{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"ext": "https://www.mfemediaforeurope.com/esef/2024-12-31",
"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/2024-12-31/213800DIFN7NR7B97A50-2024-12-31.xsd"
]
},
"facts": {
"shtag_117770": {
"value": "2913600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Revenue",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117771": {
"value": "2785000000.0",
"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_117772": {
"value": "35900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117773": {
"value": "25400000.0",
"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_117774": {
"value": "518400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117775": {
"value": "476500000.0",
"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_117776": {
"value": "1639000000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PurchasesServicesOtherCosts",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117777": {
"value": "1551600000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PurchasesServicesOtherCosts",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117778": {
"value": "436300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DepreciationAndAmortisationExpense",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117779": {
"value": "480100000.0",
"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_117780": {
"value": "2593700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ExpenseByNature",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117781": {
"value": "2508100000.0",
"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_117782": {
"value": "355800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117783": {
"value": "302300000.0",
"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_117784": {
"value": "61600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceCosts",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117785": {
"value": "58500000.0",
"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_117786": {
"value": "37800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:FinanceIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117787": {
"value": "32100000.0",
"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_117788": {
"value": "-98500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAndJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117789": {
"value": "3900000.0",
"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_117790": {
"value": "233500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117791": {
"value": "279700000.0",
"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_117792": {
"value": "93100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117793": {
"value": "62900000.0",
"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_117794": {
"value": "140400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117795": {
"value": "216800000.0",
"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_117796": {
"value": "137900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117797": {
"value": "209200000.0",
"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_117798": {
"value": "2400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossAttributableToNoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117799": {
"value": "7500000.0",
"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_117800": {
"value": "0.25",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShare",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"shtag_117801": {
"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_117802": {
"value": "0.24",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShare",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"shtag_117803": {
"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_117804": {
"value": "140400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117805": {
"value": "216800000.0",
"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_117806": {
"value": "3500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117807": {
"value": "-25900000.0",
"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_117808": {
"value": "-4800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnCashFlowHedgesBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117809": {
"value": "-25600000.0",
"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_117810": {
"value": "7100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ShareOfOtherComprehensiveIncomeOfAssociatesAndJointVenturesAccountedForUsingEquityMethodThatWillBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117811": {
"value": "-6500000.0",
"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_117812": {
"value": "1200000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117813": {
"value": "6100000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117814": {
"value": "-1000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossBeforeTax",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117815": {
"value": "3000000.0",
"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_117816": {
"value": "1900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117817": {
"value": "-1700000.0",
"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_117818": {
"value": "-4300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnHedgingInstrumentsThatHedgeInvestmentsInEquityInstruments",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117819": {
"value": "17800000.0",
"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_117820": {
"value": "900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesFromInvestmentsInEquityInstruments",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117821": {
"value": "-12800000.0",
"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_117822": {
"value": "500000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117823": {
"value": "-400000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxEffectsRelatingToComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117824": {
"value": "2500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117825": {
"value": "-22900000.0",
"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_117826": {
"value": "142800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117827": {
"value": "193800000.0",
"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_117828": {
"value": "140400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117829": {
"value": "182100000.0",
"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_117830": {
"value": "2400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117831": {
"value": "11700000.0",
"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_117832": {
"value": "285000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117833": {
"value": "311200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:PropertyPlantAndEquipment",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117834": {
"value": "716800000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TVAndMovieRights",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117835": {
"value": "752600000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TVAndMovieRights",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117836": {
"value": "809600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117837": {
"value": "804700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Goodwill",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117838": {
"value": "448200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIntangibleAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117839": {
"value": "464600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherIntangibleAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117840": {
"value": "862800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117841": {
"value": "909500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InvestmentAccountedForUsingEquityMethod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117842": {
"value": "50500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117843": {
"value": "93900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117844": {
"value": "281100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117845": {
"value": "327200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117846": {
"value": "3454100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117847": {
"value": "3663700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117848": {
"value": "80800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117849": {
"value": "61900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117850": {
"value": "783900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117851": {
"value": "775400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117852": {
"value": "27300000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117853": {
"value": "28200000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:TaxReceivables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117854": {
"value": "276700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117855": {
"value": "265600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117856": {
"value": "21400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117857": {
"value": "38800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117858": {
"value": "132500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117859": {
"value": "175300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117860": {
"value": "1322600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117861": {
"value": "1345200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117862": {
"value": "11500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117863": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117864": {
"value": "4788200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117865": {
"value": "5008900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117866": {
"value": "161700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117867": {
"value": "161700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117868": {
"value": "1149600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117869": {
"value": "1149600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117870": {
"value": "337100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117871": {
"value": "358000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117872": {
"value": "-500000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:RevaluationReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117873": {
"value": "-38200000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:RevaluationReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117874": {
"value": "1757100000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:RetainedEarningsAndOtherReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117875": {
"value": "1744800000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:RetainedEarningsAndOtherReserves",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117876": {
"value": "137900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117877": {
"value": "209200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RetainedEarningsProfitLossForReportingPeriod",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117878": {
"value": "2868700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117879": {
"value": "2869100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAttributableToOwnersOfParent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117880": {
"value": "2400000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInNetProfit",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117881": {
"value": "3400000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInNetProfit",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117882": {
"value": "1500000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInShareCapitalReservesAndRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117883": {
"value": "1500000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:MinorityInterestsInShareCapitalReservesAndRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117884": {
"value": "3900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117885": {
"value": "4900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117886": {
"value": "2872700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117887": {
"value": "2874000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117888": {
"value": "46400000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PostemploymentBenefitPlans",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117889": {
"value": "49300000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PostemploymentBenefitPlans",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117890": {
"value": "88900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117891": {
"value": "84800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DeferredTaxLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117892": {
"value": "372600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117893": {
"value": "801100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117894": {
"value": "32200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117895": {
"value": "29300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherLongtermProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117896": {
"value": "540100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117897": {
"value": "964600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117898": {
"value": "409500000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:DueToBank",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117899": {
"value": "231500000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:DueToBank",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117900": {
"value": "617900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117901": {
"value": "602600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayables",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117902": {
"value": "60800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherShorttermProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117903": {
"value": "69100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherShorttermProvisions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117904": {
"value": "21000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117905": {
"value": "11800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117906": {
"value": "64400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117907": {
"value": "63900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117908": {
"value": "201700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117909": {
"value": "191400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherCurrentNonfinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117910": {
"value": "1375400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117911": {
"value": "1170300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117912": {
"value": "1915500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117913": {
"value": "2134900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117914": {
"value": "4788200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117915": {
"value": "5008900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117916": {
"value": "355800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117917": {
"value": "302300000.0",
"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_117918": {
"value": "436300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117919": {
"value": "480100000.0",
"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_117920": {
"value": "9700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:OtherAdjustmentsForNoncashItems",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117921": {
"value": "11700000.0",
"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_117922": {
"value": "-20900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAccountReceivable",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117923": {
"value": "-26600000.0",
"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_117924": {
"value": "89800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAccountPayable",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117925": {
"value": "15600000.0",
"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_117926": {
"value": "-20000000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangeInOtherAssetsAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117927": {
"value": "16500000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangeInOtherAssetsAndLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117928": {
"value": "35700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117929": {
"value": "30600000.0",
"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_117930": {
"value": "815000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117931": {
"value": "769000000.0",
"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_117932": {
"value": "3000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117933": {
"value": "400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117934": {
"value": "-410300000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsForInvestmentsInTVAndMovieBroadcasting",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117935": {
"value": "-421000000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsForInvestmentsInTVAndMovieBroadcasting",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117936": {
"value": "-45000000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsInInvestmentsInOtherFixedAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117937": {
"value": "-47100000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsInInvestmentsInOtherFixedAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117938": {
"value": "5400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ProceedsFromGovernmentGrantsClassifiedAsInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117939": {
"value": "6600000.0",
"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_117940": {
"value": "-22400000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:PaymentsForEquityInvestmentsInAssociatesAndJointVenture",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117941": {
"value": "0.0",
"dimensions": {
"concept": "ext:PaymentsForEquityInvestmentsInAssociatesAndJointVenture",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117942": {
"value": "9700000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentsForHedgingDerivatives",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117943": {
"value": "-300000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentsForHedgingDerivatives",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117944": {
"value": "-5600000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentInOtherFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117945": {
"value": "-78700000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ProceedsOrPaymentInOtherFinancialAssets",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117946": {
"value": "27800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117947": {
"value": "29600000.0",
"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_117948": {
"value": "6000000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:BusinessCombinationsNetOfCashAcquired",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117949": {
"value": "0.0",
"dimensions": {
"concept": "ext:BusinessCombinationsNetOfCashAcquired",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117950": {
"value": "-431400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117951": {
"value": "-510500000.0",
"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_117952": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117953": {
"value": "280000000.0",
"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_117954": {
"value": "231900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117955": {
"value": "612300000.0",
"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_117956": {
"value": "143400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117957": {
"value": "142100000.0",
"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_117958": {
"value": "-30800000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangesInFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117959": {
"value": "-23600000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangesInFinancialLiabilities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117960": {
"value": "20100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117961": {
"value": "27500000.0",
"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_117962": {
"value": "0.0",
"dimensions": {
"concept": "ext:ChangesInControllingInterest",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117963": {
"value": "-80200000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:ChangesInControllingInterest",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117964": {
"value": "-426200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117965": {
"value": "-605700000.0",
"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_117966": {
"value": "-42600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117967": {
"value": "-347200000.0",
"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_117968": {
"value": "175300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117969": {
"value": "522500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117970": {
"value": "132500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117971": {
"value": "175300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117972": {
"value": "800300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_117973": {
"value": "424000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_117974": {
"value": "-390700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_117975": {
"value": "-248400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_117976": {
"value": "1865700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_117977": {
"value": "216900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_117978": {
"value": "2667900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_117979": {
"value": "225700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_117980": {
"value": "2893600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117981": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_117982": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_117983": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_117984": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_117985": {
"value": "216900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_117986": {
"value": "-216900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_117987": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_117988": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_117989": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_117990": {
"value": "-0.0",
"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_117991": {
"value": "-0.0",
"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_117992": {
"value": "-0.0",
"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_117993": {
"value": "-0.0",
"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_117994": {
"value": "140100000.0",
"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:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_117995": {
"value": "-0.0",
"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_117996": {
"value": "140100000.0",
"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:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_117997": {
"value": "2000000.0",
"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:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_117998": {
"value": "142100000.0",
"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_117999": {
"value": "13300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118000": {
"value": "79000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118001": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118002": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118003": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118004": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118005": {
"value": "92300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118006": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118007": {
"value": "92300000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118008": {
"value": "646600000.0",
"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:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118009": {
"value": "-646600000.0",
"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:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118010": {
"value": "-0.0",
"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_118011": {
"value": "-0.0",
"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_118012": {
"value": "-0.0",
"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_118013": {
"value": "-0.0",
"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_118014": {
"value": "-0.0",
"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_118015": {
"value": "-0.0",
"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_118016": {
"value": "-0.0",
"dimensions": {
"concept": "ifrs-full:ReductionOfIssuedCapital",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118017": {
"value": "0.0",
"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_118018": {
"value": "0.0",
"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_118019": {
"value": "0.0",
"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_118020": {
"value": "0.0",
"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_118021": {
"value": "4700000.0",
"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:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118022": {
"value": "0.0",
"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_118023": {
"value": "4700000.0",
"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:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118024": {
"value": "0.0",
"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_118025": {
"value": "4700000.0",
"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_118026": {
"value": "0.0",
"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_118027": {
"value": "0.0",
"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_118028": {
"value": "32700000.0",
"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:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118029": {
"value": "0.0",
"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_118030": {
"value": "0.0",
"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_118031": {
"value": "0.0",
"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_118032": {
"value": "32700000.0",
"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:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118033": {
"value": "0.0",
"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_118034": {
"value": "32700000.0",
"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_118035": {
"value": "-5300000.0",
"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:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118036": {
"value": "0.0",
"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_118037": {
"value": "0.0",
"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_118038": {
"value": "0.0",
"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_118039": {
"value": "-27400000.0",
"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:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118040": {
"value": "0.0",
"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_118041": {
"value": "-32700000.0",
"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:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118042": {
"value": "0.0",
"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_118043": {
"value": "-32700000.0",
"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_118044": {
"value": "0.0",
"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_118045": {
"value": "0.0",
"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_118046": {
"value": "0.0",
"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_118047": {
"value": "0.0",
"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_118048": {
"value": "66400000.0",
"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:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118049": {
"value": "0.0",
"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_118050": {
"value": "66400000.0",
"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:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118051": {
"value": "-230500000.0",
"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:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118052": {
"value": "-164100000.0",
"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_118053": {
"value": "0.0",
"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_118054": {
"value": "0.0",
"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_118055": {
"value": "0.0",
"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_118056": {
"value": "230800000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118057": {
"value": "-235000000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118058": {
"value": "0.0",
"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_118059": {
"value": "-4100000.0",
"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:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118060": {
"value": "0.0",
"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_118061": {
"value": "-4100000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118062": {
"value": "0.0",
"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_118063": {
"value": "0.0",
"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_118064": {
"value": "0.0",
"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_118065": {
"value": "-20600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118066": {
"value": "-6500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118067": {
"value": "209200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118068": {
"value": "182100000.0",
"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:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118069": {
"value": "11700000.0",
"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:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118070": {
"value": "193800000.0",
"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_118071": {
"value": "161700000.0",
"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_118072": {
"value": "1149600000.0",
"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_118073": {
"value": "-358000000.0",
"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_118074": {
"value": "-38200000.0",
"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_118075": {
"value": "1744800000.0",
"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_118076": {
"value": "209200000.0",
"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_118077": {
"value": "2869100000.0",
"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_118078": {
"value": "4900000.0",
"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_118079": {
"value": "2874000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118080": {
"value": "161700000.0",
"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_118081": {
"value": "1149600000.0",
"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_118082": {
"value": "-358000000.0",
"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_118083": {
"value": "-38200000.0",
"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_118084": {
"value": "1744800000.0",
"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_118085": {
"value": "209200000.0",
"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_118086": {
"value": "2869100000.0",
"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_118087": {
"value": "4900000.0",
"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_118088": {
"value": "2874000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118089": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118090": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118091": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118092": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118093": {
"value": "209200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118094": {
"value": "-209200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118095": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118096": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118097": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughAppropriationOfRetainedEarnings",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118098": {
"value": "-0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118099": {
"value": "-0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118100": {
"value": "-0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118101": {
"value": "-0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118102": {
"value": "140100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118103": {
"value": "-0.0",
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118104": {
"value": "140100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118105": {
"value": "3400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118106": {
"value": "143500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsPaid",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118107": {
"value": "0.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118108": {
"value": "-0.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118109": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118110": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118111": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118112": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118113": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118114": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118115": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IssueOfEquity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118116": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118117": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118118": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118119": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118120": {
"value": "500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118121": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118122": {
"value": "500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118123": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118124": {
"value": "500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118125": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118126": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118127": {
"value": "21000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118128": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118129": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118130": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118131": {
"value": "21000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118132": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118133": {
"value": "21000000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:SaleOrIssueOfTreasuryShares",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118134": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118135": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118136": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118137": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118138": {
"value": "-15200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118139": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118140": {
"value": "-15200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118141": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118142": {
"value": "-15200000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughTreasuryShareTransactions",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118143": {
"value": "0.0",
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118144": {
"value": "0.0",
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118145": {
"value": "0.0",
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118146": {
"value": "0.0",
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118147": {
"value": "-2900000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118148": {
"value": "0.0",
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118149": {
"value": "-2900000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118150": {
"value": "0.0",
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118151": {
"value": "-2900000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:BusinessCombinations",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118152": {
"value": "0.0",
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118153": {
"value": "0.0",
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118154": {
"value": "0.0",
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118155": {
"value": "43900000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118156": {
"value": "-47800000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118157": {
"value": "0.0",
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118158": {
"value": "-3900000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118159": {
"value": "0.0",
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118160": {
"value": "-3900000.0",
"decimals": -5,
"dimensions": {
"concept": "ext:OtherChanges",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118161": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118162": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118163": {
"value": "0.0",
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118164": {
"value": "-6100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118165": {
"value": "8600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118166": {
"value": "137900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118167": {
"value": "140400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118168": {
"value": "2400000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118169": {
"value": "142800000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"shtag_118170": {
"value": "161700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:EUR"
}
},
"shtag_118171": {
"value": "1149600000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:EUR"
}
},
"shtag_118172": {
"value": "-337100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:EUR"
}
},
"shtag_118173": {
"value": "-500000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ValuationReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118174": {
"value": "1757100000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:RetainedEarningsAndOtherReserve",
"unit": "iso4217:EUR"
}
},
"shtag_118175": {
"value": "137900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ext:ResultForTheYear",
"unit": "iso4217:EUR"
}
},
"shtag_118176": {
"value": "2868700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:EUR"
}
},
"shtag_118177": {
"value": "3900000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:EUR"
}
},
"shtag_118178": {
"value": "2872700000.0",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2025-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"v1-page292-cflshid_104891-tag117636": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104891-tag117632": {
"value": "MFE-MEDIAFOREUROPE N.V. (\u201cMFE\u201d or the \u201cCompany\u201d) ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104891-tag117628": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104936-tag117627": {
"value": "the Netherlands",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104891-tag117629": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104891-tag117759": {
"value": "Its ultimate controlling party is Fininvest S.p.A",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104959-tag117758": {
"value": "Fininvest S.p.A",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_105022-tag117630": {
"value": "MFE is a multinational media group, mainly operating in the television industry in Italy and Spain.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 an investment equal to 29.99% of share capital (30.8% 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:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104886-tag117631": {
"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 an investment equal to 29.99% of share capital (30.8% 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104886-tag117635": {
"value": "2. PRESENTATION BASIS AND ACCOUNTING STANDARDS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
These consolidated financial statements are:
\u2212prepared 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.
prepared by the Board of Directors of the Company and authorised for issue on 16 April 2025 and will be submitted for adoption to the Annual General Meeting of Shareholders on 18 June 2025.\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 uncertaintly. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
Specifically, in preparing these Consolidated Financial Statements and after considering the events and circumstances during the reporting period in relation to the Group\u2019s 29.99% share capital in ProsiebenSat1 Media SE (\u201cP7S1\u201d), the directors again recognised the significant influence exercised by the Group on that investee as at 31 December 2024, as previously recognised since 30 June 2023, as a result of which the investment is accounted for in accordance with IAS 28 (Investments in Associates and Joint Ventures). 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 these consolidated financial statements have mainly been used to appraise 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 (2025-2029) drawn up on the basis of the guidelines approved by the Board of Directors on 26 February 2025, 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 appraising 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 drawing up these Consolidated Financial Statements, it was also necessary to verify the recoverable value of the investment held in the associate ProsiebenSat1. The carrying amount of this investment measured under IAS 28 as at 31 December 2024 before the impairment test (EUR 578.4 million) was higher than its stock market value at the same date (EUR 346.4 million). The management used public available information to calculate the recoverable amount. As the result of the impairment test the carrying value at balance sheet date was EUR 450.2 million. For more information, see Note 7.6.
As regards the main financial assets tested under 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 apply write-downs of recognised assets.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements as at 31 December 2024, with particular reference to the prior years\u2019 tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans (2025-2029) 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 five/six 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 2024
Since 1 January 2024, the following new accounting standards and/or amendments and interpretations of standards previously in force have become applicable.
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 has applied the mandatory temporary exception provided for by the Amendment to IAS 12 \u201cInternational Tax Reform-Pillar Two Model Rules\u201d, which provides that information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not hereby recognised and disclosed.
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 costs and reduce Pillar-Two taxes to nil.
Based on known or reasonably estimable information for the Group, there are no issues in this area which could significantly affect these 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, and on 31 October 2022 it issued an amendment called \"Amendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants\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).
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.
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 adoption of these amendments has had no impact on these Consolidated Financial Statements.
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:
\u2212it is expected to be realised, or intended to be sold or consumed, in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be realised within twelve months after the end of the reporting period; or
\u2212it 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 period
All 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:
\u2212it is expected to be settled in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be settled within twelve months after the end of the reporting period; or
\u2212the 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:
\u2212allocation of the profit of the Group Parent and subsidiaries for the period to shareholders;
\u2212breakdown of comprehensive income/loss;
\u2212amounts relating to transactions with shareholders;
\u2212purchases and sales of treasury shares;
\u2212impact from any changes to accounting standards.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104886-tag117634": {
"value": "2. PRESENTATION BASIS AND ACCOUNTING STANDARDS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
These consolidated financial statements are:
\u2212prepared 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 16 April 2025 and will be submitted for adoption to the Annual General Meeting of Shareholders on 18 June 2025.
\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 uncertaintly. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
Specifically, in preparing these Consolidated Financial Statements and after considering the events and circumstances during the reporting period in relation to the Group\u2019s 29.99% share capital in ProsiebenSat1 Media SE (\u201cP7S1\u201d), the directors again recognised the significant influence exercised by the Group on that investee as at 31 December 2024, as previously recognised since 30 June 2023, as a result of which the investment is accounted for in accordance with IAS 28 (Investments in Associates and Joint Ventures). 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 these consolidated financial statements have mainly been used to appraise 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 (2025-2029) drawn up on the basis of the guidelines approved by the Board of Directors on 26 February 2025, 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 appraising 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 drawing up these Consolidated Financial Statements, it was also necessary to verify the recoverable value of the investment held in the associate ProsiebenSat1. The carrying amount of this investment measured under IAS 28 as at 31 December 2024 before the impairment test (EUR 578.4 million) was higher than its stock market value at the same date (EUR 346.4 million). The management used public available information to calculate the recoverable amount. As the result of the impairment test the carrying value at balance sheet date was EUR 450.2 million. For more information, see Note 7.6.
As regards the main financial assets tested under 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 apply write-downs of recognised assets.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements as at 31 December 2024, with particular reference to the prior years\u2019 tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans (2025-2029) 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 five/six 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 2024
Since 1 January 2024, the following new accounting standards and/or amendments and interpretations of standards previously in force have become applicable.
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 has applied the mandatory temporary exception provided for by the Amendment to IAS 12 \u201cInternational Tax Reform-Pillar Two Model Rules\u201d, which provides that information on deferred tax assets and liabilities relating to Pillar-Two income taxes are not hereby recognised and disclosed.
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 costs and reduce Pillar-Two taxes to nil.
Based on known or reasonably estimable information for the Group, there are no issues in this area which could significantly affect these 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, and on 31 October 2022 it issued an amendment called \"Amendments to IAS 1 Presentation of Financial Statements: Non-Current Liabilities with Covenants\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).
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.
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 adoption of these amendments has had no impact on these Consolidated Financial Statements.
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:
\u2212it is expected to be realised, or intended to be sold or consumed, in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be realised within twelve months after the end of the reporting period; or
\u2212it 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 period
All 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:
\u2212it is expected to be settled in its normal operating cycle;
\u2212it is held primarily for the purpose of trading;
\u2212it is due to be settled within twelve months after the end of the reporting period; or
\u2212the 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:
\u2212allocation of the profit of the Group Parent and subsidiaries for the period to shareholders;
\u2212breakdown of comprehensive income/loss;
\u2212amounts relating to transactions with shareholders;
\u2212purchases and sales of treasury shares;
\u2212impact from any changes to accounting standards.
PRINCIPLES AND SCOPE OF CONSOLIDATION
The 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:
\u2212contractual agreements with other holders of voting rights;
\u2212rights arising from contractual agreements;
\u2212voting 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\u00a0in 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 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 used 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 do not anticipate that these amendments will have any significant impact on these Consolidated Financial Statements.
New IFRS accounting standards, interpretations and amendments not yet endorsed by the European Union
The standards issued but not yet endorsed by the relevant EU bodies 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 9 April 2024, the IASB issued new standard IFRS 18 Presentation and Disclosure in Financial Statements, which will replace standard IAS 1 Presentation of Financial Statements. The new standard aims to improve the presentation of the main financial statements, with particular reference to the income statement. More specifically, the new standard requires companies to:
\u2212Classify income and expenses into three new categories (operating, investing and financing), in addition to the income taxes and discontinued operations categories already present in the income statement.
\u2212Show two new subtotals: (i) operating profit or loss, and (ii) profit or loss before financing and income taxes (EBIT).
In addition, the new standard: requires more information about the performance indicators defined by management; introduces new criteria for the aggregation and disaggregation of information; and introduces changes to the presentation of the cash flow statement, including the requirement to use operating profit or loss as the starting point for presenting cash flow statements drawn up using the indirect method and the removal of some options for classifying certain currently existing items (e.g. interest paid, interest received, dividends paid and dividends received).
The new standard will enter into operation on 1 January 2027, but early adoption is permitted.
The directors are currently evaluating the possible effects of the introducing this amendment for the Group's consolidated financial statements.
On 9 May 2024, the IASB published IFRS 19 Subsidiaries without Public Accountability: Disclosures. The new standard simplifies some of the disclosures required by IFRS accounting standards in the individual financial statements of any subsidiary that:
\u2212has not issued debt or equity instruments for trading in a public market and is not in the process of issuing such instruments for trading in a public market;
\u2212has a parent that produces consolidated financial statements in compliance with IFRS standards.
The new standard will enter into operation on 1 January 2027, but early adoption is permitted. The directors do not expect the adoption of this amendment to have any significant effect on the Group's consolidated financial statements.
On 30 May 2024, the IASB published the document entitled \u201cAmendments to the Classification and Measurement of Financial Instruments\u2014Amendments to IFRS 9 and IFRS 7\u2033. This document adress some matters identified during the post-implementation review of IFRS 9, including the accounting treatment of variable-yield financial assets linked to ESG objectives (green bonds). More specifically, these amendments aim to:
\u2212Clarifying the classification of variable-yield financial assets linked to environmental, social and corporate governance (ESG) objectives and the criteria applicable to SPPI tests.
\u2212Indicate that the settlement of liabilities through electronic payment systems occurs on the date on which the liability is extinguished. However, entities are permitted to adopt an accounting policy whereby it can derecognise a financial liability before it delivers cash on the settlement date if specified criteria are met.
With these amendments, the IASB has also introduced additional disclosure requirements, particularly regarding investments in equity instruments designated at fair value through other comprehensive income.
The amendments are effective for annual reporting periods beginning on or after 1 January 2026.
The directors are currently evaluating the possible effects of introducing these amendments for the Group's consolidated financial statements.
On 18 July 2024, the IASB published a document entitled \u201cAnnual Improvements Volume 11\u201d. The document contains clarifications, simplifications, corrections and amendments to improve the consistency of various IFRS accounting standards.
It amended the following standards:
\u2212IFRS 1 First-time Adoption of International Financial Reporting Standards;
\u2212IFRS 7 Financial Instruments: Disclosures and Guidance on implementing IFRS 7;
\u2212IFRS 9 Financial Instruments;
\u2212IFRS 10 Consolidated Financial Statements; and
\u2212IAS 7 Statement of Cash Flows.
The amendments will apply from 1 January 2026, but early adoption is permitted. The directors are currently evaluating the possible effects of introducing these amendments for the Group's consolidated financial statements.
On 18 December 2024, the IASB published an amendment document entitled \u201cContracts Referencing Nature-dependent Electricity \u2013 Amendment to IFRS 9 and IFRS 7\u201d. The amendments are aimed at supporting entities in their reporting of the financial effects of contracts for the purchase of renewable electricity (often structured as PPAs). Uncontrollable factors such as weather conditions may affect the quantity of electricity generated and purchased under these contracts. The IASB introduced amendments to IFRS 9 and IFRS 7, including:
\u2212clarification as to whether \u201cown use\u201d requirements apply to contracts of that kind;
\u2212conditions for such contracts to be subject to hedge accounting treatment; and
\u2212new disclosure requirements to enable the users of financial statements to understand how these contracts affect an entity\u2019s financial performance and cash flow.
The amendments apply from 1 January 2026, but early adoption is permitted. The directors are currently evaluating the possible effects of the introducing this amendment 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 assets 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);
Marketing 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.
TV advertising revenues, shown net of agency discounts, refer 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.
Other advertising revenues refers, firstly, to advertising sales from Group-owned and third party radio stations, which are managed in Italy by the concessionaire Digitalia \u201808, and, secondly, sales from the Group's websites and web properties and from Group-owned and third party DOOH spaces, carried out by the subsidiary Mediamond, which is consolidated on a line-by-line basis during this year. This item also includes 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.
Film 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, contingent assets and government grants (grants related to income) obtained for investments in cinema installations and productions, which 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.
The average workforce data is determined according to the Full time equivalent (FTE) methodology obtained in terms of the number of full-time resources equivalent to the total hours worked.
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 instruments.
Current 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 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.
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.
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 2024, 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). \u201cOther advertising sales\u201d mainly referred to the radio advertising sales of the Group and of third parties, managed by Digitalia \u201808; from 1 January 2024, following the line-by-line consolidation of Mediamond, and the advertising sales from Group and third-party websites and from DOOH advertising spaces.
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.
The item Intangible assets in progress and advance includes (additions) advance payments for the purchase of programming assets, the amount of which is subsequently reclassified (other changes) in the item Television and Movies Rights when the related right is contractually acquired. 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 and Spanish 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 tax 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 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 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 combinations under common control.
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 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:
oProjected 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.
oDiscounting, at the valuation date, of the expected cash flows the Group will have pay to its employees in the future.
oRe-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.
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.
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 operates in its own 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page292-cflshid_104886-tag117633": {
"value": "These consolidated financial statements are:
\u2212prepared 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page293-cflshid_105254-tag117640": {
"value": "\u2212prepared by the Board of Directors of the Company and authorised for issue on 16 April 2025 and will be submitted for adoption to the Annual General Meeting of Shareholders on 18 June 2025.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page293-cflshid_105278-tag117638": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page293-cflshid_105296-tag117637": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page293-cflshid_105378-tag117641": {
"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 uncertaintly. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
Specifically, in preparing these Consolidated Financial Statements and after considering the events and circumstances during the reporting period in relation to the Group\u2019s 29.99% share capital in ProsiebenSat1 Media SE (\u201cP7S1\u201d), the directors again recognised the significant influence exercised by the Group on that investee as at 31 December 2024, as previously recognised since 30 June 2023, as a result of which the investment is accounted for in accordance with IAS 28 (Investments in Associates and Joint Ventures). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page293-cflshid_105378-tag117639": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page293-cflshid_105254-tag117642": {
"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 uncertaintly. Where applicable, the estimates and judgments are described per note within the consolidated financial statements.
Specifically, in preparing these Consolidated Financial Statements and after considering the events and circumstances during the reporting period in relation to the Group\u2019s 29.99% share capital in ProsiebenSat1 Media SE (\u201cP7S1\u201d), the directors again recognised the significant influence exercised by the Group on that investee as at 31 December 2024, as previously recognised since 30 June 2023, as a result of which the investment is accounted for in accordance with IAS 28 (Investments in Associates and Joint Ventures). 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 these consolidated financial statements have mainly been used to appraise 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 (2025-2029) drawn up on the basis of the guidelines approved by the Board of Directors on 26 February 2025, 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 appraising 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 drawing up these Consolidated Financial Statements, it was also necessary to verify the recoverable value of the investment held in the associate ProsiebenSat1. The carrying amount of this investment measured under IAS 28 as at 31 December 2024 before the impairment test (EUR 578.4 million) was higher than its stock market value at the same date (EUR 346.4 million). The management used public available information to calculate the recoverable amount. As the result of the impairment test the carrying value at balance sheet date was EUR 450.2 million. For more information, see Note 7.6.
As regards the main financial assets tested under 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 apply write-downs of recognised assets.
The impairment and recoverability testing of the deferred tax assets posted in the financial statements as at 31 December 2024, with particular reference to the prior years\u2019 tax losses generated in the Italian consolidated tax return, took into consideration the taxable income on the basis of the five-year plans (2025-2029) 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 five/six years.
The estimates and assumptions above are periodically revised and the impacts of each change are recognised in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page296-cflshid_106687-tag117643": {
"value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page297-cflshid_107070-tag117644": {
"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\u00a0in 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page298-cflshid_107557-tag117645": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page298-cflshid_107523-tag117646": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page298-cflshid_107523-tag117648": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page298-cflshid_107523-tag117647": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page299-cflshid_108096-tag117626": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page299-cflshid_108096-tag117650": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page299-cflshid_108096-tag117649": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page302-cflshid_109361-tag117651": {
"value": "4. KEY INFORMATION RELATING TO THE SCOPE OF CONSOLIDATION
IFRS 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 occurred during 2024 that would alter the conclusions reached in previous years\u2019 financial statements in relation to the companies Boing SpA (51% shareholding), Fascino S.r.l. (50% shareholding), Tiv\u00f9 S.r.l. (48.16% shareholding) and European Broadcaster Exchange Ltd (EBX) (25% shareholding), all of which are accounted for using the equity method on account of being joint ventures in which the parties having joint control of the arrangement have equal rights over the net assets of the arrangement.
The most significant transactions regarding the scope of consolidation occurred during the year are listed below.
Incorporation, acquisition of new companies, capital increases and sale of subsidiaries or interests in subsidiaries
On 22 December 2023, with effect from 1 January 2024, Publitalia '80 S.p.A. acquired the 50% stake of Direct Channel S.p.A. (Gruppo Mondadori) in the share capital of Mediamond S.p.A., a company jointly owned by Publitalia S.p.A. and Direct Channel S.p.A. up to 31 December 2023. Until that date, the investment had been accounted for in MFE\u2019s Consolidated Financial Statements using the equity method. As a result of this transaction, the company is consolidated on a line-by-line basis from 1 January 2024
As a result of acquiring control of Mediamond S.p.A., the company Videowall S.r.l. (100% owned by Mediamond) is also consolidated on a line-by-line basis commencing 1 January 2024.
Mediamond S.p.A. is the sales house specialised in selling advertising on the Group\u2019s television sites and digital properties and on the websites of Mondadori Group agencies and third-party broadcasters. It also collects advertising revenue from digital out-of-home (DOOH) advertising spaces managed by subsidiary Videowall and third parties.
In March, Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n, S.A.U. (\u201cGAM\u201d) acquired a 70% of the share capital in La F\u00e1brica de la Tele (GAM previously held a 30% indirect investment in the company through its subsidiary Producci\u00f3n y Distribuci\u00f3n de Contenidos Audiovisuales Mediterr\u00e1neo, S.L.U. and it was consolidated
using the equity method accordingly). As a result of this transaction, the company is consolidated on a line-by-line basis from 1 March 2024 From 3 June 2024, this company \u2013 which provides TV and web content production and advertising campaign creation services to third parties \u2013 changed its name to Radical Change Contents S.L.In accounting terms, the acquisition of the controlling interest in Mediamond is categorised as a business combination under common control. As reported in the Notes to the Consolidated Financial Statements at 31 December 2023, in the absence of specific IAS/IFRS standards or interpretations for these types of operations, the carry-over method is generally considered to apply to acquisitions of this type, taking into account the provisions of IAS 8. With this method, the assets (including pre-existing goodwill, if any) and liabilities must be entered in the acquirer\u2019s consolidated financial statements at the amounts recorded in the consolidated financial statement of the ultimate parent company of the parties that carry out the business combination as at the date of the transfer, 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 particular, applying this criterion on occasion of consolidating the assets and liabilities of Mediamond and its subsidiary Videowall as at 1 January 2024 resulted in the recognition, in the consolidated statement of financial position, of goodwill of EUR 4.6 million (generated upon acquiring the controlling interest in Videowall) and a reduction in equity of EUR 2.9 million relating to the subsequent acquisition of the remaining stake.
The consideration recognised for the acquisition of controlling interests in these companies was equal to their carrying amounts. The line-by-line consolidation of these companies did not have any significant impact on the Group\u2019s financial results (Operating result and Net profit) during the period, albeit resulting in the consolidation of additional advertising revenues from own and third-party media and their related direct and operating costs, particularly with regard to Mediamond. The Consolidated Net Financial Position for the period saw a positive net impact of EUR 6.8 million euros in net cash balances as a result of these changes (resulting from the outlays incurred for the acquisition of the controlling interests, less the outstanding cash and cash equivalents of the companies on the acquisition date).
On 18 December 2024, the 60% equity investment held by Conecta 5 Telecinco SAU in Avataria Producciones SL was sold to third parties.
Incorporation, acquisition of new companies, capital increases and sale of associates
Equity investment in ProSiebenSat1 Media SE (\u201cP7S1\u201d)
During the first quarter of the year, the Austrian antitrust authorities authorised MFE to exceed the de facto control thresholds provided for in EU and Austrian antitrust law.
Following the cash-settled unwinding of the outstanding hedging agreements over the 3.3% stake in the share capital of P7S1 entered into at the end of the first quarter, MFE\u2019s entire investment in P7S1 \u2013 standing at that date at 29.0% of share capital, which net of treasury shares was equivalent to 29.8% share of economic interests and voting rights (thus also including the 3.3% stake, which until the unwinding date had been classified and accounted for as a financial investment under IFRS 9) \u2013 has been classified as an investment in associates under IAS 28 from 31 March 2024 onwards.
During the second half of the year, MFE further increased its stake in P7S1 to 29.99% of share capital at 31 December 2024 (30.8% of voting rights and economic interests excluding treasury shares at 31 December 2024).
No events or circumstances were found to have transpired since MFE ascertained that, from 30 June 2023, it has held significant influence over the investee in accordance with IAS 28. Consequently, at 31 December 2024, theentire 30.8% share of economic and voting rights continued to be accounted for in MFE\u2019s consolidated financial statements as an associate investment measured using the equity method.On 29 January 2024, Producciones Mandarina SL established the company Furia TV SLU. The Group indirectly holds a 30% stake in its share capital.
On 22 March 2024, Alea Media Estudio S.A. (previously Alea Media) established the company Alea Media Salvador S.L. The Group indirectly holds a 45% stake in the company.
On 12 April 2024, the subsidiary Producci\u00f3n y distribuci\u00f3n de contenidos audiovisuals Mediterr\u00e1neo SLU increased its shareholding in Alea Media SA from 40% to 45%. On the same date, the company changed its name to Alea Media Estudio SA.
On 4 June 2024, Campanilla Films SLU, a subsidiary of Producciones Mandarina SL, was wound up and erased from the Spanish business register.
On 12 June 2024, the subsidiary Conecta 5 Telecinco SAU acquired 30.53% of the share capital in the company Ivoox Podcasting Service S.L. This company is consolidated using the equity method. Then, in the third quarter, the investment in the company increased to 30.83% of share capital.
On 12 September 2024, Fascino Produzione Gestione Teatro S.r.l., a 50%-owned subsidiary of R.T.I. S.p.A, increased its shareholding in 21 CO. SOCIETA\u2019 A RESPONSABILITA\u2019 LIMITATA from 52% to 64% of share capital. The Group indirectly holds a 32% stake in the company.
On 23 September 2024, the 49% stake held by R.T.I. S.p.A in Studio Woow S.r.l. was sold to third parties.
On 17 October 2024, RTI S.p.A. acquired a 49% shareholding in Love My Pets S.r.l. by subscribing to a share capital increase.
On 4 December 2024, Alea Media Estudio S.A. established the company Alea Media Asalto SLU.
Incorporation, acquisition of new companies, capital increases, sale of and changes in non-controlling interests
The AD4Venture business was affected by the following corporate transactions:
In the first quarter of 2024, Gilda S.r.l., in which RTI S.p.A. holds 10.31% of share capital (with a carrying amount of nil), was handed a winding-up order by the court.
In the first quarter of 2024, the 0.142% stake held by RTI S.p.A. in Peoople Unlimited S.L. was sold to third parties.
In the first quarter of 2024, the stake held by Advertisement 4 Adventures, SLU in Blooming Experience SL decreased from 4.45% to 3.44% of share capital.
In the first and fourth quarters of 2024, following share capital increases to which the Group did not subscribe, the stake held by Advertisement 4 Adventures, SLU in Pensium SL decreased from 6.28% to 4.46% of share capital.
In the second quarter of 2024, as part of the AD4Ventures business, the subsidiary Advertisement 4 Adventures SLU acquired a 4.13% equity investment in Tax Down SL, a company that operates in developing and selling professional tax management and process automation solutions. In the fourth quarter of 2024, following share capital increases to which the Group did not subscribe, the Group\u2019s stake decreased from 4.13% to 3.89% of share capital.
In the third quarter of 2024, Pascol S.r.l., in which RTI S.p.A. holds a 6.89% stake of share capital started the liquidation proceeding.During 2024, the stake held by the subsidiary R.T.I. S.p.A. in ByHours Travel SL decreased from 2.96% to 2.59% of share capital, while the stake held by Advertisement 4 Adventures decreased from 5.70% to 5.12% of share capital. These decreases were due to share capital increases to which the Group did not subscribe.
In the third quarter of 2024, the stake held by RTI S.p.A. in Satispay S.p.A. decreased from 0.31% to 0.28% of share capital. These decreases were due to share capital increases to which the Group did not subscribe.
In the third quarter of 2024, the stake held by RTI S.p.A. in Termo S.p.A. decreased from 8.84% to 8.49% of share capital, due to unsubscribed share capital increases.
During 2024, the stake held by RTI S.p.A. in Zandivio Ltd decreased from 0.69% to 0.57% of share capital. The stake held by the subsidiary Advertisement 4 Adventures in the same company also decreased from 6.61% to 0.42% of share capital during the period. These decreases were due to share capital increases to which the Group did not subscribe.
In the fourth quarter of 2024, the stake held by Advertisement 4 Adventures, SLU in Westwing Group Gmbh decreased from 0.39% to 0.13% of share capital.
Financial information of material associates and joint ventures
The table below shows the main figures from the 2024 income statement and statement of financial position pertaining to the Group\u2019s main associates, 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 | 1,510.0 | 76.4 |
| Cash and cash equivalents | 608.0 | 32.4 |
| Non-current assets | 4,098.0 | 1,774.7 |
| Current liabilities | 1,685.0 | 703.7 |
| Current financial liabilities: | 316.0 | 667.8 |
| Non-current liabilities | 2,455.0 | 237.9 |
| Non-current financial liabilities | 2,173.0 | 38.5 |
| Revenues | 3,918.0 | 275.9 |
| Profit or (loss) for the year | (122.0) | 14.0 |
| Other Comprehensive Income | 34.0 | 0.2 |
| Total Comprehensive Income | (88.0) | 14.2 |
| Amortisation, depreciation and impairments | 553.0 | 92.6 |
| Interest income and expense | (54.0) | (44.1) |
| Income taxes | (60.0) | 9.3 |
| Dividends paid | (11.0) | (25.7) |
| ProsiebenSat.1Media SE | EI Towers Group |
| 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2023 |
| Net shareholders' equity of material associates | 1,318 | 1,260 | 907.3 | 919.0 |
| Group\u2019s shareholding (%) | 30.8% | 26.25% | 40% | 40% |
| Group\u2019s shareholding in associate | 406.0 | 330.7 | 362.9 | 367.6 |
| Goodwill | 44.2 | 165.2 | | |
| Other components | 0 | 0 | 0.3 | 0.3 |
| Carrying amount of the Group\u2019s shareholding in material associates | 450.2 | 495.9 | 363.2 | 367.9 |
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. As at 31 December 2024, MFE was the largest shareholder of ProSiebenSat.1 Media SE with a total shareholding of 29.99% in share capital (30.8% excluding treasury shares).
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), of 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. On 19 December 2024 the contract has been renewed for a further seven years force from 1 July 2025 until 30 June 2032. Under this multi-year full-service agreement, 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 shows the carrying amount, the Group\u2019s share of profit and other comprehensive income of joint ventures and associates (on aggregate):
| 31/12/2024 | 31/12/2023 |
| Group\u2019s share of profit/(loss) | 9.1 | 5.5 |
| Group\u2019s share of other comprehensive income components | 0.1 | (0.2) |
| Group\u2019s share of comprehensive income in associates and joint ventures over which it does not have significant influence | 9.2 | 5.4 |
| Carrying amount of Group investments in non individually material associates and joint ventures | 49.4 | 45.7 |
18. LIST OF EQUITY INVESTMENTS INCLUDED IN THE GROUP\u2019S CONSOLIDATED FINANCIAL STATEMENTS AS AT 31 DECEMBER 2024| 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% |
| Mediamond S.p.A. | Milan | EUR | 2.4 | 100.00% |
| Videowall S.r.l. | Milan | EUR | 0.0 | 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 S.A.U. | Madrid | EUR | 190.1 | 100.00% |
| Advertisement 4 Adventure, S.L.U. | Madrid | EUR | 0.0 | 100.00% |
| Conecta 5 Telecinco S.A.U. | Madrid | EUR | 0.1 | 100.00% |
| Grupo Editorial Tele 5 S.A.U. | Madrid | EUR | 0.1 | 100.00% |
| Mediacinco Cartera S.L.U. | Madrid | EUR | 0.1 | 100.00% |
| Produccion y Distribucion de Contenidos Audiovisuales Mediterraneo S.L.U. | Madrid | EUR | 0.3 | 100.00% |
| El Desmarque Portal Deportvo S.L. | Sevilla | EUR | 0.0 | 100.00% |
| Megamedia Television S.L.U. | Madrid | EUR | 0.1 | 100.00% |
| Radical Change Contents S.L. | Madrid | EUR | 0.0 | 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.U. | Barcelona | EUR | 0.0 | 100.00% |
| Aninpro Creative S.L. | 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 S.L.U. | Madrid | EUR | 0.0 | 52.47% |
| Social 15D 2021 S.L.U. | Madrid | EUR | 0.0 | 52.47% |
| Social Halo 2021 S.L.U. | 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 Estudio S.A. | Madrid | EUR | 0.1 | 45.00% |
| Alma Productora Audiovisual S.L. | Madrid | EUR | 0.0 | 30.00% |
| Auditel S.r.l. | Milan | EUR | 0.3 | 26.67% |
| Boing S.p.A. | Milan | EUR | 10.0 | 51.00% |
| Bulldog TV Spain S.L. | 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 S.L. | Madrid | EUR | 0.0 | 40.00% |
| Ivoox Global Podcasting Service S.L. | Barcelona | EUR | 0.0 | 30.83% |
| Love my Pets S.r.l. | Milan | EUR | 0.0 | 49.00% |
| 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 | 30.81% |
| 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% |
(*) The Group\u2019s shareholding is calculated by taking into account the stake directly and indirectly held by the Parent Company at 31 Decembre 2024, without taking into account the treasury shares of subsidiaries and investees.
| Other equity investments | Registered Office | Currency | Share capital capital | % held by the Group (*) |
| Altania del Mar SL | Madrid | EUR | 0.0 | 12.48% |
| Aranova Freedom SCARL | Bologna | EUR | 0.0 | 23.33% |
| 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 S.L. | Valencia | EUR | 0.0 | 4.44% |
| ByHours Travel S.L. | Madrid | EUR | 0.0 | 7.71% |
| Club Dab Italia Societ\u00e0 Consortile per Azioni | Milan | EUR | 0.2 | 12.50% |
| C.R. DAB consorzio Radio Digitale SCARL | Milan | EUR | 0.2 | 3.22% |
| Editori Radiofonici Associati S.r.l. | Milan | EUR | 0.0 | 15.20% |
| 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 | 0.34% |
| Innovaci\u00f3n y desarrollo de Nuevos Canales Comerciales, SL | Madrid | EUR | 0.0 | 7.36% |
| Itravel Group S.A. | 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 | 6.89% |
| Pensium S.L. | Barcelona | EUR | 0.0 | 4.46% |
| 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 | 0.28% |
| Springlane Gmbh | Dusseldorf | EUR | 0.1 | 1.83% |
| Tax Down S.L. | Madrid | EUR | 0.0 | 3.89% |
| Telesia S.p.A. | Rome | EUR | 1.8 | 3.86% |
| Termo S.p.A. | Milan | EUR | 0.3 | 8.49% |
| Westwing Group Gmbh | Munich | EUR | 0.1 | 0.13% |
| Zandivio Ltd | Limassol (Cyprus) | EUR | 0.0 | 0.99% |
(*) The Group\u2019s shareholding is calculated by taking into account the stake directly and indirectly held by the Parent Company at 31 Decembre 2024, 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 2024 income statement and statement of financial position pertaining to the Group\u2019s main associates, 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 | 1,510.0 | 76.4 |
| Cash and cash equivalents | 608.0 | 32.4 |
| Non-current assets | 4,098.0 | 1,774.7 |
| Current liabilities | 1,685.0 | 703.7 |
| Current financial liabilities: | 316.0 | 667.8 |
| Non-current liabilities | 2,455.0 | 237.9 |
| Non-current financial liabilities | 2,173.0 | 38.5 |
| Revenues | 3,918.0 | 275.9 |
| Profit or (loss) for the year | (122.0) | 14.0 |
| Other Comprehensive Income | 34.0 | 0.2 |
| Total Comprehensive Income | (88.0) | 14.2 |
| Amortisation, depreciation and impairments | 553.0 | 92.6 |
| Interest income and expense | (54.0) | (44.1) |
| Income taxes | (60.0) | 9.3 |
| Dividends paid | (11.0) | (25.7) |
| ProsiebenSat.1Media SE | EI Towers Group |
| 31/12/2024 | 31/12/2023 | 31/12/2024 | 31/12/2023 |
| Net shareholders' equity of material associates | 1,318 | 1,260 | 907.3 | 919.0 |
| Group\u2019s shareholding (%) | 30.8% | 26.25% | 40% | 40% |
| Group\u2019s shareholding in associate | 406.0 | 330.7 | 362.9 | 367.6 |
| Goodwill | 44.2 | 165.2 | | |
| Other components | 0 | 0 | 0.3 | 0.3 |
| Carrying amount of the Group\u2019s shareholding in material associates | 450.2 | 495.9 | 363.2 | 367.9 |
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. As at 31 December 2024, MFE was the largest shareholder of ProSiebenSat.1 Media SE with a total shareholding of 29.99% in share capital (30.8% excluding treasury shares).
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), of 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. On 19 December 2024 the contract has been renewed for a further seven years force from 1 July 2025 until 30 June 2032. Under this multi-year full-service agreement, 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 shows the carrying amount, the Group\u2019s share of profit and other comprehensive income of joint ventures and associates (on aggregate):
| 31/12/2024 | 31/12/2023 |
| Group\u2019s share of profit/(loss) | 9.1 | 5.5 |
| Group\u2019s share of other comprehensive income components | 0.1 | (0.2) |
| Group\u2019s share of comprehensive income in associates and joint ventures over which it does not have significant influence | 9.2 | 5.4 |
| Carrying amount of Group investments in non individually material associates and joint ventures | 49.4 | 45.7 |
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 economic interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/24 | 31/12/23 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A. | 40.0% | 363.2 | 40.0% | 367.9 |
| Alea Media Estudio, S.A. | 45.0% | 0.6 | 40.0% | (0.3) |
| Alea Yo Adicto S.L.U. | 45.0% | - | 40.0% | 0.4 |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.2 | 26.7% | 1.1 |
| Bulldog Tv Spain S.L. | 30.0% | 1.4 | 30.0% | 2.0 |
| Fenix Media Audiovisual S.L. | 40.0% | - | 40.0% | 0.1 |
| Ivoox Global Podcasting Service S.L. | 30.8% | 4.1 | 0.0% | - |
| Joko TV, S.L. | 30.0% | 0.1 | 30.0% | (0.1) |
| Radical Change S.L. (previously named as La Fabrica de la Tele S.L.) | | - | 30.0% | 1.8 |
| Producciones Mandarina S.L. | 30.0% | 3.0 | 30.0% | 2.8 |
| ProSiebenSat.1 MEDIA SE (*) | 30.8% | 450.2 | 28.9% | 495.9 |
| Superguida Tv S.r.l. | 49.0% | 1.0 | 49.0% | 1.0 |
| Titanus Elios S.p.A. | 30.0% | 2.7 | 30.0% | 2.7 |
| Unicorn Content S.L. | 30.0% | 3.4 | 30.0% | 2.6 |
| Total | | 831.4 | | 878.3 |
| Joint ventures: | | | | |
| Boing S.p.A. | 51.0% | 5.6 | 51.0% | 5.9 |
| European Broadcaster Exchange (EBX) Ltd. | 25.0% | 0.9 | 25.0% | 0.9 |
| Fascino P.G.T. S.r.l. | 50.0% | 23.3 | 50.0% | 20.9 |
| Mediamond S.p.A. | | - | 50.0% | 1.7 |
| Tiv\u00f9 S.r.l. | 48.2% | 1.6 | 48.2% | 1.8 |
| Total | | 31.4 | | 31.2 |
| Final balance | | 862.8 | | 909.5 |
The additions in this item mainly refer to the EUR 4.0 million acquisition of a 30.53% stake in Ivoox Global Podcasting Service S.L., the EUR 2.2 million acquisition of an additional stake in Alea Media Estudio and the EUR 15.6 million acquisition of a 1.16% stake in P7S1.As already reported in note 4, in the first quarter of the year MFE\u2019s 3.3% shareholding in ProsiebenSat1 (recognised the previous year under Other financial assets) was reclassified, as an investment in associates following the cash-settled unwinding of the outstanding hedging agreements over that shareholding.
From that date, the entire 29.99% equity investment held in P7S1 as at 31 December 2024 (which, net of treasury shares, is equivalent to a 30.8% share of economic interests and voting rights) is therefore classified and accounted for as an investment in associates under IAS 28.
The carrying amount of this investment measured under IAS 28 at 31 December 2024 before the impairment included a notional goodwill of EUR 172.4 million calculated on the corresponding portions of the investee\u2019s shareholders\u2019 equity at 30 June 2023 and at the subsequent reference dates on which the various owned and newly acquired shares were classified under IAS 28. This value was confirmed as definitive as at 30 June 2024, when the purchase price allocation (PPA) process was completed in compliance with IFRS 3.
The PPA process consisted of analyses to retroactively determine the pro-rata fair value of the assets and liabilities acquired as compared to the carrying amounts of the investee at 30 June 2023 (the date the investment was first classified in accordance with IAS 28) and, accordingly, to determine (on a residual and definitive basis) the notional goodwill contained therein. This process, which was based on publicly available information, did not give rise to any adjustments. No additional intangible assets with definite useful lives were been identified and no additional material provisions were accrued in respect to the outstanding contingent liabilities in P7S1 at that date.
At 31 December 2024, the carrying amount of MFE\u2019s investment in P7S1, measured in accordance with IAS 28 before the impairment (EUR 578.4 million) was still higher than its stock market value (EUR 346.4 million). The observation of the implicit value of P7S1 recognized by the Company itself in March 2025 in the transaction for the agreement aimed at the purchase by P7S1 , also through the use of own shares, of the non-controlling interest of the non-core assets, combined with two other elements defining the valuation framework: (i) the downward revision of the multi-year consensus forecasts of the analysts that occurred after the publication of the Company's 2024 consolidated results and (ii) the prolonged and significant negative difference between the carrying value and the stock market value, made it necessary to recognize a partial impairment loss of the notional goodwill determined in an amount equal to 128.2 million euros to align the carrying amount of the investment to its recoverable amount determined on the basis of publicly available information to the higher of the Fair value (as the price that an asset could be sold for in an orderly transaction between market participants) and the Value in use, both determined on the basis of publicly available information.
In particular, the recoverable value was determined by assuming the Fair value, determined on the basis of the implicit value recognized to the own shares of P7S1 within the agreement reached between P7S1 and General Atlantic as reported above; this value was substantially confirmed through the value in use model. The estimate of the value in use in continuity with the valuation model adopted in 2023 year was carried out by determining the equity value of the participation as the algebraic sum of three components: (i) Enterprise value of the Group obtained by discounting the consolidated multi-year forecast operating income flows (which take as a key assumption the expected future trends in advertising revenues) derived from the most recent public consensus of analysts, updated after the publication of the 2024 P7S1 results and the communication by the Company's management of the guidelines and target ranges of revenues and results expected for 2025, using in the central valuation scenario a pre-tax discount rate equal to 12.1% and a g-rate of 1% derived from the correspondent data reported in the 2024 consolidated financial statements of P7S1, (ii) cash flows for the
repurchase of the non-controlling interests of the non-core assets of P7S1 determined starting from the values recognized for these entities under the agreements between P7S1 and General Atlantic, (iii) Consolidated net financial debt and other financial liabilities of P7S1 as of December 31, 2024, derived from the Company's consolidated financial statements.Sensitivity analyses were then performed with respect to the discount rate and g-rate on the central value determined by this model. The results deriving from this model were also confirmed by adjusting the prospective income flows and the initial net financial debt to take into account the economic and financial impacts communicated on 20 March 2025 by P7S1 in relation to the sale of Verivox (an asset of NuCom).
The carrying amounts of other investments in associates and joint ventures incorporated notional goodwill totalling EUR 2.6 million at 31 December 2024. 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 2024 has been confirmed in preparing the consolidated financial statements of the associate through the calculation of the relative value in use determined in line with IAS 36 based on the company\u2019s best estimate of the cash flows for the period 2025-2031. The recoverable amount calculated on this basis \u2013 in the light, among other things, of the sensitivity analyses carried out with respect to the financial parameters and assumptions of the key variables \u2013 shows 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 balance sheet 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 2024 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,851.1 | 907.3 | 943.8 | 275.9 | 14.0 |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 5.8 | 0.7 |
| Alea Yo Adicto | - | - | - | 0.6 | - |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | - | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 12.2 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.0 | 0.8 |
| Auditel S.r.l.(***) | 12.3 | 4.6 | 7.7 | 35.1 | 0.3 |
| Boing S.p.A. | 22.6 | 11.1 | 11.5 | 25.7 | (0.4) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 13.3 | 1.4 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 5.5 | 3.3 | 2.2 | 6.3 | 0.3 |
| Fascino P.G.T S.rl. (***) | 56.7 | 44.2 | 12.5 | 75.8 | 10.8 |
| F\u00e9nix Media Audiovisual S.L. | 1.3 | (0.1) | 1.4 | 3.5 | (0.4) |
| Furia TV,S.L. | 0.6 | - | 0.6 | 6.2 | - |
| Ivoox Global Podcasting Service, S.L. | 9.1 | 5.9 | 3.2 | 5.0 | 0.2 |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 12.5 | 0.6 |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Producciones Mandarina S.L. | 14.0 | 10.0 | 4.0 | 26.7 | 3.7 |
| ProSiebenSat.1 MEDIA SE (*) | 5,608 | 1,318 | 4,290 | 3,918 | 51.0 |
| Superguida Tv S.r.l. | 2.2 | 1.9 | 0.3 | 0.9 | (0.2) |
| Titanus Elios S.p.A. | 14.6 | 9.0 | 5.6 | 4.8 | 2.4 |
| Tiv\u00f9 S.r.l. | 5.9 | 3.5 | 2.5 | 10.0 | 1.9 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 42.7 | 4.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2023
| 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 S.p.A. | 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 | (124.0) |
| 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
Financial information of material associates and joint ventures
The table below shows the main figures from the 2024 income statement and statement of financial position pertaining to the Group\u2019s main associates, 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 | 1,510.0 | 76.4 |
| Cash and cash equivalents | 608.0 | 32.4 |
| Non-current assets | 4,098.0 | 1,774.7 |
| Current liabilities | 1,685.0 | 703.7 |
| Current financial liabilities: | 316.0 | 667.8 |
| Non-current liabilities | 2,455.0 | 237.9 |
| Non-current financial liabilities | 2,173.0 | 38.5 |
| Revenues | 3,918.0 | 275.9 |
| Profit or (loss) for the year | (122.0) | 14.0 |
| Other Comprehensive Income | 34.0 | 0.2 |
| Total Comprehensive Income | (88.0) | 14.2 |
| Amortisation, depreciation and impairments | 553.0 | 92.6 |
| Interest income and expense | (54.0) | (44.1) |
| Income taxes | (60.0) | 9.3 |
| Dividends paid | (11.0) | (25.7) |
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. As at 31 December 2024, MFE was the largest shareholder of ProSiebenSat.1 Media SE with a total shareholding of 29.99% in share capital (30.8% excluding treasury shares).
EITowers is a subsidiary, based in Lissone (province of Monza-Brianza), of 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. On 19 December 2024 the contract has been renewed for a further seven years force from 1 July 2025 until 30 June 2032. Under this multi-year full-service agreement, 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 shows the carrying amount, the Group\u2019s share of profit and other comprehensive income of joint ventures and associates (on aggregate):
| 31/12/2024 | 31/12/2023 |
| Group\u2019s share of profit/(loss) | 9.1 | 5.5 |
| Group\u2019s share of other comprehensive income components | 0.1 | (0.2) |
| Group\u2019s share of comprehensive income in associates and joint ventures over which it does not have significant influence | 9.2 | 5.4 |
| Carrying amount of Group investments in non individually material associates and joint ventures | 49.4 | 45.7 |
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 economic interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/24 | 31/12/23 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A. | 40.0% | 363.2 | 40.0% | 367.9 |
| Alea Media Estudio, S.A. | 45.0% | 0.6 | 40.0% | (0.3) |
| Alea Yo Adicto S.L.U. | 45.0% | - | 40.0% | 0.4 |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.2 | 26.7% | 1.1 |
| Bulldog Tv Spain S.L. | 30.0% | 1.4 | 30.0% | 2.0 |
| Fenix Media Audiovisual S.L. | 40.0% | - | 40.0% | 0.1 |
| Ivoox Global Podcasting Service S.L. | 30.8% | 4.1 | 0.0% | - |
| Joko TV, S.L. | 30.0% | 0.1 | 30.0% | (0.1) |
| Radical Change S.L. (previously named as La Fabrica de la Tele S.L.) | | - | 30.0% | 1.8 |
| Producciones Mandarina S.L. | 30.0% | 3.0 | 30.0% | 2.8 |
| ProSiebenSat.1 MEDIA SE (*) | 30.8% | 450.2 | 28.9% | 495.9 |
| Superguida Tv S.r.l. | 49.0% | 1.0 | 49.0% | 1.0 |
| Titanus Elios S.p.A. | 30.0% | 2.7 | 30.0% | 2.7 |
| Unicorn Content S.L. | 30.0% | 3.4 | 30.0% | 2.6 |
| Total | | 831.4 | | 878.3 |
| Joint ventures: | | | | |
| Boing S.p.A. | 51.0% | 5.6 | 51.0% | 5.9 |
| European Broadcaster Exchange (EBX) Ltd. | 25.0% | 0.9 | 25.0% | 0.9 |
| Fascino P.G.T. S.r.l. | 50.0% | 23.3 | 50.0% | 20.9 |
| Mediamond S.p.A. | | - | 50.0% | 1.7 |
| Tiv\u00f9 S.r.l. | 48.2% | 1.6 | 48.2% | 1.8 |
| Total | | 31.4 | | 31.2 |
| Final balance | | 862.8 | | 909.5 |
The additions in this item mainly refer to the EUR 4.0 million acquisition of a 30.53% stake in Ivoox Global Podcasting Service S.L., the EUR 2.2 million acquisition of an additional stake in Alea Media Estudio and the EUR 15.6 million acquisition of a 1.16% stake in P7S1.As already reported in note 4, in the first quarter of the year MFE\u2019s 3.3% shareholding in ProsiebenSat1 (recognised the previous year under Other financial assets) was reclassified, as an investment in associates following the cash-settled unwinding of the outstanding hedging agreements over that shareholding.
From that date, the entire 29.99% equity investment held in P7S1 as at 31 December 2024 (which, net of treasury shares, is equivalent to a 30.8% share of economic interests and voting rights) is therefore classified and accounted for as an investment in associates under IAS 28.
The carrying amount of this investment measured under IAS 28 at 31 December 2024 before the impairment included a notional goodwill of EUR 172.4 million calculated on the corresponding portions of the investee\u2019s shareholders\u2019 equity at 30 June 2023 and at the subsequent reference dates on which the various owned and newly acquired shares were classified under IAS 28. This value was confirmed as definitive as at 30 June 2024, when the purchase price allocation (PPA) process was completed in compliance with IFRS 3.
The PPA process consisted of analyses to retroactively determine the pro-rata fair value of the assets and liabilities acquired as compared to the carrying amounts of the investee at 30 June 2023 (the date the investment was first classified in accordance with IAS 28) and, accordingly, to determine (on a residual and definitive basis) the notional goodwill contained therein. This process, which was based on publicly available information, did not give rise to any adjustments. No additional intangible assets with definite useful lives were been identified and no additional material provisions were accrued in respect to the outstanding contingent liabilities in P7S1 at that date.
At 31 December 2024, the carrying amount of MFE\u2019s investment in P7S1, measured in accordance with IAS 28 before the impairment (EUR 578.4 million) was still higher than its stock market value (EUR 346.4 million). The observation of the implicit value of P7S1 recognized by the Company itself in March 2025 in the transaction for the agreement aimed at the purchase by P7S1 , also through the use of own shares, of the non-controlling interest of the non-core assets, combined with two other elements defining the valuation framework: (i) the downward revision of the multi-year consensus forecasts of the analysts that occurred after the publication of the Company's 2024 consolidated results and (ii) the prolonged and significant negative difference between the carrying value and the stock market value, made it necessary to recognize a partial impairment loss of the notional goodwill determined in an amount equal to 128.2 million euros to align the carrying amount of the investment to its recoverable amount determined on the basis of publicly available information to the higher of the Fair value (as the price that an asset could be sold for in an orderly transaction between market participants) and the Value in use, both determined on the basis of publicly available information.
In particular, the recoverable value was determined by assuming the Fair value, determined on the basis of the implicit value recognized to the own shares of P7S1 within the agreement reached between P7S1 and General Atlantic as reported above; this value was substantially confirmed through the value in use model. The estimate of the value in use in continuity with the valuation model adopted in 2023 year was carried out by determining the equity value of the participation as the algebraic sum of three components: (i) Enterprise value of the Group obtained by discounting the consolidated multi-year forecast operating income flows (which take as a key assumption the expected future trends in advertising revenues) derived from the most recent public consensus of analysts, updated after the publication of the 2024 P7S1 results and the communication by the Company's management of the guidelines and target ranges of revenues and results expected for 2025, using in the central valuation scenario a pre-tax discount rate equal to 12.1% and a g-rate of 1% derived from the correspondent data reported in the 2024 consolidated financial statements of P7S1, (ii) cash flows for the
repurchase of the non-controlling interests of the non-core assets of P7S1 determined starting from the values recognized for these entities under the agreements between P7S1 and General Atlantic, (iii) Consolidated net financial debt and other financial liabilities of P7S1 as of December 31, 2024, derived from the Company's consolidated financial statements.Sensitivity analyses were then performed with respect to the discount rate and g-rate on the central value determined by this model. The results deriving from this model were also confirmed by adjusting the prospective income flows and the initial net financial debt to take into account the economic and financial impacts communicated on 20 March 2025 by P7S1 in relation to the sale of Verivox (an asset of NuCom).
The carrying amounts of other investments in associates and joint ventures incorporated notional goodwill totalling EUR 2.6 million at 31 December 2024. 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 2024 has been confirmed in preparing the consolidated financial statements of the associate through the calculation of the relative value in use determined in line with IAS 36 based on the company\u2019s best estimate of the cash flows for the period 2025-2031. The recoverable amount calculated on this basis \u2013 in the light, among other things, of the sensitivity analyses carried out with respect to the financial parameters and assumptions of the key variables \u2013 shows 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 balance sheet 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 2024 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,851.1 | 907.3 | 943.8 | 275.9 | 14.0 |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 5.8 | 0.7 |
| Alea Yo Adicto | - | - | - | 0.6 | - |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | - | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 12.2 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.0 | 0.8 |
| Auditel S.r.l.(***) | 12.3 | 4.6 | 7.7 | 35.1 | 0.3 |
| Boing S.p.A. | 22.6 | 11.1 | 11.5 | 25.7 | (0.4) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 13.3 | 1.4 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 5.5 | 3.3 | 2.2 | 6.3 | 0.3 |
| Fascino P.G.T S.rl. (***) | 56.7 | 44.2 | 12.5 | 75.8 | 10.8 |
| F\u00e9nix Media Audiovisual S.L. | 1.3 | (0.1) | 1.4 | 3.5 | (0.4) |
| Furia TV,S.L. | 0.6 | - | 0.6 | 6.2 | - |
| Ivoox Global Podcasting Service, S.L. | 9.1 | 5.9 | 3.2 | 5.0 | 0.2 |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 12.5 | 0.6 |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Producciones Mandarina S.L. | 14.0 | 10.0 | 4.0 | 26.7 | 3.7 |
| ProSiebenSat.1 MEDIA SE (*) | 5,608 | 1,318 | 4,290 | 3,918 | 51.0 |
| Superguida Tv S.r.l. | 2.2 | 1.9 | 0.3 | 0.9 | (0.2) |
| Titanus Elios S.p.A. | 14.6 | 9.0 | 5.6 | 4.8 | 2.4 |
| Tiv\u00f9 S.r.l. | 5.9 | 3.5 | 2.5 | 10.0 | 1.9 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 42.7 | 4.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2023
| 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 S.p.A. | 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 | (124.0) |
| 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
5. SEGMENT REPORTINGAs 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 2024 and 2023 respectively.
The financial results in the two geographic areas reflect the new corporate structure that was defined during the last period following the completion of the merger of Mediaset Espana into MFE. In particular, Spanish activities reflect the consolidated results of the companies under Grupo Audiovisual Mediaset Espa\u00f1a, a wholly owned subsidiary of MFE which manages all core activities of the MFE group in Spain.
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 for risks and charges and the costs of medium/long-term incentive plans.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page307-cflshid_111965-tag117654": {
"value": "5. SEGMENT REPORTINGAs 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 2024 and 2023 respectively.
The financial results in the two geographic areas reflect the new corporate structure that was defined during the last period following the completion of the merger of Mediaset Espana into MFE. In particular, Spanish activities reflect the consolidated results of the companies under Grupo Audiovisual Mediaset Espa\u00f1a, a wholly owned subsidiary of MFE which manages all core activities of the MFE group in Spain.
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 for risks and charges and the costs of medium/long-term incentive plans.
| 2024 | ITALY | SPAIN | Eliminations/Adjustments | MFEGROUP |
| MAIN INCOME STATEMENT FIGURES | | | | |
| Revenues from external customers | 2,121.1 | 828.4 | | 2,949.5 |
| Inter-segment revenues | 3.8 | (1.1) | (2.7) | - |
| Consolidated net revenues | 2,124.9 | 827.3 | (2.7) | 2,949.5 |
| % | 72% | 28% | | 100% |
| Operating Result (EBIT) | 209.4 | 146.3 | 0.0 | 355.8 |
| Financial income/(losses) | | | | (23.8) |
| Income/(expenses) from equity investments valued with the equity method | | | | 30.1 |
| Impairment of equity investments accounted for using the equity method | | | | (128.2) |
| Gain/(loss) from sale of equity investments | | | | (0.4) |
| PROFIT BEFORE TAX | | | | 233.5 |
| Income taxes | | | | (93.1) |
| NET PROFIT FOR THE PERIOD | | | | 140.4 |
| Attributable to:- Equity shareholders of the parent company | | | | 137.9 |
| - Non-controlling Interests | | | | 2.4 |
| OTHER INFORMATION | | | | |
| Property, plant and equipment | 246.9 | 38.1 | - | 285.0 |
| TV and movie rights | 603.1 | 114.3 | (0.6) | 716.8 |
| Goodwill | 151.5 | 294.9 | 363.2 | 809.6 |
| Other intangible assets | 288.0 | 160.2 | - | 448.2 |
| Investments in associates and joint venture | 849.9 | 13.3 | (0.4) | 862.8 |
| Non-Current Assets (*) | 2,139.4 | 620.9 | 362.2 | 3,122.5 |
| Assets | 4,361.2 | 999.4 | (572.5) | 4,788.2 |
| Liabilities | 1,685.6 | 334.5 | (104.6) | 1,915.5 |
| Investments in tangible and intangible non-current assets (*) | 254.3 | 120.3 | (0.1) | 374.5 |
| Amortisation and depreciation | 326.1 | 110.6 | (0.4) | 436.3 |
| Other non-monetary expenses | 7.3 | (5.4) | - | 1.8 |
(*) Includes the change in \u201cAdvances for television rights acquisitions\u201d, excludes other financial assets and deferred tax assets
| 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% |
| Operating Result (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, excludes other financial assets and deferred tax assets
The following table shows the cash flow statement for each geographical area. | Cash Flow Statement (geographical breakdown) | ITALY | SPAIN |
| 2024 | 2023 | 2024 | 2023 |
| Operating Result | 209.4 | 147.2 | 146.3 | 154.8 |
| + Depreciation, amortisation and impairments | 326.1 | 334.7 | 110.6 | 146.0 |
| + Other provisions and non-cash movements | 4.7 | 4.5 | 5.0 | 7.2 |
| + Change in working capital | 71.2 | (11.8) | (22.5) | 17.1 |
| - Income tax paid | (8.5) | (4.7) | (27.3) | (25.9) |
| Net cash flow from/(used) operating activities [A] | 603.0 | 469.8 | 212.2 | 299.2 |
| CASH FLOW FROM INVESTING ACTIVITIES: | | | | |
| Proceeds from the sale of fixed assets | 0.4 | 0.4 | 2.5 | - |
| Payments for investments in television rights | (293.5) | (286.5) | (116.8) | (134.5) |
| Payments for investments in other fixed assets | (34.1) | (39.3) | (10.9) | (7.8) |
| Proceeds from government grants | 5.4 | 6.6 | | |
| Proceeds/(Payments) for hedging derivatives | 9.7 | (0.3) | - | - |
| Payments for equity investments in associates and joint venture | (16.2) | - | (6.2) | - |
| Proceeds/(payments) in other financial assets | (4.7) | (78.5) | 162.3 | (244.3) |
| Dividends received | 318.6 | 28.4 | 9.2 | 1.2 |
| Business combinations net of cash and cash equivalents acquired | 1.5 | - | 4.5 | - |
| Net cash flow from/(used) ininvesting activities [B] | (13.0) | (369.3) | 44.7 | (385.5) |
| CASH FLOW FROM FINANCING ACTIVITIES: | | | | |
| Proceeds from financing | - | 277.0 | - | 3.0 |
| Financing repayments | (231.9) | (612.3) | | |
| Dividends paid | (140.0) | (140.1) | (303.4) | (2.0) |
| Changes in other financial liabilities | (193.7) | 220.7 | (0.3) | |
| Interest (paid)/received | (23.8) | (32.2) | 2.8 | 4.7 |
| Change in controlling interest/consolidation area | - | 268.0 | - | (3.9) |
| Net cash flow from/(used) in financing activities [C] | (588.6) | (18.9) | (300.9) | 1.8 |
| CHANGE IN CASH AND CASH EQUIVALENTS (D=A+B+C) | 1.3 | 81.6 | (44.0) | (84.5) |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR [E] | 103.8 | 22.3 | 71.5 | 156.0 |
| CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR [F=D+E] | 105.1 | 103.8 | 27.4 | 71.5 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page311-cflshid_114203-tag117760": {
"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 assets 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);
Marketing 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.
TV advertising revenues, shown net of agency discounts, refer 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.
Other advertising revenues refers, firstly, to advertising sales from Group-owned and third party radio stations, which are managed in Italy by the concessionaire Digitalia \u201808, and, secondly, sales from the Group's websites and web properties and from Group-owned and third party DOOH spaces, carried out by the subsidiary Mediamond, which is consolidated on a line-by-line basis during this year. This item also includes 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.
Film 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. | 2024 | 2023 |
| TV advertising revenues | 2,376.8 | 2,299.4 |
| Other advertising revenues | 320.9 | 260.5 |
| Sales of TV rights and productions | 95.5 | 97.9 |
| Pay streaming service | 25.0 | 34.2 |
| Construction, rental and maintenance of TV equipment | 24.1 | 23.2 |
| Movie distribution revenues | 21.9 | 24.0 |
| Other revenues | 49.3 | 45.6 |
| Total | 2,913.6 | 2,785.0 |
The increase in TV advertising revenues mainly reflects the positive trend in advertising sales among the Group\u2019s free-to-air generalist and semi-generalist broadcasters.
The increase in Other advertising revenues is mainly due to the effects of the line-by-line consolidation of Mediamond (which was owned in equal shares by Publitalia \u201980 e Mondadori and thus consolidated using the equity method up to 31 December 2023), which manages advertising sales on the Group\u2019s television websites and digital properties and on the websites of Mondadori Group agencies and third-party broadcasters. It also collects advertising revenue from digital out-of-home (DOOH) advertising spaces. In the previous year, on the other hand, revenues relating to the Group\u2019s websites and online properties were recognised in MFE\u2019s Consolidated Financial Statements according to the Group\u2019s portion of Mediamond-managed advertising sales.
Revenue breakdown by geographical area
Below is a breakdown of revenues by geographical area, according to the customer\u2019s country of residence:
| 2024 | 2023 |
| Italy | 1,991.0 | 1,891.6 |
| Spain | 770.9 | 778.0 |
| EU countries | 67.7 | 34.3 |
| North America | 18.4 | 12.1 |
| Other countries | 65.6 | 69.0 |
| Total | 2,913.6 | 2,785.0 |
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page311-cflshid_114203-tag117657": {
"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 assets 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);
Marketing 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.
TV advertising revenues, shown net of agency discounts, refer 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.
Other advertising revenues refers, firstly, to advertising sales from Group-owned and third party radio stations, which are managed in Italy by the concessionaire Digitalia \u201808, and, secondly, sales from the Group's websites and web properties and from Group-owned and third party DOOH spaces, carried out by the subsidiary Mediamond, which is consolidated on a line-by-line basis during this year. This item also includes 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.
Film 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. | 2024 | 2023 |
| TV advertising revenues | 2,376.8 | 2,299.4 |
| Other advertising revenues | 320.9 | 260.5 |
| Sales of TV rights and productions | 95.5 | 97.9 |
| Pay streaming service | 25.0 | 34.2 |
| Construction, rental and maintenance of TV equipment | 24.1 | 23.2 |
| Movie distribution revenues | 21.9 | 24.0 |
| Other revenues | 49.3 | 45.6 |
| Total | 2,913.6 | 2,785.0 |
The increase in TV advertising revenues mainly reflects the positive trend in advertising sales among the Group\u2019s free-to-air generalist and semi-generalist broadcasters.
The increase in Other advertising revenues is mainly due to the effects of the line-by-line consolidation of Mediamond (which was owned in equal shares by Publitalia \u201980 e Mondadori and thus consolidated using the equity method up to 31 December 2023), which manages advertising sales on the Group\u2019s television websites and digital properties and on the websites of Mondadori Group agencies and third-party broadcasters. It also collects advertising revenue from digital out-of-home (DOOH) advertising spaces. In the previous year, on the other hand, revenues relating to the Group\u2019s websites and online properties were recognised in MFE\u2019s Consolidated Financial Statements according to the Group\u2019s portion of Mediamond-managed advertising sales.
Revenue breakdown by geographical area
Below is a breakdown of revenues by geographical area, according to the customer\u2019s country of residence:
| 2024 | 2023 |
| Italy | 1,991.0 | 1,891.6 |
| Spain | 770.9 | 778.0 |
| EU countries | 67.7 | 34.3 |
| North America | 18.4 | 12.1 |
| Other countries | 65.6 | 69.0 |
| Total | 2,913.6 | 2,785.0 |
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page311-cflshid_114203-tag117656": {
"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 assets 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);
Marketing 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.
TV advertising revenues, shown net of agency discounts, refer 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.
Other advertising revenues refers, firstly, to advertising sales from Group-owned and third party radio stations, which are managed in Italy by the concessionaire Digitalia \u201808, and, secondly, sales from the Group's websites and web properties and from Group-owned and third party DOOH spaces, carried out by the subsidiary Mediamond, which is consolidated on a line-by-line basis during this year. This item also includes 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.
Film 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, contingent assets and government grants (grants related to income) obtained for investments in cinema installations and productions, which 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page313-cflshid_115082-tag117658": {
"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, contingent assets and government grants (grants related to income) obtained for investments in cinema installations and productions, which 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.
| 2024 | 2023 |
| Gain from disposal of fixed asset | 0.1 | 0.1 |
| Income from rentals | 2.4 | 3.3 |
| Government grants | 4.2 | 3.4 |
| Other income | 29.1 | 18.7 |
| Total | 35.9 | 25.4 |
Government grants referred to the recognition of the 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.
The increase in Other income mainly refers to the damages paid by third parties to some Group companies during the period after it was found in legal proceedings that they had illegally used and enjoyed copyrighted video content.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page313-cflshid_115082-tag117768": {
"value": "Government grants referred to the recognition of the 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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page314-cflshid_115386-tag117662": {
"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.
The average workforce data is determined according to the Full time equivalent (FTE) methodology obtained in terms of the number of full-time resources equivalent to the total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2024 | 2023 |
| Ordinary remuneration | 291.9 | 265.4 |
| Overtime | 11.7 | 11.8 |
| Special benefits | 23.2 | 24.0 |
| Additional salary period (13th and 14th salary period) | 39.2 | 36.5 |
| Accrued and unused holiday | 1.0 | 0.6 |
| Total wages and salary | 366.9 | 338.3 |
| Social security contributions | 108.3 | 99.5 |
| Post-employment benefit plans | 0.5 | 0.3 |
| MLT incentive plans | 5.1 | 4.7 |
| Other personnel expenses | 37.6 | 33.7 |
| Total personnel expenses | 518.4 | 476.5 |
MLT incentive plans includes expenses accruing to the year 2024 for medium/long-term incentive plans awarded by the parent company in 2022, 2023 and 2024.
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 4.0 million (EUR 5.1 million at 31 December 2023), of which EUR 3.5 million relating to Grupo Audiovisual Mediaset Espa\u00f1a (EUR 4.5 million at 31 December 2023).
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 are located in Italy and Spain.
| AVERAGE FTE | 2024 | 2023 |
| Italy | 3,441 | 3,283 |
| Spain | 1,670 | 1,573 |
| Total | 5,111 | 4,856 |
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.
The average workforce data is determined according to the Full time equivalent (FTE) methodology obtained in terms of the number of full-time resources equivalent to the total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2024 | 2023 |
| Ordinary remuneration | 291.9 | 265.4 |
| Overtime | 11.7 | 11.8 |
| Special benefits | 23.2 | 24.0 |
| Additional salary period (13th and 14th salary period) | 39.2 | 36.5 |
| Accrued and unused holiday | 1.0 | 0.6 |
| Total wages and salary | 366.9 | 338.3 |
| Social security contributions | 108.3 | 99.5 |
| Post-employment benefit plans | 0.5 | 0.3 |
| MLT incentive plans | 5.1 | 4.7 |
| Other personnel expenses | 37.6 | 33.7 |
| Total personnel expenses | 518.4 | 476.5 |
MLT incentive plans includes expenses accruing to the year 2024 for medium/long-term incentive plans awarded by the parent company in 2022, 2023 and 2024.
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 4.0 million (EUR 5.1 million at 31 December 2023), of which EUR 3.5 million relating to Grupo Audiovisual Mediaset Espa\u00f1a (EUR 4.5 million at 31 December 2023).
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 are located in Italy and Spain.
| AVERAGE FTE | 2024 | 2023 |
| Italy | 3,441 | 3,283 |
| Spain | 1,670 | 1,573 |
| Total | 5,111 | 4,856 |
\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.
| 2024 | 2023 |
| Purchases | 109.1 | 102.1 |
| Change in inventories of raw materials, semi-finished and finished products and increase in internal work | (22.7) | (22.6) |
| Consultants, contractors and services | 232.8 | 220.7 |
| Making and purchases of productions | 510.3 | 484.4 |
| Broadcaster fees and guaranteed minimums | 136.3 | 102.1 |
| Advertising space and external relations | 23.2 | 26.8 |
| EDP Services | 16.7 | 13.5 |
| Research, training and travel expenses | 12.9 | 11.4 |
| Other services | 405.4 | 405.6 |
| Services | 1,337.6 | 1,264.4 |
| Rentals | 160.6 | 149.3 |
| Accruals/(Utilizations) of provisions | (3.2) | 2.8 |
| Other operating expenses | 57.6 | 55.4 |
| Total purchases, services, other costs | 1,639.0 | 1,551.6 |
The item 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 54.2 million (EUR 52.1 million at 31 December 2023) With reference to Cost for services:
oConsultants, contractors and services refer to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
oMaking and purchases of production refer to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
othe increase in item Broadcaster fees and guaranteed minimums is mainly referred to the consolidation by line of company Mediamond S.p.A. starting from 2024, for EUR 32.0 million.
oOther services mainly refers to EUR 94.5 million in collecting costs for the use of intellectual property rights (EUR 98.1 million in 2023), EUR 82.6 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 82.6 million in 2023) EUR 27.4 million in utilities (EUR 36.0 million in 2023), EUR 86.2 million in marketing service fees and costs (EUR 72.9 million in 2023), and EUR 114.7 million in other technical service, security and transportation fees (EUR 115.9 million in 2023).
Rentals include EUR 96.8 million in costs relating to television signal transmission and the rental of tower for the two geographical areas of business (EUR 94.8 million at 31 December 2023), EUR 13.2 million in royalties (EUR 11.9 million in 2023) and EUR 25.5 million relating to rents mainly for television studios and equipment and office space (EUR 23.4 million in 2023).
Accruals/(Utilizations) of provisions include 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 GA Mediaset Espa\u00f1a in accordance with the industry sector law on funding public television.
6.5 AMORTISATION, DEPRECIATION AND IMPAIRMENTS
| 2024 | 2023 |
| Amortisation of TV and movie rights | 347.5 | 396.4 |
| Amortisation of other intangible assets | 40.1 | 38.5 |
| Amortisation of tangible assets | 46.7 | 45.0 |
| Impairments /(Reversal) of TV and movies rights | 0.6 | (0.4) |
| Impairments/(Reversal) of receivables | 1.4 | 0.7 |
| Total amortisation, depreciation and impairments | 436.3 | 480.1 |
For commentary on changes in amortisation, deprecation and impairments, see the explanatory notes related to Property, plant and equipment, TV and movie rights and other intangible assets below.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page314-cflshid_115386-tag117660": {
"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.
The average workforce data is determined according to the Full time equivalent (FTE) methodology obtained in terms of the number of full-time resources equivalent to the total hours worked.
Medium/long-term incentive plans include share-based payments recognised pursuant to IFRS 2, as indicated in Note 14 Share-based payments.
| 2024 | 2023 |
| Ordinary remuneration | 291.9 | 265.4 |
| Overtime | 11.7 | 11.8 |
| Special benefits | 23.2 | 24.0 |
| Additional salary period (13th and 14th salary period) | 39.2 | 36.5 |
| Accrued and unused holiday | 1.0 | 0.6 |
| Total wages and salary | 366.9 | 338.3 |
| Social security contributions | 108.3 | 99.5 |
| Post-employment benefit plans | 0.5 | 0.3 |
| MLT incentive plans | 5.1 | 4.7 |
| Other personnel expenses | 37.6 | 33.7 |
| Total personnel expenses | 518.4 | 476.5 |
MLT incentive plans includes expenses accruing to the year 2024 for medium/long-term incentive plans awarded by the parent company in 2022, 2023 and 2024.
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 4.0 million (EUR 5.1 million at 31 December 2023), of which EUR 3.5 million relating to Grupo Audiovisual Mediaset Espa\u00f1a (EUR 4.5 million at 31 December 2023).
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 are located in Italy and Spain.
| AVERAGE FTE | 2024 | 2023 |
| Italy | 3,441 | 3,283 |
| Spain | 1,670 | 1,573 |
| Total | 5,111 | 4,856 |
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:
oProjected 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.
oDiscounting, at the valuation date, of the expected cash flows the Group will have pay to its employees in the future.
oRe-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 2023 |
| 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 2024. |
| 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 1.8% for 2024- 2027; 1.9% for 2028 and 2.0% for 2029 and onwards. |
| 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 2024 (source: Bloomberg). |
The change in the post-employment benefits plans is as follows: | 2024 | 2023 |
| Balance at 1/1 | 49.3 | 50.5 |
| Service Cost | 0.5 | 0.3 |
| Actuarial (gains)/losses | (1.9) | 1.7 |
| Interest Cost | 1.8 | 1.5 |
| Indemnities paid | (5.2) | (4.7) |
| Business combinations | 1.9 | |
| Balance at 31/12 | 46.4 | 49.3 |
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. | 45.2 | 0.4 |
| Discount rate curve | | | |
| -50 b.p. | 47.6 | 0.5 |
| +50 b.p. | 47.2 | 0.5 |
| Inflation rate | | | |
| -50 b.p. | 45.6 | 0.4 |
| Demographic/Actuarial assumptions | | DBO | Service cost |
| +50 b.p. | 46.4 | 0.5 |
| Wage increases | | | |
| -50 b.p. | 46.3 | 0.5 |
| +50 b.p. | 46.6 | 0.5 |
| Probability of termination of the employment relationship | | | |
| -50 b.p. | 45.9 | 0.5 |
| +50 b.p. | 46.5 | 0.5 |
| Change in TFR accrued | | | |
| -50 b.p. | 46.2 | 0.4 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page314-cflshid_115391-tag117659": {
"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.
The average workforce data is determined according to the Full time equivalent (FTE) methodology obtained in terms of the number of full-time resources equivalent to the total hours worked.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page315-cflshid_115844-tag117665": {
"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.
| 2024 | 2023 |
| Purchases | 109.1 | 102.1 |
| Change in inventories of raw materials, semi-finished and finished products and increase in internal work | (22.7) | (22.6) |
| Consultants, contractors and services | 232.8 | 220.7 |
| Making and purchases of productions | 510.3 | 484.4 |
| Broadcaster fees and guaranteed minimums | 136.3 | 102.1 |
| Advertising space and external relations | 23.2 | 26.8 |
| EDP Services | 16.7 | 13.5 |
| Research, training and travel expenses | 12.9 | 11.4 |
| Other services | 405.4 | 405.6 |
| Services | 1,337.6 | 1,264.4 |
| Rentals | 160.6 | 149.3 |
| Accruals/(Utilizations) of provisions | (3.2) | 2.8 |
| Other operating expenses | 57.6 | 55.4 |
| Total purchases, services, other costs | 1,639.0 | 1,551.6 |
The item 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 54.2 million (EUR 52.1 million at 31 December 2023) With reference to Cost for services:
oConsultants, contractors and services refer to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
oMaking and purchases of production refer to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
othe increase in item Broadcaster fees and guaranteed minimums is mainly referred to the consolidation by line of company Mediamond S.p.A. starting from 2024, for EUR 32.0 million.
oOther services mainly refers to EUR 94.5 million in collecting costs for the use of intellectual property rights (EUR 98.1 million in 2023), EUR 82.6 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 82.6 million in 2023) EUR 27.4 million in utilities (EUR 36.0 million in 2023), EUR 86.2 million in marketing service fees and costs (EUR 72.9 million in 2023), and EUR 114.7 million in other technical service, security and transportation fees (EUR 115.9 million in 2023).
Rentals include EUR 96.8 million in costs relating to television signal transmission and the rental of tower for the two geographical areas of business (EUR 94.8 million at 31 December 2023), EUR 13.2 million in royalties (EUR 11.9 million in 2023) and EUR 25.5 million relating to rents mainly for television studios and equipment and office space (EUR 23.4 million in 2023).
Accruals/(Utilizations) of provisions include 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page315-cflshid_115844-tag117664": {
"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.
| 2024 | 2023 |
| Purchases | 109.1 | 102.1 |
| Change in inventories of raw materials, semi-finished and finished products and increase in internal work | (22.7) | (22.6) |
| Consultants, contractors and services | 232.8 | 220.7 |
| Making and purchases of productions | 510.3 | 484.4 |
| Broadcaster fees and guaranteed minimums | 136.3 | 102.1 |
| Advertising space and external relations | 23.2 | 26.8 |
| EDP Services | 16.7 | 13.5 |
| Research, training and travel expenses | 12.9 | 11.4 |
| Other services | 405.4 | 405.6 |
| Services | 1,337.6 | 1,264.4 |
| Rentals | 160.6 | 149.3 |
| Accruals/(Utilizations) of provisions | (3.2) | 2.8 |
| Other operating expenses | 57.6 | 55.4 |
| Total purchases, services, other costs | 1,639.0 | 1,551.6 |
The item 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 54.2 million (EUR 52.1 million at 31 December 2023) With reference to Cost for services:
oConsultants, contractors and services refer to professional service and advisor, corporate bodies fees, collaborators and temporary work expenses, artistic and journalistic collaborations.
oMaking and purchases of production refer to direct costs related to the creation of in-house productions and for purchase of productions from third parties.
othe increase in item Broadcaster fees and guaranteed minimums is mainly referred to the consolidation by line of company Mediamond S.p.A. starting from 2024, for EUR 32.0 million.
oOther services mainly refers to EUR 94.5 million in collecting costs for the use of intellectual property rights (EUR 98.1 million in 2023), EUR 82.6 million in costs of maintaining networks, broadcasting equipment, property and IT systems (EUR 82.6 million in 2023) EUR 27.4 million in utilities (EUR 36.0 million in 2023), EUR 86.2 million in marketing service fees and costs (EUR 72.9 million in 2023), and EUR 114.7 million in other technical service, security and transportation fees (EUR 115.9 million in 2023).
Rentals include EUR 96.8 million in costs relating to television signal transmission and the rental of tower for the two geographical areas of business (EUR 94.8 million at 31 December 2023), EUR 13.2 million in royalties (EUR 11.9 million in 2023) and EUR 25.5 million relating to rents mainly for television studios and equipment and office space (EUR 23.4 million in 2023).
Accruals/(Utilizations) of provisions include 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page315-cflshid_115844-tag117663": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page316-cflshid_116463-tag117667": {
"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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page316-cflshid_116463-tag117666": {
"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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page316-cflshid_116242-tag117766": {
"value": "6.5 AMORTISATION, DEPRECIATION AND IMPAIRMENTS
| 2024 | 2023 |
| Amortisation of TV and movie rights | 347.5 | 396.4 |
| Amortisation of other intangible assets | 40.1 | 38.5 |
| Amortisation of tangible assets | 46.7 | 45.0 |
| Impairments /(Reversal) of TV and movies rights | 0.6 | (0.4) |
| Impairments/(Reversal) of receivables | 1.4 | 0.7 |
| Total amortisation, depreciation and impairments | 436.3 | 480.1 |
For commentary on changes in amortisation, deprecation and impairments, see the explanatory notes related to Property, plant and equipment, TV and movie rights and other intangible assets below.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page317-cflshid_116639-tag117673": {
"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;
| 2024 | 2023 |
| Interest on financial liabilities | (23.6) | (36.3) |
| From derivative instruments | (0.3) | (0.7) |
| Other financial charges | (10.0) | (5.2) |
| Foreign exchange losses | (27.7) | (16.4) |
| Total | (61.6) | (58.5) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 3.5 million (EUR 1.9 million at 31 December 2023). The change on the previous year is due to improvements in the Group\u2019s financing operations, with a lower average financial debt during the period under review.
Other financial expenses in 2024 included EUR 1.8 million for the time discounting of post-employment benefit plans (EUR 1.5 million at 31 December 2023) and EUR 5.9 million for the remeasurements of put options in relation to the future acquisition of subsidiaries\u2019 non-controlling interests, determined at the reporting date based on the clauses regarding the call and put option price contracted for those interests.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page317-cflshid_116639-tag117672": {
"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;
| 2024 | 2023 |
| Interest on financial liabilities | (23.6) | (36.3) |
| From derivative instruments | (0.3) | (0.7) |
| Other financial charges | (10.0) | (5.2) |
| Foreign exchange losses | (27.7) | (16.4) |
| Total | (61.6) | (58.5) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 3.5 million (EUR 1.9 million at 31 December 2023). The change on the previous year is due to improvements in the Group\u2019s financing operations, with a lower average financial debt during the period under review.
Other financial expenses in 2024 included EUR 1.8 million for the time discounting of post-employment benefit plans (EUR 1.5 million at 31 December 2023) and EUR 5.9 million for the remeasurements of put options in relation to the future acquisition of subsidiaries\u2019 non-controlling interests, determined at the reporting date based on the clauses regarding the call and put option price contracted for those interests.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page317-cflshid_116639-tag117671": {
"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;
| 2024 | 2023 |
| Interest on financial liabilities | (23.6) | (36.3) |
| From derivative instruments | (0.3) | (0.7) |
| Other financial charges | (10.0) | (5.2) |
| Foreign exchange losses | (27.7) | (16.4) |
| Total | (61.6) | (58.5) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 3.5 million (EUR 1.9 million at 31 December 2023). The change on the previous year is due to improvements in the Group\u2019s financing operations, with a lower average financial debt during the period under review.
Other financial expenses in 2024 included EUR 1.8 million for the time discounting of post-employment benefit plans (EUR 1.5 million at 31 December 2023) and EUR 5.9 million for the remeasurements of put options in relation to the future acquisition of subsidiaries\u2019 non-controlling interests, determined at the reporting date based on the clauses regarding the call and put option price contracted for those interests.
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.
| 2024 | 2023 |
| Interests on financial assets | 3.6 | 7.4 |
| Income from derivative instruments | - | 1.1 |
| Other financial income | 3.2 | 0.0 |
| Dividends from FVTOCI investments | - | 3.3 |
| Foreign exchange gains | 31.0 | 20.2 |
| Total | 37.8 | 32.1 |
In 2023, Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments referred to the dividends due to MFE by the investee ProSiebenSat1 Media SA, which up to 30 June 2023 have been classified and measured as a financial investment pursuant to IFRS 9.
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 financial statement items (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 2024 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Derivatives | - | - | (0.3) | 5.6 | 5.3 |
| Liabilities at amortised cost | (21.7) | - | - | (2.3) | (24.0) |
| Financial activities and liabilities at amortized cost | 3.5 | (5.9) | - | - | (2.4) |
| Total IFRS 9 Category | (18.2) | (5.9) | (0.3) | 3.3 | (21.1) |
| Other financial income/(expenses) | | | | | (2.7) |
| Total financial income (expenses) | | | | | (23.8) |
| IFRS 9 CATEGORIES AT 31 DECEMBER 2023 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| 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) |
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 for 2023.
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 for risks expiring after 12 months, financial expenses on leases accounted for under IFRS 16, remeasurements of put options on non-
controlling interests and, in 2023, also included 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page317-cflshid_116639-tag117670": {
"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;
| 2024 | 2023 |
| Interest on financial liabilities | (23.6) | (36.3) |
| From derivative instruments | (0.3) | (0.7) |
| Other financial charges | (10.0) | (5.2) |
| Foreign exchange losses | (27.7) | (16.4) |
| Total | (61.6) | (58.5) |
Interests on financial liabilities includes interest relating to financial liabilities accounted under IFRS 16 (Lease) for an amount of EUR 3.5 million (EUR 1.9 million at 31 December 2023). The change on the previous year is due to improvements in the Group\u2019s financing operations, with a lower average financial debt during the period under review.
Other financial expenses in 2024 included EUR 1.8 million for the time discounting of post-employment benefit plans (EUR 1.5 million at 31 December 2023) and EUR 5.9 million for the remeasurements of put options in relation to the future acquisition of subsidiaries\u2019 non-controlling interests, determined at the reporting date based on the clauses regarding the call and put option price contracted for those interests.
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.
| 2024 | 2023 |
| Interests on financial assets | 3.6 | 7.4 |
| Income from derivative instruments | - | 1.1 |
| Other financial income | 3.2 | 0.0 |
| Dividends from FVTOCI investments | - | 3.3 |
| Foreign exchange gains | 31.0 | 20.2 |
| Total | 37.8 | 32.1 |
In 2023, Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments referred to the dividends due to MFE by the investee ProSiebenSat1 Media SA, which up to 30 June 2023 have been classified and measured as a financial investment pursuant to IFRS 9.
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 financial statement items (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 2024 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| Derivatives | - | - | (0.3) | 5.6 | 5.3 |
| Liabilities at amortised cost | (21.7) | - | - | (2.3) | (24.0) |
| Financial activities and liabilities at amortized cost | 3.5 | (5.9) | - | - | (2.4) |
| Total IFRS 9 Category | (18.2) | (5.9) | (0.3) | 3.3 | (21.1) |
| Other financial income/(expenses) | | | | | (2.7) |
| Total financial income (expenses) | | | | | (23.8) |
| IFRS 9 CATEGORIES AT 31 DECEMBER 2023 | From interest | From changes in fair value | From equity reserve | Foreign exchange gains/losses | Net income/(costs) |
| 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) |
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 for 2023.
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 for risks expiring after 12 months, financial expenses on leases accounted for under IFRS 16, remeasurements of put options on non-
controlling interests and, in 2023, also included 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page317-cflshid_116644-tag117669": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page317-cflshid_116644-tag117668": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page318-cflshid_116896-tag117677": {
"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.
| 2024 | 2023 |
| Interests on financial assets | 3.6 | 7.4 |
| Income from derivative instruments | - | 1.1 |
| Other financial income | 3.2 | 0.0 |
| Dividends from FVTOCI investments | - | 3.3 |
| Foreign exchange gains | 31.0 | 20.2 |
| Total | 37.8 | 32.1 |
In 2023, Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments referred to the dividends due to MFE by the investee ProSiebenSat1 Media SA, which up to 30 June 2023 have been classified and measured as a financial investment pursuant to IFRS 9.
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 financial statement items (receivables and payables denominated in foreign currencies).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page318-cflshid_116896-tag117676": {
"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.
| 2024 | 2023 |
| Interests on financial assets | 3.6 | 7.4 |
| Income from derivative instruments | - | 1.1 |
| Other financial income | 3.2 | 0.0 |
| Dividends from FVTOCI investments | - | 3.3 |
| Foreign exchange gains | 31.0 | 20.2 |
| Total | 37.8 | 32.1 |
In 2023, Dividends from FVTOCI (Fair Value Through Other Comprehensive Income) investments referred to the dividends due to MFE by the investee ProSiebenSat1 Media SA, which up to 30 June 2023 have been classified and measured as a financial investment pursuant to IFRS 9.
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 financial statement items (receivables and payables denominated in foreign currencies).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page318-cflshid_116901-tag117675": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page318-cflshid_116901-tag117674": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page320-cflshid_117663-tag117679": {
"value": "6.8 RESULT FROM INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD
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 instruments.
| 2024 | 2023 |
| Result of equity investments accounted for using the equity method | 30.1 | 4.9 |
| Impairment on equity investments accounted for using the equity method | (128.2) | (1.0) |
| Gain/(loss) from sale of equity investments | (0.4) | - |
| Total | (98.5) | 3.9 |
The result of Equity investments accounted for using the equity method mainly included expenses and income related to the pro-rata recording of the results of equity investments in associates and joint ventures. In particular:
oincome of EUR 15.5 million for the equity investment in ProsiebenSat1 MEDIA SE (loss of EUR 11.3 million at 31 December 2023);
oincome of EUR 5.5 million for the equity investment in EI Towers (income of EUR 9.6 million at 31 December 2023);
oincome of EUR 6.5 million for the equity investment in Fascino PGT S.r.l. (income of EUR 2.9 million at 31 December 2023);
oincome of EUR 1.4 million for the equity investment in Unicorn Content S.L. (income of EUR 1.2 million at 31 December 2023);
oincome of EUR 1.1 million for the equity investment in Produciones Mandarina S.L. (income of EUR 0.9 million at 31 December 2023);
oincome of EUR 0.9 million for the equity investment in Tiv\u00f9 S.r.l. (income of EUR 1 million at 31 December 2023).
Impairment on equity investments accounted for using the equity method includes the effects of the write-down following the impairment test on equity investment in ProsiebenSat1. In 2023 referred to the effects of adjusting the value of the Group\u2019s investments in Mediamond S.p.A. and Dr Podcast Audio Factory Limited to the fair value recognised when those controlling interests were acquired.
7.6 EQUITY 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 economic interest held and the carrying amounts of the equity investments measured by using the equity method for the two years compared.
| 31/12/24 | 31/12/23 |
| Stake % | carrying amount | Stake % | carrying amount |
| Associates | | | | |
| EI Towers S.p.A. | 40.0% | 363.2 | 40.0% | 367.9 |
| Alea Media Estudio, S.A. | 45.0% | 0.6 | 40.0% | (0.3) |
| Alea Yo Adicto S.L.U. | 45.0% | - | 40.0% | 0.4 |
| Alma Productora Audiovisual S.L. | 30.0% | 0.5 | 30.0% | 0.5 |
| Auditel S.p.A. | 26.7% | 1.2 | 26.7% | 1.1 |
| Bulldog Tv Spain S.L. | 30.0% | 1.4 | 30.0% | 2.0 |
| Fenix Media Audiovisual S.L. | 40.0% | - | 40.0% | 0.1 |
| Ivoox Global Podcasting Service S.L. | 30.8% | 4.1 | 0.0% | - |
| Joko TV, S.L. | 30.0% | 0.1 | 30.0% | (0.1) |
| Radical Change S.L. (previously named as La Fabrica de la Tele S.L.) | | - | 30.0% | 1.8 |
| Producciones Mandarina S.L. | 30.0% | 3.0 | 30.0% | 2.8 |
| ProSiebenSat.1 MEDIA SE (*) | 30.8% | 450.2 | 28.9% | 495.9 |
| Superguida Tv S.r.l. | 49.0% | 1.0 | 49.0% | 1.0 |
| Titanus Elios S.p.A. | 30.0% | 2.7 | 30.0% | 2.7 |
| Unicorn Content S.L. | 30.0% | 3.4 | 30.0% | 2.6 |
| Total | | 831.4 | | 878.3 |
| Joint ventures: | | | | |
| Boing S.p.A. | 51.0% | 5.6 | 51.0% | 5.9 |
| European Broadcaster Exchange (EBX) Ltd. | 25.0% | 0.9 | 25.0% | 0.9 |
| Fascino P.G.T. S.r.l. | 50.0% | 23.3 | 50.0% | 20.9 |
| Mediamond S.p.A. | | - | 50.0% | 1.7 |
| Tiv\u00f9 S.r.l. | 48.2% | 1.6 | 48.2% | 1.8 |
| Total | | 31.4 | | 31.2 |
| Final balance | | 862.8 | | 909.5 |
The additions in this item mainly refer to the EUR 4.0 million acquisition of a 30.53% stake in Ivoox Global Podcasting Service S.L., the EUR 2.2 million acquisition of an additional stake in Alea Media Estudio and the EUR 15.6 million acquisition of a 1.16% stake in P7S1.As already reported in note 4, in the first quarter of the year MFE\u2019s 3.3% shareholding in ProsiebenSat1 (recognised the previous year under Other financial assets) was reclassified, as an investment in associates following the cash-settled unwinding of the outstanding hedging agreements over that shareholding.
From that date, the entire 29.99% equity investment held in P7S1 as at 31 December 2024 (which, net of treasury shares, is equivalent to a 30.8% share of economic interests and voting rights) is therefore classified and accounted for as an investment in associates under IAS 28.
The carrying amount of this investment measured under IAS 28 at 31 December 2024 before the impairment included a notional goodwill of EUR 172.4 million calculated on the corresponding portions of the investee\u2019s shareholders\u2019 equity at 30 June 2023 and at the subsequent reference dates on which the various owned and newly acquired shares were classified under IAS 28. This value was confirmed as definitive as at 30 June 2024, when the purchase price allocation (PPA) process was completed in compliance with IFRS 3.
The PPA process consisted of analyses to retroactively determine the pro-rata fair value of the assets and liabilities acquired as compared to the carrying amounts of the investee at 30 June 2023 (the date the investment was first classified in accordance with IAS 28) and, accordingly, to determine (on a residual and definitive basis) the notional goodwill contained therein. This process, which was based on publicly available information, did not give rise to any adjustments. No additional intangible assets with definite useful lives were been identified and no additional material provisions were accrued in respect to the outstanding contingent liabilities in P7S1 at that date.
At 31 December 2024, the carrying amount of MFE\u2019s investment in P7S1, measured in accordance with IAS 28 before the impairment (EUR 578.4 million) was still higher than its stock market value (EUR 346.4 million). The observation of the implicit value of P7S1 recognized by the Company itself in March 2025 in the transaction for the agreement aimed at the purchase by P7S1 , also through the use of own shares, of the non-controlling interest of the non-core assets, combined with two other elements defining the valuation framework: (i) the downward revision of the multi-year consensus forecasts of the analysts that occurred after the publication of the Company's 2024 consolidated results and (ii) the prolonged and significant negative difference between the carrying value and the stock market value, made it necessary to recognize a partial impairment loss of the notional goodwill determined in an amount equal to 128.2 million euros to align the carrying amount of the investment to its recoverable amount determined on the basis of publicly available information to the higher of the Fair value (as the price that an asset could be sold for in an orderly transaction between market participants) and the Value in use, both determined on the basis of publicly available information.
In particular, the recoverable value was determined by assuming the Fair value, determined on the basis of the implicit value recognized to the own shares of P7S1 within the agreement reached between P7S1 and General Atlantic as reported above; this value was substantially confirmed through the value in use model. The estimate of the value in use in continuity with the valuation model adopted in 2023 year was carried out by determining the equity value of the participation as the algebraic sum of three components: (i) Enterprise value of the Group obtained by discounting the consolidated multi-year forecast operating income flows (which take as a key assumption the expected future trends in advertising revenues) derived from the most recent public consensus of analysts, updated after the publication of the 2024 P7S1 results and the communication by the Company's management of the guidelines and target ranges of revenues and results expected for 2025, using in the central valuation scenario a pre-tax discount rate equal to 12.1% and a g-rate of 1% derived from the correspondent data reported in the 2024 consolidated financial statements of P7S1, (ii) cash flows for the
repurchase of the non-controlling interests of the non-core assets of P7S1 determined starting from the values recognized for these entities under the agreements between P7S1 and General Atlantic, (iii) Consolidated net financial debt and other financial liabilities of P7S1 as of December 31, 2024, derived from the Company's consolidated financial statements.Sensitivity analyses were then performed with respect to the discount rate and g-rate on the central value determined by this model. The results deriving from this model were also confirmed by adjusting the prospective income flows and the initial net financial debt to take into account the economic and financial impacts communicated on 20 March 2025 by P7S1 in relation to the sale of Verivox (an asset of NuCom).
The carrying amounts of other investments in associates and joint ventures incorporated notional goodwill totalling EUR 2.6 million at 31 December 2024. 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 2024 has been confirmed in preparing the consolidated financial statements of the associate through the calculation of the relative value in use determined in line with IAS 36 based on the company\u2019s best estimate of the cash flows for the period 2025-2031. The recoverable amount calculated on this basis \u2013 in the light, among other things, of the sensitivity analyses carried out with respect to the financial parameters and assumptions of the key variables \u2013 shows 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 balance sheet 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 2024 | Assets | Shareholders' equity | Liabilities and minorities | Revenues | Net Result |
| EI Towers S.p.A. (*) | 1,851.1 | 907.3 | 943.8 | 275.9 | 14.0 |
| Alea Media Estudio S.A. | 1.7 | 1.2 | 0.5 | 5.8 | 0.7 |
| Alea Yo Adicto | - | - | - | 0.6 | - |
| Alea L\u00e1grimas, S.L. | 0.3 | - | 0.3 | - | - |
| Alea Salvador, S.L. | 2.7 | - | 2.7 | 12.2 | - |
| Alma Productora Audiovisual S.L. | 2.7 | 1.7 | 1.0 | 6.0 | 0.8 |
| Auditel S.r.l.(***) | 12.3 | 4.6 | 7.7 | 35.1 | 0.3 |
| Boing S.p.A. | 22.6 | 11.1 | 11.5 | 25.7 | (0.4) |
| Bulldog Tv Spain S.L. | 5.5 | 4.5 | 1.0 | 13.3 | 1.4 |
| European Broadcaster Exchange (EBX) Ltd.(**) | 5.5 | 3.3 | 2.2 | 6.3 | 0.3 |
| Fascino P.G.T S.rl. (***) | 56.7 | 44.2 | 12.5 | 75.8 | 10.8 |
| F\u00e9nix Media Audiovisual S.L. | 1.3 | (0.1) | 1.4 | 3.5 | (0.4) |
| Furia TV,S.L. | 0.6 | - | 0.6 | 6.2 | - |
| Ivoox Global Podcasting Service, S.L. | 9.1 | 5.9 | 3.2 | 5.0 | 0.2 |
| Joko TV, S.L. | 0.5 | 0.2 | 0.3 | 12.5 | 0.6 |
| Love My Pets S.r.l. | 0.1 | 0.1 | - | 0.1 | - |
| Producciones Mandarina S.L. | 14.0 | 10.0 | 4.0 | 26.7 | 3.7 |
| ProSiebenSat.1 MEDIA SE (*) | 5,608 | 1,318 | 4,290 | 3,918 | 51.0 |
| Superguida Tv S.r.l. | 2.2 | 1.9 | 0.3 | 0.9 | (0.2) |
| Titanus Elios S.p.A. | 14.6 | 9.0 | 5.6 | 4.8 | 2.4 |
| Tiv\u00f9 S.r.l. | 5.9 | 3.5 | 2.5 | 10.0 | 1.9 |
| Unicorn Content S.L. | 14.5 | 11.4 | 3.2 | 42.7 | 4.8 |
(*) Consolidated figures
(**) Values expressed in pounds sterling
(***) Values as at 31/12/2023
| 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 S.p.A. | 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 | (124.0) |
| 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
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.
| 2024 | 2023 |
| Irap tax | 10.2 | 6.8 |
| Ires tax | 10.7 | 4.0 |
| Prior year tax | (0.9) | (0.4) |
| Tax expenses (foreign companies) | 19.5 | 21.1 |
| Total current tax | 39.4 | 31.5 |
| Accruals of deferred tax assets | (12.5) | (7.1) |
| Reversal from deferred tax asset | 60.6 | 38.1 |
| Total deferred tax asset | 48.1 | 31.0 |
| Deferred tax liabilities | 12.1 | 9.6 |
| Reversal from deferred tax liabilities | (6.5) | (9.2) |
| Total deferred tax liabilities | 5.6 | 0.4 |
| Total | 93.1 | 62.9 |
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 economic 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 34.9 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 2024 and 2023, and the effective tax rate of the Group.
| 2024 | 2023 |
| Current tax rate | 27.90% | 27.90% |
| IRAP tax non deductible expenses | 2.89% | 0.81% |
| Effects of companies with different tax rate | -3.75% | -6.41% |
| Non deductible expenses and consolidation adjustment with no tax effect | 12.84% | 0.20% |
| Effective tax rate | 39.88% | 22.49% |
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:
| 2024 | 2023 |
| Net result for the period (millions of euro) | 137.9 | 209.2 |
| Number of ordinary shares (net of treasury shares) | 561,129,302 | 560,224,002 |
| Basic EPS | 0.25 | 0.37 |
| Number of ordinary shares (net of treasury shares) for diluted EPS purposes | 563,010,537 | 560,953,542 |
| Diluted EPS | 0.24 | 0.37 |
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page323-cflshid_118704-tag117686": {
"value": "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 1/1/2023 | 8,161.7 | (7,238.0) | (148.5) | 775.3 |
| Additions | 348.5 | - | - | 348.5 |
| Reclassification from intangible 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) |
| Closing balance at 31/12/2023 | 8,048.5 | (7,182.2) | (113.6) | 752.6 |
| Additions | 290.6 | - | - | 290.6 |
| Reclassification from intangible assets in progress | 24.2 | - | - | 24.2 |
| Other changes | (225.8) | 201.0 | 24.7 | (0.1) |
| Disposals | (76.4) | 73.9 | - | (2.5) |
| Amortisation | - | (347.5) | - | (347.5) |
| (Impairments)/Reversals | - | - | (0.5) | (0.5) |
| Balance at 31/12/2024 | 8,061.0 | (7,254.8) | (89.4) | 716.8 |
Additions for 2024 totalled EUR 314.8 million (EUR 382.0 million in 2023) and consisted of EUR 290.6 million in purchases for the year (EUR 348.5 million at 31 December 2023) and EUR 24.2 million (EUR 33.5 million at 31 December 2023) in reclassification of capitalisations of advances paid to suppliers (recognised as assets in progress and advances at 31 December 2023). Italian sector investments during the year accounted for EUR 198.0 million of all purchases. The remaining EUR 92.6 million referred to purchases made by the GAM Group.
Purchases for the year include EUR 23.8 million for broadcasting rights that will be available for broadcasting by the Group after 31 December 2024. At 31 December 2024, broadcasting rights that had yet to commence totalled approximately EUR 41.2 million (EUR 59.8 million at 31 December 2023) 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.
The item Intangible assets in progress and advance includes (additions) advance payments for the purchase of programming assets, the amount of which is subsequently reclassified (other changes) in the item Television and Movies Rights when the related right is contractually acquired. 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 1/1/2023 | 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 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | - | (27.1) | (0.0) | (17.9) |
| Disposals | (1.8) | (0.1) | - | - | - | (1.9) |
| Balance at 31/12/2024 | 324.7 | 342.6 | 745.7 | 80.9 | 92.4 | 1,586.2 |
| 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 1/1/2023 | (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) |
| Other changes | 0.0 | 0.0 | 0.0 | - | (0.0) | 0.0 |
| Disposals | 1.8 | - | - | - | - | 1.8 |
| Amortisation | (7.1) | (10.8) | (21.2) | | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | (311.6) | (254.0) | (440.6) | (42.7) | (89.1) | (1,138.0) |
| 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 1/1/2023 | 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 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | 0.0 | (27.1) | (0.0) | (17.9) |
| Disposals | - | (0.1) | - | - | - | (0.1) |
| Amortisation | (7.1) | (10.8) | (21.2) | - | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | 13.0 | 88.5 | 305.1 | 38.2 | 3.4 | 448.2 |
An amount of 24.2 million euros relating to the item Other changes refers 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 2023.
Additions to the item Patents and intellectual property rights totalled EUR 12.6 million, of which EUR 7.0 million was recognised in the previous year under Assets in progress and advances, relating mainly to acquisitions for application development, Italy-Spain SAP HR and the project for managing PEGA artistic/production contracts.
The item Trademarks mainly comprises:oThe trademark of Spanish television broadcaster Cuatro for EUR 48.0 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 28.4 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 3.5 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 carrying amount of EUR 5.4 million, which has an amortisation schedule estimated at 20 years.
Rights/Licences of use and authorisations includes EUR 92.0 million 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 recoverability 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 GAM CGU, as also reported in Note 7.4.
The item also includes EUR 90.3 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 2024, the residual carrying amount of these definite-life intangible assets was tested during the non-financial asset\u2019s 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page323-cflshid_118704-tag117687": {
"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 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 1/1/2023 | 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 |
| Business combination | - | 3.4 | 0.3 | 0.0 | - | 3.6 | 0.4 | 4.0 |
| Additions | 1.4 | 10.6 | 0.5 | 2.1 | 21.0 | 35.6 | 6.4 | 42.0 |
| Other changes | 1.3 | (62.3) | (1.8) | 1.1 | (28.0) | (89.7) | (5.3) | (95.0) |
| Disposals | - | (10.7) | (0.3) | (3.2) | - | (14.2) | (0.5) | (14.7) |
| Reclassification to assets held for sale | | (53.5) | | | | (53.5) | | (53.5) |
| Balance at 31/12/2024 | 241.7 | 513.1 | 82.1 | 119.7 | 34.3 | 990.8 | 174.9 | 1,165.8 |
| ACCUMULATEDAMORTISATION AND IMPAIRMENT | 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 1/1/2023 | (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 | - | 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) |
| Business combination | - | (1.2) | (0.3) | (0.0) | | (1.5) | (0.3) | (1.8) |
| Other changes | (0.0) | 73.5 | 2.0 | 1.6 | - | 77.1 | 6.4 | 83.5 |
| Disposals | - | 10.7 | 0.3 | 3.1 | - | 14.1 | 0.4 | 14.5 |
| Amortisation | (5.3) | (20.0) | (1.5) | (4.0) | - | (30.8) | (16.4) | (47.2) |
| Reclassification to assets held for sale | | 42.0 | | | | 42.0 | | 42.0 |
| Balance at31/12/2024 | (165.7) | (453.8) | (76.7) | (106.3) | (0.0) | (802.5) | (78.3) | (880.8) |
| 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 1/1/2023 | 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 | - | - | - | - | (0.1) | (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 |
| Business combination | - | 2.1 | - | - | - | 2.1 | 0.1 | 2.2 |
| Additions | 1.4 | 10.6 | 0.5 | 2.1 | 21.0 | 35.6 | 6.4 | 42.0 |
| Other changes | 1.3 | 11.2 | 0.2 | 2.7 | (28.0) | (12.6) | 1.1 | (11.5) |
| Disposals | - | - | - | (0.1) | - | (0.1) | (0.1) | (0.2) |
| Amortisation | (5.3) | (20.0) | (1.5) | (4.0) | - | (30.8) | (16.4) | (47.2) |
| Reclassification to assets held for sale | - | (11.5) | - | - | - | (11.5) | - | (11.5) |
| Balance at 31/12/2024 | 76.0 | 59.3 | 5.5 | 13.5 | 34.3 | 188.5 | 96.5 | 285.0 |
Additions for the period to the classes of assets forming own property, plant and equipment, included EUR 35.6 million in purchases for the year and EUR 15.3 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:
\u2212EUR 2.7 million in Land and buildings mainly relating to developments at the work space on V.le Europa 46, Cologno Monzese;
\u2212EUR 21.8 million in Plant and equipment, mainly relating to EUR 3.2 million in technological interventions for TV studio upgrades, EUR 4.5 million relating to the Dalet News and Sport system, and EUR 3.5 million for digitalisation projects and the construction of the new production unit in the Rome production studios;
\u2212EUR 5.4 million referred to Technical and commercial equipment and Other assets, mainly relating to purchase and replacement of hardware;
\u2212EUR 21.0 million referred to increases in Tangible assets in progress and advances, which mainly referred to EUR 2.7 million for the new Dalet system in Cologno for the News and Sport desk, EUR 5.2 million for the outfitting of work space as part of the project at the headquarters in Cologno Monzese and EUR 2.6 million for technological infrastructure maintenance at the Cologno Monzese production studio.
Decreases for the year, mainly recognised in \u201cother changes\u201d, mainly referred to the EUR 7.0 million in capitalisations made and recognised in assets in progress and advances in previous years but reallocated during the reporting year to other intangible assets as well as a EUR 5.7 million restatement of the net value of assets due to the collection, on 13 June 2024, by some Group companies which in December 2023 submitted applications to receive public funding under the \u201cExtraordinary Fund for Actions to Support Publishing\u201d, established in Italy by Law No. 234 of 30 December 2021. The funding covers 70% of eligible costs of private broadcasters (national audiovisual media services providers that have an allocated LCN, digital radioproviders and consortiums of audio digital broadcasters) that in 2022 had made capital expenditures in innovative digital transition technologies for upgrading infrastructure and production processes with a view to enhancing the quality of content and its enjoyment by users. The net carrying amount was remeasured in the manner set forth in IAS 20 \u201cAccounting for Government Grants and Disclosure of Government Assistance\u201d.In Reclassifications to assets held for sale, the EUR 11.5 decrease relates to the reclassification under \u201cNon-current assets held for sale\u201d (in accordance with IFRS 5) of the net carrying amount of assets (transmitters, radio bridges and related switches) currently owned by Elettronica Industriale S.p.A. by agreement signed on 19 December 2024, under which Elettronica Industriale S.p.A has undertaken to sell those assets to EI Towers on 1 July 2025. From that date, EI Towers will provide Elettronica Industriale with the services covered by the Turnkey Services Agreement (also signed on 19 December 2024), which will substitute the current Full Service Contract.
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 |
| 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 |
| Business combinations | | 0.1 | 0.1 |
| Additions | 0.4 | 6.0 | 6.4 |
| Disposals | (0.0) | (0.1) | (0.1) |
| Amortisation and depreciation | (12.6) | (3.9) | (16.4) |
| Other changes | 1.1 | 0.0 | 1.1 |
| Balance at 31/12/2024 | 86.5 | 10.0 | 96.5 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page323-cflshid_118704-tag117684": {
"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 income and Other operating costs, respectively.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page323-cflshid_118704-tag117685": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page325-cflshid_120761-tag117762": {
"value": "s well as a EUR 5.7 million restatement of the net value of assets due to the collection, on 13 June 2024, by some Group companies which in December 2023 submitted applications to receive public funding under the \u201cExtraordinary Fund for Actions to Support Publishing\u201d, established in Italy by Law No. 234 of 30 December 2021. The funding covers 70% of eligible costs of private broadcasters (national audiovisual media services providers that have an allocated LCN, digital radioproviders and consortiums of audio digital broadcasters) that in 2022 had made capital expenditures in innovative digital transition technologies for upgrading infrastructure and production processes with a view to enhancing the quality of content and its enjoyment by users. The net carrying amount was remeasured in the manner set forth in IAS 20 \u201cAccounting for Government Grants and Disclosure of Government Assistance\u201d.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page326-cflshid_120844-tag117761": {
"value": "In Reclassifications to assets held for sale, the EUR 11.5 decrease relates to the reclassification under \u201cNon-current assets held for sale\u201d (in accordance with IFRS 5) of the net carrying amount of assets (transmitters, radio bridges and related switches) currently owned by Elettronica Industriale S.p.A. by agreement signed on 19 December 2024, under which Elettronica Industriale S.p.A has undertaken to sell those assets to EI Towers on 1 July 2025. From that date, EI Towers will provide Elettronica Industriale with the services covered by the Turnkey Services Agreement (also signed on 19 December 2024), which will substitute the current Full Service Contract.
8.6 NON-CURRENT ASSETS HELD FOR SALE
This item refers to the value of the transmission equipment (transmitters, radio bridges and related switches) that are to be sold by the subsidiary Elettronica Industriale to the EITowers Group following the renewal, coming into effect on 1 July 2025, of the multi-year Full Service Contract for the nationwide distribution and transmission of TV signals, as reported in the section entitled \u201cKey corporate transactions, equity investments and other significant events for the year\u201d.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page326-cflshid_120844-tag117689": {
"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 |
| 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 |
| Business combinations | | 0.1 | 0.1 |
| Additions | 0.4 | 6.0 | 6.4 |
| Disposals | (0.0) | (0.1) | (0.1) |
| Amortisation and depreciation | (12.6) | (3.9) | (16.4) |
| Other changes | 1.1 | 0.0 | 1.1 |
| Balance at 31/12/2024 | 86.5 | 10.0 | 96.5 |
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page327-cflshid_121438-tag117691": {
"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.
The item Intangible assets in progress and advance includes (additions) advance payments for the purchase of programming assets, the amount of which is subsequently reclassified (other changes) in the item Television and Movies Rights when the related right is contractually acquired. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page327-cflshid_121438-tag117690": {
"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.
The item Intangible assets in progress and advance includes (additions) advance payments for the purchase of programming assets, the amount of which is subsequently reclassified (other changes) in the item Television and Movies Rights when the related right is contractually acquired. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page328-cflshid_122113-tag117692": {
"value": "7.3 GOODWILL
| Total |
| Balance at 1/1/2023 | 804.2 |
| Additions from business combinations | 0.4 |
| Balance at 31/12/2023 | 804.7 |
| Additions from business combinations | 5.0 |
| Disposals | (0.1) |
| Balance at 31/12/2024 | 809.6 |
In 2024, the EUR 5.0 million in increases of goodwill referred to the EUR 4.6 million posted upon the line-by-line consolidation, from 1 January 2024, of Mediamond (previously consolidated using the equity method) and its subsidiary Videowall, as a result of Mediamond\u2019s prior acquisition of a controlling stake in Videowall. As mentioned previously, this transaction is categorised for accounting purposes as a business combination under common control. As a result, on the date of initial consolidation, the assets (including goodwill) and liabilities of the acquired entity were recognised in the consolidated financial statements of the acquiring entity. The values recognised were those recorded in the consolidated financial statements of the company exercising common control over the parties involved in the business combination as at the date of the transfer.
The remainder is due to the line-by-line consolidation that followed the acquisition of 70% controlling stake in Radical Change Contents S.L. (previously named la Fabrica de la Tele).
Disposals relate to the sale of the 60% stake in Avataria Producciones SL.
At 31 December 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page329-cflshid_122425-tag117697": {
"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.
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.
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 2024, 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). \u201cOther advertising sales\u201d mainly referred to the radio advertising sales of the Group and of third parties, managed by Digitalia \u201808; from 1 January 2024, following the line-by-line consolidation of Mediamond, and the advertising sales from Group and third-party websites and from DOOH advertising spaces.
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 658.1 million in goodwill allocated to the Grupo Audiovisual Mediaset Espa\u00f1a CGU (\u201cGAM\u201d), EUR 363.2 million was generated following the acquisition 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 | 31/12/2024 | 31/12/2023 |
| Grupo Audiovisual Mediaset Espa\u00f1a | 658.1 | 657.8 |
| Free TV Italy | 145.6 | 145.6 |
| Other advertising sales | 5.9 | 1.3 |
| Total Goodwill | 809.6 | 804.7 |
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 tested on the basis of the methodology, the process and the guidelines for the
five-year business plan 2025-2029 approved by the Board of Directors of MFE on 26 February 2025, which also examined the main indicators and the external (market cap, macroeconomic indicators, target 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 of MFE, which had increased significantly throughout the year (+26% compared to 31 December 2023), was lower at the reporting date than the consolidated net carrying amount. Meanwhile, the operational results of all tested CGUs in 2024 showed that advertising sales and results were decidedly 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, considering 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 revenues and the most recent economic outlooks available for the explicit forecast period. 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 Spanish group, 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 25 February 2025 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 relate 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.
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 2024 was determined at 7.5% (compared to 8.1% 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 2%, 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 7.9% (8.2% 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 1.8% to extrapolate the financial 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 2024 confirmed the recoverability of the carrying amounts (including goodwill) for the 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.As far as the goodwill (EUR 5.9 million) allocated to the Other advertising sales CGU and for the residual carrying amount of EUR 29 million of the Pay/SVoD series and movie rights library CGU are concerned, 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 cautious assumption that costs and investments would remain unchanged) \u2013 eliminate the difference between the recoverable amount and the carrying value.
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 EUR 4.9 percentage points less than those contained in the base management scenario (using a discount rate of 7.5%); and ii) a WACC of 12.7%, based on a g-rate of 2% and cash flows equal to those considered in the base scenario.
- for the Free-to-air 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 EUR 2.5 percentage points less than those contained in the base management scenario (using a discount rate of 7.5%); and ii) a WACC of 8.6%, based on a g-rate of 2% 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 EUR 5.3 percentage points less than those contained in the base management scenario (using a discount rate of 7.9%); and ii) a WACC of 11.5%, based on a g-rate of 1.8% 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.
The item Intangible assets in progress and advance includes (additions) advance payments for the purchase of programming assets, the amount of which is subsequently reclassified (other changes) in the item Television and Movies Rights when the related right is contractually acquired. 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 1/1/2023 | 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 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | - | (27.1) | (0.0) | (17.9) |
| Disposals | (1.8) | (0.1) | - | - | - | (1.9) |
| Balance at 31/12/2024 | 324.7 | 342.6 | 745.7 | 80.9 | 92.4 | 1,586.2 |
| 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 1/1/2023 | (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) |
| Other changes | 0.0 | 0.0 | 0.0 | - | (0.0) | 0.0 |
| Disposals | 1.8 | - | - | - | - | 1.8 |
| Amortisation | (7.1) | (10.8) | (21.2) | | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | (311.6) | (254.0) | (440.6) | (42.7) | (89.1) | (1,138.0) |
| 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 1/1/2023 | 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 |
| Additions | 3.4 | - | 0.0 | 37.1 | 1.2 | 41.7 |
| Other changes | 9.2 | 0.0 | 0.0 | (27.1) | (0.0) | (17.9) |
| Disposals | - | (0.1) | - | - | - | (0.1) |
| Amortisation | (7.1) | (10.8) | (21.2) | - | (1.0) | (40.1) |
| (Impairments)/Reversals | - | - | - | (0.1) | - | (0.1) |
| Balance at 31/12/2024 | 13.0 | 88.5 | 305.1 | 38.2 | 3.4 | 448.2 |
An amount of 24.2 million euros relating to the item Other changes refers 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 2023.
Additions to the item Patents and intellectual property rights totalled EUR 12.6 million, of which EUR 7.0 million was recognised in the previous year under Assets in progress and advances, relating mainly to acquisitions for application development, Italy-Spain SAP HR and the project for managing PEGA artistic/production contracts.
The item Trademarks mainly comprises:oThe trademark of Spanish television broadcaster Cuatro for EUR 48.0 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 28.4 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 3.5 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 carrying amount of EUR 5.4 million, which has an amortisation schedule estimated at 20 years.
Rights/Licences of use and authorisations includes EUR 92.0 million 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 recoverability 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 GAM CGU, as also reported in Note 7.4.
The item also includes EUR 90.3 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 2024, the residual carrying amount of these definite-life intangible assets was tested during the non-financial asset\u2019s 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page329-cflshid_122425-tag117696": {
"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.
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.
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 2024, 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). \u201cOther advertising sales\u201d mainly referred to the radio advertising sales of the Group and of third parties, managed by Digitalia \u201808; from 1 January 2024, following the line-by-line consolidation of Mediamond, and the advertising sales from Group and third-party websites and from DOOH advertising spaces.
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 658.1 million in goodwill allocated to the Grupo Audiovisual Mediaset Espa\u00f1a CGU (\u201cGAM\u201d), EUR 363.2 million was generated following the acquisition 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 | 31/12/2024 | 31/12/2023 |
| Grupo Audiovisual Mediaset Espa\u00f1a | 658.1 | 657.8 |
| Free TV Italy | 145.6 | 145.6 |
| Other advertising sales | 5.9 | 1.3 |
| Total Goodwill | 809.6 | 804.7 |
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 tested on the basis of the methodology, the process and the guidelines for the
five-year business plan 2025-2029 approved by the Board of Directors of MFE on 26 February 2025, which also examined the main indicators and the external (market cap, macroeconomic indicators, target 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 of MFE, which had increased significantly throughout the year (+26% compared to 31 December 2023), was lower at the reporting date than the consolidated net carrying amount. Meanwhile, the operational results of all tested CGUs in 2024 showed that advertising sales and results were decidedly 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, considering 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 revenues and the most recent economic outlooks available for the explicit forecast period. 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 Spanish group, 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 25 February 2025 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 relate 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.
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 2024 was determined at 7.5% (compared to 8.1% 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 2%, 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 7.9% (8.2% 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 1.8% to extrapolate the financial 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 2024 confirmed the recoverability of the carrying amounts (including goodwill) for the 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.As far as the goodwill (EUR 5.9 million) allocated to the Other advertising sales CGU and for the residual carrying amount of EUR 29 million of the Pay/SVoD series and movie rights library CGU are concerned, 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 cautious assumption that costs and investments would remain unchanged) \u2013 eliminate the difference between the recoverable amount and the carrying value.
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 EUR 4.9 percentage points less than those contained in the base management scenario (using a discount rate of 7.5%); and ii) a WACC of 12.7%, based on a g-rate of 2% and cash flows equal to those considered in the base scenario.
- for the Free-to-air 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 EUR 2.5 percentage points less than those contained in the base management scenario (using a discount rate of 7.5%); and ii) a WACC of 8.6%, based on a g-rate of 2% 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 EUR 5.3 percentage points less than those contained in the base management scenario (using a discount rate of 7.9%); and ii) a WACC of 11.5%, based on a g-rate of 1.8% and cash flows equal to those considered in the base scenario.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page329-cflshid_122430-tag117695": {
"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.
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.
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 2024, 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). \u201cOther advertising sales\u201d mainly referred to the radio advertising sales of the Group and of third parties, managed by Digitalia \u201808; from 1 January 2024, following the line-by-line consolidation of Mediamond, and the advertising sales from Group and third-party websites and from DOOH advertising spaces.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page329-cflshid_122430-tag117694": {
"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.
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.
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 2024, 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). \u201cOther advertising sales\u201d mainly referred to the radio advertising sales of the Group and of third parties, managed by Digitalia \u201808; from 1 January 2024, following the line-by-line consolidation of Mediamond, and the advertising sales from Group and third-party websites and from DOOH advertising spaces.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page329-cflshid_122430-tag117693": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page332-cflshid_124201-tag117698": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page335-cflshid_126083-tag117700": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page335-cflshid_126083-tag117702": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page335-cflshid_126083-tag117701": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page335-cflshid_126083-tag117699": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page339-cflshid_129117-tag117708": {
"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 and Spanish 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 31/12/2023 | Additions | Disposals | Fair Value Adjustments/ Impairment | Other changes | Balance at 31/12/2024 |
| Equity investments | 71.9 | 1.3 | (2.0) | 2.5 | (49.6) | 24.2 |
| Financial receivable (due over 12 months) | 4.8 | 4.8 | (1.7) | - | - | 7.9 |
| Other financial assets | 8.6 | - | - | 0.9 | - | 9.5 |
| Hedging derivatives | 8.6 | - | - | 0.3 | - | 8.9 |
| TOTAL | 93.9 | 6.1 | (3.7) | 3.7 | (49.6) | 50.5 |
The additions in Equity investments for the year refer to the acquisition of investments falling within the AD4Venture business.
Fair value changes include a +EUR 6.9 million change due to the measurement of fair value (with a balancing entry in the Revaluation reserve) of the 3.3% equity shareholding held in P7S1, which up to 31 March 2024 was classified and accounted for under Investments in other companies in accordance with IFRS 9.
Other changes for EUR 49.8 million refer to the reclassification of the investment Prosiebensat.1 Media SE under Investments in associates.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page339-cflshid_129117-tag117707": {
"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 and Spanish 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 31/12/2023 | Additions | Disposals | Fair Value Adjustments/ Impairment | Other changes | Balance at 31/12/2024 |
| Equity investments | 71.9 | 1.3 | (2.0) | 2.5 | (49.6) | 24.2 |
| Financial receivable (due over 12 months) | 4.8 | 4.8 | (1.7) | - | - | 7.9 |
| Other financial assets | 8.6 | - | - | 0.9 | - | 9.5 |
| Hedging derivatives | 8.6 | - | - | 0.3 | - | 8.9 |
| TOTAL | 93.9 | 6.1 | (3.7) | 3.7 | (49.6) | 50.5 |
The additions in Equity investments for the year refer to the acquisition of investments falling within the AD4Venture business.
Fair value changes include a +EUR 6.9 million change due to the measurement of fair value (with a balancing entry in the Revaluation reserve) of the 3.3% equity shareholding held in P7S1, which up to 31 March 2024 was classified and accounted for under Investments in other companies in accordance with IFRS 9.
Other changes for EUR 49.8 million refer to the reclassification of the investment Prosiebensat.1 Media SE under Investments in associates.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page339-cflshid_129122-tag117706": {
"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 and Spanish 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 operates in its own 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page339-cflshid_129122-tag117705": {
"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 and Spanish 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page339-cflshid_129122-tag117703": {
"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 and Spanish 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 operates in its own 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page339-cflshid_129282-tag117704": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page340-cflshid_129580-tag117710": {
"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 tax 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.
| 31/12/2024 | 31/12/2023 |
| Deferred tax assets | 281.1 | 327.2 |
| Deferred tax liabilities | (88.9) | (84.8) |
| Net position | 192.2 | 242.4 |
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.
Deferred 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 | Business combinations/ | Other changes | Balance at 31/12 |
| FY 2023 | 357.6 | (31.0) | 1.6 | - | (1.0) | 327.2 |
| FY 2024 | 327.2 | (48.1) | 1.0 | 0.6 | 0.3 | 281.1 |
| DEFERRED TAX LIABILITIES | Balance at 1/1 | Amounts recognised to Profit and loss | Amounts recognised to OCI | Business combinations | Other changes | Balance at 31/12 |
| FY 2023 | (91.3) | (0.4) | 6.9 | | | (84.8) |
| FY 2024 | (84.8) | (5.6) | 1.2 | (0.1) | 0.4 | (88.9) |
The Credit/(charge) to income, relating to Deferred tax assets, reflects the utilisation of EUR 34.9 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 FVOCI 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 31/12/2024 | Temporary differences | Tax effect 31/12/2023 |
| Deferred tax assets related to: | | | | |
| Property, plant and equipment | 39.9 | 9.7 | 9.2 | 2.3 |
| Other intangible assets | 231.7 | 53.7 | 267.0 | 65.9 |
| TV and movie rights | 69.7 | 19.3 | 64.3 | 18.1 |
| Provision for expected credit loss | 19.5 | 4.7 | 21.3 | 5.1 |
| Provisions for risk and charges | 27.9 | 6.9 | 43.7 | 11.3 |
| Post-employment benefit plans | 35.8 | 8.6 | 36.2 | 8.7 |
| Inventories | 6.7 | 1.9 | 5.1 | 1.4 |
| Tax losses carried forward | 617.3 | 148.2 | 761.1 | 182.7 |
| Other temporary differences | 13.8 | 3.3 | 28.6 | 6.9 |
| Consolidation adjustments | 89.4 | 24.9 | 89.1 | 24.9 |
| Total | 1,151.7 | 281.1 | 1,325.7 | 327.2 |
December 2023 (EUR 757.5 million), better than the recoverability assessment estimates made at the end of the previous 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 2024 was tested by estimating the future IRES-taxable income from the Italian tax consolidation arrangement based on the following assumptions:
opre-tax profit/loss of Italian operations included in the tax consolidation in the 2025-2029 plans used in the context of the impairment tests based on the assumptions set forth by MFE-Mediaforeurope\u2019s Board of Directors on 26 February 2025;
oestimates of mainly tax variations, primarily relating to dividend income from subsidiaries 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 five/six years was determined.
| Temporary differences | Tax effect 31/12/2024 | Temporary differences | Tax effect 31/12/2023 |
| Deferred tax liabilities related to: | | | | |
| Property, plant and equipment | 14.0 | 3.9 | 29.8 | 4.2 |
| Intangible fixed assets | 279.5 | 72.3 | 257.9 | 66.7 |
| Provision for expected credit loss | 0.6 | 0.1 | 0.6 | 0.1 |
| Post-employment benefit plans | 33.0 | 7.9 | 32.5 | 7.8 |
| Hedging derivatives | 17.4 | 4.2 | 22.2 | 5.3 |
| Other temporary differences | 1.7 | 0.4 | 3.4 | 0.7 |
| Consolidation adjustments | 0.1 | 0.0 | 0.1 | 0.0 |
| Total | 349.6 | 88.9 | 346.5 | 84.8 |
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page340-cflshid_129585-tag117709": {
"value": "Deferred tax assets and liabilities are calculated based on the temporary differences between the carrying amounts of assets and liabilities and the corresponding tax 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page343-cflshid_131358-tag117712": {
"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:
| | 31/12/2024 | |
| Gross amount | Write-downs | Carrying amount |
| Raw and ancillary materials, consumables | 0.0 | - | 0.0 |
| Work in progress and semi-finished products | 3.6 | | 3.6 |
| Finished goods and products | 84.1 | (6.9) | 77.2 |
| Total | 87.7 | (6.9) | 80.8 |
| | 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 |
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 32.9 million (EUR 28.5 million at 31 December 2023) and to Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n for EUR 13.2 million (EUR 4.6 million at 31 December 2023). The increase in the impairment provision includes the addition of EUR 4.0 million during the year related to episodes produced but not aired.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page343-cflshid_131362-tag117711": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page344-cflshid_131813-tag117715": {
"value": "8.2 TRADE RECEIVABLESReceivables 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 31/12/2024 Due | Balance at 31/12/2023 |
| Total | Within 1 year | After 1 year | |
| Receivables from customers | 777.6 | 766.4 | 11.2 | 744.5 |
| Receivables from related parties | 6.3 | 6.3 | | 30.9 |
| Total | 783.9 | 772.7 | 11.2 | 775.4 |
This item includes EUR 8.9 million in receivables due from Sky Italia S.r.l., EUR 2.9 million from Telecom Italia S.p.A. for the licence to use free-to-air channels, EUR 3.1 million from Amazon Digital UK Limited for the SVOD rights license and royalties for Infinity Selection and EUR 1.0 million from Netflix Inc.
The receivables due after 1 year amount to EUR 11.2 million (EUR 10.4 million in 2023) 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 risk
Customers 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 2024 | Gross receivables | Past due | Total past due | Provision for expected credit loss | Net Receivables |
| | 0-30 days | 30-60 days | 60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 452.6 | 32.3 | 7.1 | 2.9 | 6.4 | 48.7 | 0.4 | 452.2 |
| Medium | 28.2 | 5.5 | 1.0 | 0.5 | 1.2 | 8.2 | 2.4 | 25.7 |
| High | 26.8 | 2.0 | 0.6 | 0.6 | 14.6 | 17.8 | 11.4 | 15.4 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 222.3 | 33.8 | 2.6 | 0.6 | 0.2 | 37.1 | 1.7 | 220.6 |
| Medium | 1.4 | 0.1 | 0.0 | 0.0 | 0.3 | 0.4 | 0.2 | 1.2 |
| High | 1.7 | - | - | - | 1.7 | 1.7 | 1.7 | - |
| OTHER RECEIVABLES: | | | | | | | | |
| TELCO operators | 18.2 | 0.6 | - | - | 1.5 | 2.1 | 1.5 | 16.8 |
| Movie distribution area | 14.6 | 8.2 | 0.0 | 0.2 | 6.2 | 14.6 | 4.5 | 10.1 |
| Other customers | 37.3 | 1.3 | 1.1 | 1.0 | 9.8 | 13.1 | 1.7 | 35.5 |
| RECEIVABLES FROM RELATED PARTIES: | | | | | | | | |
| Low | 6.3 | (0.0) | - | (0.0) | 0.0 | (0.0) | - | 6.3 |
| TOTAL TRADE RECEIVABLES | 809.4 | 83.8 | 12.5 | 5.7 | 41.8 | 143.7 | 25.5 | 783.9 |
| 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 days | 60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 416.2 | 21.6 | 6.4 | 1.5 | 9.4 | 38.9 | 0.7 | 415.5 |
| Medium | 34.0 | 6.8 | 0.6 | 0.4 | 4.1 | 11.9 | 0.9 | 33.1 |
| High | 22.3 | 1.7 | 1.0 | 0.7 | 10.3 | 13.7 | 9.8 | 12.5 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 213.9 | 4.3 | 1.2 | 0.8 | (0.0) | 6.2 | 1.1 | 212.7 |
| Medium | 4.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 2.0 | 2.4 |
| High | 2.6 | 0.0 | 0.1 | 0.4 | 2.0 | 2.5 | 1.6 | 1.0 |
| OTHER RECEIVABLES: | | | | | | | | |
| TELCO operators | 19.6 | 1.0 | 0.9 | 0.0 | 1.5 | 3.4 | 1.3 | 18.2 |
| Movie distribution area | 22.2 | 16.2 | 0.6 | 0.2 | 4.3 | 21.3 | 5.8 | 16.4 |
| Other customers | 34.4 | 9.6 | 0.4 | 0.1 | 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 | 11.1 | 4.1 | 34.9 | 111.4 | 25.1 | 775.3 |
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, 19.1% of revenues were made with the top 10 customers.
| Balance at 1/1 | Additional accruals in the year | Utilised during the year | Business Combination/Change in the consolidation area | Balance at 31/12 |
| FY 2024 | 25.1 | 3.2 | (4.8) | 2.0 | 25.5 |
| FY 2023 | 30.6 | 2.0 | (7.4) | - | 25.1 |
In addition, below is a table showing a detailed analysis of other financial assets, whose maximum credit risk exposure corresponds to the carrying amount.
| 31/12/24 | 31/12/23 |
| Financial receivables | 25.6 | 21.5 |
| Hedging derivatives | 22.2 | 24.9 |
| Trade receivables | 783.9 | 775.3 |
| Factoring receivables | 186.8 | 160.3 |
| Bank and postal deposits | 132.5 | 175.2 |
| Total financial assets | 1,150.9 | 1,157.1 |
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page344-cflshid_131879-tag117713": {
"value": " 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page344-cflshid_131818-tag117716": {
"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 risk
Customers 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 2024 | Gross receivables | Past due | Total past due | Provision for expected credit loss | Net Receivables |
| | 0-30 days | 30-60 days | 60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 452.6 | 32.3 | 7.1 | 2.9 | 6.4 | 48.7 | 0.4 | 452.2 |
| Medium | 28.2 | 5.5 | 1.0 | 0.5 | 1.2 | 8.2 | 2.4 | 25.7 |
| High | 26.8 | 2.0 | 0.6 | 0.6 | 14.6 | 17.8 | 11.4 | 15.4 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 222.3 | 33.8 | 2.6 | 0.6 | 0.2 | 37.1 | 1.7 | 220.6 |
| Medium | 1.4 | 0.1 | 0.0 | 0.0 | 0.3 | 0.4 | 0.2 | 1.2 |
| High | 1.7 | - | - | - | 1.7 | 1.7 | 1.7 | - |
| OTHER RECEIVABLES: | | | | | | | | |
| TELCO operators | 18.2 | 0.6 | - | - | 1.5 | 2.1 | 1.5 | 16.8 |
| Movie distribution area | 14.6 | 8.2 | 0.0 | 0.2 | 6.2 | 14.6 | 4.5 | 10.1 |
| Other customers | 37.3 | 1.3 | 1.1 | 1.0 | 9.8 | 13.1 | 1.7 | 35.5 |
| RECEIVABLES FROM RELATED PARTIES: | | | | | | | | |
| Low | 6.3 | (0.0) | - | (0.0) | 0.0 | (0.0) | - | 6.3 |
| TOTAL TRADE RECEIVABLES | 809.4 | 83.8 | 12.5 | 5.7 | 41.8 | 143.7 | 25.5 | 783.9 |
| 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 days | 60-90 days | More than 90 days | | | |
| ITALIAN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 416.2 | 21.6 | 6.4 | 1.5 | 9.4 | 38.9 | 0.7 | 415.5 |
| Medium | 34.0 | 6.8 | 0.6 | 0.4 | 4.1 | 11.9 | 0.9 | 33.1 |
| High | 22.3 | 1.7 | 1.0 | 0.7 | 10.3 | 13.7 | 9.8 | 12.5 |
| FOREIGN ADVERTISING RECEIVABLES: | | | | | | | | |
| Low | 213.9 | 4.3 | 1.2 | 0.8 | (0.0) | 6.2 | 1.1 | 212.7 |
| Medium | 4.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 2.0 | 2.4 |
| High | 2.6 | 0.0 | 0.1 | 0.4 | 2.0 | 2.5 | 1.6 | 1.0 |
| OTHER RECEIVABLES: | | | | | | | | |
| TELCO operators | 19.6 | 1.0 | 0.9 | 0.0 | 1.5 | 3.4 | 1.3 | 18.2 |
| Movie distribution area | 22.2 | 16.2 | 0.6 | 0.2 | 4.3 | 21.3 | 5.8 | 16.4 |
| Other customers | 34.4 | 9.6 | 0.4 | 0.1 | 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 | 11.1 | 4.1 | 34.9 | 111.4 | 25.1 | 775.3 |
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, 19.1% of revenues were made with the top 10 customers.
| Balance at 1/1 | Additional accruals in the year | Utilised during the year | Business Combination/Change in the consolidation area | Balance at 31/12 |
| FY 2024 | 25.1 | 3.2 | (4.8) | 2.0 | 25.5 |
| FY 2023 | 30.6 | 2.0 | (7.4) | - | 25.1 |
In addition, below is a table showing a detailed analysis of other financial assets, whose maximum credit risk exposure corresponds to the carrying amount.
| 31/12/24 | 31/12/23 |
| Financial receivables | 25.6 | 21.5 |
| Hedging derivatives | 22.2 | 24.9 |
| Trade receivables | 783.9 | 775.3 |
| Factoring receivables | 186.8 | 160.3 |
| Bank and postal deposits | 132.5 | 175.2 |
| Total financial assets | 1,150.9 | 1,157.1 |
| Balance at 1/1 | Additional accruals in the year | Utilised during the year | Business Combination/Change in the consolidation area | Balance at 31/12 |
| FY 2024 | 25.1 | 3.2 | (4.8) | 2.0 | 25.5 |
| FY 2023 | 30.6 | 2.0 | (7.4) | - | 25.1 |
8.3 TAX CREDITS, OTHER RECEIVABLES AND CURRENT ASSETS 8.3.1 Tax receivables
This item, amounting to EUR 27.3 million (EUR 28.2 million at 31 December 2023) includes EUR 18.7 million relating to the net position towards the tax authorities to the Group\u2019s Italian companies adhering to the Italian tax consolidation agreement (EUR 18.2 million at 31 December 2023).
In addition, this item included EUR 8.0 million (EUR 9.4 million at 31 December 2023) representing the net IRAP tax position for Group companies with respect to advances paid, and EUR 0.4 million (EUR 0.4 million at 31 December 2023) for the tax credits of the subsidiary GAM.8.3.2 Other receivables and current assets
| 31/12/2024 | 31/12/2023 |
| Other receivables | 232.3 | 211.1 |
| Prepayments and accrued income | 44.4 | 54.5 |
| Total | 276.7 | 265.6 |
Other receivables mainly include:
oadvances totalling EUR 15.6 million to suppliers, contractors and agents, paid to advertising professionals and suppliers, and to suppliers, artists and professionals involved in television productions (EUR 17.5 million at 31 December 2023).
oReceivables from tax authorities totalling EUR 27.4 million (EUR 29.9 million at 31 December 2023):
oReceivables totalling EUR 186.8 million due from factoring companies for the transfer of trade receivables without recourse, for which settlement by the factor had been collected in 2025 based on contractual terms. During the year the amount of receivables transferred to factoring companies with a non-recourse clause total of EUR 1,124.0 million (EUR 1,085.0 million during 2023).
Prepayments and accrued income mainly refers to the already-incurred costs pertaining to the next financial year for the rights to broadcast matches from the Coppa Italia 2024/25 (EUR 16.4 million).
8.3.1 Tax receivables
This item, amounting to EUR 27.3 million (EUR 28.2 million at 31 December 2023) includes EUR 18.7 million relating to the net position towards the tax authorities to the Group\u2019s Italian companies adhering to the Italian tax consolidation agreement (EUR 18.2 million at 31 December 2023).
In addition, this item included EUR 8.0 million (EUR 9.4 million at 31 December 2023) representing the net IRAP tax position for Group companies with respect to advances paid, and EUR 0.4 million (EUR 0.4 million at 31 December 2023) for the tax credits of the subsidiary GAM.11.3 CURRENT TAX LIABILITIES
This item, amounting to EUR 21.0 million (EUR 11.8 million at 31 December 2023) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page348-cflshid_134196-tag117720": {
"value": "Prepayments and accrued income mainly refers to the already-incurred costs pertaining to the next financial year for the rights to broadcast matches from the Coppa Italia 2024/25 (EUR 16.4 million).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page349-cflshid_134379-tag117722": {
"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.
| 31/12/2024 | 31/12/2023 |
| Financial receivables (due within 12 months) | 8.2 | 8.1 |
| Financial assets for other hedging derivatives | 12.8 | 16.3 |
| Financial assets for equity hedging derivatives | - | 14.5 |
| Financial assets for derivatives with no hedging purpose | 0.5 | - |
| Total | 21.4 | 38.8 |
Current financial receivables maturing within 12 months mainly include EUR 2.6 million (EUR 2.3 million at 31 December 2023) 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 1.8 million (EUR 0.9 million at 31 December 2023) for cash pooling accounts managed by MFE-MEDIAFOREUROPE N.V. on behalf of associates and joint ventures; as well as EUR 1.3 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 in 2023 was related 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 outstanding payables relating to the loans contracted by MFE with Credit Suisse for the acquisition of the equity interest in ProsiebenSat1, which were repaid in the first quarter of the present year.
| | 31/12/2024 | 31/12/2023 |
| Cash in hand | 8.5 | 0.1 | 0.1 |
| Bank and postal deposits | 8.5 | 132.4 | 175.2 |
| Liquidity | | 132.5 | 175.3 |
| Current financial assets and receivables | 8.4 | 7.9 | 7.2 |
| Due to banks | 11.1 | (0.1) | (27.0) |
| Current portion of non current debt | | (409.5) | (204.5) |
| Other current payables and financial liabilities | 11.4 | (49.8) | (60.9) |
| Current financial debt | | (459.3) | (292.5) |
| Current Net Financial Position | | (318.9) | (110.0) |
| Due to banks | 10.2 | (285.3) | (698.1) |
| Non-current financial payables and liabilities | 10.2 | (87.3) | (94.8) |
| Non current financial debt | | (372.6) | (792.8) |
| Net Financial Indebtedness | | (691.5) | (902.8) |
| Current portion of non current debt | | - | 52.6 |
| IFRS 16 lease financial liabilities (current portion) | | 16.9 | 17.4 |
| Non-current financial payables and liabilities (IFRS 16 liabilities) | | 87.3 | 94.6 |
| Net financial position (excluding IFRS 16 liabilities and ProSieben acquisition debt) | | (587.3) | (738.2) |
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 7.9 million for the financial receivables indicated in note 8.4.
As indicated in note 11.4, Other current payables and financial liabilities includes cash pooling arrangements with associates and joint ventures and loans received to finance movie development, distribution and production operations, and the EUR 16.9 million current portion of the leases liabilities recognised in accordance with IFRS 16.
Current amounts of non-current financial debt includes the EUR 409.5 million current portion of medium/long-term bank loans.
As indicated in note 10.2, Non-current financial payables and liabilities includes the EUR 87.3 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page349-cflshid_134384-tag117721": {
"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 in 2023 was related 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 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.
The change in Financial liabilities for hedging derivatives on equity instruments relate to the closing of the cash-settled unwinding of the financial agreements hedging the fair value changes in the 3.3% shareholding in Prosiebensat.1 Media SE.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page350-cflshid_134810-tag117724": {
"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:
| 31/12/2024 | 31/12/2023 |
| Bank and postal deposits | 132.4 | 175.2 |
| Cash and cash equivalents | 0.1 | 0.1 |
| Total | 132.5 | 175.3 |
Of the total amount, EUR 27.4 million referred to Grupo Audiovisual Mediaset Espa\u00f1a.S.A.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page350-cflshid_134810-tag117723": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page351-cflshid_135016-tag117725": {
"value": "9 . SHARE CAPITAL AND RESERVES \u00a0
At 31 December 2024, the fully subscribed share capital was EUR 161.7 million. The change compared to the previous year is due to the gratuitous increase in share capital from the available reserves, excluding option rights, which was passed by the resolution of the Board of Directors of MFE-MEDIAFOREUROPE NV on 4 October 2024 in exercise of the authorisation granted at the Company\u2019s Shareholders' Meeting of 19 June 2024 to service the Medium/Long\u2013Term Incentive and Loyalty Plan 2021-2023. In particular, 452,650 new ordinary MFE A-class shares were issued to beneficiaries of the Plan.
As a result of this increase, the Company's share capital increased from EUR 161.6 million to EUR 161.7 million.
As a result of these changes, share capital is formed by 332,155,249 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. Furthermore, 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 2024, the Share premium reserve amounted to EUR 1,149.6 million.
9.3 TREASURY SHARESTreasury 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.
At 31 December 2024, the carrying amount of treasury shares in the portfolio totalled EUR 337.1 million, equivalent to 7,271,459 MFE B-class shares.
The changes for the period by share class are shown below.
| FY 2024 | FY 2023 |
| A-class shares | Carrying amount | A-class shares (*) | Carrying amount |
| Opening balance | - | - | 88,707,693 | 32.6 |
| Additions | - | - | - | - |
| Disposals | - | - | (88,707,693) | (32.6) |
| Final balance | - | - | - | - |
*The cancellation of A-class treasury shares occurred on 2 May 2023, prior to the reverse stock split of 23 October 2023.
| FY 2024 | FY 2023 |
| B-class shares | Carrying amount | Number of shares | Carrying amount |
| Opening balance | 7,724,109 | 358.1 | 38,627,313 | 358.1 |
| 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 | 83,664 | - | - | - |
| Disposals | (536,314) | (21.0) | (823) | (0.0) |
| Final balance | 7,271,459 | 337.1 | 7,724,109 | 358.1 |
Disposals of B-class shares during the year refers to the reduction in the number of shares due to employees being allocated treasury shares following the maturation of their rights under the Medium/Long-Term Incentive Plan announced in 2021.
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 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 comprehensive income statement should be recognised without reversal to the income statement.
| 31/12/2024 | 31/12/2023 |
| FVTOCI equity investments reserve | (13.7) | (60.2) |
| Cash flow hedge reserve | 13.2 | 16.9 |
| Options time value reserve | - | (7.9) |
| Options intrinsic value reserve | - | 13.0 |
| Total | (0.5) | (38.2) |
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 31/12/2023 | (60.2) | 16.9 | (7.9) | 13.0 | (38.2) |
| Increase/(decrease) | - | (0.1) | - | - | (0.1) |
| Reclassification to profit or loss | - | (0.3) | - | - | (0.3) |
| Basis adjustment | - | (3.9) | - | - | (3.9) |
| Fair value changes | 0.9 | (0.5) | (1.5) | (2.8) | (3.9) |
| Deferred tax effects | 0.9 | 1.2 | - | - | 2.1 |
| Other changes | 44.6 | - | 9.5 | (10.2) | 43.9 |
| Balance at 31/12/2024 | (13.7) | 13.2 | - | - | (0.5) |
Other changes \u2013 relating to the items FVTOCI equity investments, Options time value reserve and Options intrinsic value reserve \u2013 mainly refers to the reclassification under Retained Earnings of the cumulative fair value differences following the cash-settled unwinding of the outstanding hedging agreements over the 3.3% stake in P7S1 and, consequently, to the reclassification of the ProSieben investment 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 combinations under common control.
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 comprehensive income statement without recycling to profit and loss.
| 31/12/2024 | 31/12/2023 |
| Reserve from equity investments accounted for using the equity method | (7.7) | (12.7) |
| Consolidation reserve | (81.9) | (79.0) |
| Reserves for transaction with non-controlling interest | 249.7 | 249.7 |
| Stock option and incentive plans reserve | 9.8 | 9.8 |
| Reserve from actuarial gains/(losses) | (28.9) | (29.9) |
| Retained earnings | 1,616.1 | 1,607.1 |
| Total | 1,757.1 | 1,744.8 |
| 31/12/2023 | Increase/decrease | Tax effect | Reclassification | 31/12/2024 |
| Reserve from equity investments accounted for using the equity method | (12.7) | 5.0 | - | - | (7.7) |
| Consolidation reserve | (79.0) | (2.9) | - | - | (81.9) |
| Reserves for transaction with non-controlling interest | 249.7 | - | - | - | 249.7 |
| Stock option and incentive plans reserve | 9.8 | 6.2 | - | (6.2) | 9.8 |
| Reserve for actuarial gains/(losses) | (29.9) | 1.5 | (0.5) | - | (28.9) |
| Retained earnings | 1,607.1 | (140.1) | - | 149.1 | 1,616.1 |
| Retained earnings and other reserves | 1,744.8 | (130.3) | (0.5) | 143.0 | 1,757.1 |
The change 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 change in Consolidation reserves during the year refers to the effects of the acquisition of Mediamond S.p.A. and its subsidiary Videowall S.r.l. \u2013 accounted for as a business combination under common control \u2013 which, as at the date of first consolidation, resulted in a reserve being recognised that had previously been recognised in the consolidated financial statements of the entity enjoying common control.
The year-on-year change in 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 adopted by MFE-MEDIAFOREUROPE N.V. The year-on-year changes for the period relate to increases in the costs accruing under incentive plans issued by the Group in the 2022, 2023 and 2024 financial years and to the reclassification under Retained earnings following the allocation of the 2021 Plan.
The change in Retained earnings is primarily due, firstly, to the recognition of the EUR 209.2 million profit for the previous year and the distribution of EUR 140.1 million in dividends (paid out on 24 July in accordance with the Shareholders' Meeting resolution of 19 June 2024) and, secondly, the reclassification from the Revaluation reserves following the cash-settled unwinding of hedging agreements described in note 9.4 Revaluation reserves.
At 31 December 2024, the fully subscribed share capital was EUR 161.7 million. The change compared to the previous year is due to the gratuitous increase in share capital from the available reserves, excluding option rights, which was passed by the resolution of the Board of Directors of MFE-MEDIAFOREUROPE NV on 4 October 2024 in exercise of the authorisation granted at the Company\u2019s Shareholders' Meeting of 19 June 2024 to service the Medium/Long\u2013Term Incentive and Loyalty Plan 2021-2023. In particular, 452,650 new ordinary MFE A-class shares were issued to beneficiaries of the Plan.
As a result of this increase, the Company's share capital increased from EUR 161.6 million to EUR 161.7 million.
As a result of these changes, share capital is formed by 332,155,249 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. Furthermore, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page352-cflshid_135241-tag117728": {
"value": "9.3 TREASURY SHARESTreasury 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.
At 31 December 2024, the carrying amount of treasury shares in the portfolio totalled EUR 337.1 million, equivalent to 7,271,459 MFE B-class shares.
The changes for the period by share class are shown below.
| FY 2024 | FY 2023 |
| A-class shares | Carrying amount | A-class shares (*) | Carrying amount |
| Opening balance | - | - | 88,707,693 | 32.6 |
| Additions | - | - | - | - |
| Disposals | - | - | (88,707,693) | (32.6) |
| Final balance | - | - | - | - |
*The cancellation of A-class treasury shares occurred on 2 May 2023, prior to the reverse stock split of 23 October 2023.
| FY 2024 | FY 2023 |
| B-class shares | Carrying amount | Number of shares | Carrying amount |
| Opening balance | 7,724,109 | 358.1 | 38,627,313 | 358.1 |
| 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 | 83,664 | - | - | - |
| Disposals | (536,314) | (21.0) | (823) | (0.0) |
| Final balance | 7,271,459 | 337.1 | 7,724,109 | 358.1 |
Disposals of B-class shares during the year refers to the reduction in the number of shares due to employees being allocated treasury shares following the maturation of their rights under the Medium/Long-Term Incentive Plan announced in 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page352-cflshid_135246-tag117727": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page353-cflshid_135727-tag117730": {
"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 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 comprehensive income statement should be recognised without reversal to the income statement.
| 31/12/2024 | 31/12/2023 |
| FVTOCI equity investments reserve | (13.7) | (60.2) |
| Cash flow hedge reserve | 13.2 | 16.9 |
| Options time value reserve | - | (7.9) |
| Options intrinsic value reserve | - | 13.0 |
| Total | (0.5) | (38.2) |
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 31/12/2023 | (60.2) | 16.9 | (7.9) | 13.0 | (38.2) |
| Increase/(decrease) | - | (0.1) | - | - | (0.1) |
| Reclassification to profit or loss | - | (0.3) | - | - | (0.3) |
| Basis adjustment | - | (3.9) | - | - | (3.9) |
| Fair value changes | 0.9 | (0.5) | (1.5) | (2.8) | (3.9) |
| Deferred tax effects | 0.9 | 1.2 | - | - | 2.1 |
| Other changes | 44.6 | - | 9.5 | (10.2) | 43.9 |
| Balance at 31/12/2024 | (13.7) | 13.2 | - | - | (0.5) |
Other changes \u2013 relating to the items FVTOCI equity investments, Options time value reserve and Options intrinsic value reserve \u2013 mainly refers to the reclassification under Retained Earnings of the cumulative fair value differences following the cash-settled unwinding of the outstanding hedging agreements over the 3.3% stake in P7S1 and, consequently, to the reclassification of the ProSieben investment 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 combinations under common control.
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 comprehensive income statement without recycling to profit and loss.
| 31/12/2024 | 31/12/2023 |
| Reserve from equity investments accounted for using the equity method | (7.7) | (12.7) |
| Consolidation reserve | (81.9) | (79.0) |
| Reserves for transaction with non-controlling interest | 249.7 | 249.7 |
| Stock option and incentive plans reserve | 9.8 | 9.8 |
| Reserve from actuarial gains/(losses) | (28.9) | (29.9) |
| Retained earnings | 1,616.1 | 1,607.1 |
| Total | 1,757.1 | 1,744.8 |
| 31/12/2023 | Increase/decrease | Tax effect | Reclassification | 31/12/2024 |
| Reserve from equity investments accounted for using the equity method | (12.7) | 5.0 | - | - | (7.7) |
| Consolidation reserve | (79.0) | (2.9) | - | - | (81.9) |
| Reserves for transaction with non-controlling interest | 249.7 | - | - | - | 249.7 |
| Stock option and incentive plans reserve | 9.8 | 6.2 | - | (6.2) | 9.8 |
| Reserve for actuarial gains/(losses) | (29.9) | 1.5 | (0.5) | - | (28.9) |
| Retained earnings | 1,607.1 | (140.1) | - | 149.1 | 1,616.1 |
| Retained earnings and other reserves | 1,744.8 | (130.3) | (0.5) | 143.0 | 1,757.1 |
The change 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 change in Consolidation reserves during the year refers to the effects of the acquisition of Mediamond S.p.A. and its subsidiary Videowall S.r.l. \u2013 accounted for as a business combination under common control \u2013 which, as at the date of first consolidation, resulted in a reserve being recognised that had previously been recognised in the consolidated financial statements of the entity enjoying common control.
The year-on-year change in 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 adopted by MFE-MEDIAFOREUROPE N.V. The year-on-year changes for the period relate to increases in the costs accruing under incentive plans issued by the Group in the 2022, 2023 and 2024 financial years and to the reclassification under Retained earnings following the allocation of the 2021 Plan.
The change in Retained earnings is primarily due, firstly, to the recognition of the EUR 209.2 million profit for the previous year and the distribution of EUR 140.1 million in dividends (paid out on 24 July in accordance with the Shareholders' Meeting resolution of 19 June 2024) and, secondly, the reclassification from the Revaluation reserves following the cash-settled unwinding of hedging agreements described in note 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 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 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 operates in its own 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page359-cflshid_138422-tag117734": {
"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.
| 31/12/2024 | 31/12/2023 |
| Due to banks | 285.3 | 698.1 |
| Payables to other lenders | 0.1 | 8.1 |
| IFRS 16 lease financial liabilities (non current portion) | 87.3 | 94.6 |
| Other financial liabilities | - | 0.3 |
| Total | 372.6 | 801.1 |
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. These payables are recognised in the financial statements using the amortised cost method.
A breakdown of the change of EUR 412.8 million for the year is provided below:
\u2212reclassification, under Current financial payables, of EUR 350 million nominal for three credit facilities maturing in the next 12 months, and the reclassification of EUR 39.9 million as the current portion of two loans;
\u2212partial repayment of a loan totalling EUR 40.0 million nominal.
Some loans are subject to financial covenants on a consolidated basis as shown in the table below. Net financial debt, in respect of specific waivers obtained by counterparties, is calculated on the basis of the IAS/IFRS Accounting Standards in force on 31 December 2018 (excluding liabilities recognised under IFRS 16) and without including the payables under the loans contracted with Credit Suisse for the acquisition of the equity interest in ProsiebenSat1, which were repaid during the first quarter 2024.
The method used to calculate the covenants also applies to contracts signed during 2024.
| financing counterpart | covenant | checking period | waiver acceptance date |
| Intesa - S.Paolo 2020 | Net Financial Position/EBITDA less than 2 | 6 months | |
| Net Financial Position/EBITDA less than 2 | | 30/03/2022 |
| BNL 2021 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Net Financial Position/EBITDA less than 2 | | 30/03/2022 |
| UniCredit 2022 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| BNL 2022 | Net Financial Position/EBITDA less than 2 | 6 months | 03/05/2023 |
| Club Deal 2022 | Net Financial Position/EBITDA less than 2 | 6 months | 30/03/2022 |
| BNL 2023 | Net Financial Position/EBITDA less than 2 | 6 months | |
| Net Financial Position/EBITDA less than 2 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| Net Financial Position/EBITDA less than 2 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| BPM 2023 | Net Financial Position/EBITDA less than 2 | 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 dates.
At 31 December 2024, approximately 62.9% of all approved credit facilities were committed facilities (68.2% at 31 December 2023).
At 31 December 2024, MFE had committed lines totalling EUR 993 million, of which EUR 300 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 300 million, including EUR 50 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 |
| Intesa - S.Paolo 30/03/2020 | 3.92% | 6.7 | 150.4 |
| Intesa - S.Paolo 29/03/2021 | 3.98% | 4.5 | 100.6 |
| UNICREDIT 19/01/2022 | 3.94% | 4.3 | 100.0 |
| CLUB DEAL 30/03/2022 | 3.88% | 9.3 | 199.8 |
| BNL 03/10/2022 | 4.01% | 3.9 | 61.7 |
| BPER 26/05/2023 | 4.099% | 4.8 | 88.4 |
IFRS 16 leases liabilities refers to the non-current portion of payables for leasing recognised in accordance with IFRS 16.
Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2024 | 31/12/2023 |
| Loans | 409.5 | 204.5 |
| Credit facilities | - | 27.0 |
| Total | 409.5 | 231.5 |
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 350.0 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 39.9 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 164.9 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 credit lines outstanding at 31 December 2023 were repaid during the reporting year.
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 outstanding payables relating to the loans contracted by MFE with Credit Suisse for the acquisition of the equity interest in ProsiebenSat1, which were repaid in the first quarter of the present year.
| | 31/12/2024 | 31/12/2023 |
| Cash in hand | 8.5 | 0.1 | 0.1 |
| Bank and postal deposits | 8.5 | 132.4 | 175.2 |
| Liquidity | | 132.5 | 175.3 |
| Current financial assets and receivables | 8.4 | 7.9 | 7.2 |
| Due to banks | 11.1 | (0.1) | (27.0) |
| Current portion of non current debt | | (409.5) | (204.5) |
| Other current payables and financial liabilities | 11.4 | (49.8) | (60.9) |
| Current financial debt | | (459.3) | (292.5) |
| Current Net Financial Position | | (318.9) | (110.0) |
| Due to banks | 10.2 | (285.3) | (698.1) |
| Non-current financial payables and liabilities | 10.2 | (87.3) | (94.8) |
| Non current financial debt | | (372.6) | (792.8) |
| Net Financial Indebtedness | | (691.5) | (902.8) |
| Current portion of non current debt | | - | 52.6 |
| IFRS 16 lease financial liabilities (current portion) | | 16.9 | 17.4 |
| Non-current financial payables and liabilities (IFRS 16 liabilities) | | 87.3 | 94.6 |
| Net financial position (excluding IFRS 16 liabilities and ProSieben acquisition debt) | | (587.3) | (738.2) |
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 7.9 million for the financial receivables indicated in note 8.4.
As indicated in note 11.4, Other current payables and financial liabilities includes cash pooling arrangements with associates and joint ventures and loans received to finance movie development, distribution and production operations, and the EUR 16.9 million current portion of the leases liabilities recognised in accordance with IFRS 16.
Current amounts of non-current financial debt includes the EUR 409.5 million current portion of medium/long-term bank loans.
As indicated in note 10.2, Non-current financial payables and liabilities includes the EUR 87.3 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page359-cflshid_138422-tag117733": {
"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.
| 31/12/2024 | 31/12/2023 |
| Due to banks | 285.3 | 698.1 |
| Payables to other lenders | 0.1 | 8.1 |
| IFRS 16 lease financial liabilities (non current portion) | 87.3 | 94.6 |
| Other financial liabilities | - | 0.3 |
| Total | 372.6 | 801.1 |
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. These payables are recognised in the financial statements using the amortised cost method.
A breakdown of the change of EUR 412.8 million for the year is provided below:
\u2212reclassification, under Current financial payables, of EUR 350 million nominal for three credit facilities maturing in the next 12 months, and the reclassification of EUR 39.9 million as the current portion of two loans;
\u2212partial repayment of a loan totalling EUR 40.0 million nominal.
Some loans are subject to financial covenants on a consolidated basis as shown in the table below. Net financial debt, in respect of specific waivers obtained by counterparties, is calculated on the basis of the IAS/IFRS Accounting Standards in force on 31 December 2018 (excluding liabilities recognised under IFRS 16) and without including the payables under the loans contracted with Credit Suisse for the acquisition of the equity interest in ProsiebenSat1, which were repaid during the first quarter 2024.
The method used to calculate the covenants also applies to contracts signed during 2024.
| financing counterpart | covenant | checking period | waiver acceptance date |
| Intesa - S.Paolo 2020 | Net Financial Position/EBITDA less than 2 | 6 months | |
| Net Financial Position/EBITDA less than 2 | | 30/03/2022 |
| BNL 2021 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| Net Financial Position/EBITDA less than 2 | | 30/03/2022 |
| UniCredit 2022 | | 6 months |
| Net Financial Position/Equity less than 2 | |
| BNL 2022 | Net Financial Position/EBITDA less than 2 | 6 months | 03/05/2023 |
| Club Deal 2022 | Net Financial Position/EBITDA less than 2 | 6 months | 30/03/2022 |
| BNL 2023 | Net Financial Position/EBITDA less than 2 | 6 months | |
| Net Financial Position/EBITDA less than 2 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| Net Financial Position/EBITDA less than 2 | | |
| BPER 2023 | | 6 months | |
| Net Financial Position/Equity less than 2 | | |
| BPM 2023 | Net Financial Position/EBITDA less than 2 | 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 dates.
At 31 December 2024, approximately 62.9% of all approved credit facilities were committed facilities (68.2% at 31 December 2023).
At 31 December 2024, MFE had committed lines totalling EUR 993 million, of which EUR 300 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 300 million, including EUR 50 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 |
| Intesa - S.Paolo 30/03/2020 | 3.92% | 6.7 | 150.4 |
| Intesa - S.Paolo 29/03/2021 | 3.98% | 4.5 | 100.6 |
| UNICREDIT 19/01/2022 | 3.94% | 4.3 | 100.0 |
| CLUB DEAL 30/03/2022 | 3.88% | 9.3 | 199.8 |
| BNL 03/10/2022 | 4.01% | 3.9 | 61.7 |
| BPER 26/05/2023 | 4.099% | 4.8 | 88.4 |
IFRS 16 leases liabilities refers to the non-current portion of payables for leasing recognised in accordance with IFRS 16.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page359-cflshid_138427-tag117732": {
"value": "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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page359-cflshid_138427-tag117731": {
"value": "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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page362-cflshid_139312-tag117738": {
"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 (both current and non-current) and their changes compared to prior year:
| 31/12/2024 | 31/12/2023 |
| Balance at 1/1 | 98.4 | 108.5 |
| Accruals | 46.8 | 37.9 |
| Utilization | (57.7) | (48.4) |
| Financial charges | 0.1 | 0.1 |
| Change in the consolidation area | 5.4 | 0.2 |
| Balance at 31/12 | 93.0 | 98.4 |
| Of which: | | |
| Within 12 months | 60.8 | 69.1 |
| After 12 months | 32.2 | 29.3 |
| Total | 93.0 | 98.4 |
Risk provisions at 31 December 2024 mainly refer to legal proceedings totalling EUR 31.8 million (EUR 28.7 million at 31 December 2023), staff disputes and business restructuring plans totalling EUR 2.0 million (EUR 13.2 million at 31 December 2023) and contractual risks totalling EUR 49.1 million (EUR 47.9 million at 31 December 2023), of which risks relative to the under-utilisation of artistic resources compared to contractual agreements totalling EUR 7.8 million (EUR 8.5 million at 31 December 2023).
Below is an update at 31 December 2024 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 recorded with regard to these lawsuits such as to require a provision to be created in these consolidated financial statements.
As regards ongoing proceedings and the related contingent liabilities at 31 December 2024, the main developments are reported below.
With regard to proceedings No. 1181/10 brought by ITV against Mediaset Espa\u00f1a (now Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n \u2013 \u201cGAM\u201d) regarding the use of the Pasapalabra format, at 31 Decembre 2024 a decision on the compensation that GAM will have to pay ITV for its post-contractual use of the Pasapalabra format based was still pending. With reference to such compensation, the Supreme Court had previously established that the criterion to be followed for the purposes of calculating the compensation that Mediaset will On 24 February 2025, the Commercial Court No. 6 of Madrid issued Order No. 69/2025, which establishes that GAM must pay ITV compensation of 44.3 million euros. Mediaset will appeal this first instance ruling to the Provincial Court of Madrid, arguing that the criteria differ between the valuation carried out by the expert appointed by the same court and the final valuation established by the Court, in addition to other serious defects observed; on these basis, GAM believes that the Provincial Court will significantly reduce the amount of compensation established in the ruling, establishing another amount closer to the estimate for this legal risk that GAM had previously accounted for.
In the event that ITV intends to enforce the order, such enforcement could be suspended if Mediaset demonstrates that this would cause \"damage that is difficult to repair\" and offers to provide a first-demand guarantee; this is highly likely given that, by order of 22 December 2023, the Court had already expressed its intention to suspend the enforcement proceedings if GAM provided a first-demand guarantee for the entire amount requested in the enforcement act.
In relation to proceedings No. 000401/2014-CR brought by TV against Mediaset Espa\u00f1a (GAM), this time for the unlawful use of the Pasapalabra brand, the Supreme Court in its judgment of 6 February 2024 declared as final that, although ITV had been recognised as the owner of that brand, there were no grounds for awarding compensation for the damage suffered by ITV, since that damage \u2013 if validated \u2013 would already be included within the compensation to be awarded for using the format under proceedings No. 1181/10 described above.
As for the proceedings concerning the alleged breach of Mediaset Espa\u00f1a\u2019s undertaking regarding the Telecinco-Cuatro merger, the Council of the Spanish Competition Commission (now the Spanish Commission for Markets and Competition \u2013 CNMC) found in its resolution No. SNC/0036/15 of September 2015 (the \u201cResolution\u201d) that Mediaset Espa\u00f1a had breached one of the undertakings underlying the approval for the Telecinco/Cuatro merger, for which it handed down a penalty of EUR 3.0 million on Mediaset Espa\u00f1a. More specifically, this resolution finds that in 2013 Mediaset Espa\u00f1a breached the terms of its undertaking by allegedly having conjoined, formally or de facto, the sale of advertising space of Telecinco and Cuatro. However, it is not the case that Mediaset Espa\u00f1a failed to comply with this undertaken, as it has not been established with reasonable certitude that the conduct in question may constitute a breach. In addition, Mediaset\u2019s sales figures for the period in question demonstrated that Mediaset did not in fact derive any advantage from the alleged breach. Equally, the engagement of external advisers also concluded that the conduct of Publiespa\u00f1a (subsidiary of GAM) did not entail any breach of competition law or undertakings.
For the reasons mentioned, Mediaset Espa\u00f1a duly appeal the Resolution in the national courts of Spain, which by judgment of 10 December 2024 fully sustained Mediaset Espa\u00f1a\u2019s appeal in the administrative dispute, thus cancelling and invalidating the challenged Resolution.
This ruling could yet be subject to a cassation appeal by CNMC. For that reason, a provision has been included in this Consolidated Statement of Financial Position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page362-cflshid_139312-tag117737": {
"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 (both current and non-current) and their changes compared to prior year:
| 31/12/2024 | 31/12/2023 |
| Balance at 1/1 | 98.4 | 108.5 |
| Accruals | 46.8 | 37.9 |
| Utilization | (57.7) | (48.4) |
| Financial charges | 0.1 | 0.1 |
| Change in the consolidation area | 5.4 | 0.2 |
| Balance at 31/12 | 93.0 | 98.4 |
| Of which: | | |
| Within 12 months | 60.8 | 69.1 |
| After 12 months | 32.2 | 29.3 |
| Total | 93.0 | 98.4 |
Risk provisions at 31 December 2024 mainly refer to legal proceedings totalling EUR 31.8 million (EUR 28.7 million at 31 December 2023), staff disputes and business restructuring plans totalling EUR 2.0 million (EUR 13.2 million at 31 December 2023) and contractual risks totalling EUR 49.1 million (EUR 47.9 million at 31 December 2023), of which risks relative to the under-utilisation of artistic resources compared to contractual agreements totalling EUR 7.8 million (EUR 8.5 million at 31 December 2023).
Below is an update at 31 December 2024 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 recorded with regard to these lawsuits such as to require a provision to be created in these consolidated financial statements.
As regards ongoing proceedings and the related contingent liabilities at 31 December 2024, the main developments are reported below.
With regard to proceedings No. 1181/10 brought by ITV against Mediaset Espa\u00f1a (now Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n \u2013 \u201cGAM\u201d) regarding the use of the Pasapalabra format, at 31 Decembre 2024 a decision on the compensation that GAM will have to pay ITV for its post-contractual use of the Pasapalabra format based was still pending. With reference to such compensation, the Supreme Court had previously established that the criterion to be followed for the purposes of calculating the compensation that Mediaset will On 24 February 2025, the Commercial Court No. 6 of Madrid issued Order No. 69/2025, which establishes that GAM must pay ITV compensation of 44.3 million euros. Mediaset will appeal this first instance ruling to the Provincial Court of Madrid, arguing that the criteria differ between the valuation carried out by the expert appointed by the same court and the final valuation established by the Court, in addition to other serious defects observed; on these basis, GAM believes that the Provincial Court will significantly reduce the amount of compensation established in the ruling, establishing another amount closer to the estimate for this legal risk that GAM had previously accounted for.
In the event that ITV intends to enforce the order, such enforcement could be suspended if Mediaset demonstrates that this would cause \"damage that is difficult to repair\" and offers to provide a first-demand guarantee; this is highly likely given that, by order of 22 December 2023, the Court had already expressed its intention to suspend the enforcement proceedings if GAM provided a first-demand guarantee for the entire amount requested in the enforcement act.
In relation to proceedings No. 000401/2014-CR brought by TV against Mediaset Espa\u00f1a (GAM), this time for the unlawful use of the Pasapalabra brand, the Supreme Court in its judgment of 6 February 2024 declared as final that, although ITV had been recognised as the owner of that brand, there were no grounds for awarding compensation for the damage suffered by ITV, since that damage \u2013 if validated \u2013 would already be included within the compensation to be awarded for using the format under proceedings No. 1181/10 described above.
As for the proceedings concerning the alleged breach of Mediaset Espa\u00f1a\u2019s undertaking regarding the Telecinco-Cuatro merger, the Council of the Spanish Competition Commission (now the Spanish Commission for Markets and Competition \u2013 CNMC) found in its resolution No. SNC/0036/15 of September 2015 (the \u201cResolution\u201d) that Mediaset Espa\u00f1a had breached one of the undertakings underlying the approval for the Telecinco/Cuatro merger, for which it handed down a penalty of EUR 3.0 million on Mediaset Espa\u00f1a. More specifically, this resolution finds that in 2013 Mediaset Espa\u00f1a breached the terms of its undertaking by allegedly having conjoined, formally or de facto, the sale of advertising space of Telecinco and Cuatro. However, it is not the case that Mediaset Espa\u00f1a failed to comply with this undertaken, as it has not been established with reasonable certitude that the conduct in question may constitute a breach. In addition, Mediaset\u2019s sales figures for the period in question demonstrated that Mediaset did not in fact derive any advantage from the alleged breach. Equally, the engagement of external advisers also concluded that the conduct of Publiespa\u00f1a (subsidiary of GAM) did not entail any breach of competition law or undertakings.
For the reasons mentioned, Mediaset Espa\u00f1a duly appeal the Resolution in the national courts of Spain, which by judgment of 10 December 2024 fully sustained Mediaset Espa\u00f1a\u2019s appeal in the administrative dispute, thus cancelling and invalidating the challenged Resolution.
This ruling could yet be subject to a cassation appeal by CNMC. For that reason, a provision has been included in this Consolidated Statement of Financial Position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page362-cflshid_139317-tag117736": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page362-cflshid_139317-tag117735": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page362-cflshid_139317-tag117769": {
"value": "As regards ongoing proceedings and the related contingent liabilities at 31 December 2024, the main developments are reported below.
With regard to proceedings No. 1181/10 brought by ITV against Mediaset Espa\u00f1a (now Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n \u2013 \u201cGAM\u201d) regarding the use of the Pasapalabra format, at 31 Decembre 2024 a decision on the compensation that GAM will have to pay ITV for its post-contractual use of the Pasapalabra format based was still pending. With reference to such compensation, the Supreme Court had previously established that the criterion to be followed for the purposes of calculating the compensation that Mediaset will have to pay to ITV for the post-contractual use of the Pasapalabra format was the profit obtained by Mediaset from the use of the aforementioned format and not the hypothetical royalty that ITV should have received for the granting of the license to use it. On 24 February 2025, the Commercial Court No. 6 of Madrid issued Order No. 69/2025, which establishes that GAM must pay ITV compensation of 44.3 million euros. Mediaset will appeal this first instance ruling to the Provincial Court of Madrid, arguing that the criteria differ between the valuation carried out by the expert appointed by the same court and the final valuation established by the Court, in addition to other serious defects observed; on these basis, GAM believes that the Provincial Court will significantly reduce the amount of compensation established in the ruling, establishing another amount closer to the estimate for this legal risk that GAM had previously accounted for.
In the event that ITV intends to enforce the order, such enforcement could be suspended if Mediaset demonstrates that this would cause \"damage that is difficult to repair\" and offers to provide a first-demand guarantee; this is highly likely given that, by order of 22 December 2023, the Court had already expressed its intention to suspend the enforcement proceedings if GAM provided a first-demand guarantee for the entire amount requested in the enforcement act.
In relation to proceedings No. 000401/2014-CR brought by TV against Mediaset Espa\u00f1a (GAM), this time for the unlawful use of the Pasapalabra brand, the Supreme Court in its judgment of 6 February 2024 declared as final that, although ITV had been recognised as the owner of that brand, there were no grounds for awarding compensation for the damage suffered by ITV, since that damage \u2013 if validated \u2013 would already be included within the compensation to be awarded for using the format under proceedings No. 1181/10 described above.
As for the proceedings concerning the alleged breach of Mediaset Espa\u00f1a\u2019s undertaking regarding the Telecinco-Cuatro merger, the Council of the Spanish Competition Commission (now the Spanish Commission for Markets and Competition \u2013 CNMC) found in its resolution No. SNC/0036/15 of September 2015 (the \u201cResolution\u201d) that Mediaset Espa\u00f1a had breached one of the undertakings underlying the approval for the Telecinco/Cuatro merger, for which it handed down a penalty of EUR 3.0 million on Mediaset Espa\u00f1a. More specifically, this resolution finds that in 2013 Mediaset Espa\u00f1a breached the terms of its undertaking by allegedly having conjoined, formally or de facto, the sale of advertising space of Telecinco and Cuatro. However, it is not the case that Mediaset Espa\u00f1a failed to comply with this undertaken, as it has not been established with reasonable certitude that the conduct in question may constitute a breach. In addition, Mediaset\u2019s sales figures for the period in question demonstrated that Mediaset did not in fact derive any advantage from the alleged breach. Equally, the engagement of external advisers also concluded that the conduct of Publiespa\u00f1a (subsidiary of GAM) did not entail any breach of competition law or undertakings.
For the reasons mentioned, Mediaset Espa\u00f1a duly appeal the Resolution in the national courts of Spain, which by judgment of 10 December 2024 fully sustained Mediaset Espa\u00f1a\u2019s appeal in the administrative dispute, thus cancelling and invalidating the challenged Resolution.
This ruling could yet be subject to a cassation appeal by CNMC. For that reason, a provision has been included in this Consolidated Statement of Financial Position.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page364-cflshid_140414-tag117739": {
"value": "11. CURRENT LIABILITIESFinancial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2024 | 31/12/2023 |
| Loans | 409.5 | 204.5 |
| Credit facilities | - | 27.0 |
| Total | 409.5 | 231.5 |
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 350.0 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 39.9 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 164.9 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 credit lines outstanding at 31 December 2023 were repaid during the reporting year.
11.4 OTHER FINANCIAL LIABILITIES | 31/12/2024 | 31/12/2023 |
| Payables to other lenders | 47.3 | 44.1 |
| IFRS 16 financial payables | 16.9 | 17.4 |
| Financial liabilities for other hedging derivatives | 0.2 | 2.0 |
| Financial liabilities for hedging derivatives on equity instruments | - | 0.5 |
| Total | 64.4 | 63.9 |
Payables to other lenders mainly consist of cash pooling with associates and joint ventures totalling EUR 32.6 million (EUR 39.2 million at 31 December 2023), loans totalling EUR 0.3 million (EUR 0.4 million at 31 December 2023) received to finance movie development, distribution and production operations, and the payable for the options on the acquisition of subsidiaries\u2019 non-controlling interests.
Financial liabilities 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.
The change in Financial liabilities for hedging derivatives on equity instruments relate to the closing of the cash-settled unwinding of the financial agreements hedging the fair value changes in the 3.3% shareholding in Prosiebensat.1 Media SE.
11.5 OTHER CURRENT LIABILITIES | 31/12/2024 | 31/12/2023 |
| Due to social security institutions | 21.0 | 19.2 |
| Withholding tax on employees' wages and salaries | 13.8 | 11.5 |
| VAT payables | 9.3 | 28.5 |
| Other tax payables | 14.5 | 12.3 |
| Advances | 11.7 | 9.2 |
| Other payables | 117.8 | 93.9 |
| Prepayments and accrued income | 13.7 | 16.7 |
| Total | 201.7 | 191.4 |
Other payables mainly comprise EUR 29.9 million for the liability concerning the use of frequencies under concession, pending the Ministry of Enterprise and Made in Italy\u2019s decree that will determine the amount due for the rights to use television frequencies using digital technology, and EUR 64.0 million payable to employees.
Accruals and deferred income includes EUR 1.4 million in deferred income for right-of-use TV rights licenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page364-cflshid_140414-tag117740": {
"value": "Financial payables (current and non-current) are recognised at amortised cost, using the actual interest rate method.
| 31/12/2024 | 31/12/2023 |
| Loans | 409.5 | 204.5 |
| Credit facilities | - | 27.0 |
| Total | 409.5 | 231.5 |
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 350.0 million nominal in credit facilities falling due within 12 months, the reclassification of the EUR 39.9 million nominal current portion of medium-to-long term loans and the repayment of credit facilities totalling EUR 164.9 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 credit lines outstanding at 31 December 2023 were repaid during the reporting year.
11.4 OTHER FINANCIAL LIABILITIES | 31/12/2024 | 31/12/2023 |
| Payables to other lenders | 47.3 | 44.1 |
| IFRS 16 financial payables | 16.9 | 17.4 |
| Financial liabilities for other hedging derivatives | 0.2 | 2.0 |
| Financial liabilities for hedging derivatives on equity instruments | - | 0.5 |
| Total | 64.4 | 63.9 |
Payables to other lenders mainly consist of cash pooling with associates and joint ventures totalling EUR 32.6 million (EUR 39.2 million at 31 December 2023), loans totalling EUR 0.3 million (EUR 0.4 million at 31 December 2023) received to finance movie development, distribution and production operations, and the payable for the options on the acquisition of subsidiaries\u2019 non-controlling interests.
Financial liabilities 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.
The change in Financial liabilities for hedging derivatives on equity instruments relate to the closing of the cash-settled unwinding of the financial agreements hedging the fair value changes in the 3.3% shareholding in Prosiebensat.1 Media SE11.6 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 outstanding payables relating to the loans contracted by MFE with Credit Suisse for the acquisition of the equity interest in ProsiebenSat1, which were repaid in the first quarter of the present year.
| | 31/12/2024 | 31/12/2023 |
| Cash in hand | 8.5 | 0.1 | 0.1 |
| Bank and postal deposits | 8.5 | 132.4 | 175.2 |
| Liquidity | | 132.5 | 175.3 |
| Current financial assets and receivables | 8.4 | 7.9 | 7.2 |
| Due to banks | 11.1 | (0.1) | (27.0) |
| Current portion of non current debt | | (409.5) | (204.5) |
| Other current payables and financial liabilities | 11.4 | (49.8) | (60.9) |
| Current financial debt | | (459.3) | (292.5) |
| Current Net Financial Position | | (318.9) | (110.0) |
| Due to banks | 10.2 | (285.3) | (698.1) |
| Non-current financial payables and liabilities | 10.2 | (87.3) | (94.8) |
| Non current financial debt | | (372.6) | (792.8) |
| Net Financial Indebtedness | | (691.5) | (902.8) |
| Current portion of non current debt | | - | 52.6 |
| IFRS 16 lease financial liabilities (current portion) | | 16.9 | 17.4 |
| Non-current financial payables and liabilities (IFRS 16 liabilities) | | 87.3 | 94.6 |
| Net financial position (excluding IFRS 16 liabilities and ProSieben acquisition debt) | | (587.3) | (738.2) |
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 7.9 million for the financial receivables indicated in note 8.4.
As indicated in note 11.4, Other current payables and financial liabilities includes cash pooling arrangements with associates and joint ventures and loans received to finance movie development, distribution and production operations, and the EUR 16.9 million current portion of the leases liabilities recognised in accordance with IFRS 16.
Current amounts of non-current financial debt includes the EUR 409.5 million current portion of medium/long-term bank loans.
As indicated in note 10.2, Non-current financial payables and liabilities includes the EUR 87.3 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page364-cflshid_140414-tag117763": {
"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 31/12/2024 Due | Balance at 31/12/2023 |
| Total | Within 1 year | After 1 year | |
| Trade and other payables | 542.7 | 534.8 | 7.9 | 544.7 |
| Due to related parties | 75.2 | 75.2 | - | 57.9 |
| Total | 617.9 | 610.1 | 7.9 | 602.6 |
Trade and other payables mainly includes payables to vendors for the licensing of television and movie broadcasting rights for EUR 161.8 million (EUR 190.8 million at 31 December 2023) and payables for the
purchase and production of TV programmes and amounts due to television artists and professionals for EUR 349.7 million (EUR 320.4 million at 31 December 2023). Payables due after more than 12 months, amounting to EUR 7.9 million (EUR 7.1 million at 31 December 2023) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page364-cflshid_140414-tag117741": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page366-cflshid_141326-tag117742": {
"value": "Accruals and deferred income includes EUR 1.4 million in deferred income for right-of-use TV rights licenses.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page368-cflshid_141883-tag117743": {
"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 2024, 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 2024 | 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) | 285.3 | - | - | - | 313.4 | | 313.4 | 10.2 |
| Due to banks (current portion) | 409.5 | 369.7 | 9.6 | 33.2 | - | - | 412.5 | 11.1 |
| Financial payables to related parties | 32.6 | 32.6 | - | - | - | - | 32.6 | 11.4 |
| Due to suppliers for rights | 161.8 | 117.7 | 24.7 | 11.6 | 7.9 | - | 161.8 | 11.2 |
| Due to other suppliers | 423.0 | 420.4 | 2.6 | - | - | - | 423.0 | 11.2 |
| Due to related parties | 75.2 | 75.2 | - | - | - | - | 75.2 | 11.2 |
| Due to factoring companies | - | - | - | - | - | | - | 11.4 |
| Due to lessors | 104.2 | 4.3 | 5.1 | 7.5 | 33.3 | 54.0 | 104.2 | 11.4 |
| Other payables and financial liabilities | 14.7 | 0.8 | - | 13.9 | - | - | 14.7 | 11.4 |
| Total | 1,464.2 | 978.7 | 42.0 | 66.1 | 354.5 | 54.0 | 1,495.3 | |
| DERIVATIVES: | | | | | | | | |
| Hedging derivatives (foreign currency purchases) | | | | | | | | |
| (measured at contract exchange rate) | (16.7) | 112.7 | - | - | 80.4 | | 193.0 | 7.7;8.4; 10.2;11.4 |
| Hedging derivatives (available foreign currency) | | | | | | | | |
| (measured at year-end exchange rate) | | (122.1) | - | - | (90.2) | | (212.3) | |
| Hedging derivatives (interest rate risk) | (5.2) | - | - | - | - | | - | 7.7;8.4; 10.2;11.4 |
| Total | (21.9) | (9.4) | - | - | (9.8) | - | (19.2) | |
| 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 | 10.2 |
| Due to banks (current portion) | 231.5 | 37.8 | 134.6 | 60.4 | - | - | 232.9 | 11.1 |
| Financial payables to related parties | 39.2 | 39.2 | - | - | - | - | 39.2 | 11.4 |
| Due to suppliers for rights | 190.8 | 121.9 | 32.0 | 29.8 | 7.1 | - | 190.8 | 11.2 |
| Due to other suppliers | 354.1 | 351.5 | 2.6 | - | - | - | 354.1 | 11.2 |
| Due to related parties | 57.8 | 57.8 | - | - | - | - | 57.8 | 11.2 |
| Due to factoring companies | 4.0 | 4.0 | - | - | - | | 4.0 | 11.4 |
| Due to lessors | 112.0 | 4.6 | 5.0 | 7.8 | 33.2 | 61.5 | 111.9 | 11.4 |
| Other payables and financial liabilities | 9.3 | - | 0.5 | 0.3 | 8.4 | - | 9.3 | 11.4 |
| Total | 1,696.9 | 616.9 | 174.6 | 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 | 7.7;8.4; 10.2;11.4 |
| Hedging derivatives (available foreign currency) | | | | | | | | |
| (measured at year-end exchange rate) | | (123.0) | | | (56.3) | | (179.3) | |
| Hedging derivatives (interest rate risk) | (16.9) | - | - | - | - | | - | 7.7;8.4; 10.2;11.4 |
| Total | (23.6) | (1.6) | - | - | (6.8) | - | (8.4) | |
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 operates in its own 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.
| 31/12/2024 |
| Assets | Liabilities |
| Foreign currency forward contracts | 17.0 | (0.2) |
| IRS contracts | 5.2 | - |
| Derivatives on equity instruments | - | - |
| Total | 22.2 | (0.2) |
| 31/12/2023 |
| \u00a0 | 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.
| 31/12/2024 | 31/12/2023 |
| United States Dollars (USD) | 222.2 | 198.5 |
| Total | 222.2 | 198.5 |
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 |
| 2024 | 128.5 | 93.7 | 0.0 | 222.2 |
| 2023 | 136.2 | 32.2 | 30.1 | 198.5 |
Exchange Rate Risk
The 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:
\u2212The 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.
\u2212Changes 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 7.89% (6.69% for 2023).
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 |
| 2024 | 1.0389 | + 7.8925 | 1.1209 | 0.4 | (9.8) | (9.3) |
| - 7.8925 | 0.9569 | (0.8) | 11.5 | 10.7 |
| 2023 | 1.105 | + 6.6975 | 1.179 | 0.2 | (5.6) | (5.4) |
| - 6.6975 | 1.031 | (0.5) | 6.4 | 5.9 |
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 Mediaset 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 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | | 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 symmetrical shift of +100 bps upwards and -100 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 also subject to a recalculation of the amount of financial charges by applying a shift of 100 bps upwards and downwards to the values posted to the financial statements.
For interest rate swaps (IRS), fair value was recalculated by applying an 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.
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 |
| 2024 | +100 b.p. | (1.8) | 2.6 | 0.8 |
| -100 b.p. | 1.8 | (2.7) | (0.9) |
| 2023 | +100 b.p. | (2.1) | 8.0 | 5.9 |
| -100 b.p. | 2.2 | (8.3) | (6.1) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page372-cflshid_143987-tag117764": {
"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 operates in its own 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page372-cflshid_143987-tag117744": {
"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 operates in its own 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page374-cflshid_145255-tag117746": {
"value": "Exchange Rate Risk
The 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:
\u2212The 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.
\u2212Changes 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 7.89% (6.69% for 2023).
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 |
| 2024 | 1.0389 | + 7.8925 | 1.1209 | 0.4 | (9.8) | (9.3) |
| - 7.8925 | 0.9569 | (0.8) | 11.5 | 10.7 |
| 2023 | 1.105 | + 6.6975 | 1.179 | 0.2 | (5.6) | (5.4) |
| - 6.6975 | 1.031 | (0.5) | 6.4 | 5.9 |
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 Mediaset 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 | | 08/07/2022 | 12/07/2027 |
| Interest Rate Swap - INTESA SANPAOLO - EUR 30.7 million notional | 1.26% | Euribor 3M/360 | | 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 symmetrical shift of +100 bps upwards and -100 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 also subject to a recalculation of the amount of financial charges by applying a shift of 100 bps upwards and downwards to the values posted to the financial statements.
For interest rate swaps (IRS), fair value was recalculated by applying an 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.
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 |
| 2024 | +100 b.p. | (1.8) | 2.6 | 0.8 |
| -100 b.p. | 1.8 | (2.7) | (0.9) |
| 2023 | +100 b.p. | (2.1) | 8.0 | 5.9 |
| -100 b.p. | 2.2 | (8.3) | (6.1) |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page378-cflshid_147019-tag117748": {
"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 CHANGES 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 6.0 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
The item refers to government grants received under the \u201cExtraordinary Fund for Actions to Support Publishing\u201d, established in Italy by Law No. 234 of 30 December 2021 related to capital expenditures in innovative digital transition technologies for upgrading infrastructure and production processes with a view to enhancing the quality of content and its enjoyment by users.
For 2023, this item referred 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, which set 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 PAYMENTS FOR EQUITY INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
This item refers to the acquisition of shares in associates and joint ventures, as described in Note 7.6.
12.5 PROCEEDS/(PAYMENTS) FOR HEDGING DERIVATIVES ON FINANCIAL ASSETSFor 2024, this item includes proceeds relating to the cash-settled unwinding of the outstanding hedging agreements over the 3.3% stake in the share capital of P7S1.
In the previous year, 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.
12.6 PROCEEDS/(PAYMENTS) IN OTHER FINANCIAL ASSETS
For the reporting year, this item mainly refers to the acquisition of shares and the taking-out of convertible loans as part of the AD4Venture business. 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; and EUR 3.6 million for the acquisition of equity interests as part of the \u201cAD4ventures\u201d business.
12.7 DIVIDENDS RECEIVED
This item mainly refers to EUR 2.5 million in dividends received from Prosiebensat.1 Media SE (EUR 3.3 million in 2023), EUR 10.3 million in dividends received from EITowers S.p,A. (EUR 19.6 million in 2023) and proceeds from prior year dividend withholdings.
12.8 BUSINESS COMBINATIONS NET OF CASH AND CASH EQUIVALENTS ACQUIRED
This item refers to the effects of acquiring a controlling interest in Mediamond S.p.A. (business combination under common control) and Radical Change Contents S.L. (previously La F\u00e1brica De La Tele S.L).
12.9 DIVIDENDS PAID
This item mainly refers to the payment of EUR 140.0 million in dividends approved at the shareholders' meeting of 19 June 2024.
12.10 CHANGES IN CONTROLLING INTEREST
For 2023, this item referred to the disbursements made by the Group for the purchase of the non-controlling interests in Mediaset Espa\u00f1a and the related transaction costs.
12.11 CHANGES IN FINANCIAL LIABILITIES
As required by IAS 7, the table below shows the changes in financial liabilities.
| CHANGE IN FINANCIAL LIABILITIES | 31/12/2023 | Cash flow (*) | Fair value changes | Other non-cash movements (**) | 31/12/2024 |
| Hedging derivatives (interest rate) | (16.9) | 15.3 | (3.5) | - | (5.2) |
| Loans | 204.6 | (182.0) | | 386.9 | 409.5 |
| Credit facilities | 27.0 | (27.0) | | | - |
| Payables to other lenders | 43.7 | (9.3) | 5.9 | 7.0 | 47.3 |
| Lease payables IFRS 16 | 112.0 | (21.5) | | 13.6 | 104.2 |
| Non-current liabilities and payables to banks | 698.1 | (58.4) | | (354.3) | 285.4 |
| Total financial liabilities | 1,068.5 | (282.8) | (2.3) | 53.2 | 841.3 |
(*) includes cash flow from interest paid
(**) includes measurement at amortised cost
| 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 | 21.0 | - | - | 27.0 |
| Payables to other lenders | 48.9 | (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 | 1,367.7 | (359.7) | 16.2 | 44.2 | 1,068.5 |
12.7 DIVIDENDS RECEIVED
This item mainly refers to EUR 2.5 million in dividends received from Prosiebensat.1 Media SE (EUR 3.3 million in 2023), EUR 10.3 million in dividends received from EITowers S.p,A. (EUR 19.6 million in 2023) and proceeds from prior year dividend withholdings.
12.9 DIVIDENDS PAID
This item mainly refers to the payment of EUR 140.0 million in dividends approved at the shareholders' meeting of 19 June 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page381-cflshid_147892-tag117749": {
"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 2024 | Derivative Instruments | Financial assets at amortised cost | Financial assets FVTOCI | CARRYING AMOUNT | Notes |
| OTHER FINANCIAL ASSETS: | | | | | |
| Equity investments | | | 24.2 | 24.2 | 7.7 |
| Hedge derivatives on equity instruments (non-current portion) | 8.9 | | | 8.9 |
| Other financial assets | | 17.4 | | 17.4 |
| TRADE RECEIVABLES: | | | | | |
| Due from customers | | 777.6 | | 777.6 | 8.2 |
| Due from related parties | | 6.2 | | 6.2 | |
| OTHER RECEIVABLES/CURRENT ASSETS: | | | | | |
| Due from factoring companies | | 186.8 | | 186.8 | |
| CURRENT FINANCIAL ASSETS: | | | | | |
| Financial receivables (due within 12 months) | | 8.2 | | 8.2 | 8.4 |
| Hedging derivatives on equity instruments | - | | | - | |
| Other hedging derivatives | 13.3 | | | 13.3 | |
| CASH AND CASH EQUIVALENTS: | | | | | |
| Bank and postal deposits | | 132.4 | | 132.4 | 8.5 |
| TOTAL FINANCIAL ASSETS | 22.2 | 1,128.6 | 24.2 | 1,174.9 | |
| IFRS 9 CATEGORIES |
| FINANCIAL LIABILITIES at 31 DECEMBER 2024 | Derivative Instruments | Liabilities at amortised cost | CARRYING AMOUNT | Notes |
| NON CURRENT FINANCIAL LIABILITIES AND PAYABLES: | | | | |
| Due to banks | | 285.3 | 285.3 | 10.2 |
| Other financial liabilities | | 0.1 | 0.1 |
| CURRENT LIABILITIES: | | | | |
| Due to banks | | 409.5 | 409.5 | 11.1 |
| Due to suppliers | | 542.7 | 542.7 | 11.2 |
| Due to related parties | | 75.2 | 75.2 |
| OTHER FINANCIAL LIABILITIES: | | | | |
| Due to factoring companies | | - | - | 11.4 |
| Other financial liabilities | | 14.7 | 14.7 |
| Hedging derivatives on equity instruments | - | | - |
| Other hedging derivatives | 0.2 | | 0.2 |
| Financial payables to related parties | | 32.6 | 32.6 | |
| TOTAL FINANCIAL LIABILITIES | 0.2 | 1,360.1 | 1,360.3 | |
| IFRS 9 CATEGORIES |
| FINANCIAL ASSETS at 31 DECEMBER 2023 | Derivative Instruments | Financial assets at amortised cost | Financial assets FVTOCI | CARRYING AMOUNT | Notes |
| OTHER FINANCIAL ASSETS: | | | | | |
| Equity investments | | | 71.9 | 71.9 | 7.7 |
| Hedge derivatives on equity instruments (non-current portion) | 8.6 | | | 8.6 |
| Other financial assets | | | | - |
| financial receivables (due over 12 months) | | 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: | | | | | |
| Bank and postal 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 | CARRYING AMOUNT | 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 | 2.5 | 1,584.6 | 1,587.1 | |
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 2024 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 24.2 | 24.2 | | | | 24.2 | 7.7 |
| Trade receivables | 14.5 | | | | 14.5 | 14.5 | 8.2 |
| Due to banks | (694.7) | | | | (700.9) | (700.9) | 11.2 |
| M/L trade and other payables | (26.9) | | | | (26.2) | (26.2) | 11.2 |
| Other hedging derivatives | | | | | | | |
| -Forward | 5.1 | | | | 5.1 | 5.1 | 8.7;9.4;11.2;11.4 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE |
| | | Black&Scholes | Binomial model | DCF Model | |
| Equity investments | 71.9 | 71.9 | | | | 71.9 |
| Trade receivables | 5.2 | | | | 5.1 | 5.1 |
| Due to banks | (929.6) | | | | (935.8) | (935.8) |
| M/L trade and other payables | (47.4) | | | | (46.1) | (46.1) |
| Hedging derivatives on equity instruments | | | | | | |
| - Put | 14.5 | | 14.5 | | | 14.5 |
| - Call | (0.5) | | (0.5) | | | (0.5) |
| Other hedging derivatives: | | | | | | |
| -Forward | 6.0 | | | | 6.0 | 6.0 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
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. For trade payables, fair value has been adjusted by 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 2024 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 24.2 | | 24.2 | | 24.2 | 7.7 |
| Other hedging derivatives | | | | | | |
| -Forward | 5.1 | | 5.1 | | 5.1 | 7.7;8.4;11.2;11.4 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE |
| Equity investments | 71.9 | 42.9 | 29.0 | | 71.9 |
| Hedging derivatives on equity instruments | | | | | |
| - Put | 14.5 | | 14.5 | | 14.5 |
| - Call | (0.5) | | (0.5) | | (0.5) |
| Other hedging derivatives | | | | | |
| -Forward | 6.0 | | 6.0 | | 6.0 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page384-cflshid_149306-tag117750": {
"value": "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 2024 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE | Notes |
| | | Black&Scholes | Binomial model | DCF Model | | |
| Equity investments | 24.2 | 24.2 | | | | 24.2 | 7.7 |
| Trade receivables | 14.5 | | | | 14.5 | 14.5 | 8.2 |
| Due to banks | (694.7) | | | | (700.9) | (700.9) | 11.2 |
| M/L trade and other payables | (26.9) | | | | (26.2) | (26.2) | 11.2 |
| Other hedging derivatives | | | | | | | |
| -Forward | 5.1 | | | | 5.1 | 5.1 | 8.7;9.4;11.2;11.4 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | CARRYING AMOUNT | Mark to Market | Mark to Model | TOTAL FAIR VALUE |
| | | Black&Scholes | Binomial model | DCF Model | |
| Equity investments | 71.9 | 71.9 | | | | 71.9 |
| Trade receivables | 5.2 | | | | 5.1 | 5.1 |
| Due to banks | (929.6) | | | | (935.8) | (935.8) |
| M/L trade and other payables | (47.4) | | | | (46.1) | (46.1) |
| Hedging derivatives on equity instruments | | | | | | |
| - Put | 14.5 | | 14.5 | | | 14.5 |
| - Call | (0.5) | | (0.5) | | | (0.5) |
| Other hedging derivatives: | | | | | | |
| -Forward | 6.0 | | | | 6.0 | 6.0 |
| - IRS contracts | 16.9 | | | | 16.9 | 16.9 |
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. For trade payables, fair value has been adjusted by 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 2024 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE | Notes |
| Equity investments | 24.2 | | 24.2 | | 24.2 | 7.7 |
| Other hedging derivatives | | | | | | |
| -Forward | 5.1 | | 5.1 | | 5.1 | 7.7;8.4;11.2;11.4 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
| BALANCE SHEET ITEM at 31 DECEMBER 2023 | CARRYING AMOUNT | level I | level II | Level III | TOTAL FAIR VALUE |
| Equity investments | 71.9 | 42.9 | 29.0 | | 71.9 |
| Hedging derivatives on equity instruments | | | | | |
| - Put | 14.5 | | 14.5 | | 14.5 |
| - Call | (0.5) | | (0.5) | | (0.5) |
| Other hedging derivatives | | | | | |
| -Forward | 6.0 | | 6.0 | | 6.0 |
| - IRS contracts | 16.9 | | 16.9 | | 16.9 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page387-cflshid_151121-tag117753": {
"value": "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 2024, medium/long-term incentive plans allocated for the years 2022, 2023 and 2024 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 2022 | Incentive plan 2023 | Incentive plan 2024 |
| Grant date | 14/07/2022 | 01/08/2023 | 31/07/2024 |
| Vesting Period | from 01/01/2022 to 31/12/2024 | from 01/01/2023 to 31/12/2025 | from 01/01/2024 to 31/12/2026 |
| Exercise period | from 01/08/2025 | from 01/09/2026 | from 01/08/2027 |
| Fair Value | A-class shares EUR 2.0770B-class shares EUR 3.0370 | A-class shares EUR 2.3885B-class shares EUR 3.4625 | A-class shares EUR 3.1893 |
On 31 July 2024, 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 (2024-2026) established by resolution of the Shareholders' Meeting of 19 June 2024. The Board allocated those same beneficiaries their entitlements for 2024, 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 17 July 2024.
Below is a summary of the changes to the medium/long-term incentive plans:
| Incentive plan 2021 | Incentive plan 2022 | Incentive plan 2023 | Incentive plan 2024 | Total |
| A Shares | B Shares | A Shares | B Shares | A Shares | B Shares | A Shares | |
| Options outstanding at 1/1/2023 | 1,823,852 | 1,823,852 | 5,625,698 | 3,780,598 | - | - | - | 13,054,000 |
| Options issued during the year | - | - | - | - | 5,070,414 | 3,630,102 | - | 8,700,516 |
| 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 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 |
| | | | | | | | - |
| Options outstanding at 1/1/2024 | 364,770 | 364,770 | 1,125,129 | 756,106 | 1,014,065 | 726,010 | - | 4,350,850 |
| Options issued during the year | 87.880 | 87.880 | - | - | - | - | 1,776,066 | 1,951,826 |
| Options exercised during the year | -452,650 | -452.650 | - | - | - | - | - | -905,300 |
| Options not-exercised during the year | - | - | - | - | - | - | - | - |
| Options expired/cancelled during the year | - | - | - | - | - | - | - | - |
| Options outstanding at 31/12/2024 | - | - | 1,125,129 | 756,106 | 1,014,065 | 726,010 | 1,776,066 | 5,397,376 |
The incentive plans are recognised in the financial statements at their fair value:
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
o2024 Stock Option Plan: EUR 3.1893 per A-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 adjusted for the 2022 and 2023 Plans following the reverse stock split of 23 October 2023.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page389-cflshid_152245-tag117754": {
"value": "15. RELATED-PARTY TRANSACTIONSThe 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 | | | | | | |
| Associazione Calcio Monza S.p.A. | 0.0 | (11.3) | - | 0.0 | (2.6) | 0.0 |
| Arnoldo Mondadori Editore S.p.A.* | 4.6 | (22.3) | - | 1.8 | (11.5) | (0.0) |
| Fininvest Real Estate and Services S.p.A. | 0.0 | - | - | 0.0 | - | - |
| Mediolanum S.p.A.* | 3.6 | - | - | 0.0 | - | - |
| Other affiliated entities | 0.1 | (0.6) | - | 0.0 | (0.1) | - |
| Total Affiliated Entities | 8.3 | (34.2) | - | 1.9 | (14.2) | (0.0) |
| ASSOCIATES AND JOINT VENTURES | | | | | | |
| Boing SpA | 8.4 | (24.2) | 0.0 | 3.4 | (13.1) | 1.8 |
| EI Towers Group ** | 1.7 | (159.7) | - | 0.2 | (1.9) | 0.0 |
| Fascino Produzione Gestione Teatro S.r.l. | 0.0 | (74.2) | (0.7) | 0.0 | (19.1) | (32.6) |
| Prosieben Group | 1.3 | - | - | 0.1 | - | - |
| Other joint ventures and associates | 2.8 | (100.7) | 0.0 | 0.6 | (26.9) | 3.8 |
| Total Joint ventures and associates | 14.2 | (358.8) | (0.6) | 4.2 | (61.0) | (27.0) |
| KEY MANAGEMENT PERSONNEL*** | - | (16.3) | - | - | (0.0) | (8.9) |
| SUPPLEMENTARY PENSION SCHEME (Mediafond) | 0.0 | (0.0) | - | 0.0 | - | (1.2) |
| OTHER RELATED PARTIES**** | 0.0 | (0.1) | - | 0.0 | - | - |
| TOTAL RELATED PARTIES | 22.7 | (414.2) | (0.6) | 6.2 | (75.2) | (37.1) |
* 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 costs and the related trade payables mainly refer to purchases of television productions and broadcasting rights and to the fees paid to related parties for the sale of advertising space managed through exclusive concessions by Group companies.
The costs paid to subsidiary 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 21.4 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.
| 2024 | | | \u2026\u2026\u2026\u2026\u2026.. Short-term benefits | | | | |
| Name | Position at MFE | Fixed compensation in MFE | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates (1) | | Compensation for participation in subsidiaries\u2019 and associates\u2019 committees | Variable compensation | Other variable compensation (bonuses) | Non monetary benefits | Post-employment benefits (3) | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | - | 386,203 | (1) | - | 992,400 | - | 20,850 | 131,068 | 516,490 | 3,087,011 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | - | 1,174,081 | (1) | - | 248,100 | - | 9,919 | 451,002 | 129,122 | 2,052,224 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | - | 1,123,477 | (1) | - | 165,825 | - | 9,930 | 411,327 | 96,842 | 1,847,401 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | - | 1,221,563 | (1) | - | 270,078 | - | 18,148 | 476,311 | 52,455 | 2,078,555 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | - | 2,312,196 | (1) | - | 1,055,700 | - | 20,981 | 801,774 | 193,684 | 4,424,335 |
| | 1,200,000 | - | 6,217,520 | | - | 2,732,103 | - | 79,827 | 2,271,482 | 988,594 | 13,489,526 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | - | 1,920,000 | | - | - | - | 20,470 | 19,144 | - | 2,019,614 |
| Patrizia Arienti (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | | - | - | - | - | - | - | 40,000 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | | - | - | - | - | 3,600 | - | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | | - | - | - | - | - | - | 40,000 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 55,000 | - | | - | - | - | - | 4,186 | - | 99,186 |
| Consuelo Crespo Bofill (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | | - | - | - | - | - | - | 70,000 |
| Raffaele Cappiello(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 10,000 | - | | - | - | - | - | 2,400 | - | 32,400 |
| Javier Diez de Polanco (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | - | - | - | - | - | - | - | 70,000 |
| Costanza Esclapon De Villeneuve (4) | NON-EXECUTIVE DIRECTOR | 20,000 | 15,000 | - | - | - | - | - | - | - | - | 35,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | - | - | 14,016 | - | 84,016 |
| Danilo Pellegrino(2) | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | - | - | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | - | - | 18,400 | - | 108,400 |
| Carlo Secchi (4) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | - | - | - | - | - | 19,200 | - | 59,200 |
| | 420,000 | 290,000 | 1,980,000 | | - | - | - | 20,470 | 80,946 | - | 2,791,416 |
| | 1,620,000 | 290,000 | 8,197,520 | | - | 2,732,103 | - | 100,297 | 2,352,428 | 988,594 | 16,280,942 |
(1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE
(2) Payment order in favour of Fininvest Spa
(3) For Group employees, this includes a TFR severance indemnity equal to 6.90% of the total remuneration as established by Italian law
(4) In office until 19 June 2024
(5) In office since 19 June 2024
\u00a02023 Short-term benefits
| Name | Position at MFE | Fixed Compensation \u2013 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 (3) | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | | 384,954 | -1 | | 620,000 | | 19,950 | 113,704 | 319,321 | 2,497,929 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | | 1,152,571 | -1 | 24,000 | 248,000 | | 9,465 | 448,247 | 127,729 | 2,050,012 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | | 1,102,387 | -1 | 16,000 | 179,251 | | 9,005 | 412,891 | 95,796 | 1,855,330 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | | 1,195,468 | -1 | 20,000 | 276,660 | | 13,231 | 478,738 | 51,889 | 2,075,987 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | | 1,902,388 | -1 | | 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 | \u00a0- | 28,000 | | | 15,397 | 18,163 | | 2,022,810 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | | \u00a0- | | \u00a0- | \u00a0- | \u00a0- | 3,600 | | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | - | 6,400 | | 46,400 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 70,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 4,464 | | 114,464 |
| Raffaele Cappiello | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 2,552 | | 62,552 |
| Costanza Esclapon De Villeneuve | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | | 70,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 14,016 | | 74,016 |
| Danilo Pellegrino (2) | NON-EXECUTIVE DIRECTOR | 40,000 | | | | | | | | \u00a0- | | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | | 14,400 | | 104,400 |
| Carlo Secchi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 12,800 | | 92,800 |
| | 420,000 | 280,000 | 1,901,250 | | 28,000 | - | - | 15,397 | 76,396 | \u00a0- | 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 |
(1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE
(2) Payment order in favour of Fininvest Spa
(3) For Group employees, this includes a TFR severance indemnity equal to 6.90% of the total remuneration as established by Italian law
| 2024 | | | \u2026\u2026\u2026\u2026\u2026.. Short-term benefits | | | | |
| Name | Position at MFE | Fixed compensation in MFE | Compensation for participation in MFE committees | Fixed compensation \u2013 Subsidiaries and associates (1) | | Compensation for participation in subsidiaries\u2019 and associates\u2019 committees | Variable compensation | Other variable compensation (bonuses) | Non monetary benefits | Post-employment benefits (3) | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | - | 386,203 | (1) | - | 992,400 | - | 20,850 | 131,068 | 516,490 | 3,087,011 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | - | 1,174,081 | (1) | - | 248,100 | - | 9,919 | 451,002 | 129,122 | 2,052,224 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | - | 1,123,477 | (1) | - | 165,825 | - | 9,930 | 411,327 | 96,842 | 1,847,401 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | - | 1,221,563 | (1) | - | 270,078 | - | 18,148 | 476,311 | 52,455 | 2,078,555 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | - | 2,312,196 | (1) | - | 1,055,700 | - | 20,981 | 801,774 | 193,684 | 4,424,335 |
| | 1,200,000 | - | 6,217,520 | | - | 2,732,103 | - | 79,827 | 2,271,482 | 988,594 | 13,489,526 |
| Fedele Confalonieri | NON-EXECUTIVE DIRECTOR (Chair) | 60,000 | - | 1,920,000 | | - | - | - | 20,470 | 19,144 | - | 2,019,614 |
| Patrizia Arienti (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | | - | - | - | - | - | - | 40,000 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | | - | - | - | - | 3,600 | - | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | | - | - | - | - | - | - | 40,000 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 55,000 | - | | - | - | - | - | 4,186 | - | 99,186 |
| Consuelo Crespo Bofill (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | | - | - | - | - | - | - | 70,000 |
| Raffaele Cappiello(4) | NON-EXECUTIVE DIRECTOR | 20,000 | 10,000 | - | | - | - | - | - | 2,400 | - | 32,400 |
| Javier Diez de Polanco (5) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | 30,000 | - | - | - | - | - | - | - | 70,000 |
| Costanza Esclapon De Villeneuve (4) | NON-EXECUTIVE DIRECTOR | 20,000 | 15,000 | - | - | - | - | - | - | - | - | 35,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | - | - | - | - | - | - | 14,016 | - | 84,016 |
| Danilo Pellegrino(2) | NON-EXECUTIVE DIRECTOR | 40,000 | - | - | - | - | - | - | - | - | - | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | - | - | - | - | - | - | 18,400 | - | 108,400 |
| Carlo Secchi (4) | NON-EXECUTIVE DIRECTOR | 20,000 | 20,000 | - | - | - | - | - | - | 19,200 | - | 59,200 |
| | 420,000 | 290,000 | 1,980,000 | | - | - | - | 20,470 | 80,946 | - | 2,791,416 |
| | 1,620,000 | 290,000 | 8,197,520 | | - | 2,732,103 | - | 100,297 | 2,352,428 | 988,594 | 16,280,942 |
(1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE
(2) Payment order in favour of Fininvest Spa
(3) For Group employees, this includes a TFR severance indemnity equal to 6.90% of the total remuneration as established by Italian law
(4) In office until 19 June 2024
(5) In office since 19 June 2024
\u00a02023 Short-term benefits
| Name | Position at MFE | Fixed Compensation \u2013 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 (3) | Share based payments | Total |
| Pier Silvio Berlusconi | CHIEF EXECUTIVE OFFICER | 1,040,000 | | 384,954 | -1 | | 620,000 | | 19,950 | 113,704 | 319,321 | 2,497,929 |
| Marco Angelo Giordani | EXECUTIVE DIRECTOR | 40,000 | | 1,152,571 | -1 | 24,000 | 248,000 | | 9,465 | 448,247 | 127,729 | 2,050,012 |
| Gina Nieri | EXECUTIVE DIRECTOR | 40,000 | | 1,102,387 | -1 | 16,000 | 179,251 | | 9,005 | 412,891 | 95,796 | 1,855,330 |
| Niccolo' Querci | EXECUTIVE DIRECTOR | 40,000 | | 1,195,468 | -1 | 20,000 | 276,660 | | 13,231 | 478,738 | 51,889 | 2,075,987 |
| Stefano Guido Sala | EXECUTIVE DIRECTOR | 40,000 | | 1,902,388 | -1 | | 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 | \u00a0- | 28,000 | | | 15,397 | 18,163 | | 2,022,810 |
| Stefania Bariatti | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | | \u00a0- | | \u00a0- | \u00a0- | \u00a0- | 3,600 | | 93,600 |
| Marina Berlusconi | NON-EXECUTIVE DIRECTOR | 40,000 | | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | - | 6,400 | | 46,400 |
| Marina Brogi | NON-EXECUTIVE DIRECTOR | 40,000 | 70,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 4,464 | | 114,464 |
| Raffaele Cappiello | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 2,552 | | 62,552 |
| Costanza Esclapon De Villeneuve | NON-EXECUTIVE DIRECTOR | 40,000 | 30,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | | 70,000 |
| Giulio Gallazzi | NON-EXECUTIVE DIRECTOR | 40,000 | 20,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 14,016 | | 74,016 |
| Danilo Pellegrino (2) | NON-EXECUTIVE DIRECTOR | 40,000 | | | | | | | | \u00a0- | | 40,000 |
| Alessandra Piccinino | NON-EXECUTIVE DIRECTOR | 40,000 | 50,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | | 14,400 | | 104,400 |
| Carlo Secchi | NON-EXECUTIVE DIRECTOR | 40,000 | 40,000 | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | \u00a0- | 12,800 | | 92,800 |
| | 420,000 | 280,000 | 1,901,250 | | 28,000 | - | - | 15,397 | 76,396 | \u00a0- | 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 |
(1) Includes the Fixed Remuneration as an employee, the Non-Competition Agreement and the emoluments received in subsidiaries of MFE
(2) Payment order in favour of Fininvest Spa
(3) For Group employees, this includes a TFR severance indemnity equal to 6.90% of the total remuneration as established by Italian law
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 7.1 million (EUR 6.4 million at 31 December 2023).
In addition, bank guarantees in favour of third-party companies were issued for a total amount of EUR 90.4 Million (EUR 89.8 million at 31 December 2023), 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 579.4 million (EUR 631.1 million at 31 December 2023). These future commitments relate mainly to volume deal contracts of the Group with some of the leading American TV producers.
oEUR 5.8 million to associates for the acquisition of content, sport events and rental contracts (EUR 11.0 million at 31 December 2023).
ocommitments for artistic projects, television productions and press agency contracts of approximately EUR 210.3 million (EUR 321.8 million at 31 December 2023), of which EUR 93.3 million due to Related Parties;
ocommitments for digital broadcasting capacity services of EUR 10.4 million (EUR 1.5 million at 31 December 2023);
oEUR 7.9 million in contractual commitments for satellite capacity use (EUR 11.9 million at 31 December 2023).
ocommitments to the EI Towers Group of approximately EUR 903.0 million (EUR 229.1 million at 31 December 2023) relating to the renewal of the long-term contract for hospitality, support and maintenance services (full service) in effect from 1 July 2025 to 30 June 2032, as reported in the significant events for the year;
ocommitments (out of scope of IFRS 16) for the purchase of new equipment, multi-year leases, rental of high-frequency towers, the supply of EDP services and commitments to trade associations for the use of intellectual property rights totalling EUR 129.3 million (EUR 181.2 million at 31 December 2023).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page393-cflshid_154967-tag117756": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"v1-page394-cflshid_155381-tag117767": {
"value": "17. SUBSEQUENT EVENTS AFTER 31 DECEMBER 2024With regard to the proceeding No. 1181/10 brought by ITV against Mediaset Espa\u00f1a (now Grupo Audiovisual Mediaset Espa\u00f1a Comunicaci\u00f3n \u2013 \u201cGAM\u201d) regarding the use of the Pasapalabra format, on 24 February 2025, the Commercial Court No. 6 of Madrid issued Order No. 69/2025, which establishes that GAM must pay ITV compensation of 44.3 million euros. GAM will appeal this first instance ruling to the Provincial Court of Madrid, arguing that the criteria differ between the valuation carried out by the expert appointed by the same court and the final valuation established by the Court, in addition to other serious defects observed. The disclosure concerning this proceeding is reported in the explanatory note 10.3 Provision and contingent liabilities. On 26 March 2025 MFE- MFE-MEDIAFOREUROPE N.V. (\"MFE\") announced its intention to issue a voluntary public takeover offer to increase its stake in the major entertainment player in the German-speaking region, ProSiebenSat.1 Media SE (P7S1) with the aim to gain flexibility and optionality in the process aimed to increase its stake and strengthen its presence in the company, in order to actively contribute to the growth and development of the German broadcaster.
MFE expects to offer ProSieben shareholders who tender their shares during the offer period an offer consideration equal to the 3 months VWAP of the ProSieben share (as calculated by the German Federal Financial Supervisory Authority, Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht, BaFin), which corresponds to the statutory minimum price. Approximately 78% of the offer price is expected to be paid in cash and approximately 22% of the offer price is expected to be paid in newly-issued MFE A shares.
The takeover offer will be subject to customary conditions such as market and business-related material adverse change clauses and regulatory clearances and other conditions.
MFE entered into an irrevocable undertaking with an existing shareholder of ProSieben pursuant to which such shareholder has irrevocably undertaken to accept the takeover offer for part of the ProSieben shares currently held. Such undertaking secures that MFE will in any event hold more than 30% of the share capital of ProSieben upon completion of the takeover offer.
On 2nd of April 2025 the German Federal Financial Supervisory Authority (Bafin) informed MFE that the 3 months VWAP of the ProSieben share up to (and including) the reference date (25 March 2025) amounts to EUR 5.74, which is the statutory minimum price. Based on that, MFE intends to offer to the shareholders of ProSieben for each ProSieben share tendered into the voluntary public takeover offer (once made) a mixed consideration consisting of EUR 4.47 in cash and 0.4 newly-issued MFE A shares.
The three-month average closing price of the MFE A share on the Euronext Milan Stock Exchange up to (and including) the reference date (25 March 2025) amounts to EUR 3.18. Based on such average, the value of the intended share component is therefore equal to EUR 1.27 (EUR 3.18 multiplied by 0.4 MFE A shares).
The voluntary public takeover offer will be made pursuant to an offer document to be approved by BaFin. The offer document will be published following receipt of permission or deemed permission from BaFin, at which point the initial acceptance period of the takeover offer will commence.
On 15 April 2025, MFE notified BaFin of the update of its shareholding in P7S1 from 29.99% as of 31 December 2024 to 30.09% of the share capital.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800DIFN7NR7B97A50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}