{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ext": "https://www.mfemediaforeurope.com/esef/2023-12-31",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/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"
},
"taxonomy": [
"https://www.mfemediaforeurope.com/esef/2023-12-31/213800DIFN7NR7B97A50-2023-12-31.xsd"
]
},
"facts": {
"shtag_101901": {
"value": "2785000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101902": {
"value": "2770400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101903": {
"value": "25400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101904": {
"value": "30800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101905": {
"value": "476500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101906": {
"value": "478700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101907": {
"value": "1551600000",
"decimals": -5,
"dimensions": {
"concept": "ext:PurchasesServicesOtherCosts",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101908": {
"value": "1518900000",
"decimals": -5,
"dimensions": {
"concept": "ext:PurchasesServicesOtherCosts",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101909": {
"value": "480100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101910": {
"value": "523500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101911": {
"value": "2508100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseByNature",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101912": {
"value": "2521100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseByNature",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101913": {
"value": "302300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101914": {
"value": "280100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101915": {
"value": "58500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101916": {
"value": "53600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101917": {
"value": "32100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101918": {
"value": "85200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101919": {
"value": "3900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101920": {
"value": "25500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101921": {
"value": "279700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101922": {
"value": "337200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101923": {
"value": "62900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101924": {
"value": "62200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101925": {
"value": "216800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101926": {
"value": "275000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101927": {
"value": "209200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101928": {
"value": "216900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101929": {
"value": "7500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101930": {
"value": "58100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101931": {
"value": "0.37",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"shtag_101932": {
"value": "0.49",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"shtag_101933": {
"value": "0.37",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"shtag_101934": {
"value": "0.49",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"shtag_101935": {
"value": "216800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101936": {
"value": "275000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101937": {
"value": "-25900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101938": {
"value": "29300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101939": {
"value": "-25600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101940": {
"value": "37600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101941": {
"value": "-6500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101942": {
"value": "700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101943": {
"value": "6100000",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101944": {
"value": "-9000000",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101945": {
"value": "3000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101946": {
"value": "-286100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101947": {
"value": "-1700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101948": {
"value": "4100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101949": {
"value": "17800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101950": {
"value": "33600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101951": {
"value": "-12800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101952": {
"value": "-324700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101953": {
"value": "-400000",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101954": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101955": {
"value": "-22900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101956": {
"value": "-256800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101957": {
"value": "193800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101958": {
"value": "18200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101959": {
"value": "182100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101960": {
"value": "22900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101961": {
"value": "11700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101962": {
"value": "-4600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101963": {
"value": "311200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101964": {
"value": "285700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101965": {
"value": "752600000",
"decimals": -5,
"dimensions": {
"concept": "ext:TVAndMovieRights",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101966": {
"value": "775300000",
"decimals": -5,
"dimensions": {
"concept": "ext:TVAndMovieRights",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101967": {
"value": "804700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101968": {
"value": "804200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101969": {
"value": "464600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIntangibleAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101970": {
"value": "499300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIntangibleAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101971": {
"value": "909500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101972": {
"value": "425700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101973": {
"value": "93900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101974": {
"value": "576000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101975": {
"value": "327200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101976": {
"value": "357600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101977": {
"value": "3663700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101978": {
"value": "3723900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101979": {
"value": "61900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101980": {
"value": "46700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101981": {
"value": "775400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101982": {
"value": "748800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101983": {
"value": "28200000",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101984": {
"value": "40900000",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101985": {
"value": "265600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101986": {
"value": "243900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101987": {
"value": "38800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101988": {
"value": "34100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101989": {
"value": "175300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101990": {
"value": "522500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101991": {
"value": "1345200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101992": {
"value": "1636800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101993": {
"value": "5008900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101994": {
"value": "5360700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101995": {
"value": "161700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101996": {
"value": "800300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101997": {
"value": "1149600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101998": {
"value": "424000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_101999": {
"value": "358000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102000": {
"value": "390700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102001": {
"value": "-38200000",
"decimals": -5,
"dimensions": {
"concept": "ext:RevaluationReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102002": {
"value": "-248400000",
"decimals": -5,
"dimensions": {
"concept": "ext:RevaluationReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102003": {
"value": "1744800000",
"decimals": -5,
"dimensions": {
"concept": "ext:RetainedEarningsAndOtherReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102004": {
"value": "1865700000",
"decimals": -5,
"dimensions": {
"concept": "ext:RetainedEarningsAndOtherReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102005": {
"value": "209200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102006": {
"value": "216900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102007": {
"value": "2869100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102008": {
"value": "2667900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102009": {
"value": "3400000",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInNetProfit",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102010": {
"value": "58100000",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInNetProfit",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102011": {
"value": "1500000",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInShareCapitalReservesAndRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102012": {
"value": "167600000",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInShareCapitalReservesAndRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102013": {
"value": "4900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102014": {
"value": "225700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102015": {
"value": "2874000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102016": {
"value": "2893600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102017": {
"value": "49300000",
"decimals": -5,
"dimensions": {
"concept": "ext:PostemploymentBenefitPlans",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102018": {
"value": "50500000",
"decimals": -5,
"dimensions": {
"concept": "ext:PostemploymentBenefitPlans",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102019": {
"value": "84800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102020": {
"value": "91300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102021": {
"value": "801100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102022": {
"value": "1095600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102023": {
"value": "29300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102024": {
"value": "39400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102025": {
"value": "964600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102026": {
"value": "1276900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102027": {
"value": "231500000",
"decimals": -5,
"dimensions": {
"concept": "ext:DueToBank",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102028": {
"value": "265200000",
"decimals": -5,
"dimensions": {
"concept": "ext:DueToBank",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102029": {
"value": "602600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102030": {
"value": "591100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102031": {
"value": "69100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102032": {
"value": "69100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102033": {
"value": "11800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102034": {
"value": "11600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102035": {
"value": "63900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102036": {
"value": "78600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102037": {
"value": "191400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102038": {
"value": "174800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102039": {
"value": "1170300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102040": {
"value": "1190300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102041": {
"value": "2134900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102042": {
"value": "2467100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102043": {
"value": "5008900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102044": {
"value": "5360700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102045": {
"value": "302300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102046": {
"value": "280100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102047": {
"value": "480100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102048": {
"value": "523500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102049": {
"value": "11700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102050": {
"value": "-400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102051": {
"value": "-26600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102052": {
"value": "46900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102053": {
"value": "15600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102054": {
"value": "14200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102055": {
"value": "16500000",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangeInOtherAssetsAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102056": {
"value": "-33400000",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangeInOtherAssetsAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102057": {
"value": "30600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102058": {
"value": "55900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102059": {
"value": "769000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102060": {
"value": "775000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102061": {
"value": "400000",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsFromTheSaleOfFixedAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102062": {
"value": "5800000",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsFromTheSaleOfFixedAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102063": {
"value": "-421000000",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsForInvestmentsInTVAndMovieBroadcasting",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102064": {
"value": "-361100000",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsForInvestmentsInTVAndMovieBroadcasting",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102065": {
"value": "-47100000",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsInInvestmentsInOtherFixedAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102066": {
"value": "-52500000",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsInInvestmentsInOtherFixedAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102067": {
"value": "6600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromGovernmentGrantsClassifiedAsInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102068": {
"value": "21800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromGovernmentGrantsClassifiedAsInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102069": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsForEquityInvestmentsInAssociatesAndJointVenture",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102070": {
"value": "-500000",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsForEquityInvestmentsInAssociatesAndJointVenture",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102071": {
"value": "-300000",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentsForHedgingDerivatives",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102072": {
"value": "-43200000",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentsForHedgingDerivatives",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102073": {
"value": "-78700000",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentInOtherFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102074": {
"value": "-36200000",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentInOtherFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102075": {
"value": "29600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102076": {
"value": "78100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102077": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:BusinessCombinationsNetOfCashAdquired",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102078": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ext:BusinessCombinationsNetOfCashAdquired",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102079": {
"value": "-510500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102080": {
"value": "-387900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102081": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentForPurchasesInParentCompanyAndSubsidiariesTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102082": {
"value": "-32600000",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentForPurchasesInParentCompanyAndSubsidiariesTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102083": {
"value": "280000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102084": {
"value": "596300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102085": {
"value": "612300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102086": {
"value": "381000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102087": {
"value": "142100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102088": {
"value": "133900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102089": {
"value": "-23600000",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangesInFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102090": {
"value": "-23200000",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangesInFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102091": {
"value": "27500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102092": {
"value": "12100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102093": {
"value": "-80200000",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangesInControllingInterest",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102094": {
"value": "-193600000",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangesInControllingInterest",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102095": {
"value": "-605700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102096": {
"value": "-180200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102097": {
"value": "-347200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102098": {
"value": "206900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102099": {
"value": "522500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102100": {
"value": "315600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102101": {
"value": "175300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102102": {
"value": "522500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102103": {
"value": "777200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102104": {
"value": "275200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102105": {
"value": "-374500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102106": {
"value": "-33700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102107": {
"value": "1643500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102108": {
"value": "374100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102109": {
"value": "2661800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102110": {
"value": "568600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102111": {
"value": "3230300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102112": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102113": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102114": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102115": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102116": {
"value": "374100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102117": {
"value": "-374100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102118": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102119": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102120": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102121": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102122": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102123": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102124": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102125": {
"value": "131900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102126": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102127": {
"value": "131900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102128": {
"value": "900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102129": {
"value": "132800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102130": {
"value": "23100000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102131": {
"value": "148800000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102132": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102133": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102134": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102135": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102136": {
"value": "171900000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102137": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102138": {
"value": "171900000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalUnderPurchaseAndExchangeOffer",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102139": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102140": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102141": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102142": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102143": {
"value": "-1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102144": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102145": {
"value": "-1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102146": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102147": {
"value": "-1900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102148": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102149": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102150": {
"value": "-16200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102151": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102152": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102153": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102154": {
"value": "-16200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102155": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102156": {
"value": "-16200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102157": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102158": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102159": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102160": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102161": {
"value": "-11400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102162": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102163": {
"value": "-11400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102164": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102165": {
"value": "-11400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102166": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102167": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102168": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102169": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102170": {
"value": "-21500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102171": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102172": {
"value": "-21500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102173": {
"value": "-337200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102174": {
"value": "-358600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102175": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102176": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102177": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102178": {
"value": "-16800000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102179": {
"value": "11000000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102180": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102181": {
"value": "-5800000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102182": {
"value": "-100000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102183": {
"value": "-5900000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102184": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102185": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102186": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102187": {
"value": "-197900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102188": {
"value": "3800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102189": {
"value": "216900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102190": {
"value": "22900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102191": {
"value": "-4600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102192": {
"value": "18200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102193": {
"value": "800300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102194": {
"value": "424000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102195": {
"value": "-390700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102196": {
"value": "-248400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102197": {
"value": "1865700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102198": {
"value": "216900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102199": {
"value": "2667900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102200": {
"value": "225700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102201": {
"value": "2893600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102202": {
"value": "800300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102203": {
"value": "424000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102204": {
"value": "-390700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102205": {
"value": "-248400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102206": {
"value": "1865700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102207": {
"value": "216900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102208": {
"value": "2667900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102209": {
"value": "225700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102210": {
"value": "2893600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:RetrospectiveApplicationAndRetrospectiveRestatementAxis": "ifrs-full:PreviouslyStatedMember",
"unit": "iso4217:EUR"
}
},
"shtag_102211": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102212": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102213": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102214": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102215": {
"value": "216900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102216": {
"value": "-216900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102217": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102218": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102219": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102220": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102221": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102222": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102223": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102224": {
"value": "140100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102225": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102226": {
"value": "140100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102227": {
"value": "2000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102228": {
"value": "142100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102229": {
"value": "13300000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102230": {
"value": "79000000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102231": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102232": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102233": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102234": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102235": {
"value": "92300000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102236": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102237": {
"value": "92300000",
"decimals": -5,
"dimensions": {
"concept": "ext:IncreaseInShareCapitalDueToTheMerger",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102238": {
"value": "646600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102239": {
"value": "-646600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102240": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102241": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102242": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102243": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102244": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102245": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102246": {
"value": "-0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102247": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102248": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102249": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102250": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102251": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102252": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102253": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102254": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102255": {
"value": "4700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102256": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102257": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102258": {
"value": "32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102259": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102260": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102261": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102262": {
"value": "32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102263": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102264": {
"value": "32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102265": {
"value": "-5300000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102266": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102267": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102268": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102269": {
"value": "-27400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102270": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102271": {
"value": "-32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102272": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102273": {
"value": "-32700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102274": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102275": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102276": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102277": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102278": {
"value": "66400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102279": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102280": {
"value": "66400000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102281": {
"value": "-230500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102282": {
"value": "-164100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102283": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102284": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102285": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102286": {
"value": "230800000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102287": {
"value": "-235000000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102288": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102289": {
"value": "-4100000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102290": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102291": {
"value": "-4100000",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102292": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102293": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102294": {
"value": "0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102295": {
"value": "-20600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102296": {
"value": "-6500000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102297": {
"value": "209200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102298": {
"value": "182100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102299": {
"value": "11700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102300": {
"value": "193800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_102301": {
"value": "161600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_102302": {
"value": "1149600000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_102303": {
"value": "-358000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_102304": {
"value": "-38200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102305": {
"value": "1744800000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_102306": {
"value": "209200000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_102307": {
"value": "2869100000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_102308": {
"value": "4900000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_102309": {
"value": "2874000000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"v1-page224-cflshid_91170-tag101767": {
"value": "MFE-MEDIAFOREUROPE N.V. (\u201cMFE\u201d or the \u201cCompany\u201d) is a listed joint-stock company (naamloze vennootschap) subject to Dutch legislation and registered in the Dutch Commercial Register (No. 83956859). It was incorporated on 26 November 1987. The MFE ordinary shares are listed on Euronext Milan, a regulated market organised and managed by Borsa Italiana SpA, with tickers MFEA and MFEB. Since 14 June 2023, it has also been listed for trading on the Spanish Stock Exchanges of Barcelona, Bilbao, Madrid and Valencia organised and managed by the relevant stock market management companies (Sociedades Rectoras de las Bolsas de Valores).",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91170-tag101763": {
"value": "MFE-MEDIAFOREUROPE N.V. (\u201cMFE\u201d or the \u201cCompany\u201d) ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91170-tag101758": {
"value": "Its registered office (statutaire zetel) is at Prinsengracht 462 in Amsterdam (the Netherlands)",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91215-tag101756": {
"value": "(the Netherlands)",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91170-tag101759": {
"value": "its headquarters and tax residence are at Viale Europa 46, 20093 Cologno Monzese, Milan, Italy.",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91170-tag101757": {
"value": "Its ultimate controlling party is Fininvest SpA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91170-tag101762": {
"value": "Its ultimate controlling party is Fininvest SpA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91301-tag101760": {
"value": "MFE is a multinational media group, mainly operating in the television industry in Italy and Spain.",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91165-tag101761": {
"value": "In Italy, Mediaset is the leading operator by audience share and advertising market share in the commercial television broadcasting sector, with three of Italy\u2019s biggest general interest networks and an extensive portfolio of thematic free-to-air and pay TV channels - both linear and non-linear/OTTV) - with a broad range of cinema, TV series and children\u2019s channel content. In recent years, Mediaset has also set up its own radio segment through acquisitions, bringing together four of the largest national broadcasters. In Spain, MFE operates through Grupo Audiovisual Mediaset Espa\u00f1a, the leading Spanish commercial television broadcaster with two main general interest channels (Telecinco and Cuatro) and a range of free-to-air thematic channels. The Group is also active in content production, OTT services and digital publishing activities. The Group is also the largest shareholder, with 28.8% of share capital (29.7% of voting rights), of ProSiebenSat.1 Media SE, one of the largest television media groups in Europe and enjoys a position of leadership in Germany, Austria and Switzerland. It is listed on the Frankfurt Stock Exchange.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91165-tag101766": {
"value": "2. PRESENTATION BASIS AND ACCOUNTING STANDARDS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
These consolidated financial statements are:
prepared in accordance with the International Financial Reporting Standards (IAS/IFRS) as adopted by the European Union (EU) and satisfy the financial reporting obligations contained in Part 9 of Book 2 of the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financing Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been adopted by the EU. Consequently, the accounting policies applied by the Company also fully comply with IFRS as issued by the IASB.
\u2212prepared by the Board of Directors of the Company and authorised for issue on 17 april 2024 and will be submitted for adoption to the Annual General Meeting of Shareholders on 19 June 2024.
\u2212prepared on the historical costs basis unless certain financial instruments which have been measured at fair value in accordance with IFRS 9 and IFRS 13.
\u2212presented on a going-concern basis, having the Directors verified that there are no financial, operational or other indications pointing to any critical issues that could affect the Group\u2019s ability to meet its obligations in the foreseeable future. The risks and uncertainties regarding the business are described in the Directors\u2019 Report on Operations. The way in which the Group manages its financial risks, including liquidity and capital risk, is described in the section entitled \u201cDisclosure on financial instruments and risk management policies\u201d in these Explanatory Notes.
\u2212presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.
The amounts shown in this note are expressed in millions of euro.
2.1 ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing the consolidated financial statements and the Explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires Judgments that impact the amount recognised. Additionally, amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
In particular, preparing these Consolidated Financial Statements has required material judgment to be made to assess, based on the facts and circumstances arising during the year, whether the Group exercises significant influence on its investment in ProsiebenSat1 Media SE. As reported in the Interim Report for the period ending 30 June 2023 in relation to the facts and circumstances up to that date, it was found that MFE fulfilled the significant influence indicators established by IAS 28 starting from 30 June 2023. As a result, this investment \u2013 which was previously measured in accordance with IFRS 9 \u2013 was reclassified as an investment in associate to be measured using the equity method. These assessments are reported in greater detail Note 4 below. Key Information relating to the Scope of Consolidation, which describes the most significant corporate transactions and changes in the scope of consolidation during the year.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 7.4 Assessment of recoverability of goodwill and other non-current assets, Note 7.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 7.1 Property, plant and equipment; 7.2 Television and Movie Rights; 7.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 7.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 8.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 10.1 Post Employment Benefits Plans)
\u2212assessment of the likelihood and estimating timing and potential cash flow relating to claims and litigations (note 10.3 Provisions and contingent liabilities)
The estimates used in preparing this Consolidated Financial Statements have mainly been used to estimate the recoverable amount of the cash generating units (CGUs) to which goodwill or other assets with definite or indefinite useful lives are allocated for the purposes of periodic testing as required by IAS 36. In accordance with IAS 36, these assets should be measured at their recoverable value, using the higher of (i) their value in use or (ii) their fair value net of disposal costs. Estimating the value in use involves, first, identifying the expected future cash flows that each asset or cash generating unit (CGU) will produce in its current condition, based on the five-year plans (2024-2028) drawn up on the basis of the guidelines approved by the Board of Directors on 13 March 2024, and, second, determining an appropriate discount rate.
The main uncertainties that could influence this estimate relate to determining the Weighted Average Cost of Capital (WACC) and the growth rate (g-rate) of the cash flows beyond the explicit forecast period, the development of the industry markets and, therefore, the assumptions made in estimating the expected cash flows for the years explicitly forecast and the cash flows used to determine the Terminal Value. Estimating fair value, on the other hand, involves applying the measurement criteria and techniques envisaged by IFRS 13 to determine - using one or more measurement techniques designed to maxi the observable inputs - the price that would be received, as at the measurement date, from the sale of an asset or a group of assets in an orderly transaction between market participants on the main market for those assets.
In preparing these consolidated financial statements, it was also necessary to determine the recoverable value of the investment held in the associate ProsiebenSat1. the carrying amount of this investment (EUR 496m or EUR 8,33 per share) was higher than its stock market value (EUR 329m or EUR 5,53 per share). Management has made a value in use calculation based on publicly available information and concluded that no impairment is required. Refer to note 7.6 for more information.
As regards the main financial assets measured in accordance with IFRS 9, the general creditworthiness of the counterparties was not seen to have deteriorated significantly enough as to significantly impact the Expected Credit Losses, which have also been updated based on the market parameters observable at the date of this consolidated financial statements. Therefore, there were no significant impacts in terms of impairment of the recognised assets.
The impairment and recoverability testing of the deferred tax assets recognised in the financial statements as at 31 December 2023, with particular reference to carried forward tax losses generated in the Italian consolidated tax perimeter, took into consideration the taxable income on the basis of the five-year plans (2024-2028) used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods. Impairment testing also took into consideration the effects of the temporary differences on which deferred tax liabilities are recorded. In light of the tests conducted on this basis, the recovery period has been set at ten years.
The estimates and assumptions above are periodically revised and the impacts of each change are recognised in the income statement.
3. SUMMARY OF ACCOUNTING STANDARDS AND MEASUREMENT BASIS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLIED AS FROM 1 JANUARY 2023
Since 1 January 2023, the following new accounting standards and/or amendments and interpretations of standards previously in force have become applicable.
On 18 May 2017,the IASB published its standard IFRS 17 Insurance Contracts, which will replace IFRS 4 Insurance Contracts.
This new principle aims to ensure that entities provide relevant information that faithfully represents the rights and obligations under the insurance contracts entered into. The IASB developed the standard to eliminate inconsistencies and weaknesses in existing accounting policies by providing a single principle-based framework to account for all types of insurance contracts, including reinsurance contracts held by an insurer.
The new standard also includes presentation and disclosure requirements to improve comparability among entities in this sector.
The new standard measures insurance contracts under the general model or using a simplified version of it known as the Premium Allocation Approach (\"PAA\").
The PAA allows entities to measure the liability for remaining coverage of a group of insurance contracts on the condition that, at the time initially recognised, the entity expects that this liability will be a reasonable approximation of the general model. Contracts with a coverage period of one year or less are automatically eligible for the PAA. The simplifications arising from the PAA do not apply to the measurement of liability for incurred claims, which are measured under the general model. However, there is no need to discount those cash flows if the balance is expected to be paid or received in one year or less from the date the claims are incurred.
An entity must apply the new standard to: insurance contracts, including reinsurance contracts, it issues; reinsurance contracts it holds; and investment contracts with discretionary participation features (DPFs) it issues.
Furthermore, on 9 December 2021, the IASB published an amendment entitled \"Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information\u201d. The amendment introduces an alternative transition approach for comparative information about financial assets presented at the IFRS 17 initial application date. The amendment aims to avoid temporary accounting mismatches between financial assets and insurance contract liabilities so as to make the comparative information more useful to readers of the financial statements.
The adoption of this standard has had no impact on these consolidated financial statements.
On 12 February 2021, the IASB published two amendments entitled \"Disclosure of Accounting Policies\u2014Amendments to IAS 1 and IFRS Practice Statement 2\u201d and \u201cDefinition of Accounting Estimates\u2014Amendments to IAS 8\u201d. The amendments to IAS 1 require entities to disclose relevant information about the accounting standards applied by the Group. The amendments are intended to enhance the disclosure of the Group\u2019s accounting policies so as to provide more useful information to investors and other primary users of financial statements and to help companies distinguish between changes in accounting estimates and changes in accounting policies.
On 7 May 2021, the IASB published an amendment entitled \"Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u201d. The amendment clarifies how deferred taxes should be recognised for particular transactions for which an entity recognises both an asset and a liability of equal amounts, such as leases and decommissioning obligations. The adoption of these amendments has had no impact on the Group's consolidated financial statements.On 23 May 2023, the IASB published an amendment entitled \"Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules\u201d. The amendments introduce a temporary exception from the recognition and disclosure of deferred taxes arising from the Pillar Two Model Rules and introduce specific disclosure obligations for entities affected by the International Tax Reform.
The temporary exception applies immediately, whereas the disclosure obligations are required to for annual reporting periods beginning on or after 1 January 2023. Disclosure is not required in interim reports relating to periods ending on or before 31 December 2023.
From 1 January 2024, the MFE Group (as a Multinational Group that has exceeded the revenue threshold of EUR 750 million for two of the previous four years) falls within the Pillar-Two income tax bracket provided for in Directive 2022/2523 and adopted in Italy by Legislative Decree 209/2023, which aims to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union.
The Group MFE applied the mandatory temporary exception of the \u201cInternational Tax Reform-Pillar Two Model Rules\u201d amendment to IAS 12, which provides that information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not to be recognised and disclosed (in derogation from the standard\u2019s provisions), information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not hereby recognised and disclosed.
With respect to all Group companies (and any joint ventures) located in each jurisdiction, exposure to Pillar-Two income tax is determined based on the level of effective taxation, which for each jurisdiction is influenced by several interrelated factors such as (primarily) the income produced there, the nominal tax rate, the tax rules for determining the tax base and the provision, form and enjoyment of incentives and other tax benefits.
Moreover, given the novelty and complexity involved in determining the level of effective taxation, Pillar-Two legislation provides the option (for the first periods in which they are in effect; i.e. the \u201ctransitional\u201d rules valid for periods beginning before 31 December 2026 and ending no later than 30 June 2028) to apply simplified \u201csafe harbour\u201d rules (granting an exception from country-by-country reporting) based primarily on the accounting information available for each relevant jurisdiction which, if at least one of three tests is passed will decrease compliance requirements and reduce Pillar-Two taxes to nil.
Based on known or reasonably estimable information for the Group MFE, no jurisdictions with an ETR of less than 15% have been identified.
Financial statements
The Consolidated Statement of Financial Position has been prepared according to the requirements of presenting current and non-current assets and liabilities separately. An asset is defined as current when it satisfies any of the following criteria:
oit is expected to be realised, or intended to be sold or consumed, in its normal operating cycle;
oit is held primarily for the purpose of trading;
oit is due to be realised within twelve months after the end of the reporting period; or
oit is cash or a cash equivalent, unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodAll assets other than those meeting one of the criteria set out above are classed as non-current.
A liability is defined as current when it satisfies any of the following criteria:
oit is expected to be settled in its normal operating cycle;
oit is held primarily for the purpose of trading;
oit is due to be settled within twelve months after the end of the reporting period; or
othe entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets (liabilities) are classified as non-current assets (liabilities).
The Income Statement has been prepared by allocating costs based on their nature, using the same methodology as the Group\u2019s internal reporting and in line with the prevailing international practices in the industry. Income is presented as Operating Result and Profit Before Tax. Operating Result is the difference between Revenues from sales of goods and services, Other income and operating costs (the latter of which include non-monetary costs relating to amortisation, depreciation and impairments of current and non-current assets, net of any reversal).
The Comprehensive Income Statement shows the cost and revenue items, after tax, which are posted directly to shareholders\u2019 equity reserves as required or permitted by the various International Accounting Standards. These items are further divided into those that may be reclassified to the income statement in the future and those that cannot be reclassified. Each type of significant shareholders' equity reserve shown in the statement is accompanied by a reference to the explanatory notes below, which contain related information and breakdowns, and changes on the previous fiscal year.
The Cash Flow Statement has been prepared using the indirect method, whereby Operating Result is adjusted to take into account non-cash revenue, deferrals or accruals of past or future operating cash receipts or payments, and income or expense items associated with investing or financing cash flows. Investments in television broadcasting rights are included within investment activities. Similarly, receipts and payments from the hedging of cash flows for foreign currency payments of television broadcasting rights are given the same classification as the hedged item, falling under cash flow from investments activities. Income and expenses relating to medium/long-term financing transactions and related hedging derivatives, as well as dividends paid, are included within financial activities.
The Statement of Changes in Shareholders' Equity shows the changes that have taken place in shareholders' equity items in relation to:
oallocation of the profit of the Group Parent and subsidiaries for the period to shareholders;
obreakdown of comprehensive income/loss;
oamounts relating to transactions with shareholders;
opurchases and sales of treasury shares;
oimpact from any changes to accounting standards.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91165-tag101765": {
"value": "2. PRESENTATION BASIS AND ACCOUNTING STANDARDS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
These consolidated financial statements are:
prepared in accordance with the International Financial Reporting Standards (IAS/IFRS) as adopted by the European Union (EU) and satisfy the financial reporting obligations contained in Part 9 of Book 2 of the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financing Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been adopted by the EU. Consequently, the accounting policies applied by the Company also fully comply with IFRS as issued by the IASB.
\u2212prepared by the Board of Directors of the Company and authorised for issue on 17 april 2024 and will be submitted for adoption to the Annual General Meeting of Shareholders on 19 June 2024.
\u2212prepared on the historical costs basis unless certain financial instruments which have been measured at fair value in accordance with IFRS 9 and IFRS 13.
\u2212presented on a going-concern basis, having the Directors verified that there are no financial, operational or other indications pointing to any critical issues that could affect the Group\u2019s ability to meet its obligations in the foreseeable future. The risks and uncertainties regarding the business are described in the Directors\u2019 Report on Operations. The way in which the Group manages its financial risks, including liquidity and capital risk, is described in the section entitled \u201cDisclosure on financial instruments and risk management policies\u201d in these Explanatory Notes.
\u2212presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.
The amounts shown in this note are expressed in millions of euro.
2.1 ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing the consolidated financial statements and the Explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires Judgments that impact the amount recognised. Additionally, amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
In particular, preparing these Consolidated Financial Statements has required material judgment to be made to assess, based on the facts and circumstances arising during the year, whether the Group exercises significant influence on its investment in ProsiebenSat1 Media SE. As reported in the Interim Report for the period ending 30 June 2023 in relation to the facts and circumstances up to that date, it was found that MFE fulfilled the significant influence indicators established by IAS 28 starting from 30 June 2023. As a result, this investment \u2013 which was previously measured in accordance with IFRS 9 \u2013 was reclassified as an investment in associate to be measured using the equity method. These assessments are reported in greater detail Note 4 below. Key Information relating to the Scope of Consolidation, which describes the most significant corporate transactions and changes in the scope of consolidation during the year.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 7.4 Assessment of recoverability of goodwill and other non-current assets, Note 7.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 7.1 Property, plant and equipment; 7.2 Television and Movie Rights; 7.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 7.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 8.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 10.1 Post Employment Benefits Plans)
\u2212assessment of the likelihood and estimating timing and potential cash flow relating to claims and litigations (note 10.3 Provisions and contingent liabilities)
The estimates used in preparing this Consolidated Financial Statements have mainly been used to estimate the recoverable amount of the cash generating units (CGUs) to which goodwill or other assets with definite or indefinite useful lives are allocated for the purposes of periodic testing as required by IAS 36. In accordance with IAS 36, these assets should be measured at their recoverable value, using the higher of (i) their value in use or (ii) their fair value net of disposal costs. Estimating the value in use involves, first, identifying the expected future cash flows that each asset or cash generating unit (CGU) will produce in its current condition, based on the five-year plans (2024-2028) drawn up on the basis of the guidelines approved by the Board of Directors on 13 March 2024, and, second, determining an appropriate discount rate.
The main uncertainties that could influence this estimate relate to determining the Weighted Average Cost of Capital (WACC) and the growth rate (g-rate) of the cash flows beyond the explicit forecast period, the development of the industry markets and, therefore, the assumptions made in estimating the expected cash flows for the years explicitly forecast and the cash flows used to determine the Terminal Value. Estimating fair value, on the other hand, involves applying the measurement criteria and techniques envisaged by IFRS 13 to determine - using one or more measurement techniques designed to maxi the observable inputs - the price that would be received, as at the measurement date, from the sale of an asset or a group of assets in an orderly transaction between market participants on the main market for those assets.
In preparing these consolidated financial statements, it was also necessary to determine the recoverable value of the investment held in the associate ProsiebenSat1. the carrying amount of this investment (EUR 496m or EUR 8,33 per share) was higher than its stock market value (EUR 329m or EUR 5,53 per share). Management has made a value in use calculation based on publicly available information and concluded that no impairment is required. Refer to note 7.6 for more information.
As regards the main financial assets measured in accordance with IFRS 9, the general creditworthiness of the counterparties was not seen to have deteriorated significantly enough as to significantly impact the Expected Credit Losses, which have also been updated based on the market parameters observable at the date of this consolidated financial statements. Therefore, there were no significant impacts in terms of impairment of the recognised assets.
The impairment and recoverability testing of the deferred tax assets recognised in the financial statements as at 31 December 2023, with particular reference to carried forward tax losses generated in the Italian consolidated tax perimeter, took into consideration the taxable income on the basis of the five-year plans (2024-2028) used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods. Impairment testing also took into consideration the effects of the temporary differences on which deferred tax liabilities are recorded. In light of the tests conducted on this basis, the recovery period has been set at ten years.
The estimates and assumptions above are periodically revised and the impacts of each change are recognised in the income statement.
3. SUMMARY OF ACCOUNTING STANDARDS AND MEASUREMENT BASIS ACCOUNTING STANDARDS, AMENDMENTS AND INTERPRETATIONS APPLIED AS FROM 1 JANUARY 2023
Since 1 January 2023, the following new accounting standards and/or amendments and interpretations of standards previously in force have become applicable.
On 18 May 2017,the IASB published its standard IFRS 17 Insurance Contracts, which will replace IFRS 4 Insurance Contracts.
This new principle aims to ensure that entities provide relevant information that faithfully represents the rights and obligations under the insurance contracts entered into. The IASB developed the standard to eliminate inconsistencies and weaknesses in existing accounting policies by providing a single principle-based framework to account for all types of insurance contracts, including reinsurance contracts held by an insurer.
The new standard also includes presentation and disclosure requirements to improve comparability among entities in this sector.
The new standard measures insurance contracts under the general model or using a simplified version of it known as the Premium Allocation Approach (\"PAA\").
The PAA allows entities to measure the liability for remaining coverage of a group of insurance contracts on the condition that, at the time initially recognised, the entity expects that this liability will be a reasonable approximation of the general model. Contracts with a coverage period of one year or less are automatically eligible for the PAA. The simplifications arising from the PAA do not apply to the measurement of liability for incurred claims, which are measured under the general model. However, there is no need to discount those cash flows if the balance is expected to be paid or received in one year or less from the date the claims are incurred.
An entity must apply the new standard to: insurance contracts, including reinsurance contracts, it issues; reinsurance contracts it holds; and investment contracts with discretionary participation features (DPFs) it issues.
Furthermore, on 9 December 2021, the IASB published an amendment entitled \"Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 Comparative Information\u201d. The amendment introduces an alternative transition approach for comparative information about financial assets presented at the IFRS 17 initial application date. The amendment aims to avoid temporary accounting mismatches between financial assets and insurance contract liabilities so as to make the comparative information more useful to readers of the financial statements.
The adoption of this standard has had no impact on these consolidated financial statements.
On 12 February 2021, the IASB published two amendments entitled \"Disclosure of Accounting Policies\u2014Amendments to IAS 1 and IFRS Practice Statement 2\u201d and \u201cDefinition of Accounting Estimates\u2014Amendments to IAS 8\u201d. The amendments to IAS 1 require entities to disclose relevant information about the accounting standards applied by the Group. The amendments are intended to enhance the disclosure of the Group\u2019s accounting policies so as to provide more useful information to investors and other primary users of financial statements and to help companies distinguish between changes in accounting estimates and changes in accounting policies.
On 7 May 2021, the IASB published an amendment entitled \"Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction\u201d. The amendment clarifies how deferred taxes should be recognised for particular transactions for which an entity recognises both an asset and a liability of equal amounts, such as leases and decommissioning obligations. The adoption of these amendments has had no impact on the Group's consolidated financial statements.On 23 May 2023, the IASB published an amendment entitled \"Amendments to IAS 12 Income Taxes: International Tax Reform \u2013 Pillar Two Model Rules\u201d. The amendments introduce a temporary exception from the recognition and disclosure of deferred taxes arising from the Pillar Two Model Rules and introduce specific disclosure obligations for entities affected by the International Tax Reform.
The temporary exception applies immediately, whereas the disclosure obligations are required to for annual reporting periods beginning on or after 1 January 2023. Disclosure is not required in interim reports relating to periods ending on or before 31 December 2023.
From 1 January 2024, the MFE Group (as a Multinational Group that has exceeded the revenue threshold of EUR 750 million for two of the previous four years) falls within the Pillar-Two income tax bracket provided for in Directive 2022/2523 and adopted in Italy by Legislative Decree 209/2023, which aims to ensure a global minimum level of taxation for multinational enterprise groups and large-scale domestic groups in the Union.
The Group MFE applied the mandatory temporary exception of the \u201cInternational Tax Reform-Pillar Two Model Rules\u201d amendment to IAS 12, which provides that information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not to be recognised and disclosed (in derogation from the standard\u2019s provisions), information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not hereby recognised and disclosed.
With respect to all Group companies (and any joint ventures) located in each jurisdiction, exposure to Pillar-Two income tax is determined based on the level of effective taxation, which for each jurisdiction is influenced by several interrelated factors such as (primarily) the income produced there, the nominal tax rate, the tax rules for determining the tax base and the provision, form and enjoyment of incentives and other tax benefits.
Moreover, given the novelty and complexity involved in determining the level of effective taxation, Pillar-Two legislation provides the option (for the first periods in which they are in effect; i.e. the \u201ctransitional\u201d rules valid for periods beginning before 31 December 2026 and ending no later than 30 June 2028) to apply simplified \u201csafe harbour\u201d rules (granting an exception from country-by-country reporting) based primarily on the accounting information available for each relevant jurisdiction which, if at least one of three tests is passed will decrease compliance requirements and reduce Pillar-Two taxes to nil.
Based on known or reasonably estimable information for the Group MFE, no jurisdictions with an ETR of less than 15% have been identified.
Financial statements
The Consolidated Statement of Financial Position has been prepared according to the requirements of presenting current and non-current assets and liabilities separately. An asset is defined as current when it satisfies any of the following criteria:
oit is expected to be realised, or intended to be sold or consumed, in its normal operating cycle;
oit is held primarily for the purpose of trading;
oit is due to be realised within twelve months after the end of the reporting period; or
oit is cash or a cash equivalent, unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting periodAll assets other than those meeting one of the criteria set out above are classed as non-current.
A liability is defined as current when it satisfies any of the following criteria:
oit is expected to be settled in its normal operating cycle;
oit is held primarily for the purpose of trading;
oit is due to be settled within twelve months after the end of the reporting period; or
othe entity does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
The Group classifies all other liabilities as non-current.
Deferred tax assets (liabilities) are classified as non-current assets (liabilities).
The Income Statement has been prepared by allocating costs based on their nature, using the same methodology as the Group\u2019s internal reporting and in line with the prevailing international practices in the industry. Income is presented as Operating Result and Profit Before Tax. Operating Result is the difference between Revenues from sales of goods and services, Other income and operating costs (the latter of which include non-monetary costs relating to amortisation, depreciation and impairments of current and non-current assets, net of any reversal).
The Comprehensive Income Statement shows the cost and revenue items, after tax, which are posted directly to shareholders\u2019 equity reserves as required or permitted by the various International Accounting Standards. These items are further divided into those that may be reclassified to the income statement in the future and those that cannot be reclassified. Each type of significant shareholders' equity reserve shown in the statement is accompanied by a reference to the explanatory notes below, which contain related information and breakdowns, and changes on the previous fiscal year.
The Cash Flow Statement has been prepared using the indirect method, whereby Operating Result is adjusted to take into account non-cash revenue, deferrals or accruals of past or future operating cash receipts or payments, and income or expense items associated with investing or financing cash flows. Investments in television broadcasting rights are included within investment activities. Similarly, receipts and payments from the hedging of cash flows for foreign currency payments of television broadcasting rights are given the same classification as the hedged item, falling under cash flow from investments activities. Income and expenses relating to medium/long-term financing transactions and related hedging derivatives, as well as dividends paid, are included within financial activities.
The Statement of Changes in Shareholders' Equity shows the changes that have taken place in shareholders' equity items in relation to:
oallocation of the profit of the Group Parent and subsidiaries for the period to shareholders;
obreakdown of comprehensive income/loss;
oamounts relating to transactions with shareholders;
opurchases and sales of treasury shares;
oimpact from any changes to accounting standards.
PRINCIPLES AND SCOPE OF CONSOLIDATIONThe Consolidated Financial Statements includes the financial information of MFE-MEDIAFOREUROPE N.V. and of the Italian and foreign companies over which MFE is entitled to exercise direct or indirect control, meaning that the investor is able to influence its returns (exposure or rights to variable returns) by exercising power, meaning that it is able to direct the relevant activities of the controlled entity - i.e. the activities that significantly affect the investee's returns.
Generally, the majority of the voting rights entails control. In support of this presumption and when the Group holds less than a majority of the voting rights (or similar rights), the Group considers other relevant facts and circumstances to determine whether it controls the investee, including:
ocontractual agreements with other holders of voting rights;
orights arising from contractual agreements;
ovoting rights and potential voting rights held by the Group.
The assets and liabilities, and the expenses and income of the subsidiaries, are consolidated line-by-line, meaning that they are included in their entirety in the consolidated financial statements. The carrying amount of these investments is offset against the corresponding portion of equity of the investee companies, giving each individual asset and liability item its current value at the date of acquisition of control (Purchase Method), or when the Full Goodwill Method is applied (an option that can be exercised separately for each individual business combination) by also recognising the amount of goodwill not belonging to the Group with an offsetting entry of the minority interest in equity. The Group has not yet taken up this option. Any remaining difference, if positive, is recorded under the non-current asset item \u201cGoodwill\u201d and, if negative, is recognised as income in profit and loss.
In the case of acquisitions of controlling investments with the same ultimate parent company (business combination under common control), which are excluded from the scope of obligatory application of IFRS 3, and in the absence of specific IAS/IFRS standards or interpretations for these types of operations, the principle of carry-over method is generally considered to apply, taking into account the provisions of IAS 8. According to that principle, the assets and liabilities must be transferred to the acquirer\u2019s financial statements for the amounts recorded in the consolidated financial statements as at the date of the transfer of the ultimate parent company of the parties that carry out the business combination, with any difference between the consideration paid for the investment and the carrying amount of the assets recognised in the relevant Group shareholders\u2019 equity reserve.
In preparing the consolidated financial statements, all receivables, payables, costs and revenues between consolidated companies, as well as unrealised profits on intercompany operations, have been eliminated.
The amounts of shareholders\u2019 equity and income for the period of the consolidated companies belonging to non-controlling shareholders are identified and shown separately in the Consolidated Statement of Financial Position and the Consolidated Statement of Income.
In the event of a loss of control, the difference between the fair value of consideration received and the carrying amount of consolidated net assets is recognised in profit and loss. If the set of activities discontinued constitutes a material business (a business sector or a business unit), this difference is posted to Net profit/(loss) from discontinued operations., together with the profit or loss generated by the discontinued activities up until the date of deconsolidation. Changes resulting from purchases or sales of non-controlling interests held in subsidiary companies are treated as transactions with shareholders, as long as they do not result in a loss of control. Consequently, the difference between the fair value of the consideration paid or received for these transactions and the adjustment made to minority interests is recognised under Reserve for transactions with non-
controlling interests (including under \u201cOther Reserves\u201d) of the shareholders\u2019 equity of the holding company. Likewise, in accordance with IAS 32, transaction costs must also be recognised in shareholders\u2019 equity.The assets and liabilities of foreign companies that fall within the scope of consolidation and that originate in currencies other than the Euro, including goodwill and fair value adjustments of the assets and liabilities identified at the time of allocation of the price paid in a business combination, are translated using the spot exchange rates at the financial statement reporting date; income and costs, on the other hand, are translated at the average exchange rate for the year. Any translation differences that arise from applying these methods are recognised under a special shareholders\u2019 equity reserve until the investment is sold. The associates and joint ventures are recognised in the consolidated financial statements using the equity method, as described in the Equity investments item below.
Pursuant to IAS 28, an associate is a company in which the Group is able to exercise significant influence, but not control or joint control, by participating in decisions regarding the financial and operational policies of the investee.
On the other hand, with reference to IFRS 11, a joint venture is an arrangement whereby the parties that have joint control have rights to the net assets of the arrangement (shareholders' equity).
Joint control is defined as the contractually agreed sharing of control of an arrangement, which exists only when the significant decisions relating to the activity require the unanimous consensus of all parties sharing control.
Goodwill
The goodwill resulting from the acquisition of control of an investment or of a business unit is the excess of the acquisition cost, understood as being the consideration transferred in the business combination, plus the fair value of any investment that was previously owned in the acquired business, over the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired business at the date of acquisition.
For the purposes of calculating goodwill, the consideration transferred in the business combination is calculated as the sum of the fair values of the assets transferred and the liabilities assumed by the Group at the date of acquisition and of the capital instruments issued in exchange for the control of the acquired entity, also including the fair value of any contingent considerations subject to conditions established in the acquisition agreement.
Any goodwill adjustments may be recognised in the measurement period (which cannot be more than one year from the date of acquisition) that are due to either subsequent changes in the fair value of the contingent considerations or to the calculation of the fair value of the assets and liabilities acquired, if recognised only provisionally at the date of acquisition and when these changes are calculated as adjustments based on additional information regarding facts and circumstances existing at the date of the business combination.
Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.
The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
In the case of acquisition of controlling interests of less than 100%, the goodwill and the corresponding non controlling interest in the goodwill can be calculated at the acquisition date either with
respect to the percentage control acquired (partial goodwill) or by measuring the fair value of the non controlling shareholdings (full goodwill method). The measurement method can be chosen from time to time for each transaction.
For step acquisitions of controlling interests the acquirer must recalculate the fair value of the previously held interest, up till that time, recognised, depending on the case, in accordance with IFRS 9 \u2013 Financial Instruments, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures or in accordance with IFRS 11 \u2013 Joint arrangements, as if it had been sold and reacquired at the date when control was acquired, recognising any gains or losses resulting from that measurement in the income statement. In addition, in these circumstances any amount previously recognised in shareholders\u2019 equity as Other comprehensive income and losses must be reclassified to the income statement, except where the investment is designated as a financial asset measured at FVOCI without recycling to profit and loss.
In the case of disposal of controlling interests, the remaining amount of goodwill attributable to the interests is included in the calculation of the gain or loss from disposal.
The goodwill recognised as a result of business combinations taking place before 1 January 2010 has been treated in accordance with the criteria laid down in the previous version of IFRS 3, which required:
- for acquisition of controlling interests of less than 100%, calculation of goodwill based on the proportional amount of the fair value of the identifiable net assets acquired;
- for step acquisitions of controlling interests, the calculation of goodwill as the sum of the fair values generated separately with each transaction;
- the inclusion of transaction costs in the amount of the acquisition cost;
- the recognition of contingent considerations at the acquisition date only if their payment was considered probable and their amount could be reliably determined; if detected later, these were recognised as an increase in goodwill.
CHANGES IN ACCOUNTING ESTIMATES
In accordance with IAS 8, these items are recognised in the income statement on a prospective basis starting from the accounting period in which they are adopted.
NEW EU-ENDORSED IFRS ACCOUNTING STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET MANDATORY AND NOT ADOPTED EARLY BY THE GROUP The endorsed standards issued but not yet effective at the date of preparation of the Group\u2019s financial statements are listed below. The Group does not intend to adopt these principles in advance. The directors do not expect the adoption of these amendments to have any significant effect on the Group's consolidated financial statements.
On 23 January 2020, the IASB issued an amendment called \"Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current\u201d. These amendments aim to clarify how current and non-current payables and other liabilities are classified. The amendments also enhance the information that an entity must disclose when its right to defer settlement of a liability for at least 12 months is subject to compliance with certain parameters (i.e., covenants). The amendments will enter force on 1 January 2024; however, companies may choose to adopt them early. The directors are currently evaluating the possible effects of the introducing this amendment for the Group's consolidated financial statements.
On 22 September 2022, the IASB issued an amendment called \u201cAmendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback\". The amendments require a seller-lessee to measure the lease liability arising from a sale and leaseback transaction in a way that does not result in recognition of any gain or loss that relates to the right of use it retains. The amendments will apply from 1 January 2024, but early adoption is permitted. The directors are currently evaluating the possible effects of the introducing this amendment for the Group's financial statements.
New IFRS accounting standards, interpretations and amendments not yet endorsed by the European Union
The standards issued but not yet endorsed at the date of preparation of the Group\u2019s financial statements are listed below. The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
On 25 May 2023, the IASB published an amendment entitled \u201cAmendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures: Supplier Finance Arrangements\u201d. These amendments require entities to disclose information about reverse factoring arrangements that enables users of financial statements to assess who the financial arrangements with providers might influence an entity\u2019s liabilities and cash flows and to understand the effect of those arrangements on the entity\u2019s liquidity risk exposure. The amendments apply from 1 January 2024.
On 15 August 2023, the IASB published an amendment entitled \u201cAmendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u201d. These amendments require entities to ensure that a methodology is consistently applied to ascertain whether one currency can be exchanged into another and, when this is not possible, how the exchange rate should be determined and disclosed in the notes to the financial statements. The amendments apply from 1 January 2025, but early adoption is permitted.
The directors are currently evaluating the possible effects of the introducing these amendments for the Group's consolidated financial statements.
The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues (TV and other advertising revenues) are recognised at the moment the advertisement or commercial spot appears; Revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
The sale of goods are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Sales of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Pay streaming service: income from pay TV subscriptions is recognised as accrued on a time basis from the contract start date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Revenues from the sale of television advertising include the revenues, net of agency commissions, from the sale of advertising space on free-to-air networks by Publitalia \u201980 S.p.A.; revenues from the sale of advertising space on pay-TV channels broadcast via digital terrestrial technology by Digitalia \u201808 S.r.l.; and revenues from the sale of advertising space on Spanish broadcasters of the Mediaset Espa\u00f1a Group by Publiespa\u00f1a S.A. and Publimedia S.A.
Other advertising revenues relate to amounts due to the Group as revenues from radio advertising space on proprietary websites granted exclusively to the subsidiary Mediamond, as well as revenues for teletext commercial services and advertising revenues from non-TV media, earned by Publieurope Ltd. and Publimedia S.A and revenues collected for third parties.
Revenues from the sale of TV rights and television productions mainly include revenues from the multi-platform sale of content and the sale of movie rights for home video and television.
Revenues from the Group\u2019s Pay streaming service mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and on Mitele PLUS in Spain.
Revenues from construction and maintenance of television equipment mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Movies distribution revenues refer to the rental of movies to cinema operators throughout Italy by Medusa Film and Spain byTelecinco Cinema.
Other revenues mainly includes royalties relating to merchandising, income from telephone traffic originating from the interaction with various TV productions on the Mediaset and Mediaset Espa\u00f1a networks, and the sale of multimedia content and services to telephone service providers.
Other income are recognised when control is actually transferred as a result of the transfer of ownership or provision of the service. This item mainly includes non-core revenues and income, revenues from leases, property rentals and contingent assets.
Government grants (grants related to income) obtained for investments in cinema installations and productions are recognised in the financial statements when there is reasonable certainty that the company will satisfy all the conditions required to obtain them and that they will actually be received. The grants are recognised in the income statement over the same period in which the related costs are recognised.
Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
Costs are recognised in the income statement when they refer to goods and services used during the year.
Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
This item includes the portion of net result of companies accounted for by using the equity method, including any impairment or reversal, impairment of financial receivables for these investments recognised as other non-current financial assets, and gains/losses on equity investments not classified as FVTOCI instrumentsCurrent income taxes are accrued, for each company, on the basis of the taxable income determined in accordance with current tax rates and laws currently in force, or essentially approved, at the end of the reporting period in the various countries, taking into account any applicable exemptions and tax credits due.
Earnings per share are calculated by dividing the Group net profit by the weighted average of the number of outstanding shares, net of the treasury shares.
Plant, machinery, equipment, buildings and land are recognised at purchase, production or transfer cost, including any transaction costs, any dismantling costs and direct costs necessary to make the asset available for use. These fixed assets, with the exception of land, which is not subject to depreciation, are depreciated on a straight-line basis in each financial year using depreciation rates set according to the remaining useful life of the assets.
Depreciation is calculated on a straight-line basis on the cost of the assets, net of any residual values (where significant), according to their estimated useful lives, with the following rates applied:
| Type of property plan and equipment | Financial statement category | Amortisation rate |
| Buildings | Land and building | 2% -3% |
| Plant and equipment | Plant and equipment | 10%- 20% |
| Constructions and equipment | Technical and commercial equipment | 5% - 16% |
| Office furniture and machines | Other tangible assets | 8% - 20% |
| Motor vehicles and other means of transport | Other tangible assets | 10% - 25% |
The recoverable value of the above is measured based on the criteria laid down in IAS 36, described in the note below \u201cAssessment of recoverability of goodwill and other non-current assets (Impairment test)\u201d
Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
Leasehold improvements are allocated to each class of assets and depreciated at the residual life of the lease contract or the residual useful life of the type of asset improved, whichever is lower.
Whenever individual components of a complex tangible fixed asset have different useful lives, they are recognised separately in order to be depreciated according to their individual useful lives (component approach).
In particular, according to this principle, the value of land and of the buildings on it are kept separate, and only the buildings are depreciated.
Gains and losses resulting from sales or disposals of assets are calculated as the difference between the sales price and the net book value of the asset, and are posted to the income statement under Other revenues and income and Other operating costs, respectively. Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption Right-of-use property, plant and equipment at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.Television broadcasting rights are amortised on a straight-line basis, starting from the time when the asset is available for use and throughout the period of its expected utilization. The recoverable amount of the above is calculated based on the criteria laid down in IAS 36, described in the paragraph below on asset impairment
For television broadcasting rights, the amortisation method provides a reasonable and reliable reflection of the relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business models, straight-line amortisation based on the contractually stipulated license period is generally applied for the Italian television library, whereas descending amortisation is used for the Spanish television library. This different accounting reflects the different contractual conditions and the consequent methods of exploitation of the two main countries in which the Group operates.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
TV drama series are 70% amortised during the first twelve months after their availability date, with the remaining 30% amortised during the following twelve months.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2022 and in continuity with 2022, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d).
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (three years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative. The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment. In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities and the corresponding tas base, on the basis of the tax rates that will be in force at the time when the temporary differences will reverse. When the results are recognised directly within equity, the current taxes, the deferred taxes assets and the deferred taxes liabilities are also recognised within equity. The Group also recognises deferred tax assets on tax losses if future taxable income is expected which will allow the Group to use these amounts.
The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements, with particular reference to the tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods.
In the case of any changes in the carrying amount of deferred tax assets and liabilities arising from a change in tax rates or the related legislation, rules or regulations, the resulting deferred taxes are recognised in the income statement, unless they relate to items that have previously been directly recognised withi equity. Deferred tax assets and liabilities are offset when it is lawful to offset current tax assets and liabilities, and when they refer to taxes due to the same Tax Authority and the Group intends to settle the current tax assets and liabilities on a net basis.
The inventories of raw materials, semi-finished and finished products are measured at the acquisition or production cost, including transaction charges (FIFO method), or their estimated net realisable value based on market conditions, whichever is lower. Inventories also include television broadcasting rights acquired for use periods of less than 12 months and the costs of already completed television productions, as these rights are intended to be expoited in full on their first broadcast. These inventories are stated at actual cost of purchase or production.
Receivables are posted at their fair value, which \u2014 except where customers have been granted significantly extended payment terms \u2014 is the same as the value calculated using the amortised cost method. Pursuant to IFRS 9, trade receivables are classified within the categories provided for in the \u201cheld to collect\u201d or \u201chold to collect and sell\u201d business models. Their value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
The Revaluation reserve for investments measured at FVTOCI (fair value through other comprehensive income) consists of the fair value measurement of equity investments included in the caption Other financial assets in non-current assets and classified as \u201cFVTOCI financial assets\u201d, as provided for in IFRS 9. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Revaluation reserve for cash flow hedges is connected with valuations of derivative instruments designated as hedges against the foreign exchange risk associated with the acquisition of television and movie broadcasting rights in foreign currencies, or as hedges against the interest rate risk associated with medium and long-term financial liabilities. This valuation is entered with changes recognised in other comprehensive income, within the items that may be subsequently reclassified to profit and loss.
The Time value reserve and Options intrinsic value reserve were created for measuring instruments hedging the fair value of equity derivatives; they provide - in line with the rules for the hedged item - that changes in other items of the comprehensive income statement should be recognised without reversal to the income statement.
The Reserve from equity investments accounted for using the equity method refers to the components directly recognised equity by associates and joint ventures accounted for by using the equity method
The Consolidation reserve refers to the effects of the business combination under common control of Medusa S.p.A. acquired in 2007.
The Reserve for transaction with non-controlling interest refers to the differences between the considerations paid or received for the purchase or sale of minority shares held in subsidiaries with respect to the corresponding portion of their accounting net equity.
The Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans for the allocation of MFE A-class and B-class shares.
The Reserve for actuarial gains/(losses) consists of components arising from the actuarial valuation of defined benefit plans, recognised directly through shareholders' equity. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
Post-employment benefit plans
The Employee Leaving Indemnity (ELI), which is obligatory for Italian companies pursuant to article 2120 of the Italian Civil Code, is a type of deferred remuneration and is related to the length of the working lives of the employees and the remuneration received.
As a result of the Supplementary Pension Reform, amounts of ELI accrued up to 31 December 2006 will continue to remain within the company as a defined benefit plan (with the obligation of actuarial valuation of the accrued benefits). Amounts accruing from 1 January 2007 (except for employees in companies with less than 50 employees), according to the choice made by the employees, are either allocated to supplementary pension funds or transferred by the Company to the treasury fund managed by the Italian National Social Security Institute (INPS) and, from the time when the employees make their choice, shall constitute defined contribution plans no longer subject to actuarial valuation.
Employee benefits, which by Italian law are classified as leaving entitlements (TFR), are considered by IAS 19 to be post-employment benefits and must be recognised in the financial statements using actuarial valuations.
For the benefits subject to actuarial valuation, the ELI liability must be calculated by projecting forward the already accrued amount up to the future date of dissolution of the employment relationship and then discounting the amount to its present value, at the reporting date, using the actuarial \u201cProjected Unit Credit Method\u201d. The discount rate used to determine the liability is the \u201cComposite\u201d interest rate curve for securities issued by corporate issuers with an AA rating.
From an accounting perspective, the actuarial valuation results in recognition in profit and loss under the item \u201cFinancial Expenses/Income\u201d, which represents the theoretical charge that the Company would incur if it requested a market loan for the amount of the ELI, and a current service cost under the item \u201cPersonnel expenses\u201d, which establishes the amount of the benefits accrued by the employees during the financial year, but only for companies of the Group with less than 50 employees that, consequently, have not transferred the amounts accrued from 1 January 2007 to supplementary pension schemes. The actuarial gains and losses that reflect the impacts from changes in the actuarial assumptions used are recognised directly in shareholders\u2019 equity without ever going through profit and loss and they are shown in the comprehensive income statement.
The valuation of the Group\u2019s obligations to its employees was carried out with the support of an independent actuarial:
\u2212Projected estimate of the cost of employee leaving entitlements already accrued at the valuation date up to the moment at which employment contracts will terminate or the accrued amounts are paid in part as advances on entitlements.
\u2212Discounting, at the valuation date, of the expected cash flows the Group will have pay to its employees in the future.
\u2212Re-proportioning of the accrued benefits discounted based on length of service at the valuation date compared to the length of service expected at the hypothetical date of payment by the Group.
The valuation of employee leaving entitlements in accordance with IAS 19 was conducted specifically for the specific population of current employees, i.e. detailed calculations were made for each Group employee, without taking into account any future hires.
The actuarial valuation model is based on \u201ctechnical bases\u201d consisting of demographic, economic and financial assumptions relating to the valuation parameters.
The assumptions used are summarised below:
Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
The Group is exposed to financial risks linked to:
- Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
- Interest rate fluctuations for long-term variable-rate loans;
- Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operate in its specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
In accordance with IFRS 2, the Group classifies stock option plans and medium/long-term incentive plans as \"share-based payments\". Those that are \"equity-settled\", i.e. involving the physical delivery of the shares, are measured at the fair value at the grant date of the option rights (which is calculated on the basis of the share price) assigned and recognised as a personnel expense to be spread evenly over the vesting period of the rights, with a corresponding reserve booked to shareholders' equity. This allocation is carried out based on the estimate of the rights that will actually allot to the person entitled, in consideration of their vesting conditions not based on the market value of the rights.
At the end of the period in which the rights can be exercised the related shareholders\u2019 equity reserve is reclassified within retained earnings.
Guarantees include both the guarantees given and those received by the company. The guarantees given refer to those provided by the Group for the its own or third-party obligations. The guarantees received refer to those provided by third parties for the benefit or in the interest of the Group. The guarantees given and received by the company include personal guarantees (sureties, endorsements) and real guarantees (liens, mortgages). Guarantees given are recognised at the moment the company gives the guarantee.
Commitments are obligations assumed by the company towards third parties, which originate from legal transactions that have certain mandatory effects but have not yet been performed by either party (so-called deferred performance contracts). Nevertheless, these can significantly affect the company's equity and financial position, and it is useful to bear them in mind when evaluating this position. Commitments include future commitments of certain performance and amount, and future commitments of certain performance but uncertain amount. Commitments are initially recognised at the nominal value inferred from the transaction documents.
The amounts of guarantees and commitments are re-determined at each reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page224-cflshid_91165-tag101764": {
"value": "These consolidated financial statements are:
prepared in accordance with the International Financial Reporting Standards (IAS/IFRS) as adopted by the European Union (EU) and satisfy the financial reporting obligations contained in Part 9 of Book 2 of the Dutch Civil Code. All standards and interpretations issued by the International Accounting Standards Board (IASB) and the International Financing Reporting Interpretations Committee (IFRIC) effective year-end 2023 have been adopted by the EU. Consequently, the accounting policies applied by the Company also fully comply with IFRS as issued by the IASB.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page225-cflshid_91544-tag101771": {
"value": "\u2212prepared by the Board of Directors of the Company and authorised for issue on 17 april 2024 and will be submitted for adoption to the Annual General Meeting of Shareholders on 19 June 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page225-cflshid_91568-tag101769": {
"value": "prepared on the historical costs basis unless certain financial instruments which have been measured at fair value in accordance with IFRS 9 and IFRS 13",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page225-cflshid_91586-tag101768": {
"value": "presented on a going-concern basis, having the Directors verified that there are no financial, operational or other indications pointing to any critical issues that could affect the Group\u2019s ability to meet its obligations in the foreseeable future. The risks and uncertainties regarding the business are described in the Directors\u2019 Report on Operations. The way in which the Group manages its financial risks, including liquidity and capital risk, is described in the section entitled \u201cDisclosure on financial instruments and risk management policies\u201d in these Explanatory Notes",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page225-cflshid_91668-tag101772": {
"value": "presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.The amounts shown in this note are expressed in millions of euro.
2.1 ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing the consolidated financial statements and the Explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires Judgments that impact the amount recognised. Additionally, amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
In particular, preparing these Consolidated Financial Statements has required material judgment to be made to assess, based on the facts and circumstances arising during the year, whether the Group exercises significant influence on its investment in ProsiebenSat1 Media SE. As reported in the Interim Report for the period ending 30 June 2023 in relation to the facts and circumstances up to that date, it was found that MFE fulfilled the significant influence indicators established by IAS 28 starting from 30 June 2023. As a result, this investment \u2013 which was previously measured in accordance with IFRS 9 \u2013 was reclassified as an investment in associate to be measured using the equity method. These assessments are reported in greater detail Note 4 below. Key Information relating to the Scope of Consolidation, which describes the most significant corporate transactions and changes in the scope of consolidation during the year.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 7.4 Assessment of recoverability of goodwill and other non-current assets, Note 7.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 7.1 Property, plant and equipment; 7.2 Television and Movie Rights; 7.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 7.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 8.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 10.1 Post Employment Benefits Plans)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page225-cflshid_91668-tag101770": {
"value": "presented in Euro, which is the functional currency used for the majority of the Group\u2019s operations.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page225-cflshid_91544-tag101773": {
"value": "2.1 ACCOUNTING ESTIMATES AND JUDGEMENTS
In preparing the consolidated financial statements and the Explanatory notes to the consolidated financial statements, management is required to make estimates and judgements mainly necessary to measure certain assets and liabilities and evaluate contingent assets and liabilities. The application of accounting policies requires Judgments that impact the amount recognised. Additionally, amounts recognised are based on factors that are by default associates with uncertainty. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
In particular, preparing these Consolidated Financial Statements has required material judgment to be made to assess, based on the facts and circumstances arising during the year, whether the Group exercises significant influence on its investment in ProsiebenSat1 Media SE. As reported in the Interim Report for the period ending 30 June 2023 in relation to the facts and circumstances up to that date, it was found that MFE fulfilled the significant influence indicators established by IAS 28 starting from 30 June 2023. As a result, this investment \u2013 which was previously measured in accordance with IFRS 9 \u2013 was reclassified as an investment in associate to be measured using the equity method. These assessments are reported in greater detail Note 4 below. Key Information relating to the Scope of Consolidation, which describes the most significant corporate transactions and changes in the scope of consolidation during the year.
On the other hand, the most significant areas of the financial statements that required estimates and the related notes to be made were as follows:
\u2212assumptions used in impairment testing (note 7.4 Assessment of recoverability of goodwill and other non-current assets, Note 7.6 Investments in associates and joint ventures)
\u2212estimating the useful life of tangible and intangible assets (note 7.1 Property, plant and equipment; 7.2 Television and Movie Rights; 7.5 Other intangibles assets)
\u2212assessment of the recoverability period of carried forward tax losses (note 7.8 Deferred tax assets and liabilities)
\u2212assessment of credit risk for trade and financial receivables (note 8.2 Trade receivables)
\u2212assumptions for discount rates, future salary increase and life expectancy to calculate the employees defined benefit plan (note 10.1 Post Employment Benefits Plans)
\u2212assessment of the likelihood and estimating timing and potential cash flow relating to claims and litigations (note 10.3 Provisions and contingent liabilities)
The estimates used in preparing this Consolidated Financial Statements have mainly been used to estimate the recoverable amount of the cash generating units (CGUs) to which goodwill or other assets with definite or indefinite useful lives are allocated for the purposes of periodic testing as required by IAS 36. In accordance with IAS 36, these assets should be measured at their recoverable value, using the higher of (i) their value in use or (ii) their fair value net of disposal costs. Estimating the value in use involves, first, identifying the expected future cash flows that each asset or cash generating unit (CGU) will produce in its current condition, based on the five-year plans (2024-2028) drawn up on the basis of the guidelines approved by the Board of Directors on 13 March 2024, and, second, determining an appropriate discount rate.
The main uncertainties that could influence this estimate relate to determining the Weighted Average Cost of Capital (WACC) and the growth rate (g-rate) of the cash flows beyond the explicit forecast period, the development of the industry markets and, therefore, the assumptions made in estimating the expected cash flows for the years explicitly forecast and the cash flows used to determine the Terminal Value. Estimating fair value, on the other hand, involves applying the measurement criteria and techniques envisaged by IFRS 13 to determine - using one or more measurement techniques designed to maxi the observable inputs - the price that would be received, as at the measurement date, from the sale of an asset or a group of assets in an orderly transaction between market participants on the main market for those assets.
In preparing these consolidated financial statements, it was also necessary to determine the recoverable value of the investment held in the associate ProsiebenSat1. the carrying amount of this investment (EUR 496m or EUR 8,33 per share) was higher than its stock market value (EUR 329m or EUR 5,53 per share). Management has made a value in use calculation based on publicly available information and concluded that no impairment is required. Refer to note 7.6 for more information.
As regards the main financial assets measured in accordance with IFRS 9, the general creditworthiness of the counterparties was not seen to have deteriorated significantly enough as to significantly impact the Expected Credit Losses, which have also been updated based on the market parameters observable at the date of this consolidated financial statements. Therefore, there were no significant impacts in terms of impairment of the recognised assets.
The impairment and recoverability testing of the deferred tax assets recognised in the financial statements as at 31 December 2023, with particular reference to carried forward tax losses generated in the Italian consolidated tax perimeter, took into consideration the taxable income on the basis of the five-year plans (2024-2028) used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods. Impairment testing also took into consideration the effects of the temporary differences on which deferred tax liabilities are recorded. In light of the tests conducted on this basis, the recovery period has been set at ten years.
The estimates and assumptions above are periodically revised and the impacts of each change are recognised in the income statement.
The Cash Flow Statement has been prepared using the indirect method, whereby Operating Result is adjusted to take into account non-cash revenue, deferrals or accruals of past or future operating cash receipts or payments, and income or expense items associated with investing or financing cash flows. Investments in television broadcasting rights are included within investment activities. Similarly, receipts and payments from the hedging of cash flows for foreign currency payments of television broadcasting rights are given the same classification as the hedged item, falling under cash flow from investments activities. Income and expenses relating to medium/long-term financing transactions and related hedging derivatives, as well as dividends paid, are included within financial activities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page230-cflshid_93822-tag101775": {
"value": "The assets and liabilities, and the expenses and income of the subsidiaries, are consolidated line-by-line, meaning that they are included in their entirety in the consolidated financial statements. The carrying amount of these investments is offset against the corresponding portion of equity of the investee companies, giving each individual asset and liability item its current value at the date of acquisition of control (Purchase Method), or when the Full Goodwill Method is applied (an option that can be exercised separately for each individual business combination) by also recognising the amount of goodwill not belonging to the Group with an offsetting entry of the minority interest in equity. The Group has not yet taken up this option. Any remaining difference, if positive, is recorded under the non-current asset item \u201cGoodwill\u201d and, if negative, is recognised as income in profit and loss.
In the case of acquisitions of controlling investments with the same ultimate parent company (business combination under common control), which are excluded from the scope of obligatory application of IFRS 3, and in the absence of specific IAS/IFRS standards or interpretations for these types of operations, the principle of carry-over method is generally considered to apply, taking into account the provisions of IAS 8. According to that principle, the assets and liabilities must be transferred to the acquirer\u2019s financial statements for the amounts recorded in the consolidated financial statements as at the date of the transfer of the ultimate parent company of the parties that carry out the business combination, with any difference between the consideration paid for the investment and the carrying amount of the assets recognised in the relevant Group shareholders\u2019 equity reserve.
In preparing the consolidated financial statements, all receivables, payables, costs and revenues between consolidated companies, as well as unrealised profits on intercompany operations, have been eliminated.
The amounts of shareholders\u2019 equity and income for the period of the consolidated companies belonging to non-controlling shareholders are identified and shown separately in the Consolidated Statement of Financial Position and the Consolidated Statement of Income.
In the event of a loss of control, the difference between the fair value of consideration received and the carrying amount of consolidated net assets is recognised in profit and loss. If the set of activities discontinued constitutes a material business (a business sector or a business unit), this difference is posted to Net profit/(loss) from discontinued operations., together with the profit or loss generated by the discontinued activities up until the date of deconsolidation. Changes resulting from purchases or sales of non-controlling interests held in subsidiary companies are treated as transactions with shareholders, as long as they do not result in a loss of control. Consequently, the difference between the fair value of the consideration paid or received for these transactions and the adjustment made to minority interests is recognised under Reserve for transactions with non-
controlling interests (including under \u201cOther Reserves\u201d) of the shareholders\u2019 equity of the holding company. Likewise, in accordance with IAS 32, transaction costs must also be recognised in shareholders\u2019 equity.The assets and liabilities of foreign companies that fall within the scope of consolidation and that originate in currencies other than the Euro, including goodwill and fair value adjustments of the assets and liabilities identified at the time of allocation of the price paid in a business combination, are translated using the spot exchange rates at the financial statement reporting date; income and costs, on the other hand, are translated at the average exchange rate for the year. Any translation differences that arise from applying these methods are recognised under a special shareholders\u2019 equity reserve until the investment is sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page230-cflshid_94271-tag101776": {
"value": "Changes resulting from purchases or sales of non-controlling interests held in subsidiary companies are treated as transactions with shareholders, as long as they do not result in a loss of control. Consequently, the difference between the fair value of the consideration paid or received for these transactions and the adjustment made to minority interests is recognised under Reserve for transactions with non-controlling interests (including under \u201cOther Reserves\u201d) of the shareholders\u2019 equity of the holding company. Likewise, in accordance with IAS 32, transaction costs must also be recognised in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page231-cflshid_94414-tag101777": {
"value": "The assets and liabilities of foreign companies that fall within the scope of consolidation and that originate in currencies other than the Euro, including goodwill and fair value adjustments of the assets and liabilities identified at the time of allocation of the price paid in a business combination, are translated using the spot exchange rates at the financial statement reporting date; income and costs, on the other hand, are translated at the average exchange rate for the year. Any translation differences that arise from applying these methods are recognised under a special shareholders\u2019 equity reserve until the investment is sold. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page231-cflshid_94414-tag101779": {
"value": "Goodwill
The goodwill resulting from the acquisition of control of an investment or of a business unit is the excess of the acquisition cost, understood as being the consideration transferred in the business combination, plus the fair value of any investment that was previously owned in the acquired business, over the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired business at the date of acquisition.
For the purposes of calculating goodwill, the consideration transferred in the business combination is calculated as the sum of the fair values of the assets transferred and the liabilities assumed by the Group at the date of acquisition and of the capital instruments issued in exchange for the control of the acquired entity, also including the fair value of any contingent considerations subject to conditions established in the acquisition agreement.
Any goodwill adjustments may be recognised in the measurement period (which cannot be more than one year from the date of acquisition) that are due to either subsequent changes in the fair value of the contingent considerations or to the calculation of the fair value of the assets and liabilities acquired, if recognised only provisionally at the date of acquisition and when these changes are calculated as adjustments based on additional information regarding facts and circumstances existing at the date of the business combination.
Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.
The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
In the case of acquisition of controlling interests of less than 100%, the goodwill and the corresponding non controlling interest in the goodwill can be calculated at the acquisition date either with
respect to the percentage control acquired (partial goodwill) or by measuring the fair value of the non controlling shareholdings (full goodwill method). The measurement method can be chosen from time to time for each transaction.
For step acquisitions of controlling interests the acquirer must recalculate the fair value of the previously held interest, up till that time, recognised, depending on the case, in accordance with IFRS 9 \u2013 Financial Instruments, in accordance with IAS 28 \u2013 Investments in Associates and Joint Ventures or in accordance with IFRS 11 \u2013 Joint arrangements, as if it had been sold and reacquired at the date when control was acquired, recognising any gains or losses resulting from that measurement in the income statement. In addition, in these circumstances any amount previously recognised in shareholders\u2019 equity as Other comprehensive income and losses must be reclassified to the income statement, except where the investment is designated as a financial asset measured at FVOCI without recycling to profit and loss.
In the case of disposal of controlling interests, the remaining amount of goodwill attributable to the interests is included in the calculation of the gain or loss from disposal.
The goodwill recognised as a result of business combinations taking place before 1 January 2010 has been treated in accordance with the criteria laid down in the previous version of IFRS 3, which required:
- for acquisition of controlling interests of less than 100%, calculation of goodwill based on the proportional amount of the fair value of the identifiable net assets acquired;
- for step acquisitions of controlling interests, the calculation of goodwill as the sum of the fair values generated separately with each transaction;
- the inclusion of transaction costs in the amount of the acquisition cost;
- the recognition of contingent considerations at the acquisition date only if their payment was considered probable and their amount could be reliably determined; if detected later, these were recognised as an increase in goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page231-cflshid_94414-tag101780": {
"value": "Goodwill
The goodwill resulting from the acquisition of control of an investment or of a business unit is the excess of the acquisition cost, understood as being the consideration transferred in the business combination, plus the fair value of any investment that was previously owned in the acquired business, over the fair value of the identifiable assets, liabilities and contingent liabilities of the acquired business at the date of acquisition.
For the purposes of calculating goodwill, the consideration transferred in the business combination is calculated as the sum of the fair values of the assets transferred and the liabilities assumed by the Group at the date of acquisition and of the capital instruments issued in exchange for the control of the acquired entity, also including the fair value of any contingent considerations subject to conditions established in the acquisition agreement.
Any goodwill adjustments may be recognised in the measurement period (which cannot be more than one year from the date of acquisition) that are due to either subsequent changes in the fair value of the contingent considerations or to the calculation of the fair value of the assets and liabilities acquired, if recognised only provisionally at the date of acquisition and when these changes are calculated as adjustments based on additional information regarding facts and circumstances existing at the date of the business combination.
Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.
The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page231-cflshid_94414-tag101778": {
"value": "Any subsequent differences compared to the initial estimate of the fair value of liabilities for contingent considerations are recognised in the income statement, unless they derive from additional information existing at the acquisition date (in which case they can be adjusted within 12 months from the acquisition date). Likewise, any rights to receive back some parts of the consideration paid if certain conditions arise must be classified as assets by the acquirer.
The transaction costs for business combinations are recognised in the accounting period when they are incurred, with the exception of those incurred for issuances of debt securities or shares that must be recognised in accordance with IAS 32 and IFRS 9.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page232-cflshid_94953-tag101782": {
"value": "The goodwill recognised as a result of business combinations taking place before 1 January 2010 has been treated in accordance with the criteria laid down in the previous version of IFRS 3, which required:
- for acquisition of controlling interests of less than 100%, calculation of goodwill based on the proportional amount of the fair value of the identifiable net assets acquired;
- for step acquisitions of controlling interests, the calculation of goodwill as the sum of the fair values generated separately with each transaction;
- the inclusion of transaction costs in the amount of the acquisition cost;
- the recognition of contingent considerations at the acquisition date only if their payment was considered probable and their amount could be reliably determined; if detected later, these were recognised as an increase in goodwill.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page232-cflshid_94953-tag101781": {
"value": "CHANGES IN ACCOUNTING ESTIMATES
In accordance with IAS 8, these items are recognised in the income statement on a prospective basis starting from the accounting period in which they are adopted.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page234-cflshid_95727-tag101783": {
"value": "4. KEY INFORMATION RELATING TO THE SCOPE OF CONSOLIDATIONIFRS 10 requires an investor, when assessing whether it controls an investee, to focus on the activities that significantly affect the investee's returns and to take into account substantial rights only; i.e. rights that confer current ability to direct relevant activities of the subsidiary
As required by IFRS 10, paragraph B80 et seq., the control requirement was reassessed this year to verify the conditions that had led to classification of subsidiaries, associates and joint ventures. No events or circumstances arose in 2023 to alter the conclusions reached in previous financial years as regards the following companies:
oThe companies Boing SpA (51% shareholding), Mediamond SpA (50% shareholding), Fascino S.r.l. (50% shareholding), Tiv\u00f9 S.r.l. (48.16% shareholding) and European Broadcaster Exchange Ltd (EBX) (25% shareholding) are joint ventures of the Group, as arrangements whereby the parties that have joint control of the arrangement have rights over the net assets of the arrangement, which are therefore accounted for by using the equity method.
The most significant transactions regarding the scope of consolidation occurred during the year are listed below.
Cross-border merger of MES into MFE
During the first six months of the year, the joint project for the cross-border merger by incorporation of Mediaset Espa\u00f1a Comunication (\u201cMES\u201d) (the incorporated company) into MFE (the merger company) (the \"Merger\u201d) was completed after its approval by the boards of directors and shareholders\u2019 meetings of both companies held on 30 January and 15 March 2023, respectively.
On 16 March 2023, MFE completed its acquisition of shares representing approximately 1.53% of share capital in MES from certain MES shareholders (including Vivenda SE and some private equity funds). These shareholders had previously informed MFE at MES\u2019s Shareholders\u2019 Meeting of 15 March that they did not oppose the Merger but intended to divest their stakes. The price of these acquisitions was EUR 3.2450 per share, with the total consideration standing at EUR 15.5 million. The acquisition price factored in a total discount of 4.04% as compared to the withdrawal right of EUR 3.2687 per MES share. This is because the acquisitions were concluded before payment was made to the MES shareholders exercising their withdrawal on account of not approving the Merger.
On 28 April 2023, all preconditions were met and the preliminary steps were completed for the Merger to take effect; In particular:
o MES and its wholly-owned subsidiary Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n, S.A. (\u201cGA Mediaset\u201d) signed a public deed to complete the transfer all assets and liabilities of MES (with the exception of the cash amounts exceeding those necessary for the pursuit of the business forming the subject-matter of the carve-out, the 13.18% investment in ProSiebenSat.1 Media SE and the financial assets and liabilities related to that investment) in favour of GA Mediaset.
o MES paid out a total settlement of EUR 56.1 million to shareholders exercising their right of withdrawal.
The Certificate of Merger was signed on 2 May 2023 and came into force on 3 May 2023. In accordance with the joint cross-border merger project, all shares in MES were cancelled and MFE increased its own share capital on the Merger date. By operation of law, MFE allocated 220,934,896 new MFE ordinary \u201cA\u201d class shares, each with a par value of EUR 0.06 and carrying one voting right each, to MES shareholders (excluding MES shares held by MES itself or held by MFE immediately before the Merger came into effect) at the predetermined ratio of seven new MFE A-Class Shares per one MES share in a share swap with former MES shareholders other than MFE and
MES itself. As a consequence, the subscribed and paid-up share capital of MFE increased from EUR 800.3 million to EUR 813.6 million. As a result of completing these corporate transactions, the Group's controlling interest in the assets held by MES prior to the Merger went from 82.92% on 31 December 2022 to 100% during the first half of the year. These transactions are treated in accounts as equity transactions, as a result of which a EUR 66.5 million positive difference has been recognised in the Consolidated Financial Statements at 30 June 2023 (under Other Reserves). This represents the difference between the total consideration recognised for the transactions on the one hand (which includes the EUR 71.6 million cash components and the EUR 92.3 million fair value of the newly issued MFE A-Class Shares as at the effective date of the Merger) and the net book value of the non-controlling interests acquired. The results of the Group\u2019s Spanish operations attributable to MES before the merger have been consolidated on the basis of a 84.45% shareholding held by the Group in the first quarter and a 100% shareholding starting from the second quarter of the year. The consolidation of the Group's total carrying amount from April rather than the beginning of May (to coincide with the effective date of the merger) did not have any significant impact in terms of the Group's net result or the reclassification of net profit attributable to non-controlling interests to that attributable to the Group.
On the same date, and in implementing the resolution passed at MFE\u2019s Shareholders' Meeting of 15 March 2023, all 88,707,693 MFE A-Class treasury shares in MFE's portfolio were also cancelled, with MFE's issued share capital reduced accordingly.
Reverse split of A-class ordinary shares and B-class ordinary shares, and simultaneous reduction of share capital
On 14 June 2023, MFE A-class ordinary shares, each with a par value of EUR 0.06 and carrying one voting right each, were listed for trading on the Spanish Stock Exchanges of Barcelona, Bilbao, Madrid and Valencia organised and managed by the relevant stock market management companies (Sociedades Rectoras de las Bolsas de Valores).
On 23 October 2023, MFE - MEDIAFOREUROPE NV, in implementation of the resolution passed at the Shareholders\u2019 Meeting of 7 June of last year, effected a reverse split of A-class ordinary shares and B-class ordinary shares, whereby:
\u2212every 5 A-class Ordinary Shares were consolidated into 1 new A-class Ordinary Share, with the par value of each new A-class Ordinary Share being maintained at the pre-reverse split value of EUR 0.06; and
\u2212every 5 B-class Ordinary Shares were consolidated into 1 new B-class Ordinary Share, with the par value of each new B-class Ordinary Share being maintained at the pre-reverse split value of EUR 0.60.
Also in implementation of the resolution passed at the Shareholders\u2019 Meeting:
(a)to ensure that the number of Ordinary Shares before the reverse split was divisible by 5 (i.e. a reverse split ratio of 5:1), the Company purchased 4 A-class Ordinary Shares and 4 B-class Ordinary Shares and then cancelled them on the Effective Date of the reverse split; and
(b)to maintain the par values of A-class Ordinary Shares and B-class Ordinary Shares before the reverse split, the Company reduced its share capital on the Effective Date of the reverse split to the extent strictly necessary. Following this reduction and the cancellation mentioned in (a) above, the (issued) share capital equalled EUR 161,649,413.76, represented by 331,701,776 A-class Ordinary Shares each with a par value (still) of EUR 0.06 and 236,245,512 B-Class Ordinary Shares each with a par value (still) of EUR 0.60. The Company also made changes to its management\u2019s share incentive plans from that date onwards, in light of the new number of Ordinary Shares following the reverse split.
Accordingly, on 23 October 2023 MFE - MEDIAFOREUROPE NV informed the market of the Reverse Split of Ordinary Shares and the new composition of the Company's (issued) share capital, which now stood at EUR 161,649,413.76, represented by a total of 567,947,288 shares, of which 331,701,776 A-class Ordinary Shares (par value of EUR 0.06) and 236,245,512 B-Class Ordinary Shares (par value of EUR 0.6), including 7,724,932 B-class treasury shares.On 22 November 2023, MFE-MEDIAFOREUROPE NV informed the market of the new composition of its share capital following the issuance of 823 new ordinary MFE \u201cA\u201d-Class shares, each with a par value of EUR 0.06 and each granting 1 voting right, regular entitlement and coupon number 1, which was to be assigned by exchange to a former shareholder of Videotime S.p.A, a company merged by incorporation into MFE-MEDIAFOREUROPE NV (then Mediaset S.p.A.) on 1 March 2018 in accordance with the merger plan.
As a result of this transaction, the Company's subscribed and paid-up share capital increased from EUR 161,649,413.76 to EUR 161,649,463.14.
In addition, MFE held 7,724,109 treasury shares at 31 December 2023. Incorporation, acquisition of new companies, capital increases and sale of subsidiaries or interests in subsidiaries
On 13 January 2023, the subsidiary Conecta 5 acquired 60% of the share capital in the company Avataria Producciones S.L. This company is consolidated on a line-by-line basis.
On 10 March 2023, Mediaset Investment N.V. (placed in liquidation last year) was erased from the Dutch commercial register.
On 5 June 2023, MFE-MEDIAFOREUROPE incorporated MFE Advertising S.p.A., which will coordinate the Group\u2019s advertising sales in its various business territories. This company is consolidated on a line-by-line basis.
On 19 June 2023, the subsidiary Grupo Audiovisual Mediaset Espana SAU acquired the remaining 20% stake in the share capital of El Demarque Portal Deportvo S.L and increased its shareholding from 80% to 100% in the third quarter of 2023.
On 1 July 2023, the subsidiary Publieurope Limited subscribed for the allocation and issue of 191 new ordinary shares, each with a par value of GBP 1, in the company Dr Podcast Audio Factory Limited. As a result of this transaction, Publieurope Limited's shareholding increased from 30% to 70.0599% of share capital. As a result of this increase, the company was consolidated line-by-line from July onwards.
On 27 September 2023, the subsidiary Publiespana, SAUacquired shares representing 1.468% of share capital in Aninpro Creative SL, thus increasing its stake from 51% to 52.468% of the share capital.
On 21 December 2023, Taodue S.r.l. was merged by incorporation into parent company RTI S.p.A. The accounting and tax effects of the merger apply from 1 January 2023. The operations of the merged company are, therefore, recognised in the financial statements of RTI S.p.A. starting from this date.
On 22 December 2023, the shareholder Direct Channel S.p.A. transferred to Publitalia '80 S.p.A. the entire 50% shareholding in Mediamond S.p.A., taking effect on 1 January 2024.
In the fourth quarter of 2023, the investment held by Advertisement 4 Adventures SLU in Zandivio LTD increased from 0.63% to 6.61% in share capital.
Incorporation, acquisition of new companies, capital increases and sale of associatesEquity investment in ProSiebenSat1 Media SE
On 19 May 2023, MFE acquired an additional stake in P7S1, thus increasing its total shareholding from 25,01% as at 31 December 2022 to 28.87% of share capital (of which 26.58% held directly and 2.29% through securities lending). Excluding treasury shares, this shareholding corresponds to 29.70% of voting rights (of which 27.34% held directly and 2.35% through securities lending). As regards MFE\u2019s total direct and secured position in P7S1 at 30 June, a 3.33% share in P7S1's share capital (including the above mentioned 2.29% interest secured through securities lending) was hedged through financial instruments at that date (collar with cash or equity settlement option) to protect itself against fluctuations in fair value within a predetermined range.
During the six months up to 30 June 2023, no events affected MFE\u2019s ability to participate in P7S1\u2019s decision-making in terms of the indicators mentioned in IAS 28. Specifically, as was the case when MFE exceeded 20% of voting rights in P7S1 in the first quarter of 2020, a threshold which under paragraph 5 of IAS 28 carries the presumption of significant influence over another entity, MFE ascertained that \u2013 in continuity with the assessments already carried out at 31 December 2022 \u2013 none of the following indicators set out in paragraph 6 of IAS 28 to determine the presence or absence of significant influence actually or potentially existed:
- (a) representation on the board of directors or equivalent governing body of the investee;
- (b) participation in policy-making processes, including participation in decisions about dividends or other distributions;
- (c) material transactions between the entity and the investee;
- (d) interchange of managerial personnel;
- (e) provision of essential technical information.
In particular, up to 30 June 2023, MFE had no representation on either the Executive Board or the Supervisory Board of the Company, while it represented the major shareholder of P7S1. Therefore, in the period before 30 June 2023, the entire investment of MFE continued to be recognised and measured in accordance with IFRS9. This meant aligning the carrying amount of the investment with its stock market value, recognising the fair value of the financial assets and liabilities related to the hedging derivatives with changes presented in Comprehensive Profit/(loss) and in Valuation reserves of Group equity without recycling to profit and loss, and recognising in profit and loss only the EUR 3.1 million in dividends resolved to be paid out by the P7S1 Shareholders' Meeting on 30 June 2023.
On 30 June 2023, the Shareholders' Meeting of P7S1 resolved by majority vote to appoint four members of its Supervisory Board (of which three coming to the end of their term and one vacant), taking effect immediately. One of the members included in the list submitted by the Supervisory Board and appointed is a MFE executive.
Under P7S1\u2019s dual governance structure, the Supervisory Board is the 9-member policy-making and control body, which supervises and oversees the Executive Board\u2019s management of the Company and is therefore directly involved in all major corporate decisions.
Therefore, beginning 30 June 2023, MFE can be considered as meeting the first and most important presumptive indicator of significant influence set forth in IAS 28, paragraph 6a (representation on the board of directors or equivalent governing body of the investee).In relation to this event, the 25.54% stake in share capital representing the 26.28% share of voting rights and economic interests have since been reclassified from Other financial assets to Investments in associates in the MFE\u2019s Consolidated Interim Statement of Financial Position, and are measured using the equity method in accordance with IAS 28. The accumulated reserves generated up to that date as a result of the fair value changes compared to the initial values of the investment, which were included in consolidated shareholders' equity without reversal to profit and loss, were reclassified from Revaluation reserves to Retained earnings and Other reserves. At 31 December 2023, MFE's shareholding in P7S1, measured using the equity method, represents the 26.25% of voting rights (net of the treasury shares at that date).At 31 December 2023, the carrying amount of this investment includes (provisionally, in accordance with IFRS 3) a notional goodwill of EUR 165.2 million as compared to the corresponding portion of the investee\u2019s consolidated net assets at 30 June 2023. In accordance with IAS 28, the value of this goodwill may be remeasured as part of a purchase price allocation process on or before 30 June 2024, as provided for in IFRS 3, to retroactively determine the pro-rata fair value of the assets and liabilities existing at the initial date of recognition.
However, the residual shareholding held and secured at that date \u2013 corresponding to 3.33% of share capital (3.42% net of treasury shares at that date) \u2013 which was hedged through financial instruments (collar with cash option or equity settlement), was maintained as a financial investment in accordance with IFRS 9. Therefore, at 31 December 2023, the carrying amount of that part of the investment in P7S1 was adjusted to the stock market price at that date, with the value changes during the year recognised in the other comprehensive income, without reversal to profit and loss, in line with the accounting treatment applied to the related hedging derivatives.
See Note 7.6 for more information on the accounting treatment of this investment.
Incorporation, acquisition of new companies, capital increases, sale of and changes in non-controlling interests
In the first quarter of 2023, the investment held by Advertisement 4 Adventures, SLU in Altania del Mar SL increased from 6.88% to 7.29% in share capital. In the second quarter of 2023, this investment decreased from 7.29% to 6.24% in share capital.
On 14 July 2023, the company Alea Lagrimas SLU by associate company Alea Media SA.
In the second quarter of 2023, subsidiary RTI SpA subscribed to a capital increase in Altania del Mar SL, increased its investment from 3.44% to 6.24% in share capital.
In the first quarter of 2023, the investment held by Advertisement 4 Adventures, SLU in Pensium, SL increased from 6.12% to 6.28% in share capital.
In the first quarter of 2023, the 0.16% equity investment held by Advertisement 4 Adventures, SLU in Peoople Unlimited SL was sold to third parties.
In the second quarter of 2023, the investment held by subsidiary RTI SpA in Springlane GmbH decreased from 5.23% to 1.83% in share capital.
On 26 June 2023, the associate Producciones Mandarina, SL, acquired a 100% stake inJoko TV, SL.
In the third and fourth quarter of 2023, following certain equity transactions, the investment held by RTI S.p.A. in Pascol S.r.l. increased to 6.90% of share capital.
In the fourth quarter of 2023, the 4.62% equity investment held by RTI S.p.A. in Spotted GmbH decreased to nil and liquidation proceedings were initiated.In the fourth quarter of 2023, the investment held by RTI S.p.A. in Blooming Experience decreased from 1.22% to 0.99%Financial information of material associates and joint ventures
The table below shows the main figures from the 2023 income statement and statement of financial position for the main associates for the Group, based on the carrying amount of the investments held in those companies and to their contribution to the Group\u2019s profits, as required by IFRS 12, paragraph 20 and paragraphs B12 and B13 of the Operating Guide.
| ProsiebenSat. 1Media SE | EI Towers Group |
| Current assets | 1,504.0 | 76.6 |
| Cash and cash equivalents | 573.0 | 24.8 |
| Non-current assets | 4,400.0 | 1,831.2 |
| Current liabilities | 1,571.0 | 60.4 |
| Current financial liabilities: | 106.0 | 13.5 |
| Non-current liabilities | 2,753.0 | 926.2 |
| Non-current financial liabilities | 2,119.0 | 714.0 |
| Revenues | 3,852.0 | 285.3 |
| Profit or (loss) for the year | (134.0) | 24.4 |
| Other Comprehensive Income Statement items | (48.0) | (0.2) |
| Comprehensive Statement of Income | (182.0) | 24.1 |
| Amortisation and depreciation | 227.0 | 93.6 |
| Income taxes | (30.0) | 10.0 |
| Dividends paid | (11.0) | (49.0) |
| | ProsiebenSat.1Media SE | | | EI Towers Group |
| 2023 | | 2022 | 2023 | 2022 |
| Net assets of associate | 1,260 | | 1,508 | 919.0 | 944.1 |
| Company share in % | 26.25% | | 0% | 40% | 40% |
| Proportion of the group's ownership interest in the associate | 330.7 | | - | 367.6 | 377.7 |
| Goodwill | 165.2 | | - | - | - |
| Other Adjustment | - | | - | 0.3 | 0.3 |
| Carrying amount of the group's interest in the material associate | 495.9 | | - | 367.9 | 378.0 |
ProSiebenSat.1 Media SE is one of the largest television media groups in Europe and enjoys a position of leadership in Germany, Austria and Switzerland. It has a broad shareholder base and is listed on the Frankfurt Stock Exchange. At 31 December 2023, MFE was the largest shareholder of ProSiebenSat.1 Media SE with a total shareholding of 28.87% in share capital (29.67% excluding treasury shares), of which 26.58% is held directly and 2.29% secured through financial instruments.
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), controlled by the F2iSGR private equity fund, which is 40%-owned by MFE-MEDIAFOREUROPE N.V. The EI Towers Group is one of the largest operators in integrated service network infrastructure for electronic communications, serving radio and television broadcasters and mobile and wireless telecommunications providers under long-term agreements. Under a multi-year full-service agreement running from 1 July 2018 to 30 June 2025 and renewable for a further seven years subject to renegotiation of a new price during the agreement\u2019s last 12 months, EI Towers offers hosting, assisting and maintenance services, the design of transmission equipment and broadcast contribution management to Elettronica Industriale, a MFE Group network operator, and provides hosting and maintenance services for the radio broadcasting equipment of the Group\u2019s broadcasters.
The following table includes, in aggregate, the carrying amount and share of profit and OCI of joint ventures and associates:
| 2023 | 2022 |
| The group's share of profit/(loss) from continuing operations | 5.5 | 11.5 |
| The groups's share of other comprehensive income | (0.2) | 0.7 |
| The groups's share of total comprehensive income in | | |
| not material associates and joint venture | 5.4 | 12.2 |
| Aggregate carrying amount of the group's interests in not material | | |
| associates and joint venture | 45.7 | 47.7 |
18. LIST OF EQUITY INVESTMENTS INCLUDED IN THE GROUP\u2019S CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2023| Companies consolidated on a line-by-line basis | Registered Office | Currency | Share capital capital | % held by the Group (*) |
| MFE Advertising S.p.A. | Milan | EUR | 0.1 | 100.00% |
| Mediaset S.p.A. | Milan | EUR | 600.0 | 100.00% |
| Publitalia '80 S.p.A. | Milan | EUR | 52.0 | 100.00% |
| Adtech Ventures S.p.A. | Milan | EUR | 0.1 | 100.00% |
| Beintoo S.p.A. | Milan | EUR | 0.1 | 80.00% |
| Digitalia '08 S.r.l. | Milan | EUR | 10.3 | 100.00% |
| Publieurope Ltd. | London | GBP | 5.0 | 100.00% |
| Dr Podcast Audio Factory Limited | London | GBP | 0.0 | 70.06% |
| Publieurope SAS | Parigi | EUR | 0.0 | 100.00% |
| R.T.I. S.p.A. | Rome | EUR | 500.0 | 100.00% |
| Elettronica Industriale S.p.A. | Lissone (MB) | EUR | 163.2 | 100.00% |
| Medusa Film S.p.A. | Rome | EUR | 20.0 | 100.00% |
| Medset Film S.a.s. | Parigi | EUR | 0.5 | 100.00% |
| Radio Mediaset S.p.A. | Milan | EUR | 7.4 | 100.00% |
| Monradio S.r.l. | Milan | EUR | 3.0 | 100.00% |
| Radio Aut S.r.l. | Loc.Colle Bensi PG) | EUR | 0.0 | 100.00% |
| Radio Studio 105 S.p.A. | Milan | EUR | 0.8 | 100.00% |
| Radio Subasio S.r.l. | Assisi (PG) | EUR | 0.3 | 100.00% |
| RMC Italia S.p.A. | Milan | EUR | 1.1 | 100.00% |
| Virgin Radio Italy S.p.A. | Milan | EUR | 10.1 | 99.99% |
Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f2n SAU | Madrid | EUR | 190.1 | 100.00% |
| Advertisement 4 Adventure, SLU | Madrid | EUR | 0.0 | 100.00% |
| Conecta 5 Telecinco S.A.U. | Madrid | EUR | 0.1 | 100.00% |
| Avataria Producciones SL | Madrid | EUR | 0.0 | 60.00% |
| Grupo Editorial Tele 5 S.A.U. | Madrid | EUR | 0.1 | 100.00% |
| Mediacinco Cartera S.L. | Madrid | EUR | 0.1 | 100.00% |
Produccion y Distribucio de Contenidos Audiovisuales Mediterraneo SLU | Madrid | EUR | 0.3 | 100.00% |
| El Demarque Portal Deportvo SL | Sevilla | EUR | 0.0 | 100.00% |
| Megamedia Television S.L. | Madrid | EUR | 0.1 | 100.00% |
| Supersport Television S.L. | Madrid | EUR | 0.1 | 62.50% |
| Telecinco Cinema S.A.U. | Madrid | EUR | 0.2 | 100.00% |
| Publiespa\u00f1a S.A.U | Madrid | EUR | 0.6 | 100.00% |
| Publimedia Gestion S.A.U. | Madrid | EUR | 0.0 | 100.00% |
| Netsonic S.L | Barcelona | EUR | 0.0 | 100.00% |
| Aninpro Creative SL | Madrid | EUR | 0.0 | 52.47% |
| Be a Iguana S.L.U. | Madrid | EUR | 0.0 | 52.47% |
| Be a Tiger S.L.U | Madrid | EUR | 0.0 | 52.47% |
| Engage 2021 SLU | Madrid | EUR | 0.0 | 52.47% |
| Social 15D 2021 SLU | Madrid | EUR | 0.0 | 52.47% |
| Social Halo 2021 SLU | Madrid | EUR | 0.0 | 52.47% |
| Associates and joint ventures | Registered Office | Currency | Share capital capital | % held by the Group (*) |
| Agrupaci\u00f3n de Inter\u00e9s Econ\u00f3mico Furia de Titanes II A.I.E. | Santa Cruz de Tenerife | EUR | 0.0 | 34.00% |
| Alea Media SA | Madrid | EUR | 0.1 | 40.00% |
| Alma Productora Audiovisual S.L. | Madrid | EUR | 0.0 | 30.00% |
| Auditel S.r.l. | Milan | EUR | 0.3 | 26.67% |
| Boing SpA | Milan | EUR | 10.0 | 51.00% |
| Bulldog TV Spain SL | Madrid | EUR | 0.0 | 30.00% |
| EI Towers S.p.A. | Lissone (MB) | EUR | 2.8 | 40.00% |
| European Broadcaster Exchange (EBX) Limited | London | GBP | 1.5 | 25.00% |
| Fascino Produzione Gestione Teatro S.r.l. | Rome | EUR | 0.0 | 50.00% |
| Fenix Media Audiovisual SL | Madrid | EUR | 0.0 | 40.00% |
| La Fabrica De La Tele S.L. | Madrid | EUR | 0.0 | 30.00% |
| Mediamond SpA | Milan | EUR | 2.4 | 50.00% |
| Nessma S.A. | Luxembourg | EUR | 14.2 | 34.12% |
| Nessma Broadcast S.A. | Tunis | DINARO | 1.0 | 32.27% |
| Producciones Mandarina S.L. | Madrid | EUR | 0.0 | 30.00% |
| ProSiebenSat.1 MEDIA SE | Unterf\u00f6hring (Germany) | EUR | 233.0 | 28.87% |
| Studio Woow S.r.l. | Cologno Monzese (MI) | EUR | 0.1 | 49.00% |
| Superguidatv S.r.l. | Napoli | EUR | 1.6 | 49.00% |
| Titanus Elios S.p.A. | Rome | EUR | 5.0 | 30.00% |
| Tiv\u00f9 S.r.l. | Rome | EUR | 1.0 | 48.16% |
| Unicorn Content SL | Madrid | EUR | 0.0 | 30.00% |
| Other equity investments | Registered Office | Currency | Share capital capital | % held by the Group (*) |
| Altania del Mar SL | Madrid | EUR | 0.0 | 12.48% |
| Ares Film S.r.l. | Rome | EUR | 0.1 | 5.00% |
| Audiradio S.r.l. (in liquidation) | Milan | EUR | 0.0 | 10.00% |
| Blooming Experience SL | Valencia | EUR | 0.0 | 5.44% |
| ByHours Travel S.L. | Madrid | EUR | 0.0 | 8.66% |
| C.R. DAB consorzio Radio Digitale SCARL | | EUR | 0.2 | 3.22% |
| Genetiko Comunication S.p.A. | Conversano (Bari) | EUR | 0.0 | 15.00% |
| Gilda S.r.l. | Milan | EUR | 0.0 | 10.31% |
| Grover Group Gmbh | Berlin (Germany) | EUR | 0.0 | 0.31% |
| Innovaci\u00f3n y desarrollo de Nuevos Canales Comerciales, SL | Madrid | EUR | 0.0 | 7.36% |
| Itravel Group SA | Luxembourg | EUR | 0.0 | 2.00% |
| Kirch Media GmbH & Co. Kommanditgesellschaft auf Aktien | Unterf\u00f6hring (Germany) | EUR | 55.3 | 2.28% |
| Letisan S.r.l. | Milan | EUR | 0.0 | 8.30% |
| Pascol S.r.l. | Albosaggia (Sondrio) | EUR | 0.0 | 6.90% |
| Pensium SL | Barcelona | EUR | 0.0 | 6.28% |
| Peoople Unlimited, SL | Madrid | EUR | 0.0 | 0.01% |
| Player Editori Radio S.r.l. | Milan | EUR | 0.0 | 15.40% |
| Radio Digitale S.r.l. | Bergamo | EUR | 0.0 | 5.00% |
| Satispay S.p.A. | Milan | EUR | 0.6 | 0.31% |
| Springlane Gmbh | Dusseldorf | EUR | 0.1 | 1.83% |
| Tavolo Editori Radio S.r.l. | Milan | EUR | 0.0 | 15.20% |
| Telesia S.p.A. | Rome | EUR | 1.8 | 3.86% |
| Termo S.p.A. | Milan | EUR | 0.3 | 8.84% |
| Westwing Group Gmbh | Munich | EUR | 0.1 | 0.39% |
| Zandivio Ltd | Limassol (Cyprus) | EUR | 0.0 | 7.30% |
(*) The Group\u2019s shareholding is calculated by taking into account the stake directly and indirectly held by the Parent Company at 31 Decembre 2023, without taking into account the treasury shares of subsidiaries and investees.
Financial information of material associates and joint ventures
The table below shows the main figures from the 2023 income statement and statement of financial position for the main associates for the Group, based on the carrying amount of the investments held in those companies and to their contribution to the Group\u2019s profits, as required by IFRS 12, paragraph 20 and paragraphs B12 and B13 of the Operating Guide.
| ProsiebenSat. 1Media SE | EI Towers Group |
| Current assets | 1,504.0 | 76.6 |
| Cash and cash equivalents | 573.0 | 24.8 |
| Non-current assets | 4,400.0 | 1,831.2 |
| Current liabilities | 1,571.0 | 60.4 |
| Current financial liabilities: | 106.0 | 13.5 |
| Non-current liabilities | 2,753.0 | 926.2 |
| Non-current financial liabilities | 2,119.0 | 714.0 |
| Revenues | 3,852.0 | 285.3 |
| Profit or (loss) for the year | (134.0) | 24.4 |
| Other Comprehensive Income Statement items | (48.0) | (0.2) |
| Comprehensive Statement of Income | (182.0) | 24.1 |
| Amortisation and depreciation | 227.0 | 93.6 |
| Income taxes | (30.0) | 10.0 |
| Dividends paid | (11.0) | (49.0) |
| | ProsiebenSat.1Media SE | | | EI Towers Group |
| 2023 | | 2022 | 2023 | 2022 |
| Net assets of associate | 1,260 | | 1,508 | 919.0 | 944.1 |
| Company share in % | 26.25% | | 0% | 40% | 40% |
| Proportion of the group's ownership interest in the associate | 330.7 | | - | 367.6 | 377.7 |
| Goodwill | 165.2 | | - | - | - |
| Other Adjustment | - | | - | 0.3 | 0.3 |
| Carrying amount of the group's interest in the material associate | 495.9 | | - | 367.9 | 378.0 |
ProSiebenSat.1 Media SE is one of the largest television media groups in Europe and enjoys a position of leadership in Germany, Austria and Switzerland. It has a broad shareholder base and is listed on the Frankfurt Stock Exchange. At 31 December 2023, MFE was the largest shareholder of ProSiebenSat.1 Media SE with a total shareholding of 28.87% in share capital (29.67% excluding treasury shares), of which 26.58% is held directly and 2.29% secured through financial instruments.
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), controlled by the F2iSGR private equity fund, which is 40%-owned by MFE-MEDIAFOREUROPE N.V. The EI Towers Group is one of the largest operators in integrated service network infrastructure for electronic communications, serving radio and television broadcasters and mobile and wireless telecommunications providers under long-term agreements. Under a multi-year full-service agreement running from 1 July 2018 to 30 June 2025 and renewable for a further seven years subject to renegotiation of a new price during the agreement\u2019s last 12 months, EI Towers offers hosting, assisting and maintenance services, the design of transmission equipment and broadcast contribution management to Elettronica Industriale, a MFE Group network operator, and provides hosting and maintenance services for the radio broadcasting equipment of the Group\u2019s broadcasters.
The following table includes, in aggregate, the carrying amount and share of profit and OCI of joint ventures and associates:
| 2023 | 2022 |
| The group's share of profit/(loss) from continuing operations | 5.5 | 11.5 |
| The groups's share of other comprehensive income | (0.2) | 0.7 |
| The groups's share of total comprehensive income in | | |
| not material associates and joint venture | 5.4 | 12.2 |
| Aggregate carrying amount of the group's interests in not material | | |
| associates and joint venture | 45.7 | 47.7 |
Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative. The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment. In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
The following is a breakdown of equity investments, showing the ownership interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/23 | 31/12/22 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A | 40.0% | 367.9 | 40.0% | 378.0 |
| Alea Media, S.A. | 40.0% | (0.3) | 40.0% | 0.6 |
| Alea Yo Adicto | 40.0% | 0.4 | 0.0% | - |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.1 | 26.7% | 1.1 |
| Dr Podcast Audio Factory Limited | - | - | 30.0% | 0.4 |
| Bulldog Tv Spain S.L. | 30.0% | 2.0 | 30.0% | 1.6 |
| Fenix Media Audiovisual SL | 40.0% | 0.1 | 40.0% | - |
| Joko TV, S.L. | 30.0% | (0.1) | 0.0% | - |
| La Fabrica De La Tele SL | 30.0% | 1.8 | 30.0% | 3.3 |
| Producciones Mandarina S.L. | 30.0% | 2.8 | 30.0% | 2.0 |
| Studio Woow S.r.l. | 49.0% | - | 49.0% | 0.1 |
| Superguida Tv S.r.l. | 49.0% | 1.0 | 49.0% | 1.0 |
| Titanus Elios S.p.A. | 30.0% | 2.7 | 30.0% | 2.6 |
| Unicorn Content S.L. | 30.0% | 2.6 | 30.0% | 1.9 |
| ProSiebenSat.1 MEDIA SE | 26.3% (*) | 495.9 | | |
| Total | | 878.3 | | 393.1 |
| Joint ventures: | | | | |
| Boing SpA | 51.0% | 5.9 | 51.0% | 6.2 |
| European Broadcaster Exchange (EBX) Ltd. (**) | 25.0% | 0.9 | 25.0% | 0.8 |
| Fascino P.G.T. S.r.l. | 50.0% | 20.9 | 50.0% | 21.2 |
| Mediamond S.p.a. | 50.0% | 1.7 | 50.0% | 3.1 |
| Tiv\u00f9 S.r.l. | 48.2% | 1.8 | 48.2% | 1.3 |
| Total | | 31.2 | | 32.6 |
| Final balance | | 909.5 | | 425.7 |
As reported in Note 4 above, MFE's 25.54% stake in the share capital of ProsiebenSat1 at 30 June 2023 (26.25% net of treasury shares at 31 December 2023) was reclassified under investments in associates. At 31 December 2023, the carrying amount of this investment includes (provisionally, in accordance with IFRS 3) a notional goodwill of EUR 165.2 million as compared to the corresponding portion of the investee\u2019s consolidated net assets at 30 June 2023. In accordance with IAS 28, the value of this goodwill may be remeasured as part of a purchase price allocation process on or before 30 June 2024, as provided for in IFRS 3, to retroactively determine the pro-rata fair value of the assets and liabilities existing at the initial date of recognition.
At 31 December 2023, the carrying amount of this investment (EUR 495.9 million or EUR 8,33 per share) was higher than its stock market value (EUR 329.3 million or EUR 5,53 per share). Management concluded that no impairment was required based on the following main considerations. -The carrying amount of the investment was tested for recoverability by assessing the investment\u2019s equity value through an estimation of the value in use, which was in turn determinable on the basis of the most recent public records made available subsequent to the disclosure of 2023 results by the investee (MFE does not have access to the internal financial information of the investee). A discount rate (Wacc) of 11.4% and a g-rate of 1.1% (obtained by weighting the same financial parameters used and reported in P7S1's 2023 Annual Report as part of the recoverability assessments of the goodwill of the investee's various CGUs, were applied to the projections derived from these publicly available forecast models.
-As reported in P7S1's Annual Report 2023, the valuations carried out by the investee resulted in large headroom between the recoverable amounts and its carrying amount at the balance sheet date for the Entertainment P7S1's CGU.
-The share market price showed volatility during the year, also probably due to worsening macroeconomic environment as well as the strategic re-alignment by P7S1. This is not expected, also based on recent consensus and to the conglomerate discount which according to MFE is embedded in the investee market cap, to have a lasting nature. This valutation remains under the attention of management.
The carrying amounts of other investments in associates and joint ventures incorporated implicit goodwill totalling EUR 2.6 million at 31 December 2023. For other investments in associates, no specific impairment indicators have been identified.
The recoverability of the goodwill and of the other assets recognized in the consolidated statement of financial position of the EI Towers Group at 31 December 2023 has been confirmed through the calculation of the relative value in use determined in line with IAS 36 and based on the best estimate of prospective cash flows for the period 2024-2030 prepared by the company. The recoverable amount calculated on this basis shows a significant positive headroom with respect to the carrying amount of the goodwill and of the other assets tested.
For details on the economic effects for the year, reference should be made to Note 6.8 Result from investments accounted for using the equity method. The measurements have been made based on data from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
The following table provides key figures from the income statement and statement of financial position for associates and joint ventures, as taken from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
| FY 2023 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,907.8 | 919.0 | 988.8 | 285.3 | 24.4 |
| Alea Media S.A. | 3.1 | (0.8) | 3.9 | 23.0 | (0.6) |
| Alea Yo Adicto | 1.2 | 0.9 | 0.3 | 4.3 | 0.9 |
| Alea L\u00e1grimas, S.L. | 0.5 | - | 0.5 | 0.9 | - |
| Alma Productora Audiovisual S.L. | 2.6 | 1.6 | 1.0 | 5.4 | 0.7 |
| Auditel S.r.l.(***) | 11.9 | 4.3 | 7.6 | 33.4 | 0.2 |
| Boing SpA | 21.3 | 11.5 | 9.8 | 25.7 | (0.7) |
| Bulldog Tv Spain S.L. | 7.7 | 6.6 | 1.1 | 21.9 | 2.9 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 4.7 | 3.0 | 1.7 | 4.6 | 0.2 |
| Fascino P.G.T S.rl. | 53.1 | 41.4 | 11.6 | 66.1 | 8.1 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | 0.3 | 1.0 | 3.8 | 0.4 |
| Joko TV, S.L. | 6.7 | (0.5) | 7.2 | 4.0 | (0.5) |
| LaFabrica De La Tele SL | 11.3 | 6.1 | 5.2 | 26.6 | (4.7) |
| Mediamond SpA | 69.9 | 3.4 | 66.5 | 112.5 | 0.7 |
| Producciones Mandarina S.L. | 12.3 | 9.3 | 3.0 | 16.6 | 3.1 |
| ProSiebenSat.1 MEDIA SE | 5,904.0 | 1,260.0 | 4,644.0 | 3,852.0 | (134.0) |
| Studio Woow S.r.l. | 1.9 | - | 1.9 | 3.9 | (0.2) |
| Superguida Tv S.r.l. | 2.4 | 2.1 | 0.3 | 1.2 | 0.1 |
| Titanus Elios S.p.A. | 14.8 | 8.9 | 5.9 | 4.7 | 2.4 |
| Tiv\u00f9 S.r.l. | 6.3 | 3.7 | 2.6 | 11.7 | 2.0 |
| Unicorn Content S.L. | 16.0 | 8.7 | 7.3 | 31.7 | 3.9 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2022
| FY 2022 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,974.5 | 944.1 | 1,030.4 | 298.0 | 35.3 |
| Alea Media S.A. | 5.1 | (0.2) | 5.3 | 12.2 | 0.7 |
| Alea Silencio S.L | 1.4 | - | 1.4 | 7.5 | |
| Alma Productora Audiovisual S.L. | 2.4 | 1.7 | 0.7 | 5.6 | 0.7 |
| Auditel S.r.l.(***) | 12.2 | 4.1 | 8.1 | 32.9 | 0.7 |
| Boing SpA | 23.4 | 12.2 | 11.2 | 27.6 | (0.4) |
| Bulldog Tv Spain S.L. | 6.2 | 5.2 | 1.0 | 18.2 | 1.5 |
| Campanilla Films SL | 0.5 | - | 0.5 | 0.9 | - |
| Dr Podcast Audio Factory Limited (**) | 0.4 | 0.3 | 0.1 | 0.3 | (0.1) |
| European Broadcaster Exchange (EBX) Ltd.(**) | 4.4 | 2.8 | 1.6 | 6.5 | 1.1 |
| Fascino P.G.T S.rl. (***) | 55.4 | 40.0 | 15.4 | 75.3 | 11.8 |
| F\u00e9nix Media Audiovisual,S.L. | 0.7 | (0.1) | 0.8 | 2.3 | 0.2 |
| LaFabrica De La Tele SL | 16.9 | 10.9 | 6.0 | 34.0 | 4.4 |
| Mediamond SpA | 79.3 | 4.8 | 74.5 | 119.0 | 1.0 |
| Producciones Mandarina S.L. | 7.9 | 6.6 | 1.3 | 6.2 | 0.4 |
| Studio Woow S.r.l. | 2.3 | 0.2 | 2.1 | 4.8 | - |
| Superguida Tv S.r.l. | 2.4 | 2.0 | 0.4 | 1.1 | 0.2 |
| Titanus Elios S.p.A. | 15.2 | 8.6 | 6.6 | 4.6 | 2.1 |
| Tiv\u00f9 S.r.l. | 7.6 | 2.7 | 4.9 | 11.0 | 1.2 |
| Unicorn Content S.L. | 8.3 | 6.3 | 2.0 | 29.1 | 2.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2021
Financial information of material associates and joint ventures
The table below shows the main figures from the 2023 income statement and statement of financial position for the main associates for the Group, based on the carrying amount of the investments held in those companies and to their contribution to the Group\u2019s profits, as required by IFRS 12, paragraph 20 and paragraphs B12 and B13 of the Operating Guide.
| ProsiebenSat. 1Media SE | EI Towers Group |
| Current assets | 1,504.0 | 76.6 |
| Cash and cash equivalents | 573.0 | 24.8 |
| Non-current assets | 4,400.0 | 1,831.2 |
| Current liabilities | 1,571.0 | 60.4 |
| Current financial liabilities: | 106.0 | 13.5 |
| Non-current liabilities | 2,753.0 | 926.2 |
| Non-current financial liabilities | 2,119.0 | 714.0 |
| Revenues | 3,852.0 | 285.3 |
| Profit or (loss) for the year | (134.0) | 24.4 |
| Other Comprehensive Income Statement items | (48.0) | (0.2) |
| Comprehensive Statement of Income | (182.0) | 24.1 |
| Amortisation and depreciation | 227.0 | 93.6 |
| Income taxes | (30.0) | 10.0 |
| Dividends paid | (11.0) | (49.0) |
| | ProsiebenSat.1Media SE | | | EI Towers Group |
| 2023 | | 2022 | 2023 | 2022 |
| Net assets of associate | 1,260 | | 1,508 | 919.0 | 944.1 |
| Company share in % | 26.25% | | 0% | 40% | 40% |
| Proportion of the group's ownership interest in the associate | 330.7 | | - | 367.6 | 377.7 |
| Goodwill | 165.2 | | - | - | - |
| Other Adjustment | - | | - | 0.3 | 0.3 |
| Carrying amount of the group's interest in the material associate | 495.9 | | - | 367.9 | 378.0 |
ProSiebenSat.1 Media SE is one of the largest television media groups in Europe and enjoys a position of leadership in Germany, Austria and Switzerland. It has a broad shareholder base and is listed on the Frankfurt Stock Exchange. At 31 December 2023, MFE was the largest shareholder of ProSiebenSat.1 Media SE with a total shareholding of 28.87% in share capital (29.67% excluding treasury shares), of which 26.58% is held directly and 2.29% secured through financial instruments.
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), controlled by the F2iSGR private equity fund, which is 40%-owned by MFE-MEDIAFOREUROPE N.V. The EI Towers Group is one of the largest operators in integrated service network infrastructure for electronic communications, serving radio and television broadcasters and mobile and wireless telecommunications providers under long-term agreements. Under a multi-year full-service agreement running from 1 July 2018 to 30 June 2025 and renewable for a further seven years subject to renegotiation of a new price during the agreement\u2019s last 12 months, EI Towers offers hosting, assisting and maintenance services, the design of transmission equipment and broadcast contribution management to Elettronica Industriale, a MFE Group network operator, and provides hosting and maintenance services for the radio broadcasting equipment of the Group\u2019s broadcasters.
The following table includes, in aggregate, the carrying amount and share of profit and OCI of joint ventures and associates:
| 2023 | 2022 |
| The group's share of profit/(loss) from continuing operations | 5.5 | 11.5 |
| The groups's share of other comprehensive income | (0.2) | 0.7 |
| The groups's share of total comprehensive income in | | |
| not material associates and joint venture | 5.4 | 12.2 |
| Aggregate carrying amount of the group's interests in not material | | |
| associates and joint venture | 45.7 | 47.7 |
7.6 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESInvestments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative. The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment. In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
The following is a breakdown of equity investments, showing the ownership interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/23 | 31/12/22 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A | 40.0% | 367.9 | 40.0% | 378.0 |
| Alea Media, S.A. | 40.0% | (0.3) | 40.0% | 0.6 |
| Alea Yo Adicto | 40.0% | 0.4 | 0.0% | - |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.1 | 26.7% | 1.1 |
| Dr Podcast Audio Factory Limited | - | - | 30.0% | 0.4 |
| Bulldog Tv Spain S.L. | 30.0% | 2.0 | 30.0% | 1.6 |
| Fenix Media Audiovisual SL | 40.0% | 0.1 | 40.0% | - |
| Joko TV, S.L. | 30.0% | (0.1) | 0.0% | - |
| La Fabrica De La Tele SL | 30.0% | 1.8 | 30.0% | 3.3 |
| Producciones Mandarina S.L. | 30.0% | 2.8 | 30.0% | 2.0 |
| Studio Woow S.r.l. | 49.0% | - | 49.0% | 0.1 |
| Superguida Tv S.r.l. | 49.0% | 1.0 | 49.0% | 1.0 |
| Titanus Elios S.p.A. | 30.0% | 2.7 | 30.0% | 2.6 |
| Unicorn Content S.L. | 30.0% | 2.6 | 30.0% | 1.9 |
| ProSiebenSat.1 MEDIA SE | 26.3% (*) | 495.9 | | |
| Total | | 878.3 | | 393.1 |
| Joint ventures: | | | | |
| Boing SpA | 51.0% | 5.9 | 51.0% | 6.2 |
| European Broadcaster Exchange (EBX) Ltd. (**) | 25.0% | 0.9 | 25.0% | 0.8 |
| Fascino P.G.T. S.r.l. | 50.0% | 20.9 | 50.0% | 21.2 |
| Mediamond S.p.a. | 50.0% | 1.7 | 50.0% | 3.1 |
| Tiv\u00f9 S.r.l. | 48.2% | 1.8 | 48.2% | 1.3 |
| Total | | 31.2 | | 32.6 |
| Final balance | | 909.5 | | 425.7 |
(*) escluding treasury share
As reported in Note 4 above, MFE's 25.54% stake in the share capital of ProsiebenSat1 at 30 June 2023 (26.25% net of treasury shares at 31 December 2023) was reclassified under investments in associates. At 31 December 2023, the carrying amount of this investment includes (provisionally, in accordance with IFRS 3) a notional goodwill of EUR 165.2 million as compared to the corresponding portion of the investee\u2019s consolidated net assets at 30 June 2023. In accordance with IAS 28, the value of this goodwill may be remeasured as part of a purchase price allocation process on or before 30 June 2024, as provided for in IFRS 3, to retroactively determine the pro-rata fair value of the assets and liabilities existing at the initial date of recognition.
At 31 December 2023, the carrying amount of this investment (EUR 495.9 million or EUR 8,33 per share) was higher than its stock market value (EUR 329.3 million or EUR 5,53 per share). Management concluded that no impairment was required based on the following main considerations. -The carrying amount of the investment was tested for recoverability by assessing the investment\u2019s equity value through an estimation of the value in use, which was in turn determinable on the basis of the most recent public records made available subsequent to the disclosure of 2023 results by the investee (MFE does not have access to the internal financial information of the investee). A discount rate (Wacc) of 11.4% and a g-rate of 1.1% (obtained by weighting the same financial parameters used and reported in P7S1's 2023 Annual Report as part of the recoverability assessments of the goodwill of the investee's various CGUs, were applied to the projections derived from these publicly available forecast models.
-As reported in P7S1's Annual Report 2023, the valuations carried out by the investee resulted in large headroom between the recoverable amounts and its carrying amount at the balance sheet date for the Entertainment P7S1's CGU.
-The share market price showed volatility during the year, also probably due to worsening macroeconomic environment as well as the strategic re-alignment by P7S1. This is not expected, also based on recent consensus and to the conglomerate discount which according to MFE is embedded in the investee market cap, to have a lasting nature. This valutation remains under the attention of management.
The carrying amounts of other investments in associates and joint ventures incorporated implicit goodwill totalling EUR 2.6 million at 31 December 2023. For other investments in associates, no specific impairment indicators have been identified.
The recoverability of the goodwill and of the other assets recognized in the consolidated statement of financial position of the EI Towers Group at 31 December 2023 has been confirmed through the calculation of the relative value in use determined in line with IAS 36 and based on the best estimate of prospective cash flows for the period 2024-2030 prepared by the company. The recoverable amount calculated on this basis shows a significant positive headroom with respect to the carrying amount of the goodwill and of the other assets tested.
For details on the economic effects for the year, reference should be made to Note 6.8 Result from investments accounted for using the equity method. The measurements have been made based on data from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
The following table provides key figures from the income statement and statement of financial position for associates and joint ventures, as taken from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
| FY 2023 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,907.8 | 919.0 | 988.8 | 285.3 | 24.4 |
| Alea Media S.A. | 3.1 | (0.8) | 3.9 | 23.0 | (0.6) |
| Alea Yo Adicto | 1.2 | 0.9 | 0.3 | 4.3 | 0.9 |
| Alea L\u00e1grimas, S.L. | 0.5 | - | 0.5 | 0.9 | - |
| Alma Productora Audiovisual S.L. | 2.6 | 1.6 | 1.0 | 5.4 | 0.7 |
| Auditel S.r.l.(***) | 11.9 | 4.3 | 7.6 | 33.4 | 0.2 |
| Boing SpA | 21.3 | 11.5 | 9.8 | 25.7 | (0.7) |
| Bulldog Tv Spain S.L. | 7.7 | 6.6 | 1.1 | 21.9 | 2.9 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 4.7 | 3.0 | 1.7 | 4.6 | 0.2 |
| Fascino P.G.T S.rl. | 53.1 | 41.4 | 11.6 | 66.1 | 8.1 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | 0.3 | 1.0 | 3.8 | 0.4 |
| Joko TV, S.L. | 6.7 | (0.5) | 7.2 | 4.0 | (0.5) |
| LaFabrica De La Tele SL | 11.3 | 6.1 | 5.2 | 26.6 | (4.7) |
| Mediamond SpA | 69.9 | 3.4 | 66.5 | 112.5 | 0.7 |
| Producciones Mandarina S.L. | 12.3 | 9.3 | 3.0 | 16.6 | 3.1 |
| ProSiebenSat.1 MEDIA SE | 5,904.0 | 1,260.0 | 4,644.0 | 3,852.0 | (134.0) |
| Studio Woow S.r.l. | 1.9 | - | 1.9 | 3.9 | (0.2) |
| Superguida Tv S.r.l. | 2.4 | 2.1 | 0.3 | 1.2 | 0.1 |
| Titanus Elios S.p.A. | 14.8 | 8.9 | 5.9 | 4.7 | 2.4 |
| Tiv\u00f9 S.r.l. | 6.3 | 3.7 | 2.6 | 11.7 | 2.0 |
| Unicorn Content S.L. | 16.0 | 8.7 | 7.3 | 31.7 | 3.9 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2022
| FY 2022 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,974.5 | 944.1 | 1,030.4 | 298.0 | 35.3 |
| Alea Media S.A. | 5.1 | (0.2) | 5.3 | 12.2 | 0.7 |
| Alea Silencio S.L | 1.4 | - | 1.4 | 7.5 | |
| Alma Productora Audiovisual S.L. | 2.4 | 1.7 | 0.7 | 5.6 | 0.7 |
| Auditel S.r.l.(***) | 12.2 | 4.1 | 8.1 | 32.9 | 0.7 |
| Boing SpA | 23.4 | 12.2 | 11.2 | 27.6 | (0.4) |
| Bulldog Tv Spain S.L. | 6.2 | 5.2 | 1.0 | 18.2 | 1.5 |
| Campanilla Films SL | 0.5 | - | 0.5 | 0.9 | - |
| Dr Podcast Audio Factory Limited (**) | 0.4 | 0.3 | 0.1 | 0.3 | (0.1) |
| European Broadcaster Exchange (EBX) Ltd.(**) | 4.4 | 2.8 | 1.6 | 6.5 | 1.1 |
| Fascino P.G.T S.rl. (***) | 55.4 | 40.0 | 15.4 | 75.3 | 11.8 |
| F\u00e9nix Media Audiovisual,S.L. | 0.7 | (0.1) | 0.8 | 2.3 | 0.2 |
| LaFabrica De La Tele SL | 16.9 | 10.9 | 6.0 | 34.0 | 4.4 |
| Mediamond SpA | 79.3 | 4.8 | 74.5 | 119.0 | 1.0 |
| Producciones Mandarina S.L. | 7.9 | 6.6 | 1.3 | 6.2 | 0.4 |
| Studio Woow S.r.l. | 2.3 | 0.2 | 2.1 | 4.8 | - |
| Superguida Tv S.r.l. | 2.4 | 2.0 | 0.4 | 1.1 | 0.2 |
| Titanus Elios S.p.A. | 15.2 | 8.6 | 6.6 | 4.6 | 2.1 |
| Tiv\u00f9 S.r.l. | 7.6 | 2.7 | 4.9 | 11.0 | 1.2 |
| Unicorn Content S.L. | 8.3 | 6.3 | 2.0 | 29.1 | 2.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2021
5. SEGMENT REPORTING
As required under IFRS 8, the following information relates to the operating segments identified on the basis of the Group\u2019s present organisational structure and internal reporting system.
The Group\u2019s main operating segments, already included in the analysis of results contained in the Directors\u2019 Report on Operations, are the same as the geographical areas (Italy and Spain) identified according to the location of operations.
The following paragraphs contain the information and reconciliations required under IFRS 8 in relation to profits, losses, assets and liabilities, based on this segmentation process. The information can be extrapolated from the two sub-consolidated financial statements prepared at that level.
Geographical sectors
The following tables report key financial information for the two geographical operational areas of Italy and Spain, as at 31 December 2023 and 2022 respectively.
The financial results for 2023 in the two geographic areas reflect the new corporate structure that was defined during the period following the completion of the Merger of Mediaset Espana into MFE and the transactions preliminary to it, which are described above. In particular, Spanish activities reflect the consolidated results of the companies under Grupo Audiovisual Mediaset Espana, a wholly owned subsidiary of MFE which, following these transactions, manages all core activities of the MFE group in Spain. On the other hand, the assets and liabilities held by MES following the transfer, consisting of liquidity, the investment in ProSiebenSat.1 Media SE and the financial assets and liabilities related to that investment, were merged into the activities in the Italian geographic segment through a Spanish branch of MFE.
The tables have been prepared on the basis of specific sub-consolidated financial statements in which the carrying amounts of the equity investments held by companies belonging to a segment in companies belonging to another segment have been kept at their respective purchase cost and eliminated upon consolidation.
In particular, the inter-segment assets figures relate to the elimination of the equity investment recognised under the assets of the Italy geographic sector in Grupo Audiovisual Mediaset Espa\u00f1a.
The net consolidated revenues of both sectors are given without any specific breakdown of their nature since this information, already reported at Group level (see note 6.1 and 6.2), is not considered to be relevant given the location of the group's activities in the same macro-economic area (South Europe). The breakdown between advertising revenues and other revenues streams, more useful for understanding the business trend in the two business areas, is however already reported in the Directors' Report on Operations.
Non-monetary expenses relate to the provisions and the costs of medium/long-term incentive plans.
5. SEGMENT REPORTING
As required under IFRS 8, the following information relates to the operating segments identified on the basis of the Group\u2019s present organisational structure and internal reporting system.
The Group\u2019s main operating segments, already included in the analysis of results contained in the Directors\u2019 Report on Operations, are the same as the geographical areas (Italy and Spain) identified according to the location of operations.
The following paragraphs contain the information and reconciliations required under IFRS 8 in relation to profits, losses, assets and liabilities, based on this segmentation process. The information can be extrapolated from the two sub-consolidated financial statements prepared at that level.
Geographical sectors
The following tables report key financial information for the two geographical operational areas of Italy and Spain, as at 31 December 2023 and 2022 respectively.
The financial results for 2023 in the two geographic areas reflect the new corporate structure that was defined during the period following the completion of the Merger of Mediaset Espana into MFE and the transactions preliminary to it, which are described above. In particular, Spanish activities reflect the consolidated results of the companies under Grupo Audiovisual Mediaset Espana, a wholly owned subsidiary of MFE which, following these transactions, manages all core activities of the MFE group in Spain. On the other hand, the assets and liabilities held by MES following the transfer, consisting of liquidity, the investment in ProSiebenSat.1 Media SE and the financial assets and liabilities related to that investment, were merged into the activities in the Italian geographic segment through a Spanish branch of MFE.
The tables have been prepared on the basis of specific sub-consolidated financial statements in which the carrying amounts of the equity investments held by companies belonging to a segment in companies belonging to another segment have been kept at their respective purchase cost and eliminated upon consolidation.
In particular, the inter-segment assets figures relate to the elimination of the equity investment recognised under the assets of the Italy geographic sector in Grupo Audiovisual Mediaset Espa\u00f1a.
The net consolidated revenues of both sectors are given without any specific breakdown of their nature since this information, already reported at Group level (see note 6.1 and 6.2), is not considered to be relevant given the location of the group's activities in the same macro-economic area (South Europe). The breakdown between advertising revenues and other revenues streams, more useful for understanding the business trend in the two business areas, is however already reported in the Directors' Report on Operations.
Non-monetary expenses relate to the provisions and the costs of medium/long-term incentive plans.
| 2023 | ITALY | SPAIN | Eliminations/Adjustments | MFEGROUP |
| MAIN INCOME STATEMENT FIGURES | | | | |
| Revenues from external customers | 1,976.1 | 834.3 | | 2,810.4 |
| Inter-segment revenues | 2.2 | (1.2) | (0.9) | - |
| Consolidated net revenues | 1,978.3 | 833.0 | (0.9) | 2,810.4 |
| % | 70% | 30% | | 100% |
| EBIT | 147.2 | 154.8 | 0.3 | 302.3 |
| Financial income/(losses) | | | | (26.5) |
| Income/(expenses) from equity investments valued with the equity method | | | | 4.9 |
| Impairment of equity investments valued with the equity method | | | | (1.0) |
| PROFIT BEFORE TAX | | | | 279.7 |
| Income taxes | | | | (62.9) |
| NET PROFIT FOR THE PERIOD | | | | 216.8 |
| Attributable to: | | | | |
| - Equity shareholders of the parent company | | | | 209.2 |
| - Non-controlling Interests | | | | 7.5 |
| OTHER INFORMATION | | | | |
| Property, plant and equipment | 272.3 | 38.9 | - | 311.2 |
| TV and movie rights | 647.6 | 105.8 | (0.8) | 752.6 |
| Goodwill | 146.9 | 294.6 | 363.2 | 804.7 |
| Other intangible assets | 303.6 | 160.9 | - | 464.6 |
| Investments in associates and joint venture | 899.8 | 10.1 | (0.4) | 909.5 |
| Non-Current Assets (*) | 2,270.3 | 610.3 | 362.0 | 3,242.6 |
| Assets | 4,548.1 | 1,198.2 | (737.5) | 5,008.9 |
| Liabilities | 2,068.3 | 336.5 | (269.9) | 2,134.9 |
| Investments in tangible and intangible non current assets | 322.3 | 144.5 | (0.4) | 466.4 |
| Amortisation and depreciation | 334.7 | 146.0 | (0.6) | 480.1 |
| Other non monetary expenses | 7.3 | - | - | 7.3 |
(*) Includes the change in \u201cAdvances for television rights acquisitions\u201d
| 2022 | ITALY | SPAIN | Eliminations/Adjustments | MFEGROUP |
| MAIN INCOME STATEMENT FIGURES | | | | |
| Revenues from external customers | 1,935.3 | 865.9 | - | 2,801.2 |
| Inter-segment revenues | 2.4 | (0.6) | (1.8) | - |
| Consolidated net revenues | 1,937.7 | 865.3 | (1.8) | 2,801.2 |
| % | 69% | 31% | | 100% |
| EBIT | 88.5 | 192.4 | (0.7) | 280.1 |
| Financial income/(losses) | | | | 31.6 |
| Income/(expenses) from equity investments valued with the equity method | | | | 25.4 |
| Impairment of equity investments valued | | | | |
| with the equity method | | | | 0.0 |
| PROFIT BEFORE TAX | | | | 337.2 |
| Income taxes | | | | (62.2) |
| NET PROFIT FOR THE PERIOD | | | | 275.0 |
| Attributable to:- Equity shareholders of the parent company | | | | 216.9 |
| - Non-controlling Interests | | | | 58.1 |
| OTHER INFORMATION | | | | |
| Property, plant and equipment | 246.7 | 39.0 | - | 285.7 |
| TV and movie rights | 669.2 | 107.0 | (0.9) | 775.3 |
| Goodwill | 146.6 | 294.5 | 363.2 | 804.2 |
| Other intangible assets | 331.5 | 167.9 | (0.0) | 499.3 |
| Investments in associates and joint venture | 415.8 | 10.0 | (0.1) | 425.7 |
| Non-Current Assets (*) | 1,809.8 | 618.4 | 362.1 | 2,790.3 |
| Assets | 4,570.6 | 1,663.8 | (873.7) | 5,360.7 |
| Liabilities | 2,111.0 | 359.3 | (3.1) | 2,467.1 |
| Investments in tangible and intangible non current assets (*) | 276.6 | 119.4 | - | 396.0 |
| Amortisation and depreciation | 373.8 | 150.3 | (0.6) | 523.5 |
| Other non monetary expenses | (7.2) | 1.5 | - | (5.6) |
(*) Includes the change in \u201cAdvances for television rights acquisitions\u201d
The following table shows the cash flow statement for each geographical area. | Cash Flow Statement (geographical breakdown) | ITALY | | SPAIN | |
| 2023 | 2022 | 2023 | 2022 |
| Operating Result | 147.2 | 88.5 | 154.8 | 192.4 |
| + Depreciation, amortisation and impairments | 334.7 | 373.8 | 146.0 | 150.3 |
| + Other provisions and non-cash movements | 4.5 | 1.1 | 7.2 | (1.5) |
| + Change in working capital | (11.8) | (4.5) | 17.1 | 30.9 |
| - Income tax paid | (4.7) | (17.5) | (25.9) | (38.4) |
| Net cash flow from/(used) operating | | | | |
| activities [A] | 469.8 | 441.4 | 299.2 | 333.7 |
| CASH FLOW FROM INVESTING ACTIVITIES: | | | | |
| Proceeds from the sale of fixed assets | 0.4 | 3.4 | - | 2.4 |
| Payments for investments in television rights | (286.5) | (257.0) | (134.5) | (104.1) |
| Payments for investments in other fixed assets | (39.3) | (47.1) | (7.8) | (5.4) |
| Proceeds from government grants | 6.6 | 21.8 | | |
| Proceeds/(Payments) for hedging derivatives | (0.3) | (6.1) | - | (37.1) |
| Payments for equity investments in associates and joint venture | - | (0.5) | - | - |
| Proceeds/(payments) in other financial assets | (78.5) | (31.4) | (244.3) | (4.9) |
| Dividends received | 28.4 | 51.0 | 1.2 | 27.1 |
| Business combinations net of cash and cash equivalents acquired | - | (0.1) | - | - |
| Net cash flow from/(used) ininvesting activities [B] | (369.3) | (266.0) | (385.5) | (121.9) |
| CASH FLOW FROM FINANCING | | | | |
| ACTIVITIES: | | | | |
| Change in treasury shares of the parent company and | | | | |
| subsidiaries | - | (32.6) | | |
| Proceeds from financing | 277.0 | 596.0 | 3.0 | 0.3 |
| Reimbursement of payments | (612.3) | (381.0) | | |
| Dividends paid | (140.1) | (133.0) | (2.0) | (0.9) |
| Changes in other financial liabilities | 220.7 | (23.2) | | |
| Interest paid | (32.2) | (14.3) | - | (1.3) |
| Interest received | - | 2.2 | 4.7 | 1.3 |
| Change in controlling interest/consolidation area | 268.0 | (193.6) | (3.9) | |
| Net cash flow from/(used) in financing activities [C] | (18.9) | (179.6) | 1.8 | (0.6) |
| CHANGE IN CASH AND CASH | | | | |
| EQUIVALENTS (D=A+B+C) | 81.6 | (4.2) | (84.5) | 211.2 |
| CASH AND CASH EQUIVALENTS AT THE | | | | |
| BEGINNING OF THE YEAR [E] | 22.3 | 26.6 | 156.0 | 289.0 |
| CASH AND CASH EQUIVALENTS AT THE | | | | |
| END OF THE YEAR [F=D+E] | 103.8 | 22.4 | 71.5 | 500.2 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page246-cflshid_101587-tag101790": {
"value": "6.1 REVENUES FROM SALES OF GOODS AND SERVICES
The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues (TV and other advertising revenues) are recognised at the moment the advertisement or commercial spot appears; Revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
The sale of goods are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Sales of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Pay streaming service: income from pay TV subscriptions is recognised as accrued on a time basis from the contract start date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Revenues from the sale of television advertising include the revenues, net of agency commissions, from the sale of advertising space on free-to-air networks by Publitalia \u201980 S.p.A.; revenues from the sale of advertising space on pay-TV channels broadcast via digital terrestrial technology by Digitalia \u201808 S.r.l.; and revenues from the sale of advertising space on Spanish broadcasters of the Mediaset Espa\u00f1a Group by Publiespa\u00f1a S.A. and Publimedia S.A.
Other advertising revenues relate to amounts due to the Group as revenues from radio advertising space on proprietary websites granted exclusively to the subsidiary Mediamond, as well as revenues for teletext commercial services and advertising revenues from non-TV media, earned by Publieurope Ltd. and Publimedia S.A and revenues collected for third parties.
Revenues from the sale of TV rights and television productions mainly include revenues from the multi-platform sale of content and the sale of movie rights for home video and television.
Revenues from the Group\u2019s Pay streaming service mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and on Mitele PLUS in Spain.
Revenues from construction and maintenance of television equipment mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Movies distribution revenues refer to the rental of movies to cinema operators throughout Italy by Medusa Film and Spain byTelecinco Cinema.
Other revenues mainly includes royalties relating to merchandising, income from telephone traffic originating from the interaction with various TV productions on the Mediaset and Mediaset Espa\u00f1a networks, and the sale of multimedia content and services to telephone service providers.
The breakdown of these revenues is provided below, highlighting the main types at a consolidated level; providing a breakdown of their nature is not considered to be relevant for the two operating segments given the location of the group's activities in the same macro-economic area (South Europe). The breakdown between advertising revenues and other revenues, which is more useful for understanding the business trend in the two areas of Italy and Spain, is however reported in the Directors' Report on Operations. | 2023 | 2022 |
| TV advertising revenues | 2,299.4 | 2,284.9 |
| Other advertising revenues | 260.5 | 238.8 |
| Sales of TV rights and productions | 97.9 | 107.7 |
| Pay streaming service | 34.2 | 36.5 |
| Construction, rental and maintenance of TV equipment | 23.2 | 42.1 |
| Movie distribution revenues | 24.0 | 17.1 |
| Other revenues | 45.6 | 43.3 |
| Total | 2,785.0 | 2,770.4 |
TV advertising revenues, shown net of agency discounts, refer mainly to the activity of selling space (managed for Italy and Spain, respectively, by the Group's concessionaires, Publitalia '80 and Publiespana S.A.) on the free-to-air generalist and semi-generalist broadcasters owned by Mediaset and Grupo Audiovisual Mediaset Espa\u00f1a and those (Kids channels) managed within joint ventures (Boing), as well as to the Italian advertising sales activities managed by concessionaire Digitalia \u201908 for the Serie A TV broadcasting rights held by Dazn under the three-season agreement commencing in 2021-2022.
Other advertising revenues mainly refers to sales relating to the Group's websites and web properties (managed under a sub-concession in Italy by the joint venture Mediamond) and to the Group\u2019s radio stations. This latter activity has been managed directly by the Group's concessionaire Digitalia '08.
Sale of rights and television productions revenues for the period decreased due to the lower revenues generated from content sales.
The year-on-year decrease in revenues from the Construction, rental and maintenance of television equipment can mainly be attributed to the discontinuations of transmission capacity agreements with third party operators that reached their end date.
Movie distribution revenues increased during the year, stemming from the consolidation of the post-pandemic resumption of distribution activities.
| 2023 | 2022 |
| Italy | 1,891.6 | 1,850.5 |
| Spain | 778.0 | 783.8 |
| EU countries | 34.3 | 44.7 |
| North America | 12.1 | 28.7 |
| Other countries | 69.0 | 62.8 |
| Total | 2,785.0 | 2,770.4 |
Concentration of revenues
None of the revenues generated from individual customers amounts to or exceeds 10% of the net consolidated revenues.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page246-cflshid_101587-tag101789": {
"value": "6.1 REVENUES FROM SALES OF GOODS AND SERVICES
The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues (TV and other advertising revenues) are recognised at the moment the advertisement or commercial spot appears; Revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
The sale of goods are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Sales of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Pay streaming service: income from pay TV subscriptions is recognised as accrued on a time basis from the contract start date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Revenues from the sale of television advertising include the revenues, net of agency commissions, from the sale of advertising space on free-to-air networks by Publitalia \u201980 S.p.A.; revenues from the sale of advertising space on pay-TV channels broadcast via digital terrestrial technology by Digitalia \u201808 S.r.l.; and revenues from the sale of advertising space on Spanish broadcasters of the Mediaset Espa\u00f1a Group by Publiespa\u00f1a S.A. and Publimedia S.A.
Other advertising revenues relate to amounts due to the Group as revenues from radio advertising space on proprietary websites granted exclusively to the subsidiary Mediamond, as well as revenues for teletext commercial services and advertising revenues from non-TV media, earned by Publieurope Ltd. and Publimedia S.A and revenues collected for third parties.
Revenues from the sale of TV rights and television productions mainly include revenues from the multi-platform sale of content and the sale of movie rights for home video and television.
Revenues from the Group\u2019s Pay streaming service mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and on Mitele PLUS in Spain.
Revenues from construction and maintenance of television equipment mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Movies distribution revenues refer to the rental of movies to cinema operators throughout Italy by Medusa Film and Spain byTelecinco Cinema.
Other revenues mainly includes royalties relating to merchandising, income from telephone traffic originating from the interaction with various TV productions on the Mediaset and Mediaset Espa\u00f1a networks, and the sale of multimedia content and services to telephone service providers.
The breakdown of these revenues is provided below, highlighting the main types at a consolidated level; providing a breakdown of their nature is not considered to be relevant for the two operating segments given the location of the group's activities in the same macro-economic area (South Europe). The breakdown between advertising revenues and other revenues, which is more useful for understanding the business trend in the two areas of Italy and Spain, is however reported in the Directors' Report on Operations. | 2023 | 2022 |
| TV advertising revenues | 2,299.4 | 2,284.9 |
| Other advertising revenues | 260.5 | 238.8 |
| Sales of TV rights and productions | 97.9 | 107.7 |
| Pay streaming service | 34.2 | 36.5 |
| Construction, rental and maintenance of TV equipment | 23.2 | 42.1 |
| Movie distribution revenues | 24.0 | 17.1 |
| Other revenues | 45.6 | 43.3 |
| Total | 2,785.0 | 2,770.4 |
TV advertising revenues, shown net of agency discounts, refer mainly to the activity of selling space (managed for Italy and Spain, respectively, by the Group's concessionaires, Publitalia '80 and Publiespana S.A.) on the free-to-air generalist and semi-generalist broadcasters owned by Mediaset and Grupo Audiovisual Mediaset Espa\u00f1a and those (Kids channels) managed within joint ventures (Boing), as well as to the Italian advertising sales activities managed by concessionaire Digitalia \u201908 for the Serie A TV broadcasting rights held by Dazn under the three-season agreement commencing in 2021-2022.
Other advertising revenues mainly refers to sales relating to the Group's websites and web properties (managed under a sub-concession in Italy by the joint venture Mediamond) and to the Group\u2019s radio stations. This latter activity has been managed directly by the Group's concessionaire Digitalia '08.
Sale of rights and television productions revenues for the period decreased due to the lower revenues generated from content sales.
The year-on-year decrease in revenues from the Construction, rental and maintenance of television equipment can mainly be attributed to the discontinuations of transmission capacity agreements with third party operators that reached their end date.
Movie distribution revenues increased during the year, stemming from the consolidation of the post-pandemic resumption of distribution activities.
Revenue breakdown by geographical areaBelow is a breakdown of revenues by geographical area, according to the customer\u2019s country of residence:
| 2023 | 2022 |
| Italy | 1,891.6 | 1,850.5 |
| Spain | 778.0 | 783.8 |
| EU countries | 34.3 | 44.7 |
| North America | 12.1 | 28.7 |
| Other countries | 69.0 | 62.8 |
| Total | 2,785.0 | 2,770.4 |
Concentration of revenues
None of the revenues generated from individual customers amounts to or exceeds 10% of the net consolidated revenues.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page246-cflshid_101587-tag101788": {
"value": "The revenues from sales and services are recognised, respectively, when control is actually transferred as a result of the transfer of ownership or provision of the service.
In particular, the main streams of revenue generated by the Group's activities are recognised and reported according to the following criteria:
Advertising revenues (TV and other advertising revenues) are recognised at the moment the advertisement or commercial spot appears; Revenues from the sale of advertising under barter operations and, correspondingly, the costs of the merchandise, are recognised at fair value to take into account the estimated realisable value of the merchandise.
The sale of goods are recognised at the moment they are shipped or delivered (depending on how the actual transfer of control is governed by specific contractual provisions and terms of trade);
Sales of television broadcasting rights and productions, even for limited use periods, which result in the transfer of control of the asset to the sub-licensee, are fully recognised from the start of the period of the transferred use (or when the sub-licensee can start benefitting from the right to use them);
Pay streaming service: income from pay TV subscriptions is recognised as accrued on a time basis from the contract start date.
Revenues are shown net of returns, discounts, allowances and premiums, as well as any directly linked tax charges.
The main types of activities that fall within each major revenue stream are given below.
Revenues from the sale of television advertising include the revenues, net of agency commissions, from the sale of advertising space on free-to-air networks by Publitalia \u201980 S.p.A.; revenues from the sale of advertising space on pay-TV channels broadcast via digital terrestrial technology by Digitalia \u201808 S.r.l.; and revenues from the sale of advertising space on Spanish broadcasters of the Mediaset Espa\u00f1a Group by Publiespa\u00f1a S.A. and Publimedia S.A.
Other advertising revenues relate to amounts due to the Group as revenues from radio advertising space on proprietary websites granted exclusively to the subsidiary Mediamond, as well as revenues for teletext commercial services and advertising revenues from non-TV media, earned by Publieurope Ltd. and Publimedia S.A and revenues collected for third parties.
Revenues from the sale of TV rights and television productions mainly include revenues from the multi-platform sale of content and the sale of movie rights for home video and television.
Revenues from the Group\u2019s Pay streaming service mainly refer to the non-linear content and services on Infinity streaming platforms in Italy and on Mitele PLUS in Spain.
Revenues from construction and maintenance of television equipment mainly relate to the income for the use of transmission capacity on digital terrestrial television networks. This item also includes revenues from the sale of equipment by Elettronica Industriale S.p.A. to external customers.
Movies distribution revenues refer to the rental of movies to cinema operators throughout Italy by Medusa Film and Spain byTelecinco Cinema.
Other revenues mainly includes royalties relating to merchandising, income from telephone traffic originating from the interaction with various TV productions on the Mediaset and Mediaset Espa\u00f1a networks, and the sale of multimedia content and services to telephone service providersOther income are recognised when control is actually transferred as a result of the transfer of ownership or provision of the service. This item mainly includes non-core revenues and income, revenues from leases, property rentals and contingent assets.
Government grants (grants related to income) obtained for investments in cinema installations and productions are recognised in the financial statements when there is reasonable certainty that the company will satisfy all the conditions required to obtain them and that they will actually be received. The grants are recognised in the income statement over the same period in which the related costs are recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page248-cflshid_102354-tag101792": {
"value": "6.2 OTHER INCOME
Other income are recognised when control is actually transferred as a result of the transfer of ownership or provision of the service. This item mainly includes non-core revenues and income, revenues from leases, property rentals and contingent assets.
Government grants (grants related to income) obtained for investments in cinema installations and productions are recognised in the financial statements when there is reasonable certainty that the company will satisfy all the conditions required to obtain them and that they will actually be received. The grants are recognised in the income statement over the same period in which the related costs are recognised.
| 2023 | 2022 |
| Gain from disposal of fixed asset | 0.1 | 1.7 |
| Income from rentals | 3.3 | 3.0 |
| Government grants | 3.4 | 0.6 |
| Other income | 18.7 | 25.5 |
| Total | 25.4 | 30.8 |
The change in Government grants mainly referred to the recognition of the EUR 3.2 million tax credit for film distribution activities under Italian Law 244/2007 and following the entry into force of the Italian Ministerial Decree of 15 March 2018 implementing new cinema law No. 220/2016 of 14 November 2016.
Other income for the previous period included higher prescribed debt write-offs of EUR 3.1 million. The item mainly includes income for write off of prescribed debts and non core income related technical services.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page248-cflshid_102354-tag101791": {
"value": "Government grants (grants related to income) obtained for investments in cinema installations and productions are recognised in the financial statements when there is reasonable certainty that the company will satisfy all the conditions required to obtain them and that they will actually be received. The grants are recognised in the income statement over the same period in which the related costs are recognised.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page249-cflshid_102749-tag101796": {
"value": "6.3 PERSONNEL EXPENSES Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2023 | 2022 |
| Ordinary remuneration | 265.4 | 257.1 |
| Overtime | 11.8 | 12.6 |
| Special benefits | 24.0 | 34.6 |
| Additional salary period (13th and 14th salary period) | 36.5 | 36.1 |
| Accrued and unused holiday | 0.6 | 0.7 |
| Total wages and salary | 338.3 | 341.2 |
| Social security contributions | 99.5 | 95.4 |
| Post-employment benefit plans | 0.3 | 0.3 |
| MLT incentive plans | 4.7 | 3.2 |
| Other personnel expenses | 33.7 | 38.6 |
| Total personnel expenses | 476.5 | 478.7 |
MLT incentive plans includes expenses pertaining to the year 2023 for medium/long-term incentive plans awarded by the parent company in 2021, 2022 and 2023.
Other personnel expenses include leaving incentives and short-term benefits for employees (other than wages, salaries, contributions and paid leave), such as medical assistance, company cars, meal services and other free or subsidised goods and services. The item also includes compensation paid to salaried directors of Group companies, totalling EUR 5.1 million (EUR 4.9 million at 31 December 2022), of which EUR 4.5 million relating to Grupo Audiovisual Mediaset Espa\u00f1a (EUR 4.4 million at 31 December 2022). The change mainly related to provisions for restructuring plans accrued in 2022.
The following table shows the details of the group's average workforce, determined on a full time equivalent (FTA) basis based on the business sector to which they belong attributable to the two main geographical areas, Italy and Spain in which the Group's activities are carried out. No employees work at companies with registered offices in the Netherlands, as the Group's actual and operating headquarters continue to be located in Italy and Spain.
| AVERAGE WORKFORCE | 2023 | 2022 |
| Italy | 3,283 | 3,260 |
| Spain | 1,573 | 1,577 |
| Total | 4,856 | 4,837 |
6.3 PERSONNEL EXPENSES Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2023 | 2022 |
| Ordinary remuneration | 265.4 | 257.1 |
| Overtime | 11.8 | 12.6 |
| Special benefits | 24.0 | 34.6 |
| Additional salary period (13th and 14th salary period) | 36.5 | 36.1 |
| Accrued and unused holiday | 0.6 | 0.7 |
| Total wages and salary | 338.3 | 341.2 |
| Social security contributions | 99.5 | 95.4 |
| Post-employment benefit plans | 0.3 | 0.3 |
| MLT incentive plans | 4.7 | 3.2 |
| Other personnel expenses | 33.7 | 38.6 |
| Total personnel expenses | 476.5 | 478.7 |
MLT incentive plans includes expenses pertaining to the year 2023 for medium/long-term incentive plans awarded by the parent company in 2021, 2022 and 2023.
Other personnel expenses include leaving incentives and short-term benefits for employees (other than wages, salaries, contributions and paid leave), such as medical assistance, company cars, meal services and other free or subsidised goods and services. The item also includes compensation paid to salaried directors of Group companies, totalling EUR 5.1 million (EUR 4.9 million at 31 December 2022), of which EUR 4.5 million relating to Grupo Audiovisual Mediaset Espa\u00f1a (EUR 4.4 million at 31 December 2022). The change mainly related to provisions for restructuring plans accrued in 2022.
The following table shows the details of the group's average workforce, determined on a full time equivalent (FTA) basis based on the business sector to which they belong attributable to the two main geographical areas, Italy and Spain in which the Group's activities are carried out. No employees work at companies with registered offices in the Netherlands, as the Group's actual and operating headquarters continue to be located in Italy and Spain.
| AVERAGE WORKFORCE | 2023 | 2022 |
| Italy | 3,283 | 3,260 |
| Spain | 1,573 | 1,577 |
| Total | 4,856 | 4,837 |
\u00a0\u00a0
6.4 PURCHASES, SERVICES AND OTHER COSTS
Costs are recognised in the income statement when they refer to goods and services used during the year.
| 2023 | 2022 |
| Purchases | 102.1 | 90.8 |
| Change in inventories of raw materials, semi-finished and finished products and increase in work in progress | (22.6) | (0.9) |
| Consultants, contractors and services | 220.7 | 211.1 |
| Making and purchases of productions | 484.4 | 472.0 |
| Broadcaster fees and guaranteed minimums | 102.1 | 91.6 |
| Advertising space and external relations | 26.8 | 20.6 |
| EDP Services | 13.5 | 15.5 |
| Research, training and travel expenses | 11.4 | 9.4 |
| Other services | 405.6 | 393.0 |
| Services | 1,264.4 | 1,213.4 |
| Rentals | 149.3 | 167.1 |
| Accruals/(Utilizations) of provisions | 2.8 | (8.8) |
| Other operating expenses | 55.4 | 57.4 |
| Total purchases, services, other costs | 1,551.6 | 1,518.9 |
Purchases includes expenditures for the purchase of the raw materials and consumables used in staff and production activities (such as sets, costumes, awards) as well as those relating to the acquisition of TV rights licences with a duration of less than one year (such as rights to news and events) in the amount of EUR 52.1 million (EUR 44.5 million at 31 December 2022)
With reference to Cost for services:
-Consultants, contractors and services refers to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
-- the item Making and purchases of production refers to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
-Other services mainly refers to EUR 98.1 million in trade association costs for the use of intellectual property rights (EUR 95.0 million in 2022), EUR 82.6 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 80.5 million in 2022) EUR 36.0 million in utilities (EUR 47.1 million in 2022), EUR 72.9 million in marketing service fees and costs (EUR 66.6 million in 2022), and EUR 115.9 million in other technical service, security and transportation fees (EUR 98.0 million in 2022).
Rentals includes EUR 94.8 million in costs relating to television signal transmission and the rental of tower for the two geographical areas of business (EUR 116.9 million at 31 December 2022), EUR 11.9 million in royalties (EUR 12.6 million in 2022) and EUR 23.4 million relating to rents mainly for television studios and equipment and office space (EUR 21.2 million in 2022). The change mainly refers to the termination of contracts for television signal transmission with third party operators.
Accruals/(Utilizations) of provisions includes accruals (net of the reversal of the excess funds accrued in previous years) for onerous contracts in relation to some television productions or to reflect future expenses.
Other operating costs include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of the GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.
6.5 AMORTISATION, DEPRECIATION AND IMPAIRMENTS
| 2023 | 2022 |
| Amortisation of TV and movie rights | 396.4 | 411.5 |
| Amortisation of other intangible assets | 38.5 | 40.8 |
| Amortisation of tangible assets | 45.0 | 45.0 |
| Impairments /(Reversal) of TV and movies rights | (0.4) | 0.6 |
| Impairments/(Reversal) of other intangible assets | - | 22.3 |
| Impairments/(Reversal) of receivables | 0.7 | 3.2 |
| Total amortisation, depreciation and impairments | 480.1 | 523.5 |
For commenting on changes in amortisation, deprecation and impairments, see the explanatory notes related to Property, plant and equipment and Intangible assets below.
6.3 PERSONNEL EXPENSES Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2023 | 2022 |
| Ordinary remuneration | 265.4 | 257.1 |
| Overtime | 11.8 | 12.6 |
| Special benefits | 24.0 | 34.6 |
| Additional salary period (13th and 14th salary period) | 36.5 | 36.1 |
| Accrued and unused holiday | 0.6 | 0.7 |
| Total wages and salary | 338.3 | 341.2 |
| Social security contributions | 99.5 | 95.4 |
| Post-employment benefit plans | 0.3 | 0.3 |
| MLT incentive plans | 4.7 | 3.2 |
| Other personnel expenses | 33.7 | 38.6 |
| Total personnel expenses | 476.5 | 478.7 |
MLT incentive plans includes expenses pertaining to the year 2023 for medium/long-term incentive plans awarded by the parent company in 2021, 2022 and 2023.
Other personnel expenses include leaving incentives and short-term benefits for employees (other than wages, salaries, contributions and paid leave), such as medical assistance, company cars, meal services and other free or subsidised goods and services. The item also includes compensation paid to salaried directors of Group companies, totalling EUR 5.1 million (EUR 4.9 million at 31 December 2022), of which EUR 4.5 million relating to Grupo Audiovisual Mediaset Espa\u00f1a (EUR 4.4 million at 31 December 2022). The change mainly related to provisions for restructuring plans accrued in 2022.
The following table shows the details of the group's average workforce, determined on a full time equivalent (FTA) basis based on the business sector to which they belong attributable to the two main geographical areas, Italy and Spain in which the Group's activities are carried out. No employees work at companies with registered offices in the Netherlands, as the Group's actual and operating headquarters continue to be located in Italy and Spain.
| AVERAGE WORKFORCE | 2023 | 2022 |
| Italy | 3,283 | 3,260 |
| Spain | 1,573 | 1,577 |
| Total | 4,856 | 4,837 |
10.1 POST-EMPLOYMENT BENEFITS PLANS
\u00a0Employee benefits
Post-employment benefit plans
The Employee Leaving Indemnity (ELI), which is obligatory for Italian companies pursuant to article 2120 of the Italian Civil Code, is a type of deferred remuneration and is related to the length of the working lives of the employees and the remuneration received.
As a result of the Supplementary Pension Reform, amounts of ELI accrued up to 31 December 2006 will continue to remain within the company as a defined benefit plan (with the obligation of actuarial valuation of the accrued benefits). Amounts accruing from 1 January 2007 (except for employees in companies with less than 50 employees), according to the choice made by the employees, are either allocated to supplementary pension funds or transferred by the Company to the treasury fund managed by the Italian National Social Security Institute (INPS) and, from the time when the employees make their choice, shall constitute defined contribution plans no longer subject to actuarial valuation.
Employee benefits, which by Italian law are classified as leaving entitlements (TFR), are considered by IAS 19 to be post-employment benefits and must be recognised in the financial statements using actuarial valuations.
For the benefits subject to actuarial valuation, the ELI liability must be calculated by projecting forward the already accrued amount up to the future date of dissolution of the employment relationship and then discounting the amount to its present value, at the reporting date, using the actuarial \u201cProjected Unit Credit Method\u201d. The discount rate used to determine the liability is the \u201cComposite\u201d interest rate curve for securities issued by corporate issuers with an AA rating.
From an accounting perspective, the actuarial valuation results in recognition in profit and loss under the item \u201cFinancial Expenses/Income\u201d, which represents the theoretical charge that the Company would incur if it requested a market loan for the amount of the ELI, and a current service cost under the item \u201cPersonnel expenses\u201d, which establishes the amount of the benefits accrued by the employees during the financial year, but only for companies of the Group with less than 50 employees that, consequently, have not transferred the amounts accrued from 1 January 2007 to supplementary pension schemes. The actuarial gains and losses that reflect the impacts from changes in the actuarial assumptions used are recognised directly in shareholders\u2019 equity without ever going through profit and loss and they are shown in the comprehensive income statement.
The valuation of the Group\u2019s obligations to its employees was carried out with the support of an independent actuarial:
\u2212Projected estimate of the cost of employee leaving entitlements already accrued at the valuation date up to the moment at which employment contracts will terminate or the accrued amounts are paid in part as advances on entitlements.
\u2212Discounting, at the valuation date, of the expected cash flows the Group will have pay to its employees in the future.
\u2212Re-proportioning of the accrued benefits discounted based on length of service at the valuation date compared to the length of service expected at the hypothetical date of payment by the Group.
The valuation of employee leaving entitlements in accordance with IAS 19 was conducted specifically for the specific population of current employees, i.e. detailed calculations were made for each Group employee, without taking into account any future hires.
The actuarial valuation model is based on \u201ctechnical bases\u201d consisting of demographic, economic and financial assumptions relating to the valuation parameters.
The assumptions used are summarised below:
| Demographic assumptions | |
| Death probability | ISTAT life expectancy table broken down by age and sex, current as at 2022 |
| Probability of leaving the Group | Retirement, resignation, termination and contract expiration percentages were taken from the observation of the company's historical data. The employee attrition probabilities used were broken down by age, sex and contractual job title (office workers, managers and executives/journalists). The actuarial valuations took account of start dates for pension benefits specified by Decree Law 201 of 6 December 2011 \"Urgent Provisions for the Growth, Fairness and Consolidation of the State Budget,\" (converted with amendments by Law 214 of 22 December 2011) and the regulations governing adjustment of requirements to access the pension system for increases in life expectancy pursuant to Article 12 of Decree Law 78 of 31 May 2010 converted, with amendments, by Law 122 of 30 July 2010. |
| TFR advances | Frequencies of advances and average percentage of TFR requested in advance have been taken from the observation of historical data for each company of the Group |
| Supplementary pensions | Those who fully transfer their TFR to supplementary pensions release the company from TFR obligations, and thus, are not the subject of valuation. For other employees, valuations were made taking into account the decisions actually made by employees, current as at 31 December 2023. |
| Economic/financial assumptions | |
| Inflation rate | With reference to inflation, reference was made to the macroeconomic overview contained in the most recent \"Economy and Finance Document and Notes\" as at the reporting date, using an inflation rate of 3.0% for 2024, 2.5% since 2025. |
| Discounting rates | The discount rate used was determined in relation to market returns on prime corporate bonds on the valuation date. In this regard, the \"Composite\" interest rate curve was used for securities issued by corporate issues with an AA rating in the \"Investment Grade\" category in the eurozone as of 31 December 2023 (source: Bloomberg). |
The change in the post-employment benefits plans is as follows: | 2023 | 2022 |
| Balance at 1/1 | 50.5 | 59.2 |
| Service Cost | 0.3 | 0.3 |
| Actuarial (gains)/losses | 1.7 | (4.1) |
| Interest Cost | 1.5 | (0.2) |
| Indemnities paid | (4.7) | (4.8) |
| Other changes | - | 0.1 |
| Balance at 31/12 | 49.3 | 50.5 |
The table below shows a sensitivity analysis on the amount of the liabilities following the change in the main demographic and economic and financial assumptions relating to the parameters involved in the calculation.
| Sensitivity analysis | | | |
| Economic and financial assumptions | | DBO | Service cost |
| +50 b.p. | 48.0 | 0.3 |
| Discount rate curve | | | |
| -50 b.p. | 50.7 | 0.4 |
| +50 b.p. | 50.2 | 0.3 |
| Inflation rate | | | |
| -50 b.p. | 48.5 | 0.3 |
| Demographic/Actuarial assumptions | | DBO | Service cost |
| +50 b.p. | 49.4 | 0.3 |
| Wage increases | | | |
| -50 b.p. | 49.3 | 0.3 |
| +50% | 49.4 | 0.3 |
| Probability of termination of the employment relationship | | | |
| -50% | 49.1 | 0.3 |
| +50% | 49.5 | 0.3 |
| Change in TFR accrued | | | |
| -50% | 49.2 | 0.3 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page249-cflshid_102754-tag101793": {
"value": "Personnel expenses consist of the remuneration in cash or in kind paid to employees for the services provided (other than retirement or post employment benefits). In particular, this item comprises: Wages, salaries and productivity bonuses accrued during the year, holidays accrued and not taken by employees, one-off bonuses, social security and welfare contributions. Personnel expenses are defined by employment contracts. No actuarial assumptions are required to determine their amount. As \"short-term\" labour costs, these must be entirely recognised for the year to which they refer.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
Post-employment benefit plans
The Employee Leaving Indemnity (ELI), which is obligatory for Italian companies pursuant to article 2120 of the Italian Civil Code, is a type of deferred remuneration and is related to the length of the working lives of the employees and the remuneration received.
As a result of the Supplementary Pension Reform, amounts of ELI accrued up to 31 December 2006 will continue to remain within the company as a defined benefit plan (with the obligation of actuarial valuation of the accrued benefits). Amounts accruing from 1 January 2007 (except for employees in companies with less than 50 employees), according to the choice made by the employees, are either allocated to supplementary pension funds or transferred by the Company to the treasury fund managed by the Italian National Social Security Institute (INPS) and, from the time when the employees make their choice, shall constitute defined contribution plans no longer subject to actuarial valuation.
Employee benefits, which by Italian law are classified as leaving entitlements (TFR), are considered by IAS 19 to be post-employment benefits and must be recognised in the financial statements using actuarial valuations.
For the benefits subject to actuarial valuation, the ELI liability must be calculated by projecting forward the already accrued amount up to the future date of dissolution of the employment relationship and then discounting the amount to its present value, at the reporting date, using the actuarial \u201cProjected Unit Credit Method\u201d. The discount rate used to determine the liability is the \u201cComposite\u201d interest rate curve for securities issued by corporate issuers with an AA rating.
From an accounting perspective, the actuarial valuation results in recognition in profit and loss under the item \u201cFinancial Expenses/Income\u201d, which represents the theoretical charge that the Company would incur if it requested a market loan for the amount of the ELI, and a current service cost under the item \u201cPersonnel expenses\u201d, which establishes the amount of the benefits accrued by the employees during the financial year, but only for companies of the Group with less than 50 employees that, consequently, have not transferred the amounts accrued from 1 January 2007 to supplementary pension schemes. The actuarial gains and losses that reflect the impacts from changes in the actuarial assumptions used are recognised directly in shareholders\u2019 equity without ever going through profit and loss and they are shown in the comprehensive income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page250-cflshid_103196-tag101799": {
"value": "6.4 PURCHASES, SERVICES AND OTHER COSTS
Costs are recognised in the income statement when they refer to goods and services used during the year.
| 2023 | 2022 |
| Purchases | 102.1 | 90.8 |
| Change in inventories of raw materials, semi-finished and finished products and increase in work in progress | (22.6) | (0.9) |
| Consultants, contractors and services | 220.7 | 211.1 |
| Making and purchases of productions | 484.4 | 472.0 |
| Broadcaster fees and guaranteed minimums | 102.1 | 91.6 |
| Advertising space and external relations | 26.8 | 20.6 |
| EDP Services | 13.5 | 15.5 |
| Research, training and travel expenses | 11.4 | 9.4 |
| Other services | 405.6 | 393.0 |
| Services | 1,264.4 | 1,213.4 |
| Rentals | 149.3 | 167.1 |
| Accruals/(Utilizations) of provisions | 2.8 | (8.8) |
| Other operating expenses | 55.4 | 57.4 |
| Total purchases, services, other costs | 1,551.6 | 1,518.9 |
Purchases includes expenditures for the purchase of the raw materials and consumables used in staff and production activities (such as sets, costumes, awards) as well as those relating to the acquisition of TV rights licences with a duration of less than one year (such as rights to news and events) in the amount of EUR 52.1 million (EUR 44.5 million at 31 December 2022)
With reference to Cost for services:
-Consultants, contractors and services refers to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
-- the item Making and purchases of production refers to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
-Other services mainly refers to EUR 98.1 million in trade association costs for the use of intellectual property rights (EUR 95.0 million in 2022), EUR 82.6 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 80.5 million in 2022) EUR 36.0 million in utilities (EUR 47.1 million in 2022), EUR 72.9 million in marketing service fees and costs (EUR 66.6 million in 2022), and EUR 115.9 million in other technical service, security and transportation fees (EUR 98.0 million in 2022).
Rentals includes EUR 94.8 million in costs relating to television signal transmission and the rental of tower for the two geographical areas of business (EUR 116.9 million at 31 December 2022), EUR 11.9 million in royalties (EUR 12.6 million in 2022) and EUR 23.4 million relating to rents mainly for television studios and equipment and office space (EUR 21.2 million in 2022). The change mainly refers to the termination of contracts for television signal transmission with third party operators.
Accruals/(Utilizations) of provisions includes accruals (net of the reversal of the excess funds accrued in previous years) for onerous contracts in relation to some television productions or to reflect future expenses.
Other operating costs include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of the GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page250-cflshid_103196-tag101798": {
"value": "6.4 PURCHASES, SERVICES AND OTHER COSTS
Costs are recognised in the income statement when they refer to goods and services used during the year.
| 2023 | 2022 |
| Purchases | 102.1 | 90.8 |
| Change in inventories of raw materials, semi-finished and finished products and increase in work in progress | (22.6) | (0.9) |
| Consultants, contractors and services | 220.7 | 211.1 |
| Making and purchases of productions | 484.4 | 472.0 |
| Broadcaster fees and guaranteed minimums | 102.1 | 91.6 |
| Advertising space and external relations | 26.8 | 20.6 |
| EDP Services | 13.5 | 15.5 |
| Research, training and travel expenses | 11.4 | 9.4 |
| Other services | 405.6 | 393.0 |
| Services | 1,264.4 | 1,213.4 |
| Rentals | 149.3 | 167.1 |
| Accruals/(Utilizations) of provisions | 2.8 | (8.8) |
| Other operating expenses | 55.4 | 57.4 |
| Total purchases, services, other costs | 1,551.6 | 1,518.9 |
Purchases includes expenditures for the purchase of the raw materials and consumables used in staff and production activities (such as sets, costumes, awards) as well as those relating to the acquisition of TV rights licences with a duration of less than one year (such as rights to news and events) in the amount of EUR 52.1 million (EUR 44.5 million at 31 December 2022)
With reference to Cost for services:
-Consultants, contractors and services refers to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
-- the item Making and purchases of production refers to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
-Other services mainly refers to EUR 98.1 million in trade association costs for the use of intellectual property rights (EUR 95.0 million in 2022), EUR 82.6 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 80.5 million in 2022) EUR 36.0 million in utilities (EUR 47.1 million in 2022), EUR 72.9 million in marketing service fees and costs (EUR 66.6 million in 2022), and EUR 115.9 million in other technical service, security and transportation fees (EUR 98.0 million in 2022).
Rentals includes EUR 94.8 million in costs relating to television signal transmission and the rental of tower for the two geographical areas of business (EUR 116.9 million at 31 December 2022), EUR 11.9 million in royalties (EUR 12.6 million in 2022) and EUR 23.4 million relating to rents mainly for television studios and equipment and office space (EUR 21.2 million in 2022). The change mainly refers to the termination of contracts for television signal transmission with third party operators.
Accruals/(Utilizations) of provisions includes accruals (net of the reversal of the excess funds accrued in previous years) for onerous contracts in relation to some television productions or to reflect future expenses.
Other operating costs include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of the GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page250-cflshid_103196-tag101797": {
"value": "Costs are recognised in the income statement when they refer to goods and services used during the year.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page251-cflshid_103819-tag101802": {
"value": "Other operating costs include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of the GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page251-cflshid_103819-tag101800": {
"value": "Other operating costs include indirect tax charges, donations and associative contributions and concession fees of which the main part relating to the contribution of 3% of the gross advertising sales of the GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page251-cflshid_103609-tag101801": {
"value": "6.5 AMORTISATION, DEPRECIATION AND IMPAIRMENTS
| 2023 | 2022 |
| Amortisation of TV and movie rights | 396.4 | 411.5 |
| Amortisation of other intangible assets | 38.5 | 40.8 |
| Amortisation of tangible assets | 45.0 | 45.0 |
| Impairments /(Reversal) of TV and movies rights | (0.4) | 0.6 |
| Impairments/(Reversal) of other intangible assets | - | 22.3 |
| Impairments/(Reversal) of receivables | 0.7 | 3.2 |
| Total amortisation, depreciation and impairments | 480.1 | 523.5 |
For commenting on changes in amortisation, deprecation and impairments, see the explanatory notes related to Property, plant and equipment and Intangible assets below.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page252-cflshid_104014-tag101808": {
"value": "6.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2023 | 2022 |
| Interest on financial liabilities | (36.3) | (18.0) |
| From derivative instruments | (0.7) | - |
| Other financial expenses | (5.2) | (9.2) |
| Foreign exchange losses | (16.4) | (26.4) |
| Total | (58.5) | (53.6) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 1.9 million (EUR 1.3 million at 31 December 2022) The change of the caption from the previous year is essentially due to the trend in interest rates to finance an average consolidated net financial debt which nevertheless remained substantially unchanged.
Other financial expenses in 2023 includes EUR 1.5 million for the time discounting of post-employment benefit plans.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page252-cflshid_104014-tag101807": {
"value": "6.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2023 | 2022 |
| Interest on financial liabilities | (36.3) | (18.0) |
| From derivative instruments | (0.7) | - |
| Other financial expenses | (5.2) | (9.2) |
| Foreign exchange losses | (16.4) | (26.4) |
| Total | (58.5) | (53.6) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 1.9 million (EUR 1.3 million at 31 December 2022) The change of the caption from the previous year is essentially due to the trend in interest rates to finance an average consolidated net financial debt which nevertheless remained substantially unchanged.
Other financial expenses in 2023 includes EUR 1.5 million for the time discounting of post-employment benefit plans.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page252-cflshid_104014-tag101806": {
"value": "6.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2023 | 2022 |
| Interest on financial liabilities | (36.3) | (18.0) |
| From derivative instruments | (0.7) | - |
| Other financial expenses | (5.2) | (9.2) |
| Foreign exchange losses | (16.4) | (26.4) |
| Total | (58.5) | (53.6) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 1.9 million (EUR 1.3 million at 31 December 2022) The change of the caption from the previous year is essentially due to the trend in interest rates to finance an average consolidated net financial debt which nevertheless remained substantially unchanged.
Other financial expenses in 2023 includes EUR 1.5 million for the time discounting of post-employment benefit plans.
6.7 FINANCIAL INCOME Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2023 | 2022 |
| Interests on financial assets | 7.4 | 0.6 |
| Income from derivative instruments | 1.1 | 0.8 |
| Other financial income | 0.0 | 7.7 |
| Dividends from FVTOCI investments | 3.3 | 46.4 |
| Foreign exchange gains | 20.2 | 29.7 |
| Total | (32.1) | (85.2) |
Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments refer to the dividends due to MFE by the investee ProSiebenSat1 Media SE. The change relates the lower dividends approved by the investee ProsiebenSat1 Media SE at the end of the first six months of 2023.
In the previous year, Other financial income had included EUR 5.1 million in proceeds received as the price adjustment relating to the sale of shares in the company Deportvillage, a financial investment held as part of the Media for Equity scheme.
Foreign exchange gains and losses include the effects of derivatives relating to the hedging of foreign currency exposure connected to commitments for the future acquisition of rights (for the component not included in the hedging relationship), and the effect of derivatives used to hedge against fluctuations in the exchange rates on items recognised in the statement of financial position (receivables and payables denominated in foreign currencies).
6.7.1 Financial Income/Expenses recognised according to IFRS 9 The table below summarises the financial income and expenses recognised in the income statement, classified by IFRS 9 category
| IFRS 9 CATEGORIES AT 31 DECEMBER 2023 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | - | (0.7) | 1.1 | 1.9 | 2.3 |
| Liabilities at amortised cost | (36.1) | - | - | 2.0 | (34.2) |
| Financial activities at amortized cost | 4.9 | - | - | - | 4.9 |
| Total IFRS 9 Category | (31.2) | (0.7) | 1.1 | 3.9 | (26.9) |
| Other financial income/(expenses) | | | | | 0.5 |
| Total financial income (expenses) | | | | | (26.4) |
| IFRS 9 CATEGORIES AT 31 DECEMBER 2022 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | - | 1.3 | (0.5) | 12.5 | 13.3 |
| Liabilities at amortised cost | (18.5) | - | - | (9.2) | (27.6) |
| Financial activities at amortized cost | 0.6 | - | - | - | 0.6 |
| Total IFRS 9 Category | (17.9) | 1.3 | (0.5) | 3.3 | (13.7) |
| Other financial income/(expenses) | | | | | 45.3 |
| Total financial income (expenses) | | | | | 31.6 |
Financial derivatives include net financial income and charges relating to derivatives used to hedge against the risk of fluctuating interest rates for medium/long term financial liabilities and against fluctuating exchange rates, as well as equity hedges.
Other financial income (expenses) primarily includes the effects of the time discounting of post-employment benefit plans, interest relating to the time discounting of provisions expiring after 12 months, financial expenses on leases accounted for under IFRS 16 and dividend income paid out to the MFE Group by investee ProSiebenSat.1 Media SE.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page252-cflshid_104014-tag101805": {
"value": "6.6 FINANCIAL EXPENSES Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
| 2023 | 2022 |
| Interest on financial liabilities | (36.3) | (18.0) |
| From derivative instruments | (0.7) | - |
| Other financial expenses | (5.2) | (9.2) |
| Foreign exchange losses | (16.4) | (26.4) |
| Total | (58.5) | (53.6) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 1.9 million (EUR 1.3 million at 31 December 2022) The change of the caption from the previous year is essentially due to the trend in interest rates to finance an average consolidated net financial debt which nevertheless remained substantially unchanged.
Other financial expenses in 2023 includes EUR 1.5 million for the time discounting of post-employment benefit plans.
6.7 FINANCIAL INCOME Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2023 | 2022 |
| Interests on financial assets | 7.4 | 0.6 |
| Income from derivative instruments | 1.1 | 0.8 |
| Other financial income | 0.0 | 7.7 |
| Dividends from FVTOCI investments | 3.3 | 46.4 |
| Foreign exchange gains | 20.2 | 29.7 |
| Total | (32.1) | (85.2) |
Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments refer to the dividends due to MFE by the investee ProSiebenSat1 Media SE. The change relates the lower dividends approved by the investee ProsiebenSat1 Media SE at the end of the first six months of 2023.
In the previous year, Other financial income had included EUR 5.1 million in proceeds received as the price adjustment relating to the sale of shares in the company Deportvillage, a financial investment held as part of the Media for Equity scheme.
Foreign exchange gains and losses include the effects of derivatives relating to the hedging of foreign currency exposure connected to commitments for the future acquisition of rights (for the component not included in the hedging relationship), and the effect of derivatives used to hedge against fluctuations in the exchange rates on items recognised in the statement of financial position (receivables and payables denominated in foreign currencies).
6.7.1 Financial Income/Expenses recognised according to IFRS 9 The table below summarises the financial income and expenses recognised in the income statement, classified by IFRS 9 category
| IFRS 9 CATEGORIES AT 31 DECEMBER 2023 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | - | (0.7) | 1.1 | 1.9 | 2.3 |
| Liabilities at amortised cost | (36.1) | - | - | 2.0 | (34.2) |
| Financial activities at amortized cost | 4.9 | - | - | - | 4.9 |
| Total IFRS 9 Category | (31.2) | (0.7) | 1.1 | 3.9 | (26.9) |
| Other financial income/(expenses) | | | | | 0.5 |
| Total financial income (expenses) | | | | | (26.4) |
| IFRS 9 CATEGORIES AT 31 DECEMBER 2022 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Financial derivatives | - | 1.3 | (0.5) | 12.5 | 13.3 |
| Liabilities at amortised cost | (18.5) | - | - | (9.2) | (27.6) |
| Financial activities at amortized cost | 0.6 | - | - | - | 0.6 |
| Total IFRS 9 Category | (17.9) | 1.3 | (0.5) | 3.3 | (13.7) |
| Other financial income/(expenses) | | | | | 45.3 |
| Total financial income (expenses) | | | | | 31.6 |
Financial derivatives include net financial income and charges relating to derivatives used to hedge against the risk of fluctuating interest rates for medium/long term financial liabilities and against fluctuating exchange rates, as well as equity hedges.
Other financial income (expenses) primarily includes the effects of the time discounting of post-employment benefit plans, interest relating to the time discounting of provisions expiring after 12 months, financial expenses on leases accounted for under IFRS 16 and dividend income paid out to the MFE Group by investee ProSiebenSat.1 Media SE.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page252-cflshid_104019-tag101804": {
"value": "Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page252-cflshid_104019-tag101803": {
"value": "Financial expenses are recognised on an accrual basis in the income statement during the year in which they occur, by accruing interests, discounts and other financial expenses even if not paid at the reporting date, and deferring those already paid in the period but pertaining to future years.
Financial expenses include:
\u2212interest expense on financial liabilities, measured at amortised cost;
\u2212financial expenses for leases recognised under IFRS 16 \u2018Leases\u2019;
\u2212exchange differences arising from hedges of assets and liabilities denominated in foreign currencies;
Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page253-cflshid_104240-tag101812": {
"value": "6.7 FINANCIAL INCOME Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2023 | 2022 |
| Interests on financial assets | 7.4 | 0.6 |
| Income from derivative instruments | 1.1 | 0.8 |
| Other financial income | 0.0 | 7.7 |
| Dividends from FVTOCI investments | 3.3 | 46.4 |
| Foreign exchange gains | 20.2 | 29.7 |
| Total | (32.1) | (85.2) |
Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments refer to the dividends due to MFE by the investee ProSiebenSat1 Media SE. The change relates the lower dividends approved by the investee ProsiebenSat1 Media SE at the end of the first six months of 2023.
In the previous year, Other financial income had included EUR 5.1 million in proceeds received as the price adjustment relating to the sale of shares in the company Deportvillage, a financial investment held as part of the Media for Equity scheme.
Foreign exchange gains and losses include the effects of derivatives relating to the hedging of foreign currency exposure connected to commitments for the future acquisition of rights (for the component not included in the hedging relationship), and the effect of derivatives used to hedge against fluctuations in the exchange rates on items recognised in the statement of financial position (receivables and payables denominated in foreign currencies).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page253-cflshid_104240-tag101811": {
"value": "6.7 FINANCIAL INCOME Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
| 2023 | 2022 |
| Interests on financial assets | 7.4 | 0.6 |
| Income from derivative instruments | 1.1 | 0.8 |
| Other financial income | 0.0 | 7.7 |
| Dividends from FVTOCI investments | 3.3 | 46.4 |
| Foreign exchange gains | 20.2 | 29.7 |
| Total | (32.1) | (85.2) |
Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments refer to the dividends due to MFE by the investee ProSiebenSat1 Media SE. The change relates the lower dividends approved by the investee ProsiebenSat1 Media SE at the end of the first six months of 2023.
In the previous year, Other financial income had included EUR 5.1 million in proceeds received as the price adjustment relating to the sale of shares in the company Deportvillage, a financial investment held as part of the Media for Equity scheme.
Foreign exchange gains and losses include the effects of derivatives relating to the hedging of foreign currency exposure connected to commitments for the future acquisition of rights (for the component not included in the hedging relationship), and the effect of derivatives used to hedge against fluctuations in the exchange rates on items recognised in the statement of financial position (receivables and payables denominated in foreign currencies).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page253-cflshid_104245-tag101810": {
"value": "Financial income is recognised on an accruals basis in the income statement for the year in which it is made.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page253-cflshid_104245-tag101809": {
"value": "Dividends are recognised in the accounting period in which the resolution approving their distribution is passed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page255-cflshid_105059-tag101814": {
"value": "6.8 RESULT FROM INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHODThis item includes the portion of net result of companies accounted for by using the equity method, including any impairment or reversal, impairment of financial receivables for these investments recognised as other non-current financial assets, and gains/losses on equity investments not classified as FVTOCI instruments.
| 2023 | 2022 |
| Result of equity investments accounted for using the equity method | 4.9 | 25.4 |
| Impairment of equity investments accounted for using the equity | | |
| method | (1.0) | - |
| Gain/(loss) from sale of equity investments | - | 0.0 |
| Total | 3.9 | 25.5 |
The Result of equity investments accounted for using the equity method mainly include the pro-rata recognition of the net results of equity investments in associates and joint ventures. In particular:
oincome of EUR 9.6 million for the equity investment in EI Towers
oincome of EUR 2.9 million for the equity investment in Fascino PGT S.r.l.
oincome of EUR 1.2 million for the equity investment in Unicorn Content S.L.
oincome of EUR 1 million for the equity investment in Tiv\u00f9 S.r.l.
oincome of EUR 0.9 million for the equity investment in Produciones Mandarina S.L.
oloss of EUR 11.3 million for the equity investment in ProsiebenSat1 MEDIA SE due to the Group\u2019s share of losses for the second half of the year.
Impairment on investments accounted for using the equity method referred to the effects of adjusting the value of the Group\u2019s investments in Mediamond S.p.A. (EUR 0.7 million) and Dr Podcast Audio Factory Limited (EUR 0.3 million) to the fair value recognised at the acquisition of control.
7.6 INVESTMENTS IN ASSOCIATES AND JOINT VENTURESInvestments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative. The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment. In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
The following is a breakdown of equity investments, showing the ownership interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/23 | 31/12/22 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A | 40.0% | 367.9 | 40.0% | 378.0 |
| Alea Media, S.A. | 40.0% | (0.3) | 40.0% | 0.6 |
| Alea Yo Adicto | 40.0% | 0.4 | 0.0% | - |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.1 | 26.7% | 1.1 |
| Dr Podcast Audio Factory Limited | - | - | 30.0% | 0.4 |
| Bulldog Tv Spain S.L. | 30.0% | 2.0 | 30.0% | 1.6 |
| Fenix Media Audiovisual SL | 40.0% | 0.1 | 40.0% | - |
| Joko TV, S.L. | 30.0% | (0.1) | 0.0% | - |
| La Fabrica De La Tele SL | 30.0% | 1.8 | 30.0% | 3.3 |
| Producciones Mandarina S.L. | 30.0% | 2.8 | 30.0% | 2.0 |
| Studio Woow S.r.l. | 49.0% | - | 49.0% | 0.1 |
| Superguida Tv S.r.l. | 49.0% | 1.0 | 49.0% | 1.0 |
| Titanus Elios S.p.A. | 30.0% | 2.7 | 30.0% | 2.6 |
| Unicorn Content S.L. | 30.0% | 2.6 | 30.0% | 1.9 |
| ProSiebenSat.1 MEDIA SE | 26.3% (*) | 495.9 | | |
| Total | | 878.3 | | 393.1 |
| Joint ventures: | | | | |
| Boing SpA | 51.0% | 5.9 | 51.0% | 6.2 |
| European Broadcaster Exchange (EBX) Ltd. (**) | 25.0% | 0.9 | 25.0% | 0.8 |
| Fascino P.G.T. S.r.l. | 50.0% | 20.9 | 50.0% | 21.2 |
| Mediamond S.p.a. | 50.0% | 1.7 | 50.0% | 3.1 |
| Tiv\u00f9 S.r.l. | 48.2% | 1.8 | 48.2% | 1.3 |
| Total | | 31.2 | | 32.6 |
| Final balance | | 909.5 | | 425.7 |
As reported in Note 4 above, MFE's 25.54% stake in the share capital of ProsiebenSat1 at 30 June 2023 (26.25% net of treasury shares at 31 December 2023) was reclassified under investments in associates. At 31 December 2023, the carrying amount of this investment includes (provisionally, in accordance with IFRS 3) a notional goodwill of EUR 165.2 million as compared to the corresponding portion of the investee\u2019s consolidated net assets at 30 June 2023. In accordance with IAS 28, the value of this goodwill may be remeasured as part of a purchase price allocation process on or before 30 June 2024, as provided for in IFRS 3, to retroactively determine the pro-rata fair value of the assets and liabilities existing at the initial date of recognition.
At 31 December 2023, the carrying amount of this investment (EUR 495.9 million or EUR 8,33 per share) was higher than its stock market value (EUR 329.3 million or EUR 5,53 per share). Management concluded that no impairment was required based on the following main considerations. -The carrying amount of the investment was tested for recoverability by assessing the investment\u2019s equity value through an estimation of the value in use, which was in turn determinable on the basis of the most recent public records made available subsequent to the disclosure of 2023 results by the investee (MFE does not have access to the internal financial information of the investee). A discount rate (Wacc) of 11.4% and a g-rate of 1.1% (obtained by weighting the same financial parameters used and reported in P7S1's 2023 Annual Report as part of the recoverability assessments of the goodwill of the investee's various CGUs, were applied to the projections derived from these publicly available forecast models.
-As reported in P7S1's Annual Report 2023, the valuations carried out by the investee resulted in large headroom between the recoverable amounts and its carrying amount at the balance sheet date for the Entertainment P7S1's CGU.
-The share market price showed volatility during the year, also probably due to worsening macroeconomic environment as well as the strategic re-alignment by P7S1. This is not expected, also based on recent consensus and to the conglomerate discount which according to MFE is embedded in the investee market cap, to have a lasting nature. This valutation remains under the attention of management.
The carrying amounts of other investments in associates and joint ventures incorporated implicit goodwill totalling EUR 2.6 million at 31 December 2023. For other investments in associates, no specific impairment indicators have been identified.
The recoverability of the goodwill and of the other assets recognized in the consolidated statement of financial position of the EI Towers Group at 31 December 2023 has been confirmed through the calculation of the relative value in use determined in line with IAS 36 and based on the best estimate of prospective cash flows for the period 2024-2030 prepared by the company. The recoverable amount calculated on this basis shows a significant positive headroom with respect to the carrying amount of the goodwill and of the other assets tested.
For details on the economic effects for the year, reference should be made to Note 6.8 Result from investments accounted for using the equity method. The measurements have been made based on data from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
The following table provides key figures from the income statement and statement of financial position for associates and joint ventures, as taken from the financial statements and reporting packages available as at the approval date of these Consolidated Financial Statements.
| FY 2023 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,907.8 | 919.0 | 988.8 | 285.3 | 24.4 |
| Alea Media S.A. | 3.1 | (0.8) | 3.9 | 23.0 | (0.6) |
| Alea Yo Adicto | 1.2 | 0.9 | 0.3 | 4.3 | 0.9 |
| Alea L\u00e1grimas, S.L. | 0.5 | - | 0.5 | 0.9 | - |
| Alma Productora Audiovisual S.L. | 2.6 | 1.6 | 1.0 | 5.4 | 0.7 |
| Auditel S.r.l.(***) | 11.9 | 4.3 | 7.6 | 33.4 | 0.2 |
| Boing SpA | 21.3 | 11.5 | 9.8 | 25.7 | (0.7) |
| Bulldog Tv Spain S.L. | 7.7 | 6.6 | 1.1 | 21.9 | 2.9 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 4.7 | 3.0 | 1.7 | 4.6 | 0.2 |
| Fascino P.G.T S.rl. | 53.1 | 41.4 | 11.6 | 66.1 | 8.1 |
| F\u00e9nix Media Audiovisual,S.L. | 1.3 | 0.3 | 1.0 | 3.8 | 0.4 |
| Joko TV, S.L. | 6.7 | (0.5) | 7.2 | 4.0 | (0.5) |
| LaFabrica De La Tele SL | 11.3 | 6.1 | 5.2 | 26.6 | (4.7) |
| Mediamond SpA | 69.9 | 3.4 | 66.5 | 112.5 | 0.7 |
| Producciones Mandarina S.L. | 12.3 | 9.3 | 3.0 | 16.6 | 3.1 |
| ProSiebenSat.1 MEDIA SE | 5,904.0 | 1,260.0 | 4,644.0 | 3,852.0 | (134.0) |
| Studio Woow S.r.l. | 1.9 | - | 1.9 | 3.9 | (0.2) |
| Superguida Tv S.r.l. | 2.4 | 2.1 | 0.3 | 1.2 | 0.1 |
| Titanus Elios S.p.A. | 14.8 | 8.9 | 5.9 | 4.7 | 2.4 |
| Tiv\u00f9 S.r.l. | 6.3 | 3.7 | 2.6 | 11.7 | 2.0 |
| Unicorn Content S.L. | 16.0 | 8.7 | 7.3 | 31.7 | 3.9 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2022
| FY 2022 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,974.5 | 944.1 | 1,030.4 | 298.0 | 35.3 |
| Alea Media S.A. | 5.1 | (0.2) | 5.3 | 12.2 | 0.7 |
| Alea Silencio S.L | 1.4 | - | 1.4 | 7.5 | |
| Alma Productora Audiovisual S.L. | 2.4 | 1.7 | 0.7 | 5.6 | 0.7 |
| Auditel S.r.l.(***) | 12.2 | 4.1 | 8.1 | 32.9 | 0.7 |
| Boing SpA | 23.4 | 12.2 | 11.2 | 27.6 | (0.4) |
| Bulldog Tv Spain S.L. | 6.2 | 5.2 | 1.0 | 18.2 | 1.5 |
| Campanilla Films SL | 0.5 | - | 0.5 | 0.9 | - |
| Dr Podcast Audio Factory Limited (**) | 0.4 | 0.3 | 0.1 | 0.3 | (0.1) |
| European Broadcaster Exchange (EBX) Ltd.(**) | 4.4 | 2.8 | 1.6 | 6.5 | 1.1 |
| Fascino P.G.T S.rl. (***) | 55.4 | 40.0 | 15.4 | 75.3 | 11.8 |
| F\u00e9nix Media Audiovisual,S.L. | 0.7 | (0.1) | 0.8 | 2.3 | 0.2 |
| LaFabrica De La Tele SL | 16.9 | 10.9 | 6.0 | 34.0 | 4.4 |
| Mediamond SpA | 79.3 | 4.8 | 74.5 | 119.0 | 1.0 |
| Producciones Mandarina S.L. | 7.9 | 6.6 | 1.3 | 6.2 | 0.4 |
| Studio Woow S.r.l. | 2.3 | 0.2 | 2.1 | 4.8 | - |
| Superguida Tv S.r.l. | 2.4 | 2.0 | 0.4 | 1.1 | 0.2 |
| Titanus Elios S.p.A. | 15.2 | 8.6 | 6.6 | 4.6 | 2.1 |
| Tiv\u00f9 S.r.l. | 7.6 | 2.7 | 4.9 | 11.0 | 1.2 |
| Unicorn Content S.L. | 8.3 | 6.3 | 2.0 | 29.1 | 2.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2021
6.9 INCOME TAXESCurrent income taxes are accrued, for each company, on the basis of the taxable income determined in accordance with current tax rates and laws currently in force, or essentially approved, at the end of the reporting period in the various countries, taking into account any applicable exemptions and tax credits due.
| 2023 | 2022 |
| Irap tax | 6.8 | 5.5 |
| Ires tax | 4.0 | - |
| Prior year tax | (0.4) | (1.0) |
| Substitute tax | | |
| Tax expenses (foreign companies) | 21.1 | 29.5 |
| Total current tax | 31.5 | 34.0 |
| Accruals of deferred tax assets | (7.1) | (15.4) |
| Reversal from tax asset | 38.1 | 65.8 |
| Total deferred tax asset | 31.0 | 50.4 |
| Reversal from deferred tax liabilities | 9.6 | 11.8 |
| Deferred tax liabilities | (9.2) | (34.0) |
| Total deferred tax liabilities | 0.4 | (22.3) |
| Total | 62.9 | 62.2 |
Current taxes comprises the IRAP taxes levied against Italian companies and the IRES taxes levied during the year against Italian companies belonging to the Group\u2019s tax consolidation scheme following the generation of taxable income during the period (for the portion exceeding the income deducible from prior year losses)
Prior year tax mainly includes expense generated as a result of the recalculation of taxes upon submission of the income tax return with respect to the amount recognised in the financial statements for previous years.
Deferred tax assets and liabilities mainly show the financial movements for the year for the allocations and/or uses generated as a result of changes in the temporary differences between the taxable base and the carrying amount of assets and liabilities. Deferred tax assets included utilisations of EUR 12.7 million as a result of the positive taxable income generated during the years by companies scoped into the Italian tax consolidation arrangement.
Tax expenses (foreign companies) mainly relate to the taxes for the year recorded by the companies belonging to Grupo Audiovisual Mediaset Espa\u00f1a.
The table below shows a reconciliation between the standard tax rate in force in Italy on companies taxable income for the tax years 2023 and 2022, and the effective tax rate of the Group.
| 2023 | 2022 |
| Current tax rate | 27.90% | 27.90% |
| IRAP tax non deductible expenses | 0.81% | 0.30% |
| Effects of companies with different tax rate | -6.41% | -6.38% |
| Non deductible expenses and consolidation adjustment with no tax effect | 0.20% | -3.42% |
| Effective tax rate | 22.49% | 18.39% |
6.10 EARNINGS/(LOSS) PER SHARE
Earnings per share are calculated by dividing the Group net profit by the weighted average of the number of outstanding shares, net of the treasury shares.
The calculation of basic and diluted earnings per share is based on the following data:
| 2023 | 2022 (1) |
| Net result for the period (millions of euro) | 209.2 | 216.9 |
| Number of ordinary shares (excluding treasury shares) | 560,224,002 | 438,944,241 |
| Basic EPS | 0.37 | 0.49 |
Number of ordinary shares (excluding treasury shares) for the diluted EPS computation | 560,953,542 | 438,944,241 |
| Diluted EPS | 0.37 | 0.49 |
(1) For comparative purpose the number of ordinary shares for the 2022 has been restated following the reverse stock split that took place on 23 October 2023
Earnings per share are calculated by dividing the Group net profit by the weighted average of the number of outstanding shares, net of the treasury shares. The figure for diluted earnings per share is calculated using the number of shares in circulation and the potential diluting effect from the allocation of treasury shares to the beneficiaries of vested incentive plans.
If we calculate the 2022 comparative base by applying the same number of shares outstanding at 31 December 2023, both basic and diluted EPS would work out at EUR 0.39 per share.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page257-cflshid_105713-tag101817": {
"value": "Earnings per share are calculated by dividing the Group net profit by the weighted average of the number of outstanding shares, net of the treasury shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page258-cflshid_106019-tag101821": {
"value": "7. NON-CURRENT ASSETS
The tables below show the changes over the last two years in the historical cost, accumulated amortisation and depreciation, impairments and the carrying amount of all main non-current assets.
7.2 TELEVISION AND MOVIE RIGHTS
Television broadcasting rights are amortised on a straight-line basis, starting from the time when the asset is available for use and throughout the period of its expected utilization. The recoverable amount of the above is calculated based on the criteria laid down in IAS 36, described in the paragraph below on asset impairment
For television broadcasting rights, the amortisation method provides a reasonable and reliable reflection of the relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business models, straight-line amortisation based on the contractually stipulated license period is generally applied for the Italian television library, whereas descending amortisation is used for the Spanish television library. This different accounting reflects the different contractual conditions and the consequent methods of exploitation of the two main countries in which the Group operates.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
TV drama series are 70% amortised during the first twelve months after their availability date, with the remaining 30% amortised during the following twelve months.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
| ORIGINAL COST | ACCUMULATED DEPRECIATION | ACCUMULATED IMPAIRMENTS | CARRYING AMOUNT |
| Opening balance at 1/1/2022 | 8,279.5 | (7,258.2) | (176.4) | 844.9 |
| Change in the consolidation area | - | - | - | - |
| Additions | 320.2 | - | - | 320.2 |
| Reclassification from tangible assets in progress | 25.0 | - | - | 25.0 |
| Other changes | (455.1) | 426.3 | 28.4 | (0.4) |
| Disposals | (7.8) | 5.5 | - | (2.4) |
| Amortisation | - | (411.5) | - | (411.5) |
| (Impairments)/Reversals | - | - | (0.4) | (0.4) |
| Closing balance at 31/12/2022 | 8,161.7 | (7,238.0) | (148.5) | 775.3 |
| Change in the consolidation area | - | - | - | - |
| Additions | 348.5 | - | - | 348.5 |
| Reclassification from tangible assets in progress | 33.5 | - | - | 33.5 |
| Other changes | (407.8) | 369.9 | 35.4 | (2.5) |
| Disposals | (87.4) | 82.3 | - | (5.0) |
| Amortisation | - | (396.5) | - | (396.5) |
| (Impairments)/Reversals | - | - | (0.6) | (0.6) |
| Balance at 31/12/2023 | 8,048.5 | (7,182.2) | (113.6) | 752.6 |
Additions for 2023 totalled EUR 382.0 million (EUR 345.2 million in 2022) and consisted of EUR 348.5 million in purchases for the year (EUR 320.2 million at 31 December 2022) and EUR 33.5 million (EUR 25.0 million at 31 December 2021)in reclassification of capitalisations of advances paid to suppliers (recognised as assets in Other changes included changes relating to the cancellation of contractually expired rights and residual payables and contract cancellations.
Purchases for the year include EUR 52.4 million for broadcasting rights that will be available for broadcasting by the Group after 31 December. At 31 December 2023, broadcasting rights that had yet to commence totalled approximately EUR 59.8 million (EUR 43.1 million at 31 December 2022) and mainly consisted of free-to-air and pay television rights to broadcast drama, cinema and entertainment productions.
7.5 OTHER INTANGIBLE ASSETSIntangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (three years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
| ORIGINAL COST | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Balance at 1/1/2022 | 306.7 | 336.5 | 710.3 | 112.4 | 87.3 | 1,553.0 |
| Additions | 2.2 | 6.1 | 0.1 | 21.0 | 0.4 | 29.7 |
| Other changes | 3.4 | - | 35.3 | (62.5) | 0.0 | (23.6) |
| Disposals | (2.1) | - | (0.1) | - | - | (2.2) |
| Balance at 31/12/2022 | 310.2 | 342.6 | 745.7 | 70.9 | 87.7 | 1,556.9 |
| Additions | 1.9 | 0.1 | 0.1 | 36.8 | 0.5 | 39.3 |
| Other changes | 4.6 | 0.0 | 0.1 | (36.8) | 3.1 | (29.1) |
| Disposals | (2.8) | - | (0.1) | - | - | (2.9) |
| Balance at 31/12/2023 | 313.9 | 342.7 | 745.7 | 70.9 | 91.2 | 1,564.4 |
| ACCUMULATED AMORTISATION AND IMPAIRMENTS | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Balance at 1/1/2022 | (296.9) | (221.7) | (355.7) | (36.7) | (86.7) | (998.0) |
| Other changes | (0.0) | 0.0 | 0.9 | - | 0.0 | 0.9 |
| Disposals | 2.1 | - | - | - | - | 2.1 |
| Amortisation | (7.9) | (10.6) | (22.0) | - | (0.4) | (40.8) |
| (Impairments)/Reversals | - | - | (21.5) | (0.3) | - | (21.8) |
| Balance at 31/12/2022 | (302.7) | (232.3) | (398.2) | (36.9) | (87.1) | (1,057.6) |
| Other changes | (0.9) | 0.0 | 0.1 | (6.7) | 0.0 | (7.5) |
| Disposals | 2.8 | - | - | - | - | 2.8 |
| Amortisation | (5.5) | (10.8) | (21.2) | | (0.9) | (38.5) |
| (Impairments)/Reversals | - | - | - | 1.0 | - | 1.0 |
| Balance at 31/12/2023 | (306.3) | (243.1) | (419.3) | (42.5) | (88.0) | (1,099.8) |
| CARRYING AMOUNT | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Balance at 1/1/2022 | 9.7 | 114.7 | 354.5 | 75.7 | 0.5 | 555.2 |
| Additions | 2.2 | 6.1 | 0.1 | 21.0 | 0.4 | 29.7 |
| Other changes | 3.4 | 0.0 | 36.2 | (62.5) | 0.0 | (22.8) |
| Disposals | - | - | (0.1) | - | - | (0.1) |
| Amortisation | (7.9) | (10.6) | (22.0) | - | (0.4) | (40.8) |
| (Impairments)/Reversals | - | - | (21.5) | (0.3) | - | (21.8) |
| Balance at 31/12/2022 | 7.4 | 110.2 | 347.4 | 34.0 | 0.4 | 499.3 |
| Additions | 1.9 | 0.1 | 0.1 | 36.8 | 0.5 | 39.3 |
| Other changes | 3.7 | 0.0 | 0.1 | (43.5) | 3.1 | (36.6) |
| Disposals | - | - | (0.1) | - | - | (0.1) |
| Amortisation | (5.5) | (10.8) | (21.2) | - | (0.9) | (38.5) |
| (Impairments)/Reversals | - | - | - | 1.0 | - | 1.0 |
| Balance at 31/12/2023 | 7.5 | 99.4 | 326.3 | 28.4 | 3.1 | 464.6 |
The item Other changes refers for the amount of 33.5 million euros relating to the reclassification in the item Television and movie rights of advances paid to suppliers recognised as assets in progress and advances at 31 December 2022.
Additions to the item Patents and intellectual property rights totalled EUR 5.6 million. The figure includes EUR 3.7 million relating mainly to the purchase and upgrade of existing software, which in the previous year was recognised under Intangible assets in progress and advances.
The item Trademarks mainly comprises:oThe trademark of Spanish television broadcaster Cuatro for EUR 56.0 million. This asset was recognised following the allocation of the purchase price paid for the acquisition of the television business from Gruppo Prisa by Mediaset Espa\u00f1a Comunicaci\u00f3n S.A. in 2011. The amortisation period has been determinated in 20 years.
oThe trademark of the radio broadcaster Radio 105, valued for EUR 30.1 million. This asset was recognised following the final purchase price allocation of the acquisition of the radio broadcasting assets of the Finelco Group in 2016. The amortisation period has been determined in 25 years.
o The trademark of the radio broadcaster Radio Subasio, for a residual value of EUR 3.7 million, which was recognised following the final allocation of the purchase price paid for the acquisition of the radio broadcasting assets of the companies Radio Subasio and Radio Aut in 2017. The amortisation period has been estimated at 25 years from the date of acquisition.
oThe Zelig trademark, acquired in 2022 for a cost of EUR 5.7 million with an amortisation period of 20 years.
Rights/Licences of use and authorisations includes EUR 104.0 million for the for the utilization of television frequencies held by the subsidiary Elettronica Industriale S.p.A., used in Italy for the operation of domestic channels using digital terrestrial technology, as well as the television broadcasting license of the Cuatro Multiplex, measured at EUR 85.0 million during the allocation of the purchase price paid by the subsidiary Mediaset Espa\u00f1a in 2010, in relation to the acquisition of Prisa Group\u2019s television operations. The recoverablity of the carrying amount of the rights for the utilization of frequencies held by Elettronica Industriale S.p.A. was confirmed in the impairment testing on the Free TV Italy CGU, as reported in Note 7.4 above. The recoverability of the carrying amount of the television broadcasting licence for the Cuatro Spanish Multiplex was confirmed in the impairment testing on the Mediaset Espa\u00f1a CGU, as also reported in Note 7.4.
The item also includes EUR 96.0 million in rights for the utilization of radio broadcasting frequencies held by MFE Group radio broadcasters (Monradio S.r.l., Radio Studio 105, Virgin Radio, Radio Monte Carlo, Radio Subasio and Radio Aut). As at 31 December 2023, the residual carrying amount of these finite-life intangible assets was measured during the non-financial assets recoverability testing carried out under IAS 36 and reported in Note 7.4.
Intangible assets in progress and advances refer mainly to advance payments made to suppliers for the acquisition of broadcasting rights, for dubbing services and for options on programme production and to the launch of production. Additions for the period included advances paid to broadcasting rights owners and advances paid in relation to the production of TV drama series.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page258-cflshid_106019-tag101822": {
"value": "7.1 PROPERTY, PLANT AND EQUIPMENT
Plant, machinery, equipment, buildings and land are recognised at purchase, production or transfer cost, including any transaction costs, any dismantling costs and direct costs necessary to make the asset available for use. These fixed assets, with the exception of land, which is not subject to depreciation, are depreciated on a straight-line basis in each financial year using depreciation rates set according to the remaining useful life of the assets.
Depreciation is calculated on a straight-line basis on the cost of the assets, net of any residual values (where significant), according to their estimated useful lives, with the following rates applied:
| Type of property plan and equipment | Financial statement category | Amortisation rate |
| Buildings | Land and building | 2% -3% |
| Plant and equipment | Plant and equipment | 10%- 20% |
| Constructions and equipment | Technical and commercial equipment | 5% - 16% |
| Office furniture and machines | Other tangible assets | 8% - 20% |
| Motor vehicles and other means of transport | Other tangible assets | 10% - 25% |
The recoverable value of the above is measured based on the criteria laid down in IAS 36, described in the note below \u201cAssessment of recoverability of goodwill and other non-current assets (Impairment test)\u201d
Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
Leasehold improvements are allocated to each class of assets and depreciated at the residual life of the lease contract or the residual useful life of the type of asset improved, whichever is lower.
Whenever individual components of a complex tangible fixed asset have different useful lives, they are recognised separately in order to be depreciated according to their individual useful lives (component approach).
In particular, according to this principle, the value of land and of the buildings on it are kept separate, and only the buildings are depreciated.
Gains and losses resulting from sales or disposals of assets are calculated as the difference between the sales price and the net book value of the asset, and are posted to the income statement under Other revenues and income and Other operating costs, respectively. | ORIGINAL COST | Land and building | Plant and equipment | Technical and commercial equipment | Other tangible assets | Tangible assets in progress and advances | Owned property, plant and equipment | Property, plant and equipment - Right of use | Total |
| Balance at 1/1/2022 | 235.0 | 715.5 | 79.5 | 121.2 | 37.1 | 1,188.2 | 137.7 | 1,325.9 |
| Additions | 1.3 | 10.8 | 0.4 | 1.7 | 18.2 | 32.4 | 6.7 | 39.2 |
| Other changes | 1.7 | (41.2) | (0.5) | 0.2 | (28.4) | (68.1) | (2.5) | (70.6) |
| Disposals | (1.6) | (2.0) | (0.0) | (3.0) | - | (6.7) | (0.7) | (7.4) |
| Balance at 31/12/2022 | 236.4 | 683.1 | 79.4 | 120.1 | 26.9 | 1,145.8 | 141.3 | 1,287.1 |
| Additions | 3.2 | 5.1 | 0.8 | 1.8 | 27.4 | 38.3 | 39.3 | 77.6 |
| Other changes | (0.5) | (57.1) | 3.2 | 0.2 | (12.9) | (67.1) | (5.4) | (72.5) |
| Disposals | - | (5.4) | (0.0) | (2.4) | (0.1) | (8.0) | (1.3) | (9.2) |
| Balance at 31/12/2023 | 239.0 | 625.7 | 83.4 | 119.7 | 41.3 | 1,109.0 | 173.9 | 1,283.0 |
ACCUMULATED AMORTISATION AND IMPAIRMENTS | Land and building | Plant and equipment | Technical and commercial equipment | Other tangible assets | Tangible assets in progress and advances | Owned property, plant and equipment | Property, plant and equipment - Right of use | Total |
Balance at 1/1/2022 | (151.2) | (628.4) | (71.4) | (106.4) | - | (957.4) | (44.2) | (1,001.6) |
| Other changes | 0.5 | 35.0 | 0.6 | 1.6 | | 37.7 | 2.6 | 40.2 |
| Disposals | 0.3 | 2.0 | 0.0 | 3.0 | - | 5.3 | 0.4 | 5.7 |
| Amortisation | (5.6) | (16.5) | (1.8) | (4.3) | - | (28.2) | (16.8) | (45.0) |
| (Impairments)/Reversals | - | (0.6) | (0.0) | - | (0.0) | (0.6) | | (0.6) |
| Balance at 31/12/2022 | (156.1) | (608.5) | (72.6) | (106.1) | (0.0) | (943.2) | (58.0) | (1,001.3) |
| Other changes | 0.7 | 61.6 | (3.1) | 1.0 | - | 60.1 | 5.5 | 65.6 |
| Disposals | - | 5.4 | 0.0 | 2.4 | - | 7.9 | 1.2 | 9.0 |
| Amortisation | (5.0) | (17.2) | (1.5) | (4.3) | - | (28.0) | (17.1) | (45.2) |
| Balance at 31/12/2023 | (160.4) | (558.7) | (77.2) | (107.0) | (0.0) | (903.3) | (68.4) | (971.8) |
| CARRYING AMOUNT | Land and building | Plant and equipment | Technical and commercial equipment | Other tangible assets | Tangible assets in progress and advances | Owned property, plant and equipment | Property, plant and equipment - Right of use | Total |
| Balance at 1/1/2022 | 83.7 | 87.0 | 8.0 | 14.8 | 37.1 | 230.7 | 93.5 | 324.2 |
| Additions | 1.3 | 10.8 | 0.4 | 1.7 | 18.2 | 32.5 | 6.7 | 39.2 |
| Other changes | 2.2 | (6.2) | 0.2 | 1.8 | (28.4) | (30.4) | - | (30.4) |
| Disposals | (1.4) | - | - | - | - | (1.4) | (0.2) | (1.6) |
| Amortisation | (5.6) | (16.5) | (1.8) | (4.3) | - | (28.3) | (16.8) | (45.1) |
| (Impairments)/Reversals | - | (0.6) | - | - | | (0.6) | - | (0.6) |
| Balance at 31/12/2022 | 80.2 | 74.5 | 6.9 | 14.0 | 26.8 | 202.5 | 83.2 | 285.7 |
| Additions | 3.2 | 5.1 | 0.8 | 1.8 | 27.4 | 38.3 | 39.3 | 77.6 |
| Other changes | 0.1 | 4.5 | 0.1 | 1.2 | (12.9) | (7.0) | 0.1 | (6.8) |
| Disposals | - | - | 0.0 | (0.0) | (0.1) | (0.1) | (0.1) | (0.2) |
| Amortisation | (5.0) | (17.2) | (1.5) | (4.3) | - | (28.0) | (17.1) | (45.2) |
| Balance at 31/12/2023 | 78.5 | 66.8 | 6.4 | 12.7 | 41.2 | 205.7 | 105.4 | 311.2 |
Additions for the period to the classes of assets forming own property, plant and equipment, included EUR 38.3 million in purchases for the year and EUR 5.9 million for reclassifications of payments classified as assets in progress and advances at the end of the previous year.
The main categories of additions can be summarised as follows:
oEUR 3.3 million in Land and building mainly due to the EUR 1.6 million purchase of a property situated on Via Lumiere in Cologno Monzese and costs relating to the restructuring of the Cologno Monzese and Rome headquarters;
oEUR 9.6 million in Plant and equipment, mainly relating to EUR 3.7 million in technological interventions for TV studio upgrades, EUR 1.1 million for the supply of devices and enhancement of the datacenter network, and EUR 3.1 million for digitalisation projects and the construction of the new TG5 production unit in the Rome production studios;
oEUR 0.8 million referred to Technical and commercial equipment and other assets, mainly relating to purchase and replacement of hardware;
oEUR 27.4 million referred to increases in Tangible assets in progress and advances, which mainly referred to EUR 4.4 million for the new Dalet system in Cologno for the News and Sport desk, EUR 1.6 million for the outfitting of work space as part of the \"Smart Working\" project at the headquarters in Cologno Monzese and EUR 6.7 million for the refurbishment of the single Full HD broadcast system.
The decreases for the year, mainly recognised in \u201cOther changes\u201d, mainly referred \u2013 in addition to scrapping and disposals \u2013 to the EUR 3.6 million reduction in the net value of the assets purchased as part of the frequency refarming activities to prepare for the transition of facilities to the new DVB-T2 broadcasting standard, specifically relating to the upgrades carried out after 8 February 2022 in response to the payment of the second and final tranche of the compensation covering 80% of total admissible expenses (costs and investments) to which network operators were entitled for those upgrades by order of Ministerial Decree of 21 March 2023 issued by the Ministry of Enterprise and Made in Italy, following an application filed on 23 December 2022.
Disposals amounting to EUR 0.1 million were made during the period.
7.1.1 Right-of-use property, plant and equipment
Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption Right-of-use property, plant and equipment at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.
Property, plant and equipment - Right of use include lease agreements recognised under IFRS 16 for leases of real estate and television studios and rentals of staff company cars. The increases mainly relate to the renewal and extension of property leases during the period. Right-of-use depreciation rates were calculated based on the established lease terms.
The item \u201cRight-of-use property, plant and equipment\u201c is broken down below.
| Right-of-use property of buildings | Right-of-use of cars | Total |
| Carrying amount at 31/12/2021 | 85.9 | 7.6 | 93.5 |
| Additions | 3.6 | 3.0 | 6.7 |
| Disposals | (0.2) | - | (0.2) |
| Amortisation and depreciation | (13.0) | (3.8) | (16.8) |
| Other changes | 0.2 | (0.2) | - |
| Balance at 31/12/2022 | 76.5 | 6.6 | 83.2 |
| Additions | 34.0 | 5.3 | 39.3 |
| Disposals | (0.1) | (0.0) | (0.1) |
| Amortisation and depreciation | (13.3) | (3.8) | (17.1) |
| Other changes | 0.4 | (0.2) | 0.2 |
| Balance at 31/12/2023 | 97.5 | 7.9 | 105.4 |
7.1 PROPERTY, PLANT AND EQUIPMENT
Plant, machinery, equipment, buildings and land are recognised at purchase, production or transfer cost, including any transaction costs, any dismantling costs and direct costs necessary to make the asset available for use. These fixed assets, with the exception of land, which is not subject to depreciation, are depreciated on a straight-line basis in each financial year using depreciation rates set according to the remaining useful life of the assets.
Depreciation is calculated on a straight-line basis on the cost of the assets, net of any residual values (where significant), according to their estimated useful lives, with the following rates applied:
| Type of property plan and equipment | Financial statement category | Amortisation rate |
| Buildings | Land and building | 2% -3% |
| Plant and equipment | Plant and equipment | 10%- 20% |
| Constructions and equipment | Technical and commercial equipment | 5% - 16% |
| Office furniture and machines | Other tangible assets | 8% - 20% |
| Motor vehicles and other means of transport | Other tangible assets | 10% - 25% |
The recoverable value of the above is measured based on the criteria laid down in IAS 36, described in the note below \u201cAssessment of recoverability of goodwill and other non-current assets (Impairment test)\u201d
Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
Leasehold improvements are allocated to each class of assets and depreciated at the residual life of the lease contract or the residual useful life of the type of asset improved, whichever is lower.
Whenever individual components of a complex tangible fixed asset have different useful lives, they are recognised separately in order to be depreciated according to their individual useful lives (component approach).
In particular, according to this principle, the value of land and of the buildings on it are kept separate, and only the buildings are depreciated.
Gains and losses resulting from sales or disposals of assets are calculated as the difference between the sales price and the net book value of the asset, and are posted to the income statement under Other revenues and income and Other operating costs, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page258-cflshid_106019-tag101820": {
"value": "Ordinary maintenance costs are recognised in full in profit and loss. Incremental maintenance costs are allocated to each asset and depreciated over its remaining useful life.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page260-cflshid_107861-tag101823": {
"value": "EUR 3.6 million reduction in the net value of the assets purchased as part of the frequency refarming activities to prepare for the transition of facilities to the new DVB-T2 broadcasting standard, specifically relating to the upgrades carried out after 8 February 2022 in response to the payment of the second and final tranche of the compensation covering 80% of total admissible expenses (costs and investments) to which network operators were entitled for those upgrades by order of Ministerial Decree of 21 March 2023 issued by the Ministry of Enterprise and Made in Italy, following an application filed on 23 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page261-cflshid_107972-tag101825": {
"value": "7.1.1 Right-of-use property, plant and equipment
Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption Right-of-use property, plant and equipment at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.
Property, plant and equipment - Right of use include lease agreements recognised under IFRS 16 for leases of real estate and television studios and rentals of staff company cars. The increases mainly relate to the renewal and extension of property leases during the period. Right-of-use depreciation rates were calculated based on the established lease terms.
The item \u201cRight-of-use property, plant and equipment\u201c is broken down below.
| Right-of-use property of buildings | Right-of-use of cars | Total |
| Carrying amount at 31/12/2021 | 85.9 | 7.6 | 93.5 |
| Additions | 3.6 | 3.0 | 6.7 |
| Disposals | (0.2) | - | (0.2) |
| Amortisation and depreciation | (13.0) | (3.8) | (16.8) |
| Other changes | 0.2 | (0.2) | - |
| Balance at 31/12/2022 | 76.5 | 6.6 | 83.2 |
| Additions | 34.0 | 5.3 | 39.3 |
| Disposals | (0.1) | (0.0) | (0.1) |
| Amortisation and depreciation | (13.3) | (3.8) | (17.1) |
| Other changes | 0.4 | (0.2) | 0.2 |
| Balance at 31/12/2023 | 97.5 | 7.9 | 105.4 |
Assets under the control of the Group through leasing contracts are classified as tangible assets in the caption Right-of-use property, plant and equipment at the value of the related financial liability, calculated based on the current value of future payments, discounted at the incremental borrowing rate for each contract. The payable is progressively reduced according to the repayment schedule for the amounts of principal included in the contractual instalments. The interest amount, on the other hand, is recognised in the income statement under financial expenses. The value of the asset recognised under tangible assets is depreciated on a straight-line basis according to the lease term, while also taking into account the likelihood of renewal of the agreement where an enforceable renewal option exists.
Fees for leasing contracts with a duration of 12 months or less and for contracts with a low-value underlying asset are accrued on a straight-line basis through profit or loss according to the duration of the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page262-cflshid_108415-tag101827": {
"value": "Television broadcasting rights are amortised on a straight-line basis, starting from the time when the asset is available for use and throughout the period of its expected utilization. The recoverable amount of the above is calculated based on the criteria laid down in IAS 36, described in the paragraph below on asset impairment
For television broadcasting rights, the amortisation method provides a reasonable and reliable reflection of the relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business models, straight-line amortisation based on the contractually stipulated license period is generally applied for the Italian television library, whereas descending amortisation is used for the Spanish television library. This different accounting reflects the different contractual conditions and the consequent methods of exploitation of the two main countries in which the Group operates.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
TV drama series are 70% amortised during the first twelve months after their availability date, with the remaining 30% amortised during the following twelve months.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (three years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page262-cflshid_108415-tag101826": {
"value": "Television broadcasting rights are amortised on a straight-line basis, starting from the time when the asset is available for use and throughout the period of its expected utilization. The recoverable amount of the above is calculated based on the criteria laid down in IAS 36, described in the paragraph below on asset impairment
For television broadcasting rights, the amortisation method provides a reasonable and reliable reflection of the relationship between the various broadcasting opportunities available, the number of screenings permitted by contract and their actual broadcast. Based on the respective business models, straight-line amortisation based on the contractually stipulated license period is generally applied for the Italian television library, whereas descending amortisation is used for the Spanish television library. This different accounting reflects the different contractual conditions and the consequent methods of exploitation of the two main countries in which the Group operates.
When, irrespective of the amortisation already recognized, all runs made available under the related television broadcasting rights contracts have been broadcasted, the carrying amount is impaired in full.
The rights for sporting events, news and entertainment programmes are amortised entirely (100%) when the event is broadcast.
TV drama series are 70% amortised during the first twelve months after their availability date, with the remaining 30% amortised during the following twelve months.
Rights available for multiple means of use, to be utilised in distribution activities, are amortised according to international accounting best practice based on the ratio between the actual revenues achieved and the estimated total overall revenues from use of the right. This estimate is periodically revised to determine the amortisation to be recognised during the year.
Intangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (three years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page263-cflshid_109121-tag101828": {
"value": "7.3 GOODWILL
| Total |
| Balance at 1/1/2022 | 803.2 |
| Additions from business combinations | 1.0 |
| Balance at 31/12/2022 | 804.2 |
| Additions from business combinations | 0.4 |
| Balance at 31/12/2023 | 804.7 |
In 2023, the EUR 0.4 million in additions included EUR 0.3 million in goodwill recognised from the acquisition of a controlling interest in Dr Podcast, which was previously consolidated using the equity method.
At 31 December 2023, goodwill was subject to the impairment testing procedure, required annually pursuant to IAS 36, as commented below.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page264-cflshid_109340-tag101833": {
"value": "7.4 ASSESSMENT OF RECOVERABILITY OF GOODWILL AND OTHER NON-CURRENT ASSETS (IMPAIRMENT TEST) The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2022 and in continuity with 2022, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d).
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
The following table shows the amounts and the allocation of goodwill to each CGU. The variation in this item in the last two years is shown in Note 7.3.
Of the EUR 657.7 million in goodwill allocated to the Grupo Audiovisual Mediaset Espa\u00f1a (\u201cGAM\u201d) CGU, EUR 363.2 million was generated following the takeover of the company by the Group in 2003 and EUR 294.5 million was generated from the business combinations later carried out by the Spanish company. The carrying amount of the GAM CGU also includes assets with an indefinite useful life amounting to EUR 85.2 million, classified under \u201cOther intangible assets\u201d (pertaining to the value allocated to the \u201cCuatro\u201d multiplex by the subsidiary Mediaset Espa\u00f1a in 2010 during the purchase price allocation process that followed the acquisition of the television operations of the Prisa Group).
| CGU | 31/12/2023 | 31/12/2022 |
| Mediaset Espa\u00f1a | 657.8 | 657.7 |
| Free TV Italy | 145.6 | 145.6 |
| Other advertising sales | 1.3 | |
| Total Goodwill | 804.7 | 803.2 |
The recoverability of the goodwill and other assets of the Group in Italy relating to the Free-to-air Television CGU (mainly consisting of television and movie broadcasting rights, and right to use television frequencies) and the Radio CGU (mainly consisting of intangibles asset with a definite useful life pertaining to the radio frequencies right of use and trade marks) have been tested on the basis of the methodology, the process and the guidelines for the five-year business plan 2024-2028 (being the input for the impairment model and thus a five year forecast period is used in the impairment models) approved by the Board of Directors of MFE on 13 March 2024,
which also examined the main indicators and the external (market cap, macroeconomic indicators, trend market forecasts) and internal evidence related to these assessments as available at the reporting date of these consolidated financial statements. Observation of impairment indicators particularly revealed that the market caps at the reporting date were lower than their consolidated carrying amounts. Meanwhile, the operational results of all tested CGUs in 2023 showed that advertising sales and results were better than the approved budget estimates.
The recoverability of the goodwill and other assets pertaining to the Free-to-air Television CGU and the assets pertaining to the Radio CGU, was tested by determining the value in use based on the discounted cash flows inferable from the business plans.
The main key assumptions of both the above mentioned CGUs business plans mainly relates to the advertising revenues trend based on market expectation and assuming a substantial stability of the market shares, the evolution of the programming costs and (for the Free-to-air Television CGU) the Tv rights investments, in the hypothesis of continuity of the current offer and editorial market positioning, taking into account the purchase commitments of tv rights, sport events and entertainment content, personnel turnover and cost of labour, inflation and energy costs projections.
These assumptions were based on management's best estimate, taking into account information available from external sources and forecasts of developments in the Group's markets as prepared by specialist observers mainly in terms of the expected performance of advertising market and the most recent economic outlooks for the explicit period, which estimate that commencing from 2024 the international geopolitical climate and the restrictive monetary policy will progressively normalise once the goal of containing inflation is achieved. The nature of the Group's business means that in both the external forecast scenarios and the main assumptions made by management in preparing the plans to test the recoverable value of the CGUs, there are no material impacts directly relating to Climate Change risks.
The recoverability of the consolidated carrying amount of the GAM CGU was confirmed by estimating the equity value of the CGU, based on the value in use of those operating assets realisable based on the future cash flow of the CGU\u2019s operating activities and prepared for the purposes of testing the recoverability of goodwill and of assets with an indefinite useful life as carried out when preparing the consolidated financial statements of GAM approved on 27 February 2024 and of the current value attributable to equity investments, financial assets and liabilities and net cash and cash equivalents. The key assumptions of the business plan mainly relates to the expected future trends in advertising revenues over the projection period based on external information on macroeconomic trends and the advertising market, which assumes that market shares will largely remain stable.
In relation to the current widespread increase in interest rates, the post tax discount rate (WACC) used for calculating the value in use of the Free-to-air Television CGU and Radio CGU at 31 December 2023 was determined at 8.1% compared to 7.1% of the previous year. This discount rate was obtained by updating - at the reporting date - the financial and market parameters underlying the calculation of the weighted average cost of capital after tax (cost of debt, risk free rate and market risk premium) using (beta) indicators and a financial structure (debt ratio) inferable from a panel of comparables comprising Free to air broadcasters operating in the Euro zone. The growth rate used to extrapolate the financial flows beyond the explicit periods(\u201cg-rate\u201d) was 1.9%, in line with the most recent Prometeia medium/long term inflation forecast for Italy. The same method was used to determine a post tax discount rate of 8.2% (7.2% the previous year) for testing the recoverable amount of goodwill and the other assets of GAM CGU at the consolidated level and a g-rate of 1.6% to extrapolate the cash flows beyond the explicit periods, in line with the most recent Prometeia medium/long term inflation forecast for Spain.
On this basis, the testing carried out at 31 December 2023 confirmed the recoverability of the carrying amounts (including goodwill) for GAM and the italian Free-to-air Television CGUs, with significant headroom shown over the carrying amounts, and the recoverability of Radio CGU assets, which upon the impairment testing carried out for the Annual Report 2022 was subject to impairment of EUR 21.5 million allocated to definite life intangible assets consisting of the right to use radio frequencies.For the Other advertising sales CGU and for the residual carrying amount of EUR 41 million of the Pay/SVoD series and movie rights library CGU, no impairment indicators or evidence of potential reversal were identified as at the reporting date of the consolidated financial statements.
Specific sensitivities analysis have been performed for the CGUs for which value in use confirmed the recoverability of assets. This was done by identifying all other key variables being equal (i) precise discount rates and (ii) year-on-year reductions in EBIT margin deriving from lower advertising revenues for each of the CGUs which \u2013 with all other cash flow items left unchanged (i.e. on the prudent assumption that costs and investments will remain unchanged) \u2013 eliminate the difference between the recoverable amount and the carrying amount.
Based on these analyses, the following were determined:
- for the Free-to-air Television CGU, an equivalence between the recoverable value and the carrying amount, (i) as across all years of the plan, a lower EBIT margin deriving from advertising revenues around 1.7 percentage points less than those contained in the base management scenario (using a discount rate of 8.1%); and ii) a WACC of 9.7%, based on a g-rate of 1.9% and cash flows equal to those considered in the base scenario.
- for the Radio CGU, an equivalence between the recoverable value and the carrying amount, (i) as across all years of the plan, a lower EBIT margin deriving from advertising revenues around 1.6 percentage points less than those contained in the base management scenario (using a discount rate of 8.1%); and ii) a WACC of 8.2%, based on a g-rate of 1.9% and cash flows equal to those considered in the base scenario.
- for the GAM CGU, an equivalence between the recoverable value and the carrying amount, (i) as across all years of the plan, a lower EBIT margin deriving from advertising revenues around 8 percentage points less than those contained in the base management scenario (using a discount rate of 8.2%); and ii) a WACC of 13.8%, based on a g-rate of 1.6% and cash flows equal to those considered in the base scenario.
7.5 OTHER INTANGIBLE ASSETSIntangible fixed assets are assets without an identifiable physically form, which are controlled by the company and able to generate future economic benefits.
These assets are recorded at purchase or production cost, including transaction costs, according to the criteria described above for property, plant and equipment.
For purchased intangible assets whose availability for use and related payments are deferred beyond ordinary periods, the purchase value and the related payable are discounted by recognising the financial expenses implicit in the original price.
Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (three years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.
Intangible assets with definite useful lives are amortised on a straight-line basis, starting from the time when the asset is available for utilization and throughout the period of its expected usefulness. The recoverable value of such assets is assessed according to the criteria established in IAS 36, as described in the Impairment of assets explanatory note above.
Costs relating to rights for the utilization of television frequencies, to be used for setting up digital terrestrial networks acquired from third parties in accordance with applicable legislation, are amortised on a straight-line basis according to the expected duration of their use, beginning at the time the service is activated and ending 30 June 2032, based on the validity period of the definitive assignment order of right of utilization in Italy dated 28 June 2012.
The television broadcasting license of the \u201cCuatro multiplex\u201d was identified in the purchase price allocation process of the Prisa\u2019s Group television operations acquisition made by Mediaset Espana in 2010 as an intangible asset with an indefinite useful life in absence of objective elements relating to the legal duration of this license; accordingly, it is not systematically amortised, but is subject to impairment testing, at least every year.
As of 1 January 2016, rights for the utilization of radio frequencies are amortised on a straight-line basis over a period of 25 years. The useful life of these rights was estimated as part of the evaluation processes for business combinations concerning the Group\u2019s radio broadcasting operations.
A remaining useful life of up to June 2035 is envisaged for the authorisation to provide audiovisual services nationwide and for the consequent automatic numbering of generalist channels, with a view to the procedures and requirements for the authorisation\u2019s renewal.
| ORIGINAL COST | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Balance at 1/1/2022 | 306.7 | 336.5 | 710.3 | 112.4 | 87.3 | 1,553.0 |
| Additions | 2.2 | 6.1 | 0.1 | 21.0 | 0.4 | 29.7 |
| Other changes | 3.4 | - | 35.3 | (62.5) | 0.0 | (23.6) |
| Disposals | (2.1) | - | (0.1) | - | - | (2.2) |
| Balance at 31/12/2022 | 310.2 | 342.6 | 745.7 | 70.9 | 87.7 | 1,556.9 |
| Additions | 1.9 | 0.1 | 0.1 | 36.8 | 0.5 | 39.3 |
| Other changes | 4.6 | 0.0 | 0.1 | (36.8) | 3.1 | (29.1) |
| Disposals | (2.8) | - | (0.1) | - | - | (2.9) |
| Balance at 31/12/2023 | 313.9 | 342.7 | 745.7 | 70.9 | 91.2 | 1,564.4 |
| ACCUMULATED AMORTISATION AND IMPAIRMENTS | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Balance at 1/1/2022 | (296.9) | (221.7) | (355.7) | (36.7) | (86.7) | (998.0) |
| Other changes | (0.0) | 0.0 | 0.9 | - | 0.0 | 0.9 |
| Disposals | 2.1 | - | - | - | - | 2.1 |
| Amortisation | (7.9) | (10.6) | (22.0) | - | (0.4) | (40.8) |
| (Impairments)/Reversals | - | - | (21.5) | (0.3) | - | (21.8) |
| Balance at 31/12/2022 | (302.7) | (232.3) | (398.2) | (36.9) | (87.1) | (1,057.6) |
| Other changes | (0.9) | 0.0 | 0.1 | (6.7) | 0.0 | (7.5) |
| Disposals | 2.8 | - | - | - | - | 2.8 |
| Amortisation | (5.5) | (10.8) | (21.2) | | (0.9) | (38.5) |
| (Impairments)/Reversals | - | - | - | 1.0 | - | 1.0 |
| Balance at 31/12/2023 | (306.3) | (243.1) | (419.3) | (42.5) | (88.0) | (1,099.8) |
| CARRYING AMOUNT | Patents and intellectual property rights | Trademarks | Rights/licenses of use and authorisations | Intangible assets in progress and advances | Other intangible assets | Total |
| Balance at 1/1/2022 | 9.7 | 114.7 | 354.5 | 75.7 | 0.5 | 555.2 |
| Additions | 2.2 | 6.1 | 0.1 | 21.0 | 0.4 | 29.7 |
| Other changes | 3.4 | 0.0 | 36.2 | (62.5) | 0.0 | (22.8) |
| Disposals | - | - | (0.1) | - | - | (0.1) |
| Amortisation | (7.9) | (10.6) | (22.0) | - | (0.4) | (40.8) |
| (Impairments)/Reversals | - | - | (21.5) | (0.3) | - | (21.8) |
| Balance at 31/12/2022 | 7.4 | 110.2 | 347.4 | 34.0 | 0.4 | 499.3 |
| Additions | 1.9 | 0.1 | 0.1 | 36.8 | 0.5 | 39.3 |
| Other changes | 3.7 | 0.0 | 0.1 | (43.5) | 3.1 | (36.6) |
| Disposals | - | - | (0.1) | - | - | (0.1) |
| Amortisation | (5.5) | (10.8) | (21.2) | - | (0.9) | (38.5) |
| (Impairments)/Reversals | - | - | - | 1.0 | - | 1.0 |
| Balance at 31/12/2023 | 7.5 | 99.4 | 326.3 | 28.4 | 3.1 | 464.6 |
The item Other changes refers for the amount of 33.5 million euros relating to the reclassification in the item Television and movie rights of advances paid to suppliers recognised as assets in progress and advances at 31 December 2022.
Additions to the item Patents and intellectual property rights totalled EUR 5.6 million. The figure includes EUR 3.7 million relating mainly to the purchase and upgrade of existing software, which in the previous year was recognised under Intangible assets in progress and advances.
The item Trademarks mainly comprises:oThe trademark of Spanish television broadcaster Cuatro for EUR 56.0 million. This asset was recognised following the allocation of the purchase price paid for the acquisition of the television business from Gruppo Prisa by Mediaset Espa\u00f1a Comunicaci\u00f3n S.A. in 2011. The amortisation period has been determinated in 20 years.
oThe trademark of the radio broadcaster Radio 105, valued for EUR 30.1 million. This asset was recognised following the final purchase price allocation of the acquisition of the radio broadcasting assets of the Finelco Group in 2016. The amortisation period has been determined in 25 years.
o The trademark of the radio broadcaster Radio Subasio, for a residual value of EUR 3.7 million, which was recognised following the final allocation of the purchase price paid for the acquisition of the radio broadcasting assets of the companies Radio Subasio and Radio Aut in 2017. The amortisation period has been estimated at 25 years from the date of acquisition.
oThe Zelig trademark, acquired in 2022 for a cost of EUR 5.7 million with an amortisation period of 20 years.
Rights/Licences of use and authorisations includes EUR 104.0 million for the for the utilization of television frequencies held by the subsidiary Elettronica Industriale S.p.A., used in Italy for the operation of domestic channels using digital terrestrial technology, as well as the television broadcasting license of the Cuatro Multiplex, measured at EUR 85.0 million during the allocation of the purchase price paid by the subsidiary Mediaset Espa\u00f1a in 2010, in relation to the acquisition of Prisa Group\u2019s television operations. The recoverablity of the carrying amount of the rights for the utilization of frequencies held by Elettronica Industriale S.p.A. was confirmed in the impairment testing on the Free TV Italy CGU, as reported in Note 7.4 above. The recoverability of the carrying amount of the television broadcasting licence for the Cuatro Spanish Multiplex was confirmed in the impairment testing on the Mediaset Espa\u00f1a CGU, as also reported in Note 7.4.
The item also includes EUR 96.0 million in rights for the utilization of radio broadcasting frequencies held by MFE Group radio broadcasters (Monradio S.r.l., Radio Studio 105, Virgin Radio, Radio Monte Carlo, Radio Subasio and Radio Aut). As at 31 December 2023, the residual carrying amount of these finite-life intangible assets was measured during the non-financial assets recoverability testing carried out under IAS 36 and reported in Note 7.4.
Intangible assets in progress and advances refer mainly to advance payments made to suppliers for the acquisition of broadcasting rights, for dubbing services and for options on programme production and to the launch of production. Additions for the period included advances paid to broadcasting rights owners and advances paid in relation to the production of TV drama series.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page264-cflshid_109340-tag101832": {
"value": "7.4 ASSESSMENT OF RECOVERABILITY OF GOODWILL AND OTHER NON-CURRENT ASSETS (IMPAIRMENT TEST) The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2022 and in continuity with 2022, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d).
In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses.
The following table shows the amounts and the allocation of goodwill to each CGU. The variation in this item in the last two years is shown in Note 7.3.
Of the EUR 657.7 million in goodwill allocated to the Grupo Audiovisual Mediaset Espa\u00f1a (\u201cGAM\u201d) CGU, EUR 363.2 million was generated following the takeover of the company by the Group in 2003 and EUR 294.5 million was generated from the business combinations later carried out by the Spanish company. The carrying amount of the GAM CGU also includes assets with an indefinite useful life amounting to EUR 85.2 million, classified under \u201cOther intangible assets\u201d (pertaining to the value allocated to the \u201cCuatro\u201d multiplex by the subsidiary Mediaset Espa\u00f1a in 2010 during the purchase price allocation process that followed the acquisition of the television operations of the Prisa Group).
| CGU | 31/12/2023 | 31/12/2022 |
| Mediaset Espa\u00f1a | 657.8 | 657.7 |
| Free TV Italy | 145.6 | 145.6 |
| Other advertising sales | 1.3 | |
| Total Goodwill | 804.7 | 803.2 |
The recoverability of the goodwill and other assets of the Group in Italy relating to the Free-to-air Television CGU (mainly consisting of television and movie broadcasting rights, and right to use television frequencies) and the Radio CGU (mainly consisting of intangibles asset with a definite useful life pertaining to the radio frequencies right of use and trade marks) have been tested on the basis of the methodology, the process and the guidelines for the five-year business plan 2024-2028 (being the input for the impairment model and thus a five year forecast period is used in the impairment models) approved by the Board of Directors of MFE on 13 March 2024,
which also examined the main indicators and the external (market cap, macroeconomic indicators, trend market forecasts) and internal evidence related to these assessments as available at the reporting date of these consolidated financial statements. Observation of impairment indicators particularly revealed that the market caps at the reporting date were lower than their consolidated carrying amounts. Meanwhile, the operational results of all tested CGUs in 2023 showed that advertising sales and results were better than the approved budget estimates.
The recoverability of the goodwill and other assets pertaining to the Free-to-air Television CGU and the assets pertaining to the Radio CGU, was tested by determining the value in use based on the discounted cash flows inferable from the business plans.
The main key assumptions of both the above mentioned CGUs business plans mainly relates to the advertising revenues trend based on market expectation and assuming a substantial stability of the market shares, the evolution of the programming costs and (for the Free-to-air Television CGU) the Tv rights investments, in the hypothesis of continuity of the current offer and editorial market positioning, taking into account the purchase commitments of tv rights, sport events and entertainment content, personnel turnover and cost of labour, inflation and energy costs projections.
These assumptions were based on management's best estimate, taking into account information available from external sources and forecasts of developments in the Group's markets as prepared by specialist observers mainly in terms of the expected performance of advertising market and the most recent economic outlooks for the explicit period, which estimate that commencing from 2024 the international geopolitical climate and the restrictive monetary policy will progressively normalise once the goal of containing inflation is achieved. The nature of the Group's business means that in both the external forecast scenarios and the main assumptions made by management in preparing the plans to test the recoverable value of the CGUs, there are no material impacts directly relating to Climate Change risks.
The recoverability of the consolidated carrying amount of the GAM CGU was confirmed by estimating the equity value of the CGU, based on the value in use of those operating assets realisable based on the future cash flow of the CGU\u2019s operating activities and prepared for the purposes of testing the recoverability of goodwill and of assets with an indefinite useful life as carried out when preparing the consolidated financial statements of GAM approved on 27 February 2024 and of the current value attributable to equity investments, financial assets and liabilities and net cash and cash equivalents. The key assumptions of the business plan mainly relates to the expected future trends in advertising revenues over the projection period based on external information on macroeconomic trends and the advertising market, which assumes that market shares will largely remain stable.
In relation to the current widespread increase in interest rates, the post tax discount rate (WACC) used for calculating the value in use of the Free-to-air Television CGU and Radio CGU at 31 December 2023 was determined at 8.1% compared to 7.1% of the previous year. This discount rate was obtained by updating - at the reporting date - the financial and market parameters underlying the calculation of the weighted average cost of capital after tax (cost of debt, risk free rate and market risk premium) using (beta) indicators and a financial structure (debt ratio) inferable from a panel of comparables comprising Free to air broadcasters operating in the Euro zone. The growth rate used to extrapolate the financial flows beyond the explicit periods(\u201cg-rate\u201d) was 1.9%, in line with the most recent Prometeia medium/long term inflation forecast for Italy. The same method was used to determine a post tax discount rate of 8.2% (7.2% the previous year) for testing the recoverable amount of goodwill and the other assets of GAM CGU at the consolidated level and a g-rate of 1.6% to extrapolate the cash flows beyond the explicit periods, in line with the most recent Prometeia medium/long term inflation forecast for Spain.
On this basis, the testing carried out at 31 December 2023 confirmed the recoverability of the carrying amounts (including goodwill) for GAM and the italian Free-to-air Television CGUs, with significant headroom shown over the carrying amounts, and the recoverability of Radio CGU assets, which upon the impairment testing carried out for the Annual Report 2022 was subject to impairment of EUR 21.5 million allocated to definite life intangible assets consisting of the right to use radio frequencies.For the Other advertising sales CGU and for the residual carrying amount of EUR 41 million of the Pay/SVoD series and movie rights library CGU, no impairment indicators or evidence of potential reversal were identified as at the reporting date of the consolidated financial statements.
Specific sensitivities analysis have been performed for the CGUs for which value in use confirmed the recoverability of assets. This was done by identifying all other key variables being equal (i) precise discount rates and (ii) year-on-year reductions in EBIT margin deriving from lower advertising revenues for each of the CGUs which \u2013 with all other cash flow items left unchanged (i.e. on the prudent assumption that costs and investments will remain unchanged) \u2013 eliminate the difference between the recoverable amount and the carrying amount.
Based on these analyses, the following were determined:
- for the Free-to-air Television CGU, an equivalence between the recoverable value and the carrying amount, (i) as across all years of the plan, a lower EBIT margin deriving from advertising revenues around 1.7 percentage points less than those contained in the base management scenario (using a discount rate of 8.1%); and ii) a WACC of 9.7%, based on a g-rate of 1.9% and cash flows equal to those considered in the base scenario.
- for the Radio CGU, an equivalence between the recoverable value and the carrying amount, (i) as across all years of the plan, a lower EBIT margin deriving from advertising revenues around 1.6 percentage points less than those contained in the base management scenario (using a discount rate of 8.1%); and ii) a WACC of 8.2%, based on a g-rate of 1.9% and cash flows equal to those considered in the base scenario.
- for the GAM CGU, an equivalence between the recoverable value and the carrying amount, (i) as across all years of the plan, a lower EBIT margin deriving from advertising revenues around 8 percentage points less than those contained in the base management scenario (using a discount rate of 8.2%); and ii) a WACC of 13.8%, based on a g-rate of 1.6% and cash flows equal to those considered in the base scenario.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page264-cflshid_109345-tag101831": {
"value": "The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2022 and in continuity with 2022, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d).In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page264-cflshid_109345-tag101830": {
"value": "The carrying amounts of tangible and intangible fixed assets are periodically reviewed in accordance with IAS 36, which requires the assessment of the existence of any impairment loss, where indicators suggest that impairment may exist. In the case of goodwill, intangible assets with indefinite useful lives and intangible assets not available for use, impairment testing is carried out at least yearly, normally at the time of the preparation of the annual financial statements, but also at any time when there is an indication of potential impairment.
The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.
This testing is carried out on the cash-generating units (CGU) to which goodwill and the other assets are allocated. The cash generating units are identified, in line with the organisational and business structures of the Group, as homogeneous aggregations that generate autonomous cash inflows from the continuous use of the assets attributable to them.
In accordance with the Group\u2019s organisational business structure at 31 December 2022 and in continuity with 2022, the CGUs are aligned with the operating segments set forth in IFRS 8 (Grupo Audiovisual Mediaset Espa\u00f1a) or with business lines that can be identified within the Italian segment (\u201cFree-to-air Television\u201d, \u201cPay/SVoD series and movie rights library\u201d, \u201cRadio\u201d and \u201cOther advertising sales\u201d).In the case of impairment, the loss is charged to the income statement, first by reducing goodwill and then recognising any excess amounts, using criteria generally proportional to the value of the other assets of the CGU concerned. With the exception of goodwill, impairment can be reversed for other assets when the conditions that resulted in the impairment loss have changed. In such case, the carrying amount of the asset can be increased within the limits of the new estimated recoverable amount, but no more than the value that would have been calculated if there had been no previous impairment losses",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page264-cflshid_109345-tag101829": {
"value": "The recoverability of the carrying amounts is assessed by comparing them to the higher of their value in use in their current condition or the fair value of the assets (the price that would be received from their sale) less costs of disposal.
Value in use is measured by discounting the future cash flows expected from the use of the individual asset or the cash generating unit to which the asset belongs and from its disposal at the end of its useful life, based on the most recently approved business plans.
Fair value (less costs to sell) is measured in accordance with IFRS 13 (Fair value measurement) by quantifying the price that would be received to sell the asset or group of assets in an orderly transaction between market participants at the measurement date, taking into account any restrictions on the sale or use of the asset that such market participants would take into consideration.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page267-cflshid_111096-tag101834": {
"value": "Internally generated intangible assets, where relating to research costs, are recognised in the income statement during the period in which they are incurred. Development costs, which mainly relate to software, are capitalised and amortised on a straight-line basis over their estimated useful lives (three years on average), provided they can be identified, that their cost can be reliably calculated, and that the asset is likely to generate future economic benefits.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page270-cflshid_112921-tag101836": {
"value": "Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative. The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.
After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment. In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page270-cflshid_112921-tag101838": {
"value": "Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative. The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page270-cflshid_112921-tag101837": {
"value": "Investments in associates and joint ventures are recognised using equity method in the consolidated financial statements. At the time of acquisition, the difference between the cost of the equity investment, including any transaction costs, and the acquirer\u2019s interest in the net fair value of the assets, liabilities and identifiable contingent liabilities of the investee is accounted for according to IAS 28, with the recognition of goodwill if it is positive (included in the carrying amount of the equity investment) or of income in the consolidated income statement if it is negative. The carrying amounts of these equity investments are adjusted after initial recognition, based on the pro-rata changes in the equity of the investee based on the financial information of those companies.
When there are losses attributable to the Group that are higher than the carrying amount of the equity investment, the carrying amount is impaired and appropriate provisions or liabilities are recognised for the amount of any additional losses, but only if the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses. If no further losses are identified and the investee subsequently realises gains, the investor will only recognise the amount of the gains attributable to it after these have offset the losses not recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page270-cflshid_112921-tag101835": {
"value": "After measurement using the equity method, the carrying amount of these equity investments, also including any implicit goodwill, if the conditions established by IAS 36 apply, must be tested for impairment. In the case of impairment losses, the related cost is charged to the income statement. The original value can be reinstated in the following fiscal years if the conditions for the impairment no longer apply.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page274-cflshid_115563-tag101844": {
"value": "7.7 OTHER FINANCIAL ASSETSEquity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
| Balance at 31/12/2022 | Additions | Disposals | Fair Value Adjustments/ Impairment | Other changes | Balance at 31/12/2023 |
| Equity investments | 519.8 | 77.9 | - | (12.2) | (513.8) | 71.7 |
| Financial receivable (due over 12 months) | 2.2 | 3.5 | (0.2) | (0.6) | (0.1) | 4.9 |
| Other financial assets | 8.6 | - | - | - | - | 8.6 |
| Hedging derivatives | 45.3 | - | - | (20.0) | (16.6) | 8.6 |
| TOTAL | 576.0 | 81.4 | (0.2) | (32.8) | (530.6) | 93.9 |
The additions in Equity investments for the year referred to the following: EUR 74.3 million for the acquisition of a 3.86% stake in Prosiebensat.1 Media SE by MFE-MEDIAFOREUROPE N.V. and EUR 3.6 million for the acquisition of shares falling within the AD4Venture business.
Fair value adjustments/impairments reflects the fair value measurement of the financial investments. As envisaged by IFRS 9, the Group has taken up the option to classify the relative fair value changes in a specific equity reserve without recycling to profit or loss in the future. Of this reserve, EUR 4.1 million is due to the effects of the fair value measurement, included in the Group equity Valuation reserve for the equity investment held in Prosiebensat.1 Media SE. As a result of these adjustments, the fair value of the investment held by the Group in ProsiebenSat1 Media SE at 31 December 2023 was worth EUR 42.9 million and corresponding to the 3.3% of the share capital.
Other changes refers to the reclassification of the investment Prosiebensat.1 Media SE under Investments in associates.
The change in Hedging derivatives refers to EUR 20.0 million as the non-current portion of the fair value of derivatives held to hedge against exchange and interest rate changes and EUR 16.6 million as the reclassification of the current portion.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page274-cflshid_115563-tag101843": {
"value": "7.7 OTHER FINANCIAL ASSETSEquity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
| Balance at 31/12/2022 | Additions | Disposals | Fair Value Adjustments/ Impairment | Other changes | Balance at 31/12/2023 |
| Equity investments | 519.8 | 77.9 | - | (12.2) | (513.8) | 71.7 |
| Financial receivable (due over 12 months) | 2.2 | 3.5 | (0.2) | (0.6) | (0.1) | 4.9 |
| Other financial assets | 8.6 | - | - | - | - | 8.6 |
| Hedging derivatives | 45.3 | - | - | (20.0) | (16.6) | 8.6 |
| TOTAL | 576.0 | 81.4 | (0.2) | (32.8) | (530.6) | 93.9 |
The additions in Equity investments for the year referred to the following: EUR 74.3 million for the acquisition of a 3.86% stake in Prosiebensat.1 Media SE by MFE-MEDIAFOREUROPE N.V. and EUR 3.6 million for the acquisition of shares falling within the AD4Venture business.
Fair value adjustments/impairments reflects the fair value measurement of the financial investments. As envisaged by IFRS 9, the Group has taken up the option to classify the relative fair value changes in a specific equity reserve without recycling to profit or loss in the future. Of this reserve, EUR 4.1 million is due to the effects of the fair value measurement, included in the Group equity Valuation reserve for the equity investment held in Prosiebensat.1 Media SE. As a result of these adjustments, the fair value of the investment held by the Group in ProsiebenSat1 Media SE at 31 December 2023 was worth EUR 42.9 million and corresponding to the 3.3% of the share capital.
Other changes refers to the reclassification of the investment Prosiebensat.1 Media SE under Investments in associates.
The change in Hedging derivatives refers to EUR 20.0 million as the non-current portion of the fair value of derivatives held to hedge against exchange and interest rate changes and EUR 16.6 million as the reclassification of the current portion.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page274-cflshid_115568-tag101842": {
"value": "Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
The Group is exposed to financial risks linked to:
- Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
- Interest rate fluctuations for long-term variable-rate loans;
- Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operate in its specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page274-cflshid_115568-tag101841": {
"value": "Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page274-cflshid_115568-tag101839": {
"value": "Equity investments other than investments in associates or joint ventures are posted to the \u201cother financial assets\u201d item in non-current assets, are measured pursuant to IFRS 9 and are designated to the category of financial assets measured at fair value with changes in fair value recognised through other comprehensive income without recycling to profit and loss
The risk resulting from any losses exceeding the shareholders\u2019 equity value is recognised in a specific provision to the extent that the investor is committed to fulfilling legal or implicit obligations towards the investee or, in any case, to cover its losses.
Dividends relating to equity investments are recognised in profit and loss.
This category also includes non-controlling interests acquired by the Group within \u201cAd4Ventures\", a venture capital with the aim of making medium-term non-speculative investments in new Italian businesses with high growth potential, operating in the technology and digital field. The fair value of these investments can be determined based on special valuation models, by taking account of the prices of recent transactions on the capital of those companies or by referring to market valuation in the event of investments in listed companies.
Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
The Group is exposed to financial risks linked to:
- Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
- Interest rate fluctuations for long-term variable-rate loans;
- Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operate in its specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page274-cflshid_115568-tag101840": {
"value": "Financial receivables included in this caption are recognised at their amortised cost, using the actual interest rate method.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
Financial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page275-cflshid_116150-tag101846": {
"value": "7.8 DEFERRED TAX ASSETS AND LIABILITIESDeferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities and the corresponding tas base, on the basis of the tax rates that will be in force at the time when the temporary differences will reverse. When the results are recognised directly within equity, the current taxes, the deferred taxes assets and the deferred taxes liabilities are also recognised within equity. The Group also recognises deferred tax assets on tax losses if future taxable income is expected which will allow the Group to use these amounts.
The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements, with particular reference to the tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods.
In the case of any changes in the carrying amount of deferred tax assets and liabilities arising from a change in tax rates or the related legislation, rules or regulations, the resulting deferred taxes are recognised in the income statement, unless they relate to items that have previously been directly recognised withi equity. Deferred tax assets and liabilities are offset when it is lawful to offset current tax assets and liabilities, and when they refer to taxes due to the same Tax Authority and the Group intends to settle the current tax assets and liabilities on a net basis.
The table below shows net position between deferred tax assets and liabilities items as reported in Statement of Financial Position.
| 31/12/2023 | 31/12/2022 |
| Accruals of deferred tax assets | 327.2 | 357.6 |
| Deferred tax liabilities | (84.8) | (91.3) |
| Net position | 242.4 | 266.3 |
The deferred tax assets and liabilities reported above have been calculated based on temporary differences between the carrying amounts of assets and liabilities and their corresponding taxable base.
Deferred tax assets and liabilities are measured based on the current tax rates applicable at the time the differences will reverse.
Tax assets and liabilities arising from actuarial valuations of defined benefit plans, changes in cash flow hedge reserves and from the effects of consolidation adjustments directly recognised within equity are coherently recognised directly within equity.
The following tables show the breakdown of changes in deferred tax assets and deferred tax liabilities for the last two years.| DEFERRED TAX ASSETS | Balance at 1/1 | Amounts recognised to Profit and loss | Amounts recognised to OCI | Other changes | Balance at 31/12 |
| FY 2022 | 407.1 | (50.5) | (0.2) | 1.1 | 357.6 |
| FY 2023 | 357.6 | (31.0) | 1.6 | (1.0) | 327.2 |
| DEFERRED TAX LIABILITIES | Balance at 1/1 | Amounts recognised to Profit and loss | Amounts recognised to OCI | Other changes | Balance at 31/12 |
| FY 2022 | (105.9) | 22.3 | (7.9) | | (91.3) |
| FY 2023 | (91.3) | (0.4) | 6.9 | | (84.8) |
The Amounts recognised to Profit and loss, relating to Deferred tax assets, includes the utilisation of EUR 12.7 million as a consequence of the positive taxable income generated during the year by companies adhering to the Italian tax consolidation agreement, in addition to the accruals and releases carried out during the period for temporary differences.
Amounts recognised to OCI includes the changes in deferred tax assets and liabilities in relation to the valuation reserves for cash flow hedging derivatives, derivatives hedging the fair value of financial assets and reserves for actuarial gains and losses.The tables below show the breakdown of the temporary differences that gave rise to the deferred tax assets and liabilities for the last two years. | Temporary differences | Tax effect 31/12/2023 | Temporary differences | Tax effect 31/12/2022 |
| Deferred tax assets related to: | | | | |
| Property, plant and equipment | 9.2 | 2.3 | 15.3 | 3.8 |
| Intangible fixed assets | 267.0 | 65.9 | 239.5 | 59.1 |
| TV and movie rights | 1.7 | 0.6 | 80.0 | 20.3 |
| Provision for expected credit loss | 21.3 | 5.1 | 32.8 | 8.1 |
| Provisions for risk and charges | 43.7 | 11.3 | 57.7 | 15.2 |
| Post-employment benefit plans | 36.2 | 8.7 | 36.1 | 8.6 |
| Inventories | 5.1 | 1.4 | 2.9 | 0.8 |
| Tax losses carried forward | 761.1 | 182.7 | 808.6 | 194.1 |
| Other temporary differences | 28.6 | 6.9 | 7.6 | 1.6 |
| Consolidation adjustments | 151.7 | 42.3 | 165.1 | 46.1 |
| Total | 1,325.7 | 327.2 | 1,445.6 | 357.6 |
Deferred tax assets amount to EUR 327.2 million and include, in addition to the tax effects on the consolidation adjustments, EUR 17.0 million for temporary differences generated within the Grupo Audiovisual Mediaset Espa\u00f1a and EUR 310.2 million related to the companies adhering to the Italian tax consolidation perimeter. With regard to the latter component, EUR 181.8 million relates to the totality of IRES tax losses that can be carried forward indefinitely from the tax consolidation (EUR 757.5 million), which is down on the figure from 31 December 2022 (EUR 803.3 million), in line with the recoverability assessment estimates made at the end of the year. Tax losses carried forward also include the deferred tax assets from the tax losses relating to Beintoo, a company acquired in 2020 and therefore not part of the tax consolidation. It should be noted that no deferred tax assets have been recognized for the IRES tax losses carried forward (totalling to EUR 45 million) accrued by some companies prior to their acquisition by the Group and their inclusion in the Italian tax consolidation agreement.
The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years. With particular reference to deferred tax assets associated with the Italian tax consolidation arrangement containing IRES tax losses that can be carried forward indefinitely, the recognisability and recoverability for the period of the value of those deferred tax assets at 31 December 2023 was tested by estimating the IRES-taxable income from the Italian tax consolidation for the future years based on the following assumptions:
opre-tax profit/loss of Italian operations included in the tax consolidation in the 2024-2028 plans used in the context of the impairment tests based on the assumptions set forth by MFE-Mediaforeurope\u2019s Board of Directors on 13 March 2024;
oestimates of mainly tax variations, primarily relating to dividend income from subsidiaries and investees, higher tax amortisation of pay tv broadcasting rights impaired in 2018 and other tax-neutral components of profit or loss;oextrapolation of the taxable income beyond the period covered by the business plans used for the impairment test considering hypotheses of growth and profit margins in line with the assumptions (long-term growth rate and cash flows used to determine the terminal value) adopted for impairment test purposes.
Based on this analysis, a recovery period of 10 years was determined.
| Temporary differences | Tax effect 31/12/2023 | Temporary differences | Tax effect 31/12/2022 |
| Deferred tax liabilities related to: | | | | |
| Property, plant and equipment | 29.8 | 4.2 | 24.6 | 6.2 |
| Intangible fixed assets | 257.9 | 66.7 | 238.3 | 62.0 |
| Provision for expected credit loss | 0.6 | 0.1 | 0.6 | 0.1 |
| Post-employment benefit plans | 32.5 | 7.8 | 35.8 | 8.6 |
| Hedging derivatives | 22.2 | 5.3 | 47.8 | 11.5 |
| Other temporary differences | 3.4 | 0.7 | 6.4 | 1.5 |
| Consolidation adjustments | 0.1 | 0.0 | 4.9 | 1.4 |
| Total | 346.5 | 84.8 | 358.3 | 91.3 |
Intangible assets also include the tax effects of the final allocation of the purchase price paid for the acquisition of the Finelco Group (now Radiomediaset) in 2016; of the final allocation of the purchase price paid in 2018 for the acquisition of the companies Radio Subasio S.r.l. and Radio Aut S.r.l.; and of the acquisition of RMC Italia S.p.A. in 2019.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page275-cflshid_116150-tag101845": {
"value": "Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities and the corresponding tas base, on the basis of the tax rates that will be in force at the time when the temporary differences will reverse. When the results are recognised directly within equity, the current taxes, the deferred taxes assets and the deferred taxes liabilities are also recognised within equity. The Group also recognises deferred tax assets on tax losses if future taxable income is expected which will allow the Group to use these amounts.
The recognition of deferred tax assets is based on the forecasts of expected taxable income for future years.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements, with particular reference to the tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans used for impairment testing for the explicit forecast period and, through extrapolation from the latter of the expected taxable income for the subsequent periods.
In the case of any changes in the carrying amount of deferred tax assets and liabilities arising from a change in tax rates or the related legislation, rules or regulations, the resulting deferred taxes are recognised in the income statement, unless they relate to items that have previously been directly recognised withi equity. Deferred tax assets and liabilities are offset when it is lawful to offset current tax assets and liabilities, and when they refer to taxes due to the same Tax Authority and the Group intends to settle the current tax assets and liabilities on a net basis.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page279-cflshid_117936-tag101848": {
"value": "8.1 INVENTORIES
The inventories of raw materials, semi-finished and finished products are measured at the acquisition or production cost, including transaction charges (FIFO method), or their estimated net realisable value based on market conditions, whichever is lower. Inventories also include television broadcasting rights acquired for use periods of less than 12 months and the costs of already completed television productions, as these rights are intended to be expoited in full on their first broadcast. These inventories are stated at actual cost of purchase or production.
The item at the reporting date breaks down as follows:
| | 31/12/2023 | |
| Gross amount | Write-downs | Carrying amount |
| Raw and ancillary materials, consumables | 0.1 | - | 0.1 |
| Work in progress and semi-finished products | 3.5 | | 3.5 |
| Finished goods and products | 63.6 | (5.3) | 58.3 |
| Total | 67.2 | (5.3) | 61.9 |
| | 31/12/2022 | |
| Gross amount | Write-downs | Carrying amount |
| Raw and ancillary materials, consumables | 0.2 | - | 0.2 |
| Work in progress and semi-finished products | 2.0 | | 2.1 |
| Finished goods and products | 47.5 | (3.0) | 44.5 |
| Total | 49.7 | (3.0) | 46.7 |
oRaw materials, ancillary materials and consumables mainly include replacement parts for radio and television equipment. oWork in progress and semi-finished goods mainly include production sets and television productions in progress.
oFinished goods and products mainly include television productions, attributable to R.T.I. S.p.A. totalling EUR 28.5 million (EUR 20.4 million at 31 December 2022) and to Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n for EUR 4.6 million (EUR 2.2 million at 31 December 2022). The increase in the impairment provision includes the addition of EUR 2.2 million during the year for episodes produced but not broadcasted.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page279-cflshid_117940-tag101847": {
"value": "The inventories of raw materials, semi-finished and finished products are measured at the acquisition or production cost, including transaction charges (FIFO method), or their estimated net realisable value based on market conditions, whichever is lower. Inventories also include television broadcasting rights acquired for use periods of less than 12 months and the costs of already completed television productions, as these rights are intended to be expoited in full on their first broadcast. These inventories are stated at actual cost of purchase or production",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page280-cflshid_118400-tag101851": {
"value": "8.2 TRADE RECEIVABLES
Receivables are posted at their fair value, which \u2014 except where customers have been granted significantly extended payment terms \u2014 is the same as the value calculated using the amortised cost method. Pursuant to IFRS 9, trade receivables are classified within the categories provided for in the \u201cheld to collect\u201d or \u201chold to collect and sell\u201d business models. Their value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
The item at the reporting date breaks down as follows:
| Balance at 31/12/2023 Due | Balance at 31/12/2022 |
| TotalWithin 1 yearAfter 1 year | |
| Receivables from customers | 744.5734.110.4 | 697.6 |
| Receivables from related parties | 30.930.9 | 51.1 |
| Total | 775.4765.010.4 | 748.8 |
This item includes EUR 7.5 million in receivables due from Sky Italia S.r.l., EUR 5.0 million from Telecom Italia S.p.A. for the licence to use free-to-air channels, EUR 4.3 million from Infinity Selection for teh SVOD rights license and royalties and EUR 1.0 million from Netflix Inc.
The receivables due after 1 year amount to EUR 10.4 million (EUR 18.5 million in 2022) are classified as current receivables because they are expected to be settled in normal operating cycle.
The breakdown of receivables from related parties is reported in Note 15 below (Related-Party Transactions).
Credit risk
The credit risk mainly originates from the advertising sales on the MFE Group\u2019s Italian and Spanish television networks.
The Group, based on a specific policy, manages the credit risk relative to the advertising sales through a comprehensive customer credit rating procedure, with an analysis of their economic and financial situations both at the time of setting the initial credit limit and through the ongoing and continuous monitoring of observance of payment terms, updating, when necessary, the previously assigned credit limit.
Based on the above-mentioned credit rating procedure and its subsequent updates, it is possible to break down customer exposure into the following three classes of risk, which represent the summary of a wider and more complex subdivision:
Low riskCustomers with a standard risk index and a financial position that adequately supports their assigned credit limit.
Medium risk
Customers who have not regularly fulfilled their contractual commitments or have current economic/financial situations that are critical compared to those relative to their original credit limit. Based on these specifications of credit positions, an impairment loss is calculated based on the percentage impact of historically observed losses.
High risk
Customers with whom there are ongoing default situations, or there is objective insolvency regarding their receivables, for which specific write-downs are made and, in some cases, recovery plans agreed, or extended payment terms which, in any case, do not exceed 12 months.
Below is a table summarising the net balances and the provision for expected credit losses divided into the above classes.
| RISK CLASSES AT 31 DECEMBER 2023 | Gross receivables | | Past due | | Total past due | Provision for expected credit loss | Net Receivables |
| | 0-30 days | 30-60 days60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 416.2 | 21.6 | 6.41.5 | 9.4 | 38.9 | 0.7 | 415.5 |
| Medium | 34.0 | 6.8 | 0.60.4 | 4.1 | 11.9 | 0.9 | 33.1 |
| High | 22.3 | 1.7 | 1.00.7 | 10.3 | 13.7 | 9.8 | 12.5 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 213.9 | 4.3 | 1.20.8 | (0.0) | 6.2 | 1.1 | 212.7 |
| Medium | 4.4 | 0.0 | 0.00.0 | 0.0 | 0.1 | 2.0 | 2.4 |
| High | 2.6 | 0.0 | 0.10.04 | 2.0 | 2.5 | 1.6 | 1.0 |
| OTHER RECEIVABLES: | | | | | | | |
| TELCO operators | 19.6 | 1.0 | 0.90.0 | 1.5 | 3.4 | 1.3 | 18.2 |
| Movie distribution area | 22.2 | 16.2 | 0.60.2 | 4.3 | 21.3 | 5.8 | 16.4 |
| Other customers | 34.4 | 9.6 | 0.40.1 | 3.3 | 13.4 | 1.7 | 32.6 |
| RECEIVABLES FROM RELATED PARTIES: | | | | | | | |
| Low | 30.9 | (0.0) | -- | - | (0.0) | - | 30.9 |
| TOTAL TRADE RECEIVABLES | 800.4 | 61.3 | 11.14.1 | 34.9 | 111.4 | 25.1 | 775.3 |
| RISK CLASSES AT 31 DECEMBER 2022 | Gross receivables | | Past due | | Total past due | Provision for expected credit loss | Net Receivables |
| | 0-30 days | 30-60 days60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 377.4 | 20.0 | 5.21.9 | 7.6 | 34.8 | 0.9 | 376.5 |
| Medium | 28.0 | 3.6 | 0.40.3 | 0.9 | 5.2 | 1.4 | 26.6 |
| High | 25.6 | 1.8 | 1.20.8 | 10.3 | 14.1 | 10.0 | 15.5 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 215.3 | 6.3 | 0.80.2 | 1.1 | 8.4 | 3.3 | 212.0 |
| Medium | 8.3 | 0.0 | 0.00.1 | 0.1 | 0.3 | 0.1 | 8.2 |
| High | 1.9 | 0.0 | (0.1)- | 1.3 | 1.3 | 1.3 | 0.5 |
| OTHER RECEIVABLES: | | | | | | | |
| TELCO operators | 15.2 | 0.0 | 0.00.0 | 1.8 | 1.8 | 1.7 | 13.5 |
| Movie distribution area | 19.3 | 12.3 | 1.94.0 | 1.1 | 19.3 | 6.3 | 13.0 |
| Other customers | 37.1 | 9.3 | 0.50.1 | 6.7 | 16.6 | 5.5 | 31.7 |
| RECEIVABLES FROM RELATED PARTIES: | | | | | | | |
| Low | 51.2 | 0.3 | -(0.0) | 0.0 | 0.3 | - | 51.2 |
| TOTAL TRADE RECEIVABLES | 779.3 | 53.8 | 10.07.3 | 30.8 | 102.0 | 30.6 | 748.8 |
TELCO operators mainly comprises receivables from the sale of content activities.
Regarding the main type of trade receivables generated by the advertising business in Italy, in terms of concentration, 17.6% of revenues were made with the top 10 customers.
| Balance at 1/1 | Accruals | Utilizations/Reversals | Balance at 31/12 |
| FY 2023 | 30.6 | 2.0 | (7.4) | 25.1 |
| FY 2022 | 33.3 | 5.7 | (8.4) | 30.6 |
In addition, below is a table showing a detailed analysis of other financial assets, whose maximum credit risk exposure corresponds to the carrying amount.
| 31/12/23 | 31/12/22 |
| Financial receivables | 21.5 | 20.4 |
| Hedging derivatives | 24.9 | 50.4 |
| Trade receivables | 775.3 | 728.7 |
| Factoring receivables | 160.3 | 139.3 |
| Bank and postal deposits | 175.2 | 522.4 |
| Total financial assets | 1,157.1 | 1,461.2 |
Receivables are posted at their fair value, which \u2014 except where customers have been granted significantly extended payment terms \u2014 is the same as the value calculated using the amortised cost method. Pursuant to IFRS 9, trade receivables are classified within the categories provided for in the \u201cheld to collect\u201d or \u201chold to collect and sell\u201d business models. Their value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank.
The recognition of the sale of receivables is subject to the requirements laid down by IFRS 9 regarding the derecognition of financial assets. As a result, all receivables sold to factoring companies, with or without recourse, if the latter include clauses that entail maintaining a significant exposure to the performance of the cash flows from the receivables sold, remain in the financial statements, even if they have been legally sold, with a corresponding recognition of a financial liability for the same amount. Factoring fees are classified under the item \u201cPurchases, services, miscellaneous costs\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page280-cflshid_118467-tag101849": {
"value": "heir value at year-end is adjusted to their estimated realisable value and written down in the event of impairment, with expected credit loss measured using a time horizon of 12 months in the absence of any evidence of a significant increase in credit risk. For trade receivable, the simplified approach was applied. Receivables originating in non-EMU currencies are measured at the year-end spot rates issued by the European Central Bank. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page280-cflshid_118405-tag101852": {
"value": "Credit risk
The credit risk mainly originates from the advertising sales on the MFE Group\u2019s Italian and Spanish television networks.
The Group, based on a specific policy, manages the credit risk relative to the advertising sales through a comprehensive customer credit rating procedure, with an analysis of their economic and financial situations both at the time of setting the initial credit limit and through the ongoing and continuous monitoring of observance of payment terms, updating, when necessary, the previously assigned credit limit.
Based on the above-mentioned credit rating procedure and its subsequent updates, it is possible to break down customer exposure into the following three classes of risk, which represent the summary of a wider and more complex subdivision:
Low riskCustomers with a standard risk index and a financial position that adequately supports their assigned credit limit.
Medium risk
Customers who have not regularly fulfilled their contractual commitments or have current economic/financial situations that are critical compared to those relative to their original credit limit. Based on these specifications of credit positions, an impairment loss is calculated based on the percentage impact of historically observed losses.
High risk
Customers with whom there are ongoing default situations, or there is objective insolvency regarding their receivables, for which specific write-downs are made and, in some cases, recovery plans agreed, or extended payment terms which, in any case, do not exceed 12 months.
Below is a table summarising the net balances and the provision for expected credit losses divided into the above classes.
| RISK CLASSES AT 31 DECEMBER 2023 | Gross receivables | | Past due | | Total past due | Provision for expected credit loss | Net Receivables |
| | 0-30 days | 30-60 days60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 416.2 | 21.6 | 6.41.5 | 9.4 | 38.9 | 0.7 | 415.5 |
| Medium | 34.0 | 6.8 | 0.60.4 | 4.1 | 11.9 | 0.9 | 33.1 |
| High | 22.3 | 1.7 | 1.00.7 | 10.3 | 13.7 | 9.8 | 12.5 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 213.9 | 4.3 | 1.20.8 | (0.0) | 6.2 | 1.1 | 212.7 |
| Medium | 4.4 | 0.0 | 0.00.0 | 0.0 | 0.1 | 2.0 | 2.4 |
| High | 2.6 | 0.0 | 0.10.04 | 2.0 | 2.5 | 1.6 | 1.0 |
| OTHER RECEIVABLES: | | | | | | | |
| TELCO operators | 19.6 | 1.0 | 0.90.0 | 1.5 | 3.4 | 1.3 | 18.2 |
| Movie distribution area | 22.2 | 16.2 | 0.60.2 | 4.3 | 21.3 | 5.8 | 16.4 |
| Other customers | 34.4 | 9.6 | 0.40.1 | 3.3 | 13.4 | 1.7 | 32.6 |
| RECEIVABLES FROM RELATED PARTIES: | | | | | | | |
| Low | 30.9 | (0.0) | -- | - | (0.0) | - | 30.9 |
| TOTAL TRADE RECEIVABLES | 800.4 | 61.3 | 11.14.1 | 34.9 | 111.4 | 25.1 | 775.3 |
| RISK CLASSES AT 31 DECEMBER 2022 | Gross receivables | | Past due | | Total past due | Provision for expected credit loss | Net Receivables |
| | 0-30 days | 30-60 days60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 377.4 | 20.0 | 5.21.9 | 7.6 | 34.8 | 0.9 | 376.5 |
| Medium | 28.0 | 3.6 | 0.40.3 | 0.9 | 5.2 | 1.4 | 26.6 |
| High | 25.6 | 1.8 | 1.20.8 | 10.3 | 14.1 | 10.0 | 15.5 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | |
| Low | 215.3 | 6.3 | 0.80.2 | 1.1 | 8.4 | 3.3 | 212.0 |
| Medium | 8.3 | 0.0 | 0.00.1 | 0.1 | 0.3 | 0.1 | 8.2 |
| High | 1.9 | 0.0 | (0.1)- | 1.3 | 1.3 | 1.3 | 0.5 |
| OTHER RECEIVABLES: | | | | | | | |
| TELCO operators | 15.2 | 0.0 | 0.00.0 | 1.8 | 1.8 | 1.7 | 13.5 |
| Movie distribution area | 19.3 | 12.3 | 1.94.0 | 1.1 | 19.3 | 6.3 | 13.0 |
| Other customers | 37.1 | 9.3 | 0.50.1 | 6.7 | 16.6 | 5.5 | 31.7 |
| RECEIVABLES FROM RELATED PARTIES: | | | | | | | |
| Low | 51.2 | 0.3 | -(0.0) | 0.0 | 0.3 | - | 51.2 |
| TOTAL TRADE RECEIVABLES | 779.3 | 53.8 | 10.07.3 | 30.8 | 102.0 | 30.6 | 748.8 |
TELCO operators mainly comprises receivables from the sale of content activities.
Regarding the main type of trade receivables generated by the advertising business in Italy, in terms of concentration, 17.6% of revenues were made with the top 10 customers.
| Balance at 1/1 | Accruals | Utilizations/Reversals | Balance at 31/12 |
| FY 2023 | 30.6 | 2.0 | (7.4) | 25.1 |
| FY 2022 | 33.3 | 5.7 | (8.4) | 30.6 |
In addition, below is a table showing a detailed analysis of other financial assets, whose maximum credit risk exposure corresponds to the carrying amount.
| 31/12/23 | 31/12/22 |
| Financial receivables | 21.5 | 20.4 |
| Hedging derivatives | 24.9 | 50.4 |
| Trade receivables | 775.3 | 728.7 |
| Factoring receivables | 160.3 | 139.3 |
| Bank and postal deposits | 175.2 | 522.4 |
| Total financial assets | 1,157.1 | 1,461.2 |
| Balance at 1/1 | Accruals | Utilizations/Reversals | Balance at 31/12 |
| FY 2023 | 30.6 | 2.0 | (7.4) | 25.1 |
| FY 2022 | 33.3 | 5.7 | (8.4) | 30.6 |
8.3 TAX CREDITS, OTHER RECEIVABLES AND CURRENT ASSETS
8.3.1 Tax receivables
This item, amounting to EUR 28.2 million (EUR 40.9 million at 31 December 2022) includes EUR 18.2 million relating to the net position towards the tax authorities to the Group\u2019s Italian companies adhering to the Italian tax consolidation agreement (EUR 17.8 million at 31 December 2022).
In addition, this item included EUR 9.4 million (EUR 12.5 million at 31 December 2022) representing the net IRAP tax position for Group companies with respect to advances paid, and EUR 0.4 million (EUR 10.3 million at 31 December 2022) for the tax credits of the subsidiary Mediaset Espa\u00f1a S.A..8.3.2 Other receivables and current assets
| 31/12/2023 | 31/12/2022 |
| Other receivables | 211.1 | 189.7 |
| Prepayments and accrued income | 54.5 | 54.2 |
| Total | 265.6 | 243.9 |
Other receivables mainly include:
oadvances totalling EUR 17.5 million to suppliers, contractors and agents, paid to advertising professionals and suppliers, and to suppliers, artists and professionals involved in television productions (EUR 13.1 million at 31 December 2022).
oEUR 29.9 million in receivables from tax authorities (EUR 30.9 million at 31 December 2022):
oReceivables totalling EUR 159.8 million due from factoring companies for the transfer of trade receivables without recourse, for which settlement by the factor, not occurred at the reporting date, had been collected in the first part of 2023 based on contractual terms. During the year the amount of receivables transferred to factoring companies with a non-recourse clause total of EUR 1,085.0 million (EUR 1,014.4 million at 31 December 2022).
Prepayments and accrued income, of which EUR 6.0 million from Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n S.A., mainly refers (EUR 14.6 million) to the already-incurred costs pertaining to the next fiscal year for the rights to broadcast Coppa Italia matches in the 2023/24 season as paid to Lega Nazionale Professionisti Serie A, and some matches from the 2023/24 UEFA Champions League (EUR 14.7 million).
8.3.1 Tax receivables
This item, amounting to EUR 28.2 million (EUR 40.9 million at 31 December 2022) includes EUR 18.2 million relating to the net position towards the tax authorities to the Group\u2019s Italian companies adhering to the Italian tax consolidation agreement (EUR 17.8 million at 31 December 2022).
In addition, this item included EUR 9.4 million (EUR 12.5 million at 31 December 2022) representing the net IRAP tax position for Group companies with respect to advances paid, and EUR 0.4 million (EUR 10.3 million at 31 December 2022) for the tax credits of the subsidiary Mediaset Espa\u00f1a S.A..11.3 CURRENT TAX LIABILITIES
This item, amounting to EUR 11.8 million (EUR 11.6 million at 31 December 2022) includes payables to the tax authorities for companies not scoped into the tax consolidation arrangement, and taxes payable by foreign companies.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page284-cflshid_120754-tag101856": {
"value": "Prepayments and accrued income, of which EUR 6.0 million from Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n S.A., mainly refers (EUR 14.6 million) to the already-incurred costs pertaining to the next fiscal year for the rights to broadcast Coppa Italia matches in the 2023/24 season as paid to Lega Nazionale Professionisti Serie A, and some matches from the 2023/24 UEFA Champions League (EUR 14.7 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page285-cflshid_120991-tag101858": {
"value": "8.4 CURRENT FINANCIAL ASSETSFinancial assets are recognised in the financial statements based on their transaction date and they are initially measured at cost, including the expenses directly connected with their acquisition.
At subsequent reporting dates, the financial assets (except for derivative financial instruments) are recognised at amortised cost, according to the actual interest rate method, net of impairment losses.
Financial assets not classed with the categories provided for in the \u201chold to collect\u201d or \u201chold to collect and sell\u201d business models are measured at fair value in each accounting period with their impacts recognised in profit and loss under the item \u201cFinancial (Expenses)/Income\u201d or to a specific shareholders\u2019 equity reserve and until they are realised or have suffered an impairment (this reserve is classified under \u201cValuation reserve\u201d).
The fair value of securities listed on an active market is based on market prices at the reporting date.
The fair value of securities that are not listed on an active market and of trading derivatives is calculated by using the measurement models and techniques most widely adopted in the market, or by using the price supplied by several independent counterparts.
| 31/12/2023 | 31/12/2022 |
| Financial receivables (due within 12 months) | 8.1 | 9.6 |
| Financial assets for other hedging derivatives | 16.3 | 21.4 |
| Financial assets for equity hedging derivatives | 14.5 | 2.8 |
| Financial assets for derivatives with no hedging purpose | - | 0.3 |
| Total | 38.8 | 34.1 |
Current financial receivables maturing within 12 months mainly include EUR 2.3 million (EUR 2.7 million at 31 December 2022) for government grants for movie productions made by Medusa Film S.p.A., which had been approved but not paid at the reporting date; EUR 0.9 million (EUR 1.8 million at 31 December 2022) for cash pooling accounts managed by MFE-MEDIAFOREUROPE N.V. on behalf of associates and joint ventures; as well as EUR 2.4 million in receivables due from the company Alea Media and EUR 0.8 million due from Fenix Media Audiovisual S.L.
Financial assets for other hedging derivatives consisted exclusively of the current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
Financial assets for equity hedging derivatives relates to the current portion of the fair value of the put options agreed for the hedging of fair value changes in the equity investment held in Prosiebensat.1 Media SE.
11.6 NET FINANCIAL POSITIONBelow is a breakdown of the consolidated Net Financial Position in accordance with ESMA\u2019s \u201cGuidelines on disclosure requirements under the Prospectus Regulation\u201d of 4 March 2021, showing the net current and non-current financial debt of the Group. For each of the items reported, reference is given to the relative explanatory note.
For a breakdown of changes in the net financial position over the year, see the section on the Group's balance sheet and financial structure in the Directors\u2019 Report on Operations.
With reference to Note 11.2 above regarding the waivers obtained by MFE-MEDIAFOREUROPE N.V. from loan counterparties, the adjusted Net Financial Position is also reported for use in some indices, based on the covenants set forth in those agreements. The adjustments refer to the current and non-current portions of the financial liabilities recognised pursuant to IFRS 16 (lease) and payables relating to the loans contracted by MFE and Mediaset Espa\u00f1a for the acquisition of the equity interest in ProsiebenSat1.
| | 31/12/2023 | 31/12/2022 |
| Cash in hand | 8.5 | 0.1 | 0.1 |
| Current accounts and demand deposits | 8.5 | 175.2 | 522.4 |
| Liquidity | | 175.3 | 522.5 |
| Current financial assets and receivables | 8.4 | 7.2 | 6.9 |
| Credit facilities | 11.1 | (27.0) | (6.0) |
| Current portion of non current debt | | (204.5) | (259.2) |
| Other current payables and financial liabilities | 11.4 | (60.9) | (66.9) |
| Current financial debt | | (292.5) | (332.0) |
| Current Net Financial Position | | (110.0) | 197.3 |
| Non current due to banks | 10.2 | (698.1) | (998.0) |
| Non-current financial payables and liabilities | 10.2 | (94.8) | (72.6) |
| Trade payables and other payables | | - | - |
| Non current financial debt | | (792.8) | (1,070.6) |
| Net Financial Indebtedness | | (902.8) | (873.3) |
| Current portion of non current debt | | 52.6 | - |
| IFRS 16 lease financial liabilities (current portion) | | 17.4 | 16.4 |
| Due to banks (non-current) | | - | 52.4 |
| Non-current financial payables and liabilities (IFRS 16 liabilities) | | 94.6 | 72.4 |
Net financial position (excluding IFRS 16 liabilities and ProSieben acquisition debt) | | (738.2) | (732.1) |
Below is a breakdown of certain Financial Position items; please refer as required to individual financial statement items for comments on the main changes in figures.
Current financial assets and receivables includes EUR 7.2 million for the financial receivables indicated in note 8.4.
As indicated in note 11.4, Other current payables and financial liabilities includes payables to factoring companies, cash pooling arrangements with associates and joint venture and loans received to finance movie development, distribution and production operations, and the EUR 17.4 million current portion of the leases liabilities recognised in accordance with IFRS 16.
Current amounts of non-current financial debt includes the EUR 204.5 million current portion of medium/long-term bank loans.
As indicated in note 10.2, Non-current financial payables and liabilities includes the EUR 94.6 million non-current portion of the payables for leases recognised in accordance with IFRS 16.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page285-cflshid_120996-tag101857": {
"value": "Financial assets for other hedging derivatives consisted exclusively of the current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
Financial assets for equity hedging derivatives relates to the current portion of the fair value of the put options agreed for the hedging of fair value changes in the equity investment held in Prosiebensat.1 Media SE.
Financial liabilities for other hedging derivatives consisted of the EUR 1.6 million current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
Financial liabilities for hedging derivatives on equity instruments relate to the call option granted to the financial counterparty as part of the collar agreement hedging the fair value changes in the equity investment held in Prosiebensat.1 Media SE.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page286-cflshid_121404-tag101860": {
"value": "8.5 CASH AND CASH EQUIVALENTS
This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
Below is a breakdown of the item:
| 31/12/2023 | 31/12/2022 |
| Current accounts and demand deposits | 175.2 | 522.4 |
| Cash in hand | 0.1 | 0.1 |
| Total | 175.3 | 522.5 |
Of the total amount, EUR 71.5 million referred to Grupo Audiovisual Mediaset Espa\u00f1a.S.A.U.
A more detailed breakdown of changes in cash and cash equivalents is reported in the consolidated statement of cash flow.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page286-cflshid_121404-tag101859": {
"value": "This item includes petty cash, bank current accounts and deposits that are repayable on demand and other short-term and highly liquid financial investments that are readily convertible into cash, with an insignificant risk of a change in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page287-cflshid_121537-tag101861": {
"value": "9. SHARE CAPITAL AND RESERVES
\u00a0
9.1 SHARE CAPITAL
At 31 December 2023, the fully subscribed share capital was EUR 161.7 million. The change on the previous year relates to: \u2212EUR 13.3 million for the increase in share capital on 3 May 2023, following the issue of 220,934,896 new MFE A-class ordinary shares each with a par value of EUR 0.06, which were allocated in a share deal with the former shareholders of Mediaset Espa\u00f1a Comunicaci\u00f3n SA in accordance with the merger plan;
\u2212EUR 5.3 million for the reduction in share capital due to the cancellation of MFE A-class treasury shares in portfolio;
\u2212and EUR 646.6 million for the reduction in share capital carried out on 23 October 2023, offset by an increase in the share premium reserve as part of the reverse split process.
As a result of these changes, share is formed by 331,702,599 MFE A-class shares each with a par value of EUR 0.06 and carrying 1 voting right per share, and 236,245,512 ordinary B-class shares each with a par value of EUR 0.60 and carrying 10 voting rights per share.. Both share classes grant their holders the same property rights, the same economic treatment and - except for voting - equal administrative rights.
Both classes of share are listed on Euronext Milan (EXM), a stock market organised and managed by Borsa Italiana S.p.A. Since 14 June 2023, MFE A-class shares are also traded on the Spanish Stock Exchanges of Barcelona, Bilbao, Madrid and Valencia organised and managed by the relevant stock market management companies (Sociedades Rectoras de las Bolsas de Valores).
9.2 SHARE PREMIUM RESERVE
At 31 December 2023, the Share premium reserve amounted to EUR 1,149.6 million. The EUR 725.6 million change during the year includes EUR 646.6 million for the reverse split of ordinary A-class and B-class shares and EUR 79.0 million as the difference between the fair value attributed to each new MFE A-class share issued in the context of the share capital increase of 3 May 2023 following the merger with Mediaset Espa\u00f1a Communicacion S.A. and the par value attributed to each new share.
9.3 TREASURY SHARES Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
This item includes the B-Class Shares of MFE-MEDIAFOREUROPE N.V. that were purchased pursuant to resolutions of ordinary shareholders' meetings of 16 April 2003, 27 April 2004, 29 April 2005, 20 April 2006 and 19 April 2007, and the A-Class Shares acquired during 2022 by resolution of the ordinary shareholders\u2019 meeting of 29 June 2022.
On 23 October 2023, MFE - MEDIAFOREUROPE NV, in implementation of the resolution passed at the Shareholders\u2019 Meeting of 7 June 2023, effected a reverse split of A-class ordinary shares and B-class ordinary shares such that 5 Ordinary Shares were reverse split into 1 new Ordinary Share.
At 31 December 2023, the carrying amount of treasury shares in the portfolio totalled EUR 358.0 million, equivalent to 7,724,109 MFE B-class shares.
The changes for the period by share class are shown below.
| | FY 2023 | | FY 2022 |
| A-class shares* | Carrying amount | A-class shares | Carrying amount |
| Opening balance | 88,707,693 | 32.6 | | - |
| Additions | - | - | 88,707,693 | 32.6 |
| Disposals | (88,707,693) | (32.6) | | |
| Final balance | - | - | 88,707,693 | 32.6 |
*The cancellation of A-class treasury shares occurred on 2 May 2023, prior to the reverse stock split of 23 October 2023.
| FY 2023 | FY 2022 | |
| B-class sharesCarrying amount | Number of shares | Carrying amount |
| Opening balance | 38,627,313358.1 | 40,398,915 | 374.5 |
| Additions before reverse stock split | -- | - | - |
| Disposals before reverse stock split | (2,653)(0.0) | - | - |
| Additions (Disposals) due to reverse stock split | (30,899,728)- | - | - |
| Additions | -- | - | - |
| Disposals | (823)(0.0) | (1,771,602) | (16.4) |
| Final balance | 7,724,109358.1 | 38,627,313 | 358.1 |
Disposals of A-class shares during the year refers to the cancellation of treasury shares held in portfolio in implementation of the resolution of the MFE\u2019s shareholder meeting of 15 March 2023 in relation to the cross-border merger by incorporation of Mediaset Espa\u00f1a Comunicaci\u00f3n into MFE.Disposals of B-class shares during the year refers to the reduction in shares due to the reverse stock split in a ratio of 5 shares to 1 that occurred on 23 October 2023, as well as the assignment of shares to a former shareholder of Videotime SpA, a company that was merged by incorporation into Mediaset S.p.A. (now MFE-MEDIAFOREUROPE NV) on 1 March 2018 pursuant to the merger plan.
9.4 REVALUATION RESERVES
The Revaluation reserve for investments measured at FVTOCI (fair value through other comprehensive income) consists of the fair value measurement of equity investments included in the caption Other financial assets in non-current assets and classified as \u201cFVTOCI financial assets\u201d, as provided for in IFRS 9. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Revaluation reserve for cash flow hedges is connected with valuations of derivative instruments designated as hedges against the foreign exchange risk associated with the acquisition of television and movie broadcasting rights in foreign currencies, or as hedges against the interest rate risk associated with medium and long-term financial liabilities. This valuation is entered with changes recognised in other comprehensive income, within the items that may be subsequently reclassified to profit and loss.
The Time value reserve and Options intrinsic value reserve were created for measuring instruments hedging the fair value of equity derivatives; they provide - in line with the rules for the hedged item - that changes in other items of the comprehensive income statement should be recognised without reversal to the income statement.
| 31/12/2023 | 31/12/2022 |
| Revaluation reserve for investments measured at FVTOCI | (60.2) | (230.1) |
| Revaluation reserve for cash flow hedges | 16.9 | 36.3 |
| Options time value reserve | (7.9) | (59.7) |
| Options intrinsic value reserve | 13.0 | 5.1 |
| Total | 38.2 | 248.4 |
The table below shows the changes in these reserves over the year for equity attributable to shareholders of the parent company. | Revaluation reserve for investments measured at FVTOCI | Revaluation reserve for cash flow hedges | Options time value reserve | Options intrinsic value reserve | Total Valuation reserve |
| Balance at 31/12/2022 | (230.1) | 36.3 | (59.7) | 5.1 | (248.4) |
| Increase/(decrease) | - | (1.0) | - | - | (1.0) |
| Reclassification to profit or loss | - | 1.1 | - | - | 1.1 |
| Basis adjustment | - | (5.1) | 3.4 | 2.1 | 0.4 |
| Fair value changes | (18.1) | (20.5) | 5.6 | 5.8 | (27.3) |
| Deferred tax effects | 1.6 | 6.1 | (1.6) | - | 6.2 |
| Other changes | 186.5 | - | 44.3 | - | 230.8 |
| Balance at 31/12/2023 | (60.2) | 16.9 | (7.9) | 13.0 | (38.2) |
Basis adjustment refers to the reclassification and integration of the cost for ProsiebenSat1 shares measured with the equity method following the settlement of the derivate financial instruments hedging the further acquisition of shares.
Other changes \u2013 relating mainly to the items FVTOCI equity investments and Options time value reserve \u2013 refers to the reclassification to Retained Earnings and Other Reserves of the cumulative fair value differences due to the Prosieben investment being reclassified under equity investments in associates and joint ventures.
9.5 RETAINED EARNINGS AND OTHER RESERVES The Reserve from equity investments accounted for using the equity method refers to the components directly recognised equity by associates and joint ventures accounted for by using the equity method
The Consolidation reserve refers to the effects of the business combination under common control of Medusa S.p.A. acquired in 2007.
The Reserve for transaction with non-controlling interest refers to the differences between the considerations paid or received for the purchase or sale of minority shares held in subsidiaries with respect to the corresponding portion of their accounting net equity.
The Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans for the allocation of MFE A-class and B-class shares.
The Reserve for actuarial gains/(losses) consists of components arising from the actuarial valuation of defined benefit plans, recognised directly through shareholders' equity. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
| 31/12/2023 | 31/12/2022 |
| Reserve from equity investments accounted for using the equity method | (12.7) | (6.3) |
| Consolidation reserve | (79.0) | (79.0) |
| Reserves for transaction with non-controlling interest | 249.7 | 183.2 |
| Stock option and incentive plans reserve | 9.8 | 4.6 |
| Reserve from actuarial gains/(losses) | (29.9) | (28.6) |
| Retained earnings | 1,607.1 | 1,791.9 |
| Total | 1,744.8 | 1,865.7 |
| 31/12/2022 | Increase/decrease | Tax effect | Reclassification | 31/12/2023 |
Reserve from equity investments accounted for using the equity method | (6.2) | (6.5) | - | - | (12.7) |
| Consolidation reserve | (79.0) | - | - | - | (79.0) |
| Reserves for transaction with non-controlling interest | 183.2 | 66.5 | - | - | 249.7 |
| Stock option and incentive plans reserve | 4.6 | 4.7 | - | 0.4 | 9.8 |
| Reserve for actuarial gains/(losses) | (28.6) | (1.7) | 0.4 | - | (29.9) |
| Retained earnings | 1,791.9 | 73.9 | - | (258.7) | 1,607.4 |
| Retained earnings and other reserves | 1,865.7 | 136.9 | 0.4 | (258.2) | 1,744.8 |
The change for the period in Reserve from equity investments accounted for using the equity method refers, in the context of investments measures using the equity method, to the pro-quota part of the components directly recognised in the net shareholders\u2019 equity of investees.
The EUR 66.7 million change in the item Reserves for transactions with non controlling interests refers to the effects of purchasing the residual minority shares in Mediaset Espa\u00f1a as part of the Transactions related to the completion of the merger by incorporation of the company into MFE.
The change in the Stock option and incentive plans reserve consisted to the effect of the costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans adopted by MFE-MEDIAFOREUROPE N.V. The EUR 4.7 million change for the period relates to increases in the costs accruing under incentive plans issued by the Group in the 2021, 2022 and 2023 fiscal years.The change in Retained earnings is primarily due to the recognition of the previous year\u2019s profits of EUR 216.9 million and the distribution of EUR 140.1 million in dividends, which were paid out on 26 July by resolution of the Shareholders\u2019 general meeting dated 7 June 2023, as well as EUR 3.0 million in costs borne by the Group during the year for the voluntary purchase and exchange offer over the non-controlling interest in the subsidiary Mediaset Espa\u00f1a.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page287-cflshid_121537-tag101862": {
"value": "9.1 SHARE CAPITAL
At 31 December 2023, the fully subscribed share capital was EUR 161.7 million. The change on the previous year relates to: \u2212EUR 13.3 million for the increase in share capital on 3 May 2023, following the issue of 220,934,896 new MFE A-class ordinary shares each with a par value of EUR 0.06, which were allocated in a share deal with the former shareholders of Mediaset Espa\u00f1a Comunicaci\u00f3n SA in accordance with the merger plan;
\u2212EUR 5.3 million for the reduction in share capital due to the cancellation of MFE A-class treasury shares in portfolio;
\u2212and EUR 646.6 million for the reduction in share capital carried out on 23 October 2023, offset by an increase in the share premium reserve as part of the reverse split process.
As a result of these changes, share is formed by 331,702,599 MFE A-class shares each with a par value of EUR 0.06 and carrying 1 voting right per share, and 236,245,512 ordinary B-class shares each with a par value of EUR 0.60 and carrying 10 voting rights per share.. Both share classes grant their holders the same property rights, the same economic treatment and - except for voting - equal administrative rights.
Both classes of share are listed on Euronext Milan (EXM), a stock market organised and managed by Borsa Italiana S.p.A. Since 14 June 2023, MFE A-class shares are also traded on the Spanish Stock Exchanges of Barcelona, Bilbao, Madrid and Valencia organised and managed by the relevant stock market management companies (Sociedades Rectoras de las Bolsas de Valores).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page288-cflshid_121848-tag101864": {
"value": "9.3 TREASURY SHARES Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
This item includes the B-Class Shares of MFE-MEDIAFOREUROPE N.V. that were purchased pursuant to resolutions of ordinary shareholders' meetings of 16 April 2003, 27 April 2004, 29 April 2005, 20 April 2006 and 19 April 2007, and the A-Class Shares acquired during 2022 by resolution of the ordinary shareholders\u2019 meeting of 29 June 2022.
On 23 October 2023, MFE - MEDIAFOREUROPE NV, in implementation of the resolution passed at the Shareholders\u2019 Meeting of 7 June 2023, effected a reverse split of A-class ordinary shares and B-class ordinary shares such that 5 Ordinary Shares were reverse split into 1 new Ordinary Share.
At 31 December 2023, the carrying amount of treasury shares in the portfolio totalled EUR 358.0 million, equivalent to 7,724,109 MFE B-class shares.
The changes for the period by share class are shown below.
| | FY 2023 | | FY 2022 |
| A-class shares* | Carrying amount | A-class shares | Carrying amount |
| Opening balance | 88,707,693 | 32.6 | | - |
| Additions | - | - | 88,707,693 | 32.6 |
| Disposals | (88,707,693) | (32.6) | | |
| Final balance | - | - | 88,707,693 | 32.6 |
*The cancellation of A-class treasury shares occurred on 2 May 2023, prior to the reverse stock split of 23 October 2023.
| FY 2023 | FY 2022 | |
| B-class sharesCarrying amount | Number of shares | Carrying amount |
| Opening balance | 38,627,313358.1 | 40,398,915 | 374.5 |
| Additions before reverse stock split | -- | - | - |
| Disposals before reverse stock split | (2,653)(0.0) | - | - |
| Additions (Disposals) due to reverse stock split | (30,899,728)- | - | - |
| Additions | -- | - | - |
| Disposals | (823)(0.0) | (1,771,602) | (16.4) |
| Final balance | 7,724,109358.1 | 38,627,313 | 358.1 |
Disposals of A-class shares during the year refers to the cancellation of treasury shares held in portfolio in implementation of the resolution of the MFE\u2019s shareholder meeting of 15 March 2023 in relation to the cross-border merger by incorporation of Mediaset Espa\u00f1a Comunicaci\u00f3n into MFE.Disposals of B-class shares during the year refers to the reduction in shares due to the reverse stock split in a ratio of 5 shares to 1 that occurred on 23 October 2023, as well as the assignment of shares to a former shareholder of Videotime SpA, a company that was merged by incorporation into Mediaset S.p.A. (now MFE-MEDIAFOREUROPE NV) on 1 March 2018 pursuant to the merger plan.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page288-cflshid_121853-tag101863": {
"value": "Treasury shares are recognised at cost and recorded as a reduction of shareholders' equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page289-cflshid_122337-tag101866": {
"value": "9.4 REVALUATION RESERVES
The Revaluation reserve for investments measured at FVTOCI (fair value through other comprehensive income) consists of the fair value measurement of equity investments included in the caption Other financial assets in non-current assets and classified as \u201cFVTOCI financial assets\u201d, as provided for in IFRS 9. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Revaluation reserve for cash flow hedges is connected with valuations of derivative instruments designated as hedges against the foreign exchange risk associated with the acquisition of television and movie broadcasting rights in foreign currencies, or as hedges against the interest rate risk associated with medium and long-term financial liabilities. This valuation is entered with changes recognised in other comprehensive income, within the items that may be subsequently reclassified to profit and loss.
The Time value reserve and Options intrinsic value reserve were created for measuring instruments hedging the fair value of equity derivatives; they provide - in line with the rules for the hedged item - that changes in other items of the comprehensive income statement should be recognised without reversal to the income statement.
| 31/12/2023 | 31/12/2022 |
| Revaluation reserve for investments measured at FVTOCI | (60.2) | (230.1) |
| Revaluation reserve for cash flow hedges | 16.9 | 36.3 |
| Options time value reserve | (7.9) | (59.7) |
| Options intrinsic value reserve | 13.0 | 5.1 |
| Total | 38.2 | 248.4 |
The table below shows the changes in these reserves over the year for equity attributable to shareholders of the parent company. | Revaluation reserve for investments measured at FVTOCI | Revaluation reserve for cash flow hedges | Options time value reserve | Options intrinsic value reserve | Total Valuation reserve |
| Balance at 31/12/2022 | (230.1) | 36.3 | (59.7) | 5.1 | (248.4) |
| Increase/(decrease) | - | (1.0) | - | - | (1.0) |
| Reclassification to profit or loss | - | 1.1 | - | - | 1.1 |
| Basis adjustment | - | (5.1) | 3.4 | 2.1 | 0.4 |
| Fair value changes | (18.1) | (20.5) | 5.6 | 5.8 | (27.3) |
| Deferred tax effects | 1.6 | 6.1 | (1.6) | - | 6.2 |
| Other changes | 186.5 | - | 44.3 | - | 230.8 |
| Balance at 31/12/2023 | (60.2) | 16.9 | (7.9) | 13.0 | (38.2) |
Basis adjustment refers to the reclassification and integration of the cost for ProsiebenSat1 shares measured with the equity method following the settlement of the derivate financial instruments hedging the further acquisition of shares.
Other changes \u2013 relating mainly to the items FVTOCI equity investments and Options time value reserve \u2013 refers to the reclassification to Retained Earnings and Other Reserves of the cumulative fair value differences due to the Prosieben investment being reclassified under equity investments in associates and joint ventures.
9.5 RETAINED EARNINGS AND OTHER RESERVES The Reserve from equity investments accounted for using the equity method refers to the components directly recognised equity by associates and joint ventures accounted for by using the equity method
The Consolidation reserve refers to the effects of the business combination under common control of Medusa S.p.A. acquired in 2007.
The Reserve for transaction with non-controlling interest refers to the differences between the considerations paid or received for the purchase or sale of minority shares held in subsidiaries with respect to the corresponding portion of their accounting net equity.
The Stock option and incentive plans reserve consisted of the contra-entries for costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans for the allocation of MFE A-class and B-class shares.
The Reserve for actuarial gains/(losses) consists of components arising from the actuarial valuation of defined benefit plans, recognised directly through shareholders' equity. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
| 31/12/2023 | 31/12/2022 |
| Reserve from equity investments accounted for using the equity method | (12.7) | (6.3) |
| Consolidation reserve | (79.0) | (79.0) |
| Reserves for transaction with non-controlling interest | 249.7 | 183.2 |
| Stock option and incentive plans reserve | 9.8 | 4.6 |
| Reserve from actuarial gains/(losses) | (29.9) | (28.6) |
| Retained earnings | 1,607.1 | 1,791.9 |
| Total | 1,744.8 | 1,865.7 |
| 31/12/2022 | Increase/decrease | Tax effect | Reclassification | 31/12/2023 |
Reserve from equity investments accounted for using the equity method | (6.2) | (6.5) | - | - | (12.7) |
| Consolidation reserve | (79.0) | - | - | - | (79.0) |
| Reserves for transaction with non-controlling interest | 183.2 | 66.5 | - | - | 249.7 |
| Stock option and incentive plans reserve | 4.6 | 4.7 | - | 0.4 | 9.8 |
| Reserve for actuarial gains/(losses) | (28.6) | (1.7) | 0.4 | - | (29.9) |
| Retained earnings | 1,791.9 | 73.9 | - | (258.7) | 1,607.4 |
| Retained earnings and other reserves | 1,865.7 | 136.9 | 0.4 | (258.2) | 1,744.8 |
The change for the period in Reserve from equity investments accounted for using the equity method refers, in the context of investments measures using the equity method, to the pro-quota part of the components directly recognised in the net shareholders\u2019 equity of investees.
The EUR 66.7 million change in the item Reserves for transactions with non controlling interests refers to the effects of purchasing the residual minority shares in Mediaset Espa\u00f1a as part of the Transactions related to the completion of the merger by incorporation of the company into MFE.
The change in the Stock option and incentive plans reserve consisted to the effect of the costs accrued, measured in accordance with IFRS 2, relating to medium-long term incentive plans adopted by MFE-MEDIAFOREUROPE N.V. The EUR 4.7 million change for the period relates to increases in the costs accruing under incentive plans issued by the Group in the 2021, 2022 and 2023 fiscal years.The change in Retained earnings is primarily due to the recognition of the previous year\u2019s profits of EUR 216.9 million and the distribution of EUR 140.1 million in dividends, which were paid out on 26 July by resolution of the Shareholders\u2019 general meeting dated 7 June 2023, as well as EUR 3.0 million in costs borne by the Group during the year for the voluntary purchase and exchange offer over the non-controlling interest in the subsidiary Mediaset Espa\u00f1a.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page289-cflshid_122337-tag101865": {
"value": "The Revaluation reserve for investments measured at FVTOCI (fair value through other comprehensive income) consists of the fair value measurement of equity investments included in the caption Other financial assets in non-current assets and classified as \u201cFVTOCI financial assets\u201d, as provided for in IFRS 9. This valuation is entered with changes recognised in the other items of the comprehensive income statement without recycling to profit and loss.
The Revaluation reserve for cash flow hedges is connected with valuations of derivative instruments designated as hedges against the foreign exchange risk associated with the acquisition of television and movie broadcasting rights in foreign currencies, or as hedges against the interest rate risk associated with medium and long-term financial liabilities. This valuation is entered with changes recognised in other comprehensive income, within the items that may be subsequently reclassified to profit and loss.
The Time value reserve and Options intrinsic value reserve were created for measuring instruments hedging the fair value of equity derivatives; they provide - in line with the rules for the hedged item - that changes in other items of the comprehensive income statement should be recognised without reversal to the income statement.
The Group is exposed to financial risks linked to:
- Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
- Interest rate fluctuations for long-term variable-rate loans;
- Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operate in its specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page296-cflshid_125106-tag101870": {
"value": "10.2 FINANCIAL PAYABLES AND LIABILITIES Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
| 31/12/2023 | 31/12/2022 |
| Due to banks | 698.1 | 998.0 |
| Payables to other lenders | 8.1 | 0.1 |
| IFRS 16 lease financial liabilities (non current portion) | 94.6 | 72.4 |
| Financial liabilities for hedging derivatives on equity instruments | - | 19.7 |
| Other financial liabilities | 0.3 | 5.4 |
| Total | 801.1 | 1,095.6 |
Due to banks (non current portion) refers to the portion of committed credit facilities maturing beyond 12 months and attributable to MFE-MEDIAFOREUROPE N.V. and Mediaset Espa\u00f1a S.A. These payables are recognised in the financial statements using the amortised cost method.
A breakdown of the change of EUR 299.9 million for the year is provided below:
\u2212reclassification, under Current financial payables, of EUR 128 million nominal for two credit facilities maturing in the next 12 months; of EUR 25 million current portion of a loan; and of EUR 24.4 million current portion of the loan taken out by MFE-MEDIAFOREUROPE N.V. with Credit Suisse.
\u2212early repayment of three loans totalling EUR 218.8 million nominal;
\u2212opening of a new EUR 100 million nominal credit facility with BPER Banca S.p.A. (maturing in May 2028);
Some loans are subject to financial covenants on a consolidated basis as shown in the table below. Net financial debt, in accordance with specific waivers obtained from the counterparties, is calculated on the basis of the IAS/IFRS Accounting Standards in force on 31 December 2018 (excluding liabilities recognised under IFRS 16), without including the payables under the loans contracted by MFE and Mediaset Espa\u00f1a with Credit Suisse for the acquisition of the equity interest in ProsiebenSat1.
The method used to calculate the covenants also applies to contracts signed during 2023.
| financing counterpart | covenant | checking period | waiver acceptance date |
| Net Financial Position/EBITDA less than 2.25 | | 14/07/2022 |
| BBVA 2019 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Intesa - S.Paolo 2020 | Net Financial Position/EBITDA less than 2.25 (until 31 December 2023) | 6 months | |
| Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | | 30/03/2022 |
| BNL 2021 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Net Financial Position/EBITDA less than 2.25 (until 31 December 2023) | | 30/03/2022 |
| UniCredit 2022 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Net Financial Position/EBITDA less than 2.25 (until 31 December 2023) | | 12/05/2022 |
| UniCredit 2022 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| BNL 2022 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | 03/05/2023 |
| Club Deal 2022 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | 30/03/2022 |
| BNL 2023 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | |
| BPER 2023 | Net Financial Position/EBITDA less than 2.25 | 6 months | |
| BPER 2023 | Net Financial Position/EBITDA less than 2.25 | 6 months | |
| BPM 2023 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | |
Please note that the figures shown in the table above are those defined by contract with each counterparty and, therefore, may not be fully aligned with the main alternative performance measures identified by the Group in the Directors\u2019 Report on Operations.
If any financial covenants are breached, both for the loans and credit facilities, MFE-MEDIAFOREUROPE N.V. could be called upon to repay all amounts drawn. These parameters were met at the reporting date of these financial statements. Based on the current forecasts these parameters will also be complied with at the next testing date.
At 31 December 2023, approximately 68.2% of all approved credit facilities were committed facilities (73.5% at 31 December 2022).
In addition to the financial liabilities relating to the purchase of shares in ProsiebenSat1, at 31 December 2023 MFE had available EUR 1,196 million in total committed credit facilities lines, of which EUR 400 million unutilised and readily available. As at the approval date of these Consolidated Financial Statements, the committed credit lines available to MFE are equal to EUR 400 million, including EUR 100 million falling due within the next 12 months.
The following table shows the effective interest rates and financial charges expensed in profit or loss for loans recognised using the amortised cost method and the fair value calculated on the basis of year-end markets rates.
| IRR | Financial charges | Fair Value |
| Credit Suisse 29/05/2019 | 0.84% | 0.2 | 27.6 |
| Intesa - S.Paolo 30/03/2020 | 4.78% | 6.6 | 151.8 |
| UNICREDIT 19/01/2022 | 4.54% | 4.2 | 100.7 |
| CLUB DEAL 30/03/2022 | 5.15% | 9.2 | 200.8 |
| BNL 03/10/2022 | 5.13% | 4.7 | 103.7 |
| UNICREDIT 13/05/2022 | 4.25% | 3.9 | 100.1 |
| Credit Suisse Spain 12/05/2023 | 1.16% | - | 24.1 |
| BPER 26/05/2023 | 5.25% | 3.0 | 101.5 |
IFRS 16 leases liabilities refers to the non-current portion of payables for leasing recognised in accordance with IFRS 16.
Other financial liabilities refers to the non-current portion of payables relating to the options to purchase non-controlling interests in subsidiaries.
11.1 DUE TO BANKS
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2023 | 31/12/2022 |
| Current portion of non current debt | 204.5 | 259.2 |
| Credit facilities | 27.0 | 6.0 |
| Total | 231.5 | 265.2 |
Current portion of non current debt refers to the current portion of committed credit facilities. The change on the previous year was due to the reclassification of a total of EUR 152.4 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 25 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 237.5 million.
All Credit lines are subject to floating interest rates and refer to short-term loans with a due date set formally at one year and are renewable. The fair value of credit lines is in line with their carrying amount. The change on the previous year is due to the increased use of this type of financing.
11.6 NET FINANCIAL POSITIONBelow is a breakdown of the consolidated Net Financial Position in accordance with ESMA\u2019s \u201cGuidelines on disclosure requirements under the Prospectus Regulation\u201d of 4 March 2021, showing the net current and non-current financial debt of the Group. For each of the items reported, reference is given to the relative explanatory note.
For a breakdown of changes in the net financial position over the year, see the section on the Group's balance sheet and financial structure in the Directors\u2019 Report on Operations.
With reference to Note 11.2 above regarding the waivers obtained by MFE-MEDIAFOREUROPE N.V. from loan counterparties, the adjusted Net Financial Position is also reported for use in some indices, based on the covenants set forth in those agreements. The adjustments refer to the current and non-current portions of the financial liabilities recognised pursuant to IFRS 16 (lease) and payables relating to the loans contracted by MFE and Mediaset Espa\u00f1a for the acquisition of the equity interest in ProsiebenSat1.
| | 31/12/2023 | 31/12/2022 |
| Cash in hand | 8.5 | 0.1 | 0.1 |
| Current accounts and demand deposits | 8.5 | 175.2 | 522.4 |
| Liquidity | | 175.3 | 522.5 |
| Current financial assets and receivables | 8.4 | 7.2 | 6.9 |
| Credit facilities | 11.1 | (27.0) | (6.0) |
| Current portion of non current debt | | (204.5) | (259.2) |
| Other current payables and financial liabilities | 11.4 | (60.9) | (66.9) |
| Current financial debt | | (292.5) | (332.0) |
| Current Net Financial Position | | (110.0) | 197.3 |
| Non current due to banks | 10.2 | (698.1) | (998.0) |
| Non-current financial payables and liabilities | 10.2 | (94.8) | (72.6) |
| Trade payables and other payables | | - | - |
| Non current financial debt | | (792.8) | (1,070.6) |
| Net Financial Indebtedness | | (902.8) | (873.3) |
| Current portion of non current debt | | 52.6 | - |
| IFRS 16 lease financial liabilities (current portion) | | 17.4 | 16.4 |
| Due to banks (non-current) | | - | 52.4 |
| Non-current financial payables and liabilities (IFRS 16 liabilities) | | 94.6 | 72.4 |
Net financial position (excluding IFRS 16 liabilities and ProSieben acquisition debt) | | (738.2) | (732.1) |
Below is a breakdown of certain Financial Position items; please refer as required to individual financial statement items for comments on the main changes in figures.
Current financial assets and receivables includes EUR 7.2 million for the financial receivables indicated in note 8.4.
As indicated in note 11.4, Other current payables and financial liabilities includes payables to factoring companies, cash pooling arrangements with associates and joint venture and loans received to finance movie development, distribution and production operations, and the EUR 17.4 million current portion of the leases liabilities recognised in accordance with IFRS 16.
Current amounts of non-current financial debt includes the EUR 204.5 million current portion of medium/long-term bank loans.
As indicated in note 10.2, Non-current financial payables and liabilities includes the EUR 94.6 million non-current portion of the payables for leases recognised in accordance with IFRS 16.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page296-cflshid_125106-tag101869": {
"value": "10.2 FINANCIAL PAYABLES AND LIABILITIES Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
| 31/12/2023 | 31/12/2022 |
| Due to banks | 698.1 | 998.0 |
| Payables to other lenders | 8.1 | 0.1 |
| IFRS 16 lease financial liabilities (non current portion) | 94.6 | 72.4 |
| Financial liabilities for hedging derivatives on equity instruments | - | 19.7 |
| Other financial liabilities | 0.3 | 5.4 |
| Total | 801.1 | 1,095.6 |
Due to banks (non current portion) refers to the portion of committed credit facilities maturing beyond 12 months and attributable to MFE-MEDIAFOREUROPE N.V. and Mediaset Espa\u00f1a S.A. These payables are recognised in the financial statements using the amortised cost method.
A breakdown of the change of EUR 299.9 million for the year is provided below:
\u2212reclassification, under Current financial payables, of EUR 128 million nominal for two credit facilities maturing in the next 12 months; of EUR 25 million current portion of a loan; and of EUR 24.4 million current portion of the loan taken out by MFE-MEDIAFOREUROPE N.V. with Credit Suisse.
\u2212early repayment of three loans totalling EUR 218.8 million nominal;
\u2212opening of a new EUR 100 million nominal credit facility with BPER Banca S.p.A. (maturing in May 2028);
Some loans are subject to financial covenants on a consolidated basis as shown in the table below. Net financial debt, in accordance with specific waivers obtained from the counterparties, is calculated on the basis of the IAS/IFRS Accounting Standards in force on 31 December 2018 (excluding liabilities recognised under IFRS 16), without including the payables under the loans contracted by MFE and Mediaset Espa\u00f1a with Credit Suisse for the acquisition of the equity interest in ProsiebenSat1.
The method used to calculate the covenants also applies to contracts signed during 2023.
| financing counterpart | covenant | checking period | waiver acceptance date |
| Net Financial Position/EBITDA less than 2.25 | | 14/07/2022 |
| BBVA 2019 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Intesa - S.Paolo 2020 | Net Financial Position/EBITDA less than 2.25 (until 31 December 2023) | 6 months | |
| Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | | 30/03/2022 |
| BNL 2021 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Net Financial Position/EBITDA less than 2.25 (until 31 December 2023) | | 30/03/2022 |
| UniCredit 2022 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Net Financial Position/EBITDA less than 2.25 (until 31 December 2023) | | 12/05/2022 |
| UniCredit 2022 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| BNL 2022 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | 03/05/2023 |
| Club Deal 2022 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | 30/03/2022 |
| BNL 2023 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | |
| BPER 2023 | Net Financial Position/EBITDA less than 2.25 | 6 months | |
| BPER 2023 | Net Financial Position/EBITDA less than 2.25 | 6 months | |
| BPM 2023 | Net Financial Position/EBITDA less than 2.25 (up to 31 December 2023) | 6 months | |
Please note that the figures shown in the table above are those defined by contract with each counterparty and, therefore, may not be fully aligned with the main alternative performance measures identified by the Group in the Directors\u2019 Report on Operations.
If any financial covenants are breached, both for the loans and credit facilities, MFE-MEDIAFOREUROPE N.V. could be called upon to repay all amounts drawn. These parameters were met at the reporting date of these financial statements. Based on the current forecasts these parameters will also be complied with at the next testing date.
At 31 December 2023, approximately 68.2% of all approved credit facilities were committed facilities (73.5% at 31 December 2022).
In addition to the financial liabilities relating to the purchase of shares in ProsiebenSat1, at 31 December 2023 MFE had available EUR 1,196 million in total committed credit facilities lines, of which EUR 400 million unutilised and readily available. As at the approval date of these Consolidated Financial Statements, the committed credit lines available to MFE are equal to EUR 400 million, including EUR 100 million falling due within the next 12 months.
The following table shows the effective interest rates and financial charges expensed in profit or loss for loans recognised using the amortised cost method and the fair value calculated on the basis of year-end markets rates.
| IRR | Financial charges | Fair Value |
| Credit Suisse 29/05/2019 | 0.84% | 0.2 | 27.6 |
| Intesa - S.Paolo 30/03/2020 | 4.78% | 6.6 | 151.8 |
| UNICREDIT 19/01/2022 | 4.54% | 4.2 | 100.7 |
| CLUB DEAL 30/03/2022 | 5.15% | 9.2 | 200.8 |
| BNL 03/10/2022 | 5.13% | 4.7 | 103.7 |
| UNICREDIT 13/05/2022 | 4.25% | 3.9 | 100.1 |
| Credit Suisse Spain 12/05/2023 | 1.16% | - | 24.1 |
| BPER 26/05/2023 | 5.25% | 3.0 | 101.5 |
IFRS 16 leases liabilities refers to the non-current portion of payables for leasing recognised in accordance with IFRS 16.
Other financial liabilities refers to the non-current portion of payables relating to the options to purchase non-controlling interests in subsidiaries.
Financial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
Trade and other payables are measured at their nominal amount, which is usually close to their amortised cost; those originating in non-UEM currencies are translated at the year-end spot rates issued by the European Central Bank.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page296-cflshid_125114-tag101867": {
"value": "inancial payables and liabilities are recognised at amortised cost, using the actual interest rate method. Financial liabilities related to IFRS 16 debt are recognised pursuant to international accounting standard IFRS 16 - \u2018Leases\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page298-cflshid_125935-tag101871": {
"value": "Other financial liabilities refers to the non-current portion of payables relating to the options to purchase non-controlling interests in subsidiaries.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page299-cflshid_126127-tag101875": {
"value": "10.3 PROVISIONS AND CONTINGENT LIABILITIES
Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
The following is a breakdown of the provisions and their changes compared to prior year:
| 31/12/2023 | 31/12/2022 |
| Balance at 1/1 | 108.5 | 119.0 |
| Accruals | 37.9 | 51.4 |
| Utilization | (48.4) | (62.3) |
| Financial charges | 0.1 | 0.1 |
| Change in the consolidation area | 0.2 | 0.3 |
| Balance at 31/12 | 98.4 | 108.5 |
| Of which: | | |
| Within 12 months | 69.1 | 61.6 |
| After 12 months | 29.3 | 46.9 |
| Total | 98.4 | 108.5 |
Risk provisions at 30 December 2023 mainly refer to legal proceedings totalling EUR 28.7 million (EUR 28.2 million at 31 December 2022), staff disputes and business restructuring plans totalling EUR 13.2 million (EUR 22.6 million at 31 December 2022) and contractual risks totalling EUR 47.9 million (EUR 50.0 million at 31 December 2022), of which risks relative to the under-utilisation of artistic resources compared to contractual agreements totalling EUR 8.5 million (EUR 10.2 million at 31 December 2022).
Below is an update at 31 December 2023 of the main lawsuits pending and contingent liabilities associated with them, which were also reported in the financial statements of previous years and the interim statements for the year. No new facts or circumstances were identified with regard to these lawsuits such as to require a provision to be accrued in these consolidated financial statements.
Following the segregation of assets, Grupo Audiovisual Mediaset Espana Comunicaci\u00f3n (hereinafter GAM) has taken over all rights and obligations arising from the proceedings against the merged company Mediaset Espana Comunicacion S.A.
In reference to proceedings number 000401/2014-CR on the use by GAM of the Pasapalabra format, in a judgment of 4 March 2019 (the \u201cJudgment\u201d) the Spanish Court of EU Trade Marks No 1 materially admitted the cumulative claims alleged by ITV Global Entertainment Limited (\u201cITV\u201d) against GAM in 2014 and 2016 and threw out the counterclaim filed by Mediaset against ITV regarding the last of the claims.
GAM, on the other hand, applied for the claims of ITV to be thrown out and for its counterclaim to be admitted, with the aim of cancelling ITV\u2019s registration of the EUTM, and applied for MES to be recognised as the owner of the EUTM given its contribution in getting the trade mark known throughout the past 14 years.
The Court found that ITV was the owner of the EUTM, despite acknowledging in its Judgment that the trade mark derived directly from the previous \u201cPassaparola\u201d trade mark, which was created by R.T.I. (Mediaset Italia)/Einstein Multimedia without any role played by ITV, with this circumstance alone suggesting that the registration of the EUTM by ITV was conducted in bad faith.
By acknowledging ITV as the owner of the EUTM, the judgment sentenced Mediaset Espa\u00f1a to pay compensation of EUR 8.7 million for its supposed misuse of the EUTM since 2009. On 16 January 2020, the Provincial Court of Alicante issued its ruling on the judgment being appealed by Mediaset Espa\u00f1a. In this appeals ruling, although Mediaset Espa\u00f1a\u2019s claim to the ownership of the \u201cPasapalabra\u201d trade mark was thrown out, the court considered that, as the format\u2019s title and trade mark had the same name (Pasapalabra), ITV could not have its compensation doubled by adding together the compensation resulting from the above-mentioned proceedings 1181/2010 brought before the Court of Madrid with the proceedings brought before the Alicante Court of Trade Marks. Therefore, two key components of the judgment appealed were overturned:
\u2212The sentence ordering payment of compensation for the entire period between 3 August 2009 (when ITV applied to register the trade mark) and 1 February 2016 (when the application to register the trade mark was granted) was overturned, as the \u201creasonable compensation\u201d to which ITV had been entitled was considered as though it had already been paid by the compensation ordered for the same period in the proceedings brought with the Court of Madrid.
\u2212As for the compensation for the period between 2 February 2016 and the end of the Pasapalabra programming, the judgment determined that this amount should be deducted from the amount payable as compensation for the use of the format during the same period according to the enforcement proceedings brought before the Court of Madrid.
Grupo Audiovsual Mediaset Espana Comunicaci\u00f3n brought an extraordinary appeal against this decision in the Supreme Court, which in its ruling of 6 February 2024 (Proceedings 1610/2020) stated that \"in a case such as this, in which Mediaset's conduct infringed both ITV's intellectual property right over the name \u2018Pasapalabra\u2019 by using it without authorisation and its rights to the \u2018Pasapalabra\u2019 trademark, and where the pecuniary damage complained of was the same in both cases, the award of damages to protect the intellectual property rights in which the infringer\u2019s profits based criterion was applied should not then have been followed by an award for compensation of the same \u2018damage\u2019 to protect the rights to the trademark, even if opting to apply a different criterion (that of hypothetical royalties). The damages are already covered in the sentence from the first trial (TV format and title).\"
Therefore, the Supreme Court rejected ITV\u2019s claim by upholding the grounds argued by GAM.
For these reasons, these consolidated financial statements do not include any provision in relation to this contingency, as the Directors of GAM, also supported by the opinion of their legal advisors, estimate that the risk that this liability could definitively materialize is not probable.
On 21 February 2018, GAM (was notified by the \"Comisi\u00f3n Nacional de los Mercados y la Competencia\" (CNMC) of an alleged breach of Section 1 of the Spanish Competition Act and Article 101 of the Treaty on the Functioning of the European Union (TFEU). The allegation related to certain conditions for contracting and selling television advertising which had the potential to restrict the operation of the market. On 12 November 2019, the CNMC sanctioned Atresmedia and GAM by ordering a termination of contract. On 13 January 2020, GAM filed anadministrative appeal calling for the effects of the order to be immediately suspended as an interim measure, both in terms of the request to desist from the alleged unlawful conduct and in relation to the imposed fine of EUR 39 million. By ordinance of 4 September 2020, the Spanish National Court (Audiencia Nacional) upheld the application, ordering the provisional suspension of payment of the EUR 39 million fine, but did not suspend the order to desist from the conduct sanctioned. As a result, Mediaset Espa\u00f1a filed an action for annulment against the ordinance, which was subsequently rejected by ordinance of 17 November 2020, which was subsequently challenged by GAM in the Spanish Court of Cassation. This was then challenged in the Court of Cassation. On 19 May 2021, the Supreme Court dismissed the appeal. The administrative dispute has continued to be processed and is pending a final resolution. The serious defects of the Decision, together with the sound factual, legal and economic arguments expounded (as also supported by the reports of independent experts), should lead the requested interim measures to be granted. In any case, they allow us to trust that the decision appealed will be annulled in the courts. As a consequence, these consolidated financial statements do not include any provision for this contingency, as the Directors (supported also on the opinion of the legal advisors) consider it improbable that this liability could materialise.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page299-cflshid_126127-tag101874": {
"value": "10.3 PROVISIONS AND CONTINGENT LIABILITIES
Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
The following is a breakdown of the provisions and their changes compared to prior year:
| 31/12/2023 | 31/12/2022 |
| Balance at 1/1 | 108.5 | 119.0 |
| Accruals | 37.9 | 51.4 |
| Utilization | (48.4) | (62.3) |
| Financial charges | 0.1 | 0.1 |
| Change in the consolidation area | 0.2 | 0.3 |
| Balance at 31/12 | 98.4 | 108.5 |
| Of which: | | |
| Within 12 months | 69.1 | 61.6 |
| After 12 months | 29.3 | 46.9 |
| Total | 98.4 | 108.5 |
Risk provisions at 30 December 2023 mainly refer to legal proceedings totalling EUR 28.7 million (EUR 28.2 million at 31 December 2022), staff disputes and business restructuring plans totalling EUR 13.2 million (EUR 22.6 million at 31 December 2022) and contractual risks totalling EUR 47.9 million (EUR 50.0 million at 31 December 2022), of which risks relative to the under-utilisation of artistic resources compared to contractual agreements totalling EUR 8.5 million (EUR 10.2 million at 31 December 2022).
Below is an update at 31 December 2023 of the main lawsuits pending and contingent liabilities associated with them, which were also reported in the financial statements of previous years and the interim statements for the year. No new facts or circumstances were identified with regard to these lawsuits such as to require a provision to be accrued in these consolidated financial statements.
Following the segregation of assets, Grupo Audiovisual Mediaset Espana Comunicaci\u00f3n (hereinafter GAM) has taken over all rights and obligations arising from the proceedings against the merged company Mediaset Espana Comunicacion S.A.
In reference to proceedings number 000401/2014-CR on the use by GAM of the Pasapalabra format, in a judgment of 4 March 2019 (the \u201cJudgment\u201d) the Spanish Court of EU Trade Marks No 1 materially admitted the cumulative claims alleged by ITV Global Entertainment Limited (\u201cITV\u201d) against GAM in 2014 and 2016 and threw out the counterclaim filed by Mediaset against ITV regarding the last of the claims.
GAM, on the other hand, applied for the claims of ITV to be thrown out and for its counterclaim to be admitted, with the aim of cancelling ITV\u2019s registration of the EUTM, and applied for MES to be recognised as the owner of the EUTM given its contribution in getting the trade mark known throughout the past 14 years.
The Court found that ITV was the owner of the EUTM, despite acknowledging in its Judgment that the trade mark derived directly from the previous \u201cPassaparola\u201d trade mark, which was created by R.T.I. (Mediaset Italia)/Einstein Multimedia without any role played by ITV, with this circumstance alone suggesting that the registration of the EUTM by ITV was conducted in bad faith.
By acknowledging ITV as the owner of the EUTM, the judgment sentenced Mediaset Espa\u00f1a to pay compensation of EUR 8.7 million for its supposed misuse of the EUTM since 2009. On 16 January 2020, the Provincial Court of Alicante issued its ruling on the judgment being appealed by Mediaset Espa\u00f1a. In this appeals ruling, although Mediaset Espa\u00f1a\u2019s claim to the ownership of the \u201cPasapalabra\u201d trade mark was thrown out, the court considered that, as the format\u2019s title and trade mark had the same name (Pasapalabra), ITV could not have its compensation doubled by adding together the compensation resulting from the above-mentioned proceedings 1181/2010 brought before the Court of Madrid with the proceedings brought before the Alicante Court of Trade Marks. Therefore, two key components of the judgment appealed were overturned:
\u2212The sentence ordering payment of compensation for the entire period between 3 August 2009 (when ITV applied to register the trade mark) and 1 February 2016 (when the application to register the trade mark was granted) was overturned, as the \u201creasonable compensation\u201d to which ITV had been entitled was considered as though it had already been paid by the compensation ordered for the same period in the proceedings brought with the Court of Madrid.
\u2212As for the compensation for the period between 2 February 2016 and the end of the Pasapalabra programming, the judgment determined that this amount should be deducted from the amount payable as compensation for the use of the format during the same period according to the enforcement proceedings brought before the Court of Madrid.
Grupo Audiovsual Mediaset Espana Comunicaci\u00f3n brought an extraordinary appeal against this decision in the Supreme Court, which in its ruling of 6 February 2024 (Proceedings 1610/2020) stated that \"in a case such as this, in which Mediaset's conduct infringed both ITV's intellectual property right over the name \u2018Pasapalabra\u2019 by using it without authorisation and its rights to the \u2018Pasapalabra\u2019 trademark, and where the pecuniary damage complained of was the same in both cases, the award of damages to protect the intellectual property rights in which the infringer\u2019s profits based criterion was applied should not then have been followed by an award for compensation of the same \u2018damage\u2019 to protect the rights to the trademark, even if opting to apply a different criterion (that of hypothetical royalties). The damages are already covered in the sentence from the first trial (TV format and title).\"
Therefore, the Supreme Court rejected ITV\u2019s claim by upholding the grounds argued by GAM.
For these reasons, these consolidated financial statements do not include any provision in relation to this contingency, as the Directors of GAM, also supported by the opinion of their legal advisors, estimate that the risk that this liability could definitively materialize is not probable.
On 21 February 2018, GAM (was notified by the \"Comisi\u00f3n Nacional de los Mercados y la Competencia\" (CNMC) of an alleged breach of Section 1 of the Spanish Competition Act and Article 101 of the Treaty on the Functioning of the European Union (TFEU). The allegation related to certain conditions for contracting and selling television advertising which had the potential to restrict the operation of the market. On 12 November 2019, the CNMC sanctioned Atresmedia and GAM by ordering a termination of contract. On 13 January 2020, GAM filed anadministrative appeal calling for the effects of the order to be immediately suspended as an interim measure, both in terms of the request to desist from the alleged unlawful conduct and in relation to the imposed fine of EUR 39 million. By ordinance of 4 September 2020, the Spanish National Court (Audiencia Nacional) upheld the application, ordering the provisional suspension of payment of the EUR 39 million fine, but did not suspend the order to desist from the conduct sanctioned. As a result, Mediaset Espa\u00f1a filed an action for annulment against the ordinance, which was subsequently rejected by ordinance of 17 November 2020, which was subsequently challenged by GAM in the Spanish Court of Cassation. This was then challenged in the Court of Cassation. On 19 May 2021, the Supreme Court dismissed the appeal. The administrative dispute has continued to be processed and is pending a final resolution. The serious defects of the Decision, together with the sound factual, legal and economic arguments expounded (as also supported by the reports of independent experts), should lead the requested interim measures to be granted. In any case, they allow us to trust that the decision appealed will be annulled in the courts. As a consequence, these consolidated financial statements do not include any provision for this contingency, as the Directors (supported also on the opinion of the legal advisors) consider it improbable that this liability could materialise.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page299-cflshid_126132-tag101873": {
"value": "Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page299-cflshid_126132-tag101872": {
"value": "Provisions for risks and charges are costs and charges whose existence is either certain or probable, whose amount or date of occurrence cannot be determined as at the reporting date. These provisions have been made only when there is a current obligation, resulting from past events, that can be of a legal or contractual nature, or arising from declarations or behaviour by the companies of the Group that create valid expectations in the persons concerned (implicit obligations). Provisions represent our best estimate of the amount that the enterprise would have to pay in order to settle the obligation; When they are significant, and the payment dates can be reliably estimated, the provisions are recognised at present values with the charges resulting from the passage of time posted to the income statement under the item \u201cFinancial (Expenses)/Income\u201d.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page300-cflshid_126660-tag101876": {
"value": "In its claims, ITV applied to be recognised as the owner of the European Union Trade Mark (\u201cEUTM\u201d) \u201cPasapalabra\u201d, for MES to stop using the trade mark and for compensation to be paid for its alleged undue use. GAM, on the other hand, applied for the claims of ITV to be thrown out and for its counterclaim to be admitted, with the aim of cancelling ITV\u2019s registration of the EUTM, and applied for MES to be recognised as the owner of the EUTM given its contribution in getting the trade mark known throughout the past 14 years.
The Court found that ITV was the owner of the EUTM, despite acknowledging in its Judgment that the trade mark derived directly from the previous \u201cPassaparola\u201d trade mark, which was created by R.T.I. (Mediaset Italia)/Einstein Multimedia without any role played by ITV, with this circumstance alone suggesting that the registration of the EUTM by ITV was conducted in bad faith.
By acknowledging ITV as the owner of the EUTM, the judgment sentenced Mediaset Espa\u00f1a to pay compensation of EUR 8.7 million for its supposed misuse of the EUTM since 2009. On 16 January 2020, the Provincial Court of Alicante issued its ruling on the judgment being appealed by Mediaset Espa\u00f1a. In this appeals ruling, although Mediaset Espa\u00f1a\u2019s claim to the ownership of the \u201cPasapalabra\u201d trade mark was thrown out, the court considered that, as the format\u2019s title and trade mark had the same name (Pasapalabra), ITV could not have its compensation doubled by adding together the compensation resulting from the above-mentioned proceedings 1181/2010 brought before the Court of Madrid with the proceedings brought before the Alicante Court of Trade Marks. Therefore, two key components of the judgment appealed were overturned:
\u2212The sentence ordering payment of compensation for the entire period between 3 August 2009 (when ITV applied to register the trade mark) and 1 February 2016 (when the application to register the trade mark was granted) was overturned, as the \u201creasonable compensation\u201d to which ITV had been entitled was considered as though it had already been paid by the compensation ordered for the same period in the proceedings brought with the Court of Madrid.
\u2212As for the compensation for the period between 2 February 2016 and the end of the Pasapalabra programming, the judgment determined that this amount should be deducted from the amount payable as compensation for the use of the format during the same period according to the enforcement proceedings brought before the Court of Madrid.
Grupo Audiovsual Mediaset Espana Comunicaci\u00f3n brought an extraordinary appeal against this decision in the Supreme Court, which in its ruling of 6 February 2024 (Proceedings 1610/2020) stated that \"in a case such as this, in which Mediaset's conduct infringed both ITV's intellectual property right over the name \u2018Pasapalabra\u2019 by using it without authorisation and its rights to the \u2018Pasapalabra\u2019 trademark, and where the pecuniary damage complained of was the same in both cases, the award of damages to protect the intellectual property rights in which the infringer\u2019s profits based criterion was applied should not then have been followed by an award for compensation of the same \u2018damage\u2019 to protect the rights to the trademark, even if opting to apply a different criterion (that of hypothetical royalties). The damages are already covered in the sentence from the first trial (TV format and title).\"
Therefore, the Supreme Court rejected ITV\u2019s claim by upholding the grounds argued by GAM.
For these reasons, these consolidated financial statements do not include any provision in relation to this contingency, as the Directors of GAM, also supported by the opinion of their legal advisors, estimate that the risk that this liability could definitively materialize is not probable.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page302-cflshid_127530-tag101877": {
"value": "11. CURRENT LIABILITIES11.1 DUE TO BANKS
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2023 | 31/12/2022 |
| Current portion of non current debt | 204.5 | 259.2 |
| Credit facilities | 27.0 | 6.0 |
| Total | 231.5 | 265.2 |
Current portion of non current debt refers to the current portion of committed credit facilities. The change on the previous year was due to the reclassification of a total of EUR 152.4 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 25 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 237.5 million.
All Credit lines are subject to floating interest rates and refer to short-term loans with a due date set formally at one year and are renewable. The fair value of credit lines is in line with their carrying amount. The change on the previous year is due to the increased use of this type of financing.
11.4 OTHER FINANCIAL LIABILITIES
| 31/12/2023 | 31/12/2022 |
| Payables to other lenders | 44.1 | 56.0 |
| IFRS 16 financial payables | 17.4 | 16.4 |
| Financial liabilities for other hedging derivatives | 2.0 | 3.6 |
| Financial liabilities for hedging derivatives on equity instruments | 0.5 | 2.6 |
| Total | 63.9 | 78.6 |
Payables to other financial lenders mainly consist of payables to factoring companies totalling EUR 4.0 million (EUR 1.1 million at 31 December 2022); cash pooling with associates and joint ventures totalling EUR 39.2 million (EUR 47.3 million at 31 December 2022); loans totalling EUR 0.4 million (EUR 0.4 million at 31 December 2022) received to finance movie development, distribution and production operations.
Financial liabilities for other hedging derivatives consisted of the EUR 1.6 million current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
Financial liabilities for hedging derivatives on equity instruments relate to the call option granted to the financial counterparty as part of the collar agreement hedging the fair value changes in the equity investment held in Prosiebensat.1 Media SE.
11.5 OTHER CURRENT LIABILITIES | 31/12/2023 | 31/12/2022 |
| Due to social security institutions | 19.2 | 18.9 |
| Withholding tax on employees' wages and salaries | 11.5 | 12.5 |
| VAT payables | 28.5 | 12.6 |
| Other tax payables | 12.3 | 12.8 |
| Advances | 9.2 | 8.6 |
| Other payables | 93.9 | 90.4 |
| Accruals and deferred income | 16.7 | 19.0 |
| Total | 191.4 | 174.8 |
Other payables mainly comprise EUR 18.8 million for the fees concerning the use of frequencies under concession, pending the Ministry of Enterprise and Made in Italy\u2019s decree that will determine the amount of the fees for the rights to use television frequencies using digital technology, and EUR 56.0 million payable to employees.
Accruals and deferred income includes EUR 1.8 million in deferred income for right-of-use TV rights licenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page302-cflshid_127530-tag101878": {
"value": "11.1 DUE TO BANKS
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2023 | 31/12/2022 |
| Current portion of non current debt | 204.5 | 259.2 |
| Credit facilities | 27.0 | 6.0 |
| Total | 231.5 | 265.2 |
Current portion of non current debt refers to the current portion of committed credit facilities. The change on the previous year was due to the reclassification of a total of EUR 152.4 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 25 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 237.5 million.
All Credit lines are subject to floating interest rates and refer to short-term loans with a due date set formally at one year and are renewable. The fair value of credit lines is in line with their carrying amount. The change on the previous year is due to the increased use of this type of financing.
11.4 OTHER FINANCIAL LIABILITIES
| 31/12/2023 | 31/12/2022 |
| Payables to other lenders | 44.1 | 56.0 |
| IFRS 16 financial payables | 17.4 | 16.4 |
| Financial liabilities for other hedging derivatives | 2.0 | 3.6 |
| Financial liabilities for hedging derivatives on equity instruments | 0.5 | 2.6 |
| Total | 63.9 | 78.6 |
Payables to other financial lenders mainly consist of payables to factoring companies totalling EUR 4.0 million (EUR 1.1 million at 31 December 2022); cash pooling with associates and joint ventures totalling EUR 39.2 million (EUR 47.3 million at 31 December 2022); loans totalling EUR 0.4 million (EUR 0.4 million at 31 December 2022) received to finance movie development, distribution and production operations.
Financial liabilities for other hedging derivatives consisted of the EUR 1.6 million current portion of the fair value of foreign exchange derivatives both for the hedging of future commitments to purchase broadcasting rights and for items recognised in the financial statements, in particular receivables and payables denominated in foreign currencies.
Financial liabilities for hedging derivatives on equity instruments relate to the call option granted to the financial counterparty as part of the collar agreement hedging the fair value changes in the equity investment held in Prosiebensat.1 Media SE.
11.6 NET FINANCIAL POSITIONBelow is a breakdown of the consolidated Net Financial Position in accordance with ESMA\u2019s \u201cGuidelines on disclosure requirements under the Prospectus Regulation\u201d of 4 March 2021, showing the net current and non-current financial debt of the Group. For each of the items reported, reference is given to the relative explanatory note.
For a breakdown of changes in the net financial position over the year, see the section on the Group's balance sheet and financial structure in the Directors\u2019 Report on Operations.
With reference to Note 11.2 above regarding the waivers obtained by MFE-MEDIAFOREUROPE N.V. from loan counterparties, the adjusted Net Financial Position is also reported for use in some indices, based on the covenants set forth in those agreements. The adjustments refer to the current and non-current portions of the financial liabilities recognised pursuant to IFRS 16 (lease) and payables relating to the loans contracted by MFE and Mediaset Espa\u00f1a for the acquisition of the equity interest in ProsiebenSat1.
| | 31/12/2023 | 31/12/2022 |
| Cash in hand | 8.5 | 0.1 | 0.1 |
| Current accounts and demand deposits | 8.5 | 175.2 | 522.4 |
| Liquidity | | 175.3 | 522.5 |
| Current financial assets and receivables | 8.4 | 7.2 | 6.9 |
| Credit facilities | 11.1 | (27.0) | (6.0) |
| Current portion of non current debt | | (204.5) | (259.2) |
| Other current payables and financial liabilities | 11.4 | (60.9) | (66.9) |
| Current financial debt | | (292.5) | (332.0) |
| Current Net Financial Position | | (110.0) | 197.3 |
| Non current due to banks | 10.2 | (698.1) | (998.0) |
| Non-current financial payables and liabilities | 10.2 | (94.8) | (72.6) |
| Trade payables and other payables | | - | - |
| Non current financial debt | | (792.8) | (1,070.6) |
| Net Financial Indebtedness | | (902.8) | (873.3) |
| Current portion of non current debt | | 52.6 | - |
| IFRS 16 lease financial liabilities (current portion) | | 17.4 | 16.4 |
| Due to banks (non-current) | | - | 52.4 |
| Non-current financial payables and liabilities (IFRS 16 liabilities) | | 94.6 | 72.4 |
Net financial position (excluding IFRS 16 liabilities and ProSieben acquisition debt) | | (738.2) | (732.1) |
Below is a breakdown of certain Financial Position items; please refer as required to individual financial statement items for comments on the main changes in figures.
Current financial assets and receivables includes EUR 7.2 million for the financial receivables indicated in note 8.4.
As indicated in note 11.4, Other current payables and financial liabilities includes payables to factoring companies, cash pooling arrangements with associates and joint venture and loans received to finance movie development, distribution and production operations, and the EUR 17.4 million current portion of the leases liabilities recognised in accordance with IFRS 16.
Current amounts of non-current financial debt includes the EUR 204.5 million current portion of medium/long-term bank loans.
As indicated in note 10.2, Non-current financial payables and liabilities includes the EUR 94.6 million non-current portion of the payables for leases recognised in accordance with IFRS 16.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page302-cflshid_127530-tag101880": {
"value": "11.2 TRADE AND OTHER PAYABLES
Trade and other payables are measured at their nominal amount, which is usually close to their amortised cost; those originating in non-UEM currencies are translated at the year-end spot rates issued by the European Central Bank.
| Balance at 31/12/2023 Due | Balance at 31/12/2022 |
| Total | Within 1 year | After 1 year | |
| Trade and other payables | 544.7 | 537.6 | 7.1 | 515.1 |
| Due to related parties | 57.9 | 57.9 | | 76.0 |
| Total | 602.6 | 595.5 | 7.1 | 591.1 |
Payables due after more than 12 months, amounting to EUR 7.1 million (EUR 6.6 million at 31 December 2022) are classified as current payables because they are expected to be settled in the normal operating cycle.
Amounts due to related parties include payables to associates, affiliates and the parent company. Details of these payables are provided in Note 15 below (Related-Party Transactions).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page302-cflshid_127530-tag101879": {
"value": "Trade and other payables are measured at their nominal amount, which is usually close to their amortised cost; those originating in non-UEM currencies are translated at the year-end spot rates issued by the European Central Bank.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page304-cflshid_128255-tag101881": {
"value": "Accruals and deferred income includes EUR 1.8 million in deferred income for right-of-use TV rights licenses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page306-cflshid_129047-tag101882": {
"value": "Liquidity risk
Liquidity risk is related to the difficulty of finding funds to meet financial obligations.
This may be due to the unavailability of sufficient funds to satisfy financial commitments in accordance with the established terms and due dates upon the sudden revocation of uncommitted credit lines or in the event that the Company has to settle its financial liabilities before their natural maturity.
Through careful and prudent financial management, which is reflected in the policy adopted, and the constant monitoring of the relationship between granted credit lines and their use, as well as the balance between short-term debt and medium/long term debt, the MFE Group has put in place sufficient credit lines, both in terms of quantity and quality. MFE-MEDIAFOREUROPE N.V. and Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f2n operate in their respective domestic markets as well as internationally, through the use of automatic cash pooling movements used by almost all Group companies.
The management of the liquidity risk involves:
omaintaining an essential balance between the committed and uncommitted credit facilities to avoid a strain on liquidity if creditors request repayment;
okeeping the average financial exposure during the year to no more than 80% of the total value granted by the lenders;
ofinancial assets that can be readily available to meet any liquidity requirements.
In order to optimise the liquidity management, the Group concentrates the payment dates to almost all its suppliers at the same dates, close to the most significant cash inflows.
The table below shows the company\u2019s financial obligations, based on the contractual expiry date and considering the worst case scenario at undiscounted values. Depending on the type of finance, it shows the nearest date when the Group may be asked to make payment and explanatory notes are provided for each class.
At 31 December 2023, \u201ccurrent financial payables\u201d due within 3 months included EUR 6 million in credit facilities for very short term advances with a due date formally set at one year. Lastly, current financial payables include the interest expense on term loans due within one year.
The Group expects to meet these obligations through the realisation of its financial assets and, specifically, through the collection of receivables connected to its various commercial activities.The difference between the carrying amounts and the total cash flows is mainly due to the calculation of interest on the contractual duration of the financial payables. In addition, for loans measured at amortised cost, interest is calculated using the nominal rate instead of the actual yield rate.
With reference to the section relating to financial derivatives, in the scenario of settlement of gross flows, the contractual exchange rate means the forward exchange rate set at the date of signing of the contract, while the year end rate means the spot rate at the reporting date.
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | Carrying amount | Time band | Total cash flows | Notes |
| | from 0 to 3 months | from 4 to 6 months | from 7 to 12 months | from 1 to 5 years | more than 5 years | | |
| FINANCIAL LIABILITIES: | | | | | | | | |
| Due to banks (non-current portion) | 698.1 | - | - | - | 779.7 | | 779.7 | 11.2 |
| Due to banks (current portion) | 231.5 | 37.8 | 134.6 | 60.4 | - | - | 232.9 | 12.1 |
| Financial payables to related parties | 39.2 | 39.2 | - | - | - | - | 39.2 | 12.4 |
| Due to suppliers for rights | 190.8 | 121.9 | 32.0 | 29.8 | 7.1 | - | 190.8 | 12.2 |
| Due to other suppliers | 354.1 | 351.5 | 2.6 | - | - | - | 354.1 | 12.2 |
| Due to related parties | 57.8 | 57.8 | - | - | - | - | 57.8 | 12.2 |
| Due to factoring companies | 4.0 | 4.0 | - | - | - | | 4.0 | 12.4 |
| Due to lessors | 112.0 | 4.6 | 5.0 | 7.8 | 33.2 | 61.5 | 112.0 | 12.4 |
| Other payables and financial liabilities | 9.3 | - | 0.5 | 0.3 | 8.4 | - | 9.3 | 12.4 |
| Total | 1,696.8 | 616.9 | 174.7 | 98.3 | 828.4 | 61.5 | 1,779.8 | |
| DERIVATIVES: | | | | | | | | |
| Hedging derivatives (foreign currency purchases) | | | | | | | | |
| (measured at contract exchange rate) | (6.6) | 121.4 | - | - | 49.5 | | 170.9 | 8.7;9.4; 11.2;12.4 |
| Hedging derivatives (available foreign currency) | | | | | | | | |
| (measured at year-end exchange rate) | | (123.0) | - | - | (56.3) | | (179.3) | |
| Hedging derivatives (interest rate risk) | (16.9) | - | - | - | - | | - | 8.7;9.4; 11.2;12.4 |
| Total | (23.6) | (1.6) | - | - | (6.8) | - | (8.4) | |
| BALANCE SHEET ITEM at 31 DECEMBER 2022 | Carrying amount | Time band | Total cash flows | Notes |
| | from 0 to 3 months | from 4 to 6 months | from 7 to 12 months | from 1 to 5 years | more than 5 years | | |
| FINANCIAL LIABILITIES: | | | | | | | | |
| Due to banks (non-current portion) | 998.0 | - | - | - | 1,090.6 | | 1,090.6 | 11.2 |
| Due to banks (current portion) | 265.2 | 23.1 | 216.0 | 29.3 | - | - | 268.4 | 12.1 |
| Financial payables to related parties | 47.3 | 47.3 | - | - | - | - | 47.3 | 12.4 |
| Due to suppliers for rights | 180.8 | 143.3 | 17.7 | 13.2 | 6.6 | - | 180.8 | 12.2 |
| Due to other suppliers | 339.3 | 336.7 | 2.6 | - | - | - | 339.3 | 12.2 |
| Due to related parties | 71.0 | 71.0 | - | - | - | - | 71.0 | 12.2 |
| Due to factoring companies | 1.1 | 1.1 | - | - | - | | 1.1 | 12.4 |
| Due to lessors | 88.8 | 4.1 | 4.6 | 7.7 | 42.6 | 30.2 | 89.1 | 12.4 |
| Other payables and financial liabilities | 13.0 | - | 7.4 | 0.3 | 5.4 | - | 13.0 | 12.4 |
| Total | 2,004.7 | 626.6 | 248.1 | 50.5 | 1,145.3 | 30.2 | 2,100.8 | |
| DERIVATIVES: | | | | | | | | |
| Hedging derivatives (foreign currency purchases) | | | | | | | | |
| (measured at contract exchange rate) | (13.7) | 137.4 | - | - | 76.4 | | 213.8 | 8.7;9.4; 11.2;12.4 |
| Hedging derivatives (available foreign currency) | | | | | | | | |
| (measured at year-end exchange rate) | | - | | | - | | - | |
| Hedging derivatives (interest rate risk) | (33.1) | 0.0 | - | - | - | | 0.0 | 8.7;9.4; 11.2;12.4 |
| Total | (46.8) | (4.8) | - | - | (12.8) | - | (17.6) | |
11.7 HEDGING DERIVATIVES The Group is exposed to financial risks linked to:
- Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
- Interest rate fluctuations for long-term variable-rate loans;
- Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operate in its specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
The following is a breakdown of the financial assets and liabilities relating to hedging derivatives, reported earlier in Notes 7.7 (Other Financial Assets), 8.4 (Current Financial Assets), 10.2 (Financial Liabilities and Payables) and 11.4 (Other Financial Liabilities), showing the Group\u2019s net position.
| Assets | Liabilities |
| Foreign currency forward contracts | 7.9 | (2.0) |
| IRS contracts | 16.9 | - |
| Derivatives on equity instruments | 14.5 | (0.5) |
| Total | 39.3 | (2.4) |
The table below shows the notional amount of derivatives designated as hedges against foreign exchange risk associated with future commitments for the acquisition of broadcasting rights and existing contracts.
| 31/12/2023 | 31/12/2022 |
| United States Dollars (USD) | 198.5 | 246.1 |
| Total | 198.5 | 246.1 |
With reference to the hedging of forecast acquisitions of broadcasting rights, the derivative contracts held at 31 December 2023 were subscribed with maturities reflecting the expected time period within which these intangible assets will be formalised by contract and recognised in the financial statements. The economic effect will be reflected in the amortisation of the assets as of the commencement date of the rights.
The following table shows the time-horizon for the reference currency (US dollars), when cash flows are expected to materialize.
| within 12 months | 12-24 months | after 24 months | Total |
| 2023 | 136.2 | 32.2 | 30.1 | 198.5 |
| 2022 | 151.0 | 32.9 | 62.2 | 246.1 |
Exchange Rate RiskThe Group\u2019s exposure to exchange rate risk mainly stems from the acquisition of television and movie broadcasting rights in currencies other than the Euro, mainly in US dollars, carried out in their respective areas of operation by R.T.I. S.p.A. and Grupo Audiovisual Mediaset Espa\u00f1a.
In compliance with the Group\u2019s policies, the companies adopt an approach to exchange rate risk management aimed at eliminating the effect of exchange rate fluctuations while setting in advance the cost which the rights will be recognized upon acquisition.
Exchange rate risk emerges from the early stages of negotiations for entering into any contract and continues up to payment of the amount due for the acquisition of the broadcasting rights. From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the MFE Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
During the period between the date on which the purchase commitments were defined and the date on which the hedged television rights were recognised, the \u201ccash flow hedge\u201d method is used in accordance with IFRS 9. Based on this method, the effective portion of the change in the fair value of the derivative is accounted for in a reserve in Shareholders' Equity, which is used to adjust the initial cost of the TV right in the Financial Statements (basis adjustment), generating an impact on profit and loss when the hedged item, i.e. the TV right, is amortised.
Once the Group\u2019s broadcasting right is recognized, and after the date the payable is due but before it is settled, the Group takes out a cash flow hedge in which:
oThe hedged item (the payable in foreign currencies) is converted at the spot exchange rate at the reporting date, with the effect recognised in the income statement.
oChanges in the intrinsinc element of the hedging instrument are recognized in other comprehensive income and this change is then reversed to the profit or loss.
The types of derivatives mainly used are forward and option contracts. The fair value of forward contracts on currencies is determined as the discounted difference between the notional amount calculated using the contractual forward rate and the notional amount calculated using the forward exchange rate at the reporting date adjusted for creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged risk (maturity, amount, etc.) and those of the hedging instrument through the application of specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
Sensitivity analysis
Financial instruments exposed to EURO/USD exchange rate risk, mainly comprising payables for the acquisition of broadcasting rights and exchange rate derivatives, were the subject of a sensitivity analysis at the reporting date. The carrying amount of the financial instruments was adjusted by applying a symmetrical percentage change to the period-end exchange rate, equal to the 1-year implicit volatility of the reference currency published by Bloomberg, equal to 6.69% (8.16% for 2022).
This sensitivity analysis of the derivatives under cash flow hedge accounting had an impact on the changes in spot values posted to the Shareholders' Equity Reserve, while the change resulting from the forward points impacts the Income Statement Result, in compliance with the method defined by the hedging relationship.The table below summarises the changes in the Net profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date:
| EUR/USD exchange rate at 31 December | change | rectified EUR/USD exchange rate | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2023 | 1.105 | + 6.6975 | 1.179 | 0.2 | (5.6) | (5.4) |
| - 6.6975 | 1.031 | (0.5) | 6.4 | 5.9 |
| 2022 | 1.0666 | 8.16% | 1.1957 | 0.5 | (9.4) | (8,9) |
| -8.16% | 1.0695 | (0.4) | 11.1 | 10,7 |
Interest rate risk
The management of the financial resources of the Group involves the centralised cash-pooling with the group parent MFE-MEDIAFOREUROPE N.V. These companies are tasked with obtaining funding from the market by entering into medium/long term loans and opening committed and uncommitted credit lines.
Interest rate risk mainly originates from variable rate financial payables, which expose the Group to cash flow risk. The management objective is to limit the fluctuation of financial expenses that impact the financial result, limiting the risk of a potential rise in interest rates.
Within this context, the Group pursues its objectives using derivatives entered into with third parties aimed at setting in advance or reducing, the change in cash flows due to the market change in interest rates on medium/long-term debt. The timeframe considered significant for managing interest rate risk is defined as a minimum term of 18 months of residual duration of the operation.
From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the MFE Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
Specifically, the cash flow hedge methodology set out by IFRS 9 is used. According to this method, either the absolute change in the clean fair value of derivatives - that is, the fair value less accrued interest - or the fair value of the underlying, whichever is smaller, is charged to an equity reserve. The difference between this value and the total fair value is recognized in the Income Statement at each valuation date. Both the fair value and the clean fair value are adjusted to take account of creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged liabilities (maturity, amount, etc.) and those of the hedging instrument through the application of
specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.The fair value of the interest rate swaps (IRS) is calculated based on the present value of expected future cash flows.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
The Group has collar derivatives in place to hedge variable rate medium/long term loans.
The main features about derivatives instruments regarding MFE-MEDIAFOREUROPE N.V.:
| Fixed rate | Variable rate | Floor | Validity | Maturity |
| Interest Rate Swap - INTESA SANPAOLO - EUR 150 million notional | -0.18% | Euribor 3M/360 | -1.00% | 31/03/2020 | 28/03/2025 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 100 million notional | 1.69% | Euribor 3M/360 | -1.00% | 30/06/2022 | 28/03/2025 |
| Interest Rate Swap - UNICREDIT - EUR 100 million notional | 1.35% | Euribor 3M/360 | -0.80% | 30/06/2022 | 20/01/2025 |
| Interest Rate Swap - UNICREDIT - EUR 30.7 million notional | 1.33% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - UNICREDIT - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 30.7 million notional | 1.33% | Euribor 3M/360 | -1.00% | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | -1.00% | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - BNP PARIBAS SA - EUR 30.7 million notional | 1.34% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - BNP PARIBAS SA - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
Sensitivity analysis
Financial instruments exposed to interest rate risk were subjected to a sensitivity analysis at the reporting date. The assumptions upon which the model is based are illustrated below:
Medium-to-long term payables were subject to a change of 50 bps upwards and 20 bps downwards at the date of re-fixing the internal rate of return posted during the year.
Short and medium/long revolving payables and other current financial items were subject to a recalculation of the amount of financial charges by applying a change of 50 bps upwards and 20 bps downwards to the values posted to the financial statements.
The fair value of interest rate swaps (IRS) was recalculated applying a non-symmetrical shift (+100 bps; -100 bps) to the interest rate curve at the reporting date. The ineffective portion was calculated based on the fair value recalculated using the adjusted interest rate curve. It was not possible to apply a symmetrical change of 50 bps as the very short-term interest rate curve at the reporting date was negative.
The table below summarises the changes in the Profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date: | change | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2023 | +100 b.p. | (2.1) | 8.0 | 5.9 |
| -100 b.p. | 2.2 | (8.3) | (6.1) |
| 2022 | +100 b.p. | (0.9) | 9.6 | 8.7 |
| -100 b.p. | 1.6 | (11.0) | (9.4) |
The Group is exposed to financial risks linked to:
- Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
- Interest rate fluctuations for long-term variable-rate loans;
- Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operate in its specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement..
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page310-cflshid_131196-tag101883": {
"value": "The Group is exposed to financial risks linked to:
- Exchange rate fluctuations, primarily in relation to the acquisition of television broadcasting rights in currencies other than the Euro and secondarily in relation to merchandise acquisitions;
- Interest rate fluctuations for long-term variable-rate loans;
- Fair value fluctuations for equity instruments.
As mentioned on the section on Accounting standards, amendments and interpretations applied from 1 January 2019, the hedge accounting provisions in IFRS 9 became applicable at the start of the year.
Financial risks and related hedging instruments
MFE has defined specific policies for the management of the Group\u2019s financial risks, aimed at reducing its exposure to exchange rate risks, interest rate risks and liquidity risks. To optimise the structure of operating costs and resources, this activity is centralised within the group parent MFE which has been entrusted with the task of collecting the information regarding the positions exposed to risk and hedging them.
MFE directly operate in its specific markets, controlling and managing financial risk for its subsidiaries. The selection of the financial counterparts focuses on those with a high credit standing while, at the same time, ensuring a limited concentration of exposures towards them.
Exchange rate hedging
The Group uses derivatives - mainly forwards - to hedge risks arising from foreign currency fluctuations both for highly probable future purchases and for payables relating to purchases already made.
For the MFE Group, the exchange risk is linked to the possibility of the currency rates changing from the time the acquisition of assets in a foreign currency has become highly probable (authorised purchase negotiations over broadcasting rights) to the moment when those assets are recorded in the financial statements; therefore, the hedging goal is to set the exchange rate of the price in euro at the approval date of the transaction (hedge accounting as set out in the IAS/IFRS). The hedging of merchandise purchase orders is treated the same way as, like with the case above, the hedging goal is to set the equivalent price of the merchandise in euro at the time the order was issued. Hedge accounting is therefore maintained, over all payables, until the payables are settled. In this case, the exchange rate hedging objective is to set the equivalent euro price of the non-euro denominated payable so as to eliminate the effects of exchange rate fluctuations and pre-determine the settlement value of the non-euro denominated payables.
Derivatives are classified under current financial assets and liabilities, and are recognised at fair value.
Fair value of the currency forwards is calculated as the present value of the difference between the notional amount measured at the forward contract rate and the notional amount measured at the fair forward rate (the end exchange rate calculated at the reporting date).
Fair value is adjusted to take account of the creditworthiness of the counterparty risk in the event of positive fair value and of the creditworthiness of MFE in the event of negative fair value. Lastly, please note that the adjustment for creditworthiness is only calculated for derivatives with maturity more than 4 months from the measurement date.
For the purposes of hedge accounting, MFE designates hedging instruments as those related to the hedging of currency exposures linked primarily to commitments for future purchases of television broadcasting rights to be made in foreign currency (forecast transactions), for which the relationship between the derivative and the hedged item, as well as the high level of probability/effectiveness connected to the actual occurrence of the hedged event is formally documented. This relationship is also documented for the hedging of non-euro payables.
The effective portion of the fair value adjustment of the derivative that has been designated and that can be qualified as a hedging instrument is recognised directly in shareholders\u2019 equity, while the ineffective part is recognised in profit and loss.
The accounting treatment of these operations is the cash flow hedge. According to this rule, the effective portion of the change in value of the derivative is recognized in a shareholders\u2019 equity reserve. In the case of hedging of commitments for rights purchases, this reserve is used to subsequently adjust the cost of the asset (basis adjustment). Cash flow hedges are also established to hedge payables denominated in foreign currencies. In this event, the hedged item (the payable in foreign currencies) is converted at the spot exchange rate on the reporting date, with the effect recognised in the income statement in accordance with the change in the spot value.
Interest rate hedging
Interest rate risk arises from adverse movements in the interest rates that are applicable to the interest flows associated with the Group\u2019s medium-to-long term financial liabilities. The derivatives used to hedge this risk include Interest Rate Swaps and Options.
The fair value of interest rate swaps is calculated based on the current value of the expected future cash flows and the fair value of collar derivatives is calculated using the Black & Scholes formula.
For the purposes of hedge accounting, MFE designates hedging instruments as those instruments for which the relationship between the derivative and the hedged item is formally documented. As required by IFRS 9, hedge accounting can be applied where an economic relationship exists between the hedged item and the hedging instrument and where the effect of the credit risk is not greater than the fluctuations in the value of the economic relationship at the time the hedge is established and during the lifetime of the hedging relationship.
Equity instrument fair value hedging
To hedge the risk of fair value changes caused by fluctuations in equity instrument market price, MFE uses put and call options (hedging instruments) which are stipulated within a fair value hedge relationship
Pursuant to accounting principle IFRS 9, paragraph 6.5.15, and in order to determine the fair value, the intrinsic value (hedge relationship) and the time value of the option (cost of hedging) are separately identified. The hedge relationship is \u201ctime period-related\u201d, whereby the time period is allocated throughout the duration of the contract.
Having chosen to recognise the fair value changes of the hedged item in the oher comprehensive income statement without recyclingl to profit or loss, the fair value changes attributable to the time value and, if appropriate, the ineffectiveness of the hedge relationship will \u2013 as for the hedged item - not classified within the income statement but through the other comprehensive income statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page312-cflshid_132487-tag101886": {
"value": "Exchange Rate RiskThe Group\u2019s exposure to exchange rate risk mainly stems from the acquisition of television and movie broadcasting rights in currencies other than the Euro, mainly in US dollars, carried out in their respective areas of operation by R.T.I. S.p.A. and Grupo Audiovisual Mediaset Espa\u00f1a.
In compliance with the Group\u2019s policies, the companies adopt an approach to exchange rate risk management aimed at eliminating the effect of exchange rate fluctuations while setting in advance the cost which the rights will be recognized upon acquisition.
Exchange rate risk emerges from the early stages of negotiations for entering into any contract and continues up to payment of the amount due for the acquisition of the broadcasting rights. From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the MFE Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
During the period between the date on which the purchase commitments were defined and the date on which the hedged television rights were recognised, the \u201ccash flow hedge\u201d method is used in accordance with IFRS 9. Based on this method, the effective portion of the change in the fair value of the derivative is accounted for in a reserve in Shareholders' Equity, which is used to adjust the initial cost of the TV right in the Financial Statements (basis adjustment), generating an impact on profit and loss when the hedged item, i.e. the TV right, is amortised.
Once the Group\u2019s broadcasting right is recognized, and after the date the payable is due but before it is settled, the Group takes out a cash flow hedge in which:
oThe hedged item (the payable in foreign currencies) is converted at the spot exchange rate at the reporting date, with the effect recognised in the income statement.
oChanges in the intrinsinc element of the hedging instrument are recognized in other comprehensive income and this change is then reversed to the profit or loss.
The types of derivatives mainly used are forward and option contracts. The fair value of forward contracts on currencies is determined as the discounted difference between the notional amount calculated using the contractual forward rate and the notional amount calculated using the forward exchange rate at the reporting date adjusted for creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged risk (maturity, amount, etc.) and those of the hedging instrument through the application of specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
Sensitivity analysis
Financial instruments exposed to EURO/USD exchange rate risk, mainly comprising payables for the acquisition of broadcasting rights and exchange rate derivatives, were the subject of a sensitivity analysis at the reporting date. The carrying amount of the financial instruments was adjusted by applying a symmetrical percentage change to the period-end exchange rate, equal to the 1-year implicit volatility of the reference currency published by Bloomberg, equal to 6.69% (8.16% for 2022).
This sensitivity analysis of the derivatives under cash flow hedge accounting had an impact on the changes in spot values posted to the Shareholders' Equity Reserve, while the change resulting from the forward points impacts the Income Statement Result, in compliance with the method defined by the hedging relationship.The table below summarises the changes in the Net profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date:
| EUR/USD exchange rate at 31 December | change | rectified EUR/USD exchange rate | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2023 | 1.105 | + 6.6975 | 1.179 | 0.2 | (5.6) | (5.4) |
| - 6.6975 | 1.031 | (0.5) | 6.4 | 5.9 |
| 2022 | 1.0666 | 8.16% | 1.1957 | 0.5 | (9.4) | (8,9) |
| -8.16% | 1.0695 | (0.4) | 11.1 | 10,7 |
Interest rate risk
The management of the financial resources of the Group involves the centralised cash-pooling with the group parent MFE-MEDIAFOREUROPE N.V. These companies are tasked with obtaining funding from the market by entering into medium/long term loans and opening committed and uncommitted credit lines.
Interest rate risk mainly originates from variable rate financial payables, which expose the Group to cash flow risk. The management objective is to limit the fluctuation of financial expenses that impact the financial result, limiting the risk of a potential rise in interest rates.
Within this context, the Group pursues its objectives using derivatives entered into with third parties aimed at setting in advance or reducing, the change in cash flows due to the market change in interest rates on medium/long-term debt. The timeframe considered significant for managing interest rate risk is defined as a minimum term of 18 months of residual duration of the operation.
From an accounting standpoint, from the date the derivatives contract is entered into until the date the asset is recognized, the MFE Group applies the hedge accounting methodology documenting by way of the hedging relationship, the risk hedged and the purposes of the hedging, periodically checking the hedge effectiveness.
Specifically, the cash flow hedge methodology set out by IFRS 9 is used. According to this method, either the absolute change in the clean fair value of derivatives - that is, the fair value less accrued interest - or the fair value of the underlying, whichever is smaller, is charged to an equity reserve. The difference between this value and the total fair value is recognized in the Income Statement at each valuation date. Both the fair value and the clean fair value are adjusted to take account of creditworthiness.
The effectiveness test is intended to show the high correlation between the technical and financial characteristics of the hedged liabilities (maturity, amount, etc.) and those of the hedging instrument through the application of
specific retrospective and prospective tests, using the dollar off-set and volatility reduction measure methods, respectively.The fair value of the interest rate swaps (IRS) is calculated based on the present value of expected future cash flows.
The expectation of future cash flows subject to hedging is shown in a specific table illustrating the changes in the cash flow hedge reserve.
The Group has collar derivatives in place to hedge variable rate medium/long term loans.
The main features about derivatives instruments regarding MFE-MEDIAFOREUROPE N.V.:
| Fixed rate | Variable rate | Floor | Validity | Maturity |
| Interest Rate Swap - INTESA SANPAOLO - EUR 150 million notional | -0.18% | Euribor 3M/360 | -1.00% | 31/03/2020 | 28/03/2025 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 100 million notional | 1.69% | Euribor 3M/360 | -1.00% | 30/06/2022 | 28/03/2025 |
| Interest Rate Swap - UNICREDIT - EUR 100 million notional | 1.35% | Euribor 3M/360 | -0.80% | 30/06/2022 | 20/01/2025 |
| Interest Rate Swap - UNICREDIT - EUR 30.7 million notional | 1.33% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - UNICREDIT - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 30.7 million notional | 1.33% | Euribor 3M/360 | -1.00% | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | -1.00% | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - BNP PARIBAS SA - EUR 30.7 million notional | 1.34% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - BNP PARIBAS SA - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | | 08/07/2022 | 12/07/2027 |
Sensitivity analysis
Financial instruments exposed to interest rate risk were subjected to a sensitivity analysis at the reporting date. The assumptions upon which the model is based are illustrated below:
Medium-to-long term payables were subject to a change of 50 bps upwards and 20 bps downwards at the date of re-fixing the internal rate of return posted during the year.
Short and medium/long revolving payables and other current financial items were subject to a recalculation of the amount of financial charges by applying a change of 50 bps upwards and 20 bps downwards to the values posted to the financial statements.
The fair value of interest rate swaps (IRS) was recalculated applying a non-symmetrical shift (+100 bps; -100 bps) to the interest rate curve at the reporting date. The ineffective portion was calculated based on the fair value recalculated using the adjusted interest rate curve. It was not possible to apply a symmetrical change of 50 bps as the very short-term interest rate curve at the reporting date was negative.
The table below summarises the changes in the Profit for the year and in the Consolidated Shareholders' Equity, deriving from the sensitivity analysis carried out net of the relevant taxes calculated on the basis of the standard tax rate in force at the reporting date: | change | through Profit and Loss | through Equity | Total Shareholders' Equity |
| 2023 | +100 b.p. | (2.1) | 8.0 | 5.9 |
| -100 b.p. | 2.2 | (8.3) | (6.1) |
| 2022 | +100 b.p. | (0.9) | 9.6 | 8.7 |
| -100 b.p. | 1.6 | (11.0) | (9.4) |
Price Risk
Sensitivity analysis
To hedge the risk of fair value changes caused by fluctuations in the share price of ProSiebenSat.1 Media SA, MFE-MEDIAFOREUROPE N.V. entered into a collar contract (purchase of put options and sale of call options) hedging their own equity investments, aimed at containing share price fluctuations within a 90%-120% range of their initial value.
Looking at the hedges agreed by MFE-MEDIAFOEEUROPE N.V., the first effect of the hedges is to set a maximum-level gain based on the strike price of the call options sold, and the second effect is to set a minimum-level loss based on the strike price of the put options bought.
At 31 December 2023, only around half of the first tranche of options expiring in November 2024 was outstanding. The share price was EUR 5.534 and, therefore, the purchased put options with a strike price of EUR 10.17 were \u201cin the money\u201d, with an intrinsic value of EUR 12.97 million.
However, if we imagine a price per share of EUR 14.13 (a change of +125% of the initial price), the call options sold with a strike rate of EUR 13.56 would now be \u201cin the money\u201d and would therefore have an intrinsic value of - EUR 1.59 million and 100% effectiveness.
With reference to hedging transactions maturing in May 2024, the intrinsic value at 31 December 2023 was nil. However, if we imagine a price per share of EUR 7.77 (a change of +125% of the initial price), the call options sold with a strike rate of EUR 7.27 would now be \u201cin the money\u201d and would therefore have an intrinsic value of - EUR 2.45 million and 100% effectiveness.
The changes in intrinsic value would have an impact on the shareholders\u2019 equity reserve but would not impact profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page316-cflshid_134443-tag101889": {
"value": "NOTES ON MAIN CASH FLOW STATEMENT ITEMS12. NOTES ON MAIN CASH FLOW STATEMENT ITEMS
12.1 OTHER PROVISIONS AND NON-CASH MOVEMENTS
This item refers primarily to provisions (net of utilisations) for risks, employee leaving entitlements and incentive plan costs, and to gains/losses on the disposal of property, plant and equipment and other intangible assets and television and film broadcasting rights.
12.2 CHANGE IN OTHER ASSETS AND LIABILITIES
This item includes changes in Other receivables and current assets, Post-employment benefit plans, Other current liabilities and differences realised in the financial settlement of foreign exchange hedge for the ineffective portion of the hedging relationship as well as EUR 5.0 million as the exchange difference arising from the cash settlement of exchange rate hedges for the ineffective portion of the hedge.
12.3 PROCEEDS FROM GOVERNMENT GRANTS
For the last two years, this item refers to the grants received under the Ministry of Economic Development (MISE) \u2013 now the Ministry of Enterprise and Made in Italy (MIMIT) \u2013 Interministerial Decree of 17 November 2021 setting out compensatory measures for transmission facilities upgrade costs incurred by network operators nationwide as a consequence of the refarming of frequencies for the digital terrestrial television service.
12.4 PROCEEDS/(PAYMENTS) FOR HEDGING DERIVATIVES ON FINANCIAL ASSETS
In 2023, this item included the cashout associated with the early closing of collar contracts entered into to hedge the equity investment in ProSiebenSat.1 Media SE.
12.5 PROCEEDS/(PAYMENTS) IN OTHER FINANCIAL ASSETS
In 2023, this item mainly referred to the following: EUR 74.3 million for the acquisition of a further 3.86% stake by MFE in Prosiebensat.1 Media SE; EUR 3.6 million for the acquisition of equity interests as part of the \u201cAD4ventures\u201d business.
12.6 DIVIDENDS RECEIVEDThis item refers to EUR 3.3 million (EUR 34.5 million in 2022) in dividends received from Prosiebensat.1 Media SE and EUR 19.6 million (EUR 24.0 million in 2022) in dividends received from EITowers S.p,A., with the remainder referring to the dividends received from associates and joint ventures.
12.7 DIVIDENDS PAID
This item refers to the distribution of dividends of EUR 140.1 million resolved by the shareholders' meeting of 7 June 2023.
12.8 CHANGES IN CONTROLLING INTEREST
This item refers to the disbursements made by the Group for the purchase of the residual shares held by Mediaset Espa\u00f1a and the related transaction costs.
In the previous year, this item referred to EUR 184.2 million in disbursements under the voluntary purchase and exchange offer for the non-controlling interest in the subsidiary Mediaset Espa\u00f1a with respect to the cash portion of acquiring a 27.23% of the share capital in the subsidiary and the related transaction costs incurred by the Group for the year.
12.9 CHANGES IN FINANCIAL LIABILITIESAs required by IAS 7, the table below shows the changes in financial liabilities.
CHANGE IN FINANCIAL LIABILITIES | 31/12/2022 | Cash flow (*) | Fair value changes | Other non-cash movements (**) | 31/12/2023 |
| Hedging derivatives (interest rate) | (33.1) | | 16.2 | | (16.9) |
| Loans | 259.1 | (237.5) | | 183.0 | 204.6 |
| Credit facilities | 6.0 | 21.1 | | | 27.0 |
| Payables to other lenders | 48.8 | (5.2) | | | 43.7 |
| Lease payables IFRS 16 | 88.8 | (19.2) | | 42.4 | 112.0 |
Non-current liabilities and payables to banks | 998.0 | (118.8) | | (181.2) | 698.1 |
| Total financial liabilities | 1,365.4 | (359.7) | 16.2 | 44.1 | 1,068.5 |
(*) includes cash flow from interest paid
(**) includes measurement at amortised cost
CHANGE IN FINANCIAL LIABILITIES | 31/12/2021 | Cash flow (*) | Fair value changes | Other non-cash movements (**) | 31/12/2022 |
| Hedging derivatives (interest rate) | 0.3 | - | (33.4) | - | (33.1) |
| Loans | 222.0 | (218.0) | - | 255.1 | 259.1 |
| Credit facilities | 141.0 | (135.0) | - | - | 6.0 |
| Payables to other lenders | 50.5 | (1.7) | - | - | 48.8 |
| Lease payables IFRS 16 | 99.3 | (21.8) | - | 9.1 | 86.6 |
Non-current liabilities and payables to banks | 683.3 | 568.0 | - | (253.3) | 998.0 |
| Total financial liabilities | 1,196.4 | 191.5 | (33.4) | 10.8 | 1,365.4 |
(*) includes cash flow from interest paid
(**) includes measurement at amortised cost",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page317-cflshid_134671-tag101890": {
"value": "12.6 DIVIDENDS RECEIVEDThis item refers to EUR 3.3 million (EUR 34.5 million in 2022) in dividends received from Prosiebensat.1 Media SE and EUR 19.6 million (EUR 24.0 million in 2022) in dividends received from EITowers S.p,A., with the remainder referring to the dividends received from associates and joint ventures.
12.7 DIVIDENDS PAID
This item refers to the distribution of dividends of EUR 140.1 million resolved by the shareholders' meeting of 7 June 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page319-cflshid_135323-tag101891": {
"value": "13. DISCLOSURES ON FINANCIAL INSTRUMENTS AND RISK MANAGEMENT POLICIES
The tables below provide, separately for the two years being compared, the disclosures required by IFRS 7, for the purpose of evaluating the significance of the financial instruments with reference to the statement of financlal position, cash flows statement and income statement result for the Group.
Categories of financial assets and liabilities
Below is a breakdown of the carrying amounts of the financial assets and liabilities, as required by accounting standard IFRS 7.
| IFRS 9 CATEGORIES |
| FINANCIAL ASSETS at 31 DECEMBER 2023 | Derivative Instruments | Financial assets at amortised cost | Financial assets FVTOCI | BOOK VALUE | Notes |
| OTHER FINANCIAL ASSETS: | | | | | |
| Equity investments | | | 71.9 | 71.9 | 7.7 |
| Other hedging derivatives (non current portion) | 8.6 | | | 8.6 |
| Other financial assets | | 13.4 | | 13.4 |
| TRADE RECEIVABLES: | | | | | |
| Due from customers | | 744.5 | | 744.5 | 8.2 |
| Due from related parties | | 30.8 | | 30.8 | |
| OTHER RECEIVABLES/CURRENT ASSETS: | | | | | |
| Due from factoring companies | | 160.3 | | 160.3 | |
| CURRENT FINANCIAL ASSETS: | | | | | |
| Financial receivables (due within 12 months) | | 8.1 | | 8.1 | 8.4 |
| Hedging derivatives on equity instruments | 14.5 | | | 14.5 | |
| Other hedging derivatives | 16.3 | | | 16.3 | |
| CASH AND CASH EQUIVALENTS: | | | | | |
| Current accounts and demand deposits | | 175.2 | | 175.2 | 8.5 |
| TOTAL FINANCIAL ASSETS | 39.3 | 1,132.2 | 71.9 | 1,243.5 | |
| IFRS 9 CATEGORIES |
| FINANCIAL LIABILITIES at 31 DECEMBER 2023 | Derivative Instruments | Liabilities at amortised cost | BOOK VALUE | Notes |
| NON CURRENT FINANCIAL LIABILITIES AND PAYABLES: | | | | |
| Due to banks | | 698.1 | 698.1 | 10.2 |
| Other financial liabilities | | 8.4 | 8.4 |
| CURRENT LIABILITIES: | | | | |
| Due to banks | | 231.5 | 231.5 | 11.1 |
| Due to suppliers | | 544.8 | 544.8 | 11.2 |
| Due to related parties | | 57.8 | 57.8 |
| OTHER FINANCIAL LIABILITIES: | | | | |
| Due to factoring companies | | 4.0 | 4.0 | 11.4 |
| Other financial liabilities | | 0.8 | 0.8 |
| Hedging derivatives on equity instruments | 0.5 | | 0.5 |
| Other hedging derivatives | 2.0 | | 2.0 | |
| Financial payables to related parties | | 39.2 | 39.2 | |
| TOTAL FINANCIAL LIABILITIES | 2.4 | 1,584.7 | 1,587.1 | |
| IFRS 9 CATEGORIES |
| FINANCIAL ASSETS at 31 DECEMBER 2022 | Derivative Instruments | Financial assets at amortised cost | Financial assets FVTOCI | BOOK VALUE | Notes |
| OTHER FINANCIAL ASSETS: | | | | | |
| Equity investments | | | 519.8 | 519.8 | 7.7 |
| Hedge derivatives on equity instruments (non-current portion) | 16.6 | | | 16.6 |
| Other hedging derivatives (non current portion) | 28.6 | | | 28.6 |
| Other financial assets | | 8.6 | | 8.6 |
| financial receivables (due over 12 months) | | 2.2 | | 2.2 |
| TRADE RECEIVABLES: | | | | | |
| Due from customers | | 697.5 | | 697.5 | 8.2 |
| Due from related parties | | 51.2 | | 51.2 | |
| OTHER RECEIVABLES/CURRENT ASSETS: | | | | | |
| Due from factoring companies | | 138.8 | | 138.8 | |
| CURRENT FINANCIAL ASSETS: | | | | | |
| Financial receivables (due within 12 months) | | 3.2 | | 3.2 | 8.4 |
| Hedging derivatives on equity instruments | 2.8 | | | 2.8 | |
| Other hedging derivatives | 21.7 | | | 21.7 | |
| CASH AND CASH EQUIVALENTS: | | | | | |
| Bank and postal deposits | | 522.4 | | 522.4 | 8.5 |
| TOTAL FINANCIAL ASSETS | 69.8 | 1,424.0 | 519.8 | 2,013.6 | |
| IFRS 9 CATEGORIES |
| FINANCIAL LIABILITIES at 31 DECEMBER 2022 | Derivative Instruments | Liabilities at amortised cost | BOOK VALUE | Notes |
| NON CURRENT FINANCIAL LIABILITIES AND PAYABLES: | | | | |
| Due to banks | | 998.0 | 998.0 | 10.2 |
| Hedge derivatives on equity instruments (non-current portion) | 19.7 | | 19.7 |
| Other hedging derivatives (non current portion) | 0.0 | | 0.0 |
| Other financial liabilities | | 5.5 | 5.5 |
| CURRENT LIABILITIES: | | | | |
| Due to banks | | 265.2 | 265.2 | 11.1 |
| Due to suppliers | | 515.0 | 515.0 | 11.2 |
| Due to related parties | | 76.0 | 76.0 |
| OTHER FINANCIAL LIABILITIES: | | | | |
| Due to factoring companies | | 1.1 | 1.1 | 11.4 |
| Other financial liabilities | | 7.6 | 7.6 |
| Hedging derivatives on equity instruments | 2.6 | | 2.6 |
| Other hedging derivatives | 3.6 | | 3.6 |
| Financial payables to related parties | | 47.3 | 47.3 | |
| TOTAL FINANCIAL LIABILITIES | 25.9 | 1,915.6 | 1,941.5 | |
Fair value of financial assets and liabilities, and calculation models and input data used
Below is an analysis of the amounts corresponding to the fair value of assets and liabilities broken down based on the methodologies and the calculation models used to calculate them.
Note that the tables do not show those financial assets and liabilities whose book value is very close to the fair value and that the fair value of derivatives represents the net position between assets and liabilities amounts.
The input data used to measure fair value at the reporting date, obtained from Bloomberg provider, were as follows:
oEuro curves for the estimation of forward rates and discount factors;
oSpot exchange rates of the ECB;
oForward exchange rates calculated by Bloomberg;
oThe fixing of the Euribor rate;
oThe \u201cmid\u201d credit default swap (CDS) spread listed by various counterparties (if available);
oCredit spread of MFE-MEDIAFOREUROPE N.V.
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | BOOK VALUE | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 71.9 | 71.9 | | | | 71.9 | 7.7 |
| Trade receivables | 5.2 | | | | 5.1 | 5.1 | 8.4 |
| Due to banks | (929.6) | | | | (935.8) | (935.8) | 10.2 |
| M/L trade and other payables | (47.4) | | | | (46.1) | (46.1) | 11.2 |
| Hedging derivatives on equity instruments | | | | | | | |
| - Put | 14.5 | | 14.5 | | | 14.5 | |
| - Call | (0.5) | | (0.5) | | | (0.5) | 8.4;11.4 |
| Other hedging derivatives | | | | | | | |
| -Forward | 6.0 | | | | 6.0 | 6.0 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2022 | BOOK VALUE | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 519.8 | 519.8 | | | | 519.8 | 7.7 |
| Trade receivables | 1.7 | | | | 1.6 | 1.6 | 8.4 |
| Due to banks | (1,263.2) | | | | (1,073.6) | (1,338.8) | 10.2 |
| M/L trade and other payables | (31.3) | | | | (30.5) | (30.5) | 11.2 |
| Hedging derivatives on equity instruments | | | | | | | |
| - Put | (0.6) | | (0.6) | | | (0.6) | |
| - Call | (2.2) | | (2.2) | | | (2.2) | 8.4;11.4 |
| Other hedging derivatives: | | | | | | | |
| -Forward | 13.7 | | | | 13.7 | 13.7 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 33.1 | | | | 33.1 | 33.1 |
The fair value of securities listed on an active market is based on market prices at the reporting date. The fair value of securities not listed in an active market and trading derivatives is determined by using the most
commonly used valuation models and techniques on the market or using the price provided by several independent counterparties, with reference to comparable listed securities prices.The fair value of non-current financial payables has been calculated considering the credit spread of MFE-MEDIAFOREUROPE N.V. and also including the short-term component of the medium/long term loans.
For the trade receivables and payables expiring within 12 months, the fair value was not calculated since is very close to their carrying amount. As a result, the carrying amount stated for the receivables and payables for which the fair value was calculated also includes the portion due within 12 months of the reporting date. The calculation of the fair value of trade receivables only takes into account the creditworthiness of the counterparty when there is market information that can be used to determine it. With regard to trade payables, fair value has been adjusted taking into account the creditworthiness of MFE-MEDIAFOREUROPE N.V.
The financial assets and liabilities measured at fair value are classified in the following table, based on the nature of financial parameters used in determining the fair value, on the basis of the fair value hierarchy envisaged by the standard:
oLevel I: listed prices on active markets for identical instruments;
oLevel II: variables other than listed prices in active markets that may be observed either directly (as in the case of prices) or indirectly (derived from the prices);
oLevel III: variables that are not based on observable market values.
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | BOOK VALUE | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 71.9 | 42.9 | 29.0 | | 71.9 | 7.7 |
| Hedging derivatives on equity instruments | | | | | | |
| - Put | 14.5 | | 14.5 | | 14.5 | 7.7;8.4;10.2;11.4 |
| - Call | (0.5) | | (0.5) | | (0.5) |
| Other hedging derivatives | | | | | | |
| -Forward | 6.0 | | 6.0 | | 6.0 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2022 | BOOK VALUE | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 519.8 | 486.5 | 33.3 | | 519.8 | 7.7 |
| Hedging derivatives on equity instruments | | | | | | |
| - Put | (0.6) | | (0.6) | | (0.6) | 7.7;8.4;10.2;11.4 |
| - Call | (2.2) | | (2.2) | | (2.2) |
| Other hedging derivatives | | | | | | |
| -Forward | 13.7 | | 13.7 | | 13.7 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 33.1 | | 33.1 | | 33.1 |
Fair value of financial assets and liabilities, and calculation models and input data used
Below is an analysis of the amounts corresponding to the fair value of assets and liabilities broken down based on the methodologies and the calculation models used to calculate them.
Note that the tables do not show those financial assets and liabilities whose book value is very close to the fair value and that the fair value of derivatives represents the net position between assets and liabilities amounts.
The input data used to measure fair value at the reporting date, obtained from Bloomberg provider, were as follows:
oEuro curves for the estimation of forward rates and discount factors;
oSpot exchange rates of the ECB;
oForward exchange rates calculated by Bloomberg;
oThe fixing of the Euribor rate;
oThe \u201cmid\u201d credit default swap (CDS) spread listed by various counterparties (if available);
oCredit spread of MFE-MEDIAFOREUROPE N.V.
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | BOOK VALUE | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 71.9 | 71.9 | | | | 71.9 | 7.7 |
| Trade receivables | 5.2 | | | | 5.1 | 5.1 | 8.4 |
| Due to banks | (929.6) | | | | (935.8) | (935.8) | 10.2 |
| M/L trade and other payables | (47.4) | | | | (46.1) | (46.1) | 11.2 |
| Hedging derivatives on equity instruments | | | | | | | |
| - Put | 14.5 | | 14.5 | | | 14.5 | |
| - Call | (0.5) | | (0.5) | | | (0.5) | 8.4;11.4 |
| Other hedging derivatives | | | | | | | |
| -Forward | 6.0 | | | | 6.0 | 6.0 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2022 | BOOK VALUE | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 519.8 | 519.8 | | | | 519.8 | 7.7 |
| Trade receivables | 1.7 | | | | 1.6 | 1.6 | 8.4 |
| Due to banks | (1,263.2) | | | | (1,073.6) | (1,338.8) | 10.2 |
| M/L trade and other payables | (31.3) | | | | (30.5) | (30.5) | 11.2 |
| Hedging derivatives on equity instruments | | | | | | | |
| - Put | (0.6) | | (0.6) | | | (0.6) | |
| - Call | (2.2) | | (2.2) | | | (2.2) | 8.4;11.4 |
| Other hedging derivatives: | | | | | | | |
| -Forward | 13.7 | | | | 13.7 | 13.7 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 33.1 | | | | 33.1 | 33.1 |
The fair value of securities listed on an active market is based on market prices at the reporting date. The fair value of securities not listed in an active market and trading derivatives is determined by using the most
commonly used valuation models and techniques on the market or using the price provided by several independent counterparties, with reference to comparable listed securities prices.The fair value of non-current financial payables has been calculated considering the credit spread of MFE-MEDIAFOREUROPE N.V. and also including the short-term component of the medium/long term loans.
For the trade receivables and payables expiring within 12 months, the fair value was not calculated since is very close to their carrying amount. As a result, the carrying amount stated for the receivables and payables for which the fair value was calculated also includes the portion due within 12 months of the reporting date. The calculation of the fair value of trade receivables only takes into account the creditworthiness of the counterparty when there is market information that can be used to determine it. With regard to trade payables, fair value has been adjusted taking into account the creditworthiness of MFE-MEDIAFOREUROPE N.V.
The financial assets and liabilities measured at fair value are classified in the following table, based on the nature of financial parameters used in determining the fair value, on the basis of the fair value hierarchy envisaged by the standard:
oLevel I: listed prices on active markets for identical instruments;
oLevel II: variables other than listed prices in active markets that may be observed either directly (as in the case of prices) or indirectly (derived from the prices);
oLevel III: variables that are not based on observable market values.
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | BOOK VALUE | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 71.9 | 42.9 | 29.0 | | 71.9 | 7.7 |
| Hedging derivatives on equity instruments | | | | | | |
| - Put | 14.5 | | 14.5 | | 14.5 | 7.7;8.4;10.2;11.4 |
| - Call | (0.5) | | (0.5) | | (0.5) |
| Other hedging derivatives | | | | | | |
| -Forward | 6.0 | | 6.0 | | 6.0 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2022 | BOOK VALUE | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 519.8 | 486.5 | 33.3 | | 519.8 | 7.7 |
| Hedging derivatives on equity instruments | | | | | | |
| - Put | (0.6) | | (0.6) | | (0.6) | 7.7;8.4;10.2;11.4 |
| - Call | (2.2) | | (2.2) | | (2.2) |
| Other hedging derivatives | | | | | | |
| -Forward | 13.7 | | 13.7 | | 13.7 | 7.7;8.4;10.2;11.4 |
| - IRS contracts | 33.1 | | 33.1 | | 33.1 |
14. SHARE-BASED PAYMENTSIn accordance with IFRS 2, the Group classifies stock option plans and medium/long-term incentive plans as \"share-based payments\". Those that are \"equity-settled\", i.e. involving the physical delivery of the shares, are measured at the fair value at the grant date of the option rights (which is calculated on the basis of the share price) assigned and recognised as a personnel expense to be spread evenly over the vesting period of the rights, with a corresponding reserve booked to shareholders' equity. This allocation is carried out based on the estimate of the rights that will actually allot to the person entitled, in consideration of their vesting conditions not based on the market value of the rights.
At the end of the period in which the rights can be exercised the related shareholders\u2019 equity reserve is reclassified within retained earnings.
At 31 December 2023, medium/long-term incentive plans allocated for the years 2021, 2022 and 2023 were recognised in the financial statements for the purposes of IFRS 2.
The plans that had an impact on the income statement are those that can be exercised and which, at the reporting date, have not yet been concluded, or those that have vested during the year.
All the plans are equity-settled, i.e., they involve the allocation of treasury shares bought back from the market. Options and the free allocation rights granted to the employee beneficiaries are linked to the Group's achievement of financial performance targets and the employee remaining with the Group for a certain length of time.
The details of incentive plans with free granting of shares to the beneficiaries can be summarised as follows:
| Incentive plan 2021 | Incentive plan 2022 | Incentive plan 2023 |
| Grant date | 14/09/2021 | 14/07/2022 | 01/08/2023 |
| Vesting Period | from 01/01/2021 to 31/12/2023 | from 01/01/2022 to 31/12/2024 | from 01/01/2023 to 31/12/2025 |
| Exercise period | from 01/10/2024 | from 01/08/2025 | from 01/09/2026 |
| Fair Value | 12.665 euro | A-class shares EUR 2.0770B-class shares EUR 3.0370 | A-class shares EUR 2.3885B-class shares EUR 3.4625 |
On 1 August 2023, after having consulted the Nomination and Remuneration Committee, Mediaset\u2019s Board of Directors also determined the beneficiaries under the Medium/Long\u2013Term Incentive and Loyalty Plan (2021-2023) established by resolution of the Shareholders' Meeting of 23 June 2021. The Board allocated those same beneficiaries their entitlements for 2023, the quantity of which were determined based on the criteria established in the Plan regulations approved by the Board of Directors during the meeting held on 27 July 2021 and amended following the introduction of the dual share class.
Below is a summary of the changes to the medium/long-term incentive plans:
| Incentive plan 2021 | Incentive plan 2022 | Incentive plan 2023 | Total |
| A Shares | B Shares | A Shares | B Shares | A Shares | B Shares | |
| Options outstanding at 1/1/2022 | - | 1,823,852 | - | - | - | - | 1,823,852.0 |
| Options issued during the year | 1,823,852 | - | 5,625,698 | 3,780,598 | - | - | 11,230,148 |
| Options exercised during the year | - | - | - | - | - | - | - |
| Options not-exercised during the year | - | - | - | - | - | - | - |
| Options expired/cancelled during the year | - | - | - | - | - | - | - |
| Options outstanding at 31/12/2022 | 1,823,852 | 1,823,852 | 5,625,698 | 3,780,598 | - | - | 13,054,000 |
| | | | | | | - |
| Options outstanding at 1/1/2023 | 1,823,852 | 1,823,852 | 5,625,698 | 3,780,598 | - | - | 13,054,000.0 |
| Reverse stock split (1 new share for every 5 old shares) | -1,459,082 | -1,459,082 | -4,500,569 | -3,024,492 | -4,056,349 | -2,904,092 | -17,403,666 |
| Options issued during the year | - | - | - | - | 5,070,414 | 3,630,102 | 8,700,516 |
| Options exercised during the year | - | - | - | - | - | - | - |
| Options not-exercised during the year | - | - | - | - | - | - | - |
| Options expired/cancelled during the year | - | - | - | - | - | - | - |
| Options outstanding at 31/12/2023 | 364,770 | 364,770 | 1,125,129 | 756,106 | 1,014,065 | 726,010 | 4,350,850 |
The incentive plans are recognised in the financial statements at their fair value:
o2021 Stock Option Plan: EUR 12.665 per share.
o2022 Stock Option Plan: EUR 2.0770 per A-class share and EUR 3.0370 per B-class share
o2023 Stock Option Plan: EUR 2.3885 per A-class share and EUR 3.4625 per B-class share
The fair value of the incentive plans was calculated based on the stock market price of MFE A-class and MFE B-class shares on the grant date, and was amended following the reverse stock split of 23 October 2023 as better detailed in Note 4.
In accordance with IFRS 2, the Group classifies stock option plans and medium/long-term incentive plans as \"share-based payments\". Those that are \"equity-settled\", i.e. involving the physical delivery of the shares, are measured at the fair value at the grant date of the option rights (which is calculated on the basis of the share price) assigned and recognised as a personnel expense to be spread evenly over the vesting period of the rights, with a corresponding reserve booked to shareholders' equity. This allocation is carried out based on the estimate of the rights that will actually allot to the person entitled, in consideration of their vesting conditions not based on the market value of the rights.
At the end of the period in which the rights can be exercised the related shareholders\u2019 equity reserve is reclassified within retained earnings.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page328-cflshid_140003-tag101896": {
"value": "15. RELATED-PARTY TRANSACTIONS
The following summary table shows, for the main income statement and balance sheet items, the details of the companies that are the counterparts of these transactions.
| Revenues | Costs | Financial income / (expense) | Trade receivables | Trade payables | Other receivables/ (payables) |
| CONTROLLING ENTITY | | | | | | |
| Fininvest S.p.A. | 0.1 | 4.9 | - | 0.0 | 0.1 | 0.0 |
| AFFILIATED ENTITIES | | | | | | |
| Societ\u00e0 Sportiva Monza 1912 S.p.A. | 0.0 | 11.2 | - | 0.0 | 3.1 | 0.0 |
| Arnoldo Mondadori Editore S.p.A.* | 4.6 | 1.2 | - | 2.1 | 0.7 | (0.0) |
| Fininvest Real Estate and Services S.p.A. | 0.0 | - | - | 0.0 | - | - |
| Mediolanum S.p.A.* | 4.4 | - | - | 0.0 | - | - |
| Other affiliated entities | 0.1 | 0.9 | - | 0.0 | 0.1 | - |
| Total Affiliated Entities | 9.1 | 13.4 | - | 2.2 | 3.9 | (0.0) |
| ASSOCIATES AND JOINT VENTURES | | | | | | |
| Boing SpA | 8.4 | 24.5 | (0.0) | 3.6 | 13.7 | 0.6 |
| EI Towers Group ** | 1.7 | 161.5 | - | 0.3 | 1.5 | 0.0 |
| Fascino Produzione Gestione Teatro S.r.l. | 0.0 | 64.0 | (0.9) | 0.6 | 10.0 | (38.2) |
| Mediamond SpA | 39.2 | 1.9 | (0.1) | 23.7 | 0.9 | (0.9) |
| Prosieben Group | 0.3 | - | 0.4 | - | - | 0.3 |
| Other joint ventures and associates | 2.8 | 110.3 | 0.0 | 0.4 | 27.8 | 5.0 |
| Total Joint ventures and associates | 52.4 | 362.3 | (0.6) | 28.6 | 53.8 | (33.2) |
| KEY MANAGEMENT PERSONNEL*** | - | 14.6 | - | - | - | (9.1) |
| SUPPLEMENTARY PENSION SCHEME (Mediafond) | 0.0 | (0.0) | - | 0.0 | - | (1.1) |
| OTHER RELATED PARTIES**** | 0.0 | 0.0 | - | 0.0 | - | - |
| TOTAL RELATED PARTIES | 61.6 | 395.2 | (0.6) | 30.9 | 57.9 | (43.4) |
* The figure includes the company and its subsidiaries, associates or jointly controlled companies
** The figure includes the company and its subsidiaries.
*** The figure refers to the directors of MFE MediaforEurope NV.
**** The figure include the relations with the directors of the parent company Fininvest S.p.A., their and the MFE directors\u2019 close family members and companies in which these persons exercise control, joint control or significant influence or in which they hold, either directly or indirectly, a significant stake of no less than 20%, of the voting rights and the relations with consortiums principally engaged in the management of television signal transmission.
Revenues and trade receivables due from associated entities mainly relate to the sales of television advertising space. All these transactions are carried out at market value conditions and on an arm\u2019s lengths basis.
The revenues from Mediamond (joint venture between Publitalia'80 and Mondadori Pubblicit\u00e0) refer to the amounts due to MFE Group companies operating editorially for websites and relate to the sale of advertising space by agency.
The costs and the related trade payables mainly refer to purchases of television productions and broadcasting rights and to the fees paid to associates for the sale of advertising space managed through exclusive concessions by Group companies.
The costs paid to the associate EI Towers relate to those paid under the \u201cfull service\u201d contract for the hosting, support and maintenance of broadcasting equipment, the signal contribution services performed for Elettronica Industriale and the hosting and maintenance services performed for the Group\u2019s radio broadcasters.
The item other receivables/(payables) mainly refers to payables for loans and credit facilities due to affiliate companies, intercompany current accounts and loans given to associates.
During the year, dividends were also collected from affiliates and jointly controlled entities, for a total of EUR 29.6 million.
For more information as required by IAS 24 on the compensation of MFE Directors, please see the table below and Remuneration Report annexed to this Annual Report.
2023 Short-term benefits
| Name | Position at MFE | Fixed Compensation in MFE. * | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates | | Compensation for participation in subsidiaries\u2019 and associates\u2019 committees | Variable compensation | Other variable compensation (bonuses) | Non-monetary benefits | Post-employment benefits*** | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | | 384,954 | * | | 620,000 | | 19,950 | 113,704 | 319,321 | 2,497,929 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | | 1,152,571 | * | 24,000 | 248,000 | | 9,465 | 448,247 | 127,729 | 2,050,012 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | | 1,102,387 | * | 16,000 | 179,251 | | 9,005 | 412,891 | 95,796 | 1,855,330 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | | 1,195,468 | * | 20,000 | 276,660 | | 13,231 | 478,738 | 51,889 | 2,075,987 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | | 1,902,388 | \u00a0* | | 460,126 | | 19,935 | 687,857 | 287,389 | 3,397,696 |
| | 1,200,000 | - | 5,737,768 | | 60,000 | 1,784,037 | | 71,587 | 2,141,437 | 882,124 | 11,876,953 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | | 1,901,250 | - | 28,000 | | | 15,397 | 18,163 | | 2,022,810 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | | - | | - | - | - | 3,600 | | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | | - | - | - | - | - | - | 6,400 | | 46,400 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 70,000 | - | - | - | - | - | - | 4,464 | | 114,464 |
| Raffaele Cappiello | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 2,552 | | 62,552 |
| Costanza Esclapon De Villeneuve | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | - | - | - | | 70,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 14,016 | | 74,016 |
| Danilo Pellegrino** | NON-EXECUTIVE DIRECTOR | 40,000 | | | | | | | | - | | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | - | | 14,400 | | 104,400 |
| Carlo Secchi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | - | - | 12,800 | | 92,800 |
| | 420,000 | 280,000 | 1,901,250 | | 28,000 | - | - | 15,397 | 76,396 | - | 2,721,043 |
| | 1,620,000 | 280,000 | 7,639,018 | | 88,000 | 1,784,037 | | 86,984 | 2,217,833 | 882,124 | 14,597,996 |
*It includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE ** Payment order in favor of Fininvest Spa
*** (for Groups\u2019 employees) including TFR severance indemnity equal to 6.90% of the total compensation as established by Italian law
2022 Short-term benefits | Name | Position at MFE | Fixed Compensation in MFE. * | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates | | Compensation for participation in subsidiaries\u2019 and associates\u2019 committees | Variable incentive scheme | Other variable compensation (bonuses) | Non-monetary benefits | Post-employment benefits*** | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | | 370,163 | * | | 408,125 | | 19,453 | 107,660 | 306,736 | 2,252,137 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | | 1,124,650 | * | 80,000 | 242,750 | | 10,510 | 455,985 | 122,695 | 2,076,590 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | | 1,073,851 | * | 52,000 | 186,564 | | 9,029 | 415,402 | 92,021 | 1,868,867 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | | 1,164,020 | * | 68,000 | 291,591 | | 13,199 | 475,558 | 49,845 | 2,102,213 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | | 1,827,857 | \u00a0 | | 465,189 | | 19,935 | 698,657 | 276,063 | 3,327,731 |
| | 1,200,000 | - | 5,560,541 | | 200,000 | 1,594,219 | | 72,156 | 2,153,262 | 847,360 | 11,627,538 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | | 1,875,000 | - | 80,000 | | | 15,389 | 16,802 | | 2,047,191 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | | - | | - | - | - | 2,700 | | 92,700 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | | - | - | - | - | - | - | 6,400 | | 46,400 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 70,000 | - | - | - | - | - | - | 2,213 | | 112,213 |
| Raffaele Cappiello | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 1,200 | | 61,200 |
| Costanza Esclapon De Villeneuve | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | - | - | - | | 70,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 13,070 | | 73,070 |
| Danilo Pellegrino*** | NON-EXECUTIVE DIRECTOR | 40,000 | | | | | | | | - | | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | - | | 7,200 | | 97,200 |
| Carlo Secchi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | - | - | 16,802 | | 96,802 |
| | 420,000 | 280,000 | 1,875,000 | | 80,000 | - | - | 15,389 | 66,387 | - | 2,736,776 |
| | 1,620,000 | 280,000 | 7,435,540 | | 280,000 | 1,594,219 | | 87,545 | 2,219,649 | 847,360 | 14,364,314 |
**Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE
** Payment order in favour of Fininvest Spa
*** (for Groups\u2019 employees) including TFR severance indemnity equal to 6.90% of the total compensation as established by Italian law
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page330-cflshid_140937-tag101897": {
"value": " 2023 Short-term benefits
| Name | Position at MFE | Fixed Compensation in MFE. * | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates | | Compensation for participation in subsidiaries\u2019 and associates\u2019 committees | Variable compensation | Other variable compensation (bonuses) | Non-monetary benefits | Post-employment benefits*** | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | | 384,954 | * | | 620,000 | | 19,950 | 113,704 | 319,321 | 2,497,929 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | | 1,152,571 | * | 24,000 | 248,000 | | 9,465 | 448,247 | 127,729 | 2,050,012 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | | 1,102,387 | * | 16,000 | 179,251 | | 9,005 | 412,891 | 95,796 | 1,855,330 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | | 1,195,468 | * | 20,000 | 276,660 | | 13,231 | 478,738 | 51,889 | 2,075,987 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | | 1,902,388 | \u00a0* | | 460,126 | | 19,935 | 687,857 | 287,389 | 3,397,696 |
| | 1,200,000 | - | 5,737,768 | | 60,000 | 1,784,037 | | 71,587 | 2,141,437 | 882,124 | 11,876,953 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | | 1,901,250 | - | 28,000 | | | 15,397 | 18,163 | | 2,022,810 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | | - | | - | - | - | 3,600 | | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | | - | - | - | - | - | - | 6,400 | | 46,400 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 70,000 | - | - | - | - | - | - | 4,464 | | 114,464 |
| Raffaele Cappiello | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 2,552 | | 62,552 |
| Costanza Esclapon De Villeneuve | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | - | - | - | | 70,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 14,016 | | 74,016 |
| Danilo Pellegrino** | NON-EXECUTIVE DIRECTOR | 40,000 | | | | | | | | - | | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | - | | 14,400 | | 104,400 |
| Carlo Secchi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | - | - | 12,800 | | 92,800 |
| | 420,000 | 280,000 | 1,901,250 | | 28,000 | - | - | 15,397 | 76,396 | - | 2,721,043 |
| | 1,620,000 | 280,000 | 7,639,018 | | 88,000 | 1,784,037 | | 86,984 | 2,217,833 | 882,124 | 14,597,996 |
*It includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE ** Payment order in favor of Fininvest Spa
*** (for Groups\u2019 employees) including TFR severance indemnity equal to 6.90% of the total compensation as established by Italian law
2022 Short-term benefits | Name | Position at MFE | Fixed Compensation in MFE. * | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates | | Compensation for participation in subsidiaries\u2019 and associates\u2019 committees | Variable incentive scheme | Other variable compensation (bonuses) | Non-monetary benefits | Post-employment benefits*** | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | | 370,163 | * | | 408,125 | | 19,453 | 107,660 | 306,736 | 2,252,137 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | | 1,124,650 | * | 80,000 | 242,750 | | 10,510 | 455,985 | 122,695 | 2,076,590 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | | 1,073,851 | * | 52,000 | 186,564 | | 9,029 | 415,402 | 92,021 | 1,868,867 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | | 1,164,020 | * | 68,000 | 291,591 | | 13,199 | 475,558 | 49,845 | 2,102,213 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | | 1,827,857 | \u00a0 | | 465,189 | | 19,935 | 698,657 | 276,063 | 3,327,731 |
| | 1,200,000 | - | 5,560,541 | | 200,000 | 1,594,219 | | 72,156 | 2,153,262 | 847,360 | 11,627,538 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | | 1,875,000 | - | 80,000 | | | 15,389 | 16,802 | | 2,047,191 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | | - | | - | - | - | 2,700 | | 92,700 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | | - | - | - | - | - | - | 6,400 | | 46,400 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 70,000 | - | - | - | - | - | - | 2,213 | | 112,213 |
| Raffaele Cappiello | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 1,200 | | 61,200 |
| Costanza Esclapon De Villeneuve | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | - | - | - | | 70,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | - | - | - | - | - | - | 13,070 | | 73,070 |
| Danilo Pellegrino*** | NON-EXECUTIVE DIRECTOR | 40,000 | | | | | | | | - | | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | - | | 7,200 | | 97,200 |
| Carlo Secchi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | - | - | - | - | - | - | 16,802 | | 96,802 |
| | 420,000 | 280,000 | 1,875,000 | | 80,000 | - | - | 15,389 | 66,387 | - | 2,736,776 |
| | 1,620,000 | 280,000 | 7,435,540 | | 280,000 | 1,594,219 | | 87,545 | 2,219,649 | 847,360 | 14,364,314 |
**Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE
** Payment order in favour of Fininvest Spa
*** (for Groups\u2019 employees) including TFR severance indemnity equal to 6.90% of the total compensation as established by Italian law
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page332-cflshid_142589-tag101899": {
"value": "16. GUARANTEES AND COMMITMENTSGuarantees include both the guarantees given and those received by the company. The guarantees given refer to those provided by the Group for the its own or third-party obligations. The guarantees received refer to those provided by third parties for the benefit or in the interest of the Group. The guarantees given and received by the company include personal guarantees (sureties, endorsements) and real guarantees (liens, mortgages). Guarantees given are recognised at the moment the company gives the guarantee.
Commitments are obligations assumed by the company towards third parties, which originate from legal transactions that have certain mandatory effects but have not yet been performed by either party (so-called deferred performance contracts). Nevertheless, these can significantly affect the company's equity and financial position, and it is useful to bear them in mind when evaluating this position. Commitments include future commitments of certain performance and amount, and future commitments of certain performance but uncertain amount. Commitments are initially recognised at the nominal value inferred from the transaction documents.
The amounts of guarantees and commitments are re-determined at each reporting date.
The overall amount of guarantees received, mainly bank guarantees, for receivables from third parties totalled EUR 6.4 million (EUR 9.7 million at 31 December 2022).
In addition, bank guarantees in favour of third-party companies were issued for a total amount of EUR 89.8 Million (EUR 103.7 million at 31 December 2022), almost entirely referring to the Mediaset Espa\u00f1a Group.
The main commitments of the Group companies can be summarised as follows:
ocommitments for the acquisition of television and movie broadcasting rights (free and pay), totalling EUR 631.1 million (EUR 599.3 million at 31 December 2022). These future commitments relate mainly to volume deal contracts of the Group with some of the leading American TV producers.
oEUR 11.0 million to associates for the acquisition of content, sport events and rental contracts (EUR 16.5 million at 31 December 2022).
ocommitments for artistic projects, television productions and press agency contracts of approximately EUR 321.8 million (EUR 367.9 million at 31 December 2022), of which EUR 153.9 million due to Related Parties;
ocommitments for digital broadcasting capacity services of EUR 1.5 million (EUR 0.8 million at 31 December 2022);
oEUR 11.9 million in contractual commitments for satellite capacity use (EUR 4.0 million at 31 December 2022).
ocommitments to the EI Towers Group of approximately EUR 229.1 million (EUR 386.2 million at 31 December 2022) relating to the long-term contract for hospitality, support and maintenance services (full service), in effect from 1 July 2018 to 30 June 2025.
ocommitments for the purchase of new equipment, multi-year rent of high-frequency service from towers, the supply of EDP services and commitments to trade associations for the use of intellectual property rights totalling EUR 181.2 million (EUR 187.5 million at 31 December 2022);
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page332-cflshid_142594-tag101898": {
"value": "Guarantees include both the guarantees given and those received by the company. The guarantees given refer to those provided by the Group for the its own or third-party obligations. The guarantees received refer to those provided by third parties for the benefit or in the interest of the Group. The guarantees given and received by the company include personal guarantees (sureties, endorsements) and real guarantees (liens, mortgages). Guarantees given are recognised at the moment the company gives the guarantee.
Commitments are obligations assumed by the company towards third parties, which originate from legal transactions that have certain mandatory effects but have not yet been performed by either party (so-called deferred performance contracts). Nevertheless, these can significantly affect the company's equity and financial position, and it is useful to bear them in mind when evaluating this position. Commitments include future commitments of certain performance and amount, and future commitments of certain performance but uncertain amount. Commitments are initially recognised at the nominal value inferred from the transaction documents.
The amounts of guarantees and commitments are re-determined at each reporting date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"v1-page333-cflshid_142979-tag101900": {
"value": "17. SUBSEQUENT EVENTS AFTER 31 DECEMBER 2023As a consequence of Publitalia's acquisition of Mondadori's 50% stake in Mediamond, the latter (held jointly between Publitalia and Mondadori at 31 December 2023) and its subsidiary Videowall S.r.l. are consolidated on a line-by-line basis starting from 1 January 2024.
During the first quarter of the year, the Austrian antitrust authorities approved the notice filed prior to the cash-settled unwinding of the outstanding collar over MFE\u2019s 3.3% equity interest in ProsiebenSat1 (\u201cP7S1\u201d) and the repayment of the residual loan taken out by MFE upon acquiring an initial portion of the investment. As a result of these transactions, MFE\u2019s interest in P7S1 \u2013 which had until then been held through financial instruments \u2013 was now included in the calculation for antitrust purposes, with MFE now exceeding the de facto control thresholds provided for in EU and Austrian antitrust law. In the third quarter of 2023, a similar procedure was also successfully completed with the European antitrust authorities. Following the positive outcome of these procedures, MFE obtained the authorization to hold a controlling interest in P7S1. From an accounting point of view, since the conditions on the basis of which, starting from 30 June 2023, MFE had identified the presence of significant influence on the investee pursuant to IAS 28 have not changed in the meantime, the investment will continue to be classified and valued using the \u201cEquity Method\u201d. In particular, after the subsequent settlement of the existing hedging instruments which took place on 15 March 2024, MFE's the entire shareholding in P7S1 - currently equal to 28.9% of the share capital, which net of treasury shares is equivalent to 29.7 % of the share of economic interests and voting rights (therefore also including the 3.3% share of the share capital which until 31 December 2023 had been classified and accounted for as a financial investment pursuant to IFRS 9) - will now be accounted as an associate interest pursuant to IAS 28.
On 11 March 2024, Digitalia 08 and Dazn renewed their agreement granting Digitalia \u201908 exclusive rights to advertising sales for Serie A Enilive for the three-year period 2024-2027. This strategic agreement between the sports live streaming platform and the MFE Group's advertising concessionaire was a major contributor to advertising sales during the first 2021-2024 rights cycle, generating greater revenue than any previous Serie A deal in history.
On 21 March 2024, MFE announced a number of proposed resolutions to be submitted to the Annual General Meeting of ProSiebenSat1 (\u201cP7S1\u201d) on 30 April 2024, with the aim of increasing value for all shareholders and accelerating the company's strategy of focusing on the Entertainment business.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}