 The revenues related to the acceptance of fixed odds bets are considered financial instruments under IFRS 9 and are recognised net of certain flat-rate gaming tax, winnings, bonuses and the fair value of open bets. \u2022 Revenues related to fixed odds bets are recognised at the conclusion of the event. \u2022 Poker revenues in the form of commission (i.e. rake) is recognised at the conclusion of each poker hand. The performance obligation is the provision of the poker games to the players. \u2022 All the revenues from gaming machines are recorded net of players\u2019 winnings and certain gaming taxes while the concession fees payable to the regulator and the compensation of operators, franchisees and platform providers are accounted as expenses. Revenue is recognised at the time of the bet. Where the gaming tax incurred is directly measured by reference to the individual customer transaction and related to the stake (described as \u201cflat-rate tax\u201d above), this is deducted from revenue. Where the tax incurred is measured by reference to the Group\u2019s net result from betting and gaming activity, this is not deducted from revenue and is recognised as an expense. In respect of Sun Bingo and B2C Sport revenue, the Group acts as principal with the end customer, with revenue being recognised at the conclusion of the event, net of winnings, jackpots and bonuses. Financial trading income (discontinued operations) Financial trading income represents gains (including commission) and losses arising on client trading activity, primarily in contracts for difference on shares, indexes, commodities and foreign exchange. Open client positions are carried at fair market value and gains and losses arising on this valuation are recognised in revenue as well as gains and losses realised on positions that have closed. The performance obligation is met in the accounting periods in which the trading transaction occurs and is concluded. Based on the services provided by the Group, excluding certain rebates provided to customers in the Financial division, no return, refund and other similar obligations exist. Moreover, no warranties and related obligations exist. D. Revenue recognition continued ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-565": {
"value": "E. Share-based payments Certain employees participate in the Group\u2019s share option plans. Following the 2012 LTIP employees are granted cash-settled options and equity-settled options. The Remuneration Committee has the option to determine if the option will be settled in cash or equity, a decision that is made at grant date. The fair value of the equity-settled options granted is charged to the profit or loss on a straight-line basis over the vesting period and the credit is taken to equity, based on the Group\u2019s estimate of shares that will eventually vest. Fair value is determined by the Black-Scholes, Monte Carlo or binomial valuation model, as appropriate. The cash-settled options are presented as a liability. The liability is remeasured at each reporting date and settlement date so that the ultimate liability equals the cash payment on settlement date. Remeasurements of the fair value of the liability are recognised in profit or loss. The Group has also granted awards to be distributed from the Group\u2019s Employee Benefit Trust. The fair value of these awards is based on the market price at the date of the grant; some of the grants have performance conditions. The performance conditions are for the Executive Management and include targets based on growth in earnings per share and total shareholder return over a specific period compared to other competitors. The fair value of the awards with market performance conditions is factored into the overall fair value and determined using a Monte Carlo method. Where these options lapse due to not meeting market performance conditions the share option charge is not reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-566": {
"value": "F. Income tax The income tax expense represents the sum of the tax currently payable and deferred tax. (i) Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. A provision is recognised for those matters for which the tax determination is uncertain, but it is considered probable that there will be a future outflow of funds to a tax authority. The provisions are measured at the best estimate of the amount expected to become payable. The assessment is based on the judgement of tax professionals within the Company supported by previous experience in respect of such activities and in certain cases based on specialist tax advice. F. Income tax continued (ii) Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised in the period in which the deductible temporary differences arise when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which are expected to reverse, or where it is probable that taxable profit will be available against which a deductible temporary difference can be utilised. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside the profit or loss is recognised outside the profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently, if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was recognised during the measurement period or is otherwise recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. The tax base of assets and liabilities is assessed at each reporting date, and changes in the tax base that result from internal reorganisations, changes in the expected manner of recovery or changes in tax law are reflected in the calculation of deductible and taxable temporary differences. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-619": {
"value": "(ii) Deferred tax Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date. Deferred tax liabilities are recognised for all taxable temporary differences, except: \u2022 when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, when the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised in the period in which the deductible temporary differences arise when there are sufficient taxable temporary differences relating to the same taxation authority and the same taxable entity which are expected to reverse, or where it is probable that taxable profit will be available against which a deductible temporary difference can be utilised. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2022 when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and \u2022 in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognised outside the profit or loss is recognised outside the profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity. Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that date, are recognised subsequently, if new information about facts and circumstances change. The adjustment is either treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was recognised during the measurement period or is otherwise recognised in profit or loss. The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. The tax base of assets and liabilities is assessed at each reporting date, and changes in the tax base that result from internal reorganisations, changes in the expected manner of recovery or changes in tax law are reflected in the calculation of deductible and taxable temporary differences. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-567": {
"value": "G. Finance expense Finance expense arising on interest-bearing financial instruments carried at amortised cost are recognised in the profit or loss using the effective interest rate method. Finance expense includes the amortisation of fees that are an integral part of the effective finance cost of a financial instrument, including issue costs, and the amortisation of any other differences between the amount initially recognised and the redemption price. All finance expenses are recognised over the availability period. Interest expense arising on the above during the period is disclosed under the financing activities in the consolidated statement of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-568": {
"value": "H. Inventories Inventories are initially recognised at cost, and subsequently at the lower of cost and net realisable value. Cost comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-569": {
"value": "I. Property, plant and equipment (i) Recognition and measurement Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. (ii) Subsequent expenditure Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group. (iii) Depreciation Depreciation is calculated to write off the cost of items of property, plant and equipment less their estimated residual values using the straight- line method over their estimated useful lives, and is generally recognised in profit or loss. Land is not depreciated. The estimated useful lives of property, plant and equipment for current and comparative periods are as follows: % Computers and gaming machines 20\u201333 Office furniture and equipment 7\u201333 Freehold and leasehold buildings and improvements 3\u201320, or over the length of the lease Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-570": {
"value": "J. Intangible assets and goodwill (i) Recognition and measurement Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the profit or loss on the acquisition date as a gain on bargain purchase. Externally acquired intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Business combinations Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques. Internally generated intangible assets (development costs) Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Expenditure includes salaries, wages and other employee-related costs directly engaged in generating the assets and any other expenditure that is directly attributable to generating the assets (i.e. certifications and amortisation of right of use assets). Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the profit or loss as incurred. (iii) Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in the profit or loss. Goodwill is not amortised. J. Intangible assets and goodwill continued (iii) Amortisation continued The estimated useful lives for current and comparative periods are as follows: % Domain names Nil Internally generated capitalised development costs 20\u201333 Technology IP 13\u201333 Customer lists In line with projected cash \ufb02ows or 7\u201320 Affiliate contracts 5\u201312.5 Patents and licences 10\u201333 or over the period of the licence Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-620": {
"value": "Goodwill Goodwill represents the excess of the cost of a business combination over the Group\u2019s interest in the fair value of identifiable assets, liabilities and contingent liabilities acquired. Cost comprises the fair value of assets given, liabilities assumed and equity instruments issued, plus the amount of any non-controlling interests in the acquiree plus, if the business combination is achieved in stages, the fair value of the existing equity interest in the acquiree. Contingent consideration is included in cost at its acquisition date fair value and, in the case of contingent consideration classified as a financial liability, remeasured subsequently through profit or loss. Direct costs of acquisition are recognised immediately as an expense. Goodwill is capitalised as an intangible asset with any impairment in carrying value being charged to the profit or loss. Where the fair value of identifiable assets, liabilities and contingent liabilities exceed the fair value of consideration paid, the excess is credited in full to the profit or loss on the acquisition date as a gain on bargain purchase. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-621": {
"value": "Externally acquired intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amortisation and any accumulated impairment losses. Business combinations Intangible assets are recognised on business combinations if they are separable from the acquired entity or give rise to other contractual/legal rights. The amounts ascribed to such intangibles are arrived at by using appropriate valuation techniques. Internally generated intangible assets (development costs) Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognised as intangible assets where the following criteria are met: \u2022 it is technically feasible to complete the software so that it will be available for use; \u2022 management intends to complete the software and use or sell it; \u2022 there is an ability to use or sell the software; \u2022 it can be demonstrated how the software will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and \u2022 the expenditure attributable to the software during its development can be reliably measured. The amount initially recognised for internally generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Expenditure includes salaries, wages and other employee-related costs directly engaged in generating the assets and any other expenditure that is directly attributable to generating the assets (i.e. certifications and amortisation of right of use assets). Where no internally generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. (ii) Subsequent expenditure Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised in the profit or loss as incurred. (iii) Amortisation Amortisation is calculated to write off the cost of intangible assets less their estimated residual values using the straight-line method over their estimated useful lives and is generally recognised in the profit or loss. Goodwill is not amortised. (iii) Amortisation continued The estimated useful lives for current and comparative periods are as follows: % Domain names Nil Internally generated capitalised development costs 20\u201333 Technology IP 13\u201333 Customer lists In line with projected cash \ufb02ows or 7\u201320 Affiliate contracts 5\u201312.5 Patents and licences 10\u201333 or over the period of the licence Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-572": {
"value": "K. Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held for sale if it is highly probable that they will be recovered primarily through sale rather than through continuing use. The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Such assets, or disposal groups, are measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated first to goodwill, and then to the remaining assets on a pro rata basis, except that no loss is allocated to inventories, financial assets or deferred tax assets, which continue to be measured in accordance with the Group\u2019s other accounting policies. Impairment losses on initial classification as held for sale or held for distribution and subsequent gains and losses on remeasurement are recognised in the profit or loss. Once classified as held for sale, intangible assets and property, plant and equipment are no longer amortised or depreciated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-571": {
"value": "L. Financial instruments Initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. (i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \u2022 financial assets at amortised cost (debt instruments); \u2022 financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments); \u2022 financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); and \u2022 financial assets at fair value through profit or loss. Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, loans receivable and cash and cash equivalents. Cash and cash equivalents consist of cash at bank and in hand, short-term deposits with an original maturity of less than three months and customer balances. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the profit or loss. This category includes listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. L. Financial instruments continued (i) Financial assets continued Financial assets at fair value through profit or loss continued The Group recognises a debt financial instrument with an embedded conversion option, such as a loan convertible into ordinary shares of an entity, as a financial asset in the balance sheet. On initial recognition, the convertible loan is measured at fair value with any gain or loss arising on subsequent measurement until conversion recognised in profit or loss. On conversion of a convertible instrument, the Group derecognises the financial asset component and recognises it as an investment (equity interest, associate, joint venture or subsidiary) depending on the results of the assessment performed under the relevant standards. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers whether there has been a significant increase in credit risk depending on the characteristics of each debt instrument. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement, and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither: transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay . Impairment The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. (ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or; derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 financial liabilities at fair value through profit or loss; and \u2022 financial liabilities at amortised cost (loans and borrowings and bonds). Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in the profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the profit or loss. L. Financial instruments continued (ii) Financial liabilities continued Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the profit or loss . (iii) Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-622": {
"value": "(i) Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through other comprehensive income and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component or for which the Group has applied the practical expedient are measured at the transaction price. In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model. Subsequent measurement For purposes of subsequent measurement, financial assets are classified in four categories: \u2022 financial assets at amortised cost (debt instruments); \u2022 financial assets at fair value through other comprehensive income with recycling of cumulative gains and losses (debt instruments); \u2022 financial assets designated at fair value through other comprehensive income with no recycling of cumulative gains and losses upon derecognition (equity instruments); and \u2022 financial assets at fair value through profit or loss. Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in the profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost include trade receivables, loans receivable and cash and cash equivalents. Cash and cash equivalents consist of cash at bank and in hand, short-term deposits with an original maturity of less than three months and customer balances. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the balance sheet at fair value with net changes in fair value recognised in the profit or loss. This category includes listed equity investments which the Group had not irrevocably elected to classify at fair value through OCI. (i) Financial assets continued Financial assets at fair value through profit or loss continued The Group recognises a debt financial instrument with an embedded conversion option, such as a loan convertible into ordinary shares of an entity, as a financial asset in the balance sheet. On initial recognition, the convertible loan is measured at fair value with any gain or loss arising on subsequent measurement until conversion recognised in profit or loss. On conversion of a convertible instrument, the Group derecognises the financial asset component and recognises it as an investment (equity interest, associate, joint venture or subsidiary) depending on the results of the assessment performed under the relevant standards. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit rating of the debt instrument. In addition, the Group considers whether there has been a significant increase in credit risk depending on the characteristics of each debt instrument. Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement, and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither: transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay . Impairment The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-637": {
"value": "Derecognition A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated balance sheet) when: \u2022 the rights to receive cash flows from the asset have expired; or \u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u201cpass-through\u201d arrangement, and either (a) the Group has transferred substantially all the risks and rewards of the asset; or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a passthrough arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither: transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the profit or loss ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "Impairment The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-623": {
"value": "(ii) Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or; derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2022 financial liabilities at fair value through profit or loss; and \u2022 financial liabilities at amortised cost (loans and borrowings and bonds). Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial liabilities at amortised cost This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (EIR) method. Gains and losses are recognised in the profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the profit or loss. (ii) Financial liabilities continued Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the profit or loss . ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-624": {
"value": "(iii) Offsetting Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-573": {
"value": "M. Share capital Ordinary shares are classified as equity and are stated at the proceeds received net of direct issue costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-577": {
"value": "N. Share buyback Consideration paid for the share buyback is recognised against the additional paid in capital. Any excess of the consideration paid over the weighted average price of shares in issue is debited to the retained earnings. O. Employee Benefit Trust Consideration paid/received for the purchase/sale of shares subsequently put in the Employee Benefit Trust, which is controlled by the Company, is recognised directly in equity. The cost of shares held is presented as a separate reserve (the \u201cEmployee Benefit Trust reserve\u201d). Any excess of the consideration received on the sale of treasury shares over the weighted average cost of the shares sold is credited to retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-574": {
"value": "P. Dividends Dividends are recognised when they become legally due. In the case of interim dividends to equity shareholders, this is when paid by the Directors. In the case of final dividends, this is when they are declared and approved by the shareholders at the AGM. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-575": {
"value": "Q. Impairment of non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested semi-annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGUs. Goodwill arising from a business combination is allocated to CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs of disposal. Value in use is based on the estimated future cash flows, discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment losses are recognised in the profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-576": {
"value": "R. Provisions Provisions for legal claims are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Where 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 minimum. Provisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. 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 liability. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-578": {
"value": "S. Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right of use assets representing the right to use the underlying assets. (i) Right of use assets The Group recognises right of use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated amortisation and impairment losses and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right of use assets are amortised on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. (ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right of use asset or is recorded in the profit or loss if the carrying amount of the right of use asset has been reduced to zero. The cash payments made in relation to long-term leases is split between principal and interest paid on lease liability and disclosed within financing activities in the consolidated statement of cash flows. (iii) Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases (i.e. those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term and included within financing activities in the consolidated statement of cash flows. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-579": {
"value": "T. Fair value measurement \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (a) in the principal market for the asset or liability; or (b) in the absence of a principal market, in the most advantageous market for the asset or liability. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 quoted (unadjusted) market prices in active markets for identical assets or liabilities. \u2022 Level 2 \u2013 valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. \u2022 Level 3 \u2013 valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-580": {
"value": "U. Adjusted results The Group discloses EBITDA, being the profit before interest, taxes, depreciation and amortisation. EBITDA is a measure of the Group\u2019s overall financial performance and profitability which the Directors consider useful to reflect the underlying performance of the business. The Board of Directors believes that in order to best represent the trading performance and results of the Group, the reported numbers should exclude certain non-cash items, one-off items and the impact of substantial reorganisations and acquisition-related items. Adjusted EBITDA and Adjusted Profit/Loss after making these exclusions are therefore presented alongside the reported EBITDA and reported Profit/loss in the consolidated statement of comprehensive income. The Directors use the Adjusted EBITDA and Adjusted Profit/Loss to understand, manage and evaluate the business and make operating decisions. These adjusted measures are among the primary factors management uses in planning for and forecasting future periods. Furthermore, compensation of the executives is based in part on the performance of the business based on Adjusted EBITDA. Adjusted results exclude the following items: \u2022 Material non-cash items: these items are excluded to better analyse the underlying cash transactions of the business as the management regularly monitors the operating cash conversion to Adjusted EBITDA. \u2022 Material one-off items: there items are excluded to get normalised results that are distorted by unusual or infrequent items unusual or infrequent items that are excluded to get normalised results that were previously distorted by these items. Unusual items include highly abnormal, one-off and only incidentally relating to the ordinary activities of the Group. Infrequent items are those which are not reasonably expected to recur in the foreseeable future given the environment in which the Group operates. \u2022 Material reorganisations and acquisition-related items: these items are excluded as they are not considered related to the ordinary activities of the business and are not considered to be ongoing costs of the operations of the business. In addition, management presents underlying adjusted results and constant currency adjusted results to the Board of Directors. Underlying adjusted results are presented as an alternative performance measure to exclude the impact of acquisitions made in the period or in the comparable period in order to present a more accurate \u201clike-for-like\u201d comparison over the comparable period. Constant currency adjusted results are presented in order to try and present measures that exclude the effect of currency fluctuations. In view of the fact that the Group has transactions in foreign currencies and may be affected from the fluctuations of the currencies, all transactions in foreign currencies are converted to Euro using the exchange rate of the comparable period. As these are non-GAAP measures, they should not be considered as replacements for IFRS measures. The Group\u2019s definition of these non-GAAP measures may not be comparable to other similarly titled measures reported by other companies. A full reconciliation of adjustments is included in Note 10. ",
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"concept": "playtechplc:DescriptionOfAccountingPolicyForAdjustedResults",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-581": {
"value": "Note 6 \u2013 Significant accounting judgements, estimates and assumptions In preparing these consolidated financial statements, management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual events may differ from these estimates. Judgements In the process of applying the Group\u2019s accounting policies management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements. Revenue from contracts with customers The Group applies judgement in determining whether it is acting as a principal or an agent specifically on the revenue earned under the B2B licensee fee stream. This income falls within the scope of IFRS 15 Revenue from Contracts with Customers. In making these judgements, the Group considers, by examining each contract with its customers, which party has the primary responsibility for providing the services and is exposed to the majority of the risks and rewards associated with providing the services, as well as if it has latitude in establishing prices, either directly or indirectly. The business model of this division is predominantly a revenue share model which is based on royalties earned from B2C business partners\u2019 revenue. IFRS 15, paragraph B37 describes indicators that an entity controls the specified good or service before it is transferred to a customer and therefore acts as the principal. Based on this assessment it was concluded that Playtech is acting as an agent under the B2B licensee fee stream due to the three indicators under B37 which are not satisfied as follows: \u2022 Playtech is responsible in fulfilling the contract to the operator, principally in respect of the software solutions, and not to the end customer which is the responsibility of the operator; \u2022 there is no inventory risk as Playtech does not have the ability to direct the use of, and obtain substantially all of the remaining benefits from the good or service before it is transferred to the end customer; and \u2022 Playtech does not have any discretion in establishing prices set by the operator to third parties. Based on the above it was determined that the Group was acting as agent and revenue is recognised as the net amount of B2B licensee fees received. The majority of this B2B revenue is recognised when the gaming or betting activity used as the basis for the revenue share calculation takes place, and furthermore is only recognised when collection is virtually certain with a legally enforceable right to collect. Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Judgements continued Internally generated intangible assets The Group capitalises costs for product development projects. Expenditure on internally developed products is capitalised when it meets the following criteria: \u2022 adequate resources are available to complete and sell the product; \u2022 the Group is able to sell the product; \u2022 sale of the product will generate future economic benefits; and \u2022 expenditure on the project can be measured reliably. Initial capitalisation of cost is based on the management\u2019s judgement that the technological and economic feasibility is confirmed, usually when product development has reached a defined milestone and future economic benefits are expected to be realised according to an established project management model. Following capitalisation, an assessment is performed in regard to project recoverability which is based on the actual return of the project. During the year, the Group capitalised \u20ac57.5 million (2021: \u20ac51.3 million) and the carrying amount of capitalised development costs as at 31 December 2022 was \u20ac123.2 million (2021: \u20ac122.3 million). Adjusted performance measures As noted in Note 5, paragraph U, the Group presents adjusted performance measures which differ from statutory measures due to exclusion of certain non-cash and one-off items and material reorganisation and acquisition-related items from the actual results. The determination of whether non-cash and one-off items and material reorganisation and acquisition-related items should form part of the adjusted results is a matter of judgement and is based on whether the inclusion/exclusion from the results represent more closely the consistent trading performance of the business. The items excluded from the adjusted measures are described in further detail in Note 10. Provision for risks and charges and potential liabilities The Group operates in a number of regulated markets and is subject to lawsuits and potential lawsuits regarding complex legal matters, which are subject to a different degree of uncertainty in different jurisdictions and under different laws. For all material ongoing and potential legal and regulatory claims against the Group, an assessment is performed to consider whether an obligation or possible obligation exists and to determine the probability of any potential outflow to determine whether a claim results in the recognition of a provision or disclosure of a contingent liability. The timing of payment of provisions is subject to uncertainty and may have an effect on the presentation of the provisions as current and non-current liabilities in the balance sheet. Expected timing of payment and classification of provision is determined by the management based on the latest information available at the reporting date. See Note 29 for further details. Classification of equity call options Background In addition to the provision of software-related solutions as a B2B product, the Group also offers certain customers a form of offering (which includes software and related services) which is termed a \u201cstructured agreement\u201d. Structured agreements are customarily with customers which have a gaming licence and are retail/land based operators that are looking to establish their online B2C businesses \u2013 these customers require initial support beyond the provision of the Group\u2019s standard B2B software technology. With this product offering, Playtech offers additional services to support the customer\u2019s B2C activities over and above the B2B software solution products. Playtech generates revenues from the structured agreements as follows: \u2022 the standard operator revenue (B2B licensee fee income as per Note 5D); and \u2022 revenue based on predefined revenue generated by each customer under the structured agreement which is typically capped at a percentage of the profit (also defined in each agreement) generated by the customer, which compensates Playtech for the additional services provided (additional B2B services fee as per Note 5D). Under these agreements, Playtech typically has a call option to acquire equity in the operating entities. If the call option is exercised by Playtech, the Group would no longer provide certain services (which generally include technical and general strategic support services) and would no longer receive the related additional B2B services fee. This mechanism is not designed as a control feature but mainly to protect Playtech\u2019s position should the customer be subject to an exit transaction. Playtech is therefore able to benefit from any value appreciation in the operation and could also potentially cease to provide the additional B2B services should it choose to do so dependent on the nature of the exit transaction. Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Judgements continued Classification of equity call options continued Judgement applied In respect of each of the structured agreements where the Group holds equity call options, management applies judgement to assess whether the Group has control or significant influence. For each of the Group\u2019s structured agreements an assessment was completed in Note 20 using the below guidance. The existence of control by an entity is evidenced if all of the below are met in accordance with IFRS 10 Consolidated Financial Statements, paragraph 7: \u2022 power over the investee; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect the amount of the investor\u2019s returns. In the cases where the Group assessed that it exercises control over these arrangements, then the company is consolidated in the Group\u2019s annual results in accordance with IFRS 10. The existence of significant influence by an entity is usually evidenced in one or more of the following ways in accordance with IAS 28 Investment in Associates and Joint Ventures, paragraph 6: \u2022 representation on the board of directors or equivalent governing body of the investee; \u2022 participation in policy-making processes, including participation in decisions about dividends or other distributions; \u2022 material transactions between the entity and its investee; \u2022 interchange of managerial personnel; or \u2022 provision of essential technical information. If the conclusion is that the Group has significant influence, the next consideration made is whether there is current access to net profits and losses of the underlying associate. This is determined by the exercise conditions of each relevant equity call option and in particular whether the options are exercisable at the end of each reporting period. If the option is exercisable then the investment is accounted for using the equity accounting method. However, in the cases where the company over which the Group has a current exercisable option generates profits, management made a judgement and concluded that Playtech\u2019s share of profits (were the option to be exercised) should not be recognised as it is unlikely that the profits will be realised as the existing shareholder has the right, and is entitled, to extract distributable profits. As such management did not consider it appropriate to recognise any share of these profits. However, in the cases where the associate has generated losses, the Group\u2019s percentage share is recognised and deducted from the carrying value of the investment in associate. Management has made a further judgement that if the equity call option is not exercisable at the end of the reporting period, then the option is recorded at fair value as per IAS 28, paragraph 14 and recognised as a derivative financial asset as per IFRS 9 Financial Instruments. Furthermore, under some of these arrangements the Group has provided loan advances. In such instances a judgement was made as to whether these amounts form part of the Group\u2019s investment in the associate as per IAS 28, paragraph 38, with a key consideration being whether the Group expects settlement to occur in the foreseeable future. In the case where this is not expected and there is no set repayment term, then it is concluded that in substance these loans are extensions of the entity\u2019s investment in the associate and therefore would form part of the cost of the investment. Finally, the Group has certain agreements in relation to the provision of services by service providers in connection with certain of the Group\u2019s obligations under their various structured agreements. Under these arrangements, the service providers have certain rights to equity. In order for these rights to crystallise, the Group must first exercise the relevant option. A judgement was therefore made that no current liability exists under IAS 32, until the point when Playtech exercises the option. Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, which 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. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a discounted cash flow model (DCF). The cash flows are derived from the budget for the next five years and do not include restructuring activities that the Group is not yet committed to or significant future investments that may enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount of the different CGUs, are disclosed and further explained in Note 19, including a sensitivity analysis for the CGUs with lower headroom. Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Estimates and assumptions continued Income taxes The Group is subject to income tax in several jurisdictions and significant judgement is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Group recognises tax liabilities based on estimates of whether additional taxes and interest will be due. These tax liabilities are recognised when, despite the Group\u2019s belief that its tax return positions are supportable, the Group believes it is more likely than not that a taxation authority would not accept its filing position. In these cases, the Group records its tax balances based on either the most likely amount or the expected value, which weights multiple potential scenarios. The Group believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgements about future events. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made. Where management conclude that it is not probable that the taxation authority will accept an uncertain tax treatment, they calculate the effect of uncertainty in determining the related taxable profit (tax loss), tax bases, unused tax losses, unused tax, credits or tax rates. The effect of uncertainty for each uncertain tax treatment is reflected by using the expected value \u2013 the sum of the probabilities and the weighted amounts in a range of possible outcomes. More details are included in Note 14. Deferred tax asset In evaluating the Group\u2019s ability to recover our deferred tax assets in the jurisdiction from which they arise, management considers all available positive and negative evidence, projected future taxable income, tax-planning strategies and results of recent operations. Deferred tax asset is recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Judgement is required in determining the initial recognition and the subsequent carrying value of the deferred tax assets. Deferred tax asset is only able to be recognised to the extent that utilisation is considered probable. It is possible that a change in profit forecasts or risk factors could result in a material change to the income tax expense and deferred tax asset in future periods. Deferred tax asset in the UK As a result of the Group\u2019s internal restructuring in January 2021, the Group is entitled to UK tax deductions in respect of certain goodwill and intangible assets. A deferred tax asset was recognised as the tax base of the goodwill and intangible assets is in excess of the book value base of those assets. At the beginning of the period, the net recognised deferred tax asset amounted to \u20ac63.6 million. As at 31 December 2022, an additional deferred tax asset of \u20ac5.2 million was recognised. This additional deferred tax asset has been recognised as the Group\u2019s management has concluded that it is probable for the UK entities to continue to generate taxable profits in the future against which the Group can utilise the tax deductions for goodwill and intangible assets giving a tax benefit of \u20ac68.8 million. This represents the benefit of the deductions against forecast profits for the next five years. During the year, \u20ac12.0 million has been utilised and the net recognised deferred tax asset as at 31 December 2022 amounts to \u20ac56.8 million. In addition, a total of \u20ac37.0 million of deferred tax asset has not been recognised in respect of the benefit of future tax deductions expected to arise after the next five years for the remaining useful economic life of the goodwill and intangible assets. The Group reviewed the latest forecasts for the UK companies for the next five years, including their ability to continue to generate income beyond the forecast period under the tax laws substantively enacted at the reporting date. Based on this, the Group\u2019s management concludes that it is probable that the UK companies will continue to generate taxable income in the future. Any future changes in the tax law or the structure of the Group could have a significant effect on the use of the tax deductions, including the period over which the deductions can be utilised. The Group has recognised a deferred tax asset of \u20ac60.4 million in respect of tax losses and excess interest in the UK which are available to offset against the future profits of the UK Group companies. Based on the current forecasts, these losses will be fully utilised over the next five years. Deferred tax assets in Italy The Group has recognised a deferred tax asset of \u20ac23.1 million in respect of tax losses in Italy which are available to offset against the future profits of the Italian Group companies. Based on the current forecasts, these losses will be fully utilised within the next five years. The Group reviewed the latest forecasts for the Italian companies for the next five years, including their ability to continue to generate income beyond the forecast period under the tax laws substantively enacted at the reporting date. Based on this, the Group management concludes that it is probable that the Italian Group companies will continue to generate taxable income in the future against which the losses can be utilised. Any future changes in the tax law or the structure of the Group could have a significant effect on the use of the tax deductions, including the period over which the deductions can be utilised. Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Estimates and assumptions continued Impairment of financial assets The Group undertook a review of trade receivables and other financial assets, as applicable, and their expected credit losses (ECLs). The review considered the macroeconomic outlook, customer credit quality, exposure at default, and effect of payment deferral options as at the reporting date. The ECL methodology and definition of default remained consistent with prior periods. The model inputs, including forward-looking information, scenarios and associated weightings, together with the determination of the staging of exposures, were revised. The Group\u2019s financial assets consist of trade and loans receivables and cash and cash equivalents. ECL on cash balances was considered and calculated by reference to Moody\u2019s credit rating for each financial institution, while ECL on trade and loans receivables was based on past default experience and an assessment of the future economic environment. More details are included in Note 38. In respect of the Group\u2019s Asian licensees\u2019 business model an additional ECL risk was identified due to increase in collection days and uncertainty over timing of receipt of funds. This resulted in an additional provision for bad debts of \u20ac15.4 million (2021: \u20ac7.5 million) recognised in the profit or loss in H1 2022 with nothing further recognised in H2 2022. Sun Bingo agreement Background The News UK contract commenced in 2016 and was originally set for a five-year period to June 2021. Both parties have obligations under the contract, which include News UK providing access to brand and related materials as well as other services. Playtech has the primary responsibility for the operation of the arrangement, but both parties have contractual responsibilities. The related brands are used in Playtech\u2019s B2C service, where the Group acts as the principal, meaning that in the Group\u2019s consolidated statement of comprehensive income: \u2022 revenue from B2C customers is recognised as income; and \u2022 the fees paid to News UK for use of the brands are an expense as they are effectively a supplier. In the original contract, the fees payable were subject to a predetermined annual minimum guarantee (MG) which Playtech had to pay to News UK. During the period from 2016 to 2018, performance was not in line with expectations, and as such, the MG made this operation significantly loss making for the Group. This opened the negotiations with News UK for certain amendments to the contract, which were agreed and signed in February 2019 as follows: \u2022 the MG was still payable up until the end of the original contract period, being June 2021, with no MG payable after that; and \u2022 the contract term was extended to permit Playtech access to News UK\u2019s brands and other related materials and other services, for a longer period, to allow Playtech to recover its MG payments and to make a commercial return as was always envisaged. The term of the contract was extended to end at the earlier of: a) five years from the date when Playtech had fully recovered all MG payments made; or b) 15 years from the renegotiation (i.e. June 2036). Judgements made on recognition and measurement The annual MG paid to News UK was recognised in Playtech\u2019s profit or loss up until February 2019, essentially being expensed over the original term of the contract. However, from the point at which the amended contract became effective, the timing of the MG paid (being based on the original terms) no longer reflected the period over which Playtech was consuming the use of the News UK brands and other related services from them. As such, a prepayment was recorded to reflect the amount that had been paid, as at each period end, which related to the future use of the brands and services. IFRS do not have a specific standard that deals with accounting for prepayments; however, the asset recognised as a prepayment is in accordance with IAS 1 Presentation of Financial Statements. At the commencement of the agreement and on renegotiation of the contract, the Directors considered whether the nature of the arrangement gave rise to any intangible assets. At contract inception the Directors concluded that there were no such assets to recognise as both parties had contractual obligations under the agreement to deliver services, as explained above. Post the contract renegotiation, the amounts to be paid in the remainder of the initial period were considered to be advanced payments in respect of amounts to be earned by News UK over the remainder of the extended contract period. Consequently, the Directors did not believe that there was a fundamental change in the nature of the arrangements and it was considered most appropriate to categorise the amounts paid as operating expense prepayments. As noted above, the term of this renegotiated contract is dependent on the future profitability of the contract, and it was expected that the future profitability would mean the contract would finish before the end of the fixed term period. For this reason, it was considered appropriate that the prepayment recognised should be released to the profit or loss in line with this expected profitability, rather than on a straight-line basis. The amounts held in non-current and current assets of \u20ac63.4 million and \u20ac3.6 million in Notes 21 and 23, respectively, are the difference between the MG actually paid to News UK from February 2019 to June 2021 and the amounts recognised in the Group\u2019s profit or loss from February 2019 to December 2022. Note 6 \u2013 Significant accounting judgements, estimates and assumptions continued Estimates and assumptions continued Sun Bingo agreement continued Judgements made on recognition and measurement continued There is always a risk with any budgeting process that the plan may not be realised. This risk increases the longer the period for which the budget covers and in this instance the period is potentially up to 15 years. When producing the budget management applies reasonable assumptions based on known factors, but sometimes and outside of management\u2019s control, these factors may vary. However, management also reviews these forecasts at each reporting period and more regularly internally and adjusts the expense released accordingly. Based on the most recent forecasts and current profitability and the fact that the Group had been running the operation since 2016 and therefore has significant experience of the level of profitability that can be derived from the operation, it is confident that the performance of the business will allow the full recovery of this asset, before the contract ends. Calculation of legal provisions The Group ascertains a liability in the presence of legal disputes or ongoing lawsuits when it believes it is probable that a financial outlay will take place and when the amount of the losses can be reasonably estimated. The Group is subject to lawsuits regarding complex legal problems, which are subject to a differing degree of uncertainty (also due to a complex legislative framework), including the facts and the circumstances inherent to each case, the jurisdiction and the different laws applicable. Given the uncertainties inherent to these problems, it is difficult to predict with certainty the outlay which will derive from these disputes and it is therefore possible that the value of the provisions for legal proceedings and disputes may vary depending on future developments in the proceedings underway. The Group monitors the status of the disputes underway and consults with its legal advisers and experts on legal and tax-related matters. More details are included in Note 29. Measurement of fair values of equity investments and equity call options The Group\u2019s equity investments and, where applicable (based on the judgements applied above), equity call options held by the Group, are measured at fair value for financial reporting purposes. The Group has an established control framework with respect to the measurement of fair value. In estimating the fair value of an asset and liability, the Group uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Group engages third-party qualified valuers to perform the valuation. The Group works closely with the qualified valuers to establish the appropriate valuation techniques and inputs to the model. As mentioned in Note 20, the Group has: \u2022 investments in listed securities where the fair values of these equity shares are determined by reference to published price quotations in an active market; \u2022 equity investments in entities that are not listed, accounted at fair value through profit or loss under IFRS 9; and \u2022 derivative financial assets (call options in instruments containing potential voting rights), which are accounted at fair value through profit or loss under IFRS 9. The fair value of the equity investments that are not listed and of the derivative financial assets, rely on non-observable inputs that require a higher level of management judgement to calculate a fair value than those based wholly on observable inputs. Valuation techniques are used to calculate fair values include comparisons with similar financial instruments for which market observable prices exist, discounted cash flow analysis and other valuation techniques commonly used by market participants. Upon the use of DCF method, the Group assumes that the expected cash flows are based on the EBITDA. The Group only uses models with unobservable inputs for the valuation of certain unquoted equity investments. In these cases, estimates are made to reflect uncertainties in fair values resulting from a lack of market data inputs, for example, as a result of illiquidity in the market. Inputs into valuations based on unobservable data are inherently uncertain because there is little or no current market data available from which to determine the level at which an arm\u2019s length transaction would occur under normal business conditions. Unobservable inputs are determined based on the best information available. Further details on the fair value of assets are disclosed in Note 20, which includes a significant judgement relating to the public announcement made by the Group on 6 February 2023 where Playtech plc is seeking a declaration from the English Courts to obtain clarification on a point of disagreement between the Group and Caliplay. The following table shows the carrying amount and fair value of non-current assets, as disclosed in Note 20, including their levels in the fair value hierarchy. Carrying amount Fair value 2022 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m Non-current assets Other investments (Note 20B) 9.2 1.4 \u2014 7.8 Derivative \ufb01nancial assets (Note 20C) 636.4 \u2014 \u2014 636.4 645.6 1.4 \u2014 644.2 Carrying amount Fair value 2021 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m Non-current assets Other investments (Note 20B) 8.1 1.6 \u2014 6.5 Derivative \ufb01nancial assets (Note 20C) 622.2 \u2014 \u2014 622.2 630.3 1.6 \u2014 628.7 ",
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"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-582": {
"value": "Note 7 \u2013 Segment information The Group\u2019s reportable segments are strategic business units that offer different products and services. Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker has been identified as the management team including the Chief Executive Officer and the Chief Financial Officer. The operating segments identified are: \u2022 B2B: including Casino, Services, Sport, Bingo, Poker and Other; \u2022 B2C: including Snaitech, Sun Bingo and Other B2C and HAPPYBET; and \u2022 Financial: including B2C and B2B CFD (discontinued operations). The Group-wide profit measures are Adjusted EBITDA and Adjusted Profit (see Note 10). Year ended 31 December 2022 B2B \u20ac\u2019m Snaitech \u20ac\u2019m Sun Bingo and Other B2C \u20ac\u2019m HAPPYBET \u20ac\u2019m Intercompany B2C \u20ac\u2019m Total B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m Revenue 632.4 899.8 65.3 20.1 (2.1) 983.1 (13.7) 1,601.8 74.5 1,676.3 Adjusted EBITDA 160.2 254.2 2.0 (10.8) \u2014 245.4 \u2014 405.6 33.8 439.4 Adjusted Pro\ufb01t/(Loss) attributable to the owners of the Company 43.8 127.4 1.1 (11.8) \u2014 116.7 \u2014 160.5 41.2 201.7 Total assets 1,853.2 1,070.4 89.7 9.1 \u2014 1,169.2 \u2014 3,022.4 \u2014 3,022.4 Total liabilities 697.2 603.2 14.6 6.4 \u2014 624.2 \u2014 1,321.4 \u2014 1,321.4 Year ended 31 December 2021 B2B \u20ac\u2019m Snaitech \u20ac\u2019m Sun Bingo and Other B2C \u20ac\u2019m HAPPYBET \u20ac\u2019m Intercompany B2C \u20ac\u2019m Total B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m Revenue 554.3 584.7 61.9 18.2 (1.1 ) 663.7 (12.6) 1,205.4 46.6 1,252.0 Adjusted EBITDA 139.2 182.6 6.7 (11.4) \u2014 177.9 \u2014 317.1 (23.0) 294.1 Adjusted Pro\ufb01t/(Loss) attributable to the owners of the Company 45.9 83.2 10.3 (11.8) \u2014 81.7 \u2014 127.6 (13.8) 113.8 Total assets 1,911.1 1,154.7 92.9 6.2 \u2014 1,253.8 \u2014 3,164.9 487.4 3,652.3 Total liabilities 842.7 867.3 11.4 5.9 \u2014 884.6 \u2014 1,727.3 343.8 2,071.1 Note 7 \u2013 Segment information continued Geographical analysis of non-current assets The Group\u2019s information about its non-current assets by location is detailed below: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Italy 746.1 755.5 UK 328.4 332.6 Austria 131.5 132.8 Alderney 75.9 100.0 Sweden 59.9 70.2 Gibraltar 27.9 37.7 Cyprus 22.0 25.6 Latvia 15.5 15.9 Australia 18.8 15.1 Ukraine 8.8 11.3 Estonia 7.8 9.4 British Virgin Islands 8.2 8.0 Rest of World 59.7 27.5 1,510.5 1,541.6 ",
"dimensions": {
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"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-583": {
"value": "Note 8 \u2013 Discontinued operation The results of the discontinued operations for the year are presented below: 2022 2021 Actual \u20ac\u2019m Adjusted \u20ac\u2019m Actual \u20ac\u2019m Adjusted \u20ac\u2019m Revenue 74.5 74.5 46.6 46.6 Distribution costs before depreciation and amortisation (34.9) (34.8) (56.9) (56.4) Administrative expenses before depreciation and amortisation (13.3) (4.0) (15.9) (8.5) Impairment of \ufb01nancial assets (1.9) (1.9) (4.7) (4.7) EBITDA 24.4 33.8 (30.9) (23.0) Reversal of impairment of asset held for sale \u2014 \u2014 2.0 \u2014 Finance income 11.6 11.6 12.0 12.0 Finance costs (0.5) (0.5) (0.9) (0.9) Pro\ufb01t on disposal of discontinued operations (Note 25C/25B) 15.1 \u2014 7.6 \u2014 Pro\ufb01t/(loss) before taxation 50.6 44.9 (10.2) (11.9) Tax expense (3.6) (3.7) (1.9) (1.9) Pro\ufb01t/(loss) from discontinued operations, net of tax 47.0 41.2 (12.1 ) (13.8) Note 8 \u2013 Discontinued operation continued All of the profit from discontinued operations, net of tax in the year ended 31 December 2022 relates to the Financial segment, which was disposed during the current year (refer to Note 25C). Included in the loss from discontinued operations, net of tax, in the prior year is a profit on disposal of \u20ac7.6 million relating to the \u201cYoYo\u201d business, which was part of the Group\u2019s Casual and Social Gaming business, all fully disposed during 2021. The remainder of the 2021 results included in the loss from discontinued operations, net of tax, all relate to the Financials segment. The following tables provide a full reconciliation between adjusted and actual results from discontinued operations: For the year ended 31 December 2022 Revenue \u20ac\u2019m EBITDA \u20ac\u2019m Pro\ufb01t from discontinued operations attributable to the owners of the Company \u20ac\u2019m Reported as actual 74.5 24.4 47.0 Employee stock option expenses \u2014 0.3 0.2 Professional fees 1 \u2014 9.1 9.1 Pro\ufb01t on disposal of discontinued operations (Note 25C) \u2014 \u2014 (15.1) Adjusted measure 74.5 33.8 41.2 1 On the completion of the transaction the break fee of US$8.8 million to the Consortium that had previously agreed to acquire the Financial segment, as announced in May 2021 was triggered and therefore paid. This is included in professional fees. For the year ended 31 December 2021 Revenue \u20ac\u2019m EBITDA \u20ac\u2019m Loss from discontinued operations attributable to the owners of the Company \u20ac\u2019m Reported as actual 46.6 (30.9) (12.1 ) Employee stock option expenses \u2014 0.8 0.8 Professional fees \u2014 7.1 7.1 Reversal of impairment of asset held for sale (Note 25C) \u2014 \u2014 (2.0) Pro\ufb01t on disposal of discontinued operations (Note 25B) \u2014 \u2014 (7.6) Adjusted measure 46.6 (23.0) (13.8) Earnings per share from discontinued operations 2022 2021 Actual Adjusted Actual Adjusted Basic (cents) 15.7 13.7 (4.0) (4.6) Diluted (cents) 15.1 13.2 (4.0) (4.6) The net cash flows incurred by the Financial segment in the period are as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Operating 28.2 (2.6) Investing (3.8) (6.9) Financing (1.1) (2.2) Net cash in\ufb02ow/(out\ufb02ow) 23.3 (11.7) The above net cash inflow/(outflow) does not include the disposal proceeds. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-584": {
"value": "Note 9 \u2013 Revenue from contracts with customers The Group has disaggregated revenue into various categories in the following table which is intended to: \u2022 depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by recognition date; and \u2022 enable users to understand the relationship with revenue segment information provided in the segmental information note. Set out below is the disaggregation of the Group\u2019s revenue: Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets The revenues from B2B (consisting of licensee fee, fixed-fee income, revenue received from the sale of hardware, cost-based revenue and additional B2B services fee), B2C and Financials are described in Note 5D. For the year ended 31 December 2022 Primary geographic markets B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m Italy 35.1 897.7 (10.0) 922.8 1.3 924.1 UK 127.0 65.2 (3.7) 188.5 34.1 222.6 Mexico 123.7 \u2014 \u2014 123.7 0.3 124.0 Malta 55.7 \u2014 \u2014 55.7 0.1 55.8 Philippines 51.2 \u2014 \u2014 51.2 \u2014 51.2 Spain 27.7 \u2014 \u2014 27.7 1.0 28.7 Gibraltar 24.9 \u2014 \u2014 24.9 \u2014 24.9 Poland 21.9 \u2014 \u2014 21.9 0.1 22.0 Netherlands 20.2 \u2014 \u2014 20.2 1.0 21.2 Greece 20.5 \u2014 \u2014 20.5 0.3 20.8 Curacao 20.2 \u2014 \u2014 20.2 \u2014 20.2 Germany 0.8 16.8 \u2014 17.6 1.0 18.6 British Virgin Islands \u2014 \u2014 \u2014 \u2014 16.0 16.0 Ireland 10.0 \u2014 \u2014 10.0 0.3 10.3 Colombia 9.1 \u2014 \u2014 9.1 0.4 9.5 Rest of World 84.4 3.4 \u2014 87.8 18.6 106.4 632.4 983.1 (13.7) 1,601.8 74.5 1,676.3 Product type B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m B2B licensee fee 451.7 \u2014 \u2014 451.7 \u2014 451.7 B2B \ufb01xed-fee income 42.1 \u2014 \u2014 42.1 \u2014 42.1 B2B cost-based revenue 59.9 \u2014 \u2014 59.9 \u2014 59.9 B2B revenue received from the sale of hardware 13.2 \u2014 \u2014 13.2 \u2014 13.2 Additional B2B services fee 65.5 \u2014 \u2014 65.5 \u2014 65.5 Total B2B 632.4 \u2014 \u2014 632.4 \u2014 632.4 Snaitech \u2014 899.8 \u2014 899.8 \u2014 899.8 Sun Bingo and Other B2C \u2014 65.3 \u2014 65.3 \u2014 65.3 HAPPYBET \u2014 20.1 \u2014 20.1 \u2014 20.1 Intercompany \u2014 (2.1) \u2014 (2.1) \u2014 (2.1) Total B2C \u2014 983.1 \u2014 983.1 \u2014 983.1 Intercompany \u2014 \u2014 (13.7) (13.7) \u2014 (13.7) Total intercompany \u2014 \u2014 (13.7) (13.7) \u2014 (13.7) Financial \u2014 \u2014 \u2014 \u2014 74.5 74.5 632.4 983.1 (13.7) 1,601.8 74.5 1,676.3 Note 9 \u2013 Revenue from contracts with customers continued Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets continued For the year ended 31 December 2022 continued Timing of transfer of performance obligations B2B \u20ac\u2019m B2C \u20ac\u2019m 1 Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tota l \u20ac\u2019m Recognised over time 619.2 28.4 (13.7) 633.9 74.5 708.4 Recognised at the point in time 13.2 954.7 \u2014 967.9 \u2014 967.9 632.4 983.1 (13.7) 1,601.8 74.5 1,676.3 1 B2C revenue recognised at the point in time is recorded under IFRS 9. 2022 \u20ac\u2019m Regulated \u2013 Americas 144.7 Regulated \u2013 Europe (excluding UK) 184.6 Regulated \u2013 UK 126.7 Regulated \u2013 Rest of World 5.6 Total regulated B2B revenue 461.6 Unregulated excluding Asia 103.6 Total core B2B revenue 565.2 Asia 67.2 Total B2B Gambling revenue 632.4 For the year ended 31 December 2021 Primary geographic markets B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m Italy 30.7 583.6 (7.6) 606.7 1.2 607.9 UK 132.2 61.9 (4.1) 190.0 14.1 204.1 Mexico 90.3 \u2014 \u2014 90.3 0.3 90.6 Philippines 67.6 \u2014 \u2014 67.6 \u2014 67.6 Malta 52.3 \u2014 \u2014 52.3 0.5 52.8 Gibraltar 27.9 \u2014 \u2014 27.9 \u2014 27.9 Spain 21.7 \u2014 \u2014 21.7 1.7 23.4 Germany 1.2 16.4 (0.8) 16.8 2.3 19.1 Greece 16.8 \u2014 \u2014 16.8 1.5 18.3 Poland 14.4 \u2014 \u2014 14.4 0.1 14.5 Curacao 12.2 \u2014 \u2014 12.2 0.1 12.3 Netherlands 7.2 \u2014 \u2014 7.2 3.2 10.4 Colombia 8.5 \u2014 \u2014 8.5 (0.2) 8.3 Romania 5.7 \u2014 \u2014 5.7 0.2 5.9 Norway 5.4 \u2014 \u2014 5.4 0.3 5.7 Rest of World 60.2 1.8 (0.1) 61.9 21.3 83.2 554.3 663.7 (12.6) 1,205.4 46.6 1,252.0 Note 9 \u2013 Revenue from contracts with customers continued Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets continued For the year ended 31 December 2021 continued Product type B2B \u20ac\u2019m B2C \u20ac\u2019m Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m B2B licensee fee 404.0 \u2014 \u2014 404.0 \u2014 404.0 B2B \ufb01xed-fee income 48.5 \u2014 \u2014 48.5 \u2014 48.5 B2B cost-based revenue 45.3 \u2014 \u2014 45.3 \u2014 45.3 B2B revenue received from the sale of hardware 7.1 \u2014 \u2014 7.1 \u2014 7.1 Additional B2B services fee 49.4 \u2014 \u2014 49.4 \u2014 49.4 Total B2B 554.3 \u2014 \u2014 554.3 \u2014 554.3 Snaitech \u2014 584.7 \u2014 584.7 \u2014 584.7 Sun Bingo and Other B2C \u2014 61.9 \u2014 61.9 \u2014 61.9 HAPPYBET \u2014 18.2 \u2014 18.2 \u2014 18.2 Intercompany \u2014 (1.1) \u2014 (1 .1) \u2014 (1 .1) Total B2C \u2014 663.7 \u2014 663.7 \u2014 663.7 Intercompany \u2014 \u2014 (12.6) (12.6) \u2014 (12.6) Total intercompany \u2014 \u2014 (12.6) (12.6) \u2014 (12.6) Financial \u2014 \u2014 \u2014 \u2014 46.6 46.6 554.3 663.7 (12.6) 1,205.4 46.6 1,252.0 Timing of transfer of performance obligations B2B \u20ac\u2019m B2C \u20ac\u2019m 1 Intercompany \u20ac\u2019m Total Gaming \u2013 continuing operations \u20ac\u2019m Financial \u2013 discontinued operations \u20ac\u2019m Tot al \u20ac\u2019m Recognised over time 547.2 22.2 (12.6) 556.8 46.6 603.4 Recognised at the point in time 7.1 641.5 \u2014 648.6 \u2014 648.6 554.3 663.7 (12.6) 1,205.4 46.6 1,252.0 1 B2C revenue recognised at the point in time is recorded under IFRS 9. 2021 \u20ac\u2019m Regulated \u2013 Americas 101.3 Regulated \u2013 Europe (excluding UK) 141.4 Regulated \u2013 UK 132.1 Regulated \u2013 Rest of World 3.9 Total regulated B2B revenue 378.7 Unregulated excluding Asia 93.7 Total core B2B revenue 472.4 Asia 81.9 Total B2B Gambling revenue 554.3 Note 9 \u2013 Revenue from contracts with customers continued Revenue analysis by geographical location of licensee, product type, timing of transfer of performance obligations and regulated vs unregulated by geographical major markets continued There were no changes in the Group\u2019s revenue measurement policies and procedures in 2021 and 2022. The vast majority of the Group\u2019s B2B contracts are for the delivery of services within the next 12 months. Furthermore, no individual licensee in 2022 and 2021 accounted for more than 10% of the total gaming revenue and the total revenue of the Group. The Group\u2019s contract liabilities, in other words deferred income, primarily include advance payment for hardware and services and also include certain fixed fees paid by the licensee in the beginning of the contract. Deferred income as at 31 December 2022 was \u20ac6.0 million (2021: \u20ac8.1 million). The movement in contract liabilities during the year was the following: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 8.1 11.8 Recognised during the year 8.4 7.0 Realised in the pro\ufb01t or loss (10.5) (10.7) Balance at 31 December 6.0 8.1 174 Playtech p",
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"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-585": {
"value": "Note 10 \u2013 Adjusted items Management regularly uses adjusted financial measures internally to understand, manage and evaluate the business and make operating decisions. These adjusted measures are among the primary factors management uses in planning for and forecasting future periods. The primary adjusted financial measures are Adjusted EBITDA and Adjusted Profit, which management considers are relevant in understanding the Group\u2019s financial performance. The definitions of adjusted items and underlying adjusted results are disclosed in Note 5. As these are not a defined performance measure under IFRS, the Group\u2019s definition of adjusted items may not be comparable with similarly titled performance measures or disclosures by other entities. The following tables provide a full reconciliation between adjusted and actual results from continuing operations: For the year ended 31 December 2022 Revenue \u20ac\u2019m EBITDA \u2013 B2B \u20ac\u2019m EBITDA \u2013 B2C \u20ac\u2019m EBITDA \u20ac\u2019m (Loss)/ Pro\ufb01t \u2013 B2B \u20ac\u2019m Pro\ufb01t\u2013 B2C \u20ac\u2019m Pro\ufb01t from continuing operations attributable to the owners of the Company \u20ac\u2019m Pro\ufb01t before tax from continuing operations \u20ac\u2019m Reported as actual 1,601.8 138.4 234.1 372.5 (42.8) 83.4 40.6 95.6 Employee stock option expenses 1 \u2014 7.1 0.9 8.0 7.1 0.9 8.0 8.0 Professional fees 2 \u2014 15.7 \u2014 15.7 15.7 \u2014 15.7 15.7 Fair value change and \ufb01nance cost on contingent consideration and redemption liability 3 \u2014 (4.3) \u2014 (4.3) (4.2) \u2014 (4.2) (4.2) Ukraine employee support costs 4 \u2014 3.3 \u2014 3.3 3.3 \u2014 3.3 3.3 Onerous contract 5 \u2014 \u2014 10.4 10.4 \u2014 10.4 10.4 10.4 Fair value change of equity instruments 6 \u2014 \u2014 \u2014 \u2014 0.3 \u2014 0.3 0.3 Fair value change of derivative \ufb01nancial assets 6 \u2014 \u2014 \u2014 \u2014 (6.0) \u2014 (6.0) (6.0) Fair value loss on convertible loans 7 \u2014 \u2014 \u2014 \u2014 3.0 \u2014 3.0 3.0 Amortisation of intangibles on acquisitions 8 \u2014 \u2014 \u2014 \u2014 13.2 28.8 42.0 42.0 Impairment of tangible and intangible assets 9 \u2014 \u2014 \u2014 \u2014 38.7 (0.2) 38.5 38.5 Loss on disposal of subsidiary 10 \u2014 \u2014 \u2014 \u2014 8.8 \u2014 8.8 8.8 Deferred tax on acquisitions 8 \u2014 \u2014 \u2014 \u2014 (1.7) (6.6) (8.3) \u2014 Tax related to uncertain positions 11 \u2014 \u2014 \u2014 \u2014 8.4 \u2014 8.4 \u2014 Adjusted measure 1,601.8 160.2 245.4 405.6 43.8 116.7 160.5 215.4 Constant currency impact (19.8) \u2014 \u2014 (17.9) \u2014 \u2014 (27.1) \u2014 Underlying adjusted result on constant currency basis 1,582.0 \u2014 \u2014 387.7 \u2014 \u2014 133.4 \u2014 1 Employee stock option expenses relate to non-cash expenses of the Group and differ from year to year based on share price and the number of options granted. 2 The vast majority of the professional fees relate to the potential sale of the Group. These expenses are not considered ongoing costs of operations and therefore are excluded. 3 Fair value change and finance costs on redemption liability related to the acquisition of Statscore. These expenses are not considered ongoing costs of operations and therefore are excluded. 4 Financial support provided to the employees based in Ukraine. These expenses are not considered ongoing costs of operations and therefore are excluded. 5 One off payment to terminate an onerous contract with a former service provider made in H1 2022. This expense is not considered an ongoing cost of operations and therefore is excluded. 6 Fair value change of equity instruments and derivative financial assets. These are excluded from the results as they relate to unrealised profit/loss. 7 Fair value loss on convertible loans relates to Gameco. This write off is not considered an ongoing cost of operations and is excluded. Refer to Note 20B. 8 Amortisation and deferred tax on intangible assets acquired through business combinations. Costs directly related to acquisitions are not considered ongoing costs of operations and therefore are excluded. 9 Impairment of tangible and intangible assets mainly relates to the impairment of Eyecon \u20ac13.6 million, Quickspin \u20ac7.0 million, Bingo VF \u20ac12.5 million and IGS \u20ac5.6 million. Refer to Note 19. 10 Loss arising on the disposal of Statscore, previously a subsidiary of the Group. Even though, Statscore was a separate CGU which was tested for impairment biannually up to the date of disposal, it didn\u2019t meet the criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations of being a separate major line of business for the Group. As such it was not presented separately as discontinued operations as at 31 December 2022. This loss is not considered an ongoing cost of operations and therefore is excluded. Refer to Note 20A. 11 Change in estimates related to uncertain overseas tax positions in respect of prior years For the year ended 31 December 2021 Revenue \u20ac\u2019m EBITDA \u2013 B2B \u20ac\u2019m EBITDA \u2013 B2C \u20ac\u2019m EBITDA \u20ac\u2019m Pro\ufb01t \u2013 B2B \u20ac\u2019m Pro\ufb01t\u2013 B2C \u20ac\u2019m Pro\ufb01t from continuing operations attributable to the owners of the Company \u20ac\u2019m Pro\ufb01t before tax from continuing operations \u20ac\u2019m Reported as actual 1,205.4 105.5 175.8 281.3 629.2 57.5 686.7 605.0 Employee stock option expenses 1 \u2014 11.5 1.6 13.1 11.5 1.6 13.1 13.1 Professional fees 2 \u2014 13.9 0.5 14.4 13.9 0.5 14.4 14.4 Fair value change and \ufb01nance cost on redemption liability 3 \u2014 1.3 \u2014 1.3 1.4 \u2014 1.4 1.4 Charitable donation 4 \u2014 3.5 \u2014 3.5 3.5 \u2014 3.5 3.5 Provision for other receivables 5 \u2014 1.2 \u2014 1.2 1.2 \u2014 1.2 1.2 Settlement of legal matter 6 \u2014 2.3 \u2014 2.3 2.3 \u2014 2.3 2.3 Fair value change and \ufb01nance cost on contingent consideration 3 \u2014 \u2014 \u2014 \u2014 4.4 0.3 4.7 4.7 Fair value change of equity instruments 7 \u2014 \u2014 \u2014 \u2014 1.6 \u2014 1.6 1.6 Fair value change of derivative \ufb01nancial assets 7 \u2014 \u2014 \u2014 \u2014 (583.2) \u2014 (583.2) (583.2) Amortisation of intangibles on acquisitions 8 \u2014 \u2014 \u2014 \u2014 16.9 17.9 34.8 34.8 Impairment of tangible and intangible assets 9 \u2014 \u2014 \u2014 \u2014 9.3 12.3 21.6 21.6 Deferred tax on acquisitions 8 \u2014 \u2014 \u2014 \u2014 (2.5) (6.6) (9.1) \u2014 Deferred tax on asset held for sale 10 \u2014 \u2014 \u2014 \u2014 \u2014 (1.8) (1.8) \u2014 Deferred tax 11 \u2014 \u2014 \u2014 \u2014 (63.6) \u2014 (63.6) \u2014 Adjusted measure 1,205.4 139.2 177.9 317.1 45.9 81.7 127.6 120.4 Constant currency impact \u2014 \u2014 \u2014 \u2014 \u2014 \u2014 0.5 \u2014 Underlying adjusted result on constant currency basis 1,205.4 \u2014 \u2014 317.1 \u2014 \u2014 128.1 \u2014 1 Employee stock option expenses relate to non-cash expenses of the Group and differ from year to year based on share price and the number of options granted. 2 The majority of the professional fees equally relate to: (a) work completed in relation to the potential exercise of Playtech M&A Call Option (Note 20A); and (b) the potential sale of the Group. These expenses are not considered ongoing costs of operations and therefore are excluded. 3 Fair value change and finance costs on redemption liability and contingent consideration related to the acquisition of Statscore, Eyecon and Wplay. These expenses are not considered ongoing costs of operations. 4 In 2020, the Board of Directors approved a \u00a33.0 million COVID-19 Recovery and Resilience Fund which was paid in the year ended 31 December 2021. This is a one-off payment and therefore is excluded. 5 Provision against loan receivables that do not relate to the ordinary operations of the Group. 6 Settlement of legal matter which is not considered a recurring cost and therefore is excluded. 7 Fair value change of equity instruments and derivative financial assets. These are excluded from the results as they relate to unrealised profit/loss. 8 Amortisation and deferred tax on intangible assets acquired through business combinations. Costs directly related to acquisitions are not considered ongoing costs of operations and therefore are excluded. 9 Impairment of tangible and intangible assets mainly relates to the impairment of land before the classification as held for sale (Refer to Note 25A) and impairment of Bingo VF and several capitalisation costs (Refer to Note 12). 10 Deferred tax recognised in respect of the assets classified as held for sale during the year. Please refer to Note 25A for further details. 11 The recognition of \u20ac63.6 million of deferred tax asset relates to the special project the Group completed on 1 January 2021 to move the tax residency of a number of companies from the Isle of Man to the UK. The following table provides a full reconciliation between adjusted and actual tax from continuing operations: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Tax on pro\ufb01t or loss for the year 55.0 (81.7) Adjusted for: Deferred tax on intangible assets on acquisitions 8.3 9.1 Deferred tax (refer to footnote 11 above) \u2014 63.6 Tax on disposal of asset held for sale \u2014 1.8 Tax related to uncertain positions (8.4) \u2014 Adjusted tax 54.9 (7.2) Note 10 \u2013 Adjusted items continued ",
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"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-586": {
"value": "Note 11 \u2013 Auditor\u2019s remuneration 2022 \u20ac\u2019m 2021 \u20ac\u2019m Group audit and Parent Company (BDO) 2.3 1.5 Audit of subsidiaries (BDO) 1.4 1.4 Audit of subsidiaries (non-BDO) 0.3 0.3 Total audit fees 4.0 3.2 Non-audit services provided by Parent Company auditor and its international member \ufb01rms Other non-audit services 0.9 0.5 Total non-audit fees 0.9 0.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-587": {
"value": "Note 12 \u2013 Impairment of tangible and intangible assets 2022 \u20ac\u2019m 2021 \u20ac\u2019m (Reversal of)/impairment of property, plant and equipment (Note 17) (0.2) 12.5 Impairment of intangible assets (Note 19) 38.7 9.1 38.5 21.6 Impairment of intangibles assets for 2022 relates to the impairment of Eyecon \u20ac13.6 million, Quickspin \u20ac7.0 million, Bingo VF \u20ac12.5 million and IGS \u20ac5.6 million. Refer to Note 19. Of the total impairment of property, plant and equipment of \u20ac12.5 million in 2021, an amount of \u20ac12.3 million relates to land classified as held for sale. Refer to Note 25A. Out of the total of \u20ac9.1 million in 2021, an amount of \u20ac6.4 million relates to the impairment of Bingo VF. The remaining relates to the impairment of capitalised development costs. Based on the assessment performed at the reporting date, several projects will not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-588": {
"value": "Note 13 \u2013 Finance income and costs A. Finance income 2022 \u20ac\u2019m 2021 \u20ac\u2019m Interest income 2.4 1.1 Net foreign exchange gain 9.2 \u2014 11.6 1.1 B. Finance costs 2022 \u20ac\u2019m 2021 \u20ac\u2019m Net foreign exchange loss \u2014 (0.5) Interest on bonds (35.7) (36.7) Interest on lease liability (5.5) (5.3) Interest on loans and borrowings and other (6.0) (5.6) Bank facility fees (7.0) (1.8) Bank charges (14.1) (13.0) Movement in contingent consideration and redemption liability (0.1) (4.8) Fair value loss on convertible loans (3.0) \u2014 Expected credit loss on loans receivable (1.6) \u2014 (73.0) (67.7) Net \ufb01nance costs (61.4) (66.6) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-625": {
"value": "A. Finance income 2022 \u20ac\u2019m 2021 \u20ac\u2019m Interest income 2.4 1.1 Net foreign exchange gain 9.2 \u2014 11.6 1.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-626": {
"value": "B. Finance costs 2022 \u20ac\u2019m 2021 \u20ac\u2019m Net foreign exchange loss \u2014 (0.5) Interest on bonds (35.7) (36.7) Interest on lease liability (5.5) (5.3) Interest on loans and borrowings and other (6.0) (5.6) Bank facility fees (7.0) (1.8) Bank charges (14.1) (13.0) Movement in contingent consideration and redemption liability (0.1) (4.8) Fair value loss on convertible loans (3.0) \u2014 Expected credit loss on loans receivable (1.6) \u2014 (73.0) (67.7) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-589": {
"value": "Note 14 \u2013 Tax expense/(credit) 2022 \u20ac\u2019m 2021 \u20ac\u2019m Current tax expense Income tax expense for the current year 19.3 10.8 Income tax relating to prior years 9.1 3.4 Withholding tax 0.3 0.4 Total current tax expense 28.7 14.6 Deferred tax Origination and reversal of temporary differences 23.5 (78.8) Deferred tax movements relating to prior years 8.1 \u2014 Impact of changes in tax rates (5.3) (17.5) Total deferred tax expense/(credit) 26.3 (96.3) Total tax expense/(credit) from continuing operations 55.0 (81.7) A reconciliation of the reported income tax charge of \u20ac55.0 million (2021: tax credit of \u20ac81.7 million) applicable to profit before tax of \u20ac95.6 million (2021: profit before tax of \u20ac605.0 million) at the UK statutory income tax rate of 19% is as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Pro\ufb01t for the year 40.6 686.7 Income tax expense/(credit) 55.0 (81.7) Pro\ufb01t before income tax 95.6 605.0 Tax using the Company\u2019s domestic tax rate (19% in 2021 and 2022) 18.2 115.0 Tax effect of: Non-taxable fair value movements on call options (1.1) (110.9) Tax exempt income (4.3) (7.5) Non-deductible expenses 19.8 2.3 Deferred tax asset recognised on Group restructuring (5.4) (75.2) Difference in tax rates applied in overseas jurisdictions 13.8 (3.6) Impact of changes in tax rates (5.3) (5.5) Increase in unrecognised tax losses 2.1 2.3 Adjustment in respect of previous years: \u2013 Deferred tax asset 8.0 (2.0) \u2013 Tax asset not provided 9.2 3.4 Total tax expense/(credit) 55.0 (81.7) Reported tax charge/(credit) A reported tax charge of \u20ac55.0 million from continuing operations arises on a profit before income tax of \u20ac95.6 million compared to an expected charge of \u20ac18.2 million (2021: a tax credit of \u20ac81.7 million on profit before income tax of \u20ac605.0 million). The reported tax expense includes adjustments in respect of prior years relating to current tax and deferred tax. The prior year adjustment in respect of current tax of \u20ac9.2 million includes an additional provision of \u20ac8.4 million relating to uncertain overseas tax positions in respect of prior years. The prior year adjustment relating to deferred tax of \u20ac8.1 million relates to the overprovision of deferred tax assets and an underprovision for deferred tax liabilities in respect of goodwill. The Group\u2019s effective tax rate for the current period is 39.5%. The key reasons for the differences are: \u2022 Profits of subsidiaries located in territories where the tax rate is higher than the UK statutory tax rate, this includes Snaitech profits in Italy. \u2022 Expenses not deductible for tax purposes including professional fees, impairment of intangible assets and loss on disposal of subsidiaries. Changes in tax rates and factors affecting the future tax charge The most significant elements of the Group\u2019s income arise in the UK where the tax rate for the current period is 19%. It should be noted that the UK tax rate is set to increase to 25% from 1 April 2023. As such, the UK statutory headline rate of corporation tax is the basis on which the applicable tax rate is computed. In December 2022, European Union (EU) Member States unanimously adopted the Minimum Tax Directive via written procedure ensuring a global minimum level of taxation (set at 15%) for multinational enterprise groups. GLoBE Model rules were released in March 2022 and broadly EU Member States have until 31 December 2023 to transpose the Directive into national legislation with the rules to be applicable for fiscal years starting on or after 31 December 2023. None of the countries in which the Group operates has enacted or substantively enacted Pillar Two Model Rules as part of their national laws as of 31 December 2022. Whilst consultation on a number of areas remains ongoing, the Group will continue to closely monitor developments. Note 14 \u2013 Tax expense/(credit) continued Deferred tax The deferred tax asset and liability are measured at the enacted or substantively enacted tax rates of the respective territories which are expected to apply to the year in which the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date. The deferred tax balances within the financial statements reflect the increase in the UK\u2019s main corporation tax rate from 19% to 25% from 1 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-590": {
"value": "Note 15 \u2013 Earnings per share The calculation of basic earnings per share (EPS) has been based on the following profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding. 2022 2021 Actual \u20ac\u2019m Adjusted \u20ac\u2019m Actual \u20ac\u2019m Adjusted \u20ac\u2019m Pro\ufb01t attributable to owners of the Company 87.6 201.7 674.6 113.8 Basic (cents) 29.2 67.2 226.3 38.2 Diluted (cents) 28.1 64.7 216.2 36.5 2022 2021 Actual \u20ac\u2019m Adjusted \u20ac\u2019m Actual \u20ac\u2019m Adjusted \u20ac\u2019m Pro\ufb01t attributable to the owners of the Company from continuing operations 40.6 160.5 686.7 127.6 Basic (cents) 13.5 53.5 230.3 42.8 Diluted (cents) 13.0 51.5 220.1 40.9 2022 2021 Actual Number Adjusted Number Actual Number Adjusted Number Denominator \u2013 basic Weighted average number of equity shares 300,059,994 300,059,994 298,229,795 298,229,795 Denominator \u2013 diluted Weighted average number of equity shares 300,059,994 300,059,994 298,229,795 298,229,795 Weighted average number of option shares 11,792,385 11,792,385 13,882,774 13,882,774 Weighted average number of shares 311,852,379 311,852,379 312,112,569 312,112,569 The calculation of diluted EPS has been based on the above profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. The effects of the anti-dilutive potential ordinary shares are ignored in calculating diluted EPS. EPS for discontinued operations is disclosed in Note 8. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-591": {
"value": "Note 16 \u2013 Employee benefits Total staff costs comprise the following: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Salaries and personnel-related costs 427.0 367.4 Cash-settled share-based payments (0.3) 3.4 Equity-settled share-based payments 8.3 13.8 435.0 384.6 Average number of personnel: Distribution 6,269 6,259 General and administration 538 650 6,807 6,909 The Group has the following employee share option plans (ESOP) for the granting of non-transferable options to certain employees: \u2022 the GTS 2010 Company Share Option Plan (CSOP). Options granted under these plan vest on the first day on which they become exercisable which is three years after grant date; \u2022 the Long Term Incentive Plan 2012 (LTIP). Awards (options, conditional awards, cash-settled awards, or a forfeitable share award) granted under this plan vest on the first day on which they become exercisable which is typically between 18 and 36 months after grant date; and \u2022 the Long Term Incentive Plan 2022 (LTIP22). Awards (options, conditional Share awards, Restricted shares, cash-settled awards) granted under this plan vest on the first day on which they become exercisable which is typically after 36 months. Note 16 \u2013 Employee benefits continued The overall term of the ESOP is ten years. These options are settled in equity or cash once exercised. Option prices are denominated in GBP. During 2022 the Group granted the following under its LTIP22: \u2022 492,765 nil cost awards subject to EPS growth, relative total shareholder return (TSR) against constituents of the FTSE 250 but excluding the investment trusts index, and relative TSR against a sector comparator group of peer companies. The fair value per share according to the Monte Carlo simulation model is between \u00a32.71 and \u00a34.58. Inputs used were as follows: Expected life (years) Share price at grant date Dividend yield Risk free rate Projection period (years) Volatility 3 \u00a34.582 Nil 2.34% 3 41%-49% There were no grants during 2021. At 31 December 2022 and 2021 the following options were outstanding: 2022 Number 2021 Number Shares vested on 1 March 2018 at nil cost 72,596 102,844 Shares vested between 1 September 2016 and 1 March 2018 at nil cost 20,890 23,112 Shares vested on 1 March 2019 at nil cost 21,820 31,972 Shares vested between 1 September 2017 and 1 March 2019 at nil cost 39,021 50,742 Shares vested on 21 December 2019 at nil cost 9,779 12,870 Shares vested between 1 September 2017 and 1 April 2019 at nil cost \u2014 21,187 Shares vested on 1 March 2020 at nil cost 98,444 112,369 Shares vested on 1 March 2021 at nil cost 1,047,782 1,347,475 Shares vested between 1 March 2022 and 1 August 2022 at nil cost 2,218,735 3,499,954 Shares will vest by 19 December 2024 at nil cost 1,900,000 1,900,000 Shares will vest between 1 March 2023 and 26 October 2023 at nil cost 6,392,073 6,780,249 Shares will vest by August 18 2025 at nil cost 351,724 \u2014 12,172,864 13,882,774 The total number of shares exercisable as of 31 December 2022 is 4,729,067 (2021: 2,402,571). The total number of outstanding shares that will be cash settled is 561,385 (2021: 630,923). The total liability outstanding for the cash-settled options is \u20ac3.1 million (2021: \u20ac3.8 million). The following table illustrates the number and weighted average exercise prices of share options for the ESOP. 2022 Number of options 2021 Number of options 2022 Weighted average exercise price 2021 Weighted average exercise price Outstanding at the beginning of the year 13,882,774 16,886,778 \u2014 \u00a30.03 Granted 492,765 \u2014 \u2014 \u2014 Forfeited (408,237) (1,130,697) \u2014 \u2014 Exercised (1,794,438) (1,873,307) \u2014 \u00a30.05 Outstanding at the end of the year 12,172,864 13,882,774 \u2014 \u2014 Included in the number of options exercised during the year are 50,448 options (2021: 232,796) which were cash settled. The weighted average share price at the date of exercise of options was \u00a35.302 (2021: \u00a36.506). Share options outstanding at the end of the year have the following exercise prices: Expiry date Exercise price 2022 Number 2021 Number 21 December 2025 Nil 93,486 125,956 Between 21 December 2026 and 31 December 2026 Nil 70,620 116,771 Between 1 March 2027 and 28 June 2027 Nil 98,444 112,369 23 July 2028 Nil 1,044,771 1,344,464 Between 27 February 2029 and 19 December 2029 Nil 4,121,746 5,402,965 Between 17 July 2030 and 26 October 2030 Nil 6,392,073 6,780,249 18 August 2032 Nil 351,724 \u2014 12,172,864 13,882,774 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "The Group has the following employee share option plans (ESOP) for the granting of non-transferable options to certain employees: \u2022 the GTS 2010 Company Share Option Plan (CSOP). Options granted under these plan vest on the first day on which they become exercisable which is three years after grant date; \u2022 the Long Term Incentive Plan 2012 (LTIP). Awards (options, conditional awards, cash-settled awards, or a forfeitable share award) granted under this plan vest on the first day on which they become exercisable which is typically between 18 and 36 months after grant date; and \u2022 the Long Term Incentive Plan 2022 (LTIP22). Awards (options, conditional Share awards, Restricted shares, cash-settled awards) granted under this plan vest on the first day on which they become exercisable which is typically after 36 months. Note 16 \u2013 Employee benefits continued The overall term of the ESOP is ten years. These options are settled in equity or cash once exercised. Option prices are denominated in GBP. During 2022 the Group granted the following under its LTIP22: \u2022 492,765 nil cost awards subject to EPS growth, relative total shareholder return (TSR) against constituents of the FTSE 250 but excluding the investment trusts index, and relative TSR against a sector comparator group of peer companies. The fair value per share according to the Monte Carlo simulation model is between \u00a32.71 and \u00a34.58. Inputs used were as follows: Expected life (years) Share price at grant date Dividend yield Risk free rate Projection period (years) Volatility 3 \u00a34.582 Nil 2.34% 3 41%-49% There were no grants during 2021. At 31 December 2022 and 2021 the following options were outstanding: 2022 Number 2021 Number Shares vested on 1 March 2018 at nil cost 72,596 102,844 Shares vested between 1 September 2016 and 1 March 2018 at nil cost 20,890 23,112 Shares vested on 1 March 2019 at nil cost 21,820 31,972 Shares vested between 1 September 2017 and 1 March 2019 at nil cost 39,021 50,742 Shares vested on 21 December 2019 at nil cost 9,779 12,870 Shares vested between 1 September 2017 and 1 April 2019 at nil cost \u2014 21,187 Shares vested on 1 March 2020 at nil cost 98,444 112,369 Shares vested on 1 March 2021 at nil cost 1,047,782 1,347,475 Shares vested between 1 March 2022 and 1 August 2022 at nil cost 2,218,735 3,499,954 Shares will vest by 19 December 2024 at nil cost 1,900,000 1,900,000 Shares will vest between 1 March 2023 and 26 October 2023 at nil cost 6,392,073 6,780,249 Shares will vest by August 18 2025 at nil cost 351,724 \u2014 12,172,864 13,882,774 The total number of shares exercisable as of 31 December 2022 is 4,729,067 (2021: 2,402,571). The total number of outstanding shares that will be cash settled is 561,385 (2021: 630,923). The total liability outstanding for the cash-settled options is \u20ac3.1 million (2021: \u20ac3.8 million). The following table illustrates the number and weighted average exercise prices of share options for the ESOP. 2022 Number of options 2021 Number of options 2022 Weighted average exercise price 2021 Weighted average exercise price Outstanding at the beginning of the year 13,882,774 16,886,778 \u2014 \u00a30.03 Granted 492,765 \u2014 \u2014 \u2014 Forfeited (408,237) (1,130,697) \u2014 \u2014 Exercised (1,794,438) (1,873,307) \u2014 \u00a30.05 Outstanding at the end of the year 12,172,864 13,882,774 \u2014 \u2014 Included in the number of options exercised during the year are 50,448 options (2021: 232,796) which were cash settled. The weighted average share price at the date of exercise of options was \u00a35.302 (2021: \u00a36.506). Share options outstanding at the end of the year have the following exercise prices: Expiry date Exercise price 2022 Number 2021 Number 21 December 2025 Nil 93,486 125,956 Between 21 December 2026 and 31 December 2026 Nil 70,620 116,771 Between 1 March 2027 and 28 June 2027 Nil 98,444 112,369 23 July 2028 Nil 1,044,771 1,344,464 Between 27 February 2029 and 19 December 2029 Nil 4,121,746 5,402,965 Between 17 July 2030 and 26 October 2030 Nil 6,392,073 6,780,249 18 August 2032 Nil 351,724 \u2014 12,172,864 13,882,774 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-592": {
"value": "Note 17 \u2013 Property, plant and equipment Computer software and hardware \u20ac\u2019m Gaming machines \u20ac\u2019m Office furniture and equipment \u20ac\u2019m Buildings, leasehold buildings and improvements \u20ac\u2019m Tota l \u20ac\u2019m Cost At 1 January 2022 132.1 96.2 41.1 270.1 539.5 Additions 19.8 15.8 8.8 9.2 53.6 Disposals (6.3) (2.3) (2.0) (3.8) (14.4) Reclassi\ufb01cations (0.3) \u2014 \u2014 0.3 \u2014 At 31 December 2022 145.3 109.7 47.9 275.8 578.7 Accumulated depreciation and impairment losses At 1 January 2022 95.3 61.4 24.5 28.6 209.8 Charge 16.0 14.5 5.4 5.6 41.5 Impairment loss \u2014 \u2014 (0.2) \u2014 (0.2) Disposals (6.1) (2.0) (1.9) (3.8) (13.8) At 31 December 2022 105.2 73.9 27.8 30.4 237.3 Net book value At 31 December 2022 40.1 35.8 20.1 245.4 341.4 At 1 January 2022 36.8 34.8 16.6 241.5 329.7 Computer software and hardware \u20ac\u2019m Gaming machines \u20ac\u2019m Office furniture and equipment \u20ac\u2019m Buildings, leasehold buildings and improvements \u20ac\u2019m Tot al \u20ac\u2019m Cost At 1 January 2021 115.1 86.6 34.7 302.8 539.2 Additions 24.2 10.7 7.8 6.0 48.7 Disposals (7.2) (1 .1) (1.4) (2.9) (12.6) Transfer to held for sale \u2014 \u2014 \u2014 (35.8) (35.8) At 31 December 2021 132.1 96.2 41.1 270.1 539.5 Accumulated depreciation and impairment losses At 1 January 2021 87.5 44.4 21.0 29.2 182.1 Charge 14.8 17.7 4.8 5.6 42.9 Impairment loss \u2014 \u2014 \u2014 12.5 12.5 Disposals (7.0) (0.7) (1.3) (2.9) (11.9) Transfer to held for sale \u2014 \u2014 \u2014 (15.8) (15.8) At 31 December 2021 95.3 61.4 24.5 28.6 209.8 Net book value At 31 December 2021 36.8 34.8 16.6 241.5 329.7 At 1 January 2021 27.6 42.2 13.7 273.6 357.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-593": {
"value": "Note 18 \u2013 Leases Set out below are the carrying amounts of right of use assets recognised and the movements during the year: Office leases \u20ac\u2019m Hosting \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2022 67.8 6.0 73.8 Additions/modi\ufb01cations 7.4 12.1 19.5 Disposal of subsidiary (0.2) \u2014 (0.2) Amortisation charge (14.5) (7.0) (21.5) At 31 December 2022 60.5 11.1 71.6 Office leases \u20ac\u2019m Hosting \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2021 60.1 6.6 66.7 Additions/modi\ufb01cations 22.5 4.8 27.3 Amortisation charge (14.8) (5.4) (20.2) At 31 December 2021 67.8 6.0 73.8 Set out below are the carrying amounts of lease liabilities and the movements during the year: 2022 \u20ac\u2019m 2021 \u20ac\u2019m At 1 January 90.1 82.5 Additions/modi\ufb01cations 18.8 26.1 Disposal of subsidiary (0.2) \u2014 Accretion of interest 5.5 5.3 Payments (27.1) (26.2) Effect of movement in exchange rates (1.3) 2.4 At 31 December 85.8 90.1 Current 31.8 20.3 Non-current 54.0 69.8 85.8 90.1 The maturity analysis of lease liabilities is disclosed in Note 38B. The following are the amounts recognised in the profit or loss: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Amortisation expense of right of use assets 21.5 20.2 Interest expense on lease liabilities 5.5 5.3 Impact of early termination of lease contracts (0.7) (1.2) Variable lease payments (included in distribution costs) 0.1 1.0 26.4 25.3 Rent concessions have been provided to the Group companies as a result of the COVID-19 pandemic. The Group elected to account for qualifying rent concessions in the same way as they would if they were not lease modifications, resulting in accounting for the concession as a variable lease payment. The amount recognised in the profit or loss to reflect changes in lease payments that arose from rent concessions to which the Group has applied the practical expedient is \u20ac0.1 million (2021: \u20ac1.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "Note 18 \u2013 Leases Set out below are the carrying amounts of right of use assets recognised and the movements during the year: Office leases \u20ac\u2019m Hosting \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2022 67.8 6.0 73.8 Additions/modi\ufb01cations 7.4 12.1 19.5 Disposal of subsidiary (0.2) \u2014 (0.2) Amortisation charge (14.5) (7.0) (21.5) At 31 December 2022 60.5 11.1 71.6 Office leases \u20ac\u2019m Hosting \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2021 60.1 6.6 66.7 Additions/modi\ufb01cations 22.5 4.8 27.3 Amortisation charge (14.8) (5.4) (20.2) At 31 December 2021 67.8 6.0 73.8 Set out below are the carrying amounts of lease liabilities and the movements during the year: 2022 \u20ac\u2019m 2021 \u20ac\u2019m At 1 January 90.1 82.5 Additions/modi\ufb01cations 18.8 26.1 Disposal of subsidiary (0.2) \u2014 Accretion of interest 5.5 5.3 Payments (27.1) (26.2) Effect of movement in exchange rates (1.3) 2.4 At 31 December 85.8 90.1 Current 31.8 20.3 Non-current 54.0 69.8 85.8 90.1 The maturity analysis of lease liabilities is disclosed in Note 38B. The following are the amounts recognised in the profit or loss: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Amortisation expense of right of use assets 21.5 20.2 Interest expense on lease liabilities 5.5 5.3 Impact of early termination of lease contracts (0.7) (1.2) Variable lease payments (included in distribution costs) 0.1 1.0 26.4 25.3 Rent concessions have been provided to the Group companies as a result of the COVID-19 pandemic. The Group elected to account for qualifying rent concessions in the same way as they would if they were not lease modifications, resulting in accounting for the concession as a variable lease payment. The amount recognised in the profit or loss to reflect changes in lease payments that arose from rent concessions to which the Group has applied the practical expedient is \u20ac0.1 million (2021: \u20ac1.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-594": {
"value": "Note 19 \u2013 Intangible assets Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tota l \u20ac\u2019m Cost At 1 January 2022 191.4 86.5 363.6 526.9 773.6 1,942.0 Additions 32.2 \u2014 59.4 \u2014 \u2014 91.6 Assets acquired through business combinations \u2014 2.9 \u2014 \u2014 5.4 8.3 Disposal of subsidiary \u2014 (3.0) (1.4) (0.5) (12.4) (17.3) Write offs \u2014 (1.8) (4.3) \u2014 \u2014 (6.1) At 31 December 2022 223.6 84.6 417.3 526.4 766.6 2,018.5 Accumulated amortisation and impairment losses At 1 January 2022 110.6 72.7 241.3 346.2 125.1 895.9 Charge 24.3 2.9 49.7 32.9 \u2014 109.8 Impairment loss \u2014 \u2014 7.0 \u2014 31.7 38.7 Disposal of subsidiary \u2014 (0.9) \u2014 (0.2) \u2014 (1.1) Write offs \u2014 (1.8) (3.9) \u2014 \u2014 (5.7) At 31 December 2022 134.9 72.9 294.1 378.9 156.8 1,037.6 Net book value At 31 December 2022 88.7 11.7 123.2 147.5 609.8 980.9 At 1 January 2022 80.8 13.8 122.3 180.7 648.5 1,046.1 Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tot al \u20ac\u2019m Cost At 1 January 2021 185.7 84.9 316.8 526.9 773.6 1,887.9 Additions 5.7 1.6 53.4 \u2014 \u2014 60.7 Write offs \u2014 \u2014 (6.6) \u2014 \u2014 (6.6) At 31 December 2021 191.4 86.5 363.6 526.9 773.6 1,942.0 Accumulated amortisation and impairment losses At 1 January 2021 91.6 65.5 198.3 310.1 118.3 783.8 Charge 19.0 7.2 47.0 36.1 \u2014 109.3 Impairment loss \u2014 \u2014 2.3 \u2014 6.8 9.1 Write offs \u2014 \u2014 (6.3) \u2014 \u2014 (6.3) At 31 December 2021 110.6 72.7 241.3 346.2 125.1 895.9 Net book value At 31 December 2021 80.8 13.8 122.3 180.7 648.5 1,046.1 At 1 January 2021 94.1 19.4 118.5 216.8 655.3 1,104.1 Note 19 \u2013 Intangible assets continued During the year, the research and development costs net of capitalised development costs were \u20ac88.3 million (2021: \u20ac80.1 million). The internal capitalisation for the year was \u20ac57.5 million (2021: \u20ac51.3 million). Out of the total amortisation charge of \u20ac109.8 million (2021: \u20ac109.3 million), an amount of \u20ac42.0 million (2021: \u20ac34.8 million) relates to the intangible assets acquired through business combinations. In accordance with IAS 36, the Group regularly monitors the carrying value of its intangible assets, including goodwill. Goodwill is allocated to thirteen cash-generating units (CGUs) (2021: fifteen out of which two CGUs were under held for sale). The allocation of the goodwill in CGUs (excluding CGUs held for sale) is as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Snai 259.7 258.7 Sports B2B 132.5 132.5 Services 109.9 109.9 Casino 50.8 50.8 Quickspin 19.8 26.8 Eyecon 3.0 16.6 Poker 15.6 15.6 Statscore \u2014 12.4 Bingo retail 9.5 9.5 Bingo VF \u2014 7.4 VB retail 4.6 4.6 IGS \u2014 3.7 AUS GMTC 4.4 \u2014 609.8 648.5 Management reviews CGUs for impairment bi-annually, or on the occurrence of an impairment indicator. The recoverable amount of each CGU has been determined from value in use calculations based on cash flow projections covering five years plus a terminal value which have been adjusted to take into account each CGU\u2019s major events as expected in future periods. Management has considered the ongoing economic uncertainty caused by the Russian invasion in Ukraine and the overall global recessionary pressures, with a higher level of judgement and uncertainty implemented in the forecasts. A potential risk for future impairment exists should there be a significant change in the economic outlook, versus those trends management anticipates in its forecasts due to the occurrence of these events. With the exception of CGUs which have been fully impaired to date and CGUs deemed sensitive to impairment from a reasonably possible change in key assumptions as reviewed in further detail below, management has calculated the growth estimates for years one to five by applying an average annual growth rate for revenue based on the underlying economic environment in which the CGU operates and the expected performance over that period. Beyond this period, management has applied an annual growth rate of 2%. Management has included appropriate capital expenditure requirements to support the forecast growth and assumed the maintenance of the current level of licences. Management has also applied post-tax discount rates to the cash flow projections as summarised below. 2022 CGUs not sensitive to changes in assumptions: Average revenue growth rate 2023-2027 Discount rate applied Snai 9.4% 17.3% Services 22.2% 16.2% Casino 5.5% 13.9% Poker 6.2% 17.4% VB retail 10.0% 12.4% 2021 CGUs not sensitive to changes in assumptions: Average revenue growth rate 2022-2026 Discount rate applied Snai 9.9% 15.0% Sports B2B 23.7% 13.9% Services 10.3% 14.2% Casino 6.0% 12.9% Poker 2.2% 14.7% IGS 24.0% 12.9% VB retail 18.0% 11.2% Note 19 \u2013 Intangible assets continued In relation to the Bingo VF, Eyecon, Quickspin and IGS CGUs, following impairment tests completed as at 31 December 2022, partial impairments have been recognised as disclosed below. Certain other CGUs, which are specifically referred to below but not impaired, are considered sensitive to changes in assumptions used for the calculation of value in use. Bingo VF CGU The recoverable amount of the Bingo VF CGU of \u20ac4.8 million, with carrying value of \u20ac21.1 million, has been determined using a cash flow forecast that includes annual revenue growth rates between negative 1% and 10% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 15.8%. Following the contract termination of a significant licensee, the CGU is currently making considerable efforts to recover through new geographical expansion and organic growth. However, growth is slower than expected, with new business planned in new territories being delayed given the overall recessionary pressures worldwide. The impairment recognised in the current year was \u20ac12.5 million which impairs the assets down to the recoverable amount. Eyecon CGU The recoverable amount of the Eyecon CGU showed signs of underperformance during H1 2022, mainly due to the fact that its operations are highly concentrated in the UK online market which has seen a slowdown due to uncertain regulatory climate and as a result the recoverable amount did not cover the carrying value, with an impairment loss of \u20ac13.6 million recognised in the profit or loss for the period ended 30 June 2022. No further impairment has been recognised in the year. The recoverable amount of this CGU of \u20ac16.9 million, with a carrying value equal to \u20ac16.1 million at 31 December 2022, was determined using a cash flow forecast that includes annual revenue growth rates between 0% to 10.0% over the 1-5 year forecast period, 2% long-term growth rate and a post-tax discount rate of 15.6%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 4.8%, i.e. reaching a post-tax discount rate of 15.6%; or \u2022 the revenue growth was lower by 0.2% when compared to the forecasted average five-year growth. Quickspin CGU The recoverable amount of the Quickspin CGU was impaired during H1 2022, given the risk the CGU bore from the proportion of revenues being generated from Group\u2019s B2B customers choosing to operate in areas with geopolitical tension, and the resulting 1% increase on the post-tax discount rate of the CGU to mitigate for that factor. As a result of the above and also the decrease in the CGU performance which went through organisational updates, an impairment loss of \u20ac7.0 million was recognised in the profit or loss for the period ended 30 June 2022. No further impairment was recognised in the year. The recoverable amount of this CGU of \u20ac56.2 million, with a carrying value of \u20ac46.2 million at 31 December 2022, has been determined using a cash flow forecast that includes annual revenue growth rates between 5.0% to 15.1% over the 1\u20135 year forecast period, 2% long- term growth rate and a post-tax discount rate of 12.1%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 18.3%, i.e., reaching a post-tax discount rate of 14.3%; or \u2022 the revenue growth was lower by 2% when compared to the forecasted average five-year growth. IGS CGU The recoverable amount of the IGS CGU of \u20ac1.1 million, with carrying value of \u20ac6.7 million, has been determined using a cash flow forecast that includes annual revenue growth rates between 10.0% and 77.0% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 22.0%. The unit was severely affected by COVID-19 and until recently it had not managed to bring revenue up to pre-COVID levels with the business suffering from cancelled or postponed projects. As a result, the recoverable amount does not cover the carrying value, with an impairment loss of \u20ac5.6 million recognised in the profit or loss. If the revenue growth rate per annum is lower by 1%, then an additional impairment of \u20ac1.1 million would be recognised. Similarly, if the discount rate increases by 1% to a post-tax discount rate of 23.0%, this would result in a further impairment of \u20ac0.4 million. Bingo retail CGU The recoverable amount of the Bingo retail CGU, with carrying value of \u20ac24.9 million, which has not been impaired, has been determined using a cash flow forecast that includes annual revenue growth rates of 2% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 14.4%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 8.1%, i.e. reaching a post-tax discount rate of 15.6%; or \u2022 the revenue growth was lower by 1.0% when compared to the forecasted average five-year growth. Sports B2B CGU The recoverable amount of the Sports B2B CGU, with carrying value of \u20ac232.9 million, which has not been impaired, has been determined using a cash flow forecast that includes annual revenue growth rates of 9.2% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 14.9%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 7.6%, i.e. reaching a post-tax discount rate of 16.0%; or \u2022 the revenue growth was lower by 0.5% when compared to the forecasted average five-year growth. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-639": {
"value": "Note 19 \u2013 Intangible assets Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tota l \u20ac\u2019m Cost At 1 January 2022 191.4 86.5 363.6 526.9 773.6 1,942.0 Additions 32.2 \u2014 59.4 \u2014 \u2014 91.6 Assets acquired through business combinations \u2014 2.9 \u2014 \u2014 5.4 8.3 Disposal of subsidiary \u2014 (3.0) (1.4) (0.5) (12.4) (17.3) Write offs \u2014 (1.8) (4.3) \u2014 \u2014 (6.1) At 31 December 2022 223.6 84.6 417.3 526.4 766.6 2,018.5 Accumulated amortisation and impairment losses At 1 January 2022 110.6 72.7 241.3 346.2 125.1 895.9 Charge 24.3 2.9 49.7 32.9 \u2014 109.8 Impairment loss \u2014 \u2014 7.0 \u2014 31.7 38.7 Disposal of subsidiary \u2014 (0.9) \u2014 (0.2) \u2014 (1.1) Write offs \u2014 (1.8) (3.9) \u2014 \u2014 (5.7) At 31 December 2022 134.9 72.9 294.1 378.9 156.8 1,037.6 Net book value At 31 December 2022 88.7 11.7 123.2 147.5 609.8 980.9 At 1 January 2022 80.8 13.8 122.3 180.7 648.5 1,046.1 Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tot al \u20ac\u2019m Cost At 1 January 2021 185.7 84.9 316.8 526.9 773.6 1,887.9 Additions 5.7 1.6 53.4 \u2014 \u2014 60.7 Write offs \u2014 \u2014 (6.6) \u2014 \u2014 (6.6) At 31 December 2021 191.4 86.5 363.6 526.9 773.6 1,942.0 Accumulated amortisation and impairment losses At 1 January 2021 91.6 65.5 198.3 310.1 118.3 783.8 Charge 19.0 7.2 47.0 36.1 \u2014 109.3 Impairment loss \u2014 \u2014 2.3 \u2014 6.8 9.1 Write offs \u2014 \u2014 (6.3) \u2014 \u2014 (6.3) At 31 December 2021 110.6 72.7 241.3 346.2 125.1 895.9 Net book value At 31 December 2021 80.8 13.8 122.3 180.7 648.5 1,046.1 At 1 January 2021 94.1 19.4 118.5 216.8 655.3 1,104.1 Note 19 \u2013 Intangible assets continued During the year, the research and development costs net of capitalised development costs were \u20ac88.3 million (2021: \u20ac80.1 million). The internal capitalisation for the year was \u20ac57.5 million (2021: \u20ac51.3 million). Out of the total amortisation charge of \u20ac109.8 million (2021: \u20ac109.3 million), an amount of \u20ac42.0 million (2021: \u20ac34.8 million) relates to the intangible assets acquired through business combinations. In accordance with IAS 36, the Group regularly monitors the carrying value of its intangible assets, including goodwill. Goodwill is allocated to thirteen cash-generating units (CGUs) (2021: fifteen out of which two CGUs were under held for sale). The allocation of the goodwill in CGUs (excluding CGUs held for sale) is as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Snai 259.7 258.7 Sports B2B 132.5 132.5 Services 109.9 109.9 Casino 50.8 50.8 Quickspin 19.8 26.8 Eyecon 3.0 16.6 Poker 15.6 15.6 Statscore \u2014 12.4 Bingo retail 9.5 9.5 Bingo VF \u2014 7.4 VB retail 4.6 4.6 IGS \u2014 3.7 AUS GMTC 4.4 \u2014 609.8 648.5 Management reviews CGUs for impairment bi-annually, or on the occurrence of an impairment indicator. The recoverable amount of each CGU has been determined from value in use calculations based on cash flow projections covering five years plus a terminal value which have been adjusted to take into account each CGU\u2019s major events as expected in future periods. Management has considered the ongoing economic uncertainty caused by the Russian invasion in Ukraine and the overall global recessionary pressures, with a higher level of judgement and uncertainty implemented in the forecasts. A potential risk for future impairment exists should there be a significant change in the economic outlook, versus those trends management anticipates in its forecasts due to the occurrence of these events. With the exception of CGUs which have been fully impaired to date and CGUs deemed sensitive to impairment from a reasonably possible change in key assumptions as reviewed in further detail below, management has calculated the growth estimates for years one to five by applying an average annual growth rate for revenue based on the underlying economic environment in which the CGU operates and the expected performance over that period. Beyond this period, management has applied an annual growth rate of 2%. Management has included appropriate capital expenditure requirements to support the forecast growth and assumed the maintenance of the current level of licences. Management has also applied post-tax discount rates to the cash flow projections as summarised below. 2022 CGUs not sensitive to changes in assumptions: Average revenue growth rate 2023-2027 Discount rate applied Snai 9.4% 17.3% Services 22.2% 16.2% Casino 5.5% 13.9% Poker 6.2% 17.4% VB retail 10.0% 12.4% 2021 CGUs not sensitive to changes in assumptions: Average revenue growth rate 2022-2026 Discount rate applied Snai 9.9% 15.0% Sports B2B 23.7% 13.9% Services 10.3% 14.2% Casino 6.0% 12.9% Poker 2.2% 14.7% IGS 24.0% 12.9% VB retail 18.0% 11.2% Note 19 \u2013 Intangible assets continued In relation to the Bingo VF, Eyecon, Quickspin and IGS CGUs, following impairment tests completed as at 31 December 2022, partial impairments have been recognised as disclosed below. Certain other CGUs, which are specifically referred to below but not impaired, are considered sensitive to changes in assumptions used for the calculation of value in use. Bingo VF CGU The recoverable amount of the Bingo VF CGU of \u20ac4.8 million, with carrying value of \u20ac21.1 million, has been determined using a cash flow forecast that includes annual revenue growth rates between negative 1% and 10% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 15.8%. Following the contract termination of a significant licensee, the CGU is currently making considerable efforts to recover through new geographical expansion and organic growth. However, growth is slower than expected, with new business planned in new territories being delayed given the overall recessionary pressures worldwide. The impairment recognised in the current year was \u20ac12.5 million which impairs the assets down to the recoverable amount. Eyecon CGU The recoverable amount of the Eyecon CGU showed signs of underperformance during H1 2022, mainly due to the fact that its operations are highly concentrated in the UK online market which has seen a slowdown due to uncertain regulatory climate and as a result the recoverable amount did not cover the carrying value, with an impairment loss of \u20ac13.6 million recognised in the profit or loss for the period ended 30 June 2022. No further impairment has been recognised in the year. The recoverable amount of this CGU of \u20ac16.9 million, with a carrying value equal to \u20ac16.1 million at 31 December 2022, was determined using a cash flow forecast that includes annual revenue growth rates between 0% to 10.0% over the 1-5 year forecast period, 2% long-term growth rate and a post-tax discount rate of 15.6%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 4.8%, i.e. reaching a post-tax discount rate of 15.6%; or \u2022 the revenue growth was lower by 0.2% when compared to the forecasted average five-year growth. Quickspin CGU The recoverable amount of the Quickspin CGU was impaired during H1 2022, given the risk the CGU bore from the proportion of revenues being generated from Group\u2019s B2B customers choosing to operate in areas with geopolitical tension, and the resulting 1% increase on the post-tax discount rate of the CGU to mitigate for that factor. As a result of the above and also the decrease in the CGU performance which went through organisational updates, an impairment loss of \u20ac7.0 million was recognised in the profit or loss for the period ended 30 June 2022. No further impairment was recognised in the year. The recoverable amount of this CGU of \u20ac56.2 million, with a carrying value of \u20ac46.2 million at 31 December 2022, has been determined using a cash flow forecast that includes annual revenue growth rates between 5.0% to 15.1% over the 1\u20135 year forecast period, 2% long- term growth rate and a post-tax discount rate of 12.1%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 18.3%, i.e., reaching a post-tax discount rate of 14.3%; or \u2022 the revenue growth was lower by 2% when compared to the forecasted average five-year growth. IGS CGU The recoverable amount of the IGS CGU of \u20ac1.1 million, with carrying value of \u20ac6.7 million, has been determined using a cash flow forecast that includes annual revenue growth rates between 10.0% and 77.0% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 22.0%. The unit was severely affected by COVID-19 and until recently it had not managed to bring revenue up to pre-COVID levels with the business suffering from cancelled or postponed projects. As a result, the recoverable amount does not cover the carrying value, with an impairment loss of \u20ac5.6 million recognised in the profit or loss. If the revenue growth rate per annum is lower by 1%, then an additional impairment of \u20ac1.1 million would be recognised. Similarly, if the discount rate increases by 1% to a post-tax discount rate of 23.0%, this would result in a further impairment of \u20ac0.4 million. Bingo retail CGU The recoverable amount of the Bingo retail CGU, with carrying value of \u20ac24.9 million, which has not been impaired, has been determined using a cash flow forecast that includes annual revenue growth rates of 2% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 14.4%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 8.1%, i.e. reaching a post-tax discount rate of 15.6%; or \u2022 the revenue growth was lower by 1.0% when compared to the forecasted average five-year growth. Sports B2B CGU The recoverable amount of the Sports B2B CGU, with carrying value of \u20ac232.9 million, which has not been impaired, has been determined using a cash flow forecast that includes annual revenue growth rates of 9.2% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 14.9%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 7.6%, i.e. reaching a post-tax discount rate of 16.0%; or \u2022 the revenue growth was lower by 0.5% when compared to the forecasted average five-year growth. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "Note 19 \u2013 Intangible assets Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tota l \u20ac\u2019m Cost At 1 January 2022 191.4 86.5 363.6 526.9 773.6 1,942.0 Additions 32.2 \u2014 59.4 \u2014 \u2014 91.6 Assets acquired through business combinations \u2014 2.9 \u2014 \u2014 5.4 8.3 Disposal of subsidiary \u2014 (3.0) (1.4) (0.5) (12.4) (17.3) Write offs \u2014 (1.8) (4.3) \u2014 \u2014 (6.1) At 31 December 2022 223.6 84.6 417.3 526.4 766.6 2,018.5 Accumulated amortisation and impairment losses At 1 January 2022 110.6 72.7 241.3 346.2 125.1 895.9 Charge 24.3 2.9 49.7 32.9 \u2014 109.8 Impairment loss \u2014 \u2014 7.0 \u2014 31.7 38.7 Disposal of subsidiary \u2014 (0.9) \u2014 (0.2) \u2014 (1.1) Write offs \u2014 (1.8) (3.9) \u2014 \u2014 (5.7) At 31 December 2022 134.9 72.9 294.1 378.9 156.8 1,037.6 Net book value At 31 December 2022 88.7 11.7 123.2 147.5 609.8 980.9 At 1 January 2022 80.8 13.8 122.3 180.7 648.5 1,046.1 Patents, domain names and licence \u20ac\u2019m Technology IP \u20ac\u2019m Development costs \u20ac\u2019m Customer list and affiliates \u20ac\u2019m Goodwill \u20ac\u2019m Tot al \u20ac\u2019m Cost At 1 January 2021 185.7 84.9 316.8 526.9 773.6 1,887.9 Additions 5.7 1.6 53.4 \u2014 \u2014 60.7 Write offs \u2014 \u2014 (6.6) \u2014 \u2014 (6.6) At 31 December 2021 191.4 86.5 363.6 526.9 773.6 1,942.0 Accumulated amortisation and impairment losses At 1 January 2021 91.6 65.5 198.3 310.1 118.3 783.8 Charge 19.0 7.2 47.0 36.1 \u2014 109.3 Impairment loss \u2014 \u2014 2.3 \u2014 6.8 9.1 Write offs \u2014 \u2014 (6.3) \u2014 \u2014 (6.3) At 31 December 2021 110.6 72.7 241.3 346.2 125.1 895.9 Net book value At 31 December 2021 80.8 13.8 122.3 180.7 648.5 1,046.1 At 1 January 2021 94.1 19.4 118.5 216.8 655.3 1,104.1 Note 19 \u2013 Intangible assets continued During the year, the research and development costs net of capitalised development costs were \u20ac88.3 million (2021: \u20ac80.1 million). The internal capitalisation for the year was \u20ac57.5 million (2021: \u20ac51.3 million). Out of the total amortisation charge of \u20ac109.8 million (2021: \u20ac109.3 million), an amount of \u20ac42.0 million (2021: \u20ac34.8 million) relates to the intangible assets acquired through business combinations. In accordance with IAS 36, the Group regularly monitors the carrying value of its intangible assets, including goodwill. Goodwill is allocated to thirteen cash-generating units (CGUs) (2021: fifteen out of which two CGUs were under held for sale). The allocation of the goodwill in CGUs (excluding CGUs held for sale) is as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Snai 259.7 258.7 Sports B2B 132.5 132.5 Services 109.9 109.9 Casino 50.8 50.8 Quickspin 19.8 26.8 Eyecon 3.0 16.6 Poker 15.6 15.6 Statscore \u2014 12.4 Bingo retail 9.5 9.5 Bingo VF \u2014 7.4 VB retail 4.6 4.6 IGS \u2014 3.7 AUS GMTC 4.4 \u2014 609.8 648.5 Management reviews CGUs for impairment bi-annually, or on the occurrence of an impairment indicator. The recoverable amount of each CGU has been determined from value in use calculations based on cash flow projections covering five years plus a terminal value which have been adjusted to take into account each CGU\u2019s major events as expected in future periods. Management has considered the ongoing economic uncertainty caused by the Russian invasion in Ukraine and the overall global recessionary pressures, with a higher level of judgement and uncertainty implemented in the forecasts. A potential risk for future impairment exists should there be a significant change in the economic outlook, versus those trends management anticipates in its forecasts due to the occurrence of these events. With the exception of CGUs which have been fully impaired to date and CGUs deemed sensitive to impairment from a reasonably possible change in key assumptions as reviewed in further detail below, management has calculated the growth estimates for years one to five by applying an average annual growth rate for revenue based on the underlying economic environment in which the CGU operates and the expected performance over that period. Beyond this period, management has applied an annual growth rate of 2%. Management has included appropriate capital expenditure requirements to support the forecast growth and assumed the maintenance of the current level of licences. Management has also applied post-tax discount rates to the cash flow projections as summarised below. 2022 CGUs not sensitive to changes in assumptions: Average revenue growth rate 2023-2027 Discount rate applied Snai 9.4% 17.3% Services 22.2% 16.2% Casino 5.5% 13.9% Poker 6.2% 17.4% VB retail 10.0% 12.4% 2021 CGUs not sensitive to changes in assumptions: Average revenue growth rate 2022-2026 Discount rate applied Snai 9.9% 15.0% Sports B2B 23.7% 13.9% Services 10.3% 14.2% Casino 6.0% 12.9% Poker 2.2% 14.7% IGS 24.0% 12.9% VB retail 18.0% 11.2% Note 19 \u2013 Intangible assets continued In relation to the Bingo VF, Eyecon, Quickspin and IGS CGUs, following impairment tests completed as at 31 December 2022, partial impairments have been recognised as disclosed below. Certain other CGUs, which are specifically referred to below but not impaired, are considered sensitive to changes in assumptions used for the calculation of value in use. Bingo VF CGU The recoverable amount of the Bingo VF CGU of \u20ac4.8 million, with carrying value of \u20ac21.1 million, has been determined using a cash flow forecast that includes annual revenue growth rates between negative 1% and 10% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 15.8%. Following the contract termination of a significant licensee, the CGU is currently making considerable efforts to recover through new geographical expansion and organic growth. However, growth is slower than expected, with new business planned in new territories being delayed given the overall recessionary pressures worldwide. The impairment recognised in the current year was \u20ac12.5 million which impairs the assets down to the recoverable amount. Eyecon CGU The recoverable amount of the Eyecon CGU showed signs of underperformance during H1 2022, mainly due to the fact that its operations are highly concentrated in the UK online market which has seen a slowdown due to uncertain regulatory climate and as a result the recoverable amount did not cover the carrying value, with an impairment loss of \u20ac13.6 million recognised in the profit or loss for the period ended 30 June 2022. No further impairment has been recognised in the year. The recoverable amount of this CGU of \u20ac16.9 million, with a carrying value equal to \u20ac16.1 million at 31 December 2022, was determined using a cash flow forecast that includes annual revenue growth rates between 0% to 10.0% over the 1-5 year forecast period, 2% long-term growth rate and a post-tax discount rate of 15.6%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 4.8%, i.e. reaching a post-tax discount rate of 15.6%; or \u2022 the revenue growth was lower by 0.2% when compared to the forecasted average five-year growth. Quickspin CGU The recoverable amount of the Quickspin CGU was impaired during H1 2022, given the risk the CGU bore from the proportion of revenues being generated from Group\u2019s B2B customers choosing to operate in areas with geopolitical tension, and the resulting 1% increase on the post-tax discount rate of the CGU to mitigate for that factor. As a result of the above and also the decrease in the CGU performance which went through organisational updates, an impairment loss of \u20ac7.0 million was recognised in the profit or loss for the period ended 30 June 2022. No further impairment was recognised in the year. The recoverable amount of this CGU of \u20ac56.2 million, with a carrying value of \u20ac46.2 million at 31 December 2022, has been determined using a cash flow forecast that includes annual revenue growth rates between 5.0% to 15.1% over the 1\u20135 year forecast period, 2% long- term growth rate and a post-tax discount rate of 12.1%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 18.3%, i.e., reaching a post-tax discount rate of 14.3%; or \u2022 the revenue growth was lower by 2% when compared to the forecasted average five-year growth. IGS CGU The recoverable amount of the IGS CGU of \u20ac1.1 million, with carrying value of \u20ac6.7 million, has been determined using a cash flow forecast that includes annual revenue growth rates between 10.0% and 77.0% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 22.0%. The unit was severely affected by COVID-19 and until recently it had not managed to bring revenue up to pre-COVID levels with the business suffering from cancelled or postponed projects. As a result, the recoverable amount does not cover the carrying value, with an impairment loss of \u20ac5.6 million recognised in the profit or loss. If the revenue growth rate per annum is lower by 1%, then an additional impairment of \u20ac1.1 million would be recognised. Similarly, if the discount rate increases by 1% to a post-tax discount rate of 23.0%, this would result in a further impairment of \u20ac0.4 million. Bingo retail CGU The recoverable amount of the Bingo retail CGU, with carrying value of \u20ac24.9 million, which has not been impaired, has been determined using a cash flow forecast that includes annual revenue growth rates of 2% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 14.4%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 8.1%, i.e. reaching a post-tax discount rate of 15.6%; or \u2022 the revenue growth was lower by 1.0% when compared to the forecasted average five-year growth. Sports B2B CGU The recoverable amount of the Sports B2B CGU, with carrying value of \u20ac232.9 million, which has not been impaired, has been determined using a cash flow forecast that includes annual revenue growth rates of 9.2% over the one to five-year forecast period, a 2% long-term growth rate and a post-tax discount rate of 14.9%. The recoverable amount would equal the carrying value of the CGU if: \u2022 the discount rate applied was higher by 7.6%, i.e. reaching a post-tax discount rate of 16.0%; or \u2022 the revenue growth was lower by 0.5% when compared to the forecasted average five-year growth. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Note 20 \u2013 Investments and derivative financial assets Introduction Below is a breakdown of the relevant assets at 31 December 2022 and 2021 per the consolidated balance sheet: 2022 \u20ac\u2019m 2021 \u20ac\u2019m A. Investments in associates 36.6 5.2 B. Other investments 9.2 8.1 C. Derivative \ufb01nancial assets 636.4 622.2 682.2 635.5 The following are the amounts recognised in the statement of comprehensive income: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Pro\ufb01t or Loss A. Share of loss from associates (3.8) (0.6) B. Unrealised fair value changes of equity investments (0.3) (1.6) C. Unrealised fair value changes of derivative \ufb01nancial assets 6.0 583.2 Other comprehensive income Foreign exchange movement from the derivative call options held in non-Euro functional currency subsidiaries 6.8 \u2014 8.7 581.0 Where the underlying derivative call option is held in a non-Euro functional currency entity, the foreign exchange movement is recorded through other comprehensive income. As at 31 December 2022, the foreign exchange movement of the derivative call option held in Caliplay (Note 20C) is recorded in the profit or loss as the derivative call option is held in a Euro functional currency entity. The foreign exchange movement of the derivative call option held in Wplay, Onjoc and Tenbet are recorded through other comprehensive income as the derivative call option is held in a USD functional currency entity. The recognition and valuation methodologies for each category are explained in each of the relevant sections below, including key judgements made under each arrangement as described in Note 6. Note 20 \u2013 Investments and derivative financial assets continued A. Investments in associates Balance sheet 2022 \u20ac\u2019m 2021 \u20ac\u2019m Caliplay \u2014 \u2014 ALFEA SPA 1.7 1.6 Galera \u2014 3.6 LSports 34.9 \u2014 Total investment in equity accounted associates 36.6 5.2 Profit and loss impact 2022 \u20ac\u2019m 2021 \u20ac\u2019m Share of pro\ufb01t in ALFEA SPA 0.1 \u2014 Share of loss in Galera (3.6) (0.6) Share of loss in LSports (0.3) \u2014 Total pro\ufb01t and loss impact (3.8) (0.6) Caliplay Background During 2014 the Group entered into an agreement with Tur\u00edstica Akalli, S. A. de C.V, which has since changed its name to Corporacion Caliente SAPI (\u201cCaliente\u201d), the majority owner of Tecnologia en Entretenimiento Caliplay, S. de R.L. de C.V (\u201cCaliplay\u201d), which is a leading betting and gaming operator in Mexico which operates the \u201cCaliente\u201d brand in Mexico. The Group made a \u20ac16.8 million loan to September Holdings B.V (previously the 49% shareholder of Caliplay), a company which is 100% owned by Caliente, in return for a call option that would grant the Group the right to acquire 49% of the economic interest of Caliplay for a nominal amount (the \u201cPlaytech Call Option\u201d). During 2021 Caliplay redeemed its share at par from September Holdings, which resulted in Caliente becoming the sole shareholder in Caliplay. The terms of the existing structured agreement were varied, with the following key changes: \u2022 A new additional option (in addition to the Playtech Call Option) was granted to the Group which allowed the Group to take up to a 49% equity interest in a new acquisition vehicle should Caliplay be subject to a corporate transaction \u2013 this additional option is only exercisable in connection with a corporate transaction and therefore was not exercisable at 31 December 2021 or 31 December 2022 (the \u201cPlaytech M&A Call Option\u201d). \u2022 Caliente received a put option which would require Playtech to acquire September Holding Company B.V. for a nominal amount (the \u201cSeptember Put Option\u201d). This option has been exercised and the parties are in the process of transferring legal ownership of September Holding Company B.V. to the Group. The Group has no equity holding in Caliplay or Caliente and is currently providing services to Caliplay including technical and general strategic support services for which it receives income (including an additional B2B services fee as described in Note 5). If the Playtech Call Option or the Playtech M&A Call Option are exercised, the Group would no longer be entitled to receive the additional B2B services fee (and will cease to provide the related services) which for the year ended 31 December 2022 was \u20ac66.3 million (2021: \u20ac49.4 million). In addition, for 45 days after the finalisation of Caliplay\u2019s 2021 accounts, Caliplay also had an option to redeem the Group\u2019s additional B2B services fee or (if the Playtech Call Option had been exercised at that time) Caliente would have the option to acquire Playtech\u2019s 49% stake in Caliplay (together the \u201cCaliente Call Option\u201d). As per the public announcement made by the Group on 6 February 2023, Playtech plc is seeking a declaration from the English Courts to obtain clarification on a point of disagreement between the parties in relation to the Caliente Call Option. The Group believes the Caliente Call Option has expired and referred to its expiry having taken place in its interim report for the six-month period ended 30 June 2022, which was published on 22 September 2022. If the Caliente Call Option was declared as being exercisable and was exercised, this would extinguish the Playtech Call Option and the Playtech M&A Call Option. In addition to the above, from 1 January 2025, if there is a change of control of Caliplay or any member of the Caliente group which holds a regulatory permit under which Caliplay operates, each of the Group and Caliente shall be entitled (but not obligated), within 60 days of the time of such change of control, to require that the Caliente group redeems the Group\u2019s additional B2B services fee or (if the Playtech Call Option had been exercised at that time) acquires Playtech\u2019s 49% stake in Caliplay. If such change of control were to take place and the right to redeem/ acquire were to occur, this would extinguish the Playtech Call Option (to the extent not exercised prior thereto) and the Playtech M&A Call Option. In respect of this change of control arrangement the Group has made a judgement that as at 31 December 2022 this has no impact on the fair value calculation of the Playtech M&A Call Option. Note 20 \u2013 Investments and derivative financial assets continued A. Investments in associates continued Caliplay continued Assessment of control and significant influence As at 31 December 2022 and 2021 it was assessed that the Group did not have control over Caliplay, because it does not meet the criteria of IFRS 10 Consolidated Financial Statements, paragraph 7 due to the following: \u2022 Despite the Group previously having a nominated director on the Caliplay board in 2020 and having consent rights on certain decisions (in each case, removed in 2021), there was no ability to control the relevant activities. \u2022 Whilst they are not members of the board, the Group has the ability to appoint and change both the Chief Operating Officer (COO) and Chief Marketing Officer (CMO) who form part of the management team. The COO and the CMO form part of the wider management team but not the board and therefore are unable to control the relevant activities of Caliplay. \u2022 The Playtech Call Option or the Playtech M&A Call Option, if exercised, would result in Playtech having up to 49% of the voting rights and would not result in Playtech having control. \u2022 Whilst the Group does receive variable returns from its structured agreement, it does not have the power to direct relevant activities so any variation cannot arise from such a power. As at 31 December 2022 and 2021, the Group has significant influence over Caliplay because it meets one or more of the criteria under IAS 28, paragraph 6 as follows: \u2022 It has the ability to appoint key members of the Caliplay management team. \u2022 The standard operator revenue by itself is not considered to give rise to significant influence; however, when combined with the additional B2B services fee, this is an indicator of significant influence. \u2022 The material transaction of the historical loan funding is also an indicator of significant influence. Accounting for each of the options The Playtech Call Option was exercisable at 31 December 2022 and 31 December 2021, although it still has not been exercised. As the Group has significant influence and the option is exercisable, the investment is recognised as an investment in associate using the equity accounting method which includes having current access to profits and losses. The cost of the investment was previously deemed to be the loan given through September Holdings of \u20ac16.8 million, which at the time was assessed under IAS 28, paragraph 38 as not recoverable for the foreseeable future and part of the overall investment in the entity. In 2021, with the introduction of the September Put Option, the investment in associate relating to the original Playtech Call Option was reduced to zero and the \u20ac16.8 million original loan amount was determined by management to be the cost of the new Playtech M&A Call option and therefore fully offset the balance of \u20ac16.8 million against the overall fair value movement of the Playtech M&A Call Option (refer to part C of this note). The Playtech M&A Call Option is not currently exercisable and therefore in accordance with IAS 28, paragraph 14 has been recognised as derivative financial asset, and disclosed separately under part C of this note. As per the judgement in Note 6, the Group did not consider it appropriate to equity account for the share of profits as the current 100% shareholder is entitled to any undistributed profits. Below is the financial information of Caliplay: 2022 1 \u20ac\u2019m 2021 1 \u20ac\u2019m Current assets 96.7 62.9 Non-current assets 30.3 20.2 Current liabilities (78.1) (67.5) Non-current liabilities \u2014 \u2014 Equity 48.9 15.6 Revenue 532.1 372.3 Pro\ufb01t from continuing operations 30.4 23.3 Other comprehensive income /(loss), net of tax 2.5 (1.0) Total comprehensive income 32.9 22.3 1 The 2021 balances above have been extracted from Caliplay\u2019s audited 2021 financial statements whereas the 2022 balances have been extracted from the draft unaudited Caliplay financial statements. Investment in ALFEA SPA The Group has held 30.7% equity shares in ALFEA SPA since June 2018. At 31 December 2022 the Group\u2019s value of the investment in ALFEA SPA was \u20ac1.7 million (2021: \u20ac1.6 million). A share of profit of \u20ac0.1 million was recognised in the profit or loss for the year ended 31 December 2022 (2021: \u20acNil). Note 20 \u2013 Investments and derivative financial assets continued A. Investments in associates continued Investment in Galera In June 2021, the Group entered into an agreement with Ocean 88 Holdings Ltd which is the sole holder of Galera Gaming Group (together \u201cGalera\u201d), a company registered in Brazil. Galera offers and operates online and mobile sports betting and gaming (poker, casino, etc.) in Brazil. They will continue to do so under the local regulatory license, when this becomes available, and will expand to other gaming and gambling products based on the local license conditions. The Group\u2019s total consideration paid for the investment in Galera was $5.0 million (\u20ac4.2 million) in the year ended 31 December 2021, which was the consideration for the option to subscribe and purchase from Galera an amount of shares equal to 40% in Galera at nominal price. In addition to the investment amount paid, Playtech made available to Galera a line of credit up to $20.0 million. In 2022, an amendment was signed to the original framework agreement to increase the credit line to $45.0 million. As at 31 December 2022, an amount of \u20ac26.9 million, which is included in loans receivable under other non-current assets (refer to Note 36) has been drawn down (2021: \u20ac8.1 million). An amount of \u20ac18.0 million has been loaned in the year ended 31 December 2022. The loan is required to be repaid to Playtech prior to any dividend distribution to the current shareholders of Galera. The Group recognised an allowance for expected credit losses for the loan to Galera of \u20ac1.1 million as at 31 December 2022 (2021: \u20acNil). In respect of the loan receivable from Galera even though the framework agreement does not state a set repayment term, management has assessed that this should still be recognised as a loan as opposed to part of the overall investment in associate in line with IAS 28. The Directors have made a judgement that the loan will be settled from operational cash flows as opposed to being settled as part of an overall transaction. If the Group had determined that the loan was part of the overall investment in associate an additional \u20ac3.6 million share of loss of associate would have been recorded in the profit and loss. The \u20ac3.6 million has not been recognised as the investment in associate has been reduced to \u20acNil (see below). Playtech has assessed whether it holds power to control the investee and it was concluded that this is not the case. Even if the option is exercised, it would only result in a 40% voting right over the operating entity and therefore no control. Under the agreement in place: \u2022 the standard operator income to be generated from services provided to Galera when combined with the additional B2B services fee, the loan and certain other contractual rights, are all indicators of significant influence; and \u2022 the Group provides standard B2B services (similar to services provided to other B2B customers) as well as additional services to Galera that Galera requires to assist it in successfully running its operations, which could be considered essential technical information. Considering the above factors, the Group has significant influence under IAS 28, paragraph 6 over Galera. As the option is currently exercisable and gives Playtech access to the returns associated with the ownership interest, the investment is treated as an investment in associate. Playtech\u2019s interest in Galera is accounted for using the equity method in the consolidated financial statements. Galera is still considered a start-up and therefore is currently loss making. If the call option is exercised by Playtech the Group will no longer provide certain services and as such will no longer be entitled to the additional B2B service fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). The cost of the investment was deemed to be the price paid for the option of $5.0 million (\u20ac4.2 million). A share of the loss of \u20ac3.6 million was recognised in the profit or loss in the year ended 31 December 2022 (2021: \u20ac0.6 million) making the resulting value of the investment at 31 December 2022 \u20acNil (2021: \u20ac3.6 million). The total share of loss from Galera was \u20ac7.2 million as at 31 December 2022 but is capped at \u20ac3.6 million to bring the cost of the investment to \u20acNil. Investment in LSports Background In November 2022, the Group entered into the following transactions: \u2022 acquisition of 15% of Statscore for a total consideration of \u20ac1.8 million. As a result of this transaction Statscore became a 100% subsidiary of the Group; \u2022 disposal of 100% of Statscore to LSports Data Ltd (\u201cLSports\u201d) for a total consideration of \u20ac7.5 million (settled through the acquisition of LSports in shares) less a novated inter-company loan of \u20ac1.6 million, therefore a non-cash net consideration of \u20ac5.9 million; and \u2022 acquisition of 30.89% of LSports for a total consideration of \u20ac36.7 million, which also included an option to acquire further shares (up to 18.11%) in LSports. Of the total consideration, \u20ac29.2 million was paid in cash with the balance offset against the disposal proceeds of Statscore as per the above. As a result of the disposal of 100% of Statscore, the Group realised a loss of \u20ac8.8 million which has been recognised in the profit or loss for the year ended 31 December 2022 and is made up as follows: 2022 \u20ac\u2019m Net asset position as at the date of the disposal (including goodwill of \u20ac12.4 million) 14.7 Net consideration (5.9) Loss on disposal 8.8 Note 20 \u2013 Investments and derivative financial assets continued A. Investments in associates continued Investment in LSports continued Background continued Furthermore, the Group has an option to acquire up to 49% (so an additional 18.11%) of the equity of LSports (\u201cLSports Option\u201d). The LSports Option is exercisable under the following conditions: \u2022 within 90 days from the date of receipt of the LSports audited financial statements for each of the years ending 31 December 2024, 2025 and 2026; or \u2022 at any time until 31 December 2026 subject and immediately prior to the consummation of an Initial Public Offering or Merger & Acquisition event of LSports. The fair value of the option acquired was \u20ac1.4 million which was part of the total consideration \u20ac36.7 million. Refer to part of Note 20C; there is no movement on the fair value between acquisition and year end. LSports is a company whose principal activity is to empower sportsbooks and media companies with the highest quality sports data on a wide range of events, so they can build the best product possible for their business. The company is based in Israel. The principal reason of the acquisition is the attractive opportunity considered by Playtech to increase its footprint in the growing sports data market segment. Assessment of control and significant influence As at date of acquisition and 31 December 2022 it was assessed that the Group did not have control over LSports, because it does not meet the criteria of IFRS 10 Consolidated Financial Statements, paragraph 7 due to the following: \u2022 despite Playtech having the right to appoint a director on the LSports board, as at 31 December 2022, one had not yet been appointed. Moreover, once Playtech appoints a director, there is still no ability to control the relevant activities, as the total number of directors including potentially one Playtech appointed director will be five; \u2022 Playtech has neither the ability to change any members of the board or of the management of LSports; and \u2022 as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment Playtech does not hold power over the investee and as such does not have control. As at 31 December 2022, the Group has significant influence over LSports because it meets one or more of the criteria under IAS 28, paragraph 6, the main one being Playtech having the ability to appoint a member on the board of LSports enabling it to therefore participate in policy- making processes, including decisions about dividends and/or other distributions. As a result of this assessment LSports has been recognised as an investment in associate. The LSports option, which is not currently exercisable, is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9 and disclosed separately under part C of this note. Purchase Price Allocation (PPA) The Group has prepared a PPA following the acquisition of the investment, where any difference between the cost of the investment and Playtech\u2019s share of the net fair value of the LSports\u2019 identifiable assets and liabilities results in goodwill. Details of the provisional fair value of identifiable assets and liabilities acquired, investment consideration and goodwill are as follows: Playtech\u2019s share of net fair value of the identi\ufb01able assets and liabilities acquired 2022 \u20ac\u2019m Net book value of liabilities acquired (1.3) Fair value of customer contracts and relationships 7.8 Fair value of technology \u2013 internally developed 11.5 Fair value of brand 1.6 Deferred tax arising on acquisition (2.3) Total net assets 17.3 Total consideration 35.3 Goodwill 18.0 A total of \u20ac0.4 million and \u20ac0.1 million was recognised in relation to the amortisation of intangibles and the release of the deferred tax liability respectively, arising on acquisition in the profit or loss for the year ended 31 December 2022, with a corresponding entry against the investment in associate. The net effect of \u20ac0.3 million is recognised in share of loss in profit or loss as at 31 December 2022. No share of profit was recognised as this amount is negligible. Note 20 \u2013 Investments and derivative financial assets continued A. Investments in associates continued Other investment in associates that are fair valued under IAS 28, paragraph 14 The following are also investments in associates where the Group has significant influence but where the option is not currently exercisable. As there is no current access to profits, the relevant option is fair valued under IFRS 9, and disclosed as derivative financial assets under part C of this note: \u2022 Wplay; \u2022 Tenbet (Costa Rica); and \u2022 Onjoc (Panama). The financial information required for investments in associates, other than Caliplay, have not been included here as from a Group perspective the Directors do not consider them to have a material impact jointly or separately. B. Other investments Balance sheet 2022 \u20ac\u2019m 2021 \u20ac\u2019m Listed investment \u2013 PhilWeb 1.1 0.8 Listed investment \u2013 Torque Esports Corp 0.3 0.8 Investment in Tenlot Guatemala 4.4 4.4 Investment in Tentech Costa Rica 2.1 2 .1 Investment in Gameco 1.3 \u2014 Total other investments 9.2 8.1 Profit and loss impact 2022 \u20ac\u2019m 2021 \u20ac\u2019m Change of fair value of listed securities \u2013 PhilWeb 0.2 (0.4) Change in fair value of listed securities \u2013 Torque Esports Corp (0.5) (1.2) Total pro\ufb01t and loss impact (0.3) (1.6) Listed investments The Group has shares in listed securities in PhilWeb and Torque Esports Corp. The fair values of these equity shares are determined by reference to published price quotations in an active market. For the year ended 31 December 2022, the fair value of PhilWeb increased by \u20ac0.2 million (2021: decrease of \u20ac0.4 million). For the year ended 31 December 2022, the fair value of Torque Esports Corp decreased by \u20ac0.5 million (2021: decrease of \u20ac1.2 million). Investment in Tenlot Guatemala In 2020, the Group entered into an agreement with Tenlot Guatemala, a member of the Tenlot Group. Tenlot Guatemala commenced its activity in 2018 and it is currently growing its lottery business in Guatemala, expanding its distribution network and game offering. The Group has acquired a 10% equity holding in Tenlot Guatemala for a total consideration of $5.0 million (\u20ac4.4 million) in 2020, which has been accounted at fair value through profit or loss under IFRS 9. The fair value of the equity holding as at 31 December 2022 is $5.0 million (\u20ac4.4 million) with no movement in fair value from the prior year. In addition, the Group was granted a 10% equity holding in Super Sports S.A. at no additional cost. The Group also has an option to acquire an additional 80% equity holding in Super Sports S.A. If the option is exercised, the Group would no longer provide certain services and, as such, would no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil for the year ended 31 December 2022 (2021: \u20acNil). There are no conditions attached to the exercise of the option. The right of exercising the call option at any time and the acquisition of the additional 80% in Super Sports S.A. give Playtech: \u2022 power over the investee; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect the amount of the investor\u2019s returns. It therefore satisfies all the criteria of control under IFRS 10, paragraph 7 and, as such, at 31 December 2022 Super Sports S.A. has been consolidated in the consolidated financial statements of the Group, noting that this is not material from a Group perspective. Investment in Tentech Costa Rica In 2020, the Group entered into an agreement in Costa Rica with the Tenlot Group. The Group acquired a 6% equity holding in Tentech CR S.A., a member of the Tenlot Group, for a total consideration of $2.5 million (\u20ac2.1 million). Tentech CR S.A. sells printed bingo cards in accordance with article 29 of the Law of Raffles and Lotteries of Costa Rica (CRC \u2013 Costa Rican Red Cross Association). The 6% equity holding in Tentech CR S.A. is accounted at fair value through profit or loss under IFRS 9. The fair value of the equity holding as at 31 December 2022 is $2.5 million (\u20ac2.1 million) with no movement in fair value from the prior year. Note 20 \u2013 Investments and derivative financial assets continued B. Other investments continued Investment in Gameco In 2021, the Group entered into a convertible loan agreement with GameCo LLC (\u201cGameCo\u201d), where it provided $4.0 million in the form of a debt security with 8% interest (2021: \u20ac3.8 million). As at 31 December 2021 the receivable was included in loans receivable in Note 21. In December 2022, Gameco acquired Green Jade Games and subsequently, the Playtech debt was converted into equity shares, representing a 7.1% into the newly formed group. Immediately prior to the conversion, the loan was impaired by \u20ac3.0 million and this has been recognised in the profit or loss in the current year. The 7.1% equity holding in the newly formed group is accounted at fair value through profit or loss under IFRS 9. The fair value of the equity holding as at 31 December 2022 is \u20ac1.3 million. C. Derivative financial assets Balance sheet 2022 \u20ac\u2019m 2021 \u20ac\u2019m Playtech M&A Call Option (Caliplay) 524.0 506.7 Wplay 93.5 97.2 Onjoc 8.6 6.9 Tenbet 8.9 11.4 LSports (Note 20A) 1.4 \u2014 Total derivative \ufb01nancial assets 636.4 622.2 Statement of comprehensive income impact 2022 \u20ac\u2019m 2021 \u20ac\u2019m Caliplay Fair value change of Playtech M&A Call Option (13.3) 506.7 Playtech Call Option \u2014 (16.6) Foreign exchange movement to pro\ufb01t or loss 30.6 \u2014 Wplay Fair value change in Wplay (9.4) 74.8 Foreign exchange movement recognised in other comprehensive income 5.7 \u2014 Onjoc Fair value change in Onjoc 1.3 6.9 Foreign exchange movement recognised in other comprehensive income 0.4 \u2014 Tenbet Fair value change in Tenbet (3.2) 11.4 Foreign exchange movement recognised in other comprehensive income 0.7 \u2014 Total comprehensive income impact 12.8 583.2 Caliplay As already disclosed in section A of this note, the Playtech M&A Call Option is not currently exercisable and therefore in accordance with IAS 28, paragraph 14 has been recognised as a derivative financial asset and fair valued under IFRS 9. As at 31 December 2021, Caliplay was actively negotiating a merger with a US listed special purpose acquisition corporation (SPAC), which in turn was expected to enter into a long-term commercial agreement with a leading media partner. As part of the transaction, the media partner and certain of its shareholders were expected to invest a cash amount in the SPAC in exchange for shares and warrants issued by the SPAC, which was expected to result in them together holding a material minority equity interest. Further attempts were made to complete the SPAC transaction during the year, however as per the announcement made on 29 July 2022, with capital market conditions having deteriorated significantly since the transaction was initially contemplated, the transaction was no longer being pursued. For this reason, a decision was taken to change the valuation methodology used as at 31 December 2022 for the Playtech M&A Call Option to that of a DCF approach with a market exit multiple assumption, as opposed to 31 December 2021, where the Group has assessed the fair value of the Playtech M&A Call Option based on the proposed term of the expected merger with the SPAC, including the transaction value. As already mentioned in part A of Note 20 the Group is seeking a declaration from the English Courts to obtain clarification on a point of disagreement between the parties in relation to the Caliente Call Option and in particular, whether Caliplay still holds this option which permits it to redeem the additional B2B services fee element. Should it be declared that Caliplay still has the Caliente Call Option and Caliplay then exercises said option, this would cancel both the Playtech M&A Call Option and the Playtech Call Option. The Group believes the Caliente Call Option has expired and whilst Caliplay has not sought to exercise the option to date, Caliplay has made it clear that it considers the option has not yet expired. Note 20 \u2013 Investments and derivative financial assets continued C. Derivative financial assets continued Caliplay continued In arriving at the fair value of the Playtech M&A Call Option, the Group has made a judgement that the Caliente Call Option has expired and therefore no probability weighted scenarios have been modelled that include an assumption that the Caliente Call Option is exercisable. Should the English Courts determine that the option is exercisable and Caliplay chooses to exercise the option, the amount payable by Caliplay to the Group upon exercise would either be agreed between the parties or, failing which, determined by an independent investment bank valuing the Group\u2019s remaining entitlement to receive the additional B2B services fee until 31 December 2034. There is therefore the potential that, should the Caliente Call Option be exercisable and then subsequently exercised, the proceeds received by the Group may be materially different (positive or adverse) to the fair value of the Playtech M&A Call Option recorded as at 31 December 2022. Valuation The Group has assessed the fair value of the Playtech M&A Option of the derivative financial asset as at 31 December 2022 using a discounted cash flow (DCF) approach with a market exit multiple assumption. The Group used a discount rate of 16% reflecting the cash flow risks given the high growth rates in place, as well as a discount for illiquidity and control until the expected Group exit date. The Group also made assumptions on the probability of a possible transaction that may be completed on a number of exit date scenarios over a four-year period, until December 2026. The Group used a compound annual growth rate of 17.2% over the forecasted cash flow period, an average Adjusted EBITDA margin of 26.3% and an exit multiple of 9.6x. Due to the uncertainty as to how the exercise of the Playtech M&A Call Option may occur and the potential for the shares held to not be immediately realisable, the Group included an additional discount for lack of marketability (DLOM) for two years of 13.8%. Furthermore, Playtech\u2019s share in Caliplay was adjusted to reflect the rights to Caliplay shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Playtech M&A Call Option was $560.6 million (2021: $574.7 million) which converted to \u20ac524.0 million (2021: \u20ac506.7 million). The year-on-year movement of \u20ac17.3 million recognised in the profit or loss is attributable to the favourable movement in the USD to EUR foreign exchange rate of \u20ac30.6 million, offset by \u20ac13.3 million unfavourable movement in the fair value arising from the change in a number of variables including exit dates and loss of transaction synergies which impacted cash flows that were only partly offset by the increase in the shareholding as discussed below. As at 31 December 2021 the fair value of the option in Caliplay was determined using a potential transaction price where, due to incoming shareholders, Playtech\u2019s share in Caliplay was being diluted down to 36%. As at 31 December 2022, a discounted cash flow valuation method is used with a dilution in shareholding down only to 45.8% reflecting the expected rights to Caliplay shares to be allocated to a service provider under its services agreement with the Group. These rights were reduced following the exercise of a redemption option post year end as disclosed in Note 40, noting that the Group had assumed this option would be exercised for the purposes of the valuation performed at 31 December 2022. Despite the change in valuation approach, the Group considers it reasonable that the value of the Playtech M&A Call Option is broadly unchanged given the continued strong operational results of Caliplay for 2022. Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 14% to 18% will result in a fair value of the derivative financial asset in the range of \u20ac484.2 million \u2013 \u20ac568.3 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac494.5 million \u2013 \u20ac553.3 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac464.6 million \u2013 \u20ac583.3 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac487.0 million \u2013 \u20ac561.8 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac450.5 million \u2013 \u20ac601.0 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac473.9 million \u2013 \u20ac573.9 million. \u2022 If the 13.8% DLOM applied for two-year period post exercise of the Playtech M&A option was removed (i.e. in the event that an M&A transaction included the acquisition of Playtech\u2019s shares immediately post exercise) the fair value of the derivative financial asset would increase to \u20ac607.6 million. Conversely, if we double the applied DLOM to 27.6% the fair value of the derivative financial asset would decrease to \u20ac440.2 million. Wplay In August 2019, Playtech entered into a structured agreement with Aquila Global Group SAS (\u201cWplay\u201d), which has a license to operate online gaming activities in Colombia. Under the agreement the Group provides Wplay its technology products, where it receives standard operator revenue and additional B2B services fee as per Note 5. The Group has no shareholding in Wplay. Playtech has a call option to acquire a 49.9% equity holding in the Wplay business. As at 31 December 2021 this option was exercisable in August 2022, however during 2022, the parties agreed to defer the Group\u2019s ability to exercise this option to August 2023. If the call option is exercised by Playtech, the Group would no longer provide certain services and as such will no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil for the year ended 31 December 2022 (2021: \u20acNil). The payment of \u20ac22.4 million made to Wplay in 2019 and 2020 was considered to be the payment made for the option in Wplay. The Group had contingent commitments totalling $6.0 million, of which $5.0 million was paid in June 2021 and $1.0 million was paid in October 2022. Note 20 \u2013 Investments and derivative financial assets continued C. Derivative financial assets continued Wplay continued Assessment of control and significant influence The Group assessed whether it holds power over the investee (in accordance with IFRS 10, paragraph 7) with the following considerations: \u2022 Playtech does not have the ability to direct Wplay\u2019s activities as it has no voting representation on the executive committee or members of the executive committee. \u2022 Whilst they are not members of the executive committee, Playtech has the ability to appoint and change both the COO and CMO who form part of the management team (albeit this right has never been exercised). The COO and the CMO are part of the wider management team but would not be able to control the relevant activities of Wplay. \u2022 If the option is exercised it would result in Playtech acquiring 49.9% of the voting rights of the operating entity and therefore would not result in having control. Furthermore, as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment Playtech does not hold power over the investee and as such does not have control. With regards to the assessment of significant influence, the following facts were considered: \u2022 Playtech has the right to appoint and remove the COO and CMO which is a potential indicator of significant influence given their relative positions and involvement in the day-to-day operations of Wplay. \u2022 The standard operator revenue is not considered to give rise to significant influence. However, when combined with the additional B2B services fee, this is an indicator of significant influence. \u2022 The Group provides additional services to Wplay which Wplay requires to assist it in successfully running its operations, which could be considered essential technical information. The Group therefore has significant influence under IAS 28, paragraph 6 over Wplay. However, as the option is not currently exercisable, we have an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9. The Group has given an interest-bearing loan of $1.7 million (\u20ac1.6 million) to Wplay, which is due for repayment in December 2023 and is included in loans receivable from related parties (refer to Note 36). Valuation The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group used a discount rate of 25% (2021: 23%) reflecting the cash flow risks given the high growth rates in place and the relative early stages of the business, as well as a discount for illiquidity and control until the expected Playtech exit date of December 2026 (2021: expected exit date of December 2026). The Group used a compound annual growth rate of 24.7% (2021: 27.2%) over the forecasted cash flow period, an average Adjusted EBITDA margin of 20.6% (2021: 17.5%) and an exit multiple of 9.6x (2021: 9.8x). As part of the agreement, there is a lock-in mechanism that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit date assumed in the model is earlier, then both parties would be in agreement to this earlier exit point, therefore no further discounts were applied post transaction. Furthermore, Playtech\u2019s share in Wplay was adjusted to reflect the rights to shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Wplay derivative financial asset is \u20ac93.5 million. The difference of \u20ac3.7 million between the fair value at 31 December 2021 of \u20ac97.2 million and the fair value at 31 December 2022 has been recognised as follows: a. \u20ac9.4 million derived from the fair value decrease of the derivative call option calculated using the DCF model in the profit or loss for the year ended 31 December 2022. b. \u20ac5.7 million derived from the fair value increase due to the exchange rate fluctuation of USD to EUR (as the derivative call option is under a foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income for the year ended 31 December 2022. Note 20 \u2013 Investments and derivative financial assets continued C. Derivative financial assets continued Wplay continued Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 20% to 30% will result in a fair value of the derivative financial asset in the range of \u20ac79.5 million \u2013 \u20ac111.0 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac89.0 million \u2013 \u20ac98.1 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac84.4 million \u2013 \u20ac102.6 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac90.1 million \u2013 \u20ac97.1 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac86.7 million \u2013 \u20ac100.8 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac85.8 million \u2013 \u20ac101.2 million. \u2022 If the expected Playtech exit date fluctuates by one year later or earlier, the fair value of the derivative financial asset will change to \u20ac87.8 million and \u20ac99.5 million respectively. Onjoc In June 2020, Playtech entered into a framework agreement with ONJOC CORP. (\u201cOnjoc\u201d), which holds a license to operate online sports betting, gaming and gambling activities in Panama. The Group has no equity holding in Onjoc but has an option to acquire 50%. Under the agreement the Group provides Onjoc its technology products, where it receives standard operator revenue and additional B2B services fee as per Note 5. If the option is exercised, the Group would no longer provide certain services and, as such, would no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). The option can be exercised any time subject to Onjoc having $15.0 million of Gross Gaming Revenue (GGR) over a consecutive 12-month period. Assessment of control and significant influence The Group performed an analysis for Onjoc to assess whether it holds power over Onjoc (in accordance with IFRS 10, paragraph 7) with the following considerations: \u2022 Playtech can propose an independent member to the board of directors, who has to be independent to both Playtech and Onjoc, and as such does not have the ability to direct Onjoc\u2019s activities as it has no voting representation on the board; \u2022 Playtech has the right to appoint and remove the COO, CTO and CMO, which although would form part of the wider management team, would not be able to control the relevant activities of Onjoc by themselves; and \u2022 if the option is exercised it would result in Playtech acquiring 50% of the voting rights of the operating entity and therefore would not result in having control. Furthermore, as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment Playtech does not hold power over the investee and as such does not have control. With regards to the assessment of significant influence, the following facts were considered: \u2022 Playtech can propose an independent member to the board of directors and has the right to appoint and remove the COO, CTO and CMO which are potential indicators of significant influence given their relative positions and the involvement in day-to-day operations of Onjoc; \u2022 the standard operator revenue is not considered to give rise to significant influence. However, when combined with the additional B2B services fee, this is an indicator of significant influence; and \u2022 the Group provides additional services to Onjoc which Onjoc requires to assist it in successfully running its operations which could be considered essential technical information. The Group therefore has significant influence under IAS 28, paragraph 6 over Onjoc. However, as the option is not currently exercisable, we have an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9. The Group has given an interest-bearing loan to Onjoc of \u20ac1.8 million (2021: \u20ac1.1 million) which is due for repayment in October 2025 and is included in loans receivable from related parties (refer to Note 36). Note 20 \u2013 Investments and derivative financial assets continued C. Derivative financial assets continued Onjoc continued Valuation The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group used a discount rate of 33% (2021: 31%) reflecting the cash flow risk given the high growth rates in place and the early stages of the business, as well as a discount for illiquidity and control until the expected Playtech exit date of December 2027 (2021: expected exit date of December 2027). The Group used a compound annual growth rate of 60.1% (2021: 89.3%) over the forecasted cash flow period and an average Adjusted EBITDA margin of 20.4% (2021: 3.7%). As part of the agreement, there is a lock-in mechanism that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit date assumed in the model is earlier, then both parties would be in agreement to this earlier exit point, therefore no further discounts applied post transaction. Furthermore, Playtech\u2019s share in Onjoc was adjusted to reflect the rights to shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Onjoc derivative financial asset is \u20ac8.6 million. The difference of \u20ac1.7 million between the fair value at 31 December 2021 of \u20ac6.9 million and the fair value at 31 December 2022 has been recognised as follows: a. \u20ac1.3 million derived from the fair value increase of the derivative call option calculated using the DCF model in the profit or loss in the year ended 31 December 2022. b. \u20ac0.4 million derived from the fair value increase from the exchange rate fluctuation of USD to EUR (as the derivative call option is under a foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income in the year ended 31 December 2022. Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 28% to 38% will result in a fair value of the derivative financial asset in the range of \u20ac7.1 million \u2013 \u20ac10.5 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.1 million \u2013 \u20ac9.1 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac7.7 million \u2013 \u20ac9.5 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.9 million \u2013 \u20ac9.3 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.3 million \u2013 \u20ac10.1 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac7.6 million \u2013 \u20ac9.7 million. Tenbet Costa Rica In addition to the 6% equity holding in Tentech CR S.A as per section B of this note, the Group has an option to acquire 81% equity holding in Tenbet. Tenbet which is another member of the Tenlot Group, operates online bingo games and casino side games. Playtech provides certain services to Tenbet in return for its additional B2B services fee. The Group has no equity holding in Tenbet but has an option to acquire 81% equity. If the option is exercised, the Group would no longer provide certain services to Tenbet and, as such, would no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). In H1 2022, the Group signed an amendment to the Tenbet agreement in which the option can be exercised at any time from the end of 35 months (previously 18 months) of Tenbet going live. The call option to acquire 81% equity holding in Tenbet is exercisable from July 2023 (previously February 2022). Under the existing agreements, the Group has provided Tenbet with a credit facility of \u20ac2.7 million out of which \u20ac2.1 million had been drawn down as at 31 December 2022 (2021: \u20ac1.1 million). Assessment of control and significant influence The Group assessed whether it holds power over Tenbet (in accordance with IFRS 10, paragraph 7) with the following considerations: \u2022 Playtech does not have the ability to direct Tenbet\u2019s activities as it has no voting representation on the Board of Directors (or equivalent) or people in managerial positions; \u2022 Playtech has neither the ability to appoint, or change any members of the Board of Tenbet; and \u2022 as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment, Playtech does not hold power over the investee and as such does not have control. With regards to the assessment of significant influence, the standard operator revenue alone is not considered to give rise to significant influence. However, when combined with the additional B2B services fee, this is an indicator of significant influence. Furthermore, the Group provides additional services to Tenbet which Tenbet requires to assist it in successfully running its operations that could be considered essential technical information. Playtech therefore has significant influence under IAS 28, paragraph 6 over Tenbet. However, as the option is not currently exercisable, we have an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9. Note 20 \u2013 Investments and derivative financial assets continued
C. Derivative financial assets continued
Tenbet Costa Rica continued
Valuation
The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group
used a discount rate of 35% (2021: 33%) reflecting the cash flow risk given the high growth rates in place and the early stages of the business, as
well as a discount for illiquidity and control until the expected Playtech exit date of December 2027 (2021: expected exit date of December 2027).
The Group used a compound annual growth rate of 135% (2021: 64.2%) over the forecasted cash flow period and an average Adjusted EBITDA
margin within the range of \u2013 335% to 31% in years 1-5 with an average of -59.8% (2021: average of -10.1%). As part of the agreement, there is a
lock-in mechanism that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit
date assumed in the model is earlier, then both parties would be in agreement to this earlier exit point. Furthermore, Playtech\u2019s share in Tenbet
was adjusted to reflect the rights to shares that a service provider has under its services agreement with the Group.
As at 31 December 2022, the fair value of the Tenbet derivative financial asset is \u20ac8.9 million. The difference of \u20ac2.5 million between the fair value
at 31 December 2021 of \u20ac11.4 million and the fair value at 31 December 2022 has been recognised as follows:
a. \u20ac3.2 million derived from the fair value decrease of the derivative call option calculated using the DCF model in the profit or loss in the year
ended 31 December 2022.
b. \u20ac0.7 million derived from the fair value increase from the exchange rate fluctuation of USD to EUR (as the derivative call option is under a
foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income in the year ended 31 December 2022.
Sensitivity analysis
The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following
sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value:
\u2022 A different discount rate within the range of 30% to 40% will result in a fair value of the derivative financial asset in the range of \u20ac7.2 million \u2013 \u20ac11.0 million.
\u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.5 million \u2013 \u20ac9.3 million.
\u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.0 million \u2013 \u20ac9.8 million.
\u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.9 million \u2013 \u20ac10.0 million.
\u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac6.9 million \u2013 \u20ac11.2 million.
\u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac7.7 million \u2013 \u20ac10.2 million.
",
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"concept": "playtechplc:DisclosureOfInvestmentsAndDerivativeFinancialAssets",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "A. Investments in associates Balance sheet 2022 \u20ac\u2019m 2021 \u20ac\u2019m Caliplay \u2014 \u2014 ALFEA SPA 1.7 1.6 Galera \u2014 3.6 LSports 34.9 \u2014 Total investment in equity accounted associates 36.6 5.2 Profit and loss impact 2022 \u20ac\u2019m 2021 \u20ac\u2019m Share of pro\ufb01t in ALFEA SPA 0.1 \u2014 Share of loss in Galera (3.6) (0.6) Share of loss in LSports (0.3) \u2014 Total pro\ufb01t and loss impact (3.8) (0.6) Caliplay Background During 2014 the Group entered into an agreement with Tur\u00edstica Akalli, S. A. de C.V, which has since changed its name to Corporacion Caliente SAPI (\u201cCaliente\u201d), the majority owner of Tecnologia en Entretenimiento Caliplay, S. de R.L. de C.V (\u201cCaliplay\u201d), which is a leading betting and gaming operator in Mexico which operates the \u201cCaliente\u201d brand in Mexico. The Group made a \u20ac16.8 million loan to September Holdings B.V (previously the 49% shareholder of Caliplay), a company which is 100% owned by Caliente, in return for a call option that would grant the Group the right to acquire 49% of the economic interest of Caliplay for a nominal amount (the \u201cPlaytech Call Option\u201d). During 2021 Caliplay redeemed its share at par from September Holdings, which resulted in Caliente becoming the sole shareholder in Caliplay. The terms of the existing structured agreement were varied, with the following key changes: \u2022 A new additional option (in addition to the Playtech Call Option) was granted to the Group which allowed the Group to take up to a 49% equity interest in a new acquisition vehicle should Caliplay be subject to a corporate transaction \u2013 this additional option is only exercisable in connection with a corporate transaction and therefore was not exercisable at 31 December 2021 or 31 December 2022 (the \u201cPlaytech M&A Call Option\u201d). \u2022 Caliente received a put option which would require Playtech to acquire September Holding Company B.V. for a nominal amount (the \u201cSeptember Put Option\u201d). This option has been exercised and the parties are in the process of transferring legal ownership of September Holding Company B.V. to the Group. The Group has no equity holding in Caliplay or Caliente and is currently providing services to Caliplay including technical and general strategic support services for which it receives income (including an additional B2B services fee as described in Note 5). If the Playtech Call Option or the Playtech M&A Call Option are exercised, the Group would no longer be entitled to receive the additional B2B services fee (and will cease to provide the related services) which for the year ended 31 December 2022 was \u20ac66.3 million (2021: \u20ac49.4 million). In addition, for 45 days after the finalisation of Caliplay\u2019s 2021 accounts, Caliplay also had an option to redeem the Group\u2019s additional B2B services fee or (if the Playtech Call Option had been exercised at that time) Caliente would have the option to acquire Playtech\u2019s 49% stake in Caliplay (together the \u201cCaliente Call Option\u201d). As per the public announcement made by the Group on 6 February 2023, Playtech plc is seeking a declaration from the English Courts to obtain clarification on a point of disagreement between the parties in relation to the Caliente Call Option. The Group believes the Caliente Call Option has expired and referred to its expiry having taken place in its interim report for the six-month period ended 30 June 2022, which was published on 22 September 2022. If the Caliente Call Option was declared as being exercisable and was exercised, this would extinguish the Playtech Call Option and the Playtech M&A Call Option. In addition to the above, from 1 January 2025, if there is a change of control of Caliplay or any member of the Caliente group which holds a regulatory permit under which Caliplay operates, each of the Group and Caliente shall be entitled (but not obligated), within 60 days of the time of such change of control, to require that the Caliente group redeems the Group\u2019s additional B2B services fee or (if the Playtech Call Option had been exercised at that time) acquires Playtech\u2019s 49% stake in Caliplay. If such change of control were to take place and the right to redeem/ acquire were to occur, this would extinguish the Playtech Call Option (to the extent not exercised prior thereto) and the Playtech M&A Call Option. In respect of this change of control arrangement the Group has made a judgement that as at 31 December 2022 this has no impact on the fair value calculation of the Playtech M&A Call Option. A. Investments in associates continued Caliplay continued Assessment of control and significant influence As at 31 December 2022 and 2021 it was assessed that the Group did not have control over Caliplay, because it does not meet the criteria of IFRS 10 Consolidated Financial Statements, paragraph 7 due to the following: \u2022 Despite the Group previously having a nominated director on the Caliplay board in 2020 and having consent rights on certain decisions (in each case, removed in 2021), there was no ability to control the relevant activities. \u2022 Whilst they are not members of the board, the Group has the ability to appoint and change both the Chief Operating Officer (COO) and Chief Marketing Officer (CMO) who form part of the management team. The COO and the CMO form part of the wider management team but not the board and therefore are unable to control the relevant activities of Caliplay. \u2022 The Playtech Call Option or the Playtech M&A Call Option, if exercised, would result in Playtech having up to 49% of the voting rights and would not result in Playtech having control. \u2022 Whilst the Group does receive variable returns from its structured agreement, it does not have the power to direct relevant activities so any variation cannot arise from such a power. As at 31 December 2022 and 2021, the Group has significant influence over Caliplay because it meets one or more of the criteria under IAS 28, paragraph 6 as follows: \u2022 It has the ability to appoint key members of the Caliplay management team. \u2022 The standard operator revenue by itself is not considered to give rise to significant influence; however, when combined with the additional B2B services fee, this is an indicator of significant influence. \u2022 The material transaction of the historical loan funding is also an indicator of significant influence. Accounting for each of the options The Playtech Call Option was exercisable at 31 December 2022 and 31 December 2021, although it still has not been exercised. As the Group has significant influence and the option is exercisable, the investment is recognised as an investment in associate using the equity accounting method which includes having current access to profits and losses. The cost of the investment was previously deemed to be the loan given through September Holdings of \u20ac16.8 million, which at the time was assessed under IAS 28, paragraph 38 as not recoverable for the foreseeable future and part of the overall investment in the entity. In 2021, with the introduction of the September Put Option, the investment in associate relating to the original Playtech Call Option was reduced to zero and the \u20ac16.8 million original loan amount was determined by management to be the cost of the new Playtech M&A Call option and therefore fully offset the balance of \u20ac16.8 million against the overall fair value movement of the Playtech M&A Call Option (refer to part C of this note). The Playtech M&A Call Option is not currently exercisable and therefore in accordance with IAS 28, paragraph 14 has been recognised as derivative financial asset, and disclosed separately under part C of this note. As per the judgement in Note 6, the Group did not consider it appropriate to equity account for the share of profits as the current 100% shareholder is entitled to any undistributed profits. Below is the financial information of Caliplay: 2022 1 \u20ac\u2019m 2021 1 \u20ac\u2019m Current assets 96.7 62.9 Non-current assets 30.3 20.2 Current liabilities (78.1) (67.5) Non-current liabilities \u2014 \u2014 Equity 48.9 15.6 Revenue 532.1 372.3 Pro\ufb01t from continuing operations 30.4 23.3 Other comprehensive income /(loss), net of tax 2.5 (1.0) Total comprehensive income 32.9 22.3 1 The 2021 balances above have been extracted from Caliplay\u2019s audited 2021 financial statements whereas the 2022 balances have been extracted from the draft unaudited Caliplay financial statements. Investment in ALFEA SPA The Group has held 30.7% equity shares in ALFEA SPA since June 2018. At 31 December 2022 the Group\u2019s value of the investment in ALFEA SPA was \u20ac1.7 million (2021: \u20ac1.6 million). A share of profit of \u20ac0.1 million was recognised in the profit or loss for the year ended 31 December 2022 (2021: \u20acNil). A. Investments in associates continued Investment in Galera In June 2021, the Group entered into an agreement with Ocean 88 Holdings Ltd which is the sole holder of Galera Gaming Group (together \u201cGalera\u201d), a company registered in Brazil. Galera offers and operates online and mobile sports betting and gaming (poker, casino, etc.) in Brazil. They will continue to do so under the local regulatory license, when this becomes available, and will expand to other gaming and gambling products based on the local license conditions. The Group\u2019s total consideration paid for the investment in Galera was $5.0 million (\u20ac4.2 million) in the year ended 31 December 2021, which was the consideration for the option to subscribe and purchase from Galera an amount of shares equal to 40% in Galera at nominal price. In addition to the investment amount paid, Playtech made available to Galera a line of credit up to $20.0 million. In 2022, an amendment was signed to the original framework agreement to increase the credit line to $45.0 million. As at 31 December 2022, an amount of \u20ac26.9 million, which is included in loans receivable under other non-current assets (refer to Note 36) has been drawn down (2021: \u20ac8.1 million). An amount of \u20ac18.0 million has been loaned in the year ended 31 December 2022. The loan is required to be repaid to Playtech prior to any dividend distribution to the current shareholders of Galera. The Group recognised an allowance for expected credit losses for the loan to Galera of \u20ac1.1 million as at 31 December 2022 (2021: \u20acNil). In respect of the loan receivable from Galera even though the framework agreement does not state a set repayment term, management has assessed that this should still be recognised as a loan as opposed to part of the overall investment in associate in line with IAS 28. The Directors have made a judgement that the loan will be settled from operational cash flows as opposed to being settled as part of an overall transaction. If the Group had determined that the loan was part of the overall investment in associate an additional \u20ac3.6 million share of loss of associate would have been recorded in the profit and loss. The \u20ac3.6 million has not been recognised as the investment in associate has been reduced to \u20acNil (see below). Playtech has assessed whether it holds power to control the investee and it was concluded that this is not the case. Even if the option is exercised, it would only result in a 40% voting right over the operating entity and therefore no control. Under the agreement in place: \u2022 the standard operator income to be generated from services provided to Galera when combined with the additional B2B services fee, the loan and certain other contractual rights, are all indicators of significant influence; and \u2022 the Group provides standard B2B services (similar to services provided to other B2B customers) as well as additional services to Galera that Galera requires to assist it in successfully running its operations, which could be considered essential technical information. Considering the above factors, the Group has significant influence under IAS 28, paragraph 6 over Galera. As the option is currently exercisable and gives Playtech access to the returns associated with the ownership interest, the investment is treated as an investment in associate. Playtech\u2019s interest in Galera is accounted for using the equity method in the consolidated financial statements. Galera is still considered a start-up and therefore is currently loss making. If the call option is exercised by Playtech the Group will no longer provide certain services and as such will no longer be entitled to the additional B2B service fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). The cost of the investment was deemed to be the price paid for the option of $5.0 million (\u20ac4.2 million). A share of the loss of \u20ac3.6 million was recognised in the profit or loss in the year ended 31 December 2022 (2021: \u20ac0.6 million) making the resulting value of the investment at 31 December 2022 \u20acNil (2021: \u20ac3.6 million). The total share of loss from Galera was \u20ac7.2 million as at 31 December 2022 but is capped at \u20ac3.6 million to bring the cost of the investment to \u20acNil. Investment in LSports Background In November 2022, the Group entered into the following transactions: \u2022 acquisition of 15% of Statscore for a total consideration of \u20ac1.8 million. As a result of this transaction Statscore became a 100% subsidiary of the Group; \u2022 disposal of 100% of Statscore to LSports Data Ltd (\u201cLSports\u201d) for a total consideration of \u20ac7.5 million (settled through the acquisition of LSports in shares) less a novated inter-company loan of \u20ac1.6 million, therefore a non-cash net consideration of \u20ac5.9 million; and \u2022 acquisition of 30.89% of LSports for a total consideration of \u20ac36.7 million, which also included an option to acquire further shares (up to 18.11%) in LSports. Of the total consideration, \u20ac29.2 million was paid in cash with the balance offset against the disposal proceeds of Statscore as per the above. As a result of the disposal of 100% of Statscore, the Group realised a loss of \u20ac8.8 million which has been recognised in the profit or loss for the year ended 31 December 2022 and is made up as follows: 2022 \u20ac\u2019m Net asset position as at the date of the disposal (including goodwill of \u20ac12.4 million) 14.7 Net consideration (5.9) Loss on disposal 8.8 A. Investments in associates continued Investment in LSports continued Background continued Furthermore, the Group has an option to acquire up to 49% (so an additional 18.11%) of the equity of LSports (\u201cLSports Option\u201d). The LSports Option is exercisable under the following conditions: \u2022 within 90 days from the date of receipt of the LSports audited financial statements for each of the years ending 31 December 2024, 2025 and 2026; or \u2022 at any time until 31 December 2026 subject and immediately prior to the consummation of an Initial Public Offering or Merger & Acquisition event of LSports. The fair value of the option acquired was \u20ac1.4 million which was part of the total consideration \u20ac36.7 million. Refer to part of Note 20C; there is no movement on the fair value between acquisition and year end. LSports is a company whose principal activity is to empower sportsbooks and media companies with the highest quality sports data on a wide range of events, so they can build the best product possible for their business. The company is based in Israel. The principal reason of the acquisition is the attractive opportunity considered by Playtech to increase its footprint in the growing sports data market segment. Assessment of control and significant influence As at date of acquisition and 31 December 2022 it was assessed that the Group did not have control over LSports, because it does not meet the criteria of IFRS 10 Consolidated Financial Statements, paragraph 7 due to the following: \u2022 despite Playtech having the right to appoint a director on the LSports board, as at 31 December 2022, one had not yet been appointed. Moreover, once Playtech appoints a director, there is still no ability to control the relevant activities, as the total number of directors including potentially one Playtech appointed director will be five; \u2022 Playtech has neither the ability to change any members of the board or of the management of LSports; and \u2022 as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment Playtech does not hold power over the investee and as such does not have control. As at 31 December 2022, the Group has significant influence over LSports because it meets one or more of the criteria under IAS 28, paragraph 6, the main one being Playtech having the ability to appoint a member on the board of LSports enabling it to therefore participate in policy- making processes, including decisions about dividends and/or other distributions. As a result of this assessment LSports has been recognised as an investment in associate. The LSports option, which is not currently exercisable, is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9 and disclosed separately under part C of this note. Purchase Price Allocation (PPA) The Group has prepared a PPA following the acquisition of the investment, where any difference between the cost of the investment and Playtech\u2019s share of the net fair value of the LSports\u2019 identifiable assets and liabilities results in goodwill. Details of the provisional fair value of identifiable assets and liabilities acquired, investment consideration and goodwill are as follows: Playtech\u2019s share of net fair value of the identi\ufb01able assets and liabilities acquired 2022 \u20ac\u2019m Net book value of liabilities acquired (1.3) Fair value of customer contracts and relationships 7.8 Fair value of technology \u2013 internally developed 11.5 Fair value of brand 1.6 Deferred tax arising on acquisition (2.3) Total net assets 17.3 Total consideration 35.3 Goodwill 18.0 A total of \u20ac0.4 million and \u20ac0.1 million was recognised in relation to the amortisation of intangibles and the release of the deferred tax liability respectively, arising on acquisition in the profit or loss for the year ended 31 December 2022, with a corresponding entry against the investment in associate. The net effect of \u20ac0.3 million is recognised in share of loss in profit or loss as at 31 December 2022. No share of profit was recognised as this amount is negligible. A. Investments in associates continued Other investment in associates that are fair valued under IAS 28, paragraph 14 The following are also investments in associates where the Group has significant influence but where the option is not currently exercisable. As there is no current access to profits, the relevant option is fair valued under IFRS 9, and disclosed as derivative financial assets under part C of this note: \u2022 Wplay; \u2022 Tenbet (Costa Rica); and \u2022 Onjoc (Panama). The financial information required for investments in associates, other than Caliplay, have not been included here as from a Group perspective the Directors do not consider them to have a material impact jointly or separately. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-631": {
"value": "C. Derivative financial assets Balance sheet 2022 \u20ac\u2019m 2021 \u20ac\u2019m Playtech M&A Call Option (Caliplay) 524.0 506.7 Wplay 93.5 97.2 Onjoc 8.6 6.9 Tenbet 8.9 11.4 LSports (Note 20A) 1.4 \u2014 Total derivative \ufb01nancial assets 636.4 622.2 Statement of comprehensive income impact 2022 \u20ac\u2019m 2021 \u20ac\u2019m Caliplay Fair value change of Playtech M&A Call Option (13.3) 506.7 Playtech Call Option \u2014 (16.6) Foreign exchange movement to pro\ufb01t or loss 30.6 \u2014 Wplay Fair value change in Wplay (9.4) 74.8 Foreign exchange movement recognised in other comprehensive income 5.7 \u2014 Onjoc Fair value change in Onjoc 1.3 6.9 Foreign exchange movement recognised in other comprehensive income 0.4 \u2014 Tenbet Fair value change in Tenbet (3.2) 11.4 Foreign exchange movement recognised in other comprehensive income 0.7 \u2014 Total comprehensive income impact 12.8 583.2 Caliplay As already disclosed in section A of this note, the Playtech M&A Call Option is not currently exercisable and therefore in accordance with IAS 28, paragraph 14 has been recognised as a derivative financial asset and fair valued under IFRS 9. As at 31 December 2021, Caliplay was actively negotiating a merger with a US listed special purpose acquisition corporation (SPAC), which in turn was expected to enter into a long-term commercial agreement with a leading media partner. As part of the transaction, the media partner and certain of its shareholders were expected to invest a cash amount in the SPAC in exchange for shares and warrants issued by the SPAC, which was expected to result in them together holding a material minority equity interest. Further attempts were made to complete the SPAC transaction during the year, however as per the announcement made on 29 July 2022, with capital market conditions having deteriorated significantly since the transaction was initially contemplated, the transaction was no longer being pursued. For this reason, a decision was taken to change the valuation methodology used as at 31 December 2022 for the Playtech M&A Call Option to that of a DCF approach with a market exit multiple assumption, as opposed to 31 December 2021, where the Group has assessed the fair value of the Playtech M&A Call Option based on the proposed term of the expected merger with the SPAC, including the transaction value. As already mentioned in part A of Note 20 the Group is seeking a declaration from the English Courts to obtain clarification on a point of disagreement between the parties in relation to the Caliente Call Option and in particular, whether Caliplay still holds this option which permits it to redeem the additional B2B services fee element. Should it be declared that Caliplay still has the Caliente Call Option and Caliplay then exercises said option, this would cancel both the Playtech M&A Call Option and the Playtech Call Option. The Group believes the Caliente Call Option has expired and whilst Caliplay has not sought to exercise the option to date, Caliplay has made it clear that it considers the option has not yet expired. C. Derivative financial assets continued Caliplay continued In arriving at the fair value of the Playtech M&A Call Option, the Group has made a judgement that the Caliente Call Option has expired and therefore no probability weighted scenarios have been modelled that include an assumption that the Caliente Call Option is exercisable. Should the English Courts determine that the option is exercisable and Caliplay chooses to exercise the option, the amount payable by Caliplay to the Group upon exercise would either be agreed between the parties or, failing which, determined by an independent investment bank valuing the Group\u2019s remaining entitlement to receive the additional B2B services fee until 31 December 2034. There is therefore the potential that, should the Caliente Call Option be exercisable and then subsequently exercised, the proceeds received by the Group may be materially different (positive or adverse) to the fair value of the Playtech M&A Call Option recorded as at 31 December 2022. Valuation The Group has assessed the fair value of the Playtech M&A Option of the derivative financial asset as at 31 December 2022 using a discounted cash flow (DCF) approach with a market exit multiple assumption. The Group used a discount rate of 16% reflecting the cash flow risks given the high growth rates in place, as well as a discount for illiquidity and control until the expected Group exit date. The Group also made assumptions on the probability of a possible transaction that may be completed on a number of exit date scenarios over a four-year period, until December 2026. The Group used a compound annual growth rate of 17.2% over the forecasted cash flow period, an average Adjusted EBITDA margin of 26.3% and an exit multiple of 9.6x. Due to the uncertainty as to how the exercise of the Playtech M&A Call Option may occur and the potential for the shares held to not be immediately realisable, the Group included an additional discount for lack of marketability (DLOM) for two years of 13.8%. Furthermore, Playtech\u2019s share in Caliplay was adjusted to reflect the rights to Caliplay shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Playtech M&A Call Option was $560.6 million (2021: $574.7 million) which converted to \u20ac524.0 million (2021: \u20ac506.7 million). The year-on-year movement of \u20ac17.3 million recognised in the profit or loss is attributable to the favourable movement in the USD to EUR foreign exchange rate of \u20ac30.6 million, offset by \u20ac13.3 million unfavourable movement in the fair value arising from the change in a number of variables including exit dates and loss of transaction synergies which impacted cash flows that were only partly offset by the increase in the shareholding as discussed below. As at 31 December 2021 the fair value of the option in Caliplay was determined using a potential transaction price where, due to incoming shareholders, Playtech\u2019s share in Caliplay was being diluted down to 36%. As at 31 December 2022, a discounted cash flow valuation method is used with a dilution in shareholding down only to 45.8% reflecting the expected rights to Caliplay shares to be allocated to a service provider under its services agreement with the Group. These rights were reduced following the exercise of a redemption option post year end as disclosed in Note 40, noting that the Group had assumed this option would be exercised for the purposes of the valuation performed at 31 December 2022. Despite the change in valuation approach, the Group considers it reasonable that the value of the Playtech M&A Call Option is broadly unchanged given the continued strong operational results of Caliplay for 2022. Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 14% to 18% will result in a fair value of the derivative financial asset in the range of \u20ac484.2 million \u2013 \u20ac568.3 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac494.5 million \u2013 \u20ac553.3 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac464.6 million \u2013 \u20ac583.3 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac487.0 million \u2013 \u20ac561.8 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac450.5 million \u2013 \u20ac601.0 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac473.9 million \u2013 \u20ac573.9 million. \u2022 If the 13.8% DLOM applied for two-year period post exercise of the Playtech M&A option was removed (i.e. in the event that an M&A transaction included the acquisition of Playtech\u2019s shares immediately post exercise) the fair value of the derivative financial asset would increase to \u20ac607.6 million. Conversely, if we double the applied DLOM to 27.6% the fair value of the derivative financial asset would decrease to \u20ac440.2 million. Wplay In August 2019, Playtech entered into a structured agreement with Aquila Global Group SAS (\u201cWplay\u201d), which has a license to operate online gaming activities in Colombia. Under the agreement the Group provides Wplay its technology products, where it receives standard operator revenue and additional B2B services fee as per Note 5. The Group has no shareholding in Wplay. Playtech has a call option to acquire a 49.9% equity holding in the Wplay business. As at 31 December 2021 this option was exercisable in August 2022, however during 2022, the parties agreed to defer the Group\u2019s ability to exercise this option to August 2023. If the call option is exercised by Playtech, the Group would no longer provide certain services and as such will no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil for the year ended 31 December 2022 (2021: \u20acNil). The payment of \u20ac22.4 million made to Wplay in 2019 and 2020 was considered to be the payment made for the option in Wplay. The Group had contingent commitments totalling $6.0 million, of which $5.0 million was paid in June 2021 and $1.0 million was paid in October 2022. C. Derivative financial assets continued Wplay continued Assessment of control and significant influence The Group assessed whether it holds power over the investee (in accordance with IFRS 10, paragraph 7) with the following considerations: \u2022 Playtech does not have the ability to direct Wplay\u2019s activities as it has no voting representation on the executive committee or members of the executive committee. \u2022 Whilst they are not members of the executive committee, Playtech has the ability to appoint and change both the COO and CMO who form part of the management team (albeit this right has never been exercised). The COO and the CMO are part of the wider management team but would not be able to control the relevant activities of Wplay. \u2022 If the option is exercised it would result in Playtech acquiring 49.9% of the voting rights of the operating entity and therefore would not result in having control. Furthermore, as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment Playtech does not hold power over the investee and as such does not have control. With regards to the assessment of significant influence, the following facts were considered: \u2022 Playtech has the right to appoint and remove the COO and CMO which is a potential indicator of significant influence given their relative positions and involvement in the day-to-day operations of Wplay. \u2022 The standard operator revenue is not considered to give rise to significant influence. However, when combined with the additional B2B services fee, this is an indicator of significant influence. \u2022 The Group provides additional services to Wplay which Wplay requires to assist it in successfully running its operations, which could be considered essential technical information. The Group therefore has significant influence under IAS 28, paragraph 6 over Wplay. However, as the option is not currently exercisable, we have an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9. The Group has given an interest-bearing loan of $1.7 million (\u20ac1.6 million) to Wplay, which is due for repayment in December 2023 and is included in loans receivable from related parties (refer to Note 36). Valuation The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group used a discount rate of 25% (2021: 23%) reflecting the cash flow risks given the high growth rates in place and the relative early stages of the business, as well as a discount for illiquidity and control until the expected Playtech exit date of December 2026 (2021: expected exit date of December 2026). The Group used a compound annual growth rate of 24.7% (2021: 27.2%) over the forecasted cash flow period, an average Adjusted EBITDA margin of 20.6% (2021: 17.5%) and an exit multiple of 9.6x (2021: 9.8x). As part of the agreement, there is a lock-in mechanism that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit date assumed in the model is earlier, then both parties would be in agreement to this earlier exit point, therefore no further discounts were applied post transaction. Furthermore, Playtech\u2019s share in Wplay was adjusted to reflect the rights to shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Wplay derivative financial asset is \u20ac93.5 million. The difference of \u20ac3.7 million between the fair value at 31 December 2021 of \u20ac97.2 million and the fair value at 31 December 2022 has been recognised as follows: a. \u20ac9.4 million derived from the fair value decrease of the derivative call option calculated using the DCF model in the profit or loss for the year ended 31 December 2022. b. \u20ac5.7 million derived from the fair value increase due to the exchange rate fluctuation of USD to EUR (as the derivative call option is under a foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income for the year ended 31 December 2022. C. Derivative financial assets continued Wplay continued Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 20% to 30% will result in a fair value of the derivative financial asset in the range of \u20ac79.5 million \u2013 \u20ac111.0 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac89.0 million \u2013 \u20ac98.1 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac84.4 million \u2013 \u20ac102.6 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac90.1 million \u2013 \u20ac97.1 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac86.7 million \u2013 \u20ac100.8 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac85.8 million \u2013 \u20ac101.2 million. \u2022 If the expected Playtech exit date fluctuates by one year later or earlier, the fair value of the derivative financial asset will change to \u20ac87.8 million and \u20ac99.5 million respectively. Onjoc In June 2020, Playtech entered into a framework agreement with ONJOC CORP. (\u201cOnjoc\u201d), which holds a license to operate online sports betting, gaming and gambling activities in Panama. The Group has no equity holding in Onjoc but has an option to acquire 50%. Under the agreement the Group provides Onjoc its technology products, where it receives standard operator revenue and additional B2B services fee as per Note 5. If the option is exercised, the Group would no longer provide certain services and, as such, would no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). The option can be exercised any time subject to Onjoc having $15.0 million of Gross Gaming Revenue (GGR) over a consecutive 12-month period. Assessment of control and significant influence The Group performed an analysis for Onjoc to assess whether it holds power over Onjoc (in accordance with IFRS 10, paragraph 7) with the following considerations: \u2022 Playtech can propose an independent member to the board of directors, who has to be independent to both Playtech and Onjoc, and as such does not have the ability to direct Onjoc\u2019s activities as it has no voting representation on the board; \u2022 Playtech has the right to appoint and remove the COO, CTO and CMO, which although would form part of the wider management team, would not be able to control the relevant activities of Onjoc by themselves; and \u2022 if the option is exercised it would result in Playtech acquiring 50% of the voting rights of the operating entity and therefore would not result in having control. Furthermore, as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment Playtech does not hold power over the investee and as such does not have control. With regards to the assessment of significant influence, the following facts were considered: \u2022 Playtech can propose an independent member to the board of directors and has the right to appoint and remove the COO, CTO and CMO which are potential indicators of significant influence given their relative positions and the involvement in day-to-day operations of Onjoc; \u2022 the standard operator revenue is not considered to give rise to significant influence. However, when combined with the additional B2B services fee, this is an indicator of significant influence; and \u2022 the Group provides additional services to Onjoc which Onjoc requires to assist it in successfully running its operations which could be considered essential technical information. The Group therefore has significant influence under IAS 28, paragraph 6 over Onjoc. However, as the option is not currently exercisable, we have an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9. The Group has given an interest-bearing loan to Onjoc of \u20ac1.8 million (2021: \u20ac1.1 million) which is due for repayment in October 2025 and is included in loans receivable from related parties (refer to Note 36). C. Derivative financial assets continued Onjoc continued Valuation The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group used a discount rate of 33% (2021: 31%) reflecting the cash flow risk given the high growth rates in place and the early stages of the business, as well as a discount for illiquidity and control until the expected Playtech exit date of December 2027 (2021: expected exit date of December 2027). The Group used a compound annual growth rate of 60.1% (2021: 89.3%) over the forecasted cash flow period and an average Adjusted EBITDA margin of 20.4% (2021: 3.7%). As part of the agreement, there is a lock-in mechanism that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit date assumed in the model is earlier, then both parties would be in agreement to this earlier exit point, therefore no further discounts applied post transaction. Furthermore, Playtech\u2019s share in Onjoc was adjusted to reflect the rights to shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Onjoc derivative financial asset is \u20ac8.6 million. The difference of \u20ac1.7 million between the fair value at 31 December 2021 of \u20ac6.9 million and the fair value at 31 December 2022 has been recognised as follows: a. \u20ac1.3 million derived from the fair value increase of the derivative call option calculated using the DCF model in the profit or loss in the year ended 31 December 2022. b. \u20ac0.4 million derived from the fair value increase from the exchange rate fluctuation of USD to EUR (as the derivative call option is under a foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income in the year ended 31 December 2022. Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 28% to 38% will result in a fair value of the derivative financial asset in the range of \u20ac7.1 million \u2013 \u20ac10.5 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.1 million \u2013 \u20ac9.1 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac7.7 million \u2013 \u20ac9.5 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.9 million \u2013 \u20ac9.3 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.3 million \u2013 \u20ac10.1 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac7.6 million \u2013 \u20ac9.7 million. Tenbet Costa Rica In addition to the 6% equity holding in Tentech CR S.A as per section B of this note, the Group has an option to acquire 81% equity holding in Tenbet. Tenbet which is another member of the Tenlot Group, operates online bingo games and casino side games. Playtech provides certain services to Tenbet in return for its additional B2B services fee. The Group has no equity holding in Tenbet but has an option to acquire 81% equity. If the option is exercised, the Group would no longer provide certain services to Tenbet and, as such, would no longer be entitled to the additional B2B services fee. The additional B2B services fee was \u20acNil in the year ended 31 December 2022 (2021: \u20acNil). In H1 2022, the Group signed an amendment to the Tenbet agreement in which the option can be exercised at any time from the end of 35 months (previously 18 months) of Tenbet going live. The call option to acquire 81% equity holding in Tenbet is exercisable from July 2023 (previously February 2022). Under the existing agreements, the Group has provided Tenbet with a credit facility of \u20ac2.7 million out of which \u20ac2.1 million had been drawn down as at 31 December 2022 (2021: \u20ac1.1 million). Assessment of control and significant influence The Group assessed whether it holds power over Tenbet (in accordance with IFRS 10, paragraph 7) with the following considerations: \u2022 Playtech does not have the ability to direct Tenbet\u2019s activities as it has no voting representation on the Board of Directors (or equivalent) or people in managerial positions; \u2022 Playtech has neither the ability to appoint, or change any members of the Board of Tenbet; and \u2022 as at 31 December 2022 the option is not exercisable and therefore can be disregarded in the assessment of power. Per the above assessment, Playtech does not hold power over the investee and as such does not have control. With regards to the assessment of significant influence, the standard operator revenue alone is not considered to give rise to significant influence. However, when combined with the additional B2B services fee, this is an indicator of significant influence. Furthermore, the Group provides additional services to Tenbet which Tenbet requires to assist it in successfully running its operations that could be considered essential technical information. Playtech therefore has significant influence under IAS 28, paragraph 6 over Tenbet. However, as the option is not currently exercisable, we have an investment in associate but with no access to profits. As such the option is fair valued as per paragraph 14 of IAS 28 and shown as a derivative financial asset in accordance with IFRS 9. C. Derivative financial assets continued Tenbet Costa Rica continued Valuation The fair value of the option at 31 December 2022 has been estimated using a DCF approach with a market exit multiple assumption. The Group used a discount rate of 35% (2021: 33%) reflecting the cash flow risk given the high growth rates in place and the early stages of the business, as well as a discount for illiquidity and control until the expected Playtech exit date of December 2027 (2021: expected exit date of December 2027). The Group used a compound annual growth rate of 135% (2021: 64.2%) over the forecasted cash flow period and an average Adjusted EBITDA margin within the range of \u2013 335% to 31% in years 1-5 with an average of -59.8% (2021: average of -10.1%). As part of the agreement, there is a lock-in mechanism that contractually might prevent Playtech from selling the resulting shares, however an assumption was made that if the exit date assumed in the model is earlier, then both parties would be in agreement to this earlier exit point. Furthermore, Playtech\u2019s share in Tenbet was adjusted to reflect the rights to shares that a service provider has under its services agreement with the Group. As at 31 December 2022, the fair value of the Tenbet derivative financial asset is \u20ac8.9 million. The difference of \u20ac2.5 million between the fair value at 31 December 2021 of \u20ac11.4 million and the fair value at 31 December 2022 has been recognised as follows: a. \u20ac3.2 million derived from the fair value decrease of the derivative call option calculated using the DCF model in the profit or loss in the year ended 31 December 2022. b. \u20ac0.7 million derived from the fair value increase from the exchange rate fluctuation of USD to EUR (as the derivative call option is under a foreign subsidiary of the Group whose functional currency is USD) in other comprehensive income in the year ended 31 December 2022. Sensitivity analysis The assumptions and judgements made in the valuation of the derivative financial asset as at 31 December 2022 include the following sensitivities, noting that factors and circumstances may arise that are outside the Group\u2019s control which could impact the option value: \u2022 A different discount rate within the range of 30% to 40% will result in a fair value of the derivative financial asset in the range of \u20ac7.2 million \u2013 \u20ac11.0 million. \u2022 A 5% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.5 million \u2013 \u20ac9.3 million. \u2022 A 10% fluctuation in the Adjusted EBITDA margin will result in a fair value of the derivative financial asset within the range of \u20ac8.0 million \u2013 \u20ac9.8 million. \u2022 A 5% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac7.9 million \u2013 \u20ac10.0 million. \u2022 A 10% fluctuation in the revenue growth rate will result in a fair value of the derivative financial asset within the range of \u20ac6.9 million \u2013 \u20ac11.2 million. \u2022 A 1.0 fluctuation on the market exit multiple will result in a fair value of the derivative financial asset within the range of \u20ac7.7 million \u2013 \u20ac10.2 million. ",
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"fact-596": {
"value": "Note 21 \u2013 Other non-current assets 2022 \u20ac\u2019m 2021 \u20ac\u2019m Security deposits 3.3 3.3 Guarantee for gaming licences 2.2 2.6 Prepaid costs relating to Sun Bingo contract 63.4 71.7 Loans receivable (Net of ECL) 1.7 8.1 Loans receivable from related parties (Net of ECL) (Note 36) 27.9 9.5 Other receivables 11.1 9.2 109.6 104.4 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-597": {
"value": "Note 22 \u2013 Trade receivables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Trade receivables 144.5 168.6 Related parties (Note 36) 20.5 16.5 Trade receivables \u2013 net 165.0 185.1 Split to: Non-current assets 1.1 6.6 Current assets 163.9 178.5 165.0 185.1 Note 23 \u2013 Other receivables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Prepaid expenses 23.4 25.9 VAT and other taxes 13.6 14.1 Security deposits for regulators 24.2 13.1 Prepaid costs relating to Sun Bingo contract 3.6 4.3 Receivable for legal proceedings and disputes 1 16.4 16.4 Loans receivable 2 (Net of ECL) 13.0 2.1 Loans receivable from related parties (Net of ECL) (Note 36) 3.3 2.4 Other receivables 10.1 8.8 107.6 87.1 1 Receivable for legal proceedings and disputes relates to funds held in escrow, in relation to a historical and ongoing legal matter. The corresponding liability is included under gaming and other taxes. The funds will be released when the case is finally settled, in accordance with the escrow agreement. 2 Included in loans receivable above, is a convertible debenture of C$12.25 million (\u20ac8.3 million net of ECL) issued to NorthStar Gaming Inc in December 2022 that will convert into equity and warrants in connection with NorthStar\u2019s proposed reverse takeover (the \u201cRTO\u201d) of Baden Resources Inc. The fair value of the convertible debenture was assessed as being materially in line with its face value at 31 December 2022. Refer to Note 40",
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"fact-598": {
"value": "Note 24 \u2013 Cash and cash equivalents Cash and cash equivalents for the purposes of the statement of cash flows comprises: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Continuing operations Cash at bank 426.8 572.4 Deposits 0.1 3.6 426.9 576.0 Less: expected credit loss (Note 38A) (0.4) (0.6) 426.5 575.4 Treated as held for sale Cash at bank \u2014 71.2 Cash at brokers \u2014 293.4 Deposits \u2014 1.5 \u2014 366.1 Cash and cash equivalents in the statement of cash \ufb02ows 426.9 942.1 Less: expected credit loss (Note 38A) (0.4) (0.6) 426.5 941.5 Out of the total cash at bank, an amount of \u20ac6.8 million were held by payment processors as at 31 December 2022 (2021: \u20ac6.9 million). The Group holds cash balances on behalf of operators in respect of their jackpot games and poker and casino operations, as well as client funds with respect to B2C. Furthermore, and up to the point of the Financial segment disposal, the Group held CFD and client deposits in relation to liquidity and clearing activities. All of these are included in current liabilities. 2022 \u20ac\u2019m 2021 \u20ac\u2019m Continuing operations Funds attributed to jackpots 84.7 82.2 Security deposits 29.6 28.5 Players\u2019 balances 39.8 30.4 154.1 141.1 Included in liabilities held for sale Client deposits \u2014 138.5 Client funds \u2014 170.3 \u2014 308.8 ",
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"language": "en",
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"fact-599": {
"value": "Note 25 \u2013 Assets held for sale 2022 \u20ac\u2019m 2021 \u20ac\u2019m Assets A. Property, plant and equipment 19.6 20.0 B. Casual CGU \u2014 \u2014 C. Financials CGU \u2014 487.4 D. Investment in associates \u2014 \u2014 19.6 507.4 A. During 2021, the Group entered into a binding agreement for the disposal of a real estate area in Milan for a total consideration of \u20ac20.0 million. Accordingly, the real estate was classified as held for sale. Of the total consideration, \u20ac1.0 million was received during the year ended 31 December 2021. The advance received was classified as part of the liabilities directly associated with assets classified as held for sale. At the date of the transfer to assets held for sale, an impairment review was performed, where the carrying amount was compared to the fair value less expected disposal costs. The carrying value of the land was higher than the fair value less expected selling costs and therefore an impairment of \u20ac12.3 million was recognised in the profit or loss in the year ended 31 December 2021. In addition, \u20ac1.8 million of deferred tax liability relating to the land was recognised in the profit or loss in the prior year. It was the Group\u2019s decision to sell the asset, and subsequently the prospective buyer was only interested in the land and not the buildings, which led to this impairment. The sale has been finalised but the disposal is expected to complete in 2024 with the movement of the trot track from La Maura area to San Siro (previously it was expected that the sale would complete during 2022). B. Following the decision made by the Group in 2019 to dispose the Casual and Social Gaming businesses, the value of the divisions were classified as held for sale and the results were included in discontinued operations. On 11 January 2021, the Group entered into an agreement for the disposal of \u201cYoYo\u201d, also included in this division, for a total consideration of $9.5 million. As a result of this transaction, the Group realised a profit of \u20ac7.6 million in the profit or loss for the year ended 31 December 2021, included within the total profit from discontinued operations (refer to Note 8). The Social and Casual Gaming CGU is now fully disposed. C. Following the decision made by the Board of Directors in 2020 to dispose of the Financial segment, the division was classified as held for sale and its results included in discontinued operations. In September 2021, the Group entered into an agreement to sell this division for a cash consideration of $250.0 million, with the final consideration being subject to a completion accounts adjustment of up to $25.0 million in either direction, to be determined by the financial performance of the Financial segment from 1 January 2021 to the completion date. The disposal was completed in July 2022, with cash consideration after this adjustment of $228.1 million (\u20ac223.9 million). At 31 December 2020 an impairment charge of \u20ac221.2 million was recognised against this CGU as a result of comparing its carrying value to expected proceeds from the disposal, less expected costs to sell. Following a review of the net assets of the unit at 31 December 2021, when compared to the expected proceeds, \u20ac2.0 million of the previously recognised impairment was reversed. The impairment loss allocated against goodwill cannot be reversed. Note 25 \u2013 Assets held for sale continued The profit on disposal of Financial segment was determined as follows: \u20ac\u2019m Cash consideration received 223.9 Transaction costs paid (1.6) Cash disposed off (392.1) Net cash out\ufb02ow on disposal of Financial segment (169.8) Net assets disposed (other than cash): Property, plant and equipment (4.3) Right of use assets (6.3) Intangible assets (98.0) Trade and other receivables (13.9) Deferred tax liability 7.0 Trade payables and other payables 24.8 Client deposits 144.5 Client funds 147.1 Income tax payable 2.7 Lease liability 4.5 Net liability position on disposal of Financial segment 208.1 Net cash out\ufb02ow (169.8) Net liability position disposed 208.1 Recycling of foreign exchange reserve related to the foreign discontinued operations (23.2) Pro\ufb01t on disposal 15.1 D. In 2020, the Board of Directors made a decision to dispose of its shareholding in two associates and as such their value of \u20ac2.2 million was transferred to assets held for sale. During 2021, the Group entered into an agreement for the disposal of these associates for a total consideration of \u20ac2.2 million. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-600": {
"value": "Note 26 \u2013 Shareholders\u2019 equity A. Share capital Share capital is comprised of no par value shares as follows: 2022 Number of shares 2021 Number of shares Authorised 1 N/A N/A Issued and paid up 309,294,243 309,294,243 1 The Company has no authorised share capital, but it is authorised to issue up to 1,000,000,000 shares of no par value. The table below shows the movement of the shares: Shares in issue/ circulation Number of shares Treasury shares Shares held by 2014 EBT Shares held by 2021 EBT Tot al At 1 January 2021 297,603,815 9,965,889 1,724,539 \u2014 309,294,243 Transfer to EBT \u2014 (7,028,339) \u2014 7,028,339 \u2014 Exercise of options 1,640,511 \u2014 (1,640,511) \u2014 \u2014 At 31 December 2021/1 January 2022 299,244,326 2,937,550 84,028 7,028,339 309,294,243 Exercise of options 1,743,990 \u2014 (84,028) (1,659,962) \u2014 At 31 December 2022 300,988,316 2,937,550 \u2014 5,368,377 309,294,243 Note 26 \u2013 Shareholders\u2019 equity continued B. Employee Benefit Trust 2014 EBT In 2014, the Group established an Employee Benefit Trust (2014 EBT) by acquiring 5,517,241 shares for a total of \u20ac48.5 million. During the year ended 31 December 2022, 84,028 shares (2021: 1,640,511 shares) were issued at a cost of \u20ac0.6 million (2021: \u20ac13.9 million). 2021 EBT In 2021 the Company transferred 7,028,339 shares held by the Company in treasury to the Employee Benefit Trust (2021 EBT) for a total of \u20ac22.6 million. During the year ended 31 December 2022, 1,659,962 shares (2021: Nil) were issued at a cost of \u20ac5.4 million (2021: \u20acNil). As at 31 December 2022, a balance of 5,368,377 shares (2021: 7,028,339 shares) remains in the 2021 EBT with a cost of \u20ac17.2 million (2021: \u20ac22.6 million). C. Share options exercised During the year 1,794,438 (2021: 1,873,307) share options were exercised, of which 50,448 were cash settled (2021: 232,796). D. Distribution of dividends During 2022 the Group did not pay any dividends . E. Reserves The following describes the nature and purpose of each reserve within owners\u2019 equity: Reserve Description and purpose Additional paid in capital Share premium (i.e. amount subscribed for share capital in excess of nominal value) Employee Bene\ufb01t Trust Cost of own shares held in treasury by the trust Put/call options reserve Fair value of put/call options as part of business acquisition Foreign exchange reserve Gains/losses arising on retranslating the net assets of overseas operations Employee termination indemnities Gains/losses arising from the actuarial remeasurement of the employee termination indemnities Non-controlling interest The portion of equity ownership in a subsidiary not attributable to the owners of the Company Retained earnings Cumulative net gains and losses recognised in the consolidated statement of comprehensive income ",
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"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-632": {
"value": "A. Share capital Share capital is comprised of no par value shares as follows: 2022 Number of shares 2021 Number of shares Authorised 1 N/A N/A Issued and paid up 309,294,243 309,294,243 1 The Company has no authorised share capital, but it is authorised to issue up to 1,000,000,000 shares of no par value. The table below shows the movement of the shares: Shares in issue/ circulation Number of shares Treasury shares Shares held by 2014 EBT Shares held by 2021 EBT Tot al At 1 January 2021 297,603,815 9,965,889 1,724,539 \u2014 309,294,243 Transfer to EBT \u2014 (7,028,339) \u2014 7,028,339 \u2014 Exercise of options 1,640,511 \u2014 (1,640,511) \u2014 \u2014 At 31 December 2021/1 January 2022 299,244,326 2,937,550 84,028 7,028,339 309,294,243 Exercise of options 1,743,990 \u2014 (84,028) (1,659,962) \u2014 At 31 December 2022 300,988,316 2,937,550 \u2014 5,368,377 309,294,243 ",
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"fact-633": {
"value": "D. Distribution of dividends During 2022 the Group did not pay any dividends ",
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"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-634": {
"value": "E. Reserves The following describes the nature and purpose of each reserve within owners\u2019 equity: Reserve Description and purpose Additional paid in capital Share premium (i.e. amount subscribed for share capital in excess of nominal value) Employee Bene\ufb01t Trust Cost of own shares held in treasury by the trust Put/call options reserve Fair value of put/call options as part of business acquisition Foreign exchange reserve Gains/losses arising on retranslating the net assets of overseas operations Employee termination indemnities Gains/losses arising from the actuarial remeasurement of the employee termination indemnities Non-controlling interest The portion of equity ownership in a subsidiary not attributable to the owners of the Company Retained earnings Cumulative net gains and losses recognised in the consolidated statement of comprehensive income ",
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"fact-601": {
"value": "Note 27 \u2013 Loans and borrowings The credit facility of the Group is a revolving credit facility (RCF) which has been restructured during the year. The facility has been reduced from \u20ac317.0 million to \u20ac277.0 million and is available until October 2025, with an option to extend by 12 months. Interest payable on the loan is based on SONIA rates (replacing Euro Libor and Libor rates) based on the currency of each withdrawal. Following the announcement of the UK Financial Conduct Authority (FCA) as to the future cessation or loss of representativeness of the 35 Libor benchmark, effective from 1 January 2022, Libor rates were replaced with the SONIA daily rate (Sterling overnight index average). As at the reporting date the credit facility drawn amounted to \u20acNil (2021: \u20ac167.1 million). Under the RCF, the covenants are monitored on a regular basis by the finance department, including modelling future projected cash flows under a number of scenarios to stress-test any risk of covenant breaches, the results of which are reported to management and the Board of Directors. The covenants are as follows: \u2022 Leverage: Net Debt/Adjusted EBITDA 3.5:1 (2021: 3:1) \u2022 Interest cover: Adjusted EBITDA/Interest 4:1 (2021: 4:1) As at 31 December 2022 and 2021 the Group met these financial covenants. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-602": {
"value": "Note 28 \u2013 Bonds 2018 Bond \u20ac\u2019m 2019 Bond \u20ac\u2019m Tot al \u20ac\u2019m At 1 January 2021 526.3 346.8 873.1 Release of capitalised expenses 1.3 0.6 1.9 At 31 December 2021/1 January 2022 527.6 347.4 875.0 Repayment of bonds (330.0) \u2014 (330.0) Release of capitalised expenses 2.0 0.6 2.6 At 31 December 2022 199.6 348.0 547.6 2022 \u20ac\u2019m 2021 \u20ac\u2019m Split to: Non-current 348.0 875.0 Current 199.6 \u2014 547.6 875.0 Bonds (a) 2018 Bond On 12 October 2018, the Group issued \u20ac530 million of senior secured notes (the \u201c2018 Bond\u201d) maturing in October 2023. During the year, the Group partially repaid the 2018 Bond by \u20ac330 million. The net proceeds of issuing the 2018 Bond after deducting commissions and other direct costs of issue totalled \u20ac523.4 million. Commissions and other direct costs of issue have been offset against the principal balance and are amortised over the period of the 2018 Bond. The issue price was 100% of its principal amount and bears interest from 12 October 2018 at the rate of 3.75% per annum payable semi-annually, in arrears, on 12 April and 12 October commencing on 12 April 2019. The fair value of the Bond as Level 1 at 31 December 2022 was \u20ac198.8 million (2021: \u20ac536.1 million). (b) 2019 Bond On 7 March 2019, the Group issued \u20ac350 million of senior secured notes (the \u201c2019 Bond\u201d) maturing in March 2026. The net proceeds of issuing the 2019 Bond after deducting commissions and other direct costs of issue totalled \u20ac345.7 million. Commissions and other direct costs of issue have been offset against the principal balance and are amortised over the period of the 2019 Bond. The issue price is 100% of its principal amount and bears interest from 7 March 2019 at a rate of 4.25% per annum payable semi-annually, in arrears, on 7 September and 7 March commencing on 7 September 2019. The fair value of the Bond as Level 1 at 31 December 2022 was \u20ac331.6 million (2021: \u20ac358.3 million). As at 31 December 2022 and 2021 the Group met the required interest cover financial covenant of 2:1 Adjusted EBITDA/interest ratio, for the combined 2018 and 2019 Bonds. ",
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},
"fact-603": {
"value": "Note 29 \u2013 Provisions for risks and charges, litigation and contingent liabilities The Group is involved in proceedings before civil and administrative courts, and other legal or potential legal actions related to its business, including certain matters related to previous acquisitions. Based on the information currently available, and taking into consideration the existing provisions for risks, the Group currently considers that such proceedings and potential actions will not result in an adverse effect upon the financial statements; however, where this is not considered to be remote, they have been disclosed as contingent liabilities. All the matters were subject to a review and estimate by the Board of Directors based on the information available at the date of preparation of these financial statements and, where appropriate, supported by updated legal opinions from independent professionals. These provisions are classified based on the Directors\u2019 assessment of the progress and probabilities of success of each case at each reporting date. Movements of the provisions outstanding as at 31 December 2022 are shown below: Legal and regulatory \u20ac\u2019m Contractual \u20ac\u2019m Other \u20ac\u2019m Total \u20ac\u2019m Balance at 1 January 2022 6.9 6.7 3.1 16.7 Provisions made during the year 1.0 \u2014 0.9 1.9 Provisions used during the year (0.1 ) (0.5) (0.4) (1.0) Provisions reversed during the year (0.5) (2.0) (1.2) (3.7) Balance at 31 December 2022 7.3 4.2 2.4 13.9 Note 29 \u2013 Provisions for risks and charges, litigation and contingent liabilities continued Legal and regulatory \u20ac\u2019m Contractual \u20ac\u2019m Other \u20ac\u2019m Total \u20ac\u2019m 2021 Non-current 6.9 3.5 3.1 13.5 Current \u2014 3.2 \u2014 3.2 6.9 6.7 3.1 16.7 2022 Non-current 7.3 0.3 2.4 10.0 Current \u2014 3.9 \u2014 3.9 7.3 4.2 2.4 13.9 Provision for legal and regulatory issues The Group is subject to proceedings and potential claims regarding complex legal matters (including those related to previous acquisitions), which are subject to a different degree of uncertainty. Provisions are held for various legal and regulatory issues that relate to matters arising in the normal course of business, including in particular various disputes that arose in relation to the operation of the various licenses held by the Group\u2019s subsidiary Snaitech. The uncertainty is due to complex legislative and licensing frameworks in the various territories in which the Group operates. The Group also operates in certain jurisdictions where legal and regulatory matters can take considerable time for the required local processes to be completed and the matters to be resolved. Contractual claims The Group is subject to historic claims relating to contractual matters that arise with customers in the normal course of business. The Group believes they have a robust defence to the claims raised and has provided for the likely settlement where an outflow of funds is probable. The uncertainty relates to complex contractual dealings with a wide range of customers in various jurisdictions, and because as noted above, the Group operates in certain jurisdictions where contractual disputes can take considerable time to be resolved in the local legal system. Given the uncertainties inherent, it is difficult to predict with certainty the outlay (or the timing thereof) which will derive from these matters. It is therefore possible that the value of the provisions may vary further to future developments. The Group monitors the status of these matters and consults with its advisers and experts on legal and tax-related matters in arriving at the provisions recorded. The provisions included represent the Directors\u2019 best estimate of the potential outlay and none of the matters provided for are individually material to the financial statements. Accounting for uncertain tax positions The Group is subject to various forms of tax in a number of jurisdictions. Given the nature of the industry and the jurisdictions within which the Group operates, the tax, legal and regulatory regimes are continuously changing and subject to differing interpretations. As such, the Group is exposed to a small number of uncertain tax positions and open audits/enquiries. Judgement is applied in order to adequately provide for uncertain tax positions where it is believed that it is more likely than not that an economic outflow will arise. The Group has provided for uncertain tax positions which meet the recognition threshold and these positions are included within tax liabilities. There is a risk that additional liabilities could arise. Given the uncertainty and the complexity of application of international tax in the sector, it is not feasible to accurately quantify any possible range of liability or exposure, and this has therefore not been disclosed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-604": {
"value": "Note 30 \u2013 Contingent consideration and redemption liability 2022 \u20ac\u2019m 2021 \u20ac\u2019m Non-current contingent consideration and redemption liability consists of: Non-current redemption liability Acquisition of Statscore SP Z.O.O. \u2014 6.0 Non-current contingent consideration Acquisition of Aus GMTC PTY Ltd 2.1 \u2014 Others 0.2 \u2014 Total non-current contingent consideration and redemption liability 2.3 6.0 Current contingent consideration consists of: Acquisition of Eyecon Limited \u2014 3.6 Amount payable to Aquila Global Group SAS (\u201cWplay\u201d) (Note 20) \u2014 0.8 Other acquisitions 0.6 0.6 Total current contingent consideration 0.6 5.0 Total contingent consideration and redemption liability 2.9 11.0 Note 30 \u2013 Contingent consideration and redemption liability continued The maximum contingent consideration and redemption liability payable is as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Acquisition of Eyecon Limited \u2014 3.6 Acquisition of HPYBET Austria GmbH \u2014 15.0 Interest in Aquila Global Group SAS (\u201cWplay\u201d) \u2014 0.9 Acquisition of Statscore SP Z.O.O. \u2014 15.0 Acquisition of Aus GMTC PTY Ltd 46.7 \u2014 Other acquisitions 0.8 6.8 47.5 41.3 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-605": {
"value": "Note 31 \u2013 Trade payables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Suppliers 47.0 33.5 Customer liabilities 14.2 7.8 61.2 41.3 Note 33 \u2013 Other payables 2022 \u20ac\u2019m 2021 \u20ac\u2019m Non-current liabilities Payroll and related expenses 23.9 10.8 Other 1.0 2.0 24.9 12.8 Current liabilities Payroll and related expenses 96.5 81.7 Accrued expenses 48.2 67.4 VAT payable 3.0 3.8 Interest payable 7.4 10.4 Other payables 14.0 2.9 169.1 166.2 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-606": {
"value": "Note 32 \u2013 Deferred tax The movement on the deferred tax is as shown below: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 14.0 (82.5) Charge to pro\ufb01t or loss (Note 14) (26.3) 96.3 Exchange differences \u2014 0.2 At 31 December (12.3) 14.0 2022 \u20ac\u2019m 2021 \u20ac\u2019m Split as: Deferred tax liability (124.8) (88.9) Deferred tax asset 112.5 102.9 (12.3) 14.0 Deferred tax assets and liabilities are offset only when there is a legally enforceable right of offset, in accordance with IAS 12. As at 31 December 2022, the Directors continued to recognise deferred tax assets arising from temporary differences and tax losses carried forward, with the latter only to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilised. Please refer to Note 14 for the assessment performed on the recognition of deferred tax in the period. Details of the deferred tax outstanding as at 31 December 2022 and 2021 are as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Deferred tax recognised on Group restructuring 56.8 63.6 Tax losses 75.9 74.1 Other temporary and deductible differences (145.0) (123.7) Total (12.3) 14.0 Details of the deferred tax, amounts recognised in profit or loss are as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Accelerated capital allowances (1.3) 76.8 Employee pension liabilities (0.3) 0.1 Other temporary and deductible differences (26.6) (15.5) Leases (0.1) \u2014 Tax losses 2.0 34.9 Total (26.3) 96.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-607": {
"value": "Note 34 \u2013 Gaming and other taxes payable 2022 \u20ac\u2019m 2021 \u20ac\u2019m Gaming tax 112.5 105.3 Other 0.3 0.1 112.8 105.4 ",
"dimensions": {
"concept": "playtechplc:DisclosureOfGamingAndOtherTaxesPayable",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-608": {
"value": "Note 35 \u2013 Acquisitions during the year On 30 August 2022, the Group acquired 100% of the share capital of Aus GMTC PTY Ltd (\u201cAus GMTC\u201d) which creates content and online games. The Group paid a total cash consideration of \u20ac2.9 million (US$3.0 million), with an additional consideration (capped at US$50.0 million) in cash payable in 2025 based on a pre-defined EBITDA calculation resulting from the performance of the developed games active during the year ending 30 September 2025. The consideration is calculated based on four times the pre-defined EBITDA for that year, less the cash consideration already paid, plus the \u20ac1.8 million loan provided to the acquired company pre-acquisition. Details of the fair value of identifiable assets and liabilities acquired, purchase consideration and goodwill, are as follows: Fair value of the identi\ufb01able assets, liabilities and goodwill acquired \u20ac\u2019m Net book value of liabilities acquired (0.5) Fair value of IP Technology acquired 2.9 Total net assets acquired 2.4 Fair value of consideration 6.8 Goodwill arising on acquisition 4.4 Fair value of consideration paid and payable \u20ac\u2019m Cash consideration 2.9 Non-current contingent consideration 3.9 Fair value of consideration 6.8 Adjustments to fair value include the following: Amount \u20ac\u2019m Amortisation % IP Technology 2.9 33.3 The main factor leading to the recognition of goodwill is the future games to be developed by the studio and the assembled work force who have significant experience in the field of game design and development. The resulting goodwill is not deductible for tax purposes. The acquisition represents its own CGU and in accordance with IAS 36 the Group will regularly monitor the carrying value of this. Note 35 \u2013 Acquisitions during the year continued Management has used the replacement cost methodology in determining the fair value of the IP Technology acquired. The future consideration is \u20ac3.9 million, discounted at 35% based on Damodaran\u2019s Target Rates of Return \u2013 Stage in Life Cycle, and is calculated based on the estimated future EBITDA of the studio. The \u20ac1.8 million loan provided to the company pre-acquisition has been deducted against the future consideration in Note 30. Management has not disclosed Aus GMTC\u2019s contribution to the Group profit since the acquisition nor the impact the acquisition would have had on the Group\u2019s revenue and profits if it had occurred on 1 January 2022, because the amounts are negligible. ",
"dimensions": {
"concept": "playtechplc:DisclosureOfAcquisitionsDuringTheYear",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-609": {
"value": "Note 36 \u2013 Related parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party\u2019s making of financial or operational decisions, or if both parties are controlled by the same third party. Also, a party is considered to be related if a member of the key management personnel has the ability to control the other party. During the year, Group companies entered into the following transactions with related parties which are not members of the Group: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Revenue Investments in associates 132.7 95.0 Interest income Investments in associates 0.8 0.1 The revenue from investments in associates includes income from Caliplay, Galera, Wplay, Onjoc and Tenbet. The interest income relates to the same companies except Caliplay. The following amounts were outstanding at the reporting date: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Trade receivables (Note 22) Associates 20.5 16.5 Loans and interest receivable \u2013 current (Note 23) Associates 3.4 2.4 Loans and interest receivable \u2013 non-current (Note 21) Associates 29.0 9.5 The loans and interest receivables above do not include the expected credit losses. For the year ended 31 December 2022, the Group recognised a provision for expected credit losses of \u20ac0.1 million relating to amounts owed by related parties in less than one year (2021: \u20acNil) and \u20ac1.1 million for more than one year. The loans due from related parties are further disclosed in Note 20. Key management personnel compensation which includes the Board members (Executive and Non-executive Directors) and senior management personnel comprised the following: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Short-term employee bene\ufb01ts 13.6 14.2 Post-employment bene\ufb01ts 0.1 0.1 Termination bene\ufb01ts 1.2 0.1 Share-based payments 2.2 4.3 17.1 18.7 The Group is aware that a partnership in which a member of key management personnel (who is not a Board member) has a non-controlling interest provides certain advisory and consulting services to third-party service providers of the Group in connection with certain of the Group\u2019s structured and other commercial agreements. The partnership contracts with and is compensated by the third-party service providers, and the Group has no direct arrangement with the partnership. The total paid to this partnership by the third-party service providers was \u20ac5.9 million (2021: \u20ac3.0 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-635": {
"value": "Note 36 \u2013 Related parties Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party\u2019s making of financial or operational decisions, or if both parties are controlled by the same third party. Also, a party is considered to be related if a member of the key management personnel has the ability to control the other party. During the year, Group companies entered into the following transactions with related parties which are not members of the Group: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Revenue Investments in associates 132.7 95.0 Interest income Investments in associates 0.8 0.1 The revenue from investments in associates includes income from Caliplay, Galera, Wplay, Onjoc and Tenbet. The interest income relates to the same companies except Caliplay. The following amounts were outstanding at the reporting date: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Trade receivables (Note 22) Associates 20.5 16.5 Loans and interest receivable \u2013 current (Note 23) Associates 3.4 2.4 Loans and interest receivable \u2013 non-current (Note 21) Associates 29.0 9.5 The loans and interest receivables above do not include the expected credit losses. For the year ended 31 December 2022, the Group recognised a provision for expected credit losses of \u20ac0.1 million relating to amounts owed by related parties in less than one year (2021: \u20acNil) and \u20ac1.1 million for more than one year. The loans due from related parties are further disclosed in Note 20. Key management personnel compensation which includes the Board members (Executive and Non-executive Directors) and senior management personnel comprised the following: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Short-term employee bene\ufb01ts 13.6 14.2 Post-employment bene\ufb01ts 0.1 0.1 Termination bene\ufb01ts 1.2 0.1 Share-based payments 2.2 4.3 17.1 18.7 The Group is aware that a partnership in which a member of key management personnel (who is not a Board member) has a non-controlling interest provides certain advisory and consulting services to third-party service providers of the Group in connection with certain of the Group\u2019s structured and other commercial agreements. The partnership contracts with and is compensated by the third-party service providers, and the Group has no direct arrangement with the partnership. The total paid to this partnership by the third-party service providers was \u20ac5.9 million (2021: \u20ac3.0 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-610": {
"value": "Note 37\u2013 Subsidiaries Details of the Group\u2019s principal subsidiaries as at the end of the year are set out below: Name Country of incorporation Proportion of voting rights and ordinary share capital held Nature of business Playtech Holdings Limited Isle of Man 100% Main trading company of the Group up to December 2020, owns the intellectual property rights and licenses the software to customers. From January 2021 onwards, the principal activity is the holding of investment in subsidiaries Playtech Software Limited United Kingdom 100% Main trading company from 2021 onwards, owns the intellectual property rights and licenses the software to customers Video B Holding Limited British Virgin Islands 100% Trading company for the Videobet software, owns the intellectual property rights of Videobet and licenses it to customers. From January 2021 onwards, the principal activity is the holding of investment in subsidiaries Playtech Services (Cyprus) Limited Cyprus 100% Activates the iPoker Network in regulated markets. Owns the intellectual property of the GTS, Ash and Geneity businesses VB (Video) Cyprus Limited Cyprus 100% Trading company for the Videobet product to Romanian companies Virtue Fusion (Alderney) Limited Alderney 100% Online bingo and casino software provider Intelligent Gaming Systems Limited United Kingdom 100% Casino management systems to land-based businesses VF 2011 Limited Alderney 100% Holds licence in Alderney for online gaming and Bingo B2C operations PT Turnkey Services Limited Isle of Man 100% Holding company of the Turnkey Services group PT Entertenimiento Online EAD Bulgaria 100% Poker and Bingo network for Spain PT Marketing Services Limited British Virgin Islands 100% Marketing services to online gaming operators PT Operational Services Limited British Virgin Islands 100% Operational and hosting services to online gaming operators S-Tech Limited British Virgin Islands and branch office in the Philippines 100% Previously, live game services to Asia. Currently a dormant company PT Network Management Limited British Virgin Islands 100% Manages the iPoker Network Videobet Interactive Sweden AB Sweden 100% Trading company for the Aristocrat Lotteries VLTs V.B. Video (Italia) S.r.l. Italy 100% Trading company for the Aristocrat Lotteries VLTs Quickspin AB Sweden 100% Owns video slots intellectual property Best Gaming Technology GmbH Austria 100% Trading company for sports betting Playtech BGT Sports Limited Cyprus 100% Owns sports betting intellectual property solutions and trading company for sports betting ECM Systems Ltd United Kingdom 100% Owns bingo software intellectual property and bingo hardware Eyecon Limited Alderney 100% Develops and provides online gaming slots Rarestone Gaming PTY Ltd Australia 100% Development company HPYBET Austria GmbH Austria 100% Operating shops in Austria Snaitech SPA Italy 100% Italian retail betting market and gaming machine market OU Playtech (Estonia) Estonia 100% Designs, develops and manufactures online software Techplay Marketing Limited Israel 100% Marketing and advertising OU Videobet Estonia 100% Develops software for \ufb01xed odds betting terminals and casino machines (as opposed to online software) Playtech Bulgaria Bulgaria 100% Designs, develops and manufactures online software PTVB Management Limited Isle of Man 100% Management company Techplay S.A. Software Limited Israel 100% Develops online software CSMS Limited Bulgaria 100% Consulting and online technical support, data mining processing and advertising services to Group companies Name Country of incorporation Proportion of voting rights and ordinary share capital held Nature of business Mobenga AB Limited Sweden 100% Mobile sportsbook betting platform developer PokerStrategy Ltd Gibraltar 100% Operates poker community business Snai Rete Italia S.r.l. Italy 100% Italian retail betting market PT Services UA LTD Ukraine 100% Designs, develops and manufactures software Trinity Bet Operations Ltd Malta 100% Retail and Digital Sports Betting Euro live Technologies SIA Latvia 100% Global broadcaster providing innovative video stream services for users worldwide Gaming Technology Solutions Limited United Kingdom 100% Provision of B2B services within Bingo, Virtual Sports, Sports Betting and Games Development Note 37\u2013 Subsidiaries continued ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-636": {
"value": "Note 38 \u2013 Financial instruments and risk management The Group has exposure to the following risks arising from financial instruments: \u2022 Credit risk; \u2022 Liquidity risk; and \u2022 Market risk. There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. The principal financial instruments of the Group, from which financial instrument risks arises, are as follows: \u2022 Trade receivables; \u2022 Loans receivable; \u2022 Convertible loans; \u2022 Cash and cash equivalents; \u2022 Investments in equity securities; \u2022 Derivative financial assets; \u2022 Trade payables; \u2022 Bonds; \u2022 Loans and borrowings; and \u2022 Contingent consideration and redemption liability . Note 38 \u2013 Financial instruments and risk management continued Financial instrument by category The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Carrying amount Fair value Note Measurement category 2022 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m 31 December 2022 Continuing operations Non-current \ufb01nancial assets Equity investments 20B FVTPL 9.2 1.4 \u2014 7.8 Derivative \ufb01nancial assets 20C FVTPL 636.4 \u2014 \u2014 636.4 Trade receivables 22 Amortised cost 1.1 \u2014 \u2014 \u2014 Loans receivable 21 Amortised cost 29.6 \u2014 \u2014 \u2014 Current \ufb01nancial assets Trade receivables 22 Amortised cost 163.9 \u2014 \u2014 \u2014 Convertible loans 23 FVTPL 8.3 \u2014 \u2014 8.3 Loans receivables 23 Amortised cost 8.0 \u2014 \u2014 \u2014 Cash and cash equivalents 24 Amortised cost 426.5 \u2014 \u2014 \u2014 Non-current liabilities Bonds 28 Amortised cost 348.0 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 54.0 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 2.3 \u2014 \u2014 2.3 Current liabilities Bonds 28 Amortised cost 199.6 \u2014 \u2014 \u2014 Trade payables 31 Amortised cost 61.2 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 31.8 \u2014 \u2014 \u2014 Progressive operators\u2019 jackpots and security deposits 24 Amortised cost 114.3 \u2014 \u2014 \u2014 Client funds 24 Amortised cost 39.8 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 0.6 \u2014 \u2014 0.6 Interest payable 33 Amortised cost 7.4 \u2014 \u2014 \u2014 Note 38 \u2013 Financial instruments and risk management continued Financial instrument by category continued Note Measurement category Carrying amount Fair value 2021 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m 31 December 2021 Continuing operations Non-current \ufb01nancial assets Equity investments 20B FVTPL 8.1 1.6 \u2014 6.5 Derivative \ufb01nancial assets 20C FVTPL 622.2 \u2014 \u2014 622.2 Trade receivables 22 Amortised cost 6.6 \u2014 \u2014 \u2014 Convertible loans 21 FVTPL 3.7 \u2014 \u2014 3.7 Loans receivable 21 Amortised cost 13.9 \u2014 \u2014 \u2014 Current \ufb01nancial assets Trade receivables 22 Amortised cost 178.5 \u2014 \u2014 \u2014 Loans receivables 21 Amortised cost 4.5 \u2014 \u2014 \u2014 Cash and cash equivalents 24 Amortised cost 575.4 \u2014 \u2014 \u2014 Non-current liabilities Bonds 28 Amortised cost 875.0 \u2014 \u2014 \u2014 Loans and borrowings 27 Amortised cost 1 67.1 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 69.8 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 6.0 \u2014 \u2014 6.0 Current liabilities Trade payables 31 Amortised cost 41.3 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 20.3 \u2014 \u2014 \u2014 Progressive operators\u2019 jackpots and security deposits 24 Amortised cost 110.7 \u2014 \u2014 \u2014 Client funds 24 Amortised cost 30.4 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 5.0 \u2014 \u2014 5.0 Interest payable 33 Amortised cost 10.4 \u2014 \u2014 \u2014 Treated as held for sale Current \ufb01nancial assets Cash and cash equivalents Amortised cost 366.1 \u2014 \u2014 \u2014 Current liabilities Trade payables Amortised cost 0.4 \u2014 \u2014 \u2014 Lease liability Amortised cost 5.2 \u2014 \u2014 \u2014 Client deposits Amortised cost 138.5 \u2014 \u2014 \u2014 Client funds Amortised cost 170.3 \u2014 \u2014 \u2014 The fair value of the contingent consideration and redemption liability is calculated by discounting the estimated cash flows. The valuation model considers the present value of the expected future payments, discounted using a risk adjusted discount rate. For details of the fair value hierarchy, valuation techniques and significant unobservable inputs relating to determining the fair value of derivative financial assets, which are classified as Level 3 of the fair value hierarchy, refer to Note 20C. The carrying amount does not materially differ from the fair value of the financial assets and liabilities. The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s Finance function. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: Note 38 \u2013 Financial instruments and risk management continued A. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables), its investing activities through loans made and from its financing activities, including deposits with banks and financial institutions. After the impairment analysis performed at the reporting date, the expected credit losses (ECLs) are \u20ac4.9 million (2021: \u20ac7.4 million). Cash and cash equivalents The Group held cash and cash equivalents (before ECL) of \u20ac426.9 million as at 31 December 2022 (2021: \u20ac576.0 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from Caa- to AA+, based on Moody\u2019s ratings. Impairment on cash and cash equivalents has been measured on a 12-month expected credit loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. The Group uses a similar approach for assessment of ECLs for cash and cash equivalents to those used for trade receivables. The ECL on cash balances as at 31 December 2022 is \u20ac0.4 million (2021: \u20ac0.6 million). A reasonable movement in the inputs of the ECL calculation of cash and cash equivalents does not materially change the ECL to be recognised. Tot al \u20ac\u2019m Financial institutions with A- and above rating \u20ac\u2019m Financial institutions with below A- rating and no rating \u20ac\u2019m Continuing operations At 31 December 2022 426.9 214.2 212.7 At 31 December 2021 576.0 291.7 284.3 Treated as held for sale At 31 December 2022 \u2014 \u2014 \u2014 At 31 December 2021 366.1 291.9 74.2 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. As at 31 December 2022, the Group has trade receivables of \u20ac165.0 million (2021: \u20ac185.1 million) which is net of an allowance for ECL of \u20ac4.5 million (2021: \u20ac6.8 million). The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are calculated based on past default experience and an assessment of the future economic environment. The ECL is calculated with reference to the ageing and risk profile of the balances. The carrying amounts of financial assets represent the maximum credit exposure. Set out below is the movement in the allowance for expected credit losses of trade receivables: 31 December 2022 Tota l \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 2.7% 3.0% 1.1% 2.9% Gross carrying amount 169.5 124.9 27.2 17.5 Expected credit loss (4.5) (3.7) (0.3) (0.5) Trade receivables \u2013 net 165.0 121.2 26.9 17.0 31 December 2021 Tot al \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 3.5% 4.2% 1.6% 1.9% Gross carrying amount 191.9 139.6 32.6 19.7 Expected credit loss (6.8) (5.9) (0.5) (0.4) Trade receivables \u2013 net 185.1 133.7 32.1 19.3 A reasonable movement in the inputs of the ECL calculation of trade receivables does not materially change the ECL to be recognised. Impairment losses on trade receivables and contract assets are presented as net impairment losses within the impairment of financial assets. Subsequent recoveries of amounts previously written off are credited against the same line item. Note 38 \u2013 Financial instruments and risk management continued A. Credit risk continued Trade receivables continued The movement in the ECL in respect of trade receivables during the year was as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 6.8 21.7 Charged to pro\ufb01t or loss (2.3) (14.9) Balance at 31 December 4.5 6.8 Loans receivable The Group recognised an allowance for expected credit losses for all debt instruments given to third parties based on past default experience and assessment of the future economic environment. For the year ended 31 December 2022, the Group recognised provision for expected credit losses of \u20ac1.6 million in the profit or loss relating to loans receivable (2021: \u20acNil). 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January \u2014 \u2014 Charged to pro\ufb01t or loss 1.6 \u2014 Balance at 31 December 1.6 \u2014 Furthermore, \u20ac3.0 million of an existing loan to Gameco was impaired as at 31 December 2022 (refer to Note 20B). At 31 December 2021, there was a loan impairment of \u20ac1.2 million relating to BGO. B. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. Balances due within one year equal their carrying balances as the impact of discounting is not significant. Contractual cash \ufb02ows 2022 Carrying amount \u20ac\u2019m Tota l \u20ac\u2019m Within 1 year \u20ac\u2019m 1\u20135 years \u20ac\u2019m More than 5 years \u20ac\u2019m Bonds 547.6 604.6 221.1 383.5 \u2014 Lease liability 85.8 110.2 34.1 43.1 33.0 Contingent consideration and redemption liability 2.9 7.9 0.2 7.7 \u2014 Trade payables 61.2 61.2 61.2 \u2014 \u2014 Progressive and other operators\u2019 jackpots 114.3 114.3 114.3 \u2014 \u2014 Client funds 39.8 39.8 39.8 \u2014 \u2014 Interest payable 7.4 7.4 7.4 \u2014 \u2014 Provisions for risks and charges 13.9 13.9 3.9 10.0 \u2014 872.9 959.3 482.0 444.3 33.0 2021 Loans and borrowings 1 67.1 173.8 3.3 170.5 \u2014 Bonds 875.0 979.7 34.8 944.9 \u2014 Lease liability 90.1 107.1 22.3 59.7 25.1 Contingent consideration and redemption liability 11.0 11.6 5.1 6.5 \u2014 Trade payables 41.3 41.3 41.3 \u2014 \u2014 Progressive and other operators\u2019 jackpots 110.7 110.7 110.7 \u2014 \u2014 Client funds 30.4 30.4 30.4 \u2014 \u2014 Interest payable 10.4 10.4 10.4 \u2014 \u2014 Provisions for risks and charges 16.7 16.7 3.2 13.5 \u2014 1,352.7 1,481.7 261.5 1,195.1 25.1 Note 38 \u2013 Financial instruments and risk management continued C. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return. Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Foreign exchange risk arises because the Group has operations located in various parts of the world. However, the functional currency of those operations is the same as the Group\u2019s primary currency (Euro) and the Group is not substantially exposed to fluctuations in exchange rates in respect of assets held overseas. Foreign exchange risk also arises when the Group operations enters into foreign transactions, and when the Group holds cash balances, in currencies denominated in a currency other than the functional currency. 31 December 2022 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tota l \u20ac\u2019m Continuing operations Cash and cash equivalents 338.5 5.8 60.2 22.4 426.9 Progressive operators\u2019 jackpots and security deposits (139.0) (0.2) (14.9) \u2014 (154.1) Cash and cash equivalents less client funds 199.5 5.6 45.3 22.4 272.8 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Continuing operations Cash and cash equivalents 477.4 34.9 41.5 22.2 576.0 Progressive operators\u2019 jackpots and security deposits (126.6) (0.1 ) (14.4) \u2014 (141.1) Cash and cash equivalents less client funds 350.8 34.8 27.1 22.2 434.9 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Treated as held for sale Cash and cash equivalents 85.1 211.1 44.4 25.5 366.1 Client funds and client deposits (63.7) (208.6) (12.1 ) (24.4) (308.8) Cash and cash equivalents less client funds 21.4 2.5 32.3 1.1 57.3 The Group\u2019s policy is not to enter into any currency hedging transactions. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate bonds and loans and borrowings. At 31 December 2022, none of the Group\u2019s borrowings are at a variable rate of interest (2021: 16%). Any reasonably possible change to the interest rate would have an immaterial effect on the interest payable. Equity price risk The Group is exposed to market risk by way of holding some investments in other companies on a short-term basis. Variations in market value over the life of these investments will have an immaterial impact on the balance sheet and the statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-611": {
"value": "Note 38 \u2013 Financial instruments and risk management The Group has exposure to the following risks arising from financial instruments: \u2022 Credit risk; \u2022 Liquidity risk; and \u2022 Market risk. There have been no substantive changes in the Group\u2019s exposure to financial instrument risks, its objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note. The principal financial instruments of the Group, from which financial instrument risks arises, are as follows: \u2022 Trade receivables; \u2022 Loans receivable; \u2022 Convertible loans; \u2022 Cash and cash equivalents; \u2022 Investments in equity securities; \u2022 Derivative financial assets; \u2022 Trade payables; \u2022 Bonds; \u2022 Loans and borrowings; and \u2022 Contingent consideration and redemption liability Note 38 \u2013 Financial instruments and risk management continued Financial instrument by category The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. Carrying amount Fair value Note Measurement category 2022 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m 31 December 2022 Continuing operations Non-current \ufb01nancial assets Equity investments 20B FVTPL 9.2 1.4 \u2014 7.8 Derivative \ufb01nancial assets 20C FVTPL 636.4 \u2014 \u2014 636.4 Trade receivables 22 Amortised cost 1.1 \u2014 \u2014 \u2014 Loans receivable 21 Amortised cost 29.6 \u2014 \u2014 \u2014 Current \ufb01nancial assets Trade receivables 22 Amortised cost 163.9 \u2014 \u2014 \u2014 Convertible loans 23 FVTPL 8.3 \u2014 \u2014 8.3 Loans receivables 23 Amortised cost 8.0 \u2014 \u2014 \u2014 Cash and cash equivalents 24 Amortised cost 426.5 \u2014 \u2014 \u2014 Non-current liabilities Bonds 28 Amortised cost 348.0 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 54.0 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 2.3 \u2014 \u2014 2.3 Current liabilities Bonds 28 Amortised cost 199.6 \u2014 \u2014 \u2014 Trade payables 31 Amortised cost 61.2 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 31.8 \u2014 \u2014 \u2014 Progressive operators\u2019 jackpots and security deposits 24 Amortised cost 114.3 \u2014 \u2014 \u2014 Client funds 24 Amortised cost 39.8 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 0.6 \u2014 \u2014 0.6 Interest payable 33 Amortised cost 7.4 \u2014 \u2014 \u2014 Note 38 \u2013 Financial instruments and risk management continued Financial instrument by category continued Note Measurement category Carrying amount Fair value 2021 \u20ac\u2019m Level 1 \u20ac\u2019m Level 2 \u20ac\u2019m Level 3 \u20ac\u2019m 31 December 2021 Continuing operations Non-current \ufb01nancial assets Equity investments 20B FVTPL 8.1 1.6 \u2014 6.5 Derivative \ufb01nancial assets 20C FVTPL 622.2 \u2014 \u2014 622.2 Trade receivables 22 Amortised cost 6.6 \u2014 \u2014 \u2014 Convertible loans 21 FVTPL 3.7 \u2014 \u2014 3.7 Loans receivable 21 Amortised cost 13.9 \u2014 \u2014 \u2014 Current \ufb01nancial assets Trade receivables 22 Amortised cost 178.5 \u2014 \u2014 \u2014 Loans receivables 21 Amortised cost 4.5 \u2014 \u2014 \u2014 Cash and cash equivalents 24 Amortised cost 575.4 \u2014 \u2014 \u2014 Non-current liabilities Bonds 28 Amortised cost 875.0 \u2014 \u2014 \u2014 Loans and borrowings 27 Amortised cost 1 67.1 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 69.8 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 6.0 \u2014 \u2014 6.0 Current liabilities Trade payables 31 Amortised cost 41.3 \u2014 \u2014 \u2014 Lease liability 18 Amortised cost 20.3 \u2014 \u2014 \u2014 Progressive operators\u2019 jackpots and security deposits 24 Amortised cost 110.7 \u2014 \u2014 \u2014 Client funds 24 Amortised cost 30.4 \u2014 \u2014 \u2014 Contingent consideration and redemption liability 30 FVTPL 5.0 \u2014 \u2014 5.0 Interest payable 33 Amortised cost 10.4 \u2014 \u2014 \u2014 Treated as held for sale Current \ufb01nancial assets Cash and cash equivalents Amortised cost 366.1 \u2014 \u2014 \u2014 Current liabilities Trade payables Amortised cost 0.4 \u2014 \u2014 \u2014 Lease liability Amortised cost 5.2 \u2014 \u2014 \u2014 Client deposits Amortised cost 138.5 \u2014 \u2014 \u2014 Client funds Amortised cost 170.3 \u2014 \u2014 \u2014 The fair value of the contingent consideration and redemption liability is calculated by discounting the estimated cash flows. The valuation model considers the present value of the expected future payments, discounted using a risk adjusted discount rate. For details of the fair value hierarchy, valuation techniques and significant unobservable inputs relating to determining the fair value of derivative financial assets, which are classified as Level 3 of the fair value hierarchy, refer to Note 20C. The carrying amount does not materially differ from the fair value of the financial assets and liabilities. The Board has overall responsibility for the determination of the Group\u2019s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Group\u2019s Finance function. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group\u2019s competitiveness and flexibility. Further details regarding these policies are set out below: Note 38 \u2013 Financial instruments and risk management continued A. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables), its investing activities through loans made and from its financing activities, including deposits with banks and financial institutions. After the impairment analysis performed at the reporting date, the expected credit losses (ECLs) are \u20ac4.9 million (2021: \u20ac7.4 million). Cash and cash equivalents The Group held cash and cash equivalents (before ECL) of \u20ac426.9 million as at 31 December 2022 (2021: \u20ac576.0 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from Caa- to AA+, based on Moody\u2019s ratings. Impairment on cash and cash equivalents has been measured on a 12-month expected credit loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. The Group uses a similar approach for assessment of ECLs for cash and cash equivalents to those used for trade receivables. The ECL on cash balances as at 31 December 2022 is \u20ac0.4 million (2021: \u20ac0.6 million). A reasonable movement in the inputs of the ECL calculation of cash and cash equivalents does not materially change the ECL to be recognised. Tot al \u20ac\u2019m Financial institutions with A- and above rating \u20ac\u2019m Financial institutions with below A- rating and no rating \u20ac\u2019m Continuing operations At 31 December 2022 426.9 214.2 212.7 At 31 December 2021 576.0 291.7 284.3 Treated as held for sale At 31 December 2022 \u2014 \u2014 \u2014 At 31 December 2021 366.1 291.9 74.2 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. As at 31 December 2022, the Group has trade receivables of \u20ac165.0 million (2021: \u20ac185.1 million) which is net of an allowance for ECL of \u20ac4.5 million (2021: \u20ac6.8 million). The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are calculated based on past default experience and an assessment of the future economic environment. The ECL is calculated with reference to the ageing and risk profile of the balances. The carrying amounts of financial assets represent the maximum credit exposure. Set out below is the movement in the allowance for expected credit losses of trade receivables: 31 December 2022 Tota l \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 2.7% 3.0% 1.1% 2.9% Gross carrying amount 169.5 124.9 27.2 17.5 Expected credit loss (4.5) (3.7) (0.3) (0.5) Trade receivables \u2013 net 165.0 121.2 26.9 17.0 31 December 2021 Tot al \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 3.5% 4.2% 1.6% 1.9% Gross carrying amount 191.9 139.6 32.6 19.7 Expected credit loss (6.8) (5.9) (0.5) (0.4) Trade receivables \u2013 net 185.1 133.7 32.1 19.3 A reasonable movement in the inputs of the ECL calculation of trade receivables does not materially change the ECL to be recognised. Impairment losses on trade receivables and contract assets are presented as net impairment losses within the impairment of financial assets. Subsequent recoveries of amounts previously written off are credited against the same line itemNote 38 \u2013 Financial instruments and risk management continued A. Credit risk continued Trade receivables continued The movement in the ECL in respect of trade receivables during the year was as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 6.8 21.7 Charged to pro\ufb01t or loss (2.3) (14.9) Balance at 31 December 4.5 6.8 Loans receivable The Group recognised an allowance for expected credit losses for all debt instruments given to third parties based on past default experience and assessment of the future economic environment. For the year ended 31 December 2022, the Group recognised provision for expected credit losses of \u20ac1.6 million in the profit or loss relating to loans receivable (2021: \u20acNil). 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January \u2014 \u2014 Charged to pro\ufb01t or loss 1.6 \u2014 Balance at 31 December 1.6 \u2014 Furthermore, \u20ac3.0 million of an existing loan to Gameco was impaired as at 31 December 2022 (refer to Note 20B). At 31 December 2021, there was a loan impairment of \u20ac1.2 million relating to BGO. B. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. Balances due within one year equal their carrying balances as the impact of discounting is not significant. Contractual cash \ufb02ows 2022 Carrying amount \u20ac\u2019m Tota l \u20ac\u2019m Within 1 year \u20ac\u2019m 1\u20135 years \u20ac\u2019m More than 5 years \u20ac\u2019m Bonds 547.6 604.6 221.1 383.5 \u2014 Lease liability 85.8 110.2 34.1 43.1 33.0 Contingent consideration and redemption liability 2.9 7.9 0.2 7.7 \u2014 Trade payables 61.2 61.2 61.2 \u2014 \u2014 Progressive and other operators\u2019 jackpots 114.3 114.3 114.3 \u2014 \u2014 Client funds 39.8 39.8 39.8 \u2014 \u2014 Interest payable 7.4 7.4 7.4 \u2014 \u2014 Provisions for risks and charges 13.9 13.9 3.9 10.0 \u2014 872.9 959.3 482.0 444.3 33.0 2021 Loans and borrowings 1 67.1 173.8 3.3 170.5 \u2014 Bonds 875.0 979.7 34.8 944.9 \u2014 Lease liability 90.1 107.1 22.3 59.7 25.1 Contingent consideration and redemption liability 11.0 11.6 5.1 6.5 \u2014 Trade payables 41.3 41.3 41.3 \u2014 \u2014 Progressive and other operators\u2019 jackpots 110.7 110.7 110.7 \u2014 \u2014 Client funds 30.4 30.4 30.4 \u2014 \u2014 Interest payable 10.4 10.4 10.4 \u2014 \u2014 Provisions for risks and charges 16.7 16.7 3.2 13.5 \u2014 1,352.7 1,481.7 261.5 1,195.1 25.1 Note 38 \u2013 Financial instruments and risk management continued C. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return. Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Foreign exchange risk arises because the Group has operations located in various parts of the world. However, the functional currency of those operations is the same as the Group\u2019s primary currency (Euro) and the Group is not substantially exposed to fluctuations in exchange rates in respect of assets held overseas. Foreign exchange risk also arises when the Group operations enters into foreign transactions, and when the Group holds cash balances, in currencies denominated in a currency other than the functional currency. 31 December 2022 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tota l \u20ac\u2019m Continuing operations Cash and cash equivalents 338.5 5.8 60.2 22.4 426.9 Progressive operators\u2019 jackpots and security deposits (139.0) (0.2) (14.9) \u2014 (154.1) Cash and cash equivalents less client funds 199.5 5.6 45.3 22.4 272.8 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Continuing operations Cash and cash equivalents 477.4 34.9 41.5 22.2 576.0 Progressive operators\u2019 jackpots and security deposits (126.6) (0.1 ) (14.4) \u2014 (141.1) Cash and cash equivalents less client funds 350.8 34.8 27.1 22.2 434.9 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Treated as held for sale Cash and cash equivalents 85.1 211.1 44.4 25.5 366.1 Client funds and client deposits (63.7) (208.6) (12.1 ) (24.4) (308.8) Cash and cash equivalents less client funds 21.4 2.5 32.3 1.1 57.3 The Group\u2019s policy is not to enter into any currency hedging transactions. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate bonds and loans and borrowings. At 31 December 2022, none of the Group\u2019s borrowings are at a variable rate of interest (2021: 16%). Any reasonably possible change to the interest rate would have an immaterial effect on the interest payable. Equity price risk The Group is exposed to market risk by way of holding some investments in other companies on a short-term basis. Variations in market value over the life of these investments will have an immaterial impact on the balance sheet and the statement of comprehensive income",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-640": {
"value": "A. Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables), its investing activities through loans made and from its financing activities, including deposits with banks and financial institutions. After the impairment analysis performed at the reporting date, the expected credit losses (ECLs) are \u20ac4.9 million (2021: \u20ac7.4 million). Cash and cash equivalents The Group held cash and cash equivalents (before ECL) of \u20ac426.9 million as at 31 December 2022 (2021: \u20ac576.0 million). The cash and cash equivalents are held with bank and financial institution counterparties, which are rated from Caa- to AA+, based on Moody\u2019s ratings. Impairment on cash and cash equivalents has been measured on a 12-month expected credit loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash equivalents have low credit risk based on the external credit ratings of the counterparties. The Group uses a similar approach for assessment of ECLs for cash and cash equivalents to those used for trade receivables. The ECL on cash balances as at 31 December 2022 is \u20ac0.4 million (2021: \u20ac0.6 million). A reasonable movement in the inputs of the ECL calculation of cash and cash equivalents does not materially change the ECL to be recognised. Tot al \u20ac\u2019m Financial institutions with A- and above rating \u20ac\u2019m Financial institutions with below A- rating and no rating \u20ac\u2019m Continuing operations At 31 December 2022 426.9 214.2 212.7 At 31 December 2021 576.0 291.7 284.3 Treated as held for sale At 31 December 2022 \u2014 \u2014 \u2014 At 31 December 2021 366.1 291.9 74.2 Trade receivables The Group\u2019s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the factors that may influence the credit risk of its customer base, including the default risk associated with the industry and country in which customers operate. As at 31 December 2022, the Group has trade receivables of \u20ac165.0 million (2021: \u20ac185.1 million) which is net of an allowance for ECL of \u20ac4.5 million (2021: \u20ac6.8 million). The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the ECL, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are calculated based on past default experience and an assessment of the future economic environment. The ECL is calculated with reference to the ageing and risk profile of the balances. The carrying amounts of financial assets represent the maximum credit exposure. Set out below is the movement in the allowance for expected credit losses of trade receivables: 31 December 2022 Tota l \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 2.7% 3.0% 1.1% 2.9% Gross carrying amount 169.5 124.9 27.2 17.5 Expected credit loss (4.5) (3.7) (0.3) (0.5) Trade receivables \u2013 net 165.0 121.2 26.9 17.0 31 December 2021 Tot al \u20ac\u2019m Not past due \u20ac\u2019m 1\u20132 months overdue \u20ac\u2019m More than 2 months past due \u20ac\u2019m Expected credit loss rate 3.5% 4.2% 1.6% 1.9% Gross carrying amount 191.9 139.6 32.6 19.7 Expected credit loss (6.8) (5.9) (0.5) (0.4) Trade receivables \u2013 net 185.1 133.7 32.1 19.3 A reasonable movement in the inputs of the ECL calculation of trade receivables does not materially change the ECL to be recognised. Impairment losses on trade receivables and contract assets are presented as net impairment losses within the impairment of financial assets. Subsequent recoveries of amounts previously written off are credited against the same line item. A. Credit risk continued Trade receivables continued The movement in the ECL in respect of trade receivables during the year was as follows: 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January 6.8 21.7 Charged to pro\ufb01t or loss (2.3) (14.9) Balance at 31 December 4.5 6.8 Loans receivable The Group recognised an allowance for expected credit losses for all debt instruments given to third parties based on past default experience and assessment of the future economic environment. For the year ended 31 December 2022, the Group recognised provision for expected credit losses of \u20ac1.6 million in the profit or loss relating to loans receivable (2021: \u20acNil). 2022 \u20ac\u2019m 2021 \u20ac\u2019m Balance at 1 January \u2014 \u2014 Charged to pro\ufb01t or loss 1.6 \u2014 Balance at 31 December 1.6 \u2014 Furthermore, \u20ac3.0 million of an existing loan to Gameco was impaired as at 31 December 2022 (refer to Note 20B). At 31 December 2021, there was a loan impairment of \u20ac1.2 million relating to BGO. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-641": {
"value": "B. Liquidity risk Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments. Balances due within one year equal their carrying balances as the impact of discounting is not significant. Contractual cash \ufb02ows 2022 Carrying amount \u20ac\u2019m Tota l \u20ac\u2019m Within 1 year \u20ac\u2019m 1\u20135 years \u20ac\u2019m More than 5 years \u20ac\u2019m Bonds 547.6 604.6 221.1 383.5 \u2014 Lease liability 85.8 110.2 34.1 43.1 33.0 Contingent consideration and redemption liability 2.9 7.9 0.2 7.7 \u2014 Trade payables 61.2 61.2 61.2 \u2014 \u2014 Progressive and other operators\u2019 jackpots 114.3 114.3 114.3 \u2014 \u2014 Client funds 39.8 39.8 39.8 \u2014 \u2014 Interest payable 7.4 7.4 7.4 \u2014 \u2014 Provisions for risks and charges 13.9 13.9 3.9 10.0 \u2014 872.9 959.3 482.0 444.3 33.0 2021 Loans and borrowings 1 67.1 173.8 3.3 170.5 \u2014 Bonds 875.0 979.7 34.8 944.9 \u2014 Lease liability 90.1 107.1 22.3 59.7 25.1 Contingent consideration and redemption liability 11.0 11.6 5.1 6.5 \u2014 Trade payables 41.3 41.3 41.3 \u2014 \u2014 Progressive and other operators\u2019 jackpots 110.7 110.7 110.7 \u2014 \u2014 Client funds 30.4 30.4 30.4 \u2014 \u2014 Interest payable 10.4 10.4 10.4 \u2014 \u2014 Provisions for risks and charges 16.7 16.7 3.2 13.5 \u2014 1,352.7 1,481.7 261.5 1,195.1 25.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-642": {
"value": "C. Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices, will affect the Group\u2019s income or the value of its holding of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters while optimising the return. Currency risk Currency risk is the risk that the value of financial instruments will fluctuate due to changes in foreign exchange rates. Foreign exchange risk arises because the Group has operations located in various parts of the world. However, the functional currency of those operations is the same as the Group\u2019s primary currency (Euro) and the Group is not substantially exposed to fluctuations in exchange rates in respect of assets held overseas. Foreign exchange risk also arises when the Group operations enters into foreign transactions, and when the Group holds cash balances, in currencies denominated in a currency other than the functional currency. 31 December 2022 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tota l \u20ac\u2019m Continuing operations Cash and cash equivalents 338.5 5.8 60.2 22.4 426.9 Progressive operators\u2019 jackpots and security deposits (139.0) (0.2) (14.9) \u2014 (154.1) Cash and cash equivalents less client funds 199.5 5.6 45.3 22.4 272.8 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Continuing operations Cash and cash equivalents 477.4 34.9 41.5 22.2 576.0 Progressive operators\u2019 jackpots and security deposits (126.6) (0.1 ) (14.4) \u2014 (141.1) Cash and cash equivalents less client funds 350.8 34.8 27.1 22.2 434.9 31 December 2021 In EUR \u20ac\u2019m In USD \u20ac\u2019m In GBP \u20ac\u2019m In other currencies \u20ac\u2019m Tot al \u20ac\u2019m Treated as held for sale Cash and cash equivalents 85.1 211.1 44.4 25.5 366.1 Client funds and client deposits (63.7) (208.6) (12.1 ) (24.4) (308.8) Cash and cash equivalents less client funds 21.4 2.5 32.3 1.1 57.3 The Group\u2019s policy is not to enter into any currency hedging transactions. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate bonds and loans and borrowings. At 31 December 2022, none of the Group\u2019s borrowings are at a variable rate of interest (2021: 16%). Any reasonably possible change to the interest rate would have an immaterial effect on the interest payable. Equity price risk The Group is exposed to market risk by way of holding some investments in other companies on a short-term basis. Variations in market value over the life of these investments will have an immaterial impact on the balance sheet and the statement of comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-612": {
"value": "Note 39 \u2013 Reconciliation of movement of liabilities to cash flows arising from financing activities Liabilities Loans and borrowings \u20ac\u2019m Bonds \u20ac\u2019m Interest on loans and borrowings and bonds \u20ac\u2019m Contingent consideration and redemption liability \u20ac\u2019m Lease liabilities \u20ac\u2019m Tot al \u20ac\u2019m Balance at 1 January 2022 167.1 875.0 10.4 11.0 95.3 1,158.8 Changes from \ufb01nancing cash \ufb02ows Interest payable on bonds and loans and borrowings \u2014 \u2014 (36.7) \u2014 \u2014 (36.7) Repayment of loans and borrowings (166.1) \u2014 \u2014 \u2014 \u2014 (166.1) Repayment of bonds \u2014 (330.0) \u2014 \u2014 \u2014 (330.0) Payment of contingent consideration and redemption liability \u2014 \u2014 \u2014 (5.9) \u2014 (5.9) Principal paid on lease liability \u2014 \u2014 \u2014 \u2014 (22.5) (22.5) Interest paid on lease liability \u2014 \u2014 \u2014 \u2014 (5.7) (5.7) Total changes from \ufb01nancing cash \ufb02ows (166.1) (330.0) (36.7) (5.9) (28.2) (566.9) Other changes Liability related New leases \u2014 \u2014 \u2014 \u2014 19.0 19.0 Interest on bonds, bank borrowings and other borrowings \u2014 2.6 33.6 \u2014 \u2014 36.2 Interest on lease liability \u2014 \u2014 \u2014 \u2014 5.7 5.7 Movement in deferred and contingent consideration and redemption liability \u2014 \u2014 \u2014 (4.3) \u2014 (4.3) Payment of contingent consideration related to investments \u2014 \u2014 \u2014 (1.0) \u2014 (1.0) Additional contingent consideration \u2014 \u2014 \u2014 2.9 \u2014 2.9 Disposal of subsidiary/discontinued operations \u2014 \u2014 \u2014 \u2014 (4.7) (4.7) Foreign exchange difference (1.0) \u2014 \u2014 0.2 (1.3) (2.1 ) Total liability-related other changes (1.0) 2.6 33.6 (2.2) 18.7 51.7 Balance at 31 December 2022 \u2014 547.6 7.3 2.9 85.8 643.6 Liabilities Loans and borrowings \u20ac\u2019m Bonds \u20ac\u2019m Interest on loans and borrowings and bonds \u20ac\u2019m Contingent consideration and redemption liability \u20ac\u2019m Lease liabilities \u20ac\u2019m Tot al \u20ac\u2019m Balance at 1 January 2021 308.9 873.1 10.5 9.7 88.3 1,290.5 Changes from \ufb01nancing cash \ufb02ows Interest payable on bonds and loans and borrowings \u2014 \u2014 (39.4) \u2014 \u2014 (39.4) Repayment of loans and borrowings (150.0) \u2014 \u2014 \u2014 \u2014 (150.0) Payment of contingent consideration and redemption liability \u2014 \u2014 \u2014 (0.7) \u2014 (0.7) Principal paid on lease liability \u2014 \u2014 \u2014 \u2014 (22.7) (22.7) Interest paid on lease liability \u2014 \u2014 \u2014 \u2014 (5.6) (5.6) Total changes from \ufb01nancing cash \ufb02ows (150.0) \u2014 (39.4) (0.7) (28.3) (218.4) Other changes Liability related New leases \u2014 \u2014 \u2014 \u2014 26.8 26.8 Interest on bonds, bank borrowings and other borrowings \u2014 1.9 39.3 \u2014 \u2014 41.2 Interest on lease liability \u2014 \u2014 \u2014 \u2014 5.6 5.6 Movement in deferred and contingent consideration and redemption liability \u2014 \u2014 \u2014 6.2 \u2014 6.2 Payment of contingent consideration related to investments \u2014 \u2014 \u2014 (4.1) \u2014 (4.1) Foreign exchange difference 8.2 \u2014 \u2014 (0.1) 2.9 11.0 Total liability-related other changes 8.2 1.9 39.3 2.0 35.3 86.7 Balance at 31 December 2021 167.1 875.0 10.4 11.0 95.3 1,158.8 ",
"dimensions": {
"concept": "playtechplc:DisclosureOfReconciliationOfMovementOfLiabilitiesToCashFlowsArisingFromFinancingActivities",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-613": {
"value": "Note 40 \u2013 Events after the reporting date Post year end, 50% of the service fee entitlement of a third-party service provider of the Group in connection with one of the Group\u2019s structured agreements was redeemed pursuant to the exercise of an option. A redemption payment of \u20ac41.3 million was made to the service provider in March 2023. Post year end, the RTO explained in Note 23 completed, resulting in the Group owning 16% of the issued and outstanding common shares of Baden Resources Inc (now renamed to NorthStar Gaming Holdings Inc.), as well as warrants giving the Group the right to further increase its stake potentially beyond 20% of the issued and outstanding common shares. In March 2023 the Group announced a strategic partnership with Hard Rock Digital (HRD), the exclusive, global vehicle for interactive gaming and sports betting for Hard Rock International and Seminole Gaming, to supply its products and services predominantly under long-term commercial agreements. Alongside these commercial arrangements, the Group has also invested $85 million (c.\u20ac80 million) in exchange for a low single digit percentage minority equity ownership stake in HRD.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:21380068TTB6Z9ZEU548",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}