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"f16643": {
"value": "NOTE 1 GENERAL INFORMATION Antin Infrastructure Partners S.A. (the \u201cCompany
\u201d) is a limited company (soci\u00e9t\u00e9 anonyme)
domiciled in Paris, France with its shares listed on Euronext Paris (Ticker: ANTIN, ISIN: FR0014005AL0). The Company\u2019s address is 374,\u00a0rue\u00a0Saint\u2011Honor\u00e9, 75001 Paris, France and it is registered with the Paris Trade and Companies Registry under number\u00a0900\u00a0682\u00a0667. The Consolidated Financial Statements comprise Antin Infrastructure Partners S.A. and its direct and indirect subsidiaries, together referred to as Antin (\u201cAntin\u201d or the \u201cGroup\u201d). The principal activity of Antin is the management of investment funds specialised in the energy & environment, digital, transportation and social infrastructure sectors.
",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16647": {
"value": "Antin Infrastructure Partners S.A. (the \u201cCompany
\u201d)",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16653": {
"value": "limited company (soci\u00e9t\u00e9 anonyme)
",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16659": {
"value": "France",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16662": {
"value": "374,\u00a0rue\u00a0Saint\u2011Honor\u00e9, 75001 Paris, France",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16664": {
"value": "France",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16679": {
"value": "The principal activity of Antin is the management of investment funds specialised in the energy & environment, digital, transportation and social infrastructure sectors.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16685": {
"value": "NOTE 2 ACCOUNTING PRINCIPLES 2.1 Basis of preparation of financial statements Antin\u2019s Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and their interpretations as adopted by the European Union as of 31\u00a0December 2023. The financial statements for 2023 are the Group\u2019s Consolidated Financial Statements, authorised for issuance by the Board of Directors on 6\u00a0March 2024.
2.2 Basis of measurement of assets and liabilities Assets and liabilities are measured at historic cost, except for the revaluation of certain financial assets and liabilities that are measured at fair value at the end of the reporting period. 2.3 Transactions in foreign currencies Transactions in foreign currencies are translated into euros at the exchange rate recorded at the date of the transaction. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16691": {
"value": "Antin\u2019s Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) published by the International Accounting Standards Board (IASB) and their interpretations as adopted by the European Union as of 31\u00a0December 2023. The financial statements for 2023 are the Group\u2019s Consolidated Financial Statements, authorised for issuance by the Board of Directors on 6\u00a0March 2024.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16713": {
"value": "2.4 Functional currency and reporting currency The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in thousands of euros and rounded to the nearest thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts. Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date the fair value was determined. Income statement items recorded in foreign currencies are translated into euros at the average exchange rate during the reporting period.
The foreign exchange rates applied in the preparation of the financial statements are based on data published by the Bank of France: Closing rate Average rate 2023 2022 2023 2022 EUR/GBP 0.8691 0.8869 0.8699 0.8526 EUR/USD 1.1050 1.0666 1.0816 1.0539 EUR/SGD 1.4591 1.4300 1.4523 1.4520
Exchange rate differences resulting from the translation of the financial statements into euros are recorded in other comprehensive income. 2.4 Functional currency and reporting currency The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in thousands of euros and rounded to the nearest thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts. Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date the fair value was determined. Income statement items recorded in foreign currencies are translated into euros at the average exchange rate during the reporting period.
The foreign exchange rates applied in the preparation of the financial statements are based on data published by the Bank of France: Closing rate Average rate 2023 2022 2023 2022 EUR/GBP 0.8691 0.8869 0.8699 0.8526 EUR/USD 1.1050 1.0666 1.0816 1.0539 EUR/SGD 1.4591 1.4300 1.4523 1.4520
Exchange rate differences resulting from the translation of the financial statements into euros are recorded in other comprehensive income. Leases At the inception of a lease contract, Antin assesses the application of IFRS\u00a016 \u201cLeases\u201d where the Group has the right\u2011of-use of an asset under a lease contract for a period of more than 12\u00a0months. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a certain time period in exchange for consideration. The lease contracts identified by Antin represent leases of office premises where the Group is a tenant. Antin reviews the renewal and early termination options for each lease contract and determines the enforceable and non\u2011cancellable lease period. The reasonable end date is determined by taking into consideration all relevant facts and circumstances. For lease contracts related to office premises, Antin defines the reasonable end date of a lease based on the expected period of use, taking into account the renewal and early termination options stated in the contracts. Antin presents right-of-use assets and lease liabilities separately in the Consolidated Balance Sheet. Further information on Antin\u2019s lease assets and liabilities is presented in Note\u00a013 \u201cLeases\u201d.
Depreciation and amortisation Assets are depreciated or amortised on a straight-line basis over the useful life of an asset. The useful life of an asset is an estimate of the period of time in which it is expected to generate an economic benefit. It is estimated based on historical data and judgement. The residual value of an asset and the assumptions that determine the useful life are reviewed at each reporting period and adjusted if required. Further information on depreciation and amortisation is presented in Note\u00a08 \u201cDepreciation and amortisation
\u201dPension plans Assumptions are made with respect to the mandatory Defined Benefit Plan in France. This includes assumptions for the discount rate, long-term increase in compensation, mortality, employee turnover, retirement age and other assumptions. The\u00a0obligations of providing benefits under defined benefit plans are determined by independent actuaries using actuarial valuation methods as per IAS\u00a019 \u201cEmployee Benefits\u201d. Further information with respect to the pension plans and associated estimates are presented in Note\u00a06.4 \u201cPension plans\u201d.
NOTE 4 OPERATING SEGMENTS Antin manages and advises funds that invest in infrastructure companies in Europe and North America across its Flagship, Mid\u00a0Cap and NextGen investment strategies. The performance of Antin is monitored at a Group level and not at the level of each fund, investment strategy or geography. Antin has not identified any operating segments according to the definition of IFRS\u00a08. Therefore no segment reporting is presented.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a015/IFRS\u00a09 Revenue model Antin operates an integrated fee-based revenue model that comprises management fees, carried interest income and investment income. Management fees are derived from the services provided by Antin to the Antin Funds and are long-term contracted and therefore largely recurring in nature. Variable income is derived from Antin\u2019s investments in the carried interest vehicles and from investment income. Carried interest income is a share of the profit from the fund\u2019s investments, provided that a specified hurdle return is achieved first. Investment income or losses are recognised based on the changes in the fair value of Antin\u2019s investments in the Antin Funds. Revenue recognition Revenue from Contracts with Customers IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows: \u2022 identification of the contract \u2022 identification of the performance obligations \u2022 determination of the transaction price \u2022 allocation of the transaction price to the performance obligations \u2022 recognition of revenue in accordance with the performance. Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and/or rebates and value-added taxes. Contract assets Contract assets related to carried interest income and management fees are presented separately within Accrued income (refer to Note\u00a019 \u201cAccrued income\u201d). Management fees Antin earns management fees for services provided to the Antin Funds. The management fees are based on the terms and conditions of the legal agreements of each fund. The\u00a0management of funds includes a series of distinct services that are provided on an ongoing basis. The different activities are considered to be interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund Investors. Management fees are recognised over the life of each fund. Antin Funds typically have a 10-year initial term with two optional extensions of one year each. Portfolio company investments are held typically for a period of five\u00a0to seven years. As such, management fees are largely recurring and offer a high degree of predictability. Management fees are charged based on the committed capital during the investment period and based on the invested capital at cost thereafter. Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated on a quarterly basis. Carried interest income In line with standard investment fund practice, the carried interest mechanism in the Antin Funds aligns interests between Carried Interest Investors and Fund Investors through a profit-sharing mechanism. As such, carried interest is variable and fully dependent on the performance of the relevant funds. The contractual arrangements of each Antin Fund sets forth the split of a fund\u2019s net profits, with Fund Investors typically entitled to receive 80% of net profits and Carried Interest Investors typically entitled to receive 20%, subject to the\u00a0Antin Fund having reached a pre-agreed hurdle return attributable to the Fund Investors. For the Antin Funds, the\u00a0hurdle return threshold is typically equivalent to a\u00a0compounded annual return of 8%. The Carried Interest Investors are entitled to receive carried interest in consideration for their investment in the Carry Vehicles of the Antin Funds. Starting in 2020, Antin has a policy of taking a 20% participation in the\u00a0relevant Carry Vehicles, which it aims to continue for its future funds. Revenue recognition for carried interest income is assessed based on a three-step model: 1. Hurdle assessment: the total return hurdle is determined by the sum of total accumulated drawdowns paid by the Limited Partners and total accrued minimum return attributable to the LPs (the \u201churdle return\u201d) as of the reporting date. 2. Total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest income should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund's other assets/liabilities and any total proceeds from realised investments as of the reporting date are then added to the equation, and thus constitute the total discounted value of the fund. 3. Carried interest revenue recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenue is recognised.
The reversal risk is mitigated by applying discounts of 20-50% to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts are assessed on a portfolio company basis at each reporting period, taking into consideration the portfolio diversification at fund level, the remaining holding period of a specific portfolio company, as well as other factors that may have an impact on the risk profile of an investment. As such, carried interest income is typically recognised when a part of a fund\u2019s portfolio is realised, and when the unrealised portfolio companies are in a mature stage of their value creation phase. Investment income Investment income consists of changes in the fair value of investments in the Antin Funds held on balance sheet. This may include both realised and unrealised gains or losses. Changes in fair value are recognised, in accordance with IFRS\u00a09 \u201cFinancial Instruments\u201d, in the Consolidated Income Statement. Investment income may be negative at the beginning of the investment period of an Antin Fund. This results from the payment of due diligence costs related to the assessment of investment opportunities and management fees, and limited value creation from recently acquired portfolio companies by the Antin Funds. A fund therefore typically posts negative investment income at the beginning of the investment period, followed by positive and increasing investment income when investments succeed in realising their valuation creation plans. This is called the \u201cJ-curve effect\u201d. Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial assets\u201d. Administration fees Administration fees relate to fees charged by Antin to the Antin Funds for the provision of fund accounting and fund administration services. Antin is charged a corresponding professional services fee by Antin Infrastructure Services Luxembourg entities (AISL\u00a0II and AISL\u00a0III), entities fully held by the Antin Funds, to which such administration services have been delegated. No margin is applied by Antin when recharging these costs to the funds.
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a019 AND IFRS\u00a02 Personnel expenses include all expenses related to personnel. This includes salaries, bonuses, remunerations, social security expenses and pension benefits as prescribed under IAS\u00a019. It also includes share-based payments that fall under IFRS\u00a02. IAS\u00a019 presents the accounting for employee benefits, including all forms of consideration given by an entity in exchange for services rendered by an employee. IAS\u00a019 requires an entity to recognise a liability when an employee has provided services in exchange for employee benefits to be paid in\u00a0the future, and an expense when the entity consumes the\u00a0economic benefit arising from the service provided by an employee in exchange for employee benefits.
IFRS\u00a02 refers to share-based payment transactions where the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity\u2019s shares or other equity instruments by the entity.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a02 Share-based payment plans consist of the Free Share Plan (the \u201cFSP\u201d), which is an equity-settled share-based payment established in the context of the IPO of Antin. For equity-settled share-based payments, the fair value of\u00a0the shares, as measured at the grant date, is recognised on a linear basis over the vesting period and recorded as a\u00a0personnel expense in the Consolidated Income Statement. At each reporting period, any changes to the shares granted, and the corresponding personnel expense are revised taking into consideration the service condition of the FSP and changes to the plan. Social charges levied on the FSP are based on the value of the shares at the time of vesting. Social charges recognised as personnel expenses in the Consolidated Income Statement are determined based on the value of the shares at the\u00a0end of each reporting period.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a019 Post-employment benefits Post-employment benefits can be broken down into two categories: defined contribution pension plans or defined benefit pension plans. Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan. Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss. Defined contribution plans Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to defined contribution plans of Antin are therefore expensed as the related service is provided.
Defined benefits plan in France In France, the defined benefit pension plan is a mandatory end-of-service benefit plan. Employees must have completed 10\u00a0years of service to be eligible. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. The valuation of this defined benefit plan is carried out using actuarial techniques based on assumptions such as the discount rate, the long-term salary increase rate and on statistical information related to demographic assumptions such as mortality, employee turnover, disability and retirement age.
NOTE 10 INCOME TAX \u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a012 Introduction In accordance with IAS\u00a012, the income tax expense includes all income-related taxes, whether current or deferred. Income tax is recognised in the Consolidated Income Statement except when the underlying transaction is recognised in other comprehensive income or equity whereby the related tax effect is also recognised in other comprehensive income or equity. Current tax The standard defines a current tax liability (asset) as \u201cthe amount of income tax payable (recoverable) with respect to the taxable profit (tax loss) for a financial year\u201d. The taxable income is the profit (or loss) for a given financial year measured according to the rules set by the taxation authorities. The applicable rates and rules used to determine the current tax liability (asset) are those in effect in each country in which Antin\u2019s companies are established. The current tax liability includes all taxes on income, payable, for which payment is not subordinated to the completion of future transactions, even if payment is spread over several financial years. The current tax liability must be recognised as a liability until it is paid. If the amount that has already been paid for the current year and previous financial years exceeds the amount due for these years, the surplus must be recognised under assets. Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the consolidated entities intend either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the Consolidated Balance Sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated. Deferred tax assets are recognised for deductible temporary differences and tax loss carryforwards to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
CVAE (cotisation sur la valeur ajout\u00e9e des\u00a0entreprises) French expense which is recognised as an income tax in Antin\u2019s Consolidated Income Statement. ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a038 \u2013 IAS\u00a036 Intangible assets Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and\u00a0bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and impairment. Amortisation Intangible assets are amortised from the date they are available for use. The amortisation is recognised in the Consolidated Income Statement on a straight-line basis over the estimated useful life of the asset. Antin amortises software assets over a period of three years. Impairment An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a016 \u2013 IAS\u00a036 Property and equipment Property and equipment includes primarily office refurbishments, furniture, IT equipment and other fixed assets. Property and equipment assets are measured at cost less accumulated depreciation and impairment. The cost includes the purchase price of the asset as well as expenditures directly attributable for putting the asset in place. Gains or losses from disposal of an asset may arise when there is a difference between the sale price and the asset\u2019s carrying amount less the cost of disposal. Gains and losses are recognised as other operating income/expense when they arise. Subsequent capital expenditure Subsequent capital expenditure is capitalised only when it is probable that there are future economic benefits associated with the acquired asset and when the cost can be measured reliably. Other subsequent expenditure is recognised as an expense in the period it arises. Repairs are expensed on an ongoing basis. Assets under development Property and equipment that is not ready for use is recorded as a fixed asset under development. It will be depreciated when it becomes available for use. This relates primarily to office refurbishments. Depreciation Property and equipment is depreciated over their estimated useful life using the straight-line method. The useful life is estimated as follows: \u2022 furniture: 4-5\u00a0years \u2022 computer equipment: 3-4\u00a0years \u2022 leasehold improvements: 4-9\u00a0years, subject to lease period. Impairment An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of impairment loss arises.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a016 Introduction IFRS\u00a016 \u201cLeases\u201d specifies the recognition, measurement, presentation and disclosure of leases. It requires a lessee to\u00a0recognise assets and liabilities for all leases unless the lease term is 12\u00a0months or less, or the underlying asset has a low value. In accordance with IFRS\u00a016, Antin recognises a right\u2011of\u2011use asset and a corresponding lease liability with respect to its applicable lease arrangements. Definition of the lease A contract is, or contains, a lease if it conveys to the lessor the right to control the use of an identified asset for a\u00a0specified period of time in exchange for consideration. Control is conveyed when Antin has both the right to direct the identified asset\u2019s use, and to obtain substantially all economic benefits from its use during the lease period. An\u00a0asset is typically identified by being explicitly specified in\u00a0a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the lessee. However, when a lessor has a substantive right of substitution during the period of use, a lessee does not have a right to use an identified asset. A lessor\u2019s right of\u00a0substitution is only considered substantive if the lessor has both the practical ability to substitute alternative assets throughout the period of use and would economically benefit from substitution. Antin assesses whether a contract is or contains a lease at inception of the contract. Antin recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12\u00a0months or less) and leases of low value assets. Payments related to leases are recognised on a straight-line basis over the duration of the lease agreement. Separation of lease and non-lease components Rental payments agreed in a contract are separate from the lease component and the non-lease component based on their individual prices, as directly indicated in the lease agreement or estimated on the basis of all observable information. If the lessee cannot separate the lease components from the non-lease components (or services), the entire contract is treated as a lease. Right-of-use assets Right-of-use assets are primarily office premises and are initially measured at cost, corresponding to the present value of the outstanding lease payments at the commencement date of the lease. Lease payments made at or before the commencement date, initial direct costs and an estimate of costs to be incurred by Antin in dismantling or restoring the underlying asset, are included in the value of the right\u2011of\u2011use asset, less any lease incentives. Right-of-use assets are depreciated using the straight-line method over the lease period, from the commencement date to the end of the lease term. Lease liabilities Lease liabilities correspond to the present value of future lease payments, excluding variable lease payments that do not depend on an index or a rate. For contracts that include a lease component and non\u2011lease components (such as services), only the lease component is considered in calculating the present value. The interest rate implicit in the lease is used as the discount rate if it can be readily determined. If the interest rate cannot\u00a0be\u00a0readily determined, the Group uses its incremental borrowing rate, consistent with the term of the lease arrangement. After initial recognition, the carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made. The carrying amount of the lease liability and the corresponding right-of-use asset are adjusted to reflect relevant changes that may occur during the lease period. This may include changes to the lease period, changes to the terms of the\u00a0lease, any change in the assessment of an option to purchase the underlying asset, any change in the amount that the lessee expects to pay to the lessor under the\u00a0residual value guarantee or any change in future lease payments resulting from a change in an index or a rate used to determine those payments.
ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09/IFRS\u00a013 Antin\u2019s financial assets mainly consist of non-consolidated equity financial investments measured at fair value. It relates to Antin's investments in the Antin Funds. Recognition and initial measurement IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Classification and subsequent measurement of\u00a0financial assets A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2022 fair value through profit or loss (FVPL) \u2022 fair value through other comprehensive income (FVOCI) \u2022 amortised cost (AC). Financial assets are measured at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value. Financial assets are measured at FVOCI if both the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. As per the classifications under IFRS\u00a09, Antin measures its financial assets at FVPL. Fair value measurement IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy Levels\u00a01 to 3 are based on the degree to which the fair value is observable: \u2022 level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and \u2022 level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial investments held by Antin consist of investments in the Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as Level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to\u00a0assess Antin\u2019s conclusions of fair value for each investment. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements is in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
ACCOUNTING PRINCIPLES TRADE RECEIVABLES Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
ACCOUNTING PRINCIPLES Accrued income, reported as contract assets, is related to management fees or to carried interest. Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund. Contract assets related to carried interest are composed of Antin's capital contributions in the Carry Vehicles, and to amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a037 Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the\u00a0risks and uncertainties surrounding the obligation.
RECOGNITION AND INITIAL MEASUREMENT Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue. CLASSIFICATION AND SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09 IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes. In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged. To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk. This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). The hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under Derivative financial assets or liabilities.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d, Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s Consolidated Balance Sheet. This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of the derivative financial instrument are recognised in Other Comprehensive Income and within the cash flow hedge reserve in Shareholders\u2019 Equity for its effective portion. Any ineffective portion is recognised in the Consolidated Income Statement within financial income or expense. Amounts recognised in Other Comprehensive Income are transferred to the Consolidated Income Statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a07 Cash relates to cash on hand and demand deposits. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of a change in value.
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a024 Antin\u2019s related parties are: \u2022 its main shareholders \u2022 its Board members and \u2022 its Executive Committee members. Transactions with related parties are concluded on an arms\u2011length basis.
Earnings per share are calculated based on the net income attributable to the owners of the Company, divided by the weighted average number of shares outstanding, before and after the effects of dilution.
The weighted average number of shares outstanding is calculated based on the number of shares issued adjusted for treasury share transactions during the period ended 31\u00a0December 2023. See detail presented in Note\u00a025.2 \u201cTreasury shares\u201d. The diluted weighted average number of shares assumes that 745,620\u00a0shares will vest in 2025 under the Free Share Plan initiated in 2021. Further information on the Free Share Plan is presented in Note\u00a06.3 \u201cShare-based payment plans\u201d.
",
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"f16715": {
"value": "2.4 Functional currency and reporting currency The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in thousands of euros and rounded to the nearest thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts. Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date the fair value was determined. Income statement items recorded in foreign currencies are translated into euros at the average exchange rate during the reporting period.
The foreign exchange rates applied in the preparation of the financial statements are based on data published by the Bank of France: Closing rate Average rate 2023 2022 2023 2022 EUR/GBP 0.8691 0.8869 0.8699 0.8526 EUR/USD 1.1050 1.0666 1.0816 1.0539 EUR/SGD 1.4591 1.4300 1.4523 1.4520
Exchange rate differences resulting from the translation of the financial statements into euros are recorded in other comprehensive income. 2.4 Functional currency and reporting currency The financial statements are presented in euros, which is the functional currency and the reporting currency of Antin. The functional currency is the currency in which Antin records and measures its transactions. It reflects the primary economic environment in which Antin operates. All amounts are presented in thousands of euros and rounded to the nearest thousand euros, unless otherwise indicated. Rounding applied in tables and calculations may result in a presentation in which the total amounts do not precisely match the exact sum of the rounded amounts. Monetary assets and liabilities in foreign currencies are translated into euros at the exchange rate recorded at the end of the reporting period. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into euros at the exchange rate on the date the fair value was determined. Income statement items recorded in foreign currencies are translated into euros at the average exchange rate during the reporting period.
",
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"f16776": {
"value": "2.5 Use of judgement and estimates The preparation of financial statements and the application of accounting policies requires the use of judgement and accounting estimates. Estimates and assumptions are based on historical experience and other relevant factors determined by management. Actual results may differ from these estimates. Assumptions are reviewed on a regular basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future reporting periods if the revision affects both current and future periods. Significant accounting estimates and areas of judgement include: Carried interest revenue recognition Carried interest is a share of fund profits that Antin receives through its investment holdings in the carry vehicles (the \u201cCarry Vehicles\u201d). It is a variable consideration fully dependent on the performance of the relevant funds. Carried interest participants are entitled to an agreed share of fund profits of typically 20%, provided that the accumulated profits exceed a pre-agreed return threshold (the \u201churdle\u201d) of typically 8% over the lifetime of each fund. Antin is typically allocated a share of 20% of the carried interest in each Carry Vehicle. Carried interest income is recognised when it is highly probable that the performance obligations will be met, and when a reversal of any accumulated revenue is highly unlikely. The reversal risk is mitigated by applying discounts of 20-50% to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts applied depend on the specific circumstances of each fund, taking into consideration the portfolio diversification at fund level, the expected remaining holding period of an asset and other areas of judgement. The discounts are evaluated at each reporting period. Further details on the recognition of carried interest income and the carrying values are available under Notes\u00a05 \u201cRevenue\u201d and 19 \u201cAccrued income\u201d. Investment income revenue recognition Investment income relates to changes in the fair value of Antin\u2019s fund investments held on balance sheet. Antin typically invests approximately 1-2% alongside its Fund Investors, which is in addition to the investments in the Carry Vehicles. The investment varies by fund and could be materially higher should Antin decide to seed a new investment strategy. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an\u00a0independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to assess Antin\u2019s conclusions of fair value for each investment. Further details on Antin\u2019s investments in the Antin Funds are available under Note\u00a014 \u201cFinancial assets\u201d.
",
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"f16847": {
"value": "Leases At the inception of a lease contract, Antin assesses the application of IFRS\u00a016 \u201cLeases\u201d where the Group has the right\u2011of-use of an asset under a lease contract for a period of more than 12\u00a0months. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a certain time period in exchange for consideration. The lease contracts identified by Antin represent leases of office premises where the Group is a tenant. Antin reviews the renewal and early termination options for each lease contract and determines the enforceable and non\u2011cancellable lease period. The reasonable end date is determined by taking into consideration all relevant facts and circumstances. For lease contracts related to office premises, Antin defines the reasonable end date of a lease based on the expected period of use, taking into account the renewal and early termination options stated in the contracts. Antin presents right-of-use assets and lease liabilities separately in the Consolidated Balance Sheet. Further information on Antin\u2019s lease assets and liabilities is presented in Note\u00a013 \u201cLeases\u201d.
NOTE 13 LEASES
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a016 Introduction IFRS\u00a016 \u201cLeases\u201d specifies the recognition, measurement, presentation and disclosure of leases. It requires a lessee to\u00a0recognise assets and liabilities for all leases unless the lease term is 12\u00a0months or less, or the underlying asset has a low value. In accordance with IFRS\u00a016, Antin recognises a right\u2011of\u2011use asset and a corresponding lease liability with respect to its applicable lease arrangements. Definition of the lease A contract is, or contains, a lease if it conveys to the lessor the right to control the use of an identified asset for a\u00a0specified period of time in exchange for consideration. Control is conveyed when Antin has both the right to direct the identified asset\u2019s use, and to obtain substantially all economic benefits from its use during the lease period. An\u00a0asset is typically identified by being explicitly specified in\u00a0a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the lessee. However, when a lessor has a substantive right of substitution during the period of use, a lessee does not have a right to use an identified asset. A lessor\u2019s right of\u00a0substitution is only considered substantive if the lessor has both the practical ability to substitute alternative assets throughout the period of use and would economically benefit from substitution. Antin assesses whether a contract is or contains a lease at inception of the contract. Antin recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12\u00a0months or less) and leases of low value assets. Payments related to leases are recognised on a straight-line basis over the duration of the lease agreement. Separation of lease and non-lease components Rental payments agreed in a contract are separate from the lease component and the non-lease component based on their individual prices, as directly indicated in the lease agreement or estimated on the basis of all observable information. If the lessee cannot separate the lease components from the non-lease components (or services), the entire contract is treated as a lease. Right-of-use assets Right-of-use assets are primarily office premises and are initially measured at cost, corresponding to the present value of the outstanding lease payments at the commencement date of the lease. Lease payments made at or before the commencement date, initial direct costs and an estimate of costs to be incurred by Antin in dismantling or restoring the underlying asset, are included in the value of the right\u2011of\u2011use asset, less any lease incentives. Right-of-use assets are depreciated using the straight-line method over the lease period, from the commencement date to the end of the lease term. Lease liabilities Lease liabilities correspond to the present value of future lease payments, excluding variable lease payments that do not depend on an index or a rate. For contracts that include a lease component and non\u2011lease components (such as services), only the lease component is considered in calculating the present value. The interest rate implicit in the lease is used as the discount rate if it can be readily determined. If the interest rate cannot\u00a0be\u00a0readily determined, the Group uses its incremental borrowing rate, consistent with the term of the lease arrangement. After initial recognition, the carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made. The carrying amount of the lease liability and the corresponding right-of-use asset are adjusted to reflect relevant changes that may occur during the lease period. This may include changes to the lease period, changes to the terms of the\u00a0lease, any change in the assessment of an option to purchase the underlying asset, any change in the amount that the lessee expects to pay to the lessor under the\u00a0residual value guarantee or any change in future lease payments resulting from a change in an index or a rate used to determine those payments.
13.1 Right-of-use assets Right-of-use assets mainly consist of lease assets related to office premises. As of 31\u00a0December 2023, Antin recognised right-of-use assets of \u20ac49.8\u00a0million, compared to \u20ac50.6\u00a0million recognised at 31\u00a0December 2022. New leases and lease modifications mainly relate to a \u20ac2.7 million impact for the definitive lease end date (February 2033) of the New York office premises and to the expansion of office premises in London, resulting in the recognition of a new right-of-use asset of \u20ac2.4\u00a0million for a period of seven years ending in May 2030. In addition, a new lease agreement was signed in September 2023 relating to the expansion of office premises in New York, starting at the earliest in September 2024, with therefore no financial impact in 2023. (in \u20ack) 31-Dec-2023 31-Dec-2022 OPENING BALANCE 50,617 31,016 Amortisation (6,667) (6,639) New leases/Lease modifications 6,455 27,232 Other changes, net (573) (992) CLOSING BALANCE 49,833 50,617 13.2 Lease liabilities (in \u20ack) 31-Dec-2023 31-Dec-2022 Total < 1\u00a0year 1-5\u00a0years > 5\u00a0years Total < 1\u00a0year 1-5\u00a0years > 5\u00a0years Non-current part Lease liabilities 50,094 - 37,158 12,936 51,881 - 31,402 20,479 Total lease liabilities \u2013 non-current part 50,094 - 37,158 12,936 51,881 - 31,402 20,479 Current part Lease liabilities 7,442 7,442 - - 5,960 5,960 - - Total lease liabilities \u2013 current part 7,442 7,442 - - 5,960 5,960 - - TOTAL LEASE LIABILITIES 57,536 7,442 37,158 12,936 57,841 5,960 31,402 20,479 13.3 Effects of leases on Consolidated Income Statement and\u00a0Consolidated\u00a0Statement of Cash Flows The amounts relating to these right-of-use assets and lease liabilities recognised in the Consolidated Income Statement and Consolidated Cash Flow Statement are as follows: (in \u20ack) 2023 2022 Amounts recognised in the Consolidated Income Statement Interest on lease liabilities (1,811) (1,748) Amortisation of right-of-use assets (6,667) (6,639) TOTAL AMOUNTS RECOGNISED IN THE INCOME STATEMENT (8,478) (8,387) Amounts recognised in the Cash Flow Statement TOTAL CASH OUTFLOW RELATED TO LEASES (7,589) (4,439)
",
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"f16849": {
"value": "Leases At the inception of a lease contract, Antin assesses the application of IFRS\u00a016 \u201cLeases\u201d where the Group has the right\u2011of-use of an asset under a lease contract for a period of more than 12\u00a0months. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a certain time period in exchange for consideration. The lease contracts identified by Antin represent leases of office premises where the Group is a tenant. Antin reviews the renewal and early termination options for each lease contract and determines the enforceable and non\u2011cancellable lease period. The reasonable end date is determined by taking into consideration all relevant facts and circumstances. For lease contracts related to office premises, Antin defines the reasonable end date of a lease based on the expected period of use, taking into account the renewal and early termination options stated in the contracts. Antin presents right-of-use assets and lease liabilities separately in the Consolidated Balance Sheet. Further information on Antin\u2019s lease assets and liabilities is presented in Note\u00a013 \u201cLeases\u201d.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a016 Introduction IFRS\u00a016 \u201cLeases\u201d specifies the recognition, measurement, presentation and disclosure of leases. It requires a lessee to\u00a0recognise assets and liabilities for all leases unless the lease term is 12\u00a0months or less, or the underlying asset has a low value. In accordance with IFRS\u00a016, Antin recognises a right\u2011of\u2011use asset and a corresponding lease liability with respect to its applicable lease arrangements. Definition of the lease A contract is, or contains, a lease if it conveys to the lessor the right to control the use of an identified asset for a\u00a0specified period of time in exchange for consideration. Control is conveyed when Antin has both the right to direct the identified asset\u2019s use, and to obtain substantially all economic benefits from its use during the lease period. An\u00a0asset is typically identified by being explicitly specified in\u00a0a contract, but an asset can also be identified by being implicitly specified at the time it is made available for use by the lessee. However, when a lessor has a substantive right of substitution during the period of use, a lessee does not have a right to use an identified asset. A lessor\u2019s right of\u00a0substitution is only considered substantive if the lessor has both the practical ability to substitute alternative assets throughout the period of use and would economically benefit from substitution. Antin assesses whether a contract is or contains a lease at inception of the contract. Antin recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12\u00a0months or less) and leases of low value assets. Payments related to leases are recognised on a straight-line basis over the duration of the lease agreement. Separation of lease and non-lease components Rental payments agreed in a contract are separate from the lease component and the non-lease component based on their individual prices, as directly indicated in the lease agreement or estimated on the basis of all observable information. If the lessee cannot separate the lease components from the non-lease components (or services), the entire contract is treated as a lease. Right-of-use assets Right-of-use assets are primarily office premises and are initially measured at cost, corresponding to the present value of the outstanding lease payments at the commencement date of the lease. Lease payments made at or before the commencement date, initial direct costs and an estimate of costs to be incurred by Antin in dismantling or restoring the underlying asset, are included in the value of the right\u2011of\u2011use asset, less any lease incentives. Right-of-use assets are depreciated using the straight-line method over the lease period, from the commencement date to the end of the lease term. Lease liabilities Lease liabilities correspond to the present value of future lease payments, excluding variable lease payments that do not depend on an index or a rate. For contracts that include a lease component and non\u2011lease components (such as services), only the lease component is considered in calculating the present value. The interest rate implicit in the lease is used as the discount rate if it can be readily determined. If the interest rate cannot\u00a0be\u00a0readily determined, the Group uses its incremental borrowing rate, consistent with the term of the lease arrangement. After initial recognition, the carrying amount of the lease liability is increased to reflect interest on the lease and reduced to reflect the lease payments made. The carrying amount of the lease liability and the corresponding right-of-use asset are adjusted to reflect relevant changes that may occur during the lease period. This may include changes to the lease period, changes to the terms of the\u00a0lease, any change in the assessment of an option to purchase the underlying asset, any change in the amount that the lessee expects to pay to the lessor under the\u00a0residual value guarantee or any change in future lease payments resulting from a change in an index or a rate used to determine those payments.
",
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"f16874": {
"value": "Depreciation and amortisation Assets are depreciated or amortised on a straight-line basis over the useful life of an asset. The useful life of an asset is an estimate of the period of time in which it is expected to generate an economic benefit. It is estimated based on historical data and judgement. The residual value of an asset and the assumptions that determine the useful life are reviewed at each reporting period and adjusted if required. Further information on depreciation and amortisation is presented in Note\u00a08 \u201cDepreciation and amortisation
\u201dNOTE 8 DEPRECIATION AND AMORTISATION \u25ba DEPRECIATION AND AMORTISATION Assets are depreciated or amortised over their estimated useful life using the straight-line method. The useful life for property and equipment and intangible assets is estimated as follows: \u2022 furniture: 4-5\u00a0years \u2022 computer equipment: 3-4\u00a0years \u2022 leasehold improvements: 4-9\u00a0years, subject to lease period \u2022 capitalised placement fees: over the life of the fund, typically 10\u00a0years starting from the first closing. Placement fees are fees incurred for the services related to obtaining commitments from investors. They are paid, subject to the terms agreed, when the fund holds closings. The fees are capitalised as a non-current asset representing the cost of obtaining a contract (refer to Note\u00a015 \u201cOther non-current assets\u201d). Such costs are expected to be recovered over the fund\u2019s life. Therefore, the useful life of the asset is the fund\u2019s life, which is expected to be 10\u00a0years starting from the first closing as per the fund\u2019s legal documentation. Capitalised placement fees are amortised on a straight-line basis. Depreciation and amortisation recognised in the Consolidated Income Statement are as follows: (in \u20ack) 2023 2022 Depreciation of property and equipment (9,972) (8,950) Amortisation of placement fees (6,082) (4,320) Amortisation of intangible assets - (1) Other (61) (120) TOTAL DEPRECIATION AND AMORTISATION (16,116) (13,392) In 2023, placement fees related to Flagship Fund V started to be amortised and an additional amount of \u20ac(1.4) million was recognised as accelerated amortisation mainly related to Flagship Fund IV placement fees.
",
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"f16876": {
"value": "Depreciation and amortisation Assets are depreciated or amortised on a straight-line basis over the useful life of an asset. The useful life of an asset is an estimate of the period of time in which it is expected to generate an economic benefit. It is estimated based on historical data and judgement. The residual value of an asset and the assumptions that determine the useful life are reviewed at each reporting period and adjusted if required. Further information on depreciation and amortisation is presented in Note\u00a08 \u201cDepreciation and amortisation
\u201d",
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"f16893": {
"value": "Pension plans Assumptions are made with respect to the mandatory Defined Benefit Plan in France. This includes assumptions for the discount rate, long-term increase in compensation, mortality, employee turnover, retirement age and other assumptions. The\u00a0obligations of providing benefits under defined benefit plans are determined by independent actuaries using actuarial valuation methods as per IAS\u00a019 \u201cEmployee Benefits\u201d. Further information with respect to the pension plans and associated estimates are presented in Note\u00a06.4 \u201cPension plans\u201d.
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a019 AND IFRS\u00a02 Personnel expenses include all expenses related to personnel. This includes salaries, bonuses, remunerations, social security expenses and pension benefits as prescribed under IAS\u00a019. It also includes share-based payments that fall under IFRS\u00a02. IAS\u00a019 presents the accounting for employee benefits, including all forms of consideration given by an entity in exchange for services rendered by an employee. IAS\u00a019 requires an entity to recognise a liability when an employee has provided services in exchange for employee benefits to be paid in\u00a0the future, and an expense when the entity consumes the\u00a0economic benefit arising from the service provided by an employee in exchange for employee benefits.
6.2 Composition of personnel expenses Management establishes and approves salaries and other compensation for the employees of Antin. Total remuneration may consist of a base salary, bonus, participation in pension schemes and other benefits. (in \u20ack) 2023 2022 Salaries, bonuses 58,501 51,078 Pension plan expenses 1,329 1,263 Social security expenses 13,876 11,554 Other personnel related expenses 487 578 Total personnel expenses excl. Free Share Plan 74,194 64,473 Free Share Plan 57,180 91,194 Increase/reversal of social charges related to Free Share Plan 3,655 6,256 TOTAL PERSONNEL EXPENSES 135,028 161,923 The increase in salaries, bonuses and social security expenses is mainly driven by higher headcount to support growth, inflation-linked wage increases and promotions. In 2023, Antin recognised \u20ac60.8\u00a0million in personnel expenses related to the non-recurring Free Share Plan implemented in September 2021 in the context of the IPO (see detail in Note\u00a06.3 \u201cShare-based payment plans\u201d).
6.4 Pension plans
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a019 Post-employment benefits Post-employment benefits can be broken down into two categories: defined contribution pension plans or defined benefit pension plans. Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan. Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss. Defined contribution plans Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to defined contribution plans of Antin are therefore expensed as the related service is provided.
Defined benefits plan in France In France, the defined benefit pension plan is a mandatory end-of-service benefit plan. Employees must have completed 10\u00a0years of service to be eligible. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. The valuation of this defined benefit plan is carried out using actuarial techniques based on assumptions such as the discount rate, the long-term salary increase rate and on statistical information related to demographic assumptions such as mortality, employee turnover, disability and retirement age.
31-Dec-2023 Discount rate 3.20% Long-term salary increase 5.00% Mortality table TGH-TGF 2005 Changes in the present value of defined benefit obligations in France were as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Opening defined benefit obligation 501 580 Current service cost 78 102 Interest cost 19 7 Change in accounting method - - Remeasurement (gains)/losses 275 (188) CLOSING DEFINED BENEFIT OBLIGATION 873 501 Defined contribution plans in the UK and US In the United Kingdom, AIP UK contributed to or accrued for the voluntary defined contribution retirement benefit private scheme. The related contribution corresponds to 12% of base salary, within the limit of the UK Notional Earning Cap (\u00a3186,883 in 2023/2024). In the US, AIP US contributed to or accrued for the voluntary defined contribution retirement benefit private scheme set up in the country. The contribution corresponds to 5% of total earnings within the legal IRS limit of $330,000 for 2023. Total pension plan expenses recorded in the Income Statement were \u20ac1.3\u00a0million in 2023, compared to \u20ac1.3\u00a0million in 2022.
",
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"f16895": {
"value": "Pension plans Assumptions are made with respect to the mandatory Defined Benefit Plan in France. This includes assumptions for the discount rate, long-term increase in compensation, mortality, employee turnover, retirement age and other assumptions. The\u00a0obligations of providing benefits under defined benefit plans are determined by independent actuaries using actuarial valuation methods as per IAS\u00a019 \u201cEmployee Benefits\u201d. Further information with respect to the pension plans and associated estimates are presented in Note\u00a06.4 \u201cPension plans\u201d.
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a019 AND IFRS\u00a02 Personnel expenses include all expenses related to personnel. This includes salaries, bonuses, remunerations, social security expenses and pension benefits as prescribed under IAS\u00a019. It also includes share-based payments that fall under IFRS\u00a02. IAS\u00a019 presents the accounting for employee benefits, including all forms of consideration given by an entity in exchange for services rendered by an employee. IAS\u00a019 requires an entity to recognise a liability when an employee has provided services in exchange for employee benefits to be paid in\u00a0the future, and an expense when the entity consumes the\u00a0economic benefit arising from the service provided by an employee in exchange for employee benefits.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a019 Post-employment benefits Post-employment benefits can be broken down into two categories: defined contribution pension plans or defined benefit pension plans. Defined benefit plans A defined benefit plan is a pension plan that is not a defined contribution plan. Typically, defined benefit plans specify an amount of pension benefit that an employee will receive upon retirement, usually dependent on one or more factors such as age, years of service and compensation. The benefits paid to employees in France qualify as a defined benefit plan. Antin\u2019s obligation in respect of defined benefit plans is calculated by estimating the amount of future benefits that employees have earned in the current and prior periods and by discounting that amount. Antin does not have any plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. Remeasurements of the defined benefit obligation, which comprise actuarial gains and losses, are recognised immediately in the Consolidated Statement of Comprehensive Income. Antin determines the net interest expense/income on the defined benefit obligation for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then defined benefit obligation, taking into account any changes in the defined benefit obligation during the period as a result of contributions and benefit payments. Net interest expense/income and other expenses related to defined benefit plans are recognised in profit or loss. Defined contribution plans Defined contribution plans limit Antin\u2019s liability to the subscriptions paid into the plan but do not commit Antin to a specific benefit level. Such plans result in employees bearing the actuarial risk and the investment risk. Obligations for contributions to defined contribution plans of Antin are therefore expensed as the related service is provided.
Defined benefits plan in France In France, the defined benefit pension plan is a mandatory end-of-service benefit plan. Employees must have completed 10\u00a0years of service to be eligible. The amount of the lump sum corresponds to a number of months of salary based on years of service at the time of retirement. This plan is not pre-funded. The valuation of this defined benefit plan is carried out using actuarial techniques based on assumptions such as the discount rate, the long-term salary increase rate and on statistical information related to demographic assumptions such as mortality, employee turnover, disability and retirement age.
",
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"f16920": {
"value": "2.6 New standards, amendments to existing standards and interpretations effective from 1\u00a0January 2023 in the European Union The following amendments to IFRS are effective from 1\u00a0January 2023. They have no material impact on the financial statements: \u2022 amendments to IFRS\u00a017 \u201cInsurance contracts: Initial Application of IFRS\u00a017 and IFRS\u00a09 \u2013 Comparative Information\u201d \u2022 amendments to IAS\u00a012 \u201cIncome Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u201d \u2022 amendments to IAS\u00a01 \u201cPresentation of Financial Statements and IFRS Practice Statement\u00a02: Disclosure of Accounting policies\u201d \u2022 amendments to IAS\u00a08 \u201cAccounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates\u201d \u2022 IFRS\u00a017 \u201cInsurance Contracts\u201d; including Amendments to IFRS\u00a017 \u2022 amendments to IAS\u00a012 \u201cIncome taxes: International Tax Reform \u2013 Pillar Two Model Rules\u201d. 2.7 New standards, amendments to existing standards and interpretations that\u00a0are not yet effective As of the date of approval of Antin\u2019s Consolidated Financial Statements, the following new standards or amendments to existing standards had been published, and were not adopted by Antin as of 1\u00a0January 2023: \u2022 amendments to IAS\u00a07 \u201cStatement of Cash Flows\u201d and IFRS\u00a07 \u201cFinancial Instruments: Disclosures: Supplier Finance Arrangements\u201d \u2022 amendments to IAS\u00a01 \u201cPresentation of Financial Statements\u201d: \u2022 classification of Liabilities as Current or Non-current Date \u2022 classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date and \u2022 non-current Liabilities with Covenants \u2022 amendments to IFRS\u00a016 \u201cLeases: Lease Liability in a Sale and Leaseback\u201d \u2022 amendments to IAS\u00a021 \u201cThe Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d. Management does not currently anticipate any material impact on the financial statements to result from these new standards and amendments.
",
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"value": "2.8 Going concern The Consolidated Financial Statements have been prepared on a going concern basis. The management of Antin has, at the date of approval of the financial statements, a reasonable expectation that the Group has adequate resources to continue its operations in the foreseeable future.
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"value": "NOTE 3 BASIS OF CONSOLIDATION 3.1 Method of consolidation Subsidiaries that are directly or indirectly controlled by Antin are fully consolidated. Following IFRS\u00a010 \u201cConsolidated Financial Statements\u201d principles, Antin controls a subsidiary when it has: \u2022 power over the entity, i.e. rights that give it the ability to direct the relevant activities of the subsidiary \u2022 exposure, or rights, to variable returns from its involvement with the subsidiary and \u2022 ability to use its power over the subsidiary to affect its returns. Consolidation of a subsidiary begins when Antin obtains control over an entity and ceases when Antin loses control over an entity. All intragroup assets and liabilities, income, expense, and cash flows relating to transactions between members of the Group are eliminated.
3.2 Scope of consolidation Parent company Company Legal Form Address Antin Infrastructure Partners S.A. S.A. 374, rue Saint-Honor\u00e9, 75001 Paris, France Fully consolidated subsidiaries Company Legal Form Address 31-Dec-2023 31-Dec-2022 Antin Infrastructure Partners SAS S.A.S. 374, rue Saint-Honor\u00e9, 75001 Paris, France
100% 100% Antin Infrastructure Partners UK Limited Ltd 14\u00a0St. George Street W1S 1FE London, UK 100% 100% Antin Infrastructure Partners US Services\u00a0LLC LLC 1114\u00a0Avenue of the Americas, 20 th \u00a0Floor, New York NY 10036, USA 100% 100% Antin Infrastructure Partners Asia Private Limited Ltd 12\u00a0Marina Boulevard #22-03 Marina Bat Financial Centre Tower\u00a03 Singapore 018982 100% 100% Antin Infrastructure Partners\u00a0II Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0III Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0IV Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0IV Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Midcap I Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Midcap I Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0V Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0V Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Co\u2011Investment Feeder Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Holdco Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% - Antin Infrastructure Partners Holdco FP\u00a0SCSp SCSp 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% - The entities in Luxembourg are predominantly General Partners (Associ\u00e9 G\u00e9rant Commandit\u00e9) of the Antin Funds. 3.3 Changes in scope of consolidation The following legal entities have been newly formed and are included in the scope of consolidation in 2023: \u2022 Antin Infrastructure Partners Holdco Luxembourg FP GP \u2022 Antin Infrastructure Partners Holdco FP SCSp. 3.4 Antin Funds The Antin Funds are managed by a Fund Manager (AIP SAS or AIP UK). The Fund Manager is a direct subsidiary of Antin Infrastructure Partners S.A. The authority and powers of the Fund Manager are defined in the limited partnership agreement of each fund. The determination of whether or not a Fund Manager should consolidate its managed funds is based on judgements of whether the Fund Manager is acting in the capacity of a principal or in the capacity of an agent to the fund. Antin has the power to influence the variable returns (performance) generated by the fund, but the Group\u2019s interests represent only a small proportion of the total capital within each fund (i.e. between 1% and 2% of commitments in general). Antin is acting in the capacity of an agent on behalf and for the benefit of the Fund Investors, rather than acting for its own benefit. As such, Antin does not consolidate the Antin Funds in its financial statements. 3.5 Carried interest vehicles Carried interest is a form of revenue that may be received by Antin via its direct or indirect holdings in the Carry Vehicles of the Antin Funds. Carried interest investments are structured through the Carry Vehicles grouping together the investors in the Carry Vehicles (the \u201cCarried Interest Investors\u201d). The carried interest schemes do not rely on an agreement with Antin, but on an investment in the Carry Vehicles related to the Antin\u00a0Funds. The Carried Interest Investors invest by committing capital to the Antin Funds indirectly through the Carry Vehicles (the \u201cCarried Interest Commitment\u201d). The decision to allocate a \u201ccommitment\u201d to a carried interest investor is made by the Adjudication Committee, which is created by the limited partnership agreement relating to Funds. The Adjudication Committee has full discretion to increase or decrease commitments. The total Carried Interest Commitments made by Carried Interest Participants through the Carry Vehicles in relation to carried interest entitlement generally represent 1% of the total commitments of an Antin Fund. Out of the total Carried Interest Commitment, 80% (0.8% of the total commitment) is funded by the partners and employees of Antin and the remaining 20% (0.2% of total commitment) by Antin. Antin does not consolidate the Carry Vehicles as per IFRS\u00a010 as it acts in the capacity of an agent, and not in the capacity of a\u00a0principal in relation to the Carry Vehicles. 3.6 Fund Administration (AISL entities) Antin Infrastructure Services Luxembourg\u00a0II Sarl (AISL\u00a0II) and Antin Infrastructure Services Luxembourg\u00a0III Sarl (AISL\u00a0III) are Luxembourg-based entities fully owned by the Antin Funds. AISL entities are commissioned by Antin to provide fund administration and accounting services for the Antin Funds. As such, AISL entities charge to Antin a professional services fee for fund administration and accounting, which Antin recharges at cost to the Antin Funds. Antin does not generate any profits related to these services. Antin does not consolidate AISL entities as per IFRS\u00a010 as it acts in the capacity of an agent on behalf of the Fund Investors, and not in the capacity of a principal. Antin also has no exposure, or rights, to variable returns from its involvement with the AISL entities.
",
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"value": "Fully consolidated subsidiaries Company Legal Form Address 31-Dec-2023 31-Dec-2022 Antin Infrastructure Partners SAS S.A.S. 374, rue Saint-Honor\u00e9, 75001 Paris, France
100% 100% Antin Infrastructure Partners UK Limited Ltd 14\u00a0St. George Street W1S 1FE London, UK 100% 100% Antin Infrastructure Partners US Services\u00a0LLC LLC 1114\u00a0Avenue of the Americas, 20 th \u00a0Floor, New York NY 10036, USA 100% 100% Antin Infrastructure Partners Asia Private Limited Ltd 12\u00a0Marina Boulevard #22-03 Marina Bat Financial Centre Tower\u00a03 Singapore 018982 100% 100% Antin Infrastructure Partners\u00a0II Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0III Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0IV Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0IV Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Midcap I Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Midcap I Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0V Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0V Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Co\u2011Investment Feeder Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Holdco Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% - Antin Infrastructure Partners Holdco FP\u00a0SCSp SCSp 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% - The entities in Luxembourg are predominantly General Partners (Associ\u00e9 G\u00e9rant Commandit\u00e9) of the Antin Funds. Fully consolidated subsidiaries Company Legal Form Address 31-Dec-2023 31-Dec-2022 Antin Infrastructure Partners SAS S.A.S. 374, rue Saint-Honor\u00e9, 75001 Paris, France
100% 100% Antin Infrastructure Partners UK Limited Ltd 14\u00a0St. George Street W1S 1FE London, UK 100% 100% Antin Infrastructure Partners US Services\u00a0LLC LLC 1114\u00a0Avenue of the Americas, 20 th \u00a0Floor, New York NY 10036, USA 100% 100% Antin Infrastructure Partners Asia Private Limited Ltd 12\u00a0Marina Boulevard #22-03 Marina Bat Financial Centre Tower\u00a03 Singapore 018982 100% 100% Antin Infrastructure Partners\u00a0II Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0III Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0IV Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0IV Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Midcap I Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Midcap I Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Nextgen Infra Fund\u00a0I Luxembourg\u00a0FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0V Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners\u00a0V Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Co\u2011Investment Feeder Luxembourg GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% 100% Antin Infrastructure Partners Holdco Luxembourg FP GP S.\u00e0.r.l. 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% - Antin Infrastructure Partners Holdco FP\u00a0SCSp SCSp 17\u00a0Boulevard F.W. Raiffeisen, L\u20112411 Luxembourg 100% - The entities in Luxembourg are predominantly General Partners (Associ\u00e9 G\u00e9rant Commandit\u00e9) of the Antin Funds. ",
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"value": "374, rue Saint-Honor\u00e9, 75001 Paris, France
",
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"f17250": {
"value": "NOTE 4 OPERATING SEGMENTS Antin manages and advises funds that invest in infrastructure companies in Europe and North America across its Flagship, Mid\u00a0Cap and NextGen investment strategies. The performance of Antin is monitored at a Group level and not at the level of each fund, investment strategy or geography. Antin has not identified any operating segments according to the definition of IFRS\u00a08. Therefore no segment reporting is presented.
",
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"f17252": {
"value": "NOTE 4 OPERATING SEGMENTS Antin manages and advises funds that invest in infrastructure companies in Europe and North America across its Flagship, Mid\u00a0Cap and NextGen investment strategies. The performance of Antin is monitored at a Group level and not at the level of each fund, investment strategy or geography. Antin has not identified any operating segments according to the definition of IFRS\u00a08. Therefore no segment reporting is presented.
",
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"f17276": {
"value": "NOTE 5 REVENUE
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a015/IFRS\u00a09 Revenue model Antin operates an integrated fee-based revenue model that comprises management fees, carried interest income and investment income. Management fees are derived from the services provided by Antin to the Antin Funds and are long-term contracted and therefore largely recurring in nature. Variable income is derived from Antin\u2019s investments in the carried interest vehicles and from investment income. Carried interest income is a share of the profit from the fund\u2019s investments, provided that a specified hurdle return is achieved first. Investment income or losses are recognised based on the changes in the fair value of Antin\u2019s investments in the Antin Funds. Revenue recognition Revenue from Contracts with Customers IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows: \u2022 identification of the contract \u2022 identification of the performance obligations \u2022 determination of the transaction price \u2022 allocation of the transaction price to the performance obligations \u2022 recognition of revenue in accordance with the performance. Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and/or rebates and value-added taxes. Contract assets Contract assets related to carried interest income and management fees are presented separately within Accrued income (refer to Note\u00a019 \u201cAccrued income\u201d). Management fees Antin earns management fees for services provided to the Antin Funds. The management fees are based on the terms and conditions of the legal agreements of each fund. The\u00a0management of funds includes a series of distinct services that are provided on an ongoing basis. The different activities are considered to be interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund Investors. Management fees are recognised over the life of each fund. Antin Funds typically have a 10-year initial term with two optional extensions of one year each. Portfolio company investments are held typically for a period of five\u00a0to seven years. As such, management fees are largely recurring and offer a high degree of predictability. Management fees are charged based on the committed capital during the investment period and based on the invested capital at cost thereafter. Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated on a quarterly basis. Carried interest income In line with standard investment fund practice, the carried interest mechanism in the Antin Funds aligns interests between Carried Interest Investors and Fund Investors through a profit-sharing mechanism. As such, carried interest is variable and fully dependent on the performance of the relevant funds. The contractual arrangements of each Antin Fund sets forth the split of a fund\u2019s net profits, with Fund Investors typically entitled to receive 80% of net profits and Carried Interest Investors typically entitled to receive 20%, subject to the\u00a0Antin Fund having reached a pre-agreed hurdle return attributable to the Fund Investors. For the Antin Funds, the\u00a0hurdle return threshold is typically equivalent to a\u00a0compounded annual return of 8%. The Carried Interest Investors are entitled to receive carried interest in consideration for their investment in the Carry Vehicles of the Antin Funds. Starting in 2020, Antin has a policy of taking a 20% participation in the\u00a0relevant Carry Vehicles, which it aims to continue for its future funds. Revenue recognition for carried interest income is assessed based on a three-step model: 1. Hurdle assessment: the total return hurdle is determined by the sum of total accumulated drawdowns paid by the Limited Partners and total accrued minimum return attributable to the LPs (the \u201churdle return\u201d) as of the reporting date. 2. Total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest income should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund's other assets/liabilities and any total proceeds from realised investments as of the reporting date are then added to the equation, and thus constitute the total discounted value of the fund. 3. Carried interest revenue recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenue is recognised.
The reversal risk is mitigated by applying discounts of 20-50% to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts are assessed on a portfolio company basis at each reporting period, taking into consideration the portfolio diversification at fund level, the remaining holding period of a specific portfolio company, as well as other factors that may have an impact on the risk profile of an investment. As such, carried interest income is typically recognised when a part of a fund\u2019s portfolio is realised, and when the unrealised portfolio companies are in a mature stage of their value creation phase. Investment income Investment income consists of changes in the fair value of investments in the Antin Funds held on balance sheet. This may include both realised and unrealised gains or losses. Changes in fair value are recognised, in accordance with IFRS\u00a09 \u201cFinancial Instruments\u201d, in the Consolidated Income Statement. Investment income may be negative at the beginning of the investment period of an Antin Fund. This results from the payment of due diligence costs related to the assessment of investment opportunities and management fees, and limited value creation from recently acquired portfolio companies by the Antin Funds. A fund therefore typically posts negative investment income at the beginning of the investment period, followed by positive and increasing investment income when investments succeed in realising their valuation creation plans. This is called the \u201cJ-curve effect\u201d. Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial assets\u201d. Administration fees Administration fees relate to fees charged by Antin to the Antin Funds for the provision of fund accounting and fund administration services. Antin is charged a corresponding professional services fee by Antin Infrastructure Services Luxembourg entities (AISL\u00a0II and AISL\u00a0III), entities fully held by the Antin Funds, to which such administration services have been delegated. No margin is applied by Antin when recharging these costs to the funds.
5.1 Management fees Antin\u2019s management fee composition is presented on a fund level below: (in \u20ack) 2023 2022 Flagship Fund\u00a0II 2,763 4,284 Flagship Fund\u00a0III 27,542 31,128 Flagship Fund\u00a0IV 53,688 76,232 Flagship Fund\u00a0V 134,286 42,907 Fund\u00a0III-B 5,818 7,041 Mid\u00a0Cap Fund\u00a0I 32,289 32,289 NextGen Fund\u00a0I 21,975 15,321 MANAGEMENT FEES 278,361 209,202 Antin generated management fees from seven funds in 2023. Flagship Fund\u00a0V started earning management fees on 2\u00a0August 2022 with the beginning of the investment period. 5.2 Carried interest and investment income (in \u20ack) 2023 2022 Carried interest income (147) 674 Investment income (1,012) 1,450 CARRIED INTEREST AND INVESTMENT INCOME (1,159) 2,124 Antin recorded carried interest income of \u20ac(0.1)\u00a0million in 2023, compared to \u20ac0.7\u00a0million in 2022. The carried interest income relates to investments in Carry Vehicles for Flagship Fund\u00a0II acquired from employees who had left the firm. Additional information with respect to contract assets related to carried interest is presented in Note\u00a019 \u201cAccrued Income\u201d. In addition to its commitment to the Antin Funds through the\u00a0Carry Vehicles, Antin has made direct investments in\u00a0the\u00a0Antin\u00a0Funds and recognises investment income or losses related to the\u00a0change in fair value of those investments. In 2023, Antin recorded \u20ac(1.0)\u00a0million in investment income primarily related to the J-curve effect on Flagship Fund\u00a0V, compared to \u20ac1.5\u00a0million recognised in 2022. Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial Assets\u201d.
5.3 Administrative fees and other revenue net (in \u20ack) 2023 2022 Administrative fees 5,666 2,828 Recharges to Antin Funds 18,495 25,045 Payments on behalf of the Funds (18,495) (25,045) ADMINISTRATIVE FEES AND OTHER REVENUE NET 5,666 2,828 Antin generated administrative fees of \u20ac5.7\u00a0million in 2023, compared to \u20ac2.8\u00a0million in 2022. These represent recharges to the Antin Funds for fund accounting and fund administration services, corresponding to professional services expenses charged by AISL entities to Antin. No margin is applied on those charges and there is no profit or loss for Antin. AISL entities are fully held by the Antin Funds, to which such services have been delegated. The expenses related to AISL entities are presented in Note\u00a07 \u201cOther operating expenses\u201d. AIP France and AIP UK, as managers of Antin Funds, may incur expenses such as transaction costs and set-up costs on behalf of the Funds managed. These expenses are subsequently recharged to the Antin Funds without any margin applied. In\u00a0such instances, Antin acts as an agent on behalf of the funds. Such expenses occur periodically in relation to fundraising events.
ACCOUNTING PRINCIPLES Accrued income, reported as contract assets, is related to management fees or to carried interest. Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund. Contract assets related to carried interest are composed of Antin's capital contributions in the Carry Vehicles, and to amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
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"value": "\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a015/IFRS\u00a09 Revenue model Antin operates an integrated fee-based revenue model that comprises management fees, carried interest income and investment income. Management fees are derived from the services provided by Antin to the Antin Funds and are long-term contracted and therefore largely recurring in nature. Variable income is derived from Antin\u2019s investments in the carried interest vehicles and from investment income. Carried interest income is a share of the profit from the fund\u2019s investments, provided that a specified hurdle return is achieved first. Investment income or losses are recognised based on the changes in the fair value of Antin\u2019s investments in the Antin Funds. Revenue recognition Revenue from Contracts with Customers IFRS\u00a015 \u201cRevenue from Contracts with Customers\u201d applies to the management fees and carried interest income and is based on a five-step approach that requires revenue to be recognised when services have been rendered and when the benefits have been transferred to the customer. The five steps for revenue recognition in contracts are as follows: \u2022 identification of the contract \u2022 identification of the performance obligations \u2022 determination of the transaction price \u2022 allocation of the transaction price to the performance obligations \u2022 recognition of revenue in accordance with the performance. Revenue is measured based on the consideration specified in the contractual agreements and excludes amounts collected on behalf of third parties, discounts and/or rebates and value-added taxes. Contract assets Contract assets related to carried interest income and management fees are presented separately within Accrued income (refer to Note\u00a019 \u201cAccrued income\u201d). Management fees Antin earns management fees for services provided to the Antin Funds. The management fees are based on the terms and conditions of the legal agreements of each fund. The\u00a0management of funds includes a series of distinct services that are provided on an ongoing basis. The different activities are considered to be interrelated and form part of the same obligation to perform fund management services for the benefit of the Fund Investors. Management fees are recognised over the life of each fund. Antin Funds typically have a 10-year initial term with two optional extensions of one year each. Portfolio company investments are held typically for a period of five\u00a0to seven years. As such, management fees are largely recurring and offer a high degree of predictability. Management fees are charged based on the committed capital during the investment period and based on the invested capital at cost thereafter. Management fees are payable quarterly or semi-annually in advance. The calculation basis is updated on a quarterly basis. Carried interest income In line with standard investment fund practice, the carried interest mechanism in the Antin Funds aligns interests between Carried Interest Investors and Fund Investors through a profit-sharing mechanism. As such, carried interest is variable and fully dependent on the performance of the relevant funds. The contractual arrangements of each Antin Fund sets forth the split of a fund\u2019s net profits, with Fund Investors typically entitled to receive 80% of net profits and Carried Interest Investors typically entitled to receive 20%, subject to the\u00a0Antin Fund having reached a pre-agreed hurdle return attributable to the Fund Investors. For the Antin Funds, the\u00a0hurdle return threshold is typically equivalent to a\u00a0compounded annual return of 8%. The Carried Interest Investors are entitled to receive carried interest in consideration for their investment in the Carry Vehicles of the Antin Funds. Starting in 2020, Antin has a policy of taking a 20% participation in the\u00a0relevant Carry Vehicles, which it aims to continue for its future funds. Revenue recognition for carried interest income is assessed based on a three-step model: 1. Hurdle assessment: the total return hurdle is determined by the sum of total accumulated drawdowns paid by the Limited Partners and total accrued minimum return attributable to the LPs (the \u201churdle return\u201d) as of the reporting date. 2. Total discounted value assessment: the fair value of unrealised investments is determined as of the reporting date. The unrealised fair value will be adjusted, in accordance with established precautionary principles, to the extent that carried interest income should only be recognised once it is highly probable that the revenue would not result in a significant reversal of cumulative revenue recognised at final realisation of the fund. The fund's other assets/liabilities and any total proceeds from realised investments as of the reporting date are then added to the equation, and thus constitute the total discounted value of the fund. 3. Carried interest revenue recognition assessment: if the total discounted value exceeds the total investment return hurdle, carried interest revenue is recognised.
The reversal risk is mitigated by applying discounts of 20-50% to the unrealised net asset values of portfolio companies when determining the recognition of carried interest income. The discounts are assessed on a portfolio company basis at each reporting period, taking into consideration the portfolio diversification at fund level, the remaining holding period of a specific portfolio company, as well as other factors that may have an impact on the risk profile of an investment. As such, carried interest income is typically recognised when a part of a fund\u2019s portfolio is realised, and when the unrealised portfolio companies are in a mature stage of their value creation phase. Investment income Investment income consists of changes in the fair value of investments in the Antin Funds held on balance sheet. This may include both realised and unrealised gains or losses. Changes in fair value are recognised, in accordance with IFRS\u00a09 \u201cFinancial Instruments\u201d, in the Consolidated Income Statement. Investment income may be negative at the beginning of the investment period of an Antin Fund. This results from the payment of due diligence costs related to the assessment of investment opportunities and management fees, and limited value creation from recently acquired portfolio companies by the Antin Funds. A fund therefore typically posts negative investment income at the beginning of the investment period, followed by positive and increasing investment income when investments succeed in realising their valuation creation plans. This is called the \u201cJ-curve effect\u201d. Further information with respect to the change in fair value of financial investments is presented in Note\u00a014 \u201cFinancial assets\u201d. Administration fees Administration fees relate to fees charged by Antin to the Antin Funds for the provision of fund accounting and fund administration services. Antin is charged a corresponding professional services fee by Antin Infrastructure Services Luxembourg entities (AISL\u00a0II and AISL\u00a0III), entities fully held by the Antin Funds, to which such administration services have been delegated. No margin is applied by Antin when recharging these costs to the funds.
ACCOUNTING PRINCIPLES Accrued income, reported as contract assets, is related to management fees or to carried interest. Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund. Contract assets related to carried interest are composed of Antin's capital contributions in the Carry Vehicles, and to amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
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"f17569": {
"value": "NOTE 6 PERSONNEL EXPENSES
6.1 Number of employees (in # of employees) 31-Dec-2023 31-Dec-2022 France 74 65 United Kingdom 63 63 United States of America 52 43 Singapore 2 3 Korea 2 - Total employees (excluding Luxembourg) 193 174 Luxembourg 34 26 TOTAL EMPLOYEES 227 200
31-Dec-2023 31-Dec-2022 Investments 101 94 Investor relations 24 23 Operations 68 57 Total employees (excluding Fund administration) 193 174 Fund administration 34 26 TOTAL EMPLOYEES 227 200 Excluding employees that are part of the Fund Administration and Accounting team in Luxembourg (related to AISL entities), Antin had a total of 193\u00a0employees as of 31\u00a0December 2023, compared to 174\u00a0employees as of 31\u00a0December 2022. The increase in the number of employees reflects the Antin's hiring activity to support the continued growth of its business. Employees based in Luxembourg inter\u00a0alia provide fund accounting and fund administration services to the Antin\u00a0Funds. The number of employees in Luxembourg as of 31\u00a0December 2023 was 34, compared to 26\u00a0employees as of 31\u00a0December 2022. These employees are not included in Antin\u2019s personnel expenses as they are employed by AISL entities which are fully held by the Antin Funds.
",
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"f17592": {
"value": "IFRS\u00a02 refers to share-based payment transactions where the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity\u2019s shares or other equity instruments by the entity.
6.3 Share-based payment plans
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a02 Share-based payment plans consist of the Free Share Plan (the \u201cFSP\u201d), which is an equity-settled share-based payment established in the context of the IPO of Antin. For equity-settled share-based payments, the fair value of\u00a0the shares, as measured at the grant date, is recognised on a linear basis over the vesting period and recorded as a\u00a0personnel expense in the Consolidated Income Statement. At each reporting period, any changes to the shares granted, and the corresponding personnel expense are revised taking into consideration the service condition of the FSP and changes to the plan. Social charges levied on the FSP are based on the value of the shares at the time of vesting. Social charges recognised as personnel expenses in the Consolidated Income Statement are determined based on the value of the shares at the\u00a0end of each reporting period.
Free Share Plan The FSP was implemented at the time of the IPO of Antin to grant shares to partners that held either no equity or only a\u00a0small amount of equity in the Company. The FSP had an initial grant value of \u20ac182.4\u00a0million. A total of 7,033,396\u00a0shares were granted at a price of \u20ac24 per share and 414,233\u00a0shares were granted at a price of \u20ac32.8 per share. In addition to the plan\u2019s value, Antin recognises estimated social charges levied on the FSP based on the share price at the end of the reporting period. The social charges are expected to be 20% in France, 13.80% in the United Kingdom and 1.45% in the United States. As of 31\u00a0December 2023, out of the initial granted shares: \u2022 4,630,844\u00a0shares met the vesting conditions of which: \u2022 4,216,611\u00a0shares (\u20ac101.2\u00a0million grant value) vested and issued on 28\u00a0September 2023 \u2022 414,233\u00a0shares (\u20ac13.6\u00a0million grant value) vested and issued on 12\u00a0November 2023 \u2022 745,620\u00a0shares (\u20ac17.9\u00a0million grant value) were subject to deferral of vesting from 27\u00a0September 2023 to 15\u00a0May 2025. In accordance with IFRS\u00a02, accounting treatment is unchanged and the corresponding expense is fully recognised in 2023 as\u00a0per the original plan. Social charges are still accrued and will be updated at the end of each reporting period until the vesting date \u2022 2,071,165\u00a0shares did not vest of which: \u2022 1,656,932\u00a0shares (\u20ac39.8\u00a0million grant value) were forfeited and accounted for as accelerated vesting during the first half of 2023 in accordance with IFRS\u00a02 \u2022 414,233\u00a0shares (\u20ac9.9\u00a0million grant value) did not meet the\u00a0vesting condition and the cumulated personnel expense was fully reversed in accordance with IFRS\u00a02. The updated schedule of vesting is as follows: Vesting date Grant date Number of\u00a0shares Value per\u00a0share\u00a0(\u20ac) 28-Sept-2023 23-Sept-2021 4,216,611 24.00 12-Nov-2023 11-Nov-2021 414,233 32.80 TOTAL SHARES VESTED 4,630,844 15-May-2025 23-Sept-2021 745,620 24.00 TOTAL SHARES GRANTED 5,376,464 In 2023, Antin recognised \u20ac60.8\u00a0million in personnel expenses related to the FSP, of which \u20ac57.2\u00a0million relating to the accrual of compensation expenses and \u20ac3.6\u00a0million to social charges. In social charges were recognised a \u20ac(3.3) million gain for the reversal (following the payment) of the social charges previously accrued, offsetted by a \u20ac7.0 million reclassification from the Consolidated Statement of Comprehensive Income to the Consolidated Income Statement of the effective part of the cash flow hedge implemented by Antin on the FSP social charges (see Note\u00a023\u00a0\"Derivative financial instruments\"). Hedge that has been largely terminated following the vesting of the shares. As of 31 December 2023, Antin recognised the entire cost of the FSP.
",
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"value": "IFRS\u00a02 refers to share-based payment transactions where the entity receives goods or services either as consideration for its equity instruments or by incurring liabilities for amounts based on the price of the entity\u2019s shares or other equity instruments by the entity.
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a02 Share-based payment plans consist of the Free Share Plan (the \u201cFSP\u201d), which is an equity-settled share-based payment established in the context of the IPO of Antin. For equity-settled share-based payments, the fair value of\u00a0the shares, as measured at the grant date, is recognised on a linear basis over the vesting period and recorded as a\u00a0personnel expense in the Consolidated Income Statement. At each reporting period, any changes to the shares granted, and the corresponding personnel expense are revised taking into consideration the service condition of the FSP and changes to the plan. Social charges levied on the FSP are based on the value of the shares at the time of vesting. Social charges recognised as personnel expenses in the Consolidated Income Statement are determined based on the value of the shares at the\u00a0end of each reporting period.
",
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"f17948": {
"value": "NOTE 7 OTHER OPERATING EXPENSES \u25ba ACCOUNTING PRINCIPLES Other operating expenses primarily include overhead expenses, classified by the type of services: Professional services fees include fees related to legal, tax, accounting, audit and consulting arrangements, recruitment and other professional services. Administrative fees are fees charged by AISL entities for fund accounting and fund administration services. Antin\u00a0recharges these expenses to the Antin Funds and records the resulting revenue under administrative fees and other revenue. No margin is applied by Antin when recharging such fees. Other expenses and external services mainly relate to insurance, IT expenses, subscriptions, professional membership fees. Rent and maintenance include rental expenses, maintenance costs, and real estate and equipment leasing expenses that do not result in the recognition of a lease liability and right-of-use asset. Travel and representation expenses relate to the cost of\u00a0business travel including hotels and flights, and other representation expenses. Placement fees are fees paid to placement agents to support Antin in the fundraising process. Placement fees are periodic in nature and occur in connection with the\u00a0fundraising of Antin Funds. Antin recognises as an asset the costs of obtaining a contract with a customer when it expects to recover placement fees (refer to Note\u00a015 \u201cOther non\u2011current assets\u201d). Costs to obtain a contract that would be incurred regardless of the outcome are recognised in other operating expenses on an accrual basis, based on the contractual agreement with the placement agent.
7.1 Other operating expenses (in \u20ack) 2023 2022 Professional service fees 8,769 7,207 Administrative fees 5,664 2,825 Other expenses and external services 6,846 6,757 Rent and maintenance expenses 2,285 2,328 Travel and representation expenses 3,455 3,853 Placement fees - 2,659 TOTAL OTHER OPERATING EXPENSES 27,019 25,630 Administrative fees are charged by AISL entities for fund accounting and fund administration services and recharged to the Antin funds with no margin applied (see Note 5.3 \"Administrative fees and other revenue net\"). 7.2 Fees paid to the Statutory Auditors The Consolidated Financial Statements of Antin are certified jointly by Deloitte and CFCE. Audit fees relate to annual fees incurred for the financial audit of the Group, including the examination of accounting records and the Universal Registration Document, as well as other audit examinations agreed upon by contract. Audit fees are recognised as professional services fees in other operating expenses. (in \u20ack) 2023 2022 Deloitte group 619 573 CFCE 278 238 Audit fees related to certification of accounts 897 811 TOTAL AUDIT FEES 897 811
",
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"f17949": {
"value": "NOTE 7 OTHER OPERATING EXPENSES \u25ba ACCOUNTING PRINCIPLES Other operating expenses primarily include overhead expenses, classified by the type of services: Professional services fees include fees related to legal, tax, accounting, audit and consulting arrangements, recruitment and other professional services. Administrative fees are fees charged by AISL entities for fund accounting and fund administration services. Antin\u00a0recharges these expenses to the Antin Funds and records the resulting revenue under administrative fees and other revenue. No margin is applied by Antin when recharging such fees. Other expenses and external services mainly relate to insurance, IT expenses, subscriptions, professional membership fees. Rent and maintenance include rental expenses, maintenance costs, and real estate and equipment leasing expenses that do not result in the recognition of a lease liability and right-of-use asset. Travel and representation expenses relate to the cost of\u00a0business travel including hotels and flights, and other representation expenses. Placement fees are fees paid to placement agents to support Antin in the fundraising process. Placement fees are periodic in nature and occur in connection with the\u00a0fundraising of Antin Funds. Antin recognises as an asset the costs of obtaining a contract with a customer when it expects to recover placement fees (refer to Note\u00a015 \u201cOther non\u2011current assets\u201d). Costs to obtain a contract that would be incurred regardless of the outcome are recognised in other operating expenses on an accrual basis, based on the contractual agreement with the placement agent.
7.1 Other operating expenses (in \u20ack) 2023 2022 Professional service fees 8,769 7,207 Administrative fees 5,664 2,825 Other expenses and external services 6,846 6,757 Rent and maintenance expenses 2,285 2,328 Travel and representation expenses 3,455 3,853 Placement fees - 2,659 TOTAL OTHER OPERATING EXPENSES 27,019 25,630 Administrative fees are charged by AISL entities for fund accounting and fund administration services and recharged to the Antin funds with no margin applied (see Note 5.3 \"Administrative fees and other revenue net\"). 7.2 Fees paid to the Statutory Auditors The Consolidated Financial Statements of Antin are certified jointly by Deloitte and CFCE. Audit fees relate to annual fees incurred for the financial audit of the Group, including the examination of accounting records and the Universal Registration Document, as well as other audit examinations agreed upon by contract. Audit fees are recognised as professional services fees in other operating expenses. (in \u20ack) 2023 2022 Deloitte group 619 573 CFCE 278 238 Audit fees related to certification of accounts 897 811 TOTAL AUDIT FEES 897 811
",
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"f18030": {
"value": "7.2 Fees paid to the Statutory Auditors The Consolidated Financial Statements of Antin are certified jointly by Deloitte and CFCE. Audit fees relate to annual fees incurred for the financial audit of the Group, including the examination of accounting records and the Universal Registration Document, as well as other audit examinations agreed upon by contract. Audit fees are recognised as professional services fees in other operating expenses. (in \u20ack) 2023 2022 Deloitte group 619 573 CFCE 278 238 Audit fees related to certification of accounts 897 811 TOTAL AUDIT FEES 897 811
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},
"f18116": {
"value": "NOTE 9 FINANCIAL INCOME AND EXPENSES \u25ba FINANCIAL INCOME AND EXPENSES Financial income mainly comprises translation gains and interest received on cash and cash equivalents. Financial expenses mainly comprise translation losses, interest on lease liabilities and interest paid on cash and cash equivalents. Financial income and expenses recognised in the Consolidated Income Statement are as follows: (in \u20ack) 2023 2022 Interest income 10,501 1,460 Translation gains 262 258 Other financial income 2,434 196 Financial income 13,197 1,915 Interest expenses (2,622) (3,113) Translation losses (500) (779) Other financial expenses (3,101) (66) Financial expenses (6,223) (3,957) FINANCIAL INCOME AND EXPENSES, NET 6,974 (2,043) In 2023, net financial result significantly increased primarily due to the allocation of Antin\u2019s significant cash balances to short-term deposit accounts and money market instruments earning interest following increases in interest rates. In addition, a loss of \u20ac(3.1)\u00a0million has been recorded as part of financial loss related to the hedge on social charges related to the Free Share Plan (see Note\u00a023 \u201cDerivative financial instruments\u201d).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18124": {
"value": "Financial income and expenses recognised in the Consolidated Income Statement are as follows: (in \u20ack) 2023 2022 Interest income 10,501 1,460 Translation gains 262 258 Other financial income 2,434 196 Financial income 13,197 1,915 Interest expenses (2,622) (3,113) Translation losses (500) (779) Other financial expenses (3,101) (66) Financial expenses (6,223) (3,957) FINANCIAL INCOME AND EXPENSES, NET 6,974 (2,043) In 2023, net financial result significantly increased primarily due to the allocation of Antin\u2019s significant cash balances to short-term deposit accounts and money market instruments earning interest following increases in interest rates. In addition, a loss of \u20ac(3.1)\u00a0million has been recorded as part of financial loss related to the hedge on social charges related to the Free Share Plan (see Note\u00a023 \u201cDerivative financial instruments\u201d).
Financial income and expenses recognised in the Consolidated Income Statement are as follows: (in \u20ack) 2023 2022 Interest income 10,501 1,460 Translation gains 262 258 Other financial income 2,434 196 Financial income 13,197 1,915 Interest expenses (2,622) (3,113) Translation losses (500) (779) Other financial expenses (3,101) (66) Financial expenses (6,223) (3,957) FINANCIAL INCOME AND EXPENSES, NET 6,974 (2,043) In 2023, net financial result significantly increased primarily due to the allocation of Antin\u2019s significant cash balances to short-term deposit accounts and money market instruments earning interest following increases in interest rates. In addition, a loss of \u20ac(3.1)\u00a0million has been recorded as part of financial loss related to the hedge on social charges related to the Free Share Plan (see Note\u00a023 \u201cDerivative financial instruments\u201d).
Financial income and expenses recognised in the Consolidated Income Statement are as follows: (in \u20ack) 2023 2022 Interest income 10,501 1,460 Translation gains 262 258 Other financial income 2,434 196 Financial income 13,197 1,915 Interest expenses (2,622) (3,113) Translation losses (500) (779) Other financial expenses (3,101) (66) Financial expenses (6,223) (3,957) FINANCIAL INCOME AND EXPENSES, NET 6,974 (2,043) In 2023, net financial result significantly increased primarily due to the allocation of Antin\u2019s significant cash balances to short-term deposit accounts and money market instruments earning interest following increases in interest rates. In addition, a loss of \u20ac(3.1)\u00a0million has been recorded as part of financial loss related to the hedge on social charges related to the Free Share Plan (see Note\u00a023 \u201cDerivative financial instruments\u201d).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18167": {
"value": "NOTE 10 INCOME TAX \u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a012 Introduction In accordance with IAS\u00a012, the income tax expense includes all income-related taxes, whether current or deferred. Income tax is recognised in the Consolidated Income Statement except when the underlying transaction is recognised in other comprehensive income or equity whereby the related tax effect is also recognised in other comprehensive income or equity. Current tax The standard defines a current tax liability (asset) as \u201cthe amount of income tax payable (recoverable) with respect to the taxable profit (tax loss) for a financial year\u201d. The taxable income is the profit (or loss) for a given financial year measured according to the rules set by the taxation authorities. The applicable rates and rules used to determine the current tax liability (asset) are those in effect in each country in which Antin\u2019s companies are established. The current tax liability includes all taxes on income, payable, for which payment is not subordinated to the completion of future transactions, even if payment is spread over several financial years. The current tax liability must be recognised as a liability until it is paid. If the amount that has already been paid for the current year and previous financial years exceeds the amount due for these years, the surplus must be recognised under assets. Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the consolidated entities intend either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the Consolidated Balance Sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated. Deferred tax assets are recognised for deductible temporary differences and tax loss carryforwards to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
CVAE (cotisation sur la valeur ajout\u00e9e des\u00a0entreprises) French expense which is recognised as an income tax in Antin\u2019s Consolidated Income Statement. 10.1 Income tax recognised in the Consolidated Income Statement Income taxes recognised in the Consolidated Income Statement are as follows: (in \u20ack) 2023 2022 Current income tax (35,205) (19,344) Deferred income tax 4,675 (2,950) TOTAL INCOME TAX RECOGNISED IN THE INCOME STATEMENT (30,530) (22,294) RECONCILIATION OF CONSOLIDATED AND EFFECTIVE INCOME TAX (in \u20ack) 31-Dec-2023 31-Dec-2022 Profit before income tax 105,294 5,497 Tax at statutory tax rate of 25.83% (27,198) (1,374) Effects of: Foreign tax rates 2,582 2,393 Free Share Plan (2,891) (22,799) Permanent differences (706) 946 Tax attributable to prior years (3) (69) Business tax (CVAE) (383) (520) Withholding tax (1,796) (486) Other (134) (385) REPORTED EFFECTIVE TAX (30,530) (22,294) The parent company\u2019s statutory tax rate of 25.83% applied in 2023 (compared to 25% applied in 2022) has been computed using the\u00a0applicable rate of AIP S.A. in France. It includes the 3.3% additional contribution applied on the amount of 25.0% (over the limit of \u20ac763\u00a0thousand). Local tax rate in the United Kingdom increased from 19% in 2022 to 25% in 2023. 10.2 Income taxes tax recognised in Other Comprehensive Income (in \u20ack) 2023 2022 Income tax relating to items that may be reclassified subsequently to profit or loss (1,121) 1,448 Income tax relating to items that will not be reclassified subsequently to profit or loss 71 (47) TOTAL INCOME TAXES RECOGNISED IN OTHER COMPREHENSIVE INCOME (1,050) 1,401 Income taxes impact of \u20ac1.1\u00a0million recorded in Other Comprehensive Income in 2023 related to the partial reversal of a deferred tax asset on the fair value adjustment of the hedge transaction related to the Free Share Plan (\"FSP\"). As a reminder, the objective of the hedge transaction is to mitigate the variability of the social charges related to the FSP resulting from changes in Antin\u2019s share price. Further information on the hedge transaction is available under Note\u00a023 \u201cDerivative financial instruments\u201d.
10.3 Income tax recognised in the Consolidated Balance Sheet Deferred income tax recognised in the balance sheet is as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Tax loss and tax credit carryforwards 38 498 Related to placement fees (3,375) (3,930) Related to Free Share Plan 2,923 - IPO-related expenses 3,123 4,131 Fair value of financial assets (390) (1,770) Related to leases 493 278 Related to pensions 226 125 Other deferred revenue/expenses (766) (718) NET DEFERRED TAX ASSETS (LIABILITIES) 2,272 (1,386)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18169": {
"value": "NOTE 10 INCOME TAX \u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a012 Introduction In accordance with IAS\u00a012, the income tax expense includes all income-related taxes, whether current or deferred. Income tax is recognised in the Consolidated Income Statement except when the underlying transaction is recognised in other comprehensive income or equity whereby the related tax effect is also recognised in other comprehensive income or equity. Current tax The standard defines a current tax liability (asset) as \u201cthe amount of income tax payable (recoverable) with respect to the taxable profit (tax loss) for a financial year\u201d. The taxable income is the profit (or loss) for a given financial year measured according to the rules set by the taxation authorities. The applicable rates and rules used to determine the current tax liability (asset) are those in effect in each country in which Antin\u2019s companies are established. The current tax liability includes all taxes on income, payable, for which payment is not subordinated to the completion of future transactions, even if payment is spread over several financial years. The current tax liability must be recognised as a liability until it is paid. If the amount that has already been paid for the current year and previous financial years exceeds the amount due for these years, the surplus must be recognised under assets. Current tax assets and liabilities are offset only when there is a legally enforceable right to set off the amounts and the consolidated entities intend either to settle on a net basis or to realise the asset and settle the liability simultaneously. Deferred tax Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the Consolidated Balance Sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated. Deferred tax assets are recognised for deductible temporary differences and tax loss carryforwards to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
CVAE (cotisation sur la valeur ajout\u00e9e des\u00a0entreprises) French expense which is recognised as an income tax in Antin\u2019s Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18205": {
"value": "Deferred tax Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the Consolidated Balance Sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated. Deferred tax assets are recognised for deductible temporary differences and tax loss carryforwards to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
10.3 Income tax recognised in the Consolidated Balance Sheet Deferred income tax recognised in the balance sheet is as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Tax loss and tax credit carryforwards 38 498 Related to placement fees (3,375) (3,930) Related to Free Share Plan 2,923 - IPO-related expenses 3,123 4,131 Fair value of financial assets (390) (1,770) Related to leases 493 278 Related to pensions 226 125 Other deferred revenue/expenses (766) (718) NET DEFERRED TAX ASSETS (LIABILITIES) 2,272 (1,386)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18206": {
"value": "Deferred tax Deferred tax is measured based on how the underlying asset or liability is expected to be realised or settled. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax must be recognised for all temporary differences between the carrying amounts of assets and liabilities on the Consolidated Balance Sheet and their tax base for financial reporting purposes and the amounts used for taxation purposes. A deferred tax asset must also be recognised for carrying forward unused tax losses and tax credits insofar as it is probable that the Group will have access to future taxable profits against which the unused tax losses and tax credits can be allocated. Deferred tax assets are recognised for deductible temporary differences and tax loss carryforwards to the extent that it is probable they can be used. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18376": {
"value": "NOTE 11 INTANGIBLE ASSETS
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a038 \u2013 IAS\u00a036 Intangible assets Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and\u00a0bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and impairment. Amortisation Intangible assets are amortised from the date they are available for use. The amortisation is recognised in the Consolidated Income Statement on a straight-line basis over the estimated useful life of the asset. Antin amortises software assets over a period of three years. Impairment An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
(in \u20ack) Software Other intangible assets Total COST AT 31-DEC-2021 321 - 321 Additions - - - Disposal - - - Translation difference - - - AT 31-DEC-2022 321 - 321 Additions - - - Disposal - - - Translation difference - - - AT 31-DEC-2023 321 - 321 AMORTISATION AT 31-DEC-2021 (320) - (320) Additions (1) - (1) Disposal - - - Translation difference - - - AT 31-DEC-2022 (321) - (321) Additions - - - Disposal - - - Translation difference - - - AT 31-DEC-2023 (321) - (321) CARRYING AMOUNT AT 31-DEC-2022 - - - AT 31-DEC-2023 - - -
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18377": {
"value": "NOTE 11 INTANGIBLE ASSETS
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a038 \u2013 IAS\u00a036 Intangible assets Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and\u00a0bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and impairment. Amortisation Intangible assets are amortised from the date they are available for use. The amortisation is recognised in the Consolidated Income Statement on a straight-line basis over the estimated useful life of the asset. Antin amortises software assets over a period of three years. Impairment An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
(in \u20ack) Software Other intangible assets Total COST AT 31-DEC-2021 321 - 321 Additions - - - Disposal - - - Translation difference - - - AT 31-DEC-2022 321 - 321 Additions - - - Disposal - - - Translation difference - - - AT 31-DEC-2023 321 - 321 AMORTISATION AT 31-DEC-2021 (320) - (320) Additions (1) - (1) Disposal - - - Translation difference - - - AT 31-DEC-2022 (321) - (321) Additions - - - Disposal - - - Translation difference - - - AT 31-DEC-2023 (321) - (321) CARRYING AMOUNT AT 31-DEC-2022 - - - AT 31-DEC-2023 - - -
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18384": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a038 \u2013 IAS\u00a036 Intangible assets Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and\u00a0bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and impairment. Amortisation Intangible assets are amortised from the date they are available for use. The amortisation is recognised in the Consolidated Income Statement on a straight-line basis over the estimated useful life of the asset. Antin amortises software assets over a period of three years. Impairment An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18386": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a038 \u2013 IAS\u00a036 Intangible assets Intangible assets consist primarily of acquired software licenses, including capitalised costs incurred to acquire and\u00a0bring to use the specific software. Intangible assets are recorded at cost, less accumulated amortisation and impairment. Amortisation Intangible assets are amortised from the date they are available for use. The amortisation is recognised in the Consolidated Income Statement on a straight-line basis over the estimated useful life of the asset. Antin amortises software assets over a period of three years. Impairment An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period and as soon as an indication of impairment loss arises.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18510": {
"value": "NOTE 12 PROPERTY AND EQUIPMENT
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a016 \u2013 IAS\u00a036 Property and equipment Property and equipment includes primarily office refurbishments, furniture, IT equipment and other fixed assets. Property and equipment assets are measured at cost less accumulated depreciation and impairment. The cost includes the purchase price of the asset as well as expenditures directly attributable for putting the asset in place. Gains or losses from disposal of an asset may arise when there is a difference between the sale price and the asset\u2019s carrying amount less the cost of disposal. Gains and losses are recognised as other operating income/expense when they arise. Subsequent capital expenditure Subsequent capital expenditure is capitalised only when it is probable that there are future economic benefits associated with the acquired asset and when the cost can be measured reliably. Other subsequent expenditure is recognised as an expense in the period it arises. Repairs are expensed on an ongoing basis. Assets under development Property and equipment that is not ready for use is recorded as a fixed asset under development. It will be depreciated when it becomes available for use. This relates primarily to office refurbishments. Depreciation Property and equipment is depreciated over their estimated useful life using the straight-line method. The useful life is estimated as follows: \u2022 furniture: 4-5\u00a0years \u2022 computer equipment: 3-4\u00a0years \u2022 leasehold improvements: 4-9\u00a0years, subject to lease period. Impairment An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of impairment loss arises.
(in \u20ack) Leasehold improvements and furniture Under development Total COST AT 31-DEC-2021 11,797 470 12,267 Additions 15,220 253 15,473 Disposals (1,785) - (1,785) Reclassification 494 (494) - Translation difference 47 24 71 AT 31-DEC-2022 25,773 253 26,026 Additions 1,641 4,488 6,129 Disposals (940) - (940) Reclassification 3,895 (3,895) - Translation difference (311) (1) (312) AT 31-DEC-2023 30,059 845 30,903 ACCUMULATED DEPRECIATION AND IMPAIRMENT AT 31-DEC-2021 (6,441) - (6,441) Depreciation (2,312) - (2,312) Accumulated depreciation on disposals 1,785 - 1,785 Impairment loss - - - Translation difference (85) - (85) AT 31-DEC-2022 (7,052) - (7,052) Depreciation (3,305) - (3,305) Accumulated depreciation on disposals - - - Impairment loss - - - Translation difference 38 - 38 AT 31-DEC-2023 (10,319) - (10,319) CARRYING AMOUNT AT 31-DEC-2022 18,721 253 18,974 AT 31-DEC-2023 19,740 845 20,584
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18517": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a016 \u2013 IAS\u00a036 Property and equipment Property and equipment includes primarily office refurbishments, furniture, IT equipment and other fixed assets. Property and equipment assets are measured at cost less accumulated depreciation and impairment. The cost includes the purchase price of the asset as well as expenditures directly attributable for putting the asset in place. Gains or losses from disposal of an asset may arise when there is a difference between the sale price and the asset\u2019s carrying amount less the cost of disposal. Gains and losses are recognised as other operating income/expense when they arise. Subsequent capital expenditure Subsequent capital expenditure is capitalised only when it is probable that there are future economic benefits associated with the acquired asset and when the cost can be measured reliably. Other subsequent expenditure is recognised as an expense in the period it arises. Repairs are expensed on an ongoing basis. Assets under development Property and equipment that is not ready for use is recorded as a fixed asset under development. It will be depreciated when it becomes available for use. This relates primarily to office refurbishments. Depreciation Property and equipment is depreciated over their estimated useful life using the straight-line method. The useful life is estimated as follows: \u2022 furniture: 4-5\u00a0years \u2022 computer equipment: 3-4\u00a0years \u2022 leasehold improvements: 4-9\u00a0years, subject to lease period. Impairment An impairment loss is recognised when the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs of disposal and its value in use. Impairment tests are performed at each reporting period, and as soon as any indication of impairment loss arises.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18904": {
"value": "NOTE 14 FINANCIAL ASSETS \u25ba ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09/IFRS\u00a013 Antin\u2019s financial assets mainly consist of non-consolidated equity financial investments measured at fair value. It relates to Antin's investments in the Antin Funds. Recognition and initial measurement IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Classification and subsequent measurement of\u00a0financial assets A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2022 fair value through profit or loss (FVPL) \u2022 fair value through other comprehensive income (FVOCI) \u2022 amortised cost (AC). Financial assets are measured at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value. Financial assets are measured at FVOCI if both the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. As per the classifications under IFRS\u00a09, Antin measures its financial assets at FVPL. Fair value measurement IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy Levels\u00a01 to 3 are based on the degree to which the fair value is observable: \u2022 level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and \u2022 level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial investments held by Antin consist of investments in the Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as Level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to\u00a0assess Antin\u2019s conclusions of fair value for each investment. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements is in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
14.1 Composition of financial assets The financial assets held by Antin are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Investments in Antin Funds 46,335 36,042 Security deposits 2,413 2,554 Other financial assets 4,652 2,974 TOTAL FINANCIAL ASSETS 53,400 41,570 Fair Value Level Financial assets Financial liabilities 1 2 3 Fair value through profit or loss Financial assets at amortised cost Financial liabilities at amortised cost Financial assets 46,335 \u00a07,065 - - - 46,335 Trade receivables - \u00a013,134 - - - - Other current assets - \u00a017,216 - - - - Accrued income - \u00a014,427 - - - - Cash and cash equivalents - \u00a0423,941 - - - - TOTAL FINANCIAL ASSETS 46,335 \u00a0475,783 - - - 46,335 Trade payables - - \u00a014,721 - - - Other current liabilities - - \u00a04,391 - - - TOTAL FINANCIAL LIABILITIES - - \u00a019,112 - - -
Sensitivity analysis of fair values From an Antin perspective, financial investments are normally measured at fair value applying the adjusted net asset value of the investment programs. If the net asset value decreased by 5% while all other variables remained constant, the carrying amount would decrease by \u20ac2.1\u00a0million. The effect would be recognised in the Consolidated Income Statement.
",
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"f18909": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09/IFRS\u00a013 Antin\u2019s financial assets mainly consist of non-consolidated equity financial investments measured at fair value. It relates to Antin's investments in the Antin Funds. Recognition and initial measurement IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Classification and subsequent measurement of\u00a0financial assets A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2022 fair value through profit or loss (FVPL) \u2022 fair value through other comprehensive income (FVOCI) \u2022 amortised cost (AC). Financial assets are measured at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value. Financial assets are measured at FVOCI if both the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. As per the classifications under IFRS\u00a09, Antin measures its financial assets at FVPL. Fair value measurement IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy Levels\u00a01 to 3 are based on the degree to which the fair value is observable: \u2022 level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and \u2022 level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial investments held by Antin consist of investments in the Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as Level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to\u00a0assess Antin\u2019s conclusions of fair value for each investment. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements is in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
14.1 Composition of financial assets The financial assets held by Antin are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Investments in Antin Funds 46,335 36,042 Security deposits 2,413 2,554 Other financial assets 4,652 2,974 TOTAL FINANCIAL ASSETS 53,400 41,570 Fair Value Level Financial assets Financial liabilities 1 2 3 Fair value through profit or loss Financial assets at amortised cost Financial liabilities at amortised cost Financial assets 46,335 \u00a07,065 - - - 46,335 Trade receivables - \u00a013,134 - - - - Other current assets - \u00a017,216 - - - - Accrued income - \u00a014,427 - - - - Cash and cash equivalents - \u00a0423,941 - - - - TOTAL FINANCIAL ASSETS 46,335 \u00a0475,783 - - - 46,335 Trade payables - - \u00a014,721 - - - Other current liabilities - - \u00a04,391 - - - TOTAL FINANCIAL LIABILITIES - - \u00a019,112 - - -
RECOGNITION AND INITIAL MEASUREMENT Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue. CLASSIFICATION AND SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
NOTE 23 DERIVATIVE FINANCIAL INSTRUMENTS
ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09 IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes. In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged. To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk. This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). The hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under Derivative financial assets or liabilities.
Antin implemented the Free Share Plan (the \u201cFSP\u201d) announced at the time of the IPO in September and November 2021. Antin\u00a0expects to pay social charges levied on the FSP\u2019s value at the time of vesting. The social charges depend on the jurisdiction and are expected to be 20% in France, 13.80% in the United\u00a0Kingdom and 1.45% in the United States. This exposes Antin to share price risk, with an increase in the Antin share price leading to a corresponding increase in the social charges payable to the tax authorities at the time of vesting. In order to mitigate the share price risk associated to the FSP and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered a cash-settled total return swap to hedge its share price exposure related to the social charges. In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d, Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s Consolidated Balance Sheet. This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of the derivative financial instrument are recognised in Other Comprehensive Income and within the cash flow hedge reserve in Shareholders\u2019 Equity for its effective portion. Any ineffective portion is recognised in the Consolidated Income Statement within financial income or expense. Amounts recognised in Other Comprehensive Income are transferred to the Consolidated Income Statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
23.1 Recognition in Consolidated Balance Sheet As of 31\u00a0December 2023, Antin recognised a derivative financial liability of \u20ac1.5\u00a0million. This liability is calculated based on a share price of \u20ac13.8 as of 31\u00a0December 2023 compared to an average entry price of approximately \u20ac27.9 per share. 23.2 Recognition in Other Comprehensive Income Antin recognised \u20ac3.2\u00a0million of positive cash flow hedge net impact in its Consolidated Statement of Comprehensive Income for 2023. This change is mainly due to the reclassification to the Consolidated Income Statement of the effective part of the cash flow hedge derivative following the vesting of the shares of the Free Share Plan. ",
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"f18911": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09/IFRS\u00a013 Antin\u2019s financial assets mainly consist of non-consolidated equity financial investments measured at fair value. It relates to Antin's investments in the Antin Funds. Recognition and initial measurement IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Classification and subsequent measurement of\u00a0financial assets A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2022 fair value through profit or loss (FVPL) \u2022 fair value through other comprehensive income (FVOCI) \u2022 amortised cost (AC). Financial assets are measured at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value. Financial assets are measured at FVOCI if both the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. As per the classifications under IFRS\u00a09, Antin measures its financial assets at FVPL. Fair value measurement IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy Levels\u00a01 to 3 are based on the degree to which the fair value is observable: \u2022 level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and \u2022 level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial investments held by Antin consist of investments in the Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as Level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to\u00a0assess Antin\u2019s conclusions of fair value for each investment. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements is in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
RECOGNITION AND INITIAL MEASUREMENT Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue. CLASSIFICATION AND SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09 IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes. In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged. To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk. This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). The hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under Derivative financial assets or liabilities.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d, Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s Consolidated Balance Sheet. This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of the derivative financial instrument are recognised in Other Comprehensive Income and within the cash flow hedge reserve in Shareholders\u2019 Equity for its effective portion. Any ineffective portion is recognised in the Consolidated Income Statement within financial income or expense. Amounts recognised in Other Comprehensive Income are transferred to the Consolidated Income Statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
",
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"f18912": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09/IFRS\u00a013 Antin\u2019s financial assets mainly consist of non-consolidated equity financial investments measured at fair value. It relates to Antin's investments in the Antin Funds. Recognition and initial measurement IFRS\u00a09 \u201cFinancial Instruments\u201d requires an entity to recognise a financial asset when it becomes party to the contractual provisions of the instrument. At initial recognition, an entity measures a financial asset at its fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of the financial asset. Classification and subsequent measurement of\u00a0financial assets A financial asset is initially classified into one of three measurement categories. The classification depends on how the asset is managed (business model) and the characteristics of the asset\u2019s contractual cash flows. The measurement categories for financial assets are as follows: \u2022 fair value through profit or loss (FVPL) \u2022 fair value through other comprehensive income (FVOCI) \u2022 amortised cost (AC). Financial assets are measured at amortised cost if both of the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets by holding the financial assets and collecting its contractual cash flows over the life of the assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets measured at amortised cost include accounts receivable, other long-term as well as short-term receivables and cash and cash equivalents. The carrying amounts are considered as the fair value. Financial assets are measured at FVOCI if both the following conditions are met: \u2022 the financial asset is held within a business model whose objective is to realise the cash flows from the financial assets both by collecting the contractual cash flows and selling financial assets and \u2022 the contractual terms of the financial asset give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. As per the classifications under IFRS\u00a09, Antin measures its financial assets at FVPL. Fair value measurement IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy Levels\u00a01 to 3 are based on the degree to which the fair value is observable: \u2022 level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and \u2022 level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial investments held by Antin consist of investments in the Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as Level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to\u00a0assess Antin\u2019s conclusions of fair value for each investment. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements is in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
",
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"f18967": {
"value": "Fair value measurement IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy Levels\u00a01 to 3 are based on the degree to which the fair value is observable: \u2022 level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and \u2022 level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial investments held by Antin consist of investments in the Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as Level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to\u00a0assess Antin\u2019s conclusions of fair value for each investment. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements is in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
14.1 Composition of financial assets The financial assets held by Antin are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Investments in Antin Funds 46,335 36,042 Security deposits 2,413 2,554 Other financial assets 4,652 2,974 TOTAL FINANCIAL ASSETS 53,400 41,570 Fair Value Level Financial assets Financial liabilities 1 2 3 Fair value through profit or loss Financial assets at amortised cost Financial liabilities at amortised cost Financial assets 46,335 \u00a07,065 - - - 46,335 Trade receivables - \u00a013,134 - - - - Other current assets - \u00a017,216 - - - - Accrued income - \u00a014,427 - - - - Cash and cash equivalents - \u00a0423,941 - - - - TOTAL FINANCIAL ASSETS 46,335 \u00a0475,783 - - - 46,335 Trade payables - - \u00a014,721 - - - Other current liabilities - - \u00a04,391 - - - TOTAL FINANCIAL LIABILITIES - - \u00a019,112 - - -
",
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},
"f18968": {
"value": "Fair value measurement IFRS\u00a013 \u201cFair Value Measurement\u201d defines fair value, sets out a framework for measuring fair value, and requires disclosure about fair value measurements. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Antin measures and discloses the fair value of its financial assets using the following fair value hierarchy. The fair value hierarchy Levels\u00a01 to 3 are based on the degree to which the fair value is observable: \u2022 level\u00a01 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities \u2022 level\u00a02 fair value measurements are those derived from inputs other than quoted prices included within Level\u00a01 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices) and \u2022 level\u00a03 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs). Financial investments held by Antin consist of investments in the Antin Funds. As the information used to value individual assets within each fund is not observable, and because prices for each investment in a fund are not observable, Antin categorises its financial investments in the Antin Funds as Level\u00a03 financial assets under IFRS\u00a013 \u201cFair Value Measurement\u201d. The fair value of the portfolio companies held by the Antin Funds is determined by the Portfolio Review Committee on a quarterly basis in accordance with the recommendations set out in the International Private Equity and Venture Capital Valuation Guidelines (IPEV). The valuation methodologies follow a multi-criteria approach and are applied consistently from one period to another, except when a change in methodology would result in a better estimation of fair value. The assessment of the fair value of an investment involves assumptions and judgement. This may include assumptions with respect to the economic and competitive environment, business plan and financial projections, and assessments of risks and other factors. The fair value is audited annually and reviewed semi-annually. In addition, an independent valuation service provider is appointed to provide independent estimations of ranges of fair value once per year in order to\u00a0assess Antin\u2019s conclusions of fair value for each investment. Antin applies control processes to ensure that the fair value of the financial assets reported in the Consolidated Financial Statements is in accordance with applicable accounting standards and determined on a reasonable basis. This includes ensuring that the valuations are consistent with the IPEV Guidelines, where relevant, and ensuring that the valuations are supported by underlying documentation.
",
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},
"f19039": {
"value": "14.1 Composition of financial assets The financial assets held by Antin are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Investments in Antin Funds 46,335 36,042 Security deposits 2,413 2,554 Other financial assets 4,652 2,974 TOTAL FINANCIAL ASSETS 53,400 41,570 Fair Value Level Financial assets Financial liabilities 1 2 3 Fair value through profit or loss Financial assets at amortised cost Financial liabilities at amortised cost Financial assets 46,335 \u00a07,065 - - - 46,335 Trade receivables - \u00a013,134 - - - - Other current assets - \u00a017,216 - - - - Accrued income - \u00a014,427 - - - - Cash and cash equivalents - \u00a0423,941 - - - - TOTAL FINANCIAL ASSETS 46,335 \u00a0475,783 - - - 46,335 Trade payables - - \u00a014,721 - - - Other current liabilities - - \u00a04,391 - - - TOTAL FINANCIAL LIABILITIES - - \u00a019,112 - - -
NOTE 24 CASH AND CASH EQUIVALENTS
\u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a07 Cash relates to cash on hand and demand deposits. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of a change in value.
(in \u20ack) 31-Dec-2023 31-Dec-2022 Term accounts with initial maturities of less than three months 213,035 300,478 Money market instruments 170,382 - Cash deposits held with banks 40,525 121,543 TOTAL CASH AND CASH EQUIVALENTS 423,941 422,021 As of 31\u00a0December 2023, Antin held cash and cash equivalents of \u20ac423.9\u00a0million. Money market instruments of \u20ac170.4\u00a0million relates to collective investment schemes measured at fair market value at the reporting date. The Group Finance Department manages and invests Antin\u2019s cash and cash equivalents within the risk and approval framework of the Group Treasury Policy approved by the Board of Directors. The Group Treasury Policy lays out a framework for Antin to effectively manage, mitigate and monitor its financial risks. The\u00a0policy defines responsibilities, permitted activities, approval requirements and performance measurement related to Antin\u2019s treasury activities, which includes cash management. The Group Treasury Policy stipulates that bank counterparties shall have a minimum credit rating of BBB (S&P or equivalent). The Group Finance Department monitors and confirms credit ratings at each reporting period, and periodically when market or counterparty circumstances change. The Group Finance Department also ensures that cash and cash equivalents are appropriately diversified across bank counterparties and money market instruments, to manage counterparty and concentration risks. Cash and cash equivalents of \u20ac423.9\u00a0million as of 31\u00a0December 2023 are allocated to bank counterparties and money market instruments with credit ratings equal or higher than A-.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19042": {
"value": "14.1 Composition of financial assets The financial assets held by Antin are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Investments in Antin Funds 46,335 36,042 Security deposits 2,413 2,554 Other financial assets 4,652 2,974 TOTAL FINANCIAL ASSETS 53,400 41,570 Fair Value Level Financial assets Financial liabilities 1 2 3 Fair value through profit or loss Financial assets at amortised cost Financial liabilities at amortised cost Financial assets 46,335 \u00a07,065 - - - 46,335 Trade receivables - \u00a013,134 - - - - Other current assets - \u00a017,216 - - - - Accrued income - \u00a014,427 - - - - Cash and cash equivalents - \u00a0423,941 - - - - TOTAL FINANCIAL ASSETS 46,335 \u00a0475,783 - - - 46,335 Trade payables - - \u00a014,721 - - - Other current liabilities - - \u00a04,391 - - - TOTAL FINANCIAL LIABILITIES - - \u00a019,112 - - -
NOTE 23 DERIVATIVE FINANCIAL INSTRUMENTS
ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09 IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes. In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged. To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk. This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). The hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under Derivative financial assets or liabilities.
Antin implemented the Free Share Plan (the \u201cFSP\u201d) announced at the time of the IPO in September and November 2021. Antin\u00a0expects to pay social charges levied on the FSP\u2019s value at the time of vesting. The social charges depend on the jurisdiction and are expected to be 20% in France, 13.80% in the United\u00a0Kingdom and 1.45% in the United States. This exposes Antin to share price risk, with an increase in the Antin share price leading to a corresponding increase in the social charges payable to the tax authorities at the time of vesting. In order to mitigate the share price risk associated to the FSP and obtain greater certainty with respect to the cash payment due at the time of vesting, Antin entered a cash-settled total return swap to hedge its share price exposure related to the social charges. In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d, Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s Consolidated Balance Sheet. This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of the derivative financial instrument are recognised in Other Comprehensive Income and within the cash flow hedge reserve in Shareholders\u2019 Equity for its effective portion. Any ineffective portion is recognised in the Consolidated Income Statement within financial income or expense. Amounts recognised in Other Comprehensive Income are transferred to the Consolidated Income Statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
23.1 Recognition in Consolidated Balance Sheet As of 31\u00a0December 2023, Antin recognised a derivative financial liability of \u20ac1.5\u00a0million. This liability is calculated based on a share price of \u20ac13.8 as of 31\u00a0December 2023 compared to an average entry price of approximately \u20ac27.9 per share. 23.2 Recognition in Other Comprehensive Income Antin recognised \u20ac3.2\u00a0million of positive cash flow hedge net impact in its Consolidated Statement of Comprehensive Income for 2023. This change is mainly due to the reclassification to the Consolidated Income Statement of the effective part of the cash flow hedge derivative following the vesting of the shares of the Free Share Plan. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19045": {
"value": "14.1 Composition of financial assets The financial assets held by Antin are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Investments in Antin Funds 46,335 36,042 Security deposits 2,413 2,554 Other financial assets 4,652 2,974 TOTAL FINANCIAL ASSETS 53,400 41,570 Fair Value Level Financial assets Financial liabilities 1 2 3 Fair value through profit or loss Financial assets at amortised cost Financial liabilities at amortised cost Financial assets 46,335 \u00a07,065 - - - 46,335 Trade receivables - \u00a013,134 - - - - Other current assets - \u00a017,216 - - - - Accrued income - \u00a014,427 - - - - Cash and cash equivalents - \u00a0423,941 - - - - TOTAL FINANCIAL ASSETS 46,335 \u00a0475,783 - - - 46,335 Trade payables - - \u00a014,721 - - - Other current liabilities - - \u00a04,391 - - - TOTAL FINANCIAL LIABILITIES - - \u00a019,112 - - -
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19212": {
"value": "NOTE 15 OTHER NON-CURRENT ASSETS \u25ba ACCOUNTING PRINCIPLES Antin may use placement agents or other local representatives/ agents in certain jurisdictions, where its own personnel could not be authorised to market the funds. Those placement fees are capitalised as a non-current asset representing costs of obtaining a contract in accordance with IFRS\u00a015 \u201cCosts to Fulfil a Contract\u201d. Capitalised placement fees are expected to be recovered over a fund\u2019s commitment period. The benefit of the cost is primarily considered to be attributable to the period when the fund investments are carried out. Therefore, the useful life of the asset is the commitment period which is expected to be 10\u00a0years starting from the first closing of the fund. The\u00a0asset is amortised on a straight-line basis. (in \u20ack) 31-Dec-2023 31-Dec-2022 OPENING BALANCE 16,537 19,146 Additions 2,663 1,711 Amortisation (6,082) (4,320) CLOSING BALANCE 13,117 16,537 Total non-current assets as of 31\u00a0December 2023 stood at \u20ac13.1\u00a0million and relate to capitalised placement fees for Flagship Fund\u00a0II (2014), Flagship Fund\u00a0III (2016), Flagship Fund\u00a0IV (2020), Mid\u00a0Cap Fund\u00a0I (2021) and Flagship Fund\u00a0V (2022). In 2023, placement fees related to Flagship Fund V started to be amortised and an additional amount of \u20ac(1.4) million was recognised as accelerated amortisation mainly related to Flagship Fund IV placement fees.
NOTE 17 OTHER CURRENT ASSETS (in \u20ack) 31-Dec-2023 31-Dec-2022 Tax receivables excluding income tax 7,187 6,450 Other current assets 10,029 6,580 TOTAL OTHER CURRENT ASSETS 17,216 13,030 Tax receivables mainly relate to VAT recoverable monthly. Other current assets mainly relate to short-term cash advances to the Antin Funds and are interest free. NOTE 18 PREPAID EXPENSES Amounts relating to prepaid expenses are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Subscriptions 1,086 944 Tax 204 215 Professional membership 280 253 Insurance 59 209 Rent 1,850 1,604 Fees and others 1,110 696 TOTAL PREPAID EXPENSES 4,589 3,920 NOTE 19 ACCRUED INCOME \u25ba ACCOUNTING PRINCIPLES Accrued income, reported as contract assets, is related to management fees or to carried interest. Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund. Contract assets related to carried interest are composed of Antin's capital contributions in the Carry Vehicles, and to amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
Specifications of changes in contract assets related to carried interest (in \u20ack) 31-Dec-2023 31-Dec-2022 OPENING BALANCE 6,945 5,552 Revenue recognised during the period (147) 128 Realisation of carried interest/return on capital (1,105) (666) Acquisition/(transfer of commitment) 6,721 1,932 CLOSING BALANCE OF ACCRUED INCOME 12,414 6,945 Specifications of changes in contract assets related to management fees (in \u20ack) 31-Dec-2023 31-Dec-2022 OPENING BALANCE 1,779 371 Transfers from contract assets recognised at the beginning of the period to receivables (1,779) (371) Revenue recognised during the period not yet invoiced/not yet chargeable 2,013 1,779 CLOSING BALANCE OF ACCRUED INCOME 2,013 1,779 Accrued income of \u20ac2.0\u00a0million recognised as of 31\u00a0December 2023 relates primarily to management fees from Flagship Fund\u00a0V and NextGen Fund\u00a0I, for which the investment periods have started and fundraising is ongoing.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19213": {
"value": "NOTE 15 OTHER NON-CURRENT ASSETS \u25ba ACCOUNTING PRINCIPLES Antin may use placement agents or other local representatives/ agents in certain jurisdictions, where its own personnel could not be authorised to market the funds. Those placement fees are capitalised as a non-current asset representing costs of obtaining a contract in accordance with IFRS\u00a015 \u201cCosts to Fulfil a Contract\u201d. Capitalised placement fees are expected to be recovered over a fund\u2019s commitment period. The benefit of the cost is primarily considered to be attributable to the period when the fund investments are carried out. Therefore, the useful life of the asset is the commitment period which is expected to be 10\u00a0years starting from the first closing of the fund. The\u00a0asset is amortised on a straight-line basis. (in \u20ack) 31-Dec-2023 31-Dec-2022 OPENING BALANCE 16,537 19,146 Additions 2,663 1,711 Amortisation (6,082) (4,320) CLOSING BALANCE 13,117 16,537 Total non-current assets as of 31\u00a0December 2023 stood at \u20ac13.1\u00a0million and relate to capitalised placement fees for Flagship Fund\u00a0II (2014), Flagship Fund\u00a0III (2016), Flagship Fund\u00a0IV (2020), Mid\u00a0Cap Fund\u00a0I (2021) and Flagship Fund\u00a0V (2022). In 2023, placement fees related to Flagship Fund V started to be amortised and an additional amount of \u20ac(1.4) million was recognised as accelerated amortisation mainly related to Flagship Fund IV placement fees.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19251": {
"value": "NOTE 16 TRADE RECEIVABLES
ACCOUNTING PRINCIPLES TRADE RECEIVABLES Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
(in \u20ack) 31-Dec-2023 31-Dec-2022 Gross account receivables 13,134 19,615 Less: Allowances - - TOTAL TRADE RECEIVABLES 13,134 19,615 Trade receivables mainly relate to expenses to be recharged to the Antin Funds. In some instances, Antin will pre-fund expenses for the Antin Funds such as advisory fees, due diligence expenses, and other matters, in particular during the fundraising of a new fund or when the Antin Funds are awaiting cash proceeds from a capital call. The receivables are settled for new funds when the funds are raised, and for existing funds when the capital has been called. Antin has not suffered any material losses from receivables in the past and there are no receivables past due as of the reporting date. Risks are reviewed on a regular basis and Antin has not identified any material counterparty or credit risks as of the reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19258": {
"value": "ACCOUNTING PRINCIPLES TRADE RECEIVABLES Trade receivables are stated at cost less any provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that Antin will not be able to collect all amounts due according to the original terms of the receivables. Objective evidence involves an element of judgement and is when a payment has been overdue for an extended period of time, or when the counterparty is in default. Antin also applies IFRS\u00a09 with an impairment model based on expected credit losses, resulting in the recognition of a loss allowance before the credit loss is incurred.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19311": {
"value": "NOTE 17 OTHER CURRENT ASSETS (in \u20ack) 31-Dec-2023 31-Dec-2022 Tax receivables excluding income tax 7,187 6,450 Other current assets 10,029 6,580 TOTAL OTHER CURRENT ASSETS 17,216 13,030 Tax receivables mainly relate to VAT recoverable monthly. Other current assets mainly relate to short-term cash advances to the Antin Funds and are interest free. NOTE 18 PREPAID EXPENSES Amounts relating to prepaid expenses are as follows: (in \u20ack) 31-Dec-2023 31-Dec-2022 Subscriptions 1,086 944 Tax 204 215 Professional membership 280 253 Insurance 59 209 Rent 1,850 1,604 Fees and others 1,110 696 TOTAL PREPAID EXPENSES 4,589 3,920 NOTE 19 ACCRUED INCOME \u25ba ACCOUNTING PRINCIPLES Accrued income, reported as contract assets, is related to management fees or to carried interest. Contract assets related to management fees arise primarily from timing differences between the time of generating the revenue and the time of payment. Timing differences mainly occur at the beginning of the life of a fund and before the final closing of a fund. Contract assets related to carried interest are composed of Antin's capital contributions in the Carry Vehicles, and to amounts recognised as revenue, with the payment not yet received. Carried interest is payable in accordance with the waterfall distribution rules defined in the contractual agreements of each fund.
Specifications of changes in contract assets related to carried interest (in \u20ack) 31-Dec-2023 31-Dec-2022 OPENING BALANCE 6,945 5,552 Revenue recognised during the period (147) 128 Realisation of carried interest/return on capital (1,105) (666) Acquisition/(transfer of commitment) 6,721 1,932 CLOSING BALANCE OF ACCRUED INCOME 12,414 6,945 Specifications of changes in contract assets related to management fees (in \u20ack) 31-Dec-2023 31-Dec-2022 OPENING BALANCE 1,779 371 Transfers from contract assets recognised at the beginning of the period to receivables (1,779) (371) Revenue recognised during the period not yet invoiced/not yet chargeable 2,013 1,779 CLOSING BALANCE OF ACCRUED INCOME 2,013 1,779 Accrued income of \u20ac2.0\u00a0million recognised as of 31\u00a0December 2023 relates primarily to management fees from Flagship Fund\u00a0V and NextGen Fund\u00a0I, for which the investment periods have started and fundraising is ongoing.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19429": {
"value": "NOTE 20 TRADE PAYABLES AND OTHER CURRENT LIABILITIES (in \u20ack) 31-Dec-2023 31-Dec-2022 Trade payables 14,721 23,906 Tax liabilities (other than income tax) 6,630 5,402 Personnel and social liabilities 18,253 24,545 Other current liabilities 4,391 1,392 TOTAL TRADE PAYABLES AND OTHER CURRENT LIABILITIES 43,996 55,245 Personnel, social and tax liabilities mainly relate to personnel expenses (bonus accruals, holiday accruals), social charges related to personnel expenses and taxes due in connection with personnel expenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19453": {
"value": "NOTE 21 PROVISION
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a037 Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the\u00a0risks and uncertainties surrounding the obligation.
As of 31\u00a0December 2023, there are no provisions in Antin\u2019s Consolidated Balance Sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19460": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a037 Provisions are recognised when Antin has a present obligation (legal or constructive) as a result of a past event, it is probable that Antin will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the\u00a0risks and uncertainties surrounding the obligation.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19475": {
"value": "NOTE 22 BORROWINGS AND FINANCIAL LIABILITIES RECOGNITION AND INITIAL MEASUREMENT Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue. CLASSIFICATION AND SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
As of 31\u00a0December 2023, there are no borrowings and financial liabilities in Antin\u2019s Consolidated Balance Sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19482": {
"value": "RECOGNITION AND INITIAL MEASUREMENT Financial liabilities are recognised when Antin becomes party to a contract and are initially measured at fair value plus transaction costs that are directly attributable to their acquisition or issue. CLASSIFICATION AND SUBSEQUENT MEASUREMENT OF FINANCIAL LIABILITIES Financial liabilities are measured at amortised cost. Antin does not currently have any financial liability measured at amortised cost.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19516": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IFRS\u00a09 IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d deals with the accounting treatment of financial instruments used for hedging purposes. In order to hedge against certain risks, Antin makes selective use of derivative instruments. Antin may designate a hedge transaction as a fair value hedge or a cash flow hedge, depending on the risk and on the instruments to be hedged. To designate an instrument as a hedge derivative, Antin documents the hedging relationship from inception. The hedge documentation specifies the asset, liability, or future transaction hedged, the risk to be hedged and the associated risk management strategy, the type of financial derivative and the method used to measure the hedge effectiveness including sources of ineffectiveness and how the hedge ratio is determined. The hedge derivative must be highly effective in offsetting the change in fair value or cash flows arising from the hedged risk. This effectiveness is verified when changes in the fair value or cash flows of the hedged instrument are almost entirely offset by changes in the fair value or cash flows of the hedging instrument. Effectiveness is assessed when the hedge is first set up and throughout its life. Effectiveness is measured at each reporting period prospectively (expected effectiveness over the future periods) and retrospectively (effectiveness measured on past periods). The hedge accounting is discontinued when the hedging relationship ceases to meet the qualifying criteria. Hedging derivatives are recognised in the balance sheet under Derivative financial assets or liabilities.
In accordance with IFRS\u00a09 \u201cFinancial Instruments \u2013 Hedge Accounting\u201d, Antin classifies the swap transaction as a cash flow hedge. A derivative financial instrument is recognised at fair value in Antin\u2019s Consolidated Balance Sheet. This derivative financial instrument is recognised at fair value on the commencement date and subsequently measured at fair value at each reporting period. Changes in the fair value of the derivative financial instrument are recognised in Other Comprehensive Income and within the cash flow hedge reserve in Shareholders\u2019 Equity for its effective portion. Any ineffective portion is recognised in the Consolidated Income Statement within financial income or expense. Amounts recognised in Other Comprehensive Income are transferred to the Consolidated Income Statement on the line impacted by the hedged item when the hedged transaction affects profit or loss and the hedged cash flows occur, i.e., at the time of vesting of the free shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19602": {
"value": "\u25ba ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a07 Cash relates to cash on hand and demand deposits. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and subject to an insignificant risk of a change in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19662": {
"value": "NOTE 25 EQUITY 25.1 Total number of shares issued and outstanding Antin has one class of ordinary shares that carry one dividend right and one voting right. However, double voting rights are granted to shares for which proof of registration in the name of the same shareholder is provided for at least two years. As of 31\u00a0December 2023, Antin had 179,193,288\u00a0shares issued including 4,630,844\u00a0shares issued in 2023 as part of the Free Share Plan (see detail in Note\u00a06.3 \u201cShare-based payment plans\u201d), 378,900\u00a0treasury shares and a total of 178,814,388\u00a0shares outstanding. (in number of shares) 31-Dec-2023 31-Dec-2022 Shares issued 179,193,288 174,562,444 Treasury shares (378,900) (46,744) SHARES OUTSTANDING 178,814,388 174,515,700
25.2 Treasury shares Antin entered into a liquidity contract with BNP Paribas Arbitrage for a period of one year and tacitly renewable unless otherwise advised, effective as of 25\u00a0March 2022. The objective of the contract is to improve Antin\u2019s share trading and monitor volatility on the regulated market of Euronext Paris. The cash resources allocated to the liquidity agreement amount to \u20ac2.0\u00a0million. As of 31\u00a0December 2023, Antin had 78,900\u00a0shares for a total value of \u20ac0.9 million. In addition, a total of 300,000 treasury shares were purchased by Antin in September 2023 for an amount of \u20ac3.8\u00a0million. The shares have been allocated to potential future share-based compensation in the ordinary course of business, which may include stock option plans, free share plans, employee savings plans or other share allocations to employees and corporate officers of the Company or of related companies. As of 31 December 2023, the shares are not linked to any specific share-based compensation plan.
25.3 Distributions to Shareholders On 12\u00a0June 2023, Antin made a distribution in cash of \u20ac0.28 per\u00a0share, equivalent to \u20ac48.9\u00a0million. The distribution relates to the second instalment of the total dividend of \u20ac0.42 per share related to the fiscal year 2022 approved by Shareholders at the Shareholders\u2019 Meeting on 6\u00a0June 2023. An interim dividend of \u20ac0.14 per share equivalent to \u20ac24.4\u00a0million was paid in cash on 15\u00a0November 2022. In addition, an interim dividend of \u20ac0.32 per share, equivalent to \u20ac57.2\u00a0million, related to the fiscal year 2023 was distributed in cash on 14\u00a0November 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19666": {
"value": "25.1 Total number of shares issued and outstanding Antin has one class of ordinary shares that carry one dividend right and one voting right. However, double voting rights are granted to shares for which proof of registration in the name of the same shareholder is provided for at least two years. As of 31\u00a0December 2023, Antin had 179,193,288\u00a0shares issued including 4,630,844\u00a0shares issued in 2023 as part of the Free Share Plan (see detail in Note\u00a06.3 \u201cShare-based payment plans\u201d), 378,900\u00a0treasury shares and a total of 178,814,388\u00a0shares outstanding. (in number of shares) 31-Dec-2023 31-Dec-2022 Shares issued 179,193,288 174,562,444 Treasury shares (378,900) (46,744) SHARES OUTSTANDING 178,814,388 174,515,700
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19676": {
"value": "shares outstanding. (in number of shares) 31-Dec-2023 31-Dec-2022 Shares issued 179,193,288 174,562,444 Treasury shares (378,900) (46,744) SHARES OUTSTANDING 178,814,388 174,515,700
25.2 Treasury shares Antin entered into a liquidity contract with BNP Paribas Arbitrage for a period of one year and tacitly renewable unless otherwise advised, effective as of 25\u00a0March 2022. The objective of the contract is to improve Antin\u2019s share trading and monitor volatility on the regulated market of Euronext Paris. The cash resources allocated to the liquidity agreement amount to \u20ac2.0\u00a0million. As of 31\u00a0December 2023, Antin had 78,900\u00a0shares for a total value of \u20ac0.9 million. In addition, a total of 300,000 treasury shares were purchased by Antin in September 2023 for an amount of \u20ac3.8\u00a0million. The shares have been allocated to potential future share-based compensation in the ordinary course of business, which may include stock option plans, free share plans, employee savings plans or other share allocations to employees and corporate officers of the Company or of related companies. As of 31 December 2023, the shares are not linked to any specific share-based compensation plan.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19712": {
"value": "25.3 Distributions to Shareholders On 12\u00a0June 2023, Antin made a distribution in cash of \u20ac0.28 per\u00a0share, equivalent to \u20ac48.9\u00a0million. The distribution relates to the second instalment of the total dividend of \u20ac0.42 per share related to the fiscal year 2022 approved by Shareholders at the Shareholders\u2019 Meeting on 6\u00a0June 2023. An interim dividend of \u20ac0.14 per share equivalent to \u20ac24.4\u00a0million was paid in cash on 15\u00a0November 2022. In addition, an interim dividend of \u20ac0.32 per share, equivalent to \u20ac57.2\u00a0million, related to the fiscal year 2023 was distributed in cash on 14\u00a0November 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19717": {
"value": "0.28",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f19739": {
"value": "NOTE 26 OFF-BALANCE SHEET COMMITMENTS As of 31\u00a0December 2023, the off-balance sheet commitments of Antin were composed of: 26.1 Off-balance sheet investments (in \u20ack) Commitment Off-balance Sheet (Undrawn Amount) Fund\u00a0III-B \u00a020,000 \u00a02,020 Flagship Fund\u00a0V \u00a090,423 \u00a078,213 Mid\u00a0Cap Fund\u00a0I \u00a020,000 \u00a010,636 NextGen Fund\u00a0I \u00a024,342 \u00a017,616 Co-Investments 310 211 Investments in Antin Funds \u00a0155,075 \u00a0108,697 Flagship Fund\u00a0II \u00a0119 \u00a06 Flagship Fund\u00a0III \u00a0785 \u00a098 Flagship Fund\u00a0IV \u00a0508 \u00a0101 Fund\u00a0III-B \u00a02,783 \u00a0281 Flagship Fund\u00a0V \u00a018,085 \u00a015,621 Mid\u00a0Cap Fund\u00a0I \u00a04,400 \u00a02,330 NextGen Fund\u00a0I \u00a02,434 \u00a01,756 Investments in Carry Vehicles (allocated to Antin) \u00a029,113 \u00a020,194 Flagship Fund\u00a0V \u00a013,983 \u00a012,265 Mid\u00a0Cap Fund\u00a0I \u00a0664 \u00a0352 NextGen Fund\u00a0I \u00a09,737 \u00a07,022 Investments in Carry Vehicles (employee reserve) \u00a024,383 \u00a019,639 TOTAL \u00a0208,572 \u00a0148,530 The balance sheet amounts of the Antin Fund investments are detailed in Notes\u00a014 \u201cFinancial assets\u201d and 19 \"Accrued income\". 26.2 Financing commitments (in \u20ack) 31-Dec-2023 31-Dec-2022 Borrowings from credit institutions - - Drawn amount - - Revolving Credit Facility 30,000 30,000 Undrawn amount 30,000 30,000 Revolving Credit Facility Antin maintains a Revolving Credit Facility (\u201cRCF\u201d) for an amount of \u20ac30\u00a0million aimed at securing additional short-term liquidity if required. The interest rate margin on the RCF is 1.5% to 2.0% depending on certain leverage ratios, plus Euribor. The maturity date of the RCF is 30\u00a0June 2026.
",
"dimensions": {
"concept": "Antinip:DisclosureOfOffBalanceSheetCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19846": {
"value": "NOTE 27 RELATED-PARTY TRANSACTIONS
ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a024 Antin\u2019s related parties are: \u2022 its main shareholders \u2022 its Board members and \u2022 its Executive Committee members. Transactions with related parties are concluded on an arms\u2011length basis.
As of 31 December 2023, Antin granted carried interest loan financing to an Executive Committee member who was not eligible for the third party financing facility arranged by the firm on behalf of its employees. This includes a \u20ac1.5 million loan (of which \u20ac209k drawn as of 31 December 2023) at an interest rate of 3.96% with maturity in April 2030 and a \u20ac0.5 million loan (of which \u20ac218k drawn as of 31 December 2023) at an interest rate of 1.77% with a maturity in October 2031. The terms of the loans match the terms of the third party financing arrangements obtained for employees. There are no other significant transactions between Antin and its related parties.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19853": {
"value": "ACCOUNTING PRINCIPLES REFERENCE: IAS\u00a024 Antin\u2019s related parties are: \u2022 its main shareholders \u2022 its Board members and \u2022 its Executive Committee members. Transactions with related parties are concluded on an arms\u2011length basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19874": {
"value": "NOTE 28 EARNINGS PER SHARE 28.1 Earnings per share (in \u20ac) 31-Dec-2023 31-Dec-2022 Earnings per share Before dilution 0.43 (0.10) After dilution 0.42 (0.09) Earnings per share are calculated based on the net income attributable to the owners of the Company, divided by the weighted average number of shares outstanding, before and after the effects of dilution.
28.2 Weighted average number of shares (in number of shares) 31-Dec-2023 31-Dec-2022 Weighted average number of shares outstanding Before dilution 175,571,129 174,531,363 After dilution 176,316,749 181,978,992 The weighted average number of shares outstanding is calculated based on the number of shares issued adjusted for treasury share transactions during the period ended 31\u00a0December 2023. See detail presented in Note\u00a025.2 \u201cTreasury shares\u201d. The diluted weighted average number of shares assumes that 745,620\u00a0shares will vest in 2025 under the Free Share Plan initiated in 2021. Further information on the Free Share Plan is presented in Note\u00a06.3 \u201cShare-based payment plans\u201d.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19891": {
"value": "Earnings per share are calculated based on the net income attributable to the owners of the Company, divided by the weighted average number of shares outstanding, before and after the effects of dilution.
The weighted average number of shares outstanding is calculated based on the number of shares issued adjusted for treasury share transactions during the period ended 31\u00a0December 2023. See detail presented in Note\u00a025.2 \u201cTreasury shares\u201d. The diluted weighted average number of shares assumes that 745,620\u00a0shares will vest in 2025 under the Free Share Plan initiated in 2021. Further information on the Free Share Plan is presented in Note\u00a06.3 \u201cShare-based payment plans\u201d.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19922": {
"value": "NOTE 29 EVENTS AFTER THE REPORTING PERIOD Significant events since 31\u00a0December 2023 Acquisition of Excellence Imagerie Antin announced on 22 January 2024 an investment in Excellence Imagerie, a leading medical imaging group in France. Excellence Imagerie marks Antin\u2019s sixth investment for Mid Cap Fund I. Antin aims to further support Excellence Imagerie\u2019s unique positioning, which focuses on the quality and accessibility of care by relying on expert radiologists.
",
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"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138008FABJXP4HUOK53",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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}