{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance", "zegonacommunications": "http://zegonacommunications.com/xbrl/2022" }, "taxonomy": [ "http://zegonacommunications.com/xbrl/2022/213800ASI1VZL2ED4S65-2022-12-31.xsd" ] }, "facts": { "fact-4": { "value": "3271000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:CorporateCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-5": { "value": "4643000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:CorporateCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-6": { "value": "34000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ManagementIncentiveSchemeCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-7": { "value": "29072000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ManagementIncentiveSchemeCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-8": { "value": "26000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:SignificantProjectCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-9": { "value": "295000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:SignificantProjectCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-10": { "value": "-3331000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-11": { "value": "-34010000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-12": { "value": "25000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-13": { "value": "158000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-14": { "value": "4000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-15": { "value": "376000", "decimals": -3, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-16": { "value": "-3000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-17": { "value": "-30000", "decimals": -3, "dimensions": { "concept": "ifrs-full:GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-18": { "value": "-3313000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-19": { "value": "-34258000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-20": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-21": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-22": { "value": "-3313000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-23": { "value": "-34258000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-24": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-25": { "value": "114171000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossFromDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-26": { "value": "-3313000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-27": { "value": "79913000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-28": { "value": "-0.61", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-279": { "value": "-0.61", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-29": { "value": "0.47", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-280": { "value": "0.47", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-30": { "value": "-0.61", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-281": { "value": "-0.61", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-31": { "value": "-0.22", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-282": { "value": "-0.22", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-32": { "value": "0", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-283": { "value": "0", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-33": { "value": "0.68", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-284": { "value": "0.68", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "fact-34": { "value": "-3313000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-35": { "value": "79913000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-36": { "value": "-638000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ExchangeDifferencesOnTranslationOfForeignOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-37": { "value": "1484000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ExchangeDifferencesOnTranslationOfForeignOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-38": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ExchangeDifferencesOnTranslationOfDiscontinuedForeignOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-39": { "value": "-884000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ExchangeDifferencesOnTranslationOfDiscontinuedForeignOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-40": { "value": "-638000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-41": { "value": "600000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-42": { "value": "-3951000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-43": { "value": "80513000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-44": { "value": "13000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-45": { "value": "30000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-46": { "value": "4961000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-47": { "value": "5234000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsNoncurrent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-48": { "value": "4974000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-49": { "value": "5264000", "decimals": -3, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-50": { "value": "75000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherReceivables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-51": { "value": "197000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherReceivables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-52": { "value": "5890000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-53": { "value": "10556000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-54": { "value": "5965000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-55": { "value": "10753000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-56": { "value": "10939000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-57": { "value": "16017000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-58": { "value": "311000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-59": { "value": "301000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-60": { "value": "2565000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-61": { "value": "2565000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CapitalRedemptionReserve", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-62": { "value": "3049000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-63": { "value": "1616000", "decimals": -3, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-64": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-65": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-66": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:SharesToBeIssued", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-67": { "value": "1443000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:SharesToBeIssued", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-68": { "value": "65000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-69": { "value": "31000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfSharebasedPayments", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-70": { "value": "-6922000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-71": { "value": "-6284000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReserveOfExchangeDifferencesOnTranslation", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-72": { "value": "11469000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-73": { "value": "14782000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-74": { "value": "10537000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-75": { "value": "14454000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAttributableToOwnersOfParent", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-76": { "value": "402000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherPayables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-77": { "value": "1457000", "decimals": -3, "dimensions": { "concept": "ifrs-full:TradeAndOtherPayables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-78": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-79": { "value": "106000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-80": { "value": "402000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-81": { "value": "1563000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-82": { "value": "10939000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-83": { "value": "16017000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-84": { "value": "301000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-85": { "value": "31000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-86": { "value": "-6284000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-87": { "value": "14782000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-88": { "value": "2565000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-89": { "value": "1616000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-90": { "value": "1443000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-91": { "value": "14454000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-92": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-93": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-94": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-95": { "value": "-3313000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-96": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-97": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-98": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-99": { "value": "-3313000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-100": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-101": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-102": { "value": "-638000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-103": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-104": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-105": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-106": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-107": { "value": "-638000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-108": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-109": { "value": "34000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-110": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-111": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-112": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-113": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-114": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-115": { "value": "34000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-116": { "value": "10000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-117": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-118": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-119": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-120": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-121": { "value": "1433000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-122": { "value": "-1443000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-123": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-124": { "value": "311000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-125": { "value": "65000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-126": { "value": "-6922000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-127": { "value": "11469000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-128": { "value": "2565000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-129": { "value": "3049000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-130": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-131": { "value": "10537000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-132": { "value": "2821000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-133": { "value": "799000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-134": { "value": "-6884000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-135": { "value": "46072000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-136": { "value": "34000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-137": { "value": "108793000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-138": { "value": "180816000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-139": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-140": { "value": "332451000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-141": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-142": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-143": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-144": { "value": "79913000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-145": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-146": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-147": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-148": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-149": { "value": "79913000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-150": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-151": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-152": { "value": "600000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-153": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-154": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-155": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-156": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-157": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-158": { "value": "600000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-159": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-160": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-161": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-162": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-163": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-164": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-165": { "value": "12169000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-166": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-167": { "value": "12169000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-168": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-169": { "value": "763000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-170": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-171": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-172": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-173": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-174": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-175": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-176": { "value": "763000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-177": { "value": "-0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-178": { "value": "1562000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-179": { "value": "-0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-180": { "value": "-0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-181": { "value": "-0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-182": { "value": "-0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-183": { "value": "-0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-184": { "value": "-0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-185": { "value": "1562000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:ReclassificationOfIncentiveArrangements", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-186": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-187": { "value": "31000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-188": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-189": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-190": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-191": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-192": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-193": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-194": { "value": "31000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RenewalOfIncentiveScheme", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-195": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-196": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-197": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-198": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-199": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-200": { "value": "108679000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-201": { "value": "-108679000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-202": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-203": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ReductionOfIssuedCapital", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-204": { "value": "-2531000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-205": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-206": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-207": { "value": "-111223000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-208": { "value": "2531000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-209": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-210": { "value": "-277326000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-211": { "value": "0", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-212": { "value": "-388529000", "decimals": -3, "dimensions": { "concept": "zegonacommunications:RedemptionOfShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-213": { "value": "11000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-214": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-215": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-216": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-217": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-218": { "value": "1502000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-219": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-220": { "value": "1443000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-221": { "value": "2956000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-222": { "value": "301000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "fact-223": { "value": "31000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:EUR" } }, "fact-224": { "value": "-6284000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "fact-225": { "value": "14782000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-226": { "value": "2565000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:CapitalRedemptionReserveMember", "unit": "iso4217:EUR" } }, "fact-227": { "value": "1616000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:EUR" } }, "fact-228": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:EUR" } }, "fact-229": { "value": "1443000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "zegonacommunications:SharesToBeIssuedMember", "unit": "iso4217:EUR" } }, "fact-230": { "value": "14454000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-231": { "value": "-3313000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-232": { "value": "-34258000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-233": { "value": "16000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-234": { "value": "16000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationExpense", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-235": { "value": "35000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-236": { "value": "31000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-237": { "value": "3000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-238": { "value": "30000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-239": { "value": "25000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-240": { "value": "158000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-241": { "value": "4000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-242": { "value": "376000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-243": { "value": "395000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-244": { "value": "-5261000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-245": { "value": "-1055000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-246": { "value": "334000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-247": { "value": "25000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-248": { "value": "21000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-249": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-250": { "value": "273000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-251": { "value": "-3916000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-252": { "value": "-39142000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-253": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-254": { "value": "34000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-255": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-256": { "value": "-34000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-257": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-258": { "value": "439547000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-259": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-260": { "value": "12169000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidToEquityHoldersOfParentClassifiedAsFinancingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-261": { "value": "-0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-262": { "value": "388529000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-263": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-264": { "value": "2956000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-265": { "value": "106000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-266": { "value": "11028000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-267": { "value": "-106000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-268": { "value": "-408770000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-269": { "value": "-4022000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-270": { "value": "-8399000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-271": { "value": "-644000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-272": { "value": "3711000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-273": { "value": "10556000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-274": { "value": "15244000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2021-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-275": { "value": "5890000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-276": { "value": "10556000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-287": { "value": "1. GENERAL INFORMATION The Consolidated Financial Statements of Zegona Communications plc (the \u201cCompany\u201d) and its subsidiaries (collectively, \u201cZegona\u201d) for the year ended 31 December 2022 (the \u201cConsolidated Financial Statements\u201d ) were authorised for issue in accordance with a resolution of the Directors on 6 April 2023. The Company was incorporated and is domiciled in England and Wales and has its registered office at 8 Sackville St, Mayfair, London W1S 3DG. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-285": { "value": "1. GENERAL INFORMATION The Consolidated Financial Statements of Zegona Communications plc (the \u201cCompany\u201d) and its subsidiaries (collectively, \u201cZegona\u201d) for the year ended 31 December 2022 (the \u201cConsolidated Financial Statements\u201d ) were authorised for issue in accordance with a resolution of the Directors on 6 April 2023. The Company was incorporated and is domiciled in England and Wales and has its registered office at 8 Sackville St, Mayfair, London W1S 3DG. 2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The Company and Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 as applicable to companies reporting under international accounting standards. The Company Financial Statements present information about the Company as a separate entity and not about its group. The Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual Statement of Comprehensive Income and related notes that form a part of the Company Financial Statements. The Consolidated Financial Statements include the results of all subsidiaries wholly owned by the Company as listed in note 9. Certain of these subsidiaries, which are listed below, have taken the exemption from preparing individual accounts for the year ended 31 December 2022 by virtue of section 394A of Companies Act 2006. In order to allow these subsidiaries to take the exemption, the Company has given a statutory guarantee of all these companies\u2019 outstanding liabilities as at 31 December 2022: \u2022 Zegona Spanish Holdco Limited (Registered Number: 10159232) \u2022 Zegona Borrower Limited (Registered Number: 10159347) \u2022 Zegona Holdco Limited (Registered Number: 10159604) . The Consolidated Financial Statements and the Company Financial Statements have been prepared under the historical cost convention except for certain financial assets that have been measured at fair value, as disclosed in note 11. The functional currency of the Company is British pounds sterling (\u201cSterling\u201d or \u00a3) . The Directors have chosen to present the Consolidated Financial Statements and the Company Financial Statements in euros (\u20ac) since it has previously owned investments denominated in euros and expects to make future acquisitions in euro, or euro-correlated assets. All values are rounded to the nearest thousand (\u20ac000) except where otherwise indicated. The principal accounting policies adopted in the preparation of the Consolidated Financial Statements are set out below. The policies have been consistently applied throughout the years presented. (b) Going concern The Consolidated Financial Statements have been prepared on the going concern basis, which the directors consider to be appropriate for the reasons outlined below. Zegona\u2019s Directors have assessed the going concern assumptions during the approval of the Consolidated Financial Statements. This assessment included the review of Zegona cashflow forecast and budget which encompassed expected developments in liquidity, debt and capital, together with reasonable contingencies for routine professional fees that would be expected to support Zegona\u2019s day-to-day operations. Additionally, the Directors have also considered other potential severe but plausible downside scenarios and other factors that could indicate possible threats to its ability to continue in operation for a period of at least twelve months from the date of approving the Consolidated Financial Statements. Zegona is continuing to execute its Buy-Fix-Sell strategy which currently involves actively searching for another attractive investment opportunity within the European TMT sector and it now meets its day to day working capital requirements while it does this from cash balances. During this period, Zegona\u2019s ongoing costs are reasonably predictable and controllable and in 2022 Zegona also performed a comprehensive review of operating costs to ensure the business is operating as efficiently as possible by eliminating expenditure where possible, reducing headcount and re-negotiating key supplier terms. Following this review, the Directors are reasonably comfortable that provided Zegona does not incur any material unforeseen costs, Zegona\u2019s cash holdings of \u00a34.5million (\u20ac5.3 million) at 6 April 2023 should be sufficient to fund the business until at least the first quarter of 2025, which is significantly more than twelve months after the approval of these Consolidated Financial Statements. In performing their assessment, the Directors however also recognized that Zegona\u2019s ability to continue as a going concern could be compromised in each (or a combination of) two main scenarios which it does not necessarily consider likely, but which are plausible: 1) While Zegona currently believes the European TMT market does provide for a number of attractive investment opportunities in the coming years, it is still possible that Zegona may be unable, for a number of reasons, to (a) identify and successfully negotiate an acceptable agreement to acquire of a new investment that it feels is able to meet its financially disciplined criteria for attractive returns to its investors in a reasonable period of time (b) Secure sufficient equity and/or debt financing for the identified acquisition on terms that still allow Zegona to create sufficient value to deliver those attractive investor returns. If this does happen, the Directors and the Management team could conclude that it is no longer in investors\u2019 best interests to continue to seek alternative investments. 2) Zegona may incur costs in connection with an unsuccessful deal or deals (\u201cabort costs\u201d) large enough to exhaust its cash reserves. The Directors\u2019 going concern review suggests that without taking any other cost saving actions, Zegona could absorb approximately \u00a31.7 million in such abort costs during the next twelve months without exhausting its cash reserves. The Directors considered this unlikely, since expenditure at this level would only happen on a relatively small sub-set of transactions and Zegona has historically been successful in minimizing transaction fees and controlling them during the negotiation and diligence phase such that costs are only incurred when the likelihood of success is high. It is however possible in some larger and more complex transactions which fail at a very late stage that fees in excess of \u00a31.7 million could be incurred, or that Zegona could have multiple failed transactions with cumulative abort costs in excess of this level. Due to the existence of these two scenarios, the Directors believe that it is still appropriate to prepare the financial statements on a going concern basis. However, there are indications of the existence of a material uncertainty related to events or conditions that may cast significant doubt on the group\u2019s and the company\u2019s ability to continue as a going concern and, therefore, that the group and company may be unable to realise their assets and discharge their liabilities for at least twelve months from the date of approving the Consolidated Financial Statements. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. (c) New standards and amendments to IFRS Standards, amendments and interpretations effective and adopted by Zegona: There are no standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions (d) Basis of consolidation Subsidiaries are entities controlled by the Company, either directly or indirectly. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial information of subsidiaries is included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Intragroup balances, any gains and losses or income and expenses arising from intragroup transactions, and intragroup cash flows are eliminated on consolidation. (e) Interests in associates An associate is an entity over which Zegona has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Zegona evaluates the extent to which it has significant influence in investees on a case-by-case basis, considering all relevant facts and circumstances. Evaluations are updated when there any changes in those facts and circumstances. These evaluations are often subject to significant judgement and the key judgements and considerations underlying material evaluations are more fully discussed in note 3. Zegona classifies investments in entities over which it has significant influence as associates and accounts for them using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is increased or decreased to recognise changes in Zegona\u2019s share of the profit or loss of the investee after the date of acquisition. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The Consolidated Statement of Comprehensive Income reflects Zegona\u2019s share of the results of operations of the associate. Any change in Other Comprehensive Income (\u201cOCI\u201d) of those investees is presented as part of Zegona\u2019s OCI. Investments in associates are assessed at each reporting period date and tested for impairment when there is an indication that the recoverable amount has fallen below the carrying value of the investment; i.e. that the investment may be impaired. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Impairment losses are recognised within \u2018Share of profit of associate\u2019 in the Consolidated Statement of Comprehensive Income. f) Discontinued Operations Zegona classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale; this also applies in respect of assets held by equity accounted associates and joint ventures. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. g) Foreign currencies Foreign currency transactions Sterling is the functional currency of the Company. Transactions in foreign currencies are recorded at the rates of exchange ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in the Statement of Comprehensive Income. Non-monetary items denominated in foreign currencies are translated at the functional currency spot rates of exchange at each reporting date. Foreign operations The euro is the presentation currency of the Consolidated Financial Statements. For the purpose of presenting the Consolidated Financial Statements, the assets and liabilities of Zegona\u2019s non-euro-denominated functional entities (including subsidiaries, associates and joint ventures) are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Currency translation adjustments arising on the restatement of opening net assets of Zegona\u2019s non-euro denominated functional entities, together with differences between the entities\u2019 results translated at average rates versus closing rates, are recognised in the Statement of Other Comprehensive Income and transferred to the foreign currency translation reserve. All resulting exchange differences are classified as equity until disposal of the foreign operation. On disposal, the cumulative amounts of the exchange differences are recognised as income or expense. h) Revenue and expenses Finance income Interest income from financial assets is recognised using the effective interest method as finance income in the Consolidated Statement of Comprehensive Income. Dividend income from financial assets including from subsidiary undertakings is recognised as finance income in the Consolidated Statement of Comprehensive Income when Zegona\u2019s right to receive the payment is established, which for listed securities is when the shares are quoted ex-dividend, and are presented gross of any non-recoverable withholding taxes. Gains or losses on financial instruments measured at fair value through profit or loss comprise the net change in fair value, excluding interest or dividend income. i) Administrative and other operating expenses Administrative and other operating expenses are recognised on an accruals basis, i.e. when the actual flow of the services they represent occurs, regardless of when the resulting monetary or financial flow arises. Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. These are recognised on an accruals basis and expensed in the Statement of Comprehensive Income unless they are directly related to the issuance of equity instruments in which case they are recognised as a deduction from equity. If qualifying transaction costs are incurred in anticipation of, and directly related to, the issuance of equity instruments and span more than one reporting period, they are deferred until equity instruments are recognised. If the equity instruments are not subsequently issued, the costs are expensed. j) Fair value measurement Zegona measures certain financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 In the principal market for the asset or liability; or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by Zegona. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zegona uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and \u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the Financial Statements at fair value on a recurring basis, Zegona determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. k) Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss (\u201cFVPL\u201d) , amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d ) . The classification of a financial asset at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and Zegona\u2019s business model for managing it. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d ) . Financial assets are initially recognised at their fair value plus, for those financial assets not at fair value through profit or loss, transaction costs. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the settlement date, being the date that an asset is delivered to or by Zegona. Subsequent measurement Zegona\u2019s financial assets are classified into categories: \u2022 Financial assets at amortised cost comprise assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI Criterion. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognised in the Statement of Comprehensive Income. Any gain or loss on derecognition is recognised in the Statement of Comprehensive Income. \u2022 Financial assets at FVPL comprise quoted equity instruments which Zegona had not irrevocably elected, upon initial recognition, to classify at FVOCI and debt instruments whose cash flow characteristics fail the SPPI Criterion. These assets are carried in the Statement of Financial Position at fair value with net changes in fair value recognised as either finance income or finance costs in the Statement of Comprehensive Income. Derecognition A financial asset is primarily derecognised and removed from the Statement of Financial Position when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 Zegona has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) Zegona has transferred substantially all the risks and rewards of the asset, or (b) Zegona has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When Zegona has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, Zegona continues to recognise the transferred asset to the extent of its continuing involvement and also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that Zegona has retained. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement Financial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial liabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the Statement of Comprehensive Income when the liabilities are derecognised. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability, the difference of the respective carrying amounts is recognised in the Consolidated Statement of Comprehensive Income. Equity instruments An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis to realise the assets and settle the liabilities simultaneously. l) Impairment of financial assets For trade receivables, Zegona applies a simplified approach in calculating expected credit losses (\u201cECLs\u201d) and recognises a loss allowance based on lifetime ECLs at each reporting date using Zegona\u2019s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. m) Property, plant and equipment Property, plant and equipment is measured initially at acquisition cost and subsequently carried net of any accumulated depreciation and any impairment losses. The costs of upkeep and maintenance of property, plant and equipment are charged to the administrative and other operating expenses in the Statement of Comprehensive Income in the year in which they are incurred. Replacements or renewals are recorded as an addition to property, plant and equipment and the units replaced or renewed are derecognised. Property, plant and equipment in operation is depreciated systematically on the basis of the estimated useful economic life of the items, and the cost of the assets is distributed on a straight-line basis over the estimated useful economic lives. For fixtures and fittings, which comprises primarily computer hardware, the estimated useful economic live is 3 years. Derecognition of property, plant and equipment Items of property, plant and equipment are derecognised when they are sold or when no future economic benefit is expected to be obtained from their continuing use. The gain or loss arising on the disposal or derecognition of an item of property, plant and equipment is determined as the difference between the proceeds from the sale and the carrying amount of the asset and is recognised in the Consolidated Statement of Comprehensive Income. n) Leases Zegona assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Following adoption of IFRS 16 Leases, Zegona has taken the exemption contained under IFRS 16 to not apply IFRS 16 requirements to any of its leases as these leases are short-term in nature (less than 12 months) or low in value. o) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. p) Investments in subsidiaries Investments in subsidiaries within the Company\u2019s separate Statement of Financial Position are stated at cost less provision for impairment. At the end of each reporting year, or whenever there are indications of impairment, the Company tests its investments in subsidiaries for impairment to determine whether their recoverable amount has fallen below their carrying amount. The recoverable amount is the greater of fair value less costs to sell and value in use. An impairment loss is recognised when the carrying amount exceeds the recoverable amount. Value in use is the present value of expected future cash flows, calculated using a risk-free market rate of interest, adjusted for the risks specific to the asset. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount; however, the increased carrying amount may not exceed the carrying amount that would have been determined had no impairment loss been recognised in previous years. This reversal of an impairment loss is recognised as income. The Company makes appropriate provision when the recoverable value is less than the carrying amount, provided the latter cannot be recovered by generating sufficient income to cover all the costs and expenses incurred by usage of the asset. q) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in other reserves as a deduction from the initial measurement of the equity instrument. r) Dividends payable The Company recognises a liability to pay a dividend when the distribution is authorised and the distribution is no longer at the discretion of the Company. A corresponding amount is recognised directly in equity. s) Corporation tax Corporation tax represents the sum of current and deferred tax for the year. Current tax is the expected tax payable on the taxable income for the year. Taxable profit differs from profit reported in the Consolidated Statement of Comprehensive Income because some items of income and expense are taxable or deductible in different years or may never be taxable or deductible. Zegona\u2019s current tax is calculated using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to taxes payable in respect of previous periods. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability method. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is calculated on the tax rates that are expected to apply in the year when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the year end date, and is not discounted. t) Pension benefits Zegona pays contributions to externally administered pension plans on behalf of employees, or the equivalent contribution is paid in cash to the employee. Zegona has no further payment obligations once the contributions have been paid. The contributions are recognised as an expense on the accrual basis. u) Earnings per ordinary share Basic earnings per share (\u201cEPS\u201d) is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. v) Share-based transactions Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The grant date is the date on which an employer and an employee agree upon the most essential terms and conditions associated with the award. If shareholder approval is needed, then the grant date is delayed until that approval has been obtained, unless shareholder approval is considered to be perfunctory. Share based payment schemes in which Zegona has a choice of settlement are classified as either equity settled share-based payments or cash-settled share-based payments, depending on Zegona\u2019s ability and intent to settle in shares, which Zegona has previously communicated its intention to do. The fair value is expensed through administrative and other operating expenses, with a corresponding increase in equity through the share-based payment reserve, on a straight-line basis over the period that the employees or others providing similar services become unconditionally entitled to the awards or vesting period. The vesting period for these schemes may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. Expenses are recognised when the employee starts to render service to which the award relates. The fair value of the awards is calculated at each accounting reporting period until the final fair value is measured at the legal grant date. The dilutive effect of outstanding share-based payments is reflected as share dilution in the computation of diluted EPS. 3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES The Consolidated Financial Statements reflect management\u2019s choice of accounting policies, assumptions and estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. In view of the inherent uncertainties and the high level of subjectivity involved in the recognition or measurement of items outlined below, it is possible that the outcomes in the next financial year could differ from those on which management\u2019s estimates are based. This could result in materially different estimates and judgement from those reached by management for the purpose of these Consolidated Financial Statements. The main accounting judgements and estimates used by the Directors in applying the accounting policies of Zegona that had the greatest impact on the Consolidated Financial Statements in the current year are: Accounting judgements \u2022 The recoverability of the income tax receivable. During 2021, Zegona was required to pay two charging notices totalling \u00a34.4 million issued by HMRC in respect of the EU Commission\u2019s decision that the Group Financing Exemption contained within the UK\u2019s Controlled Foreign Company legislation constituted State Aid. In prior periods, Zegona had concluded that no provision was required on the basis that it was not probable that there would ultimately be an outflow of resources required to settle the obligation. Consequently, Zegona has continued to record an income tax receivable on payment of the charging notices and has continued to evaluate the receivable for recoverability. The determination of whether an outflow is more likely than not requires judgement. An explanation of the key judgements made in determining that the receivable continues to be recoverable is provided in Note 14. \u2022 Going concern. Zegona\u2019s assessment of the entity\u2019s ability to continue as a going concern involves judgment with respect to its ability to meet liabilities as they fall due for a period of at least twelve months from the approval of the financial statements, including considerations around the ongoing trade of the group which is to make strategic telco investments. An explanation of the key judgements made in determining that the Zegona continues to be a going concern, albeit with a material uncertainty related to events or conditions that may cast significant doubt on its ability to continue as a going concern is provided in Note 2. Accounting estimates \u2022 Measurement of share-based payments transactions. Valuation techniques are used in determining the fair value of the management incentive award, which feature significant unobservable inputs and are subject to substantial uncertainty. The main estimates and assumptions used in determining the \u00a30.28 per share fair value of the management incentive are detailed in Note 17. 4. SEGMENTAL ANALYSIS Following the disposal of Euskaltel in 2021 (see note 12) , Zegona and its subsidiaries is organised a single business which seeks to generate shareholder returns by applying its Buy-Fix-Sell strategy to European TMT assets. The chief operating decision maker is considered to be the Board, who only receive consolidated information which does not does not include an analysis of either profit and loss or assets and liabilities to any lower level. Zegona has therefore concluded that it only has a single operating segment for which the measure of performance is Zegona\u2019s consolidated loss for the period from continuing operations and all amounts required to be disclosed in accordance with paragraph 23-24 of IFRS 8 Operating Segments are the same as the equivalent consolidated amounts disclosed elsewhere in these financial statements. All non-current assets are domiciled in the United Kingdom. 5. ADMINISTRATIVE AND OTHER OPERATING EXPENSES \u2013 CORPORATE COSTS Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Salaries, bonuses and staff benefits 2,212 2,918 Employment related taxes 333 423 Pension costs 239 311 Other operating expenses 487 991 Corporate costs 3,271 4,643 Staff numbers The average number of employees (including Executive Directors but excluding Non-Executive Directors) during the year by activity was as follows: Consolidated 2022 Consolidated 2021 Operations 6 6 Administration 1 1 7 7 Further information in relation to pay and remuneration of the directors can be found in the Directors\u2019 Remuneration Report, starting on page 31. 6. ADMINISTRATIVE AND OTHER OPERATING EXPENSES \u2013 SIGNIFICANT PROJECT COSTS Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. The classification of projects as significant is subjective in nature and therefore judgement is required in its determination and is a matter of qualitative assessment. Significant projects are usually related to acquisition or joint venture transactions where incremental and identifiable external costs are incurred by Zegona in order to make or evaluate the potential transaction, even if it is not consummated. The \u20ac26 thousand (2021: \u20ac0.3 million) of significant project costs recognised in 2022 were principally professional fees in relation to potential acquisition opportunities. In addition, significant project costs were recognised within discontinued operations in 2021 (see note 12) . 7. FINANCE INCOME AND COSTS Note Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Net gain on currency forward instruments \u2013 137 Bank interest 25 21 Finance income 25 158 Interest on bank borrowings and bank charges (4) (376) Finance costs (4) (376) 8. TAXATION Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Current tax expense Current year \u2013 \u2013 Income tax expense for the year \u2013 \u2013 Zegona believes that no accruals for tax liabilities are required for all open tax years based on its assessments of many factors, including interpretations of tax law and prior experience. The normal UK statute of limitations is four years from the end of the accounting period. Reconciliation of effective tax rate Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 (Loss) before tax from continuing operations (3,312) (34,258) At UK statutory income tax rate (19% (2021: 19%) ) (629) (6,509) Expenses not deductible for tax purposes* 26 5,916 Unrecognised tax losses* 602 593 Income tax expense \u2013 \u2013 * At UK statutory income tax rate (19% (2021: 19%) ) Income relating to the investment in Euskaltel during 2021, including dividends and gains in fair value and foreign exchange, is not taxable as the dividends are in respect of non-redeemable ordinary shares and the investment is expected to meet the substantial shareholdings exemption which provides an exemption from corporation tax for capital gains. The majority of significant project costs is not deductible for tax purposes as the projects relate to acquisitions or disposals and are therefore capital in nature. Unrecognised deferred tax assets Deferred tax assets of the UK tax-resident companies of \u20ac9.4 million (2021: \u20ac7.7 million) have not been recognised in respect of tax losses, because it is not probable that future taxable profit will be available against which the companies can maximise the benefits therefrom. Under UK law there is no expiry for the use of tax losses. In the UK 2021 Budget Statement it was announced that the UK corporation rate will increase to 25% from 1 April 2023. Consequently, Zegona has remeasured its unrecognised UK deferred tax assets at the end of the reporting period at the rate of 25%. 9. INVESTMENT IN SUBSIDIARIES The Consolidated Financial Statements in the current year include the following subsidiaries: Subsidiary Nature of business Country of incorporation Shares held directly by the Company Shares held indirectly by the Company Zegona Limited Incentive company Jersey (1) 100% \u2013 Zegona Spanish Holdco Limited Dormant UK (2) \u2013 100% Zegona Borrower Limited Dormant UK (2) \u2013 100% Zegona Holdco Limited Dormant UK (2) \u2013 100% The registered office addresses of the subsidiaries are: 1. 47 Esplanade, St Helier, Jersey, JE1 0BD 2. 8 Sackville St, Mayfair, London, W1S 3DG There are no restrictions on the Company\u2019s ability to access or use the assets and settle the liabilities of the Company\u2019s subsidiaries, other than immaterial assets controlled by liquidators. Carrying value of the Company\u2019s direct investment in subsidiary 2022 During 2022, Zegona Limited continued to pay cash expenses on behalf of the group. These outflows prompted Zegona to review whether the carrying value of the investment in subsidiary was recoverable as at 31 December 2022. Following these reviews, the carrying value of the investment was impaired by \u20ac3.0 million in total, which has been recognised in the profit or loss of the Company and included within the movement in retained earnings in the Company\u2019s statement of financial position. The recoverable amount of the Company\u2019s investment in subsidiary at 31 December 2022 was \u20ac3.7 million, being its fair value less costs of disposal. The fair value measurement is categorised within level 3 of the fair value hierarchy. The fair value was based on an adjusted net asset method, whereby the fair values of the recognised and unrecognised assets and liabilities of Zegona Limited were directly measured. 2021 During 2021, the Company performed an impairment review of Zegona limited on the same basis and impaired its investment by \u20ac288.8 million to its recoverable amount of \u20ac6.8 million, principally because on 11 August 2021, Zegona Limited paid a distribution of \u00a3360 million (equivalent to \u20ac417.9 million) out of a combination of its share premium account and retained earnings to fund the Company\u2019s tender offer. 10. FINANCIAL RISK MANAGEMENT Zegona\u2019s activities expose it to market risk, principally interest rate risk and currency risk, however these have been significantly reduced since the sale of its investment in Euskaltel (see note 12) and the Return of Capital (see note 18) . Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rate. Zegona\u2019s exposure to interest rate risk is extremely limited as it only has a small overdraft facility, which bears interest at 1.5% per annum over the Bank of England base rate but is currently undrawn. Zegona seeks to minimise interest rate risk through maintaining the minimum amount of leverage , however in the opinion of the Directors, even a significant movement in LIBOR would not have a material impact on the cash flow of Zegona. The Executive Directors and the Chief Financial Officer regularly review the placing of cash balances and Zegona\u2019s leverage. Foreign currency risk The Board and the Chief Financial Officer control and monitor financial risk management, including foreign currency risk, in accordance with internal policy and the strategic plan defined by the Board. Zegona is exposed to three types of exchange risk: transaction, translation and economic risk. Transaction risk is the risk of loss that Zegona bears when it enters into monetary transactions denominated in currencies other than Sterling, the currency in which Zegona operates. A loss (or gain) may occur due to the change in relative value of currencies from the date on which the transaction is entered to the date the settlement takes place. Zegona is also exposed to foreign exchange translation risk which is accounting in nature. It is the risk that the value of net assets and net profit will change as a result of translation of the Financial Statements of companies within the group with a different functional currency to the presentational currency from one period to the next. In the case of Zegona, this is the conversion of Sterling into euro. The table below show the impact of a 10% movement in Sterling against the euro on the translation of Zegona\u2019s reported financial position as at 31 December 2022 and reported financial performance for the year. Currency impact +/- 10% movement \u20ac000 Profit before tax gain/loss -/+ 331 Equity gain/loss -/+ 1,054 Credit risk Credit risk arises from cash and cash equivalents, prepayments and other. Zegona\u2019s objective is to minimise credit risk as far as possible and uses the ratings awarded by independent agencies, where available, otherwise Zegona assesses the counterparty\u2019s credit rating taking into account its financial situation, past experience and other factors. There are no material financial assets that are written down, past due or impaired as at 31 December 2022, and there is no collateral or other credit enhancement feature on Zegona\u2019s financial assets. The material exposures to credit risk by credit quality classification and external rating at 31 December 2022 are shown in the table below: Quality classification External credit rating Cash and cash equivalents \u20ac000 Total \u20ac000 Strong A- and above 5,890 5,890 5,890 5,890 Credit quality classification definitions: \u2022 Strong exposures demonstrate a strong capacity to meet financial commitments, with negligible or low probability of default and/or low levels of expected loss. The Directors consider that the carrying amounts best represent the maximum exposure to credit risk. Liquidity risk Prudent liquidity risk management implies holding sufficient cash and marketable securities and the availability of financing through a sufficient level of available credit lines. Management assesses regularly Zegona\u2019s liquidity forecasts which consider cashflow projections and existing facilities. At 31 December 2022, Zegona had cash balances held with banks amounting to \u20ac5.8 million (2021: \u20ac10.6 million) , compared to Zegona\u2019s total liabilities amounting to \u20ac0.4 million (2021: \u20ac1.5 million) . In addition at both 31 December 2022 and 31 December 2021, Zegona had an undrawn overdraft facility of \u00a31.5 million, equivalent to \u20ac1.7 million although this is repayable on demand. 11. FINANCIAL INSTRUMENTS The following tables shows the carrying amounts and the fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities measured at amortised costs as their carrying amount is a reasonable approximation of fair value. Financial instrument classification and fair values \u2013 Consolidated Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Prepayments and other receivables \u2013 75 \u2013 197 Cash and cash equivalents \u2013 5,890 \u2013 10,556 Total current financial assets \u2013 \u2003\u20035,965 \u2013 10,753 Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Accruals and other payables \u2013 402 \u2013 1,457 Bank borrowing \u2013 \u2013 \u2013 106 Total current financial liabilities \u2013 402 \u2013 1,563 The Directors consider that the carrying amounts of the financial instruments measured at amortised cost equate to their fair values. Financial instrument classification and fair values \u2013 Company Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Prepayments and other receivables \u2013 1,805 \u2013 3,821 Cash and cash equivalents \u2013 337 \u2013 16 Total current financial assets \u2013 2,142 \u2013 3,837 Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Accruals and other payables \u2013 235 \u2013 620 Bank borrowings \u2013 \u2013 \u2013 106 Total current financial liabilities \u2013 235 \u2013 726 12. PROFIT FROM DISCONTINUED OPERATIONS For part of 2021, Zegona owned 21.44% of in Euskaltel S.A. (\u201cEuskaltel\u201d) , a Spanish telecommunications company incorporated in Spain and operating in the Basque Country, Asturias and Galicia under regional brands and nationally across Spain under the Virgin telco brand. This investment was sold to a subsidiary of M\u00e1sM\u00f3vil Ibercom, S.A.U (\u201cM\u00e1sM\u00f3vil\u201d) , the Spanish fourth national operator who launched a tender offer to acquire all of the outstanding shares of Euskaltel on 28 March 2021. The tender offer completed successfully and Zegona received \u20ac421.3 million in cash on 11 August 2021. The amounts recorded in the Consolidated statement of comprehensive income in respect of discontinued operations were as follows: Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Gain on sale of discontinued operation \u2013 110,240 Share of loss of associate \u2013 (454) Realised foreign exchange gains \u2013 8,391 Significant project costs \u2013 (2,910) Finance costs \u2013 (1,096) Discontinued operations \u2013 114,171 The amounts recorded in the Consolidated statement of cash flows in respect of discontinued operations wereas follows: Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Proceeds from sale of investment in Euskaltel \u2013 421,275 Dividends received from Euskaltel \u2013 11,872 Proceeds from sale of contingent consideration \u2013 6,400 Net cash flow from discontinued investing activities \u2013 439,547 Gain on sale of discontinued operation and Share of loss of associate Up to the announcement of M\u00e1sM\u00f3vil\u2019s tender offer on 28 March 2021, Zegona had accounted for its investment in Euskaltel as an associate and recorded its share of Euskaltel\u2019s loss for this period of \u20ac454 thousand. The investment in Euskaltel ceased to be an associate on 28 March 2021 and from this date became an asset held for sale with Zegona no longer recognising a share of Euskaltel\u2019s profit from that date. During 2021, Zegona recognised a gain on disposal of Euskaltel that was calculated as follows: \u20ac000 Consideration received 421,275 Carrying amount of investment in associate (310,410) Recycling of historical exchange differences on sale of discontinued operations (625) Gain on sale of discontinued operations 110,240 The disposal of Euskaltel did not attract a tax charge as it qualifies for the Substantial Shareholding Exemption in Schedule 7AC of the Taxation of Chargeable Gains Act 1992. Realised foreign exchange gains On 7 April 2021, Zegona entered into a Deal Contingent Forward Purchase Agreement (\u201cDCF\u201d) with Barclays Bank PLC to ensure it would receive a fixed Sterling value if the tender offer to acquire Euskaltel was completed successfully. The realised foreign exchange gains are the gains on this instrument, calculated as the difference between the GBP value received under the DCF and the GBP value of the euros received at the prevailing spot rate. Since this instrument has been entered into entirely to fix the Sterling value of the Euskaltel proceeds, changes in fair value are recognised within discontinued operations. This line also includes \u20ac0.4 million of foreign exchange gains arising from the revaluation of the Euro-denominated contingent consideration. Significant project costs Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. In 2021, \u20ac2.9 million of significant project costs related to the disposal of the Euskaltel investment and the Return of capital were recognised with discontinued operations which were principally legal fees and stamp duty. Finance costs Up to 10 August 2021, Zegona recorded a financial asset designated at fair value for contingent consideration receivable from Euskaltel in relation to the sale of Telecable in 2017. This asset was always recorded at fair value using a probability-weighted discounted cash flow model 17 and the loss of \u20ac1.1 million reflects the change in the fair value of the asset between 1 January 2021 and 10 August 2021, when it was sold to a third party for \u20ac6.4 million in cash, which was received on 10 August 2021. As the sale of Euskaltel would not have been undertaken without the settlement of the contingent consideration Zegona concluded that the contingent consideration was part of the discontinued operation. 13. PREPAYMENTS AND OTHER RECEIVABLES Consolidated 31 December 2022 Consolidated 31 December 2021 \u20ac000 \u20ac000 Prepayments 19 46 Accrued interest on bank deposits 24 \u2013 VAT recoverable 32 151 Total 75 197 17 This meant that the instrument was allocated to level 3 of the fair value hierarchy. The value assigned to the instrument at 1 January 2021 was \u20ac7,499 and the change in the fair value included \u20ac3 thousand of foreign exchange losses. Company 31 December 2022 Company 31 December 2021 \u20ac000 \u20ac000 Prepayments 19 42 Amounts due from subsidiary undertakings 1,754 3,629 VAT recoverable 32 150 Total 1,805 3,821 14. INCOME TAX RECEIVABLE In August 2019, the European Commission (the \u201cEC\u201d) concluded that the Group Financing Exemption contained within the UK\u2019s Controlled Foreign Company (\u201cCFC\u201d) legislation amounted to illegal state aid to the extent that there were UK Significant People or Function (\u201cSPF\u201d) activities involved in generating non-trading finance profits. Zegona engaged an independent tax adviser to undertake a review of its historic financing structures which identified a small proportion of activities performed by UK personnel. On this basis, Zegona estimated that if the conclusion is upheld, a potential tax liability of between \u20ac1m and \u20ac1.8m may exist. The UK Government is required to recover the state aid in the meantime and Zegona paid two charging notices issued by HMRC in February and June of 2021 for \u00a34.4 million, (\u20ac4.9 million) which is 100% of the CFC tax relief received and interest thereon. These notices are a charging mechanism only and if the decision is annulled the money will be repaid. Zegona submitted an appeal against the charging notices which was accepted by HMRC on 8 March 2021. This appeal is likely to be stayed until the final outcome of all appeals to the EU Courts in respect of the EU Commission\u2019s original decision are known, which may take several years. Both the UK Government and a number of other impacted taxpayers have submitted appeals to the EU General Court to annul the Commission\u2019s findings. On 8 June 2022, the General Court of the Court of Justice of the European Union (\u201cCJEU\u201d) found in favour of the Commission\u2019s decision. The UK Government has now announced that it has lodged an appeal of the decision with the Court of Justice. If the UK Government\u2019s appeals are ultimately successful, Zegona will be entitled to recover the amounts already paid and will suffer no loss. Despite the decision of the General Court, based on its current assessment and also supported by external professional advice, Zegona believes that the UK Government\u2019s appeal will likely be successful. As a result, Zegona continues to believe that it has no liability. A long-term current tax receivable of \u20ac4.9 million (2021: \u20ac5.2 million 18 ) . has therefore continued to be recognized in respect of the amounts paid. Any appeal of the General Court decision to the Court of Justice, and the progress of the UK Tax Authority challenge into the historic financing arrangements of the Group, will continue to be monitored by Management. 15. ACCRUALS AND OTHER PAYABLES Consolidated 31 December 2022 Consolidated 31 December 2021 \u20ac000 \u20ac000 Trade payables 208 250 Other accruals 194 1,227 402 1,457 18 The movement in the year is entirely due to changes in foreign exchange rates. Company 31 December 2022 Company 31 December 2021 \u20ac000 \u20ac000 Trade payables 41 47 Accruals 194 573 235 622 16. BANK BORROWINGS Zegona has a \u00a31.5 million overdraft facility with HSBC PLC which is generally undrawn, however at 31 December 2021, \u00a390.8 thousand (\u20ac106.4 thousand) of the facility was drawn for a brief period to cover short-term working capital requirements. The interest rate on the overdraft facility was 0.25% and it is repayable on demand. The overdraft was repaid on 13th January 2022. 17. MANAGEMENT INCENTIVE SCHEME Incentive scheme arrangements were put in place at Zegona\u2019s inception in 2015 to create incentives for Zegona\u2019s management team who have been issued Class A Ordinary Shares in the Company\u2019s subsidiary, Zegona Limited (\u201cManagement Shares\u201d ) . The holders of the Management Shares are entitled to 15% of the growth in value of Zegona during a series of five separate Calculation Periods, provided that ordinary shareholders achieve a 5% per annum Preferred Return 19 in each Calculation Period. Holders have the right to end each Calculation Period by redeeming 99% of their Management Shares at any time between the third and fifth anniversaries of the beginning of the Calculation Period, although a Calculation Period may also end upon certain specified events such as a winding up or takeover, or a change of control of Zegona. When a Calculation Period ends, a new Calculation Period automatically begins with the remaining 1% of unredeemed shares retaining the entitlement to 15% of the growth in value of Zegona for the next Calculation Period. At 31 December 2022, 515,464 Management Shares in Zegona Limited remain allotted, issued and fully paid as shown in the table below: Participation in growth in value Number of Management Shares Nominal value of Management Shares Eamonn O\u2019Hare 8.88% 305,000 \u00a3305 Robert Samuelson 4.44% 152,500 \u00a3153 Zegona senior management 1.68% 57,964 \u00a358 515,464 \u00a3516 The First Calculation Period The First Calculation Period began on 14 August 2015 and ended on 25 June 2020 when the holders of the shares redeemed 99% of them for no value because the preferred return had not been met. The Second Calculation Period Accounting as an equity settled instrument: The Second Calculation Period automatically began on 25 June 2020 with the renewal subsequently approved by Zegona\u2019s shareholders on 30 June 2021. 19 The preferred Return is a 5% per annum return on a compounded basis on shareholders\u2019 net investment. Under IFRS 2 Share Based Payment, the new Calculation Period constituted a new share-based payment award for which the holders of the Management Shares began to render services from June 25, 2020. However, because the renewal of the scheme required shareholder approval, the grant date of the award could not be until 30 June 2021. The fair value of the award was therefore estimated at each balance sheet date, and an expense recognised from the date that holders begin to render services. This estimate was then recalculated and adjusted at each balance sheet date prior to the grant date (30 June 2021) , and finally at the grant date. Zegona applied this treatment up to 24 May 2021, recording \u20ac0.8 million of share-based payment expense in 2020 and further \u20ac0.8 million in 2021, with a cumulative \u20ac1.6 million recognised in the Share-based payment reserve. On 24 May 2021, Zegona concluded that the Management Shares no longer qualified as an equity settled instrument. Accounting as a cash settled instrument: Zegona Limited\u2019s Articles of Association (the \u201cLimited Articles\u201d) allows the Management Shares to be redeemed within three years of the beginning of a Calculation Period if certain criteria (\u201cTakeover Provisions\u201d) are met. One of these Takeover Provisions is if Zegona sells all, or substantially all, of its assets and distributes the net proceeds (the \u201cSubstantial Sale and Return Provision\u201d) . If any of these Takeover Provisions are met, then any redemption must be in cash. The announcement on 24 May 2021 that Zegona intended to return \u00a3335 million to shareholders, (see note 12) , meant that the Substantial Sale and Return provision was expected to be met and a cash payment of \u00a325.7 million would be due to holders of the Management Shares, provided the Capital Return was completed successfully. Consequently, Zegona concluded that from 24 May 2021, the Management Incentive Scheme no longer met the criteria to be recognised as an equity settled transaction under IFRS 2 and must be accounted for as a cash settled transaction. On 24 May 2021 Zegona therefore reclassified the \u20ac1.6 million of cumulative share-based payment expense that it had recognised in the share-based payment reserve as a liability instrument. At the same time, an incremental liability was recorded that was eventually equal to the \u00a325.7 million (\u20ac30.3 million on the transaction date) actually paid on 14 October 2021. A Management Incentive Scheme cost of \u20ac29 million for 2021 was recognised in the Consolidated Statement of Comprehensive Income in respect of the Second Calculation Period, being equal to the liability recorded in excess of the amount reclassified from the Share based payment reserve plus the \u20ac0.8 million recognised in 2021 prior to the instrument being reclassified as a cash settled instrument. The Third Calculation Period The Third Calculation Period automatically began on 14 October 2021, with the Baseline Value Per Share for the new Calculation Period being \u00a31.51 per share, which was equal to volume weighted average mid-market price of Zegona shares for the previous 30 trading days. During the Third Calculation Period, the Management Shares may be redeemed between 14 October 2024 and 14 October 2026. All other terms remain the same as for the other Calculation Periods and the renewal of the scheme was subject to a shareholder vote at Zegona\u2019s 2022 AGM which passed with 98.03% of votes in favour. Similar to the Second Calculation Period, this constituted a new award with services rendered from 14 October 2021, however the grant date of the award under IFRS 2 could not be until shareholders ratified the renewal of the scheme at Zegona\u2019s 2022 AGM. Between 14 October 2021 and 28 June 2022 therefore, Zegona estimated the fair value of the award at each balance sheet date and recognised an expense reflecting the date that holders began to render services. Accordingly, On 28 June 2022, Zegona engaged an independent valuation specialist to estimate the fair value of the award and has recorded an expense that is equal to the expense that would have been recognised for the period from 14 October 2021 and 31 December 2022 using the revised fair value of the award and the amount that was previously recognised in the financial statements for the period 14 October 2021 and 31 December 2021. The fair value of the award was \u00a30.28 per Management Share and was calculated using a Monte Carlo model. The fair value uses a volatility of 18% and an expected term of three years. The Incentive Shares are subject to the Preferred Return being achieved, which is a market performance condition, and as such has been taken into consideration in determining their fair value. A risk-free rate of 1% has been applied, based on the implied yield available at the measurement date on the zero-coupon government issues with a remaining term equal to the expected term of the Awards. The model incorporates a range of probabilities for the likelihood of a successful acquisition being made of a given size in a range of \u00a30.5 billion \u2013 \u00a31.5 billion and includes a number of discounts of 90% in aggregate to reflect the risks inherent in the instrument such as the competition for assets and the need to raise capital within a short timeframe. During 2022, one member of the management team retired and on 1 April 2022 the company repurchased and cancelled 28,981 shares for consideration of \u00a31 in aggregate. \u20ac1.7 thousand of expense that had been recognised in respect of the period between 14 October 2021 and 1 April 2022 was reversed. On 13 June 2022, 28,981 shares were issued to a second member of the management team in return for consideration of \u00a310 thousand. The value of these awards and the assumptions used in the Monte Carlo model used to value them were the same as for the other awards valued on 30 June 2022. No expense in respect of these shares has been recognised because the consideration paid was in excess of the fair value. For the period to 31 December 2022 a total expense of \u20ac34 thousand was recognised (2021: \u20ac31 thousand) , with a corresponding amount recognised in the Share based payment reserve. Zegona expects that any amounts due under the third calculation period will be settled in equity, therefore has concluded that the Management Shares are equity settled instruments 20. 18. 2021 RETURN OF CAPITAL AND RELATED TRANSACTIONS On 24 May 2021, Zegona announced its intention to return \u00a3335 million to its shareholders in cash via a capital return once it had received the proceeds from the disposal of Euskaltel, and that its management team would re- invest a portion of the proceeds from the exercise of the Management Shares into newly issued Zegona shares. The first portion of this capital return was delivered on 23 July 2021 when Zegona paid a \u00a35.7 million (\u20ac6.7 million) dividend. The rest of the commitment was delivered by: Tender Offer On 13 August 2021, Zegona announced a Return of Capital of up to \u00a3329.3 million to shareholders by way of a tender offer (the \u201ctender offer\u201d) at a price of \u00a31.535 per share. On 14 October 2021, Zegona successfully repurchased and cancelled 214,532,103 shares under the tender offer, returning the full balance of the \u00a3335 million, being \u00a3329.3 million, on 14 October 2021. Reduction of share premium account In order to complete a share buyback of at least \u00a3329.3 million, the Company needed to have distributable reserves of at least that amount and in order to achieve this, on 8 September the Company reduced its share premium account from \u00a395,339,759 to \u00a3100,000 (the \u201cCapital Reduction\u201d) following approval by Shareholders and confirmation by the High Court. Upon the reduction of the share premium account, the balance was transferred to the Other reserve, which forms part of the distributable reserves of the Company. Management Subscription The Zegona management team committed to re-invest up to \u00a34.0 million of the proceeds of the exercise of the Management Shares back into Zegona by subscribing for new shares. The subscription price was agreed as the adjusted net asset value per share of Zegona immediately prior to completion of the subscriptions. To the extent that the aggregate number of shares to be subscribed for would exceed 28.1% of the issued share capital of the Company immediately following the subscription, the subscriptions were to be scaled back pro rata. The subscriptions were also conditional on the admission to trading (\u201cAdmission\u201c) of these shares by the Financial Conduct Authority (\u201cFCA\u201d) and Zegona had been advised that the company should not be required to issue a 20 Settlement of the Second Calculation Period in cash does not create a precedent in respect of the Third Calculation Period as ash settlement was required under those circumstances by the terms of the scheme. prospectus for Admission. The subscriptions were approved by Zegona\u2019s shareholders at a General Meeting of the Company on 30 June 2021. Following the completion of the tender offer, the subscription price was confirmed as \u00a31.438 per share, meaning the management team were able to subscribe for 1,734,451 shares which would have been 28.1% of the Company immediately following the subscription. The aggregate total investment would have been \u00a32.5 million, which was paid by the management team on 14 October 2021. Upon applying for Admission of the new shares, Zegona was informed that Admission was limited to a maximum of 20% of its shares in issue immediately following its tender offer without publishing a prospectus. Zegona, together with Eamonn O\u2019Hare and Robert Samuelson (the affected members of the management team) , elected to issue and Admit 887,594 shares on 27 October 202121 with the remaining 846,857 shares to be issued once they could be lawfully Admitted. Zegona entered into a revised Subscription Agreement (\u201cSubscription Agreement (as Amended) \u201d) with Eamonn O\u2019Hare and Robert Samuelson that confirmed they were both committed to complete the subscription for the agreed number of shares at the agreed price under any circumstances. During 2021 Zegona concluded that the Subscription Agreement (as Amended) is an equity instrument as it is defined in IAS 32 Financial Instruments: Presentation on the basis that (a) there is no contractual obligation to deliver cash or another financial asset to another party (b) there is no obligation to exchange financial assets or liabilities with another party and (c) the agreement is a non-derivative and obliges Zegona to deliver a fixed number of shares. The value of shares to be issued (being the cash paid) was therefore recognised within a new reserve, Shares to be issued. On 9 November 2022, the remaining 846,857 shares were issued and Admitted to trading on 16 November 2022 as the restrictions preventing their Admission had expired. The balance on the Shares to be issued reserve was therefore reduced to zero. 19. CALLED UP SHARE CAPITAL Allotted, called up and fully paid 2022 Number 2022 \u20ac000 2021 Number 2021 \u20ac000 At 1 January 5,325,567 301 218,970,076 2,821 Shares issued 846,857 10 887,594 11 Shares repurchased and cancelled \u2013 \u2013 (214,532,103) (2,531) At 31 December 6,172,424 311 5,325,567 301 The nominal value of the total ordinary shares is \u00a30.01 and the total allotted, called up and fully paid equates to \u00a361,724 (2021: \u00a353,256) . During 2022, 846,857 shares were issued to members of the management team as described in note 18. During 2021 the Company repurchased 214,532,103 ordinary shares at a price of \u00a31.535 per share by way of a tender offer which completed on 14 October 2021. Subsequently, on 27 October 2021, members of the management team subscribed for 887,594 ordinary shares at a price of \u00a31.438 per share All ordinary shares confer identical rights including in respect of capital, dividends and voting. There are no restrictions on the distributions of dividends or the repayment of capital 21 Being the maximum number of shares that could be Admitted on that date. 20. RESERVES Distributable reserves Retained earnings The retained earnings reserve includes cumulative net profits. This is typically a distributable reserve. Other reserve The Other reserve is a distributable reserve which is comprised of transfers from the Share premium reserve in 2016 and 2021 following court approved reductions of capital (see note 18) , net of all historical dividends paid and the total costs of buying back shares (the nominal value of the shares and any premium paid) , which are charged against distributable reserves. During 2021 the full amount then outstanding in the Other reserve was utilised to fund the tender offer (see note 18) . Total distributable reserves While the Other reserve continues to be distributable, its balance is zero, therefore the Company\u2019s total distributable reserves are now solely the Retained earnings reserve. At 31 December 2022 the Company\u2019s Retained earnings reserve in Sterling (Zegona\u2019s functional currency) was negative \u00a337 thousand. Distributable reserves at 31 December 2021 were \u00a33.5 million. A balance of \u20ac61.3 million remained in this reserve on translation to Euro (Zegona\u2019s presentational currency) with an offsetting amount in the foreign currency translation reserve. This is because, in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, equity items are translated each period at their historical exchange rates and not subsequently retranslated and the remaining balance reflects the difference between the Euro value of all previous amounts recorded in all distributable reserves and the Euro value of the amount debited to the Retained earnings reserve to fund the tender offer. Non \u2013 distributable reserves Share-based payment reserve The share-based payment reserve is a non-distributable reserve that represents the cumulative build-up of the Management Incentive Scheme costs over the vesting period as the employees gradually render service while the Management Incentive Scheme is considered to be an equity settled instrument. The current balance of the reserve reflects the amortisation of a portion of the fair value of the third Calculation Period as discussed in Note 17. Foreign currency translation reserve The foreign currency translation reserve is a non-distributable reserve that includes the foreign exchange differences arising from the translation of the Consolidated Financial Statements functional currency of Sterling (\u201c\u00a3\u201d) to presentational currency euro (\u201c\u20ac\u201d) . The movement in this reserve for the period is driven primarily by the movement in the closing \u20ac:\u00a3 exchange rates from 1.19 at 31 December 2021 to 1.13 at 31 December 2022. Following the disposal of Euskaltel, an amount remained in the foreign currency translation reserve as a result of the translation from its functional currency to the group functional currency which will never be recycled because it does not represent the disposal of a foreign operation. Accordingly, in the year \u20ac61.9 million has been transferred to the Company\u2019s retained earnings reserve. Capital redemption reserve The capital redemption reserve is a requirement under s692 of the Companies Act 2006 to preserve the Company\u2019s capital and is a non-distributable reserve. When the Company buys back shares out of profits and those shares are immediately cancelled, the amount by which the Company\u2019s issued share capital is reduced must be transferred to the capital redemption reserve. During 2022, there were no transactions impacting the Capital Redemption Reserve. During 2021, \u00a32.1 million (\u20ac2.5 million at the rate prevailing at the transaction date) has been transferred to the capital redemption reserve which represents the nominal value of the 214,532,103 shares repurchased in the tender offer (see note 18) . Share premium reserve The share premium reserve is a requirement under s610 of the Companies Act 2006 and is a non-distributable reserve. The reserve comprises amounts subscribed for share capital in excess of nominal value less costs directly attributable to the issue of new shares. During 2022, the share premium reserve was increased by \u20ac1,443 to reflect the issuance of the 846,857 shares to Eamonn O\u2019Hare and Robert Samuelson that were intended to be issued in 2021 (see note 18) . During 2021, the share premium account of the Company was reduced to \u00a3100,000 (\u20ac114.1 thousand) with \u00a395.239 million (\u20ac108.7 million) being transferred to the Other reserve (see note 18) . This was offset by \u00a31.2 million, being the proceeds received in excess of the nominal value of the 887,594 shares subscribed for by Eamonn O\u2019Hare and Robert Samuelson on 27 October 2021 (see note 18) . Shares to be issued The Shares to be issued reserve is a non-distributable reserve that relates solely to the \u00a31.2 million (\u20ac1.4 million) of cash received from Robert Samuelson and Eamonn O\u2019Hare in October 2021 to subscribe for shares which were not admitted in 2021. As discussed in note 18, these shares were issued on 9 November 2022 and the balance on the reserve was reduced to zero. 21. CAPITAL MANAGEMENT Our objective when managing capital is to maintain a flexible capital structure that optimises the costs and availability of capital at acceptable risk with the primary objective of maximising shareholder value. In the management of capital and its definition, we include share capital and all equity reserves attributable to the equity holders of the Company. Zegona manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of any covenants. To maintain or adjust the capital structure, Zegona may adjust the dividend payment to shareholders, return capital to shareholders, make distributions of non-cash assets to shareholders or issue new shares. The Company currently has authorisation to make market purchases of up to 798,302 ordinary shares (within specified price parameters) which was 15% of the issued ordinary share capital at the date of issuance of its 2021 Annual Report. This authorisation will continue until the end of the 2023 AGM. Any shares repurchased by the Company pursuant to this authority may be held in treasury and subsequently resold for cash, cancelled or used for employee share scheme purposes. Throughout 2021, Zegona met the financial covenants associated to the facilities described in note 18 which were repaid on 13 August 2021. 22. EARNINGS PER ORDINARY SHARE Basic EPS is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares in issue during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. As more fully detailed in note 17, Management Shares in the share capital of Zegona Limited have been issued and, on exercise, the value of these shares is expected to be delivered by the Company issuing new ordinary shares. Hence, the Management Shares could have a dilutive effect, although the Company has the right at all times to settle such value in cash. No adjustment to EPS has been made in respect of the Management Shares as, (a) they were anti-dilutive for the years ended 31 December 2022 and 2021 and (b) the result from Continuing Operations in 2021 was a loss. 2022 2021 Loss for the year attributable to equity holders of the parent \u2013 Total Operations (\u20ac000) (3,313) 79,913 Loss for the year attributable to equity holders of the parent \u2013 Continuing Operations (\u20ac000) (3,313) (34,258) Profit for the year attributable to equity holders of the parent \u2013 Discontinued Operations (\u20ac000) \u2013 114,171 Weighted average number of ordinary shares 5,446,215 168,580,851 Basic and diluted EPS \u2013 Total Operations (\u20ac) (0.61) 0.47 Basic and diluted EPS \u2013 Continuing Operations (\u20ac) (0.61) (0.22) Basic and diluted EPS \u2013 Discontinued Operations (\u20ac) \u2013 0.68 23. DIVIDENDS PAID No dividends were declared or paid in 2022. In the comparative period, the Company declared a first interim dividend on 21 December 2020 at a rate of 2.2p per share, totalling \u00a34.8 million (\u20ac5.6 million) . The dividend was paid on 9 March 2021. The Company also declared a second interim dividend on 21 June 2021 at a rate of 2.6p per share, totalling \u00a35.7 million (\u20ac6.7 million) . The dividend was paid on 23 July 2021. 24. RELATED PARTY TRANSACTIONS In the opinion of the Directors, there is no one single controlling party, nor any transactions with related parties for the years ended 31 December 2022 or 2021. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party, or the parties are under common control or influence, in making financial or operational decisions. Transactions with key management personnel The Board considers the Executive Directors and Non-Executive Directors of the Company to be the key management personnel of Zegona. Details of the amounts paid to key management personnel are detailed in the Directors\u2019 Remuneration Report on pages 31 and 35. Holdings of Management Shares and subscriptions for shares by management are detailed in note 17. 25. AUDITOR\u2019S REMUNERATION 2022 \u20ac000 2021 \u20ac000 Fees for the audit of the Company\u2019s annual accounts 129 200 Total audit fees 129 200 Fees for procedures on interim financial statements \u2013 15 Agreed upon procedures \u2013 29 Total non-audit fees \u2013 44 26. POST BALANCE SHEET EVENTS There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-1": { "value": "Zegona Communications plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-277": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-278": { "value": "incorporated and is domiciled in England and Wales and has its registered office at 8 Sackville St, Mayfair, London ", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-2": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-3": { "value": "8 Sackville St, Mayfair, London W1S 3DG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-286": { "value": "2. SIGNIFICANT ACCOUNTING POLICIES (a) Basis of preparation The Company and Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 as applicable to companies reporting under international accounting standards. The Company Financial Statements present information about the Company as a separate entity and not about its group. The Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual Statement of Comprehensive Income and related notes that form a part of the Company Financial Statements. The Consolidated Financial Statements include the results of all subsidiaries wholly owned by the Company as listed in note 9. Certain of these subsidiaries, which are listed below, have taken the exemption from preparing individual accounts for the year ended 31 December 2022 by virtue of section 394A of Companies Act 2006. In order to allow these subsidiaries to take the exemption, the Company has given a statutory guarantee of all these companies\u2019 outstanding liabilities as at 31 December 2022: \u2022 Zegona Spanish Holdco Limited (Registered Number: 10159232) \u2022 Zegona Borrower Limited (Registered Number: 10159347) \u2022 Zegona Holdco Limited (Registered Number: 10159604) . The Consolidated Financial Statements and the Company Financial Statements have been prepared under the historical cost convention except for certain financial assets that have been measured at fair value, as disclosed in note 11. The functional currency of the Company is British pounds sterling (\u201cSterling\u201d or \u00a3) . The Directors have chosen to present the Consolidated Financial Statements and the Company Financial Statements in euros (\u20ac) since it has previously owned investments denominated in euros and expects to make future acquisitions in euro, or euro-correlated assets. All values are rounded to the nearest thousand (\u20ac000) except where otherwise indicated. The principal accounting policies adopted in the preparation of the Consolidated Financial Statements are set out below. The policies have been consistently applied throughout the years presented. (b) Going concern The Consolidated Financial Statements have been prepared on the going concern basis, which the directors consider to be appropriate for the reasons outlined below. Zegona\u2019s Directors have assessed the going concern assumptions during the approval of the Consolidated Financial Statements. This assessment included the review of Zegona cashflow forecast and budget which encompassed expected developments in liquidity, debt and capital, together with reasonable contingencies for routine professional fees that would be expected to support Zegona\u2019s day-to-day operations. Additionally, the Directors have also considered other potential severe but plausible downside scenarios and other factors that could indicate possible threats to its ability to continue in operation for a period of at least twelve months from the date of approving the Consolidated Financial Statements. Zegona is continuing to execute its Buy-Fix-Sell strategy which currently involves actively searching for another attractive investment opportunity within the European TMT sector and it now meets its day to day working capital requirements while it does this from cash balances. During this period, Zegona\u2019s ongoing costs are reasonably predictable and controllable and in 2022 Zegona also performed a comprehensive review of operating costs to ensure the business is operating as efficiently as possible by eliminating expenditure where possible, reducing headcount and re-negotiating key supplier terms. Following this review, the Directors are reasonably comfortable that provided Zegona does not incur any material unforeseen costs, Zegona\u2019s cash holdings of \u00a34.5million (\u20ac5.3 million) at 6 April 2023 should be sufficient to fund the business until at least the first quarter of 2025, which is significantly more than twelve months after the approval of these Consolidated Financial Statements. In performing their assessment, the Directors however also recognized that Zegona\u2019s ability to continue as a going concern could be compromised in each (or a combination of) two main scenarios which it does not necessarily consider likely, but which are plausible: 1) While Zegona currently believes the European TMT market does provide for a number of attractive investment opportunities in the coming years, it is still possible that Zegona may be unable, for a number of reasons, to (a) identify and successfully negotiate an acceptable agreement to acquire of a new investment that it feels is able to meet its financially disciplined criteria for attractive returns to its investors in a reasonable period of time (b) Secure sufficient equity and/or debt financing for the identified acquisition on terms that still allow Zegona to create sufficient value to deliver those attractive investor returns. If this does happen, the Directors and the Management team could conclude that it is no longer in investors\u2019 best interests to continue to seek alternative investments. 2) Zegona may incur costs in connection with an unsuccessful deal or deals (\u201cabort costs\u201d) large enough to exhaust its cash reserves. The Directors\u2019 going concern review suggests that without taking any other cost saving actions, Zegona could absorb approximately \u00a31.7 million in such abort costs during the next twelve months without exhausting its cash reserves. The Directors considered this unlikely, since expenditure at this level would only happen on a relatively small sub-set of transactions and Zegona has historically been successful in minimizing transaction fees and controlling them during the negotiation and diligence phase such that costs are only incurred when the likelihood of success is high. It is however possible in some larger and more complex transactions which fail at a very late stage that fees in excess of \u00a31.7 million could be incurred, or that Zegona could have multiple failed transactions with cumulative abort costs in excess of this level. Due to the existence of these two scenarios, the Directors believe that it is still appropriate to prepare the financial statements on a going concern basis. However, there are indications of the existence of a material uncertainty related to events or conditions that may cast significant doubt on the group\u2019s and the company\u2019s ability to continue as a going concern and, therefore, that the group and company may be unable to realise their assets and discharge their liabilities for at least twelve months from the date of approving the Consolidated Financial Statements. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. (c) New standards and amendments to IFRS Standards, amendments and interpretations effective and adopted by Zegona: There are no standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions (d) Basis of consolidation Subsidiaries are entities controlled by the Company, either directly or indirectly. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial information of subsidiaries is included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Intragroup balances, any gains and losses or income and expenses arising from intragroup transactions, and intragroup cash flows are eliminated on consolidation. (e) Interests in associates An associate is an entity over which Zegona has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Zegona evaluates the extent to which it has significant influence in investees on a case-by-case basis, considering all relevant facts and circumstances. Evaluations are updated when there any changes in those facts and circumstances. These evaluations are often subject to significant judgement and the key judgements and considerations underlying material evaluations are more fully discussed in note 3. Zegona classifies investments in entities over which it has significant influence as associates and accounts for them using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is increased or decreased to recognise changes in Zegona\u2019s share of the profit or loss of the investee after the date of acquisition. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The Consolidated Statement of Comprehensive Income reflects Zegona\u2019s share of the results of operations of the associate. Any change in Other Comprehensive Income (\u201cOCI\u201d) of those investees is presented as part of Zegona\u2019s OCI. Investments in associates are assessed at each reporting period date and tested for impairment when there is an indication that the recoverable amount has fallen below the carrying value of the investment; i.e. that the investment may be impaired. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Impairment losses are recognised within \u2018Share of profit of associate\u2019 in the Consolidated Statement of Comprehensive Income. f) Discontinued Operations Zegona classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale; this also applies in respect of assets held by equity accounted associates and joint ventures. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. g) Foreign currencies Foreign currency transactions Sterling is the functional currency of the Company. Transactions in foreign currencies are recorded at the rates of exchange ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in the Statement of Comprehensive Income. Non-monetary items denominated in foreign currencies are translated at the functional currency spot rates of exchange at each reporting date. Foreign operations The euro is the presentation currency of the Consolidated Financial Statements. For the purpose of presenting the Consolidated Financial Statements, the assets and liabilities of Zegona\u2019s non-euro-denominated functional entities (including subsidiaries, associates and joint ventures) are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Currency translation adjustments arising on the restatement of opening net assets of Zegona\u2019s non-euro denominated functional entities, together with differences between the entities\u2019 results translated at average rates versus closing rates, are recognised in the Statement of Other Comprehensive Income and transferred to the foreign currency translation reserve. All resulting exchange differences are classified as equity until disposal of the foreign operation. On disposal, the cumulative amounts of the exchange differences are recognised as income or expense. h) Revenue and expenses Finance income Interest income from financial assets is recognised using the effective interest method as finance income in the Consolidated Statement of Comprehensive Income. Dividend income from financial assets including from subsidiary undertakings is recognised as finance income in the Consolidated Statement of Comprehensive Income when Zegona\u2019s right to receive the payment is established, which for listed securities is when the shares are quoted ex-dividend, and are presented gross of any non-recoverable withholding taxes. Gains or losses on financial instruments measured at fair value through profit or loss comprise the net change in fair value, excluding interest or dividend income. i) Administrative and other operating expenses Administrative and other operating expenses are recognised on an accruals basis, i.e. when the actual flow of the services they represent occurs, regardless of when the resulting monetary or financial flow arises. Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. These are recognised on an accruals basis and expensed in the Statement of Comprehensive Income unless they are directly related to the issuance of equity instruments in which case they are recognised as a deduction from equity. If qualifying transaction costs are incurred in anticipation of, and directly related to, the issuance of equity instruments and span more than one reporting period, they are deferred until equity instruments are recognised. If the equity instruments are not subsequently issued, the costs are expensed. j) Fair value measurement Zegona measures certain financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 In the principal market for the asset or liability; or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by Zegona. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zegona uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and \u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the Financial Statements at fair value on a recurring basis, Zegona determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. k) Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss (\u201cFVPL\u201d) , amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d ) . The classification of a financial asset at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and Zegona\u2019s business model for managing it. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d ) . Financial assets are initially recognised at their fair value plus, for those financial assets not at fair value through profit or loss, transaction costs. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the settlement date, being the date that an asset is delivered to or by Zegona. Subsequent measurement Zegona\u2019s financial assets are classified into categories: \u2022 Financial assets at amortised cost comprise assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI Criterion. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognised in the Statement of Comprehensive Income. Any gain or loss on derecognition is recognised in the Statement of Comprehensive Income. \u2022 Financial assets at FVPL comprise quoted equity instruments which Zegona had not irrevocably elected, upon initial recognition, to classify at FVOCI and debt instruments whose cash flow characteristics fail the SPPI Criterion. These assets are carried in the Statement of Financial Position at fair value with net changes in fair value recognised as either finance income or finance costs in the Statement of Comprehensive Income. Derecognition A financial asset is primarily derecognised and removed from the Statement of Financial Position when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 Zegona has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) Zegona has transferred substantially all the risks and rewards of the asset, or (b) Zegona has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When Zegona has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, Zegona continues to recognise the transferred asset to the extent of its continuing involvement and also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that Zegona has retained. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement Financial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial liabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the Statement of Comprehensive Income when the liabilities are derecognised. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability, the difference of the respective carrying amounts is recognised in the Consolidated Statement of Comprehensive Income. Equity instruments An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis to realise the assets and settle the liabilities simultaneously. l) Impairment of financial assets For trade receivables, Zegona applies a simplified approach in calculating expected credit losses (\u201cECLs\u201d) and recognises a loss allowance based on lifetime ECLs at each reporting date using Zegona\u2019s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. m) Property, plant and equipment Property, plant and equipment is measured initially at acquisition cost and subsequently carried net of any accumulated depreciation and any impairment losses. The costs of upkeep and maintenance of property, plant and equipment are charged to the administrative and other operating expenses in the Statement of Comprehensive Income in the year in which they are incurred. Replacements or renewals are recorded as an addition to property, plant and equipment and the units replaced or renewed are derecognised. Property, plant and equipment in operation is depreciated systematically on the basis of the estimated useful economic life of the items, and the cost of the assets is distributed on a straight-line basis over the estimated useful economic lives. For fixtures and fittings, which comprises primarily computer hardware, the estimated useful economic live is 3 years. Derecognition of property, plant and equipment Items of property, plant and equipment are derecognised when they are sold or when no future economic benefit is expected to be obtained from their continuing use. The gain or loss arising on the disposal or derecognition of an item of property, plant and equipment is determined as the difference between the proceeds from the sale and the carrying amount of the asset and is recognised in the Consolidated Statement of Comprehensive Income. n) Leases Zegona assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Following adoption of IFRS 16 Leases, Zegona has taken the exemption contained under IFRS 16 to not apply IFRS 16 requirements to any of its leases as these leases are short-term in nature (less than 12 months) or low in value. o) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. p) Investments in subsidiaries Investments in subsidiaries within the Company\u2019s separate Statement of Financial Position are stated at cost less provision for impairment. At the end of each reporting year, or whenever there are indications of impairment, the Company tests its investments in subsidiaries for impairment to determine whether their recoverable amount has fallen below their carrying amount. The recoverable amount is the greater of fair value less costs to sell and value in use. An impairment loss is recognised when the carrying amount exceeds the recoverable amount. Value in use is the present value of expected future cash flows, calculated using a risk-free market rate of interest, adjusted for the risks specific to the asset. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount; however, the increased carrying amount may not exceed the carrying amount that would have been determined had no impairment loss been recognised in previous years. This reversal of an impairment loss is recognised as income. The Company makes appropriate provision when the recoverable value is less than the carrying amount, provided the latter cannot be recovered by generating sufficient income to cover all the costs and expenses incurred by usage of the asset. q) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in other reserves as a deduction from the initial measurement of the equity instrument. r) Dividends payable The Company recognises a liability to pay a dividend when the distribution is authorised and the distribution is no longer at the discretion of the Company. A corresponding amount is recognised directly in equity. s) Corporation tax Corporation tax represents the sum of current and deferred tax for the year. Current tax is the expected tax payable on the taxable income for the year. Taxable profit differs from profit reported in the Consolidated Statement of Comprehensive Income because some items of income and expense are taxable or deductible in different years or may never be taxable or deductible. Zegona\u2019s current tax is calculated using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to taxes payable in respect of previous periods. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability method. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is calculated on the tax rates that are expected to apply in the year when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the year end date, and is not discounted. t) Pension benefits Zegona pays contributions to externally administered pension plans on behalf of employees, or the equivalent contribution is paid in cash to the employee. Zegona has no further payment obligations once the contributions have been paid. The contributions are recognised as an expense on the accrual basis. u) Earnings per ordinary share Basic earnings per share (\u201cEPS\u201d) is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. v) Share-based transactions Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The grant date is the date on which an employer and an employee agree upon the most essential terms and conditions associated with the award. If shareholder approval is needed, then the grant date is delayed until that approval has been obtained, unless shareholder approval is considered to be perfunctory. Share based payment schemes in which Zegona has a choice of settlement are classified as either equity settled share-based payments or cash-settled share-based payments, depending on Zegona\u2019s ability and intent to settle in shares, which Zegona has previously communicated its intention to do. The fair value is expensed through administrative and other operating expenses, with a corresponding increase in equity through the share-based payment reserve, on a straight-line basis over the period that the employees or others providing similar services become unconditionally entitled to the awards or vesting period. The vesting period for these schemes may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. Expenses are recognised when the employee starts to render service to which the award relates. The fair value of the awards is calculated at each accounting reporting period until the final fair value is measured at the legal grant date. The dilutive effect of outstanding share-based payments is reflected as share dilution in the computation of diluted EPS. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-288": { "value": "(a) Basis of preparation The Company and Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 as applicable to companies reporting under international accounting standards. The Company Financial Statements present information about the Company as a separate entity and not about its group. The Company is taking advantage of the exemption in section 408 of the Companies Act 2006 not to present its individual Statement of Comprehensive Income and related notes that form a part of the Company Financial Statements. The Consolidated Financial Statements include the results of all subsidiaries wholly owned by the Company as listed in note 9. Certain of these subsidiaries, which are listed below, have taken the exemption from preparing individual accounts for the year ended 31 December 2022 by virtue of section 394A of Companies Act 2006. In order to allow these subsidiaries to take the exemption, the Company has given a statutory guarantee of all these companies\u2019 outstanding liabilities as at 31 December 2022: \u2022 Zegona Spanish Holdco Limited (Registered Number: 10159232) \u2022 Zegona Borrower Limited (Registered Number: 10159347) \u2022 Zegona Holdco Limited (Registered Number: 10159604) . The Consolidated Financial Statements and the Company Financial Statements have been prepared under the historical cost convention except for certain financial assets that have been measured at fair value, as disclosed in note 11. The functional currency of the Company is British pounds sterling (\u201cSterling\u201d or \u00a3) . The Directors have chosen to present the Consolidated Financial Statements and the Company Financial Statements in euros (\u20ac) since it has previously owned investments denominated in euros and expects to make future acquisitions in euro, or euro-correlated assets. All values are rounded to the nearest thousand (\u20ac000) except where otherwise indicated. The principal accounting policies adopted in the preparation of the Consolidated Financial Statements are set out below. The policies have been consistently applied throughout the years presented. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-332": { "value": "The Company and Consolidated Financial Statements for the year ended 31 December 2022 have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 as applicable to companies reporting under international accounting standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-333": { "value": "The Consolidated Financial Statements and the Company Financial Statements have been prepared under the historical cost convention except for certain financial assets that have been measured at fair value, as disclosed in note 11. The functional currency of the Company is British pounds sterling (\u201cSterling\u201d or \u00a3) . The Directors have chosen to present the Consolidated Financial Statements and the Company Financial Statements in euros (\u20ac) since it has previously owned investments denominated in euros and expects to make future acquisitions in euro, or euro-correlated assets. All values are rounded to the nearest thousand (\u20ac000) except where otherwise indicated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-289": { "value": "(b) Going concern The Consolidated Financial Statements have been prepared on the going concern basis, which the directors consider to be appropriate for the reasons outlined below. Zegona\u2019s Directors have assessed the going concern assumptions during the approval of the Consolidated Financial Statements. This assessment included the review of Zegona cashflow forecast and budget which encompassed expected developments in liquidity, debt and capital, together with reasonable contingencies for routine professional fees that would be expected to support Zegona\u2019s day-to-day operations. Additionally, the Directors have also considered other potential severe but plausible downside scenarios and other factors that could indicate possible threats to its ability to continue in operation for a period of at least twelve months from the date of approving the Consolidated Financial Statements. Zegona is continuing to execute its Buy-Fix-Sell strategy which currently involves actively searching for another attractive investment opportunity within the European TMT sector and it now meets its day to day working capital requirements while it does this from cash balances. During this period, Zegona\u2019s ongoing costs are reasonably predictable and controllable and in 2022 Zegona also performed a comprehensive review of operating costs to ensure the business is operating as efficiently as possible by eliminating expenditure where possible, reducing headcount and re-negotiating key supplier terms. Following this review, the Directors are reasonably comfortable that provided Zegona does not incur any material unforeseen costs, Zegona\u2019s cash holdings of \u00a34.5million (\u20ac5.3 million) at 6 April 2023 should be sufficient to fund the business until at least the first quarter of 2025, which is significantly more than twelve months after the approval of these Consolidated Financial Statements. In performing their assessment, the Directors however also recognized that Zegona\u2019s ability to continue as a going concern could be compromised in each (or a combination of) two main scenarios which it does not necessarily consider likely, but which are plausible: 1) While Zegona currently believes the European TMT market does provide for a number of attractive investment opportunities in the coming years, it is still possible that Zegona may be unable, for a number of reasons, to (a) identify and successfully negotiate an acceptable agreement to acquire of a new investment that it feels is able to meet its financially disciplined criteria for attractive returns to its investors in a reasonable period of time (b) Secure sufficient equity and/or debt financing for the identified acquisition on terms that still allow Zegona to create sufficient value to deliver those attractive investor returns. If this does happen, the Directors and the Management team could conclude that it is no longer in investors\u2019 best interests to continue to seek alternative investments. 2) Zegona may incur costs in connection with an unsuccessful deal or deals (\u201cabort costs\u201d) large enough to exhaust its cash reserves. The Directors\u2019 going concern review suggests that without taking any other cost saving actions, Zegona could absorb approximately \u00a31.7 million in such abort costs during the next twelve months without exhausting its cash reserves. The Directors considered this unlikely, since expenditure at this level would only happen on a relatively small sub-set of transactions and Zegona has historically been successful in minimizing transaction fees and controlling them during the negotiation and diligence phase such that costs are only incurred when the likelihood of success is high. It is however possible in some larger and more complex transactions which fail at a very late stage that fees in excess of \u00a31.7 million could be incurred, or that Zegona could have multiple failed transactions with cumulative abort costs in excess of this level. Due to the existence of these two scenarios, the Directors believe that it is still appropriate to prepare the financial statements on a going concern basis. However, there are indications of the existence of a material uncertainty related to events or conditions that may cast significant doubt on the group\u2019s and the company\u2019s ability to continue as a going concern and, therefore, that the group and company may be unable to realise their assets and discharge their liabilities for at least twelve months from the date of approving the Consolidated Financial Statements. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-290": { "value": "(c) New standards and amendments to IFRS Standards, amendments and interpretations effective and adopted by Zegona: There are no standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-353": { "value": "Standards, amendments and interpretations effective and adopted by Zegona: There are no standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-334": { "value": "Standards, amendments and interpretations effective and adopted by Zegona: There are no standards that are issued but not yet effective that would be expected to have a material impact on the entity in the current or future reporting periods and on foreseeable future transactions ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-291": { "value": "(d) Basis of consolidation Subsidiaries are entities controlled by the Company, either directly or indirectly. Control exists when the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial information of subsidiaries is included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Intragroup balances, any gains and losses or income and expenses arising from intragroup transactions, and intragroup cash flows are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-292": { "value": "(e) Interests in associates An associate is an entity over which Zegona has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. Zegona evaluates the extent to which it has significant influence in investees on a case-by-case basis, considering all relevant facts and circumstances. Evaluations are updated when there any changes in those facts and circumstances. These evaluations are often subject to significant judgement and the key judgements and considerations underlying material evaluations are more fully discussed in note 3. Zegona classifies investments in entities over which it has significant influence as associates and accounts for them using the equity method. Under the equity method, the investment in an associate is initially recognised at cost. The carrying amount of the investment is increased or decreased to recognise changes in Zegona\u2019s share of the profit or loss of the investee after the date of acquisition. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment separately. The Consolidated Statement of Comprehensive Income reflects Zegona\u2019s share of the results of operations of the associate. Any change in Other Comprehensive Income (\u201cOCI\u201d) of those investees is presented as part of Zegona\u2019s OCI. Investments in associates are assessed at each reporting period date and tested for impairment when there is an indication that the recoverable amount has fallen below the carrying value of the investment; i.e. that the investment may be impaired. The recoverable amount of an asset is the higher of its fair value less costs of disposal and its value in use. Impairment losses are recognised within \u2018Share of profit of associate\u2019 in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-293": { "value": "f) Discontinued Operations Zegona classifies non-current assets and assets and liabilities within disposal groups (\u2018assets\u2019) as held for sale if the assets are available immediately for sale in their present condition, management is committed to a plan to sell the assets under usual terms, it is highly probable that their carrying amounts will be recovered principally through a sale transaction rather than through continuing use and the sale is expected to be completed within one year from the date of the initial classification. Assets and liabilities classified as held for sale are presented separately as current items in the consolidated statement of financial position and are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale; this also applies in respect of assets held by equity accounted associates and joint ventures. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the Group consolidated income statement. Discontinued operations are also excluded from segment reporting. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-294": { "value": "g) Foreign currencies Foreign currency transactions Sterling is the functional currency of the Company. Transactions in foreign currencies are recorded at the rates of exchange ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in the Statement of Comprehensive Income. Non-monetary items denominated in foreign currencies are translated at the functional currency spot rates of exchange at each reporting date. Foreign operations The euro is the presentation currency of the Consolidated Financial Statements. For the purpose of presenting the Consolidated Financial Statements, the assets and liabilities of Zegona\u2019s non-euro-denominated functional entities (including subsidiaries, associates and joint ventures) are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Currency translation adjustments arising on the restatement of opening net assets of Zegona\u2019s non-euro denominated functional entities, together with differences between the entities\u2019 results translated at average rates versus closing rates, are recognised in the Statement of Other Comprehensive Income and transferred to the foreign currency translation reserve. All resulting exchange differences are classified as equity until disposal of the foreign operation. On disposal, the cumulative amounts of the exchange differences are recognised as income or expense. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-295": { "value": "h) Revenue and expenses Finance income Interest income from financial assets is recognised using the effective interest method as finance income in the Consolidated Statement of Comprehensive Income. Dividend income from financial assets including from subsidiary undertakings is recognised as finance income in the Consolidated Statement of Comprehensive Income when Zegona\u2019s right to receive the payment is established, which for listed securities is when the shares are quoted ex-dividend, and are presented gross of any non-recoverable withholding taxes. Gains or losses on financial instruments measured at fair value through profit or loss comprise the net change in fair value, excluding interest or dividend income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-335": { "value": "Finance income Interest income from financial assets is recognised using the effective interest method as finance income in the Consolidated Statement of Comprehensive Income. Dividend income from financial assets including from subsidiary undertakings is recognised as finance income in the Consolidated Statement of Comprehensive Income when Zegona\u2019s right to receive the payment is established, which for listed securities is when the shares are quoted ex-dividend, and are presented gross of any non-recoverable withholding taxes. Gains or losses on financial instruments measured at fair value through profit or loss comprise the net change in fair value, excluding interest or dividend income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-296": { "value": "i) Administrative and other operating expenses Administrative and other operating expenses are recognised on an accruals basis, i.e. when the actual flow of the services they represent occurs, regardless of when the resulting monetary or financial flow arises. Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. These are recognised on an accruals basis and expensed in the Statement of Comprehensive Income unless they are directly related to the issuance of equity instruments in which case they are recognised as a deduction from equity. If qualifying transaction costs are incurred in anticipation of, and directly related to, the issuance of equity instruments and span more than one reporting period, they are deferred until equity instruments are recognised. If the equity instruments are not subsequently issued, the costs are expensed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-297": { "value": "j) Fair value measurement Zegona measures certain financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: \u2022 In the principal market for the asset or liability; or \u2022 In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by Zegona. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Zegona uses valuation techniques that are appropriate in the circumstances and for which sufficient data is available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the Financial Statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: \u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; and \u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognised in the Financial Statements at fair value on a recurring basis, Zegona determines whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-298": { "value": "k) Financial instruments \u2013 initial recognition and subsequent measurement A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss (\u201cFVPL\u201d) , amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d ) . The classification of a financial asset at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and Zegona\u2019s business model for managing it. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d ) . Financial assets are initially recognised at their fair value plus, for those financial assets not at fair value through profit or loss, transaction costs. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the settlement date, being the date that an asset is delivered to or by Zegona. Subsequent measurement Zegona\u2019s financial assets are classified into categories: \u2022 Financial assets at amortised cost comprise assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI Criterion. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognised in the Statement of Comprehensive Income. Any gain or loss on derecognition is recognised in the Statement of Comprehensive Income. \u2022 Financial assets at FVPL comprise quoted equity instruments which Zegona had not irrevocably elected, upon initial recognition, to classify at FVOCI and debt instruments whose cash flow characteristics fail the SPPI Criterion. These assets are carried in the Statement of Financial Position at fair value with net changes in fair value recognised as either finance income or finance costs in the Statement of Comprehensive Income. Derecognition A financial asset is primarily derecognised and removed from the Statement of Financial Position when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 Zegona has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) Zegona has transferred substantially all the risks and rewards of the asset, or (b) Zegona has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When Zegona has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, Zegona continues to recognise the transferred asset to the extent of its continuing involvement and also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that Zegona has retained. Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement Financial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial liabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the Statement of Comprehensive Income when the liabilities are derecognised. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability, the difference of the respective carrying amounts is recognised in the Consolidated Statement of Comprehensive Income. Equity instruments An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis to realise the assets and settle the liabilities simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-336": { "value": "Financial assets Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at fair value through profit or loss (\u201cFVPL\u201d) , amortised cost, or fair value through other comprehensive income (\u201cFVOCI\u201d ) . The classification of a financial asset at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and Zegona\u2019s business model for managing it. In order for a financial asset to be classified and measured at amortised cost or FVOCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest\u2019 on the principal amount outstanding (the \u201cSPPI Criterion\u201d ) . Financial assets are initially recognised at their fair value plus, for those financial assets not at fair value through profit or loss, transaction costs. Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way trades) are recognised on the settlement date, being the date that an asset is delivered to or by Zegona. Subsequent measurement Zegona\u2019s financial assets are classified into categories: \u2022 Financial assets at amortised cost comprise assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI Criterion. These assets are subsequently measured at amortised cost using the effective interest method. The amortised cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment losses are recognised in the Statement of Comprehensive Income. Any gain or loss on derecognition is recognised in the Statement of Comprehensive Income. \u2022 Financial assets at FVPL comprise quoted equity instruments which Zegona had not irrevocably elected, upon initial recognition, to classify at FVOCI and debt instruments whose cash flow characteristics fail the SPPI Criterion. These assets are carried in the Statement of Financial Position at fair value with net changes in fair value recognised as either finance income or finance costs in the Statement of Comprehensive Income. Derecognition A financial asset is primarily derecognised and removed from the Statement of Financial Position when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 Zegona has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) Zegona has transferred substantially all the risks and rewards of the asset, or (b) Zegona has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When Zegona has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, Zegona continues to recognise the transferred asset to the extent of its continuing involvement and also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that Zegona has retained. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-354": { "value": "Derecognition A financial asset is primarily derecognised and removed from the Statement of Financial Position when: \u2022 The rights to receive cash flows from the asset have expired; or \u2022 Zegona has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) Zegona has transferred substantially all the risks and rewards of the asset, or (b) Zegona has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When Zegona has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, Zegona continues to recognise the transferred asset to the extent of its continuing involvement and also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that Zegona has retained. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability, the difference of the respective carrying amounts is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-337": { "value": "Financial liabilities Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Subsequent measurement Financial liabilities are subsequently measured at amortised cost and in the case of interest-bearing financial liabilities at amortised cost using the effective interest rate method. Gains and losses are recognised in the Statement of Comprehensive Income when the liabilities are derecognised. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability, the difference of the respective carrying amounts is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-338": { "value": "Equity instruments An equity instrument is any contract that provides a residual interest in the assets of the Group after deducting all of its liabilities and includes no obligation to deliver cash or other financial assets. ", "dimensions": { "concept": "zegonacommunications:DescriptionOfAccountingPolicyForEquityInstruments", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-339": { "value": "Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Financial Position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis to realise the assets and settle the liabilities simultaneously. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-299": { "value": "l) Impairment of financial assets For trade receivables, Zegona applies a simplified approach in calculating expected credit losses (\u201cECLs\u201d) and recognises a loss allowance based on lifetime ECLs at each reporting date using Zegona\u2019s historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-300": { "value": "m) Property, plant and equipment Property, plant and equipment is measured initially at acquisition cost and subsequently carried net of any accumulated depreciation and any impairment losses. The costs of upkeep and maintenance of property, plant and equipment are charged to the administrative and other operating expenses in the Statement of Comprehensive Income in the year in which they are incurred. Replacements or renewals are recorded as an addition to property, plant and equipment and the units replaced or renewed are derecognised. Property, plant and equipment in operation is depreciated systematically on the basis of the estimated useful economic life of the items, and the cost of the assets is distributed on a straight-line basis over the estimated useful economic lives. For fixtures and fittings, which comprises primarily computer hardware, the estimated useful economic live is 3 years. Derecognition of property, plant and equipment Items of property, plant and equipment are derecognised when they are sold or when no future economic benefit is expected to be obtained from their continuing use. The gain or loss arising on the disposal or derecognition of an item of property, plant and equipment is determined as the difference between the proceeds from the sale and the carrying amount of the asset and is recognised in the Consolidated Statement of Comprehensive Income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-301": { "value": "n) Leases Zegona assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Following adoption of IFRS 16 Leases, Zegona has taken the exemption contained under IFRS 16 to not apply IFRS 16 requirements to any of its leases as these leases are short-term in nature (less than 12 months) or low in value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-302": { "value": "o) Cash and cash equivalents Cash and cash equivalents comprise cash balances and call deposits with an original maturity of three months or less. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-303": { "value": "p) Investments in subsidiaries Investments in subsidiaries within the Company\u2019s separate Statement of Financial Position are stated at cost less provision for impairment. At the end of each reporting year, or whenever there are indications of impairment, the Company tests its investments in subsidiaries for impairment to determine whether their recoverable amount has fallen below their carrying amount. The recoverable amount is the greater of fair value less costs to sell and value in use. An impairment loss is recognised when the carrying amount exceeds the recoverable amount. Value in use is the present value of expected future cash flows, calculated using a risk-free market rate of interest, adjusted for the risks specific to the asset. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount; however, the increased carrying amount may not exceed the carrying amount that would have been determined had no impairment loss been recognised in previous years. This reversal of an impairment loss is recognised as income. The Company makes appropriate provision when the recoverable value is less than the carrying amount, provided the latter cannot be recovered by generating sufficient income to cover all the costs and expenses incurred by usage of the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-304": { "value": "q) Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in other reserves as a deduction from the initial measurement of the equity instrument. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-305": { "value": "r) Dividends payable The Company recognises a liability to pay a dividend when the distribution is authorised and the distribution is no longer at the discretion of the Company. A corresponding amount is recognised directly in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-340": { "value": "s) Corporation tax Corporation tax represents the sum of current and deferred tax for the year. Current tax is the expected tax payable on the taxable income for the year. Taxable profit differs from profit reported in the Consolidated Statement of Comprehensive Income because some items of income and expense are taxable or deductible in different years or may never be taxable or deductible. Zegona\u2019s current tax is calculated using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to taxes payable in respect of previous periods. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability method. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is calculated on the tax rates that are expected to apply in the year when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the year end date, and is not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-306": { "value": "s) Corporation tax Corporation tax represents the sum of current and deferred tax for the year. Current tax is the expected tax payable on the taxable income for the year. Taxable profit differs from profit reported in the Consolidated Statement of Comprehensive Income because some items of income and expense are taxable or deductible in different years or may never be taxable or deductible. Zegona\u2019s current tax is calculated using tax rates enacted or substantially enacted at the balance sheet date, and any adjustment to taxes payable in respect of previous periods. Deferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the balance sheet liability method. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax is calculated on the tax rates that are expected to apply in the year when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the year end date, and is not discounted. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-307": { "value": "t) Pension benefits Zegona pays contributions to externally administered pension plans on behalf of employees, or the equivalent contribution is paid in cash to the employee. Zegona has no further payment obligations once the contributions have been paid. The contributions are recognised as an expense on the accrual basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-308": { "value": "u) Earnings per ordinary share Basic earnings per share (\u201cEPS\u201d) is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-309": { "value": "v) Share-based transactions Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The grant date is the date on which an employer and an employee agree upon the most essential terms and conditions associated with the award. If shareholder approval is needed, then the grant date is delayed until that approval has been obtained, unless shareholder approval is considered to be perfunctory. Share based payment schemes in which Zegona has a choice of settlement are classified as either equity settled share-based payments or cash-settled share-based payments, depending on Zegona\u2019s ability and intent to settle in shares, which Zegona has previously communicated its intention to do. The fair value is expensed through administrative and other operating expenses, with a corresponding increase in equity through the share-based payment reserve, on a straight-line basis over the period that the employees or others providing similar services become unconditionally entitled to the awards or vesting period. The vesting period for these schemes may commence before the legal grant date if the employees have started to render services in respect of the award before the legal grant date, where there is a shared understanding of the terms and conditions of the arrangement. Expenses are recognised when the employee starts to render service to which the award relates. The fair value of the awards is calculated at each accounting reporting period until the final fair value is measured at the legal grant date. The dilutive effect of outstanding share-based payments is reflected as share dilution in the computation of diluted EPS. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-310": { "value": "3. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATES The Consolidated Financial Statements reflect management\u2019s choice of accounting policies, assumptions and estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors including expectations of future events that are believed to be reasonable under the circumstances. In view of the inherent uncertainties and the high level of subjectivity involved in the recognition or measurement of items outlined below, it is possible that the outcomes in the next financial year could differ from those on which management\u2019s estimates are based. This could result in materially different estimates and judgement from those reached by management for the purpose of these Consolidated Financial Statements. The main accounting judgements and estimates used by the Directors in applying the accounting policies of Zegona that had the greatest impact on the Consolidated Financial Statements in the current year are: Accounting judgements \u2022 The recoverability of the income tax receivable. During 2021, Zegona was required to pay two charging notices totalling \u00a34.4 million issued by HMRC in respect of the EU Commission\u2019s decision that the Group Financing Exemption contained within the UK\u2019s Controlled Foreign Company legislation constituted State Aid. In prior periods, Zegona had concluded that no provision was required on the basis that it was not probable that there would ultimately be an outflow of resources required to settle the obligation. Consequently, Zegona has continued to record an income tax receivable on payment of the charging notices and has continued to evaluate the receivable for recoverability. The determination of whether an outflow is more likely than not requires judgement. An explanation of the key judgements made in determining that the receivable continues to be recoverable is provided in Note 14. \u2022 Going concern. Zegona\u2019s assessment of the entity\u2019s ability to continue as a going concern involves judgment with respect to its ability to meet liabilities as they fall due for a period of at least twelve months from the approval of the financial statements, including considerations around the ongoing trade of the group which is to make strategic telco investments. An explanation of the key judgements made in determining that the Zegona continues to be a going concern, albeit with a material uncertainty related to events or conditions that may cast significant doubt on its ability to continue as a going concern is provided in Note 2. Accounting estimates \u2022 Measurement of share-based payments transactions. Valuation techniques are used in determining the fair value of the management incentive award, which feature significant unobservable inputs and are subject to substantial uncertainty. The main estimates and assumptions used in determining the \u00a30.28 per share fair value of the management incentive are detailed in Note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-311": { "value": "4. SEGMENTAL ANALYSIS Following the disposal of Euskaltel in 2021 (see note 12) , Zegona and its subsidiaries is organised a single business which seeks to generate shareholder returns by applying its Buy-Fix-Sell strategy to European TMT assets. The chief operating decision maker is considered to be the Board, who only receive consolidated information which does not does not include an analysis of either profit and loss or assets and liabilities to any lower level. Zegona has therefore concluded that it only has a single operating segment for which the measure of performance is Zegona\u2019s consolidated loss for the period from continuing operations and all amounts required to be disclosed in accordance with paragraph 23-24 of IFRS 8 Operating Segments are the same as the equivalent consolidated amounts disclosed elsewhere in these financial statements. All non-current assets are domiciled in the United Kingdom. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-355": { "value": "5. ADMINISTRATIVE AND OTHER OPERATING EXPENSES \u2013 CORPORATE COSTS Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Salaries, bonuses and staff benefits 2,212 2,918 Employment related taxes 333 423 Pension costs 239 311 Other operating expenses 487 991 Corporate costs 3,271 4,643 Staff numbers The average number of employees (including Executive Directors but excluding Non-Executive Directors) during the year by activity was as follows: Consolidated 2022 Consolidated 2021 Operations 6 6 Administration 1 1 7 7 Further information in relation to pay and remuneration of the directors can be found in the Directors\u2019 Remuneration Report, starting on page 31. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-341": { "value": "5. ADMINISTRATIVE AND OTHER OPERATING EXPENSES \u2013 CORPORATE COSTS Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Salaries, bonuses and staff benefits 2,212 2,918 Employment related taxes 333 423 Pension costs 239 311 Other operating expenses 487 991 Corporate costs 3,271 4,643 Staff numbers The average number of employees (including Executive Directors but excluding Non-Executive Directors) during the year by activity was as follows: Consolidated 2022 Consolidated 2021 Operations 6 6 Administration 1 1 7 7 Further information in relation to pay and remuneration of the directors can be found in the Directors\u2019 Remuneration Report, starting on page 31. 6. ADMINISTRATIVE AND OTHER OPERATING EXPENSES \u2013 SIGNIFICANT PROJECT COSTS Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. The classification of projects as significant is subjective in nature and therefore judgement is required in its determination and is a matter of qualitative assessment. Significant projects are usually related to acquisition or joint venture transactions where incremental and identifiable external costs are incurred by Zegona in order to make or evaluate the potential transaction, even if it is not consummated. The \u20ac26 thousand (2021: \u20ac0.3 million) of significant project costs recognised in 2022 were principally professional fees in relation to potential acquisition opportunities. In addition, significant project costs were recognised within discontinued operations in 2021 (see note 12) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-312": { "value": "5. ADMINISTRATIVE AND OTHER OPERATING EXPENSES \u2013 CORPORATE COSTS Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Salaries, bonuses and staff benefits 2,212 2,918 Employment related taxes 333 423 Pension costs 239 311 Other operating expenses 487 991 Corporate costs 3,271 4,643 Staff numbers The average number of employees (including Executive Directors but excluding Non-Executive Directors) during the year by activity was as follows: Consolidated 2022 Consolidated 2021 Operations 6 6 Administration 1 1 7 7 Further information in relation to pay and remuneration of the directors can be found in the Directors\u2019 Remuneration Report, starting on page 31. 6. ADMINISTRATIVE AND OTHER OPERATING EXPENSES \u2013 SIGNIFICANT PROJECT COSTS Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. The classification of projects as significant is subjective in nature and therefore judgement is required in its determination and is a matter of qualitative assessment. Significant projects are usually related to acquisition or joint venture transactions where incremental and identifiable external costs are incurred by Zegona in order to make or evaluate the potential transaction, even if it is not consummated. The \u20ac26 thousand (2021: \u20ac0.3 million) of significant project costs recognised in 2022 were principally professional fees in relation to potential acquisition opportunities. In addition, significant project costs were recognised within discontinued operations in 2021 (see note 12) . ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-356": { "value": "7. FINANCE INCOME AND COSTS Note Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Net gain on currency forward instruments \u2013 137 Bank interest 25 21 Finance income 25 158 Interest on bank borrowings and bank charges (4) (376) Finance costs (4) (376)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-342": { "value": "7. FINANCE INCOME AND COSTS Note Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Net gain on currency forward instruments \u2013 137 Bank interest 25 21 Finance income 25 158 Interest on bank borrowings and bank charges (4) (376) Finance costs (4) (376)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-313": { "value": "7. FINANCE INCOME AND COSTS Note Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Net gain on currency forward instruments \u2013 137 Bank interest 25 21 Finance income 25 158 Interest on bank borrowings and bank charges (4) (376) Finance costs (4) (376)", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-343": { "value": "8. TAXATION Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Current tax expense Current year \u2013 \u2013 Income tax expense for the year \u2013 \u2013 Zegona believes that no accruals for tax liabilities are required for all open tax years based on its assessments of many factors, including interpretations of tax law and prior experience. The normal UK statute of limitations is four years from the end of the accounting period. Reconciliation of effective tax rate Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 (Loss) before tax from continuing operations (3,312) (34,258) At UK statutory income tax rate (19% (2021: 19%) ) (629) (6,509) Expenses not deductible for tax purposes* 26 5,916 Unrecognised tax losses* 602 593 Income tax expense \u2013 \u2013 * At UK statutory income tax rate (19% (2021: 19%) ) Income relating to the investment in Euskaltel during 2021, including dividends and gains in fair value and foreign exchange, is not taxable as the dividends are in respect of non-redeemable ordinary shares and the investment is expected to meet the substantial shareholdings exemption which provides an exemption from corporation tax for capital gains. The majority of significant project costs is not deductible for tax purposes as the projects relate to acquisitions or disposals and are therefore capital in nature. Unrecognised deferred tax assets Deferred tax assets of the UK tax-resident companies of \u20ac9.4 million (2021: \u20ac7.7 million) have not been recognised in respect of tax losses, because it is not probable that future taxable profit will be available against which the companies can maximise the benefits therefrom. Under UK law there is no expiry for the use of tax losses. In the UK 2021 Budget Statement it was announced that the UK corporation rate will increase to 25% from 1 April 2023. Consequently, Zegona has remeasured its unrecognised UK deferred tax assets at the end of the reporting period at the rate of 25%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-314": { "value": "8. TAXATION Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Current tax expense Current year \u2013 \u2013 Income tax expense for the year \u2013 \u2013 Zegona believes that no accruals for tax liabilities are required for all open tax years based on its assessments of many factors, including interpretations of tax law and prior experience. The normal UK statute of limitations is four years from the end of the accounting period. Reconciliation of effective tax rate Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 (Loss) before tax from continuing operations (3,312) (34,258) At UK statutory income tax rate (19% (2021: 19%) ) (629) (6,509) Expenses not deductible for tax purposes* 26 5,916 Unrecognised tax losses* 602 593 Income tax expense \u2013 \u2013 * At UK statutory income tax rate (19% (2021: 19%) ) Income relating to the investment in Euskaltel during 2021, including dividends and gains in fair value and foreign exchange, is not taxable as the dividends are in respect of non-redeemable ordinary shares and the investment is expected to meet the substantial shareholdings exemption which provides an exemption from corporation tax for capital gains. The majority of significant project costs is not deductible for tax purposes as the projects relate to acquisitions or disposals and are therefore capital in nature. Unrecognised deferred tax assets Deferred tax assets of the UK tax-resident companies of \u20ac9.4 million (2021: \u20ac7.7 million) have not been recognised in respect of tax losses, because it is not probable that future taxable profit will be available against which the companies can maximise the benefits therefrom. Under UK law there is no expiry for the use of tax losses. In the UK 2021 Budget Statement it was announced that the UK corporation rate will increase to 25% from 1 April 2023. Consequently, Zegona has remeasured its unrecognised UK deferred tax assets at the end of the reporting period at the rate of 25%. 14. INCOME TAX RECEIVABLE In August 2019, the European Commission (the \u201cEC\u201d) concluded that the Group Financing Exemption contained within the UK\u2019s Controlled Foreign Company (\u201cCFC\u201d) legislation amounted to illegal state aid to the extent that there were UK Significant People or Function (\u201cSPF\u201d) activities involved in generating non-trading finance profits. Zegona engaged an independent tax adviser to undertake a review of its historic financing structures which identified a small proportion of activities performed by UK personnel. On this basis, Zegona estimated that if the conclusion is upheld, a potential tax liability of between \u20ac1m and \u20ac1.8m may exist. The UK Government is required to recover the state aid in the meantime and Zegona paid two charging notices issued by HMRC in February and June of 2021 for \u00a34.4 million, (\u20ac4.9 million) which is 100% of the CFC tax relief received and interest thereon. These notices are a charging mechanism only and if the decision is annulled the money will be repaid. Zegona submitted an appeal against the charging notices which was accepted by HMRC on 8 March 2021. This appeal is likely to be stayed until the final outcome of all appeals to the EU Courts in respect of the EU Commission\u2019s original decision are known, which may take several years. Both the UK Government and a number of other impacted taxpayers have submitted appeals to the EU General Court to annul the Commission\u2019s findings. On 8 June 2022, the General Court of the Court of Justice of the European Union (\u201cCJEU\u201d) found in favour of the Commission\u2019s decision. The UK Government has now announced that it has lodged an appeal of the decision with the Court of Justice. If the UK Government\u2019s appeals are ultimately successful, Zegona will be entitled to recover the amounts already paid and will suffer no loss. Despite the decision of the General Court, based on its current assessment and also supported by external professional advice, Zegona believes that the UK Government\u2019s appeal will likely be successful. As a result, Zegona continues to believe that it has no liability. A long-term current tax receivable of \u20ac4.9 million (2021: \u20ac5.2 million 18 ) . has therefore continued to be recognized in respect of the amounts paid. Any appeal of the General Court decision to the Court of Justice, and the progress of the UK Tax Authority challenge into the historic financing arrangements of the Group, will continue to be monitored by Management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-315": { "value": "9. INVESTMENT IN SUBSIDIARIES The Consolidated Financial Statements in the current year include the following subsidiaries: Subsidiary Nature of business Country of incorporation Shares held directly by the Company Shares held indirectly by the Company Zegona Limited Incentive company Jersey (1) 100% \u2013 Zegona Spanish Holdco Limited Dormant UK (2) \u2013 100% Zegona Borrower Limited Dormant UK (2) \u2013 100% Zegona Holdco Limited Dormant UK (2) \u2013 100% The registered office addresses of the subsidiaries are: 1. 47 Esplanade, St Helier, Jersey, JE1 0BD 2. 8 Sackville St, Mayfair, London, W1S 3DG There are no restrictions on the Company\u2019s ability to access or use the assets and settle the liabilities of the Company\u2019s subsidiaries, other than immaterial assets controlled by liquidators. Carrying value of the Company\u2019s direct investment in subsidiary 2022 During 2022, Zegona Limited continued to pay cash expenses on behalf of the group. These outflows prompted Zegona to review whether the carrying value of the investment in subsidiary was recoverable as at 31 December 2022. Following these reviews, the carrying value of the investment was impaired by \u20ac3.0 million in total, which has been recognised in the profit or loss of the Company and included within the movement in retained earnings in the Company\u2019s statement of financial position. The recoverable amount of the Company\u2019s investment in subsidiary at 31 December 2022 was \u20ac3.7 million, being its fair value less costs of disposal. The fair value measurement is categorised within level 3 of the fair value hierarchy. The fair value was based on an adjusted net asset method, whereby the fair values of the recognised and unrecognised assets and liabilities of Zegona Limited were directly measured. 2021 During 2021, the Company performed an impairment review of Zegona limited on the same basis and impaired its investment by \u20ac288.8 million to its recoverable amount of \u20ac6.8 million, principally because on 11 August 2021, Zegona Limited paid a distribution of \u00a3360 million (equivalent to \u20ac417.9 million) out of a combination of its share premium account and retained earnings to fund the Company\u2019s tender offer. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-316": { "value": "10. FINANCIAL RISK MANAGEMENT Zegona\u2019s activities expose it to market risk, principally interest rate risk and currency risk, however these have been significantly reduced since the sale of its investment in Euskaltel (see note 12) and the Return of Capital (see note 18) . Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rate. Zegona\u2019s exposure to interest rate risk is extremely limited as it only has a small overdraft facility, which bears interest at 1.5% per annum over the Bank of England base rate but is currently undrawn. Zegona seeks to minimise interest rate risk through maintaining the minimum amount of leverage , however in the opinion of the Directors, even a significant movement in LIBOR would not have a material impact on the cash flow of Zegona. The Executive Directors and the Chief Financial Officer regularly review the placing of cash balances and Zegona\u2019s leverage. Foreign currency risk The Board and the Chief Financial Officer control and monitor financial risk management, including foreign currency risk, in accordance with internal policy and the strategic plan defined by the Board. Zegona is exposed to three types of exchange risk: transaction, translation and economic risk. Transaction risk is the risk of loss that Zegona bears when it enters into monetary transactions denominated in currencies other than Sterling, the currency in which Zegona operates. A loss (or gain) may occur due to the change in relative value of currencies from the date on which the transaction is entered to the date the settlement takes place. Zegona is also exposed to foreign exchange translation risk which is accounting in nature. It is the risk that the value of net assets and net profit will change as a result of translation of the Financial Statements of companies within the group with a different functional currency to the presentational currency from one period to the next. In the case of Zegona, this is the conversion of Sterling into euro. The table below show the impact of a 10% movement in Sterling against the euro on the translation of Zegona\u2019s reported financial position as at 31 December 2022 and reported financial performance for the year. Currency impact +/- 10% movement \u20ac000 Profit before tax gain/loss -/+ 331 Equity gain/loss -/+ 1,054 Credit risk Credit risk arises from cash and cash equivalents, prepayments and other. Zegona\u2019s objective is to minimise credit risk as far as possible and uses the ratings awarded by independent agencies, where available, otherwise Zegona assesses the counterparty\u2019s credit rating taking into account its financial situation, past experience and other factors. There are no material financial assets that are written down, past due or impaired as at 31 December 2022, and there is no collateral or other credit enhancement feature on Zegona\u2019s financial assets. The material exposures to credit risk by credit quality classification and external rating at 31 December 2022 are shown in the table below: Quality classification External credit rating Cash and cash equivalents \u20ac000 Total \u20ac000 Strong A- and above 5,890 5,890 5,890 5,890 Credit quality classification definitions: \u2022 Strong exposures demonstrate a strong capacity to meet financial commitments, with negligible or low probability of default and/or low levels of expected loss. The Directors consider that the carrying amounts best represent the maximum exposure to credit risk. Liquidity risk Prudent liquidity risk management implies holding sufficient cash and marketable securities and the availability of financing through a sufficient level of available credit lines. Management assesses regularly Zegona\u2019s liquidity forecasts which consider cashflow projections and existing facilities. At 31 December 2022, Zegona had cash balances held with banks amounting to \u20ac5.8 million (2021: \u20ac10.6 million) , compared to Zegona\u2019s total liabilities amounting to \u20ac0.4 million (2021: \u20ac1.5 million) . In addition at both 31 December 2022 and 31 December 2021, Zegona had an undrawn overdraft facility of \u00a31.5 million, equivalent to \u20ac1.7 million although this is repayable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-344": { "value": "Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rate. Zegona\u2019s exposure to interest rate risk is extremely limited as it only has a small overdraft facility, which bears interest at 1.5% per annum over the Bank of England base rate but is currently undrawn. Zegona seeks to minimise interest rate risk through maintaining the minimum amount of leverage , however in the opinion of the Directors, even a significant movement in LIBOR would not have a material impact on the cash flow of Zegona. The Executive Directors and the Chief Financial Officer regularly review the placing of cash balances and Zegona\u2019s leverage. Foreign currency risk The Board and the Chief Financial Officer control and monitor financial risk management, including foreign currency risk, in accordance with internal policy and the strategic plan defined by the Board. Zegona is exposed to three types of exchange risk: transaction, translation and economic risk. Transaction risk is the risk of loss that Zegona bears when it enters into monetary transactions denominated in currencies other than Sterling, the currency in which Zegona operates. A loss (or gain) may occur due to the change in relative value of currencies from the date on which the transaction is entered to the date the settlement takes place. Zegona is also exposed to foreign exchange translation risk which is accounting in nature. It is the risk that the value of net assets and net profit will change as a result of translation of the Financial Statements of companies within the group with a different functional currency to the presentational currency from one period to the next. In the case of Zegona, this is the conversion of Sterling into euro. The table below show the impact of a 10% movement in Sterling against the euro on the translation of Zegona\u2019s reported financial position as at 31 December 2022 and reported financial performance for the year. Currency impact +/- 10% movement \u20ac000 Profit before tax gain/loss -/+ 331 Equity gain/loss -/+ 1,054 ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-345": { "value": "Credit risk Credit risk arises from cash and cash equivalents, prepayments and other. Zegona\u2019s objective is to minimise credit risk as far as possible and uses the ratings awarded by independent agencies, where available, otherwise Zegona assesses the counterparty\u2019s credit rating taking into account its financial situation, past experience and other factors. There are no material financial assets that are written down, past due or impaired as at 31 December 2022, and there is no collateral or other credit enhancement feature on Zegona\u2019s financial assets. The material exposures to credit risk by credit quality classification and external rating at 31 December 2022 are shown in the table below: Quality classification External credit rating Cash and cash equivalents \u20ac000 Total \u20ac000 Strong A- and above 5,890 5,890 5,890 5,890 Credit quality classification definitions: \u2022 Strong exposures demonstrate a strong capacity to meet financial commitments, with negligible or low probability of default and/or low levels of expected loss. The Directors consider that the carrying amounts best represent the maximum exposure to credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-346": { "value": "Liquidity risk Prudent liquidity risk management implies holding sufficient cash and marketable securities and the availability of financing through a sufficient level of available credit lines. Management assesses regularly Zegona\u2019s liquidity forecasts which consider cashflow projections and existing facilities. At 31 December 2022, Zegona had cash balances held with banks amounting to \u20ac5.8 million (2021: \u20ac10.6 million) , compared to Zegona\u2019s total liabilities amounting to \u20ac0.4 million (2021: \u20ac1.5 million) . In addition at both 31 December 2022 and 31 December 2021, Zegona had an undrawn overdraft facility of \u00a31.5 million, equivalent to \u20ac1.7 million although this is repayable on demand. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-347": { "value": "11. FINANCIAL INSTRUMENTS The following tables shows the carrying amounts and the fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities measured at amortised costs as their carrying amount is a reasonable approximation of fair value. Financial instrument classification and fair values \u2013 Consolidated Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Prepayments and other receivables \u2013 75 \u2013 197 Cash and cash equivalents \u2013 5,890 \u2013 10,556 Total current financial assets \u2013 \u2003\u20035,965 \u2013 10,753 Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Accruals and other payables \u2013 402 \u2013 1,457 Bank borrowing \u2013 \u2013 \u2013 106 Total current financial liabilities \u2013 402 \u2013 1,563 The Directors consider that the carrying amounts of the financial instruments measured at amortised cost equate to their fair values. Financial instrument classification and fair values \u2013 Company Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Prepayments and other receivables \u2013 1,805 \u2013 3,821 Cash and cash equivalents \u2013 337 \u2013 16 Total current financial assets \u2013 2,142 \u2013 3,837 Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Accruals and other payables \u2013 235 \u2013 620 Bank borrowings \u2013 \u2013 \u2013 106 Total current financial liabilities \u2013 235 \u2013 726 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-317": { "value": "11. FINANCIAL INSTRUMENTS The following tables shows the carrying amounts and the fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities measured at amortised costs as their carrying amount is a reasonable approximation of fair value. Financial instrument classification and fair values \u2013 Consolidated Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Prepayments and other receivables \u2013 75 \u2013 197 Cash and cash equivalents \u2013 5,890 \u2013 10,556 Total current financial assets \u2013 \u2003\u20035,965 \u2013 10,753 Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Accruals and other payables \u2013 402 \u2013 1,457 Bank borrowing \u2013 \u2013 \u2013 106 Total current financial liabilities \u2013 402 \u2013 1,563 The Directors consider that the carrying amounts of the financial instruments measured at amortised cost equate to their fair values. Financial instrument classification and fair values \u2013 Company Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Prepayments and other receivables \u2013 1,805 \u2013 3,821 Cash and cash equivalents \u2013 337 \u2013 16 Total current financial assets \u2013 2,142 \u2013 3,837 Fair Value 2022 \u20ac000 Amortised cost 2022 \u20ac000 Fair value 2021 \u20ac000 Amortised cost 2021 \u20ac000 Accruals and other payables \u2013 235 \u2013 620 Bank borrowings \u2013 \u2013 \u2013 106 Total current financial liabilities \u2013 235 \u2013 726 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-318": { "value": "12. PROFIT FROM DISCONTINUED OPERATIONS For part of 2021, Zegona owned 21.44% of in Euskaltel S.A. (\u201cEuskaltel\u201d) , a Spanish telecommunications company incorporated in Spain and operating in the Basque Country, Asturias and Galicia under regional brands and nationally across Spain under the Virgin telco brand. This investment was sold to a subsidiary of M\u00e1sM\u00f3vil Ibercom, S.A.U (\u201cM\u00e1sM\u00f3vil\u201d) , the Spanish fourth national operator who launched a tender offer to acquire all of the outstanding shares of Euskaltel on 28 March 2021. The tender offer completed successfully and Zegona received \u20ac421.3 million in cash on 11 August 2021. The amounts recorded in the Consolidated statement of comprehensive income in respect of discontinued operations were as follows: Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Gain on sale of discontinued operation \u2013 110,240 Share of loss of associate \u2013 (454) Realised foreign exchange gains \u2013 8,391 Significant project costs \u2013 (2,910) Finance costs \u2013 (1,096) Discontinued operations \u2013 114,171 The amounts recorded in the Consolidated statement of cash flows in respect of discontinued operations wereas follows: Consolidated 2022 \u20ac000 Consolidated 2021 \u20ac000 Proceeds from sale of investment in Euskaltel \u2013 421,275 Dividends received from Euskaltel \u2013 11,872 Proceeds from sale of contingent consideration \u2013 6,400 Net cash flow from discontinued investing activities \u2013 439,547 Gain on sale of discontinued operation and Share of loss of associate Up to the announcement of M\u00e1sM\u00f3vil\u2019s tender offer on 28 March 2021, Zegona had accounted for its investment in Euskaltel as an associate and recorded its share of Euskaltel\u2019s loss for this period of \u20ac454 thousand. The investment in Euskaltel ceased to be an associate on 28 March 2021 and from this date became an asset held for sale with Zegona no longer recognising a share of Euskaltel\u2019s profit from that date. During 2021, Zegona recognised a gain on disposal of Euskaltel that was calculated as follows: \u20ac000 Consideration received 421,275 Carrying amount of investment in associate (310,410) Recycling of historical exchange differences on sale of discontinued operations (625) Gain on sale of discontinued operations 110,240 The disposal of Euskaltel did not attract a tax charge as it qualifies for the Substantial Shareholding Exemption in Schedule 7AC of the Taxation of Chargeable Gains Act 1992. Realised foreign exchange gains On 7 April 2021, Zegona entered into a Deal Contingent Forward Purchase Agreement (\u201cDCF\u201d) with Barclays Bank PLC to ensure it would receive a fixed Sterling value if the tender offer to acquire Euskaltel was completed successfully. The realised foreign exchange gains are the gains on this instrument, calculated as the difference between the GBP value received under the DCF and the GBP value of the euros received at the prevailing spot rate. Since this instrument has been entered into entirely to fix the Sterling value of the Euskaltel proceeds, changes in fair value are recognised within discontinued operations. This line also includes \u20ac0.4 million of foreign exchange gains arising from the revaluation of the Euro-denominated contingent consideration. Significant project costs Significant project costs are those incurred on projects that are considered to be one-off or non-recurring in nature, where the costs are so material individually or collectively that the Directors believe that they require separate presentation and disclosure to avoid distortion of the comparability of corporate costs between periods. In 2021, \u20ac2.9 million of significant project costs related to the disposal of the Euskaltel investment and the Return of capital were recognised with discontinued operations which were principally legal fees and stamp duty. Finance costs Up to 10 August 2021, Zegona recorded a financial asset designated at fair value for contingent consideration receivable from Euskaltel in relation to the sale of Telecable in 2017. This asset was always recorded at fair value using a probability-weighted discounted cash flow model 17 and the loss of \u20ac1.1 million reflects the change in the fair value of the asset between 1 January 2021 and 10 August 2021, when it was sold to a third party for \u20ac6.4 million in cash, which was received on 10 August 2021. As the sale of Euskaltel would not have been undertaken without the settlement of the contingent consideration Zegona concluded that the contingent consideration was part of the discontinued operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-348": { "value": "13. PREPAYMENTS AND OTHER RECEIVABLES Consolidated 31 December 2022 Consolidated 31 December 2021 \u20ac000 \u20ac000 Prepayments 19 46 Accrued interest on bank deposits 24 \u2013 VAT recoverable 32 151 Total 75 197 17 This meant that the instrument was allocated to level 3 of the fair value hierarchy. The value assigned to the instrument at 1 January 2021 was \u20ac7,499 and the change in the fair value included \u20ac3 thousand of foreign exchange losses. Company 31 December 2022 Company 31 December 2021 \u20ac000 \u20ac000 Prepayments 19 42 Amounts due from subsidiary undertakings 1,754 3,629 VAT recoverable 32 150 Total 1,805 3,821 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-319": { "value": "13. PREPAYMENTS AND OTHER RECEIVABLES Consolidated 31 December 2022 Consolidated 31 December 2021 \u20ac000 \u20ac000 Prepayments 19 46 Accrued interest on bank deposits 24 \u2013 VAT recoverable 32 151 Total 75 197 17 This meant that the instrument was allocated to level 3 of the fair value hierarchy. The value assigned to the instrument at 1 January 2021 was \u20ac7,499 and the change in the fair value included \u20ac3 thousand of foreign exchange losses. Company 31 December 2022 Company 31 December 2021 \u20ac000 \u20ac000 Prepayments 19 42 Amounts due from subsidiary undertakings 1,754 3,629 VAT recoverable 32 150 Total 1,805 3,821 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-349": { "value": "14. INCOME TAX RECEIVABLE In August 2019, the European Commission (the \u201cEC\u201d) concluded that the Group Financing Exemption contained within the UK\u2019s Controlled Foreign Company (\u201cCFC\u201d) legislation amounted to illegal state aid to the extent that there were UK Significant People or Function (\u201cSPF\u201d) activities involved in generating non-trading finance profits. Zegona engaged an independent tax adviser to undertake a review of its historic financing structures which identified a small proportion of activities performed by UK personnel. On this basis, Zegona estimated that if the conclusion is upheld, a potential tax liability of between \u20ac1m and \u20ac1.8m may exist. The UK Government is required to recover the state aid in the meantime and Zegona paid two charging notices issued by HMRC in February and June of 2021 for \u00a34.4 million, (\u20ac4.9 million) which is 100% of the CFC tax relief received and interest thereon. These notices are a charging mechanism only and if the decision is annulled the money will be repaid. Zegona submitted an appeal against the charging notices which was accepted by HMRC on 8 March 2021. This appeal is likely to be stayed until the final outcome of all appeals to the EU Courts in respect of the EU Commission\u2019s original decision are known, which may take several years. Both the UK Government and a number of other impacted taxpayers have submitted appeals to the EU General Court to annul the Commission\u2019s findings. On 8 June 2022, the General Court of the Court of Justice of the European Union (\u201cCJEU\u201d) found in favour of the Commission\u2019s decision. The UK Government has now announced that it has lodged an appeal of the decision with the Court of Justice. If the UK Government\u2019s appeals are ultimately successful, Zegona will be entitled to recover the amounts already paid and will suffer no loss. Despite the decision of the General Court, based on its current assessment and also supported by external professional advice, Zegona believes that the UK Government\u2019s appeal will likely be successful. As a result, Zegona continues to believe that it has no liability. A long-term current tax receivable of \u20ac4.9 million (2021: \u20ac5.2 million 18 ) . has therefore continued to be recognized in respect of the amounts paid. Any appeal of the General Court decision to the Court of Justice, and the progress of the UK Tax Authority challenge into the historic financing arrangements of the Group, will continue to be monitored by Management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-320": { "value": "15. ACCRUALS AND OTHER PAYABLES Consolidated 31 December 2022 Consolidated 31 December 2021 \u20ac000 \u20ac000 Trade payables 208 250 Other accruals 194 1,227 402 1,457 18 The movement in the year is entirely due to changes in foreign exchange rates. Company 31 December 2022 Company 31 December 2021 \u20ac000 \u20ac000 Trade payables 41 47 Accruals 194 573 235 622 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-350": { "value": "15. ACCRUALS AND OTHER PAYABLES Consolidated 31 December 2022 Consolidated 31 December 2021 \u20ac000 \u20ac000 Trade payables 208 250 Other accruals 194 1,227 402 1,457 18 The movement in the year is entirely due to changes in foreign exchange rates. Company 31 December 2022 Company 31 December 2021 \u20ac000 \u20ac000 Trade payables 41 47 Accruals 194 573 235 622 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-321": { "value": "16. BANK BORROWINGS Zegona has a \u00a31.5 million overdraft facility with HSBC PLC which is generally undrawn, however at 31 December 2021, \u00a390.8 thousand (\u20ac106.4 thousand) of the facility was drawn for a brief period to cover short-term working capital requirements. The interest rate on the overdraft facility was 0.25% and it is repayable on demand. The overdraft was repaid on 13th January 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-322": { "value": "17. MANAGEMENT INCENTIVE SCHEME Incentive scheme arrangements were put in place at Zegona\u2019s inception in 2015 to create incentives for Zegona\u2019s management team who have been issued Class A Ordinary Shares in the Company\u2019s subsidiary, Zegona Limited (\u201cManagement Shares\u201d ) . The holders of the Management Shares are entitled to 15% of the growth in value of Zegona during a series of five separate Calculation Periods, provided that ordinary shareholders achieve a 5% per annum Preferred Return 19 in each Calculation Period. Holders have the right to end each Calculation Period by redeeming 99% of their Management Shares at any time between the third and fifth anniversaries of the beginning of the Calculation Period, although a Calculation Period may also end upon certain specified events such as a winding up or takeover, or a change of control of Zegona. When a Calculation Period ends, a new Calculation Period automatically begins with the remaining 1% of unredeemed shares retaining the entitlement to 15% of the growth in value of Zegona for the next Calculation Period. At 31 December 2022, 515,464 Management Shares in Zegona Limited remain allotted, issued and fully paid as shown in the table below: Participation in growth in value Number of Management Shares Nominal value of Management Shares Eamonn O\u2019Hare 8.88% 305,000 \u00a3305 Robert Samuelson 4.44% 152,500 \u00a3153 Zegona senior management 1.68% 57,964 \u00a358 515,464 \u00a3516 The First Calculation Period The First Calculation Period began on 14 August 2015 and ended on 25 June 2020 when the holders of the shares redeemed 99% of them for no value because the preferred return had not been met. The Second Calculation Period Accounting as an equity settled instrument: The Second Calculation Period automatically began on 25 June 2020 with the renewal subsequently approved by Zegona\u2019s shareholders on 30 June 2021. 19 The preferred Return is a 5% per annum return on a compounded basis on shareholders\u2019 net investment. Under IFRS 2 Share Based Payment, the new Calculation Period constituted a new share-based payment award for which the holders of the Management Shares began to render services from June 25, 2020. However, because the renewal of the scheme required shareholder approval, the grant date of the award could not be until 30 June 2021. The fair value of the award was therefore estimated at each balance sheet date, and an expense recognised from the date that holders begin to render services. This estimate was then recalculated and adjusted at each balance sheet date prior to the grant date (30 June 2021) , and finally at the grant date. Zegona applied this treatment up to 24 May 2021, recording \u20ac0.8 million of share-based payment expense in 2020 and further \u20ac0.8 million in 2021, with a cumulative \u20ac1.6 million recognised in the Share-based payment reserve. On 24 May 2021, Zegona concluded that the Management Shares no longer qualified as an equity settled instrument. Accounting as a cash settled instrument: Zegona Limited\u2019s Articles of Association (the \u201cLimited Articles\u201d) allows the Management Shares to be redeemed within three years of the beginning of a Calculation Period if certain criteria (\u201cTakeover Provisions\u201d) are met. One of these Takeover Provisions is if Zegona sells all, or substantially all, of its assets and distributes the net proceeds (the \u201cSubstantial Sale and Return Provision\u201d) . If any of these Takeover Provisions are met, then any redemption must be in cash. The announcement on 24 May 2021 that Zegona intended to return \u00a3335 million to shareholders, (see note 12) , meant that the Substantial Sale and Return provision was expected to be met and a cash payment of \u00a325.7 million would be due to holders of the Management Shares, provided the Capital Return was completed successfully. Consequently, Zegona concluded that from 24 May 2021, the Management Incentive Scheme no longer met the criteria to be recognised as an equity settled transaction under IFRS 2 and must be accounted for as a cash settled transaction. On 24 May 2021 Zegona therefore reclassified the \u20ac1.6 million of cumulative share-based payment expense that it had recognised in the share-based payment reserve as a liability instrument. At the same time, an incremental liability was recorded that was eventually equal to the \u00a325.7 million (\u20ac30.3 million on the transaction date) actually paid on 14 October 2021. A Management Incentive Scheme cost of \u20ac29 million for 2021 was recognised in the Consolidated Statement of Comprehensive Income in respect of the Second Calculation Period, being equal to the liability recorded in excess of the amount reclassified from the Share based payment reserve plus the \u20ac0.8 million recognised in 2021 prior to the instrument being reclassified as a cash settled instrument. The Third Calculation Period The Third Calculation Period automatically began on 14 October 2021, with the Baseline Value Per Share for the new Calculation Period being \u00a31.51 per share, which was equal to volume weighted average mid-market price of Zegona shares for the previous 30 trading days. During the Third Calculation Period, the Management Shares may be redeemed between 14 October 2024 and 14 October 2026. All other terms remain the same as for the other Calculation Periods and the renewal of the scheme was subject to a shareholder vote at Zegona\u2019s 2022 AGM which passed with 98.03% of votes in favour. Similar to the Second Calculation Period, this constituted a new award with services rendered from 14 October 2021, however the grant date of the award under IFRS 2 could not be until shareholders ratified the renewal of the scheme at Zegona\u2019s 2022 AGM. Between 14 October 2021 and 28 June 2022 therefore, Zegona estimated the fair value of the award at each balance sheet date and recognised an expense reflecting the date that holders began to render services. Accordingly, On 28 June 2022, Zegona engaged an independent valuation specialist to estimate the fair value of the award and has recorded an expense that is equal to the expense that would have been recognised for the period from 14 October 2021 and 31 December 2022 using the revised fair value of the award and the amount that was previously recognised in the financial statements for the period 14 October 2021 and 31 December 2021. The fair value of the award was \u00a30.28 per Management Share and was calculated using a Monte Carlo model. The fair value uses a volatility of 18% and an expected term of three years. The Incentive Shares are subject to the Preferred Return being achieved, which is a market performance condition, and as such has been taken into consideration in determining their fair value. A risk-free rate of 1% has been applied, based on the implied yield available at the measurement date on the zero-coupon government issues with a remaining term equal to the expected term of the Awards. The model incorporates a range of probabilities for the likelihood of a successful acquisition being made of a given size in a range of \u00a30.5 billion \u2013 \u00a31.5 billion and includes a number of discounts of 90% in aggregate to reflect the risks inherent in the instrument such as the competition for assets and the need to raise capital within a short timeframe. During 2022, one member of the management team retired and on 1 April 2022 the company repurchased and cancelled 28,981 shares for consideration of \u00a31 in aggregate. \u20ac1.7 thousand of expense that had been recognised in respect of the period between 14 October 2021 and 1 April 2022 was reversed. On 13 June 2022, 28,981 shares were issued to a second member of the management team in return for consideration of \u00a310 thousand. The value of these awards and the assumptions used in the Monte Carlo model used to value them were the same as for the other awards valued on 30 June 2022. No expense in respect of these shares has been recognised because the consideration paid was in excess of the fair value. For the period to 31 December 2022 a total expense of \u20ac34 thousand was recognised (2021: \u20ac31 thousand) , with a corresponding amount recognised in the Share based payment reserve. Zegona expects that any amounts due under the third calculation period will be settled in equity, therefore has concluded that the Management Shares are equity settled instruments 20. ", "dimensions": { "concept": "zegonacommunications:DisclosureOfManagementIncentiveScheme", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-323": { "value": "18. 2021 RETURN OF CAPITAL AND RELATED TRANSACTIONS On 24 May 2021, Zegona announced its intention to return \u00a3335 million to its shareholders in cash via a capital return once it had received the proceeds from the disposal of Euskaltel, and that its management team would re- invest a portion of the proceeds from the exercise of the Management Shares into newly issued Zegona shares. The first portion of this capital return was delivered on 23 July 2021 when Zegona paid a \u00a35.7 million (\u20ac6.7 million) dividend. The rest of the commitment was delivered by: Tender Offer On 13 August 2021, Zegona announced a Return of Capital of up to \u00a3329.3 million to shareholders by way of a tender offer (the \u201ctender offer\u201d) at a price of \u00a31.535 per share. On 14 October 2021, Zegona successfully repurchased and cancelled 214,532,103 shares under the tender offer, returning the full balance of the \u00a3335 million, being \u00a3329.3 million, on 14 October 2021. Reduction of share premium account In order to complete a share buyback of at least \u00a3329.3 million, the Company needed to have distributable reserves of at least that amount and in order to achieve this, on 8 September the Company reduced its share premium account from \u00a395,339,759 to \u00a3100,000 (the \u201cCapital Reduction\u201d) following approval by Shareholders and confirmation by the High Court. Upon the reduction of the share premium account, the balance was transferred to the Other reserve, which forms part of the distributable reserves of the Company. Management Subscription The Zegona management team committed to re-invest up to \u00a34.0 million of the proceeds of the exercise of the Management Shares back into Zegona by subscribing for new shares. The subscription price was agreed as the adjusted net asset value per share of Zegona immediately prior to completion of the subscriptions. To the extent that the aggregate number of shares to be subscribed for would exceed 28.1% of the issued share capital of the Company immediately following the subscription, the subscriptions were to be scaled back pro rata. The subscriptions were also conditional on the admission to trading (\u201cAdmission\u201c) of these shares by the Financial Conduct Authority (\u201cFCA\u201d) and Zegona had been advised that the company should not be required to issue a 20 Settlement of the Second Calculation Period in cash does not create a precedent in respect of the Third Calculation Period as ash settlement was required under those circumstances by the terms of the scheme. prospectus for Admission. The subscriptions were approved by Zegona\u2019s shareholders at a General Meeting of the Company on 30 June 2021. Following the completion of the tender offer, the subscription price was confirmed as \u00a31.438 per share, meaning the management team were able to subscribe for 1,734,451 shares which would have been 28.1% of the Company immediately following the subscription. The aggregate total investment would have been \u00a32.5 million, which was paid by the management team on 14 October 2021. Upon applying for Admission of the new shares, Zegona was informed that Admission was limited to a maximum of 20% of its shares in issue immediately following its tender offer without publishing a prospectus. Zegona, together with Eamonn O\u2019Hare and Robert Samuelson (the affected members of the management team) , elected to issue and Admit 887,594 shares on 27 October 202121 with the remaining 846,857 shares to be issued once they could be lawfully Admitted. Zegona entered into a revised Subscription Agreement (\u201cSubscription Agreement (as Amended) \u201d) with Eamonn O\u2019Hare and Robert Samuelson that confirmed they were both committed to complete the subscription for the agreed number of shares at the agreed price under any circumstances. During 2021 Zegona concluded that the Subscription Agreement (as Amended) is an equity instrument as it is defined in IAS 32 Financial Instruments: Presentation on the basis that (a) there is no contractual obligation to deliver cash or another financial asset to another party (b) there is no obligation to exchange financial assets or liabilities with another party and (c) the agreement is a non-derivative and obliges Zegona to deliver a fixed number of shares. The value of shares to be issued (being the cash paid) was therefore recognised within a new reserve, Shares to be issued. On 9 November 2022, the remaining 846,857 shares were issued and Admitted to trading on 16 November 2022 as the restrictions preventing their Admission had expired. The balance on the Shares to be issued reserve was therefore reduced to zero. ", "dimensions": { "concept": "zegonacommunications:DisclosureOf2021ReturnOfCapitalAndRelatedTransactions", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-351": { "value": "19. CALLED UP SHARE CAPITAL Allotted, called up and fully paid 2022 Number 2022 \u20ac000 2021 Number 2021 \u20ac000 At 1 January 5,325,567 301 218,970,076 2,821 Shares issued 846,857 10 887,594 11 Shares repurchased and cancelled \u2013 \u2013 (214,532,103) (2,531) At 31 December 6,172,424 311 5,325,567 301 The nominal value of the total ordinary shares is \u00a30.01 and the total allotted, called up and fully paid equates to \u00a361,724 (2021: \u00a353,256) . During 2022, 846,857 shares were issued to members of the management team as described in note 18. During 2021 the Company repurchased 214,532,103 ordinary shares at a price of \u00a31.535 per share by way of a tender offer which completed on 14 October 2021. Subsequently, on 27 October 2021, members of the management team subscribed for 887,594 ordinary shares at a price of \u00a31.438 per share All ordinary shares confer identical rights including in respect of capital, dividends and voting. There are no restrictions on the distributions of dividends or the repayment of capital 21 Being the maximum number of shares that could be Admitted on that date. 20. RESERVES Distributable reserves Retained earnings The retained earnings reserve includes cumulative net profits. This is typically a distributable reserve. Other reserve The Other reserve is a distributable reserve which is comprised of transfers from the Share premium reserve in 2016 and 2021 following court approved reductions of capital (see note 18) , net of all historical dividends paid and the total costs of buying back shares (the nominal value of the shares and any premium paid) , which are charged against distributable reserves. During 2021 the full amount then outstanding in the Other reserve was utilised to fund the tender offer (see note 18) . Total distributable reserves While the Other reserve continues to be distributable, its balance is zero, therefore the Company\u2019s total distributable reserves are now solely the Retained earnings reserve. At 31 December 2022 the Company\u2019s Retained earnings reserve in Sterling (Zegona\u2019s functional currency) was negative \u00a337 thousand. Distributable reserves at 31 December 2021 were \u00a33.5 million. A balance of \u20ac61.3 million remained in this reserve on translation to Euro (Zegona\u2019s presentational currency) with an offsetting amount in the foreign currency translation reserve. This is because, in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, equity items are translated each period at their historical exchange rates and not subsequently retranslated and the remaining balance reflects the difference between the Euro value of all previous amounts recorded in all distributable reserves and the Euro value of the amount debited to the Retained earnings reserve to fund the tender offer. Non \u2013 distributable reserves Share-based payment reserve The share-based payment reserve is a non-distributable reserve that represents the cumulative build-up of the Management Incentive Scheme costs over the vesting period as the employees gradually render service while the Management Incentive Scheme is considered to be an equity settled instrument. The current balance of the reserve reflects the amortisation of a portion of the fair value of the third Calculation Period as discussed in Note 17. Foreign currency translation reserve The foreign currency translation reserve is a non-distributable reserve that includes the foreign exchange differences arising from the translation of the Consolidated Financial Statements functional currency of Sterling (\u201c\u00a3\u201d) to presentational currency euro (\u201c\u20ac\u201d) . The movement in this reserve for the period is driven primarily by the movement in the closing \u20ac:\u00a3 exchange rates from 1.19 at 31 December 2021 to 1.13 at 31 December 2022. Following the disposal of Euskaltel, an amount remained in the foreign currency translation reserve as a result of the translation from its functional currency to the group functional currency which will never be recycled because it does not represent the disposal of a foreign operation. Accordingly, in the year \u20ac61.9 million has been transferred to the Company\u2019s retained earnings reserve. Capital redemption reserve The capital redemption reserve is a requirement under s692 of the Companies Act 2006 to preserve the Company\u2019s capital and is a non-distributable reserve. When the Company buys back shares out of profits and those shares are immediately cancelled, the amount by which the Company\u2019s issued share capital is reduced must be transferred to the capital redemption reserve. During 2022, there were no transactions impacting the Capital Redemption Reserve. During 2021, \u00a32.1 million (\u20ac2.5 million at the rate prevailing at the transaction date) has been transferred to the capital redemption reserve which represents the nominal value of the 214,532,103 shares repurchased in the tender offer (see note 18) . Share premium reserve The share premium reserve is a requirement under s610 of the Companies Act 2006 and is a non-distributable reserve. The reserve comprises amounts subscribed for share capital in excess of nominal value less costs directly attributable to the issue of new shares. During 2022, the share premium reserve was increased by \u20ac1,443 to reflect the issuance of the 846,857 shares to Eamonn O\u2019Hare and Robert Samuelson that were intended to be issued in 2021 (see note 18) . During 2021, the share premium account of the Company was reduced to \u00a3100,000 (\u20ac114.1 thousand) with \u00a395.239 million (\u20ac108.7 million) being transferred to the Other reserve (see note 18) . This was offset by \u00a31.2 million, being the proceeds received in excess of the nominal value of the 887,594 shares subscribed for by Eamonn O\u2019Hare and Robert Samuelson on 27 October 2021 (see note 18) . Shares to be issued The Shares to be issued reserve is a non-distributable reserve that relates solely to the \u00a31.2 million (\u20ac1.4 million) of cash received from Robert Samuelson and Eamonn O\u2019Hare in October 2021 to subscribe for shares which were not admitted in 2021. As discussed in note 18, these shares were issued on 9 November 2022 and the balance on the reserve was reduced to zero. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-324": { "value": "19. CALLED UP SHARE CAPITAL Allotted, called up and fully paid 2022 Number 2022 \u20ac000 2021 Number 2021 \u20ac000 At 1 January 5,325,567 301 218,970,076 2,821 Shares issued 846,857 10 887,594 11 Shares repurchased and cancelled \u2013 \u2013 (214,532,103) (2,531) At 31 December 6,172,424 311 5,325,567 301 The nominal value of the total ordinary shares is \u00a30.01 and the total allotted, called up and fully paid equates to \u00a361,724 (2021: \u00a353,256) . During 2022, 846,857 shares were issued to members of the management team as described in note 18. During 2021 the Company repurchased 214,532,103 ordinary shares at a price of \u00a31.535 per share by way of a tender offer which completed on 14 October 2021. Subsequently, on 27 October 2021, members of the management team subscribed for 887,594 ordinary shares at a price of \u00a31.438 per share All ordinary shares confer identical rights including in respect of capital, dividends and voting. There are no restrictions on the distributions of dividends or the repayment of capital 21 Being the maximum number of shares that could be Admitted on that date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-325": { "value": "20. RESERVES Distributable reserves Retained earnings The retained earnings reserve includes cumulative net profits. This is typically a distributable reserve. Other reserve The Other reserve is a distributable reserve which is comprised of transfers from the Share premium reserve in 2016 and 2021 following court approved reductions of capital (see note 18) , net of all historical dividends paid and the total costs of buying back shares (the nominal value of the shares and any premium paid) , which are charged against distributable reserves. During 2021 the full amount then outstanding in the Other reserve was utilised to fund the tender offer (see note 18) . Total distributable reserves While the Other reserve continues to be distributable, its balance is zero, therefore the Company\u2019s total distributable reserves are now solely the Retained earnings reserve. At 31 December 2022 the Company\u2019s Retained earnings reserve in Sterling (Zegona\u2019s functional currency) was negative \u00a337 thousand. Distributable reserves at 31 December 2021 were \u00a33.5 million. A balance of \u20ac61.3 million remained in this reserve on translation to Euro (Zegona\u2019s presentational currency) with an offsetting amount in the foreign currency translation reserve. This is because, in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates, equity items are translated each period at their historical exchange rates and not subsequently retranslated and the remaining balance reflects the difference between the Euro value of all previous amounts recorded in all distributable reserves and the Euro value of the amount debited to the Retained earnings reserve to fund the tender offer. Non \u2013 distributable reserves Share-based payment reserve The share-based payment reserve is a non-distributable reserve that represents the cumulative build-up of the Management Incentive Scheme costs over the vesting period as the employees gradually render service while the Management Incentive Scheme is considered to be an equity settled instrument. The current balance of the reserve reflects the amortisation of a portion of the fair value of the third Calculation Period as discussed in Note 17. Foreign currency translation reserve The foreign currency translation reserve is a non-distributable reserve that includes the foreign exchange differences arising from the translation of the Consolidated Financial Statements functional currency of Sterling (\u201c\u00a3\u201d) to presentational currency euro (\u201c\u20ac\u201d) . The movement in this reserve for the period is driven primarily by the movement in the closing \u20ac:\u00a3 exchange rates from 1.19 at 31 December 2021 to 1.13 at 31 December 2022. Following the disposal of Euskaltel, an amount remained in the foreign currency translation reserve as a result of the translation from its functional currency to the group functional currency which will never be recycled because it does not represent the disposal of a foreign operation. Accordingly, in the year \u20ac61.9 million has been transferred to the Company\u2019s retained earnings reserve. Capital redemption reserve The capital redemption reserve is a requirement under s692 of the Companies Act 2006 to preserve the Company\u2019s capital and is a non-distributable reserve. When the Company buys back shares out of profits and those shares are immediately cancelled, the amount by which the Company\u2019s issued share capital is reduced must be transferred to the capital redemption reserve. During 2022, there were no transactions impacting the Capital Redemption Reserve. During 2021, \u00a32.1 million (\u20ac2.5 million at the rate prevailing at the transaction date) has been transferred to the capital redemption reserve which represents the nominal value of the 214,532,103 shares repurchased in the tender offer (see note 18) . Share premium reserve The share premium reserve is a requirement under s610 of the Companies Act 2006 and is a non-distributable reserve. The reserve comprises amounts subscribed for share capital in excess of nominal value less costs directly attributable to the issue of new shares. During 2022, the share premium reserve was increased by \u20ac1,443 to reflect the issuance of the 846,857 shares to Eamonn O\u2019Hare and Robert Samuelson that were intended to be issued in 2021 (see note 18) . During 2021, the share premium account of the Company was reduced to \u00a3100,000 (\u20ac114.1 thousand) with \u00a395.239 million (\u20ac108.7 million) being transferred to the Other reserve (see note 18) . This was offset by \u00a31.2 million, being the proceeds received in excess of the nominal value of the 887,594 shares subscribed for by Eamonn O\u2019Hare and Robert Samuelson on 27 October 2021 (see note 18) . Shares to be issued The Shares to be issued reserve is a non-distributable reserve that relates solely to the \u00a31.2 million (\u20ac1.4 million) of cash received from Robert Samuelson and Eamonn O\u2019Hare in October 2021 to subscribe for shares which were not admitted in 2021. As discussed in note 18, these shares were issued on 9 November 2022 and the balance on the reserve was reduced to zero. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-326": { "value": "21. CAPITAL MANAGEMENT Our objective when managing capital is to maintain a flexible capital structure that optimises the costs and availability of capital at acceptable risk with the primary objective of maximising shareholder value. In the management of capital and its definition, we include share capital and all equity reserves attributable to the equity holders of the Company. Zegona manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of any covenants. To maintain or adjust the capital structure, Zegona may adjust the dividend payment to shareholders, return capital to shareholders, make distributions of non-cash assets to shareholders or issue new shares. The Company currently has authorisation to make market purchases of up to 798,302 ordinary shares (within specified price parameters) which was 15% of the issued ordinary share capital at the date of issuance of its 2021 Annual Report. This authorisation will continue until the end of the 2023 AGM. Any shares repurchased by the Company pursuant to this authority may be held in treasury and subsequently resold for cash, cancelled or used for employee share scheme purposes. Throughout 2021, Zegona met the financial covenants associated to the facilities described in note 18 which were repaid on 13 August 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-327": { "value": "22. EARNINGS PER ORDINARY SHARE Basic EPS is calculated by dividing the profit attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares in issue during the year. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all potentially dilutive ordinary shares. As more fully detailed in note 17, Management Shares in the share capital of Zegona Limited have been issued and, on exercise, the value of these shares is expected to be delivered by the Company issuing new ordinary shares. Hence, the Management Shares could have a dilutive effect, although the Company has the right at all times to settle such value in cash. No adjustment to EPS has been made in respect of the Management Shares as, (a) they were anti-dilutive for the years ended 31 December 2022 and 2021 and (b) the result from Continuing Operations in 2021 was a loss. 2022 2021 Loss for the year attributable to equity holders of the parent \u2013 Total Operations (\u20ac000) (3,313) 79,913 Loss for the year attributable to equity holders of the parent \u2013 Continuing Operations (\u20ac000) (3,313) (34,258) Profit for the year attributable to equity holders of the parent \u2013 Discontinued Operations (\u20ac000) \u2013 114,171 Weighted average number of ordinary shares 5,446,215 168,580,851 Basic and diluted EPS \u2013 Total Operations (\u20ac) (0.61) 0.47 Basic and diluted EPS \u2013 Continuing Operations (\u20ac) (0.61) (0.22) Basic and diluted EPS \u2013 Discontinued Operations (\u20ac) \u2013 0.68 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-328": { "value": "23. DIVIDENDS PAID No dividends were declared or paid in 2022. In the comparative period, the Company declared a first interim dividend on 21 December 2020 at a rate of 2.2p per share, totalling \u00a34.8 million (\u20ac5.6 million) . The dividend was paid on 9 March 2021. The Company also declared a second interim dividend on 21 June 2021 at a rate of 2.6p per share, totalling \u00a35.7 million (\u20ac6.7 million) . The dividend was paid on 23 July 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-329": { "value": "24. RELATED PARTY TRANSACTIONS In the opinion of the Directors, there is no one single controlling party, nor any transactions with related parties for the years ended 31 December 2022 or 2021. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party, or the parties are under common control or influence, in making financial or operational decisions. Transactions with key management personnel The Board considers the Executive Directors and Non-Executive Directors of the Company to be the key management personnel of Zegona. Details of the amounts paid to key management personnel are detailed in the Directors\u2019 Remuneration Report on pages 31 and 35. Holdings of Management Shares and subscriptions for shares by management are detailed in note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-352": { "value": "24. RELATED PARTY TRANSACTIONS In the opinion of the Directors, there is no one single controlling party, nor any transactions with related parties for the years ended 31 December 2022 or 2021. Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party, or the parties are under common control or influence, in making financial or operational decisions. Transactions with key management personnel The Board considers the Executive Directors and Non-Executive Directors of the Company to be the key management personnel of Zegona. Details of the amounts paid to key management personnel are detailed in the Directors\u2019 Remuneration Report on pages 31 and 35. Holdings of Management Shares and subscriptions for shares by management are detailed in note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-357": { "value": "Transactions with key management personnel The Board considers the Executive Directors and Non-Executive Directors of the Company to be the key management personnel of Zegona. Details of the amounts paid to key management personnel are detailed in the Directors\u2019 Remuneration Report on pages 31 and 35. Holdings of Management Shares and subscriptions for shares by management are detailed in note 17. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-330": { "value": "25. AUDITOR\u2019S REMUNERATION 2022 \u20ac000 2021 \u20ac000 Fees for the audit of the Company\u2019s annual accounts 129 200 Total audit fees 129 200 Fees for procedures on interim financial statements \u2013 15 Agreed upon procedures \u2013 29 Total non-audit fees \u2013 44 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "fact-331": { "value": "26. POST BALANCE SHEET EVENTS There have been no material post balance sheet events that would require disclosure or adjustment to these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ASI1VZL2ED4S65", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }