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"2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f100187": { "value": "-3400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f100191": { "value": "486200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f100205": { "value": "18300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:EUR" } }, "f100209": { "value": "2675300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "davidecamparimilano:RetainedEarningsAndOtherReservesMember", "unit": "iso4217:EUR" } }, "f100213": { "value": "27300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfCashFlowHedgesMember", "unit": "iso4217:EUR" } }, "f100217": { "value": "-48100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:EUR" } }, "f100221": { "value": "3500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfRemeasurementsOfDefinedBenefitPlansMember", "unit": "iso4217:EUR" } }, "f100225": { "value": "2676200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "f100229": { "value": "1400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "f100233": { "value": "2677600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f100242": { "value": "
1.General information
Davide Campari-Milano N.V., the Group\u2019s Parent Company, is listed on the Italian Stock Exchange, with its legal domicile in Amsterdam, the Netherlands, and its corporate address at Via Franco Sacchetti 20, 20099 Sesto San Giovanni, Milan, Italy. For the purposes of carrying out its business operations in Italy, the Company has established a secondary seat with a permanent representative office, within the meaning of article 2508 of the Italian Civil Code. The Company is entered in both the Netherlands Chamber of Commerce under the number 78502934 and Milan Monza Brianza Lodi Chamber of Commerce with the number 06672120158. At 31 December 2023, 54.4% of the share capital and 84.0% of the total voting rights of the Company were held by Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions, headquartered in Luxembourg, in turn controlled by Artemisia Management S.A., Soci\u00e9t\u00e9 Anonyme, which is the ultimate controlling company of the Group.
Founded in 1860, Campari is the sixth-largest player in the premium spirits industry, with an extensive and varied product portfolio. Its internationally-recognised brands include Aperol, Campari, SKYY, Grand Marnier, Wild Turkey and Appleton Estate. The Group has a global distribution reach, trading in over 190 nations with leading positions in Europe and the Americas. It has 22 production sites, its own distribution network in 26 countries and employs around 4,700 people.
On 27 February 2024 the Board of Directors of the Parent Company approved the consolidated financial statements of Campari Group for the year ended 31 December 2023 and authorised them for issue.
The Board of Directors reserves the right to amend the financial statements, up to the date of the Shareholders\u2019 meeting of the Parent Company, should any significant events occur that require changes to be made. The financial statements are presented in million of \u20ac. The \u20ac is the reference currency of the Parent Company and many of its subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact0": { "value": "
1.General information
On 27 February 2024 the Board of Directors of the Parent Company approved the consolidated financial statements of Campari Group for the year ended 31 December 2023 and authorised them for issue.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100251": { "value": "Davide Campari-Milano N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100255": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100258": { "value": "Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100262": { "value": "Milan, Italy", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100270": { "value": "Lagfin S.C.A.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100273": { "value": "Artemisia Management S.A.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100276": { "value": "Founded in 1860, Campari is the sixth-largest player in the premium spirits industry, with an extensive and varied product portfolio. Its internationally-recognised brands include Aperol, Campari, SKYY, Grand Marnier, Wild Turkey and Appleton Estate. The Group has a global distribution reach, trading in over 190 nations with leading positions in Europe and the Americas. It has 22 production sites, its own distribution network in 26 countries and employs around 4,700 people", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100313": { "value": " Accounting information and material general accounting policies
The consolidated financial statements at 31 December 2023 were prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board (\u2018IASB\u2019) and ratified by the European Union (\u2018IFRS-EU\u2019), and with Part 9 of Book 2 of the Dutch Civil Code. These include all the international accounting standards (\u2018IAS\u2019) and interpretations of the International Financial Reporting Standards Interpretation Committee (\u2018IFRS IC\u2019), formerly the Standing Interpretations Committee (\u2018SIC\u2019).
The accounting standards adopted by the Group are the same as those that were applied for the annual financial statements for the year ended 31 December 2022, except for the accounting standards specified in note 2 viii-\u2018Change in accounting standards. Summary of the new accounting standards adopted by the Group from 1 January 2023\u2019. For the year ended 31 December 2023 there were no changes in accounting estimates and errors.
The financial statements were prepared in accordance with the historical cost method and taking any value adjustments into account where appropriate for certain categories of assets and liabilities, which were measured in accordance with the methods provided by IFRS.
Comparative information shall be disclosed in respect of the preceding period for all amounts reported in the financial statements. Comparative information has been included for narrative and descriptive information where it is relevant to an understanding of the current period\u2019s financial statements.
Whether individual items or groups of items have been disclosed separately in the primary financial statements or in the notes depends on their materiality. Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements.
Unless otherwise indicated, the figures reported in these notes are expressed in millions of \u20ac.
The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the date of signing the Company\u2019s consolidated financial statements.
Transactions with related parties form part of ordinary operations and are carried out under market conditions (i.e., conditions that would apply between two independent parties) or using criteria that allow for the recovery of costs incurred and a return on invested capital. All transactions with related parties were carried out in the Group\u2019s interest.
The Group is continuously improving its financial disclosures to make them more accessible and understandable to stakeholders. Material accounting policies applied by the Group based on IFRS have been identified and are indicated within the notes to the consolidated financial statements with \u2018Accounting policy\u2019, as well as key assumptions and estimates. Disclosures are provided for transactions and other events or conditions that are material for the Group, following more or less the sequence of items in the consolidated statement of financial position and the consolidated statement of profit or loss.
i. Form and content
In accordance with the format selected by the Group, the statement of profit or loss has been classified by function, and the statement of financial position is based on a distinction between current and non-current assets and liabilities. We consider that this format will provide a more meaningful representation of the items that have contributed to the Group\u2019s results and its assets and financial position.
Transactions or events that may generate income and expenses that are not relevant for assessing business performance, such as gains (losses) on the sale of fixed assets, restructuring and reorganisation costs, non-recurring financial expenses, and any other non-recurring income (expenses), are described in the disclosures.
This presentation complies with the requirements and guidelines of the European Securities and Markets Authority (\u2018ESMA\u2019) set out in ESMA/2015/1415.
In 2023, the Group did not carry out any atypical and/or unusual transactions that, due to their materiality or size, type of counterparties to the transaction, or method for determining the price and timing of the event (proximity to the close of the period), could give rise to concerns over the accuracy or completeness of the information in the financial statements, conflicts of interest, the safeguarding of company assets or the protection of minority shareholders.
The statement of cash flows was prepared using the indirect method.
ii.Seasonal factors
Sales of certain Group products are more affected than others by seasonal factors, because of different consumption patterns or consumer habits. In particular, aperitif consumption tends to be concentrated during spring and summer, whereas sales of other products, such as sparkling wines and spirits, are concentrated in the last quarter. Seasonal consumption cycles in the markets in which Campari Group operates may impact its financial results and operations. In general, the Group\u2019s diversified product portfolio and its sales geographical spread substantially help reduce risks relating to seasonal factors. Moreover, in order not to be excessively exposed to seasonal peaks, the Group is carrying out initiatives to de-seasonalise the consumption moments of the main brands, with particular attention to the aperitif segment, ensuring constant consumption throughout the year, unlocking new consumption opportunities outside seasonal peaks.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact15": { "value": " Accounting information and material general accounting policies
The consolidated financial statements at 31 December 2023 were prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board (\u2018IASB\u2019) and ratified by the European Union (\u2018IFRS-EU\u2019), and with Part 9 of Book 2 of the Dutch Civil Code. These include all the international accounting standards (\u2018IAS\u2019) and interpretations of the International Financial Reporting Standards Interpretation Committee (\u2018IFRS IC\u2019), formerly the Standing Interpretations Committee (\u2018SIC\u2019).
The accounting standards adopted by the Group are the same as those that were applied for the annual financial statements for the year ended 31 December 2022, except for the accounting standards specified in note 2 viii-\u2018Change in accounting standards. Summary of the new accounting standards adopted by the Group from 1 January 2023\u2019. For the year ended 31 December 2023 there were no changes in accounting estimates and errors.
The financial statements were prepared in accordance with the historical cost method and taking any value adjustments into account where appropriate for certain categories of assets and liabilities, which were measured in accordance with the methods provided by IFRS.
Comparative information shall be disclosed in respect of the preceding period for all amounts reported in the financial statements. Comparative information has been included for narrative and descriptive information where it is relevant to an understanding of the current period\u2019s financial statements.
Whether individual items or groups of items have been disclosed separately in the primary financial statements or in the notes depends on their materiality. Materiality is judged by reference to the size and nature of the item. The deciding factor is whether the omission or misstatement could, individually or collectively, influence the economic decisions that users make on the basis of the financial statements.
Unless otherwise indicated, the figures reported in these notes are expressed in millions of \u20ac.
The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the date of signing the Company\u2019s consolidated financial statements.
Transactions with related parties form part of ordinary operations and are carried out under market conditions (i.e., conditions that would apply between two independent parties) or using criteria that allow for the recovery of costs incurred and a return on invested capital. All transactions with related parties were carried out in the Group\u2019s interest.
The Group is continuously improving its financial disclosures to make them more accessible and understandable to stakeholders. Material accounting policies applied by the Group based on IFRS have been identified and are indicated within the notes to the consolidated financial statements with \u2018Accounting policy\u2019, as well as key assumptions and estimates. Disclosures are provided for transactions and other events or conditions that are material for the Group, following more or less the sequence of items in the consolidated statement of financial position and the consolidated statement of profit or loss.
i. Form and content
In accordance with the format selected by the Group, the statement of profit or loss has been classified by function, and the statement of financial position is based on a distinction between current and non-current assets and liabilities. We consider that this format will provide a more meaningful representation of the items that have contributed to the Group\u2019s results and its assets and financial position.
Transactions or events that may generate income and expenses that are not relevant for assessing business performance, such as gains (losses) on the sale of fixed assets, restructuring and reorganisation costs, non-recurring financial expenses, and any other non-recurring income (expenses), are described in the disclosures.
This presentation complies with the requirements and guidelines of the European Securities and Markets Authority (\u2018ESMA\u2019) set out in ESMA/2015/1415.
In 2023, the Group did not carry out any atypical and/or unusual transactions that, due to their materiality or size, type of counterparties to the transaction, or method for determining the price and timing of the event (proximity to the close of the period), could give rise to concerns over the accuracy or completeness of the information in the financial statements, conflicts of interest, the safeguarding of company assets or the protection of minority shareholders.
The statement of cash flows was prepared using the indirect method.
ii.Seasonal factors
Sales of certain Group products are more affected than others by seasonal factors, because of different consumption patterns or consumer habits. In particular, aperitif consumption tends to be concentrated during spring and summer, whereas sales of other products, such as sparkling wines and spirits, are concentrated in the last quarter. Seasonal consumption cycles in the markets in which Campari Group operates may impact its financial results and operations. In general, the Group\u2019s diversified product portfolio and its sales geographical spread substantially help reduce risks relating to seasonal factors. Moreover, in order not to be excessively exposed to seasonal peaks, the Group is carrying out initiatives to de-seasonalise the consumption moments of the main brands, with particular attention to the aperitif segment, ensuring constant consumption throughout the year, unlocking new consumption opportunities outside seasonal peaks.
iii. Currency conversion criteria and exchange rates applied to the financial statements
-Currency conversion
Items included in the financial statements of the Group\u2019s subsidiaries and joint-ventures are measured using the currency of the primary economic environment in which each entity operates (its functional currency) and are converted to the Group presentation currency (\u20ac) as follows:
\u00adstatement of profit or loss items are converted at the average exchange rate for the period, while statement of financial position items are converted at period-end exchange rates; exchange rate differences resulting from the application of differing criteria for conversion to the \u20ac of statement of profit or loss and statement of financial position items are recorded under the currency translation reserve under shareholders\u2019 equity until the investment in question is sold or terminated;
\u00adany conversion differences between the value of initial shareholders\u2019 equity, as converted at end-of-period exchange rates, and the value of shareholders\u2019 equity for the previous year converted at current exchange rates are also recorded under the currency translation reserve.
The key exchange rates used for conversion transactions are shown below.

\u00a0

for the year ended 31 December 2023

at 31 December 2023

for the year ended 31 December 2022

at 31 December 2022

\u00a0

average rate

end-of-period rate

average rate

end-of-period rate

US$

1.082

1.105

1.054

1.067

Canadian Dollar

1.460

1.464

1.370

1.444

Jamaican Dollar

166.714

170.623

161.777

161.803

Argentine Peso\u02bf\u00b9\u02be

892.924

892.924

188.503

188.503

Australian Dollar

1.628

1.626

1.517

1.569

Brazilian Real

5.402

5.362

5.443

5.639

Swiss Franc

0.972

0.926

1.005

0.985

Yuan Renminbi

7.659

7.851

7.080

7.358

Great Britain Pounds

0.870

0.869

0.853

0.887

Japanese Yen

151.941

156.330

138.005

140.660

South Korea Won

1,413.269

1,433.660

1,358.071

1,344.090

Mexican peso

19.190

18.723

21.205

20.856

New Zealand Dollar

1.762

1.750

1.659

1.680

Peruvian Sol

4.049

4.082

4.040

4.046

Russian Ruble(2)

92.479

99.192

74.039

79.226

Singapore Dollar

1.452

1.459

1.452

1.430

Ukraine Hryvnia

39.558

41.996

33.975

39.037

South Africa Rand

19.953

20.348

17.210

18.099

(1)The average exchange rate of the Argentine Peso was assumed to be equal to the spot exchange rate at the reporting date as required by the hyperinflation accounting standard. For reference only the average exchange rate would have been 316.341.
(2) On 2 March 2022, the European Central Bank (\u2018ECB\u2019) decided to suspend the publication of \u20ac reference rate for the Russian Rouble until further notice. The Group has therefore decided to refer to an alternative reliable source for exchange rates based on executable and indicative quotes from multiple dealers.
-Transactions in foreign currencies (not hedged with derivatives)
Revenues and costs related to foreign currency transactions are reported at the exchange rate applied on the date on which the transaction is carried out.
Monetary assets and liabilities in foreign currencies are initially converted into \u20ac at the exchange rate in effect on the transaction date and subsequently converted into \u20ac at the exchange rate applied on the reporting date, with the difference in value being posted to the statement of profit or loss.
Non-monetary assets and liabilities arising from the payment/collection of a foreign currency advance are initially recognised at the exchange rate in effect on the transaction date and are not subsequently modified to take account of any change in the exchange rate in effect on the reporting date.
- Hyperinflation
If a subsidiary operates in a hyperinflationary economy, the related economic and financial results are adjusted in accordance with the method established by IFRS, before being translated into the functional currency of the Group (\u20ac). The economic and financial data are restated in local currency, taking into account the current purchasing power of the currency on the date of the financial statements. This process requires a number of complex procedural steps, which are maintained consistently over time.
The restatement procedures used by the Group are as follows:
a) selection of a general price index;
b) segregation of monetary and non-monetary items;
c) restatement of non-cash items;
d) restatement of the statement of profit or loss;
e) calculation of monetary profit or loss;
g) restatement of adjusted balance-sheet and income-statement values.
The restated statement of profit or loss is converted into \u20ac by applying the spot exchange rate at the end of the period instead of the average exchange rate for the period.
No restatement of the values presented in the comparative period prior to the official declaration of the subsidiary\u2019s adoption of hyperinflationary accounting is required in the Group\u2019s consolidated figures.
The effect of restating non-cash items is recognised in the statement of profit or loss under net financial income (expenses).
The indexes used to remeasure the values at 31 December 2023, in accordance with hyperinflationary economies IFRS rules, are shown in the table below. Specifically, the national Consumer Price Index (\u2018nationwide CPI\u2019) of Argentina was used.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

average rate

average rate

Consumer Price Index

3,297.610

1,147.273

\u00a0

2023 conversion factor

2022 conversion factor

January

2.937

1.896

February

2.754

1.811

March

2.558

1.697

April

2.360

1.600

May

2.190

1.523

June

2.067

1.447

July

1.943

1.347

August

1.728

1.259

September

1.533

1.186

October

1.415

1.115

November

1.255

1.063

December

1.000

1.000

Principles of control and consolidation
-Principles of control
Control is determined when the Group is exposed to or has a right to variable returns resulting from its involvement with the investee, and, at the same time, has the ability to use its power over the investee to affect these returns.
Specifically, the Group controls a business if, and only if, it has:
\u00adpower over the investee (or holds valid rights that give it the actual ability to manage significant activities of the investee);
\u00adexposure or rights to variable returns resulting from its involvement with the investee;
\u00adthe ability to use its power over the investee to affect the size of its returns.
Generally, control is assumed to exist when the Group possesses a majority of the voting rights. In support of this assumption and when the Group holds less than the majority of the voting rights (or similar rights), the Group considers all relevant facts and circumstances in assessing whether it controls the investee, including contractual arrangements with other holders of voting rights, rights arising from contractual arrangements, and the Group\u2019s voting rights and potential voting rights.
The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that one or more of the three significant elements defining control have changed. Consolidation of a subsidiary begins when the Group obtains direct or indirect control of that subsidiary (or through one or more other subsidiaries) and ceases when the Group loses control therefrom. The assets, liabilities, revenues and costs of the subsidiary acquired or disposed of over the year are included in the consolidated financial statements from the date on which the Group obtains control until the date on which the Group no longer exercises control over the company.
Changes in investments in subsidiaries that do not result in acquisition or loss of control are recorded as changes in shareholders\u2019 equity.
If the Group loses control of a subsidiary, the related assets (including goodwill), liabilities, non-controlling interests and other components of shareholders\u2019 equity are derecognised, while any gain or loss is recognised in the statement of profit or loss. Any ownership interest maintained is recorded at fair value.
-Principles of consolidation
The consolidated financial statements include the financial statements of the Parent Company and of the Italian and foreign subsidiaries. All subsidiaries are consolidated on a line-by-line basis. The carrying amount of the equity of the investments in subsidiaries is derecognised against the corresponding portion of the shareholders\u2019 equity of the subsidiaries. At the first consolidation stage individual assets and liabilities are measured at fair value in the context of the purchase price allocation at the date control was acquired. Any residual positive difference in the allocation is recorded under the asset item \u2018Goodwill\u2019, and any negative amount is allocated to the statement of profit or loss.
The subsidiaries\u2019 financial statements are based on the same financial year as the Parent Company and drawn up for the purposes of consolidation. When necessary, appropriate adjustments are made to subsidiaries\u2019 financial statements to bring them into line with the Group\u2019s accounting policies. Joint-ventures are measured by applying the equity method.
When preparing the consolidated financial statements, unrealised gains and losses resulting from intra-group transactions are derecognised, as are the entries giving rise to payables and receivables, and costs and revenues between the companies included in the basis of consolidation. All intra-group assets and liabilities, shareholders\u2019 equity, revenues, costs and cash flow relating to transactions between Group entities are fully derecognised on consolidation. All remaining assets and liabilities, expenses and revenues of the subsidiaries are fully reflected in the consolidated financial statements. Unrealised gains and losses generated on transactions with joint-ventures are derecognised to the extent of the Group\u2019s percentage interest in those companies. Dividends collected from consolidated companies are derecognised.
The profit (loss) for the year and all other components of the statement of other comprehensive income are attributed to the shareholders of the Parent Company and to non-controlling interests, even if this results in non-controlling interests having a negative value. Non-controlling interests in shareholders\u2019 equity and related results are reported under the appropriate items in the primary financial statements.
- Basis of consolidation
The following changes were made to the basis of consolidation, resulting from the acquisitions and reorganisation of companies:
\u00adon 1 March 2023, Campari Group acquired the remaining outstanding shares in CT Spirits Japan Ltd. (\u2018CTSJ\u2019), in which it previously had a joint-venture interest. As a result, CTSJ has become a wholly owned subsidiary;
\u00adon 27 March 2023, the acquisition of the remaining 20% minority interests for both Scev des Gloriettes and Champagne Lallier S.A.S. was completed;
\u00adon 3 April 2023, Campari Group became the majority shareholder of Thirsty Camel Ltd., in which it previously owned a non-controlling stake, by acquiring the 50% of the outstanding shares and thus arriving at a 60% interest stake.
The tables below list the companies included in the basis of consolidation at 31 December 2023.

name of company, activity

registered office

share capital at

31 December 2023

% owned by

Davide Campari-Milano N.V.

indirect ownership through

\u00a0

\u00a0

currency

amount

direct

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Indirect

Davide Campari-Milano N.V., holding, trading and manufacturing company(2)

legal domicile: Amsterdam (Netherlands)

corporate address: Via Franco Sacchetti 20, 20099 Sesto San Giovanni, Milan, Italy.

\u20ac

11,616,000

\u00a0

\u00a0

\u00a0

Fully consolidated companies

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari International S.r.l., trading company

Via Franco Sacchetti 20, 20099 Sesto San Giovanni; Milan, Italy

\u20ac

700,000

100.00

\u00a0

\u00a0

Camparino S.r.l.,trading company

Piazza Duomo 21, 20121 Milan, Italy

\u20ac

48,880

100.00

\u00a0

\u00a0

Terrazza Aperol S.r.l., trading company

Sestiere San Marco 2776, Venice, Italy

\u20ac

\u00a020,000

100.00

\u00a0

\u00a0

Europe and Africa

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari Austria GmbH,trading company

Naglergasse 1/Top 13,1010 Wien, Austria

\u20ac

500,000

100.00

\u00a0

\u00a0

Campari Benelux S.A.,trading company

Rue aux Laines 70, 1000 Bruxelles, Belgium

\u20ac

1,000,000

61.01

\u00a0

38.99

\u00a0

Glen Grant Ltd. 38.99%

Campari Deutschland GmbH, trading company

Adelgundenstr. 7, 80538 Munich, Germany

\u20ac

5,200,000

100.00

\u00a0

\u00a0

Campari Espa\u00f1a S.L.U., holdingand trading company

Calle de la Marina 16-18, planta 29, Barcelona, Spain

\u20ac

4,279,331

100.00

\u00a0

\u00a0

Campari RUS LLC, trading company

115088, Moscow, 2nd Yuzhnoportovy proezd, 14/22, Russia

RUB

210,000,000

100.00

\u00a0

\u00a0

Campari Schweiz A.G., trading company

Lindenstrasse 8, 63471 Baar, Switzerland

CHF

500,000

100.00

\u00a0

\u00a0

Campari Ukraine LLC, trading company

8, Illinska Street, 5 Floor, block 8 and 9, Kiev, 4070 Ukraine

UAH

87,396,209

99.00

1.00

Campari RUS LLC 1%

Glen Grant Ltd.,manufacturing and trading company

GlenGrant Distillery, Elgin Road, Rothes, Morayshire, AB38 7BS, United Kingdom

GBP

24,949,000

100.00

\u00a0

\u00a0

Kaloyiannis-Koutsikos Distilleries S.A., manufacturing and trading company

6 and E Street, A' Industrial Area, 38500 Volos, Greece

\u20ac

6,811,220

100.00

\u00a0

\u00a0

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S., holding and manufacturing company

14, rue Montalivet

75008 Paris, France

\u20ac

27,157,500

100.00

\u00a0

\u00a0

Campari France S.A.S., manufacturing and trading company

14 rue Montalivet 75008 Paris, France

\u20ac

112,759,856

\u00a0

100.00

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S. 100%

Bellonnie et Bourdillon Successeurs S.A.S., manufacturing and trading company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,100,000

\u00a0

96.53

Campari France S.A.S.96.53%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Distilleries Agricole de Sainte Luce S.A.S.,agricultural production company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

2,000,000

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 100%

SCEA Trois Rivi\u00e8res,agricultural service company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,920

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 25%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Distilleries Agricoles de Sainte Luce S.A.S 75%

Champagne Lallier S.A.S., manufacturing company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

3,575,420

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Scev des Gloriettes, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

34,301

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Sci Athena, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

1,000

\u00a0

100.00

Champagne Lallier S.A.S. 100%

Eric Luc, manufacturing and property company

5 rue Ritterbandt, 51160, AY, Franceagne, France

\u20ac

700,000

\u00a0

95.00

Campari France S.A.S. 95%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Campari South Africa Pty Ltd.,trading company

2nd Floor ICR House Alphen Park, Constantia main road, Constantia, Western Cape 7806, South Africa

ZAR

310,247,750

\u00a0

100.00

Campari Espa\u00f1a S.L.U.

Americas

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari America, LLC, manufacturing and trading company

1114 Avenue of the Americas, 19th Floor New York, 10036 United States

US$

566,321,274

100.00

\u00a0

\u00a0

Wilderness Trail Distillery, LLC, holding company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Campari America LLC 70%

Wilderness Trace Distillery, LLC, manufacturing and trading company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Wilderness Trail Distillery, LLC 100%

Campari Argentina S.A.,manufacturing and trading company

Tucuman, Piso 4 1107 Buenos Aires, Ciudad de Buenos Aires

Argentina

ARS

1,179,465,930(1)

98.81

1.19

Campari do Brasil Ltda. 1.19%

Campari do Brasil Ltda., manufacturing and trading company

Alameda Rio Negro 585, Edificio Demini, Conjunto 62, Alphaville-Barueri-SP, Brasil

BRL

156,870,056

99.9999

0.0001
\u00a0

Campari Schweiz A.G. 0.0001%
\u00a0

Campari Mexico S.A. de C.V.,trading company

Avenida Americas 1500 Piso G-A Colonia Country Club, Guadalajara, Jalisco, 44610 Mexico

MXN

5,525,434,642
\u00a0

\u00a0

100.00

Campari Espa\u00f1a S.L.U. 99%

Campari America, LLC 1%

Campari Mexico Destiladora S.A. de C.V., manufacturing company

Camino Real a Atotonilco No. 1081, La Trinidad, San Ignacio Cerro Gordo, Jalisco, Z.C. 47195, Mexico

MXN

10,100,000

\u00a0

100.00

Campari Mexico, S.A. de C.V. 99.99%
Campari America, LLC 0.01%

Licorera Ancho Reyes y cia, S.A.P.I. de C.V.,manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

177,888,738

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Casa Montelobos, S.A.P.I. de C.V., manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

144,810,964

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Campari Peru SAC, trading company

Av. Jorge Basadre No.607, oficina 702, distrito de San Isidro, Lima, Peru

PEN

34,733,589
\u00a0

\u00a0

100.00

Campari Esp\u00e3na S.L.U. 99.92%, Campari do Brasil Ltda. 0.08%

Forty Creek Distillery Ltd., manufacturing and trading company

297 South Service Road West, Grimsby, ON L3M 1Y6 Canada

CAD

105,500,100

100.00

\u00a0

\u00a0

J. Wray and Nephew Ltd., manufacturing and trading company

23 Dominica Drive, Kingston 5, Jamaica

JMD

750,000

\u00a0

100.00

Campari Esp\u00e3na S.L.U.

Asia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari (Beijing) Trading Co. Ltd.,trading company

Building 1, Level 5, Room 66, 16 Chaowai Avenue, Chaoyang District, Beijing, China

CNY

104,200,430

100.00

\u00a0

\u00a0

Campari Australia Pty Ltd.,manufacturing and trading company

Level 21, 141 Walker Street North Sydney, 2060, Australia

AUD

56,500,000

100.00

\u00a0

\u00a0

Campari India Private Ltd., trading company

Upper Ground and First Floor

Shop No. SG-1 and\u00a0 SF-1, DT Greater Kailash-II, New Delhi 110048, India

INR

172,260

99.9

0.01

Campari Australia Pty Ltd. 0.01%

Campari New Zealand Ltd.,trading company

C/o KPMG 18, Viaduct Harbour Av., Maritime Square, Auckland, New Zealand

NZD

10,000

\u00a0

100.00

\u00a0Campari Australia Pty Ltd.

Thirsty Camel Limited, trading Company

c/- Farry Law, Level 11, 152 Quay Street

Auckland CBD, 1010, New Zealand

NZD

5,180,000

\u00a0

60.01

Campari Australia Pty Ltd. 60.01%

Campari Singapore Pte Ltd., trading company

152 Beach Road, #24-06, 1Gateway East, 189721, Singapore

SGD

19,100,000

100.00

\u00a0

\u00a0

Trans Beverages Company Ltd., trading company

5th Floor, 14 Samsung-ro 133-gil Gangnam-gu, Seoul, South Korea, Songpa-gu, Seoul, Korea

KRW

2,000,000,000

\u00a0

\u00a0

51.00

Glen Grant Ltd.

CT Spirits Japan Ltd., trading company

2-26-5 Jingumae Shibuya-ku, Tokyo 150-0001, Japan

JPY

100,000,000

100.00

\u00a0

\u00a0

(1) The share capital does not include effects related to the hyperinflation accounting standard.
(2)The 11,616,000 \u20ac represent ordinary share capital.
Change in accounting standards
-Summary of the new accounting standards endorsed and adopted by the Group from 1 January 2023
Amendments to IAS 1-\u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2: Disclosure of Accounting Policies (issued on 12 February 2021). The amendments provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. These amendments were applied for the first time in 2023 with the disclosures of these Campari Group consolidated financial statements, which were adapted accordingly.
Amendments to IAS 8-\u2018Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on 12 February 2021). The amendments introduce a new definition of \u2018accounting estimates\u2019, clarifying the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to
develop accounting estimates. This amendment was applied for the first time in 2023 with no material impact to be reported.
Amendments to IAS 12-\u2018Income Taxes\u2019 Deferred Taxes related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021). The amendment requires an entity to recognise deferred tax on initial recognition of particular transactions to the extent that the transaction gives rise to equal amounts of deferred tax assets and liabilities. The proposed amendments would apply to transactions such as leases and decommissioning obligations for which an entity recognises both an asset and a liability. This amendment was already applied by the Group.
Amendments to IAS 12-\u2018Income Taxes\u2019: International Tax Reform-Pillar Two Model Rules (issued 23 May 2023). The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure from 31 December 2023. The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was entered into force at 31 December 2022 in any jurisdiction in which the Group operates and no related deferred taxes were recognised at that date, the retrospective application has no impact on the Group consolidated financial statements. This amendment was applied by the Group and new disclosures are also reflected in these consolidated financial statements.
-Accounting standards, amendments and interpretations that have been endorsed but are not yet
applicable/have not been adopted in advance by the Group
The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
Amendment to IAS 1-\u2018Presentation to Financial Statements\u2019 includes the following amendments with first application on 1 January 2024:
\u00adClassification of Liabilities as Current or Non-current and Deferral of Effective Date (issued on 23 January 2020 and 15 July 2020 respectively). The amendment specifies the requirements to classify liabilities as current or non-current by clarifying i) what is meant by a right to defer the settlement; ii) that if an entity has the right to roll over an obligation for at least twelve months after the end of the reporting period, it classifies the obligation as non-current, even if it would otherwise be due within a shorter period; iii) that the classification is unaffected by the likelihood that an entity will exercise its deferral right; and iv) that the settlement refers to a transfer to the counterparty that results in the extinguishment of the liability.
\u00adNon-current Liabilities with Covenants (issued on 31 October 2022). The amendments clarify that only covenants with which an entity must comply on or before the reporting date will affect a liability\u2019s classification as current or non-current; while additional disclosures are required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period.
Amendment to IFRS 16-\u2018Leases\u2019, Lease Liability in a Sale and Leaseback (issued on 22 September 2022). A sale and leaseback transaction involves the transfer of an asset by an entity (the seller-lessee) to another entity (the buyer-lessor) and the leaseback of the same asset by the seller-lessee. The amendment specifies how a seller-lessee measures the lease liability, which arises in a sale and leaseback transaction, to ensure that it does not recognise any amount of the gain or loss related to the right-of-use retained. The amendment does not change the accounting for leases unrelated to sale and leaseback transactions. The first application is scheduled for 1 January 2024.
-Accounting standards, amendments and interpretations not yet endorsed
The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
Amendments to IAS 21-\u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (issued on 15 August 2023). The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. The first application is scheduled for 1 January 2025.
Amendments to IAS 7-\u2018Statement of Cash Flows\u2019 and IFRS 7-\u2018Financial Instruments: Disclosures: Supplier Finance Arrangements\u2019 (issued on 25 May 2023) which address the disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after 1 January 2024, with early application permitted. Net sales
Accounting policy
Revenue recognition
Revenues are recognised when the customer gains control of the goods. Transfer of control is determined using a five-step analytical model applied to all revenues from customer contracts.
This occurs when the goods are delivered to the customer, who has complete discretion over the sales channel and price of the products themselves, and there is no unfulfilled obligation that could affect acceptance by the customer. Delivery takes place when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the sales contract, the terms and conditions of acceptance have expired, or the Group has objective evidence that all criteria for acceptance have been met. The Group\u2019s revenues mainly include sales of spirits on the market and, to a marginal extent, revenues from co-packing services in some way linked to the Group\u2019s core business, for which the breakdown of sales is not disclosed in consideration of their limited importance.
Revenues are recognised at the price stated in the contract, net of any estimates of deferred discounts or incentives granted to the customer in line with industry practice, for example:
\u00advolume/value discounts based on cumulative sales above a threshold at the end of a given period;
\u00adperformance-based discounts (such as discounts, rebates, performance bonuses, logistical discounts), based on promotional activities carried out by the customer and agreed upon in advance;
\u00adcustomer incentives, such as discount vouchers, free products, price protection, market development allowances and price reduction allowances (to compensate for low sales);
\u00adproduct placement allowances (such as contributions for placement and range).
Historical experience is used to estimate deferred discounts/incentives based on agreements with clients, and revenues are recognised only to the extent that it is highly probable that there will be no need for subsequent significant adjustments.
No financing element is deemed to be present as sales are made with only a brief delay before payment: contracts are generally not entered into when there is more than one year between the transfer of the goods and the payment by the customer.
Discounts relating to specific payment terms that lower the Group entity\u2019s collection risk or reduce administrative costs, and/or improve liquidity (such as payments at the time of sale) are recognised as a reduction in revenue.
A liability reducing the related trade receivable is recognised for deferred discounts due to customers in relation to sales made up to the end of the period. Such liabilities can then be offset against the amounts payable by the customer.
Receivables are recognised when the goods are delivered, as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.
Consumption taxes recognition
The Group incurs consumption taxes worldwide. In most jurisdictions, excise duty is a production tax that is payable by the manufacturer, becomes payable when the product is removed from captive warehouses, and is not directly related to the sales value: the excise duty is consequently recognised as a cost for the Group. Excise duties are normally recovered through the sales, although they are generally not shown as a separate item on external invoices. Excise duty increases are not always passed on to the customer, and if a customer does not pay for the product received, the Group cannot request a refund of the excise duty. For excise duties passed on to customers, the Group considers itself an agent of the regulatory authorities, and consequently, the re-invoiced excise values are excluded from the presentation of net sales in the primary statements and are presented to offset the cost incurred by the Group.
Net sales presentation
Net sales relate to spirit products in Campari Group\u2019s markets, their nature, amount, timing and uncertainty, as well as the corresponding cash flows, are affected by economic and business factors which differ across markets, also as a function of their different sizes and maturity profiles. These elements are primarily attributable to demographics, consumption habits also influenced by historical, social and climatic factors, local consumer taste preferences, propensity to consume, the market commercial structure in terms of the weight of the distribution channels (off-premise vs. on-premise) as well as the retailers\u2019 concentration. As an effect of the above factors, the sales composition by brand differs from market to market. Therefore the level of analysis of sales by operating segments reflects the four geographical areas.
In order to highlight the main business performance drivers in a diversified context and to assess the contribution of the different brands to the overall sales performance of the Group, further breakdowns by brand category (global, regional and local brands) and for major brands are provided to better explain their contribution to the region. The categorisation of brands into three main clusters (global priorities, regional priorities and local priorities) is based on their scale, growth potential and business priority.
Operating segment
Accounting policy
For management purposes, the Group is organised into business units and has four reportable segments. Each segments\u2019 business results, their nature, amount, timing and uncertainty as well as the related cash flow, are affected by economic factors influenced by homogeneous elements primarily attributable to geographical areas\u2019 features, although markets have different sizes and maturity profiles. Secondarily, the resource allocation to each region, particularly the investment in brand-building and the distribution capabilities, is driven by the development of brand clusters (global, regional and local) and the related breakdown by brands. The level of profitability analysed is, therefore, the operating result by the following regions: Americas (\u2018AMERICAS\u2019), Southern Europe, Middle East and Africa (\u2018SEMEA\u2019), Northern, Central and Eastern Europe (\u2018NCEE\u2019), and Asia-Pacific (\u2018APAC\u2019). The profitability of each region reflects the profit generated by the Group through sales to third parties in that region, thereby eliminating the effects of inter-company margins. In terms of financial position, the
goodwill is assigned to operating segments reflecting the allocation defined at the time of the related business acquisition. Advertising and promotional costs
Accounting policy
Point of sale materials are charged to advertising and promotional costs at the time when the items are purchased.
Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance .
Personnel costs
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please refer to note 7 v.-\u2018Share-based payments\u2019, 8 iv-\u2018Defined benefit and contribution plans\u2019, respectively.
Depreciation and amortisation
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii-\u2018Lease components in the statement of financial position\u2019, 4 ii-\u2018Property, plant and equipment, right of use assets and biological assets\u2019, 4 iii-\u2018Intangible assets\u2019 and 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Research and innovation costs
Accounting policy
Costs incurred in research, in developing alternative products or processes, or in conducting technological research and development are recognised in profit or loss in the period in which they are incurred under advertising and promotional costs.
Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Leases components in the statement of profit or loss
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii.-\u2018Lease components in the statement of financial position\u2019.
Share of profit (loss) of joint-ventures
Accounting policy
Joint-venture recognition
A joint-venture exists where there is a joint-control agreement under which the parties, which hold joint control, have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of control under an agreement, which solely exists when decisions on relevant activities require unanimous consensus from all the parties sharing control. The factors considered to determine significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
These companies are initially recognised at cost plus acquisition-related costs and are subsequently reported in the consolidated financial statements using the equity method from the date on which significant influence or joint control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Contingent or variable and committed payments also in the form of an incentive plan granted to personnel of the joint-venture are recorded as an incremental cost of the investment once the attainment of the performance condition becomes probable, based on the fair value of the replacement award as of the acquisition date.
The Group assesses the existence of any impairment indicators whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the investment with effect in the statement of profit or loss. If the Group\u2019s interest in any losses of joint-ventures exceeds the carrying amount of the equity investment in the financial statements, the value of the equity investment is derecognised, and the Group\u2019s portion of further losses is not reported, unless, and to the extent to which, the Group has a legal or implicit obligation to cover such losses.
Taxation
Accounting policy
Current tax is based on taxable profit for the year. Taxable profit is different from accounting profit due to temporary differences between accounting and tax treatments and due to items that are never taxable or tax deductible. Tax benefits are not recognised unless it is probable that the tax positions are sustainable.
In preparing the taxation estimates, a detailed assessment is performed considering uncertainties regarding the tax treatment of transactions carried out, which could give rise to disputes with the tax authorities with related tax liabilities included in current liabilities. Current tax assets and liabilities are offset when these relate to income taxes levied by the same tax authority and a legal right of set-off exists, provided that the realisation of the asset and the settlement of the liability take place simultaneously.
Other non-income taxes, such as property and capital taxes, are included in operating expenses. Penalties and interest on tax liabilities are included in other operating income and expenses and financial income and expenses, respectively unless they qualify as income taxes based on local legislations, being in that case classified as income taxes.
Deferred tax assets and liabilities are calculated on all temporary differences between the asset and liability values recorded in the financial statements and the corresponding values recognised for tax purposes using the liability method. No deferred tax liability is provided in respect of any future dividend distributions of foreign subsidiaries where the Group is able to control those and it is probable that earnings will not be remitted in the foreseeable future or where no liability would arise on the remittance. Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Property, plant and equipment, right of use assets and biological assets
Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation, which is applied on a straight-line basis to estimated residual values over their expected useful lives.
For right of use assets, please refer to the note 6 vii.-\u2018Lease components in the statement of financial position\u2019.
For biological assets accounting treatment, please refer to note 8 iii.-\u2018Fair value information on assets and liabilities\u2019.
Land, even if acquired in conjunction with a building, is not depreciated, and nor are held-for-sale tangible assets, which are reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated based on the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-hold-improvements, the period of depreciation is the shorter of the economic life of the asset and the contract duration of the underlying lease agreement. For right of use assets, unless the Group is reasonably certain that it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Group depreciation rate ranges by asset category are as follows:
\u00adbusiness related properties and light construction: 3%-10%
\u00adplant and machinery: 10%
\u00adfurniture, office and electronic equipment: 10%-20%
\u00advehicles: 20%-25%
\u00admiscellaneous equipment: 20%-30%
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is derecognised for accounting purposes, whichever occurs first.
The Group performs impairment tests when there is an indication of impairment at the level of individual fixed asset or group of fixed assets, to ensure that property, plant and equipment are not carried at above their recoverable amounts.
Borrowing costs are not capitalised as part of the cost of an asset since borrowings are not generally attributable to the acquisition, construction or production of a qualifying asset.
Intangible assets
Accounting policy
Intangible assets recognition
Intangible assets with definite life are recorded at cost, net of accumulated amortisation and any impairment losses. In the event they are acquired through business combinations, they are reported separately from goodwill and brands, and measured at fair value, when this can reliably be measured, on the acquisition date.
Intangible assets produced internally are not capitalised, and are reported in the statement of profit or loss for the financial year in which they are incurred; there are no significant development costs to be considered. The costs of innovation projects and studies are recorded in the income statement in full in the year in which they are incurred.
Software licences represent the cost of purchasing licences and, if incurred, external consultancy fees; there are normally no costs associated with internal personnel necessary for development. These costs are recorded in the year in which the internal or external costs are incurred to train personnel and other related costs.
The following contracts are managed as a service contract with the related costs expensed as they are incurred: cloud computing arrangements under which the Group contracts to pay a fee in exchange for a right to access the supplier\u2019s application software for a specified term; ii. the cloud infrastructure is managed and controlled by the supplier, insofar as access to the software is on an \u2018as needed\u2019 basis over the internet or via a dedicated line and iii. the contract does not convey any rights over tangible assets to the Group. Any prepayment giving a right to a future service is recognised as a prepaid asset. Detailed analysis is undertaken to determine whether the implementation costs for software hosted under cloud arrangements can be capitalised.
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Other non-current liabilities
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please refer to note 7 v.-\u2018Share-based payments\u2019, 8 iv.-\u2018Defined benefit and contribution plans\u2019, respectively.
Trade receivables
Accounting policy
For details on the accounting policy, please refer to note 6 i.-\u2018Financial instruments\u2019.
Trade payables
Accounting policy
For details on the accounting policy, please refer to note 6 i.-\u2018Financial instruments\u2019.
Inventories and biological assets
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Costs of finished products include raw materials, supplies and consumables, direct labour and expenses and an appropriate proportion of production and other overheads. Cost is calculated at the weighted average cost incurred in acquiring inventories. Maturing inventory includes the depreciation cost of the barrels used in the ageing process on a straight-line basis over the ageing horizon. Maturing inventory, as well as biological assets that, for their nature, are retained for more than one year, are classified as current assets, as they are expected to be realised in the normal operating cycle.
For detailed information on the accounting policy for inventory biological assets, please also refer to note 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Financial instruments
Accounting policy
Financial instruments held by the Group are categorised as follows.
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade receivables arise from contracts with customers and are recognised when performance obligations are satisfied, and the consideration due is unconditional as only the passage of time is required before the payment is received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Group. The business model has been defined at a level that reflects the way in which groups of financial assets are managed to achieve a particular business objective. The model\u2019s measurement process requires an assessment based on both quantitative and qualitative factors relating to, for example, the way in which the performance of the financial assets in question is communicated to management with strategic responsibilities and the way in which the risks connected with these financial assets are managed.
The Group measures a financial asset at amortised cost if it meets both of the following conditions:
\u00adit is held under a business model whose objective is to hold assets aiming to collect contractual cash flows; and,
\u00adits contractual terms and conditions are such that the cash flows generated by the asset are attributable exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition; subsequent measurements reflect the repayments made, the effects of applying the effective interest method and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial assets represented by debt securities are classified and valued in the statement of financial position based on the business model adopted to manage these financial assets and the financial flows associated with each financial asset. They are measured at fair value through other comprehensive income (\u2018FVOCI\u2019) if all the conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
\u00adthe rights to receive cash flows from the asset have expired or,
\u00adthe Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (i) the Group has transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please refer to note 3 xii.-\u2018Share of profit (loss) of joint-ventures\u2019.
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
Lease components in the statement of financial position
Accounting policy
The Group has various agreements in place for the use of offices, vehicles, machinery, shops and other minor assets belonging to third parties. Each agreement is subject to a detailed analysis to define whether or not a right-of-use/financial liability has to be recognised. Variable lease payments that are not linked to an index or rate continue to be charged to the statement of profit or loss as costs for the period.
Lease agreements are generally entered into for a term of 3-10 years but may contain options to extend them. The terms of a lease are negotiated individually and may contain a wide range of different terms and conditions. Such agreements do not include covenants, but the leased assets may be used to guarantee the liability arising from contractual commitments.
The value assigned to the rights of use corresponds to the amount of the lease liabilities recognised, plus initial direct costs incurred, lease payments settled on the start date of the agreement or previously and restoration costs, net of any lease incentives received. Restoration costs, which may be recognised in rare cases, normally relate to offices, for which there could be a contractual requirement to restore them to their original state at the end of the lease agreement. The Group estimates the restoration obligation based on the agreement with the lessor or by using expert valuations of third parties. The value of the liability, discounted to present value, as determined above, increases the right of use of the underlying asset, and a dedicated provision is created to offset.
The discount rate used to measure the financial liability is the incremental borrowing rate (\u2018IBR\u2019) when the implicit interest rate in the lease agreement cannot be easily determined (explicit interest rates in lease agreements are rare). The incremental borrowing rates used to evaluate leasing contracts are determined by the Group and are revised on a recurring basis; they are applied to all agreements with similar characteristics, which are treated as a single portfolio of agreements. The rates are determined using the average effective debt rate of the subsidiary, appropriately adjusted and the most important elements considered in adjusting the rate are the credit-risk spread of each country observable on the market and the different durations of the lease agreements.
The term of the lease is calculated considering the non-cancellable period of the lease together with a) the periods covered by an option to extend the agreement, if it is reasonably certain that it will be exercised, or b)
any period covered by an option to terminate the lease contract, if it is reasonably certain that it will not be exercised. The Group assesses whether it is reasonably certain that any exercising of such options to extend or to terminate the agreements will take place, considering all the relevant factors that create a financial incentive for such decisions. Shareholders\u2019 equity
Accounting policy
Own shares (both ordinary and special voting shares) are reported as a reduction in shareholders\u2019 equity
Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
Accounting policy
\u00adShare-based payments in the form of \u2018Employees Share Ownership Plan\u2019, \u2018Extra-Mile Bonus Plan (\u2018EMB\u2019) and Mid-Term Incentive plan (\u2018MTI\u2019)
The Shareholders\u2019 meeting of 8 April 2021 approved the resolution for the implementation of the Employee Share Ownership Plan (\u2018ESOP\u2019). ESOP is a share matching plan offering employees the opportunity to invest in Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the \u2018Purchased Shares\u2019) by the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the liability with the \u2018pro-rata\u2019 value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (\u2018EMB\u2019) program was awarded in 2021 representing a preparatory assignment to the launch of the ESOP program with which it shares the main features. The fair value of the EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (\u2018MTI\u2019) based on Campari shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free, subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of award rights to be granted to each beneficiary will be calculated based on the beneficiary\u2019s annual base gross salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for the following three years, therefore the second grant was assigned in May 2023.
Shareholders\u2019 equity attributable to non-controlling interests
Accounting policy
For accounting policy over non-controlling interests relate to the portion of a subsidiary\u2019s shareholders\u2019 equity that is not directly or indirectly attributable to the Group, please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019.
Basic and diluted earnings per share
Accounting policy
Basic earnings per share are calculated by dividing the Group\u2019s net result for the period by the weighted average number of shares outstanding during the period, excluding the Group\u2019s own shares held.
For the purposes of calculating the diluted earnings (loss) per share, the weighted average of outstanding shares is adjusted in line with the assumption that all potential share-based payment plans with diluting effect will be converted.
Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the obligations can be reliably estimated, the provision is discounted to present value. The related amount over time is allocated to statement of profit or loss. When the Group expects that all or part of the provisions will be repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal detailed restructuring program, that has led to a reasonable expectation by interested parties that the restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either because the process has already started or because the main features of the restructuring program have already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii.-\u2018Taxation\u2019.
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Commitments and risks
Accounting policy
Guarantees are disclosed at fair value determined based on the present value of the difference in cash flows between the contractual payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations.
For the accounting policy on financial guarantees please refer to note 6-\u2018Net financial debt\u2019.
Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-\u2018Financial instruments\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
Defined benefit and contribution plans
Accounting policy
Post-employment benefits
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.The procedures for providing these benefits vary depending to the legal, fiscal and economic conditions in each country in which the Group operates.
Defined benefit plans
The Group\u2019s obligations and the annual cost reported in the statement of profit or loss are determined by independent actuaries using the projected unit credit method.
The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses, while the service costs are posted under the reporting line of cost of sales and selling, general and administrative expenses.
Defined contribution plans
Based on legal or contractual obligations, or on a voluntary basis, the Group fulfils post-employment employees obligations by paying contributions to a separate entity (publicly or privately administered pension funds), without making any actuarial calculation. At the end of the financial year, any liabilities for contributions to be
paid are included in 'Other current liabilities\u2019, while the cost for the period is recognised under the reporting line of cost of sales and selling, general and administrative expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact8": { "value": " Accounting information and material general accounting policies
The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgement that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, and not less than 12 months from the date of signing the Company\u2019s consolidated financial statements.
Use of estimates
Going concern including net financial debt
In terms of its operating and financial profiles, the Group continues to be very sound and has not been exposed to any going-concern issues neither during 2023 nor in the 12 months subsequent these consolidated financial statements were authorised for issue, thanks to the agility and resilience of its organisation.
The positive business momentum has continued for Campari Group since the beginning of the year, mainly driven by aperitifs, tequila and bourbon and industry outperformance in core developed markets. The Group is benefitted from the strong price increases implemented last year and continued to take advantage of price increase opportunities during 2023, which helped mitigate the inflation pressure on margins. With regard to the Group\u2019s net debt position and namely with respect to financial assets, these are not subject to particular risks, since the investments considered by the Group are always the subject of a careful and scrupulous preliminary analysis and are always coherent with the financial needs. With respect to financial liabilities, the Group\u2019s indebtedness ratios measured internally (given the lack of covenants on existing debt) were under control and consistently at a level considered entirely manageable by the Group. During 2023, the Group\u2019s financial
structure was confirmed to have been strengthened by the availability of significant committed and uncommitted credit lines. No renegotiation of interest rates or conditions has been performed. The Group terminated in advance some pre-hedging derivatives as part of the ordinary course of its financial business management to mitigate fixed interest rate exposure. The debt profile is appropriately balanced between variable and fixed rate, thus minimising the Group\u2019s exposure to market risk. In 2023 and with respect to lease and rental agreements, there have not been nor new significant negotiations, including sub-leases, nor significant contract amendments generating financial receivables or liabilities. In terms of fair value measurement hierarchies of financial items, there were no changes to be reflected other than those disclosed in the related notes.
A separate analysis has been performed with reference to financial liabilities arising from put option and earn-out agreements valued at fair value and where the basis of the estimate is linked to brand performance. The analysis was conducted in conjunction with the considerations described in relation to the impairment test on goodwill, brands and intangible assets with a finite life, in order to ensure homogeneity and consistency in the valuation, and from the analyses no particular circumstances emerged requiring significant revisions of these liabilities.
The macroeconomic trend in 2023 did not trigger any significant change in clients\u2019 contracts or any change in the revenue recognition criteria previously identified. Significant judgements were used to review the expected credit losses based on the Group business model to manage financial instruments namely with reference to the markets directly impacted by the Russia-Ukraine conflict or in hyperinflationary environments. To facilitate the liquidity management, the Group continued the reverse factoring program, confirmed with a limited number of trusted suppliers involved, consistent with the previous years: the trade payables under reverse factoring agreements continued to be classified as a component of the Group\u2019s operating working capital with no separate disclosure as primary line items of the consolidated financial statements in consideration of the total exposure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact4": { "value": " Accounting information and material general accounting policies
The accounting standards adopted by the Group are the same as those that were applied for the annual financial statements for the year ended 31 December 2022, except for the accounting standards specified in note 2 viii-\u2018Change in accounting standards. Summary of the new accounting standards adopted by the Group from 1 January 2023\u2019. For the year ended 31 December 2023 there were no changes in accounting estimates and errors.
viii. Change in accounting standards
-Summary of the new accounting standards endorsed and adopted by the Group from 1 January 2023
Amendments to IAS 1-\u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2: Disclosure of Accounting Policies (issued on 12 February 2021). The amendments provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. These amendments were applied for the first time in 2023 with the disclosures of these Campari Group consolidated financial statements, which were adapted accordingly.
Amendments to IAS 8-\u2018Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on 12 February 2021). The amendments introduce a new definition of \u2018accounting estimates\u2019, clarifying the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to
develop accounting estimates. This amendment was applied for the first time in 2023 with no material impact to be reported.
Amendments to IAS 12-\u2018Income Taxes\u2019 Deferred Taxes related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021). The amendment requires an entity to recognise deferred tax on initial recognition of particular transactions to the extent that the transaction gives rise to equal amounts of deferred tax assets and liabilities. The proposed amendments would apply to transactions such as leases and decommissioning obligations for which an entity recognises both an asset and a liability. This amendment was already applied by the Group.
Amendments to IAS 12-\u2018Income Taxes\u2019: International Tax Reform-Pillar Two Model Rules (issued 23 May 2023). The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure from 31 December 2023. The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was entered into force at 31 December 2022 in any jurisdiction in which the Group operates and no related deferred taxes were recognised at that date, the retrospective application has no impact on the Group consolidated financial statements. This amendment was applied by the Group and new disclosures are also reflected in these consolidated financial statements.
-Accounting standards, amendments and interpretations that have been endorsed but are not yet
applicable/have not been adopted in advance by the Group
The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
Amendment to IAS 1-\u2018Presentation to Financial Statements\u2019 includes the following amendments with first application on 1 January 2024:
\u00adClassification of Liabilities as Current or Non-current and Deferral of Effective Date (issued on 23 January 2020 and 15 July 2020 respectively). The amendment specifies the requirements to classify liabilities as current or non-current by clarifying i) what is meant by a right to defer the settlement; ii) that if an entity has the right to roll over an obligation for at least twelve months after the end of the reporting period, it classifies the obligation as non-current, even if it would otherwise be due within a shorter period; iii) that the classification is unaffected by the likelihood that an entity will exercise its deferral right; and iv) that the settlement refers to a transfer to the counterparty that results in the extinguishment of the liability.
\u00adNon-current Liabilities with Covenants (issued on 31 October 2022). The amendments clarify that only covenants with which an entity must comply on or before the reporting date will affect a liability\u2019s classification as current or non-current; while additional disclosures are required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period.
Amendment to IFRS 16-\u2018Leases\u2019, Lease Liability in a Sale and Leaseback (issued on 22 September 2022). A sale and leaseback transaction involves the transfer of an asset by an entity (the seller-lessee) to another entity (the buyer-lessor) and the leaseback of the same asset by the seller-lessee. The amendment specifies how a seller-lessee measures the lease liability, which arises in a sale and leaseback transaction, to ensure that it does not recognise any amount of the gain or loss related to the right-of-use retained. The amendment does not change the accounting for leases unrelated to sale and leaseback transactions. The first application is scheduled for 1 January 2024.
-Accounting standards, amendments and interpretations not yet endorsed
The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
Amendments to IAS 21-\u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (issued on 15 August 2023). The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. The first application is scheduled for 1 January 2025.
Amendments to IAS 7-\u2018Statement of Cash Flows\u2019 and IFRS 7-\u2018Financial Instruments: Disclosures: Supplier Finance Arrangements\u2019 (issued on 25 May 2023) which address the disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after 1 January 2024, with early application permitted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact3": { "value": " Accounting information and material general accounting policies
The statement of cash flows was prepared using the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact2": { "value": " Accounting information and material general accounting policies
Transactions with related parties form part of ordinary operations and are carried out under market conditions (i.e., conditions that would apply between two independent parties) or using criteria that allow for the recovery of costs incurred and a return on invested capital. All transactions with related parties were carried out in the Group\u2019s interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact7": { "value": " Accounting information and material general accounting policies
The accounting standards adopted by the Group are the same as those that were applied for the annual financial statements for the year ended 31 December 2022, except for the accounting standards specified in note 2 viii-\u2018Change in accounting standards. Summary of the new accounting standards adopted by the Group from 1 January 2023\u2019. For the year ended 31 December 2023 there were no changes in accounting estimates and errors.
viii. Change in accounting standards
-Summary of the new accounting standards endorsed and adopted by the Group from 1 January 2023
Amendments to IAS 1-\u2018Presentation of Financial Statements\u2019 and IFRS Practice Statement 2: Disclosure of Accounting Policies (issued on 12 February 2021). The amendments provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. These amendments were applied for the first time in 2023 with the disclosures of these Campari Group consolidated financial statements, which were adapted accordingly.
Amendments to IAS 8-\u2018Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (issued on 12 February 2021). The amendments introduce a new definition of \u2018accounting estimates\u2019, clarifying the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to
develop accounting estimates. This amendment was applied for the first time in 2023 with no material impact to be reported.
Amendments to IAS 12-\u2018Income Taxes\u2019 Deferred Taxes related to Assets and Liabilities arising from a Single Transaction (issued on 7 May 2021). The amendment requires an entity to recognise deferred tax on initial recognition of particular transactions to the extent that the transaction gives rise to equal amounts of deferred tax assets and liabilities. The proposed amendments would apply to transactions such as leases and decommissioning obligations for which an entity recognises both an asset and a liability. This amendment was already applied by the Group.
Amendments to IAS 12-\u2018Income Taxes\u2019: International Tax Reform-Pillar Two Model Rules (issued 23 May 2023). The amendments provide a temporary mandatory exception from deferred tax accounting for the top-up tax, which is effective immediately, and require new disclosures about the Pillar Two exposure from 31 December 2023. The mandatory exception applies retrospectively. However, because no new legislation to implement the top-up tax was entered into force at 31 December 2022 in any jurisdiction in which the Group operates and no related deferred taxes were recognised at that date, the retrospective application has no impact on the Group consolidated financial statements. This amendment was applied by the Group and new disclosures are also reflected in these consolidated financial statements.
-Accounting standards, amendments and interpretations that have been endorsed but are not yet
applicable/have not been adopted in advance by the Group
The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
Amendment to IAS 1-\u2018Presentation to Financial Statements\u2019 includes the following amendments with first application on 1 January 2024:
\u00adClassification of Liabilities as Current or Non-current and Deferral of Effective Date (issued on 23 January 2020 and 15 July 2020 respectively). The amendment specifies the requirements to classify liabilities as current or non-current by clarifying i) what is meant by a right to defer the settlement; ii) that if an entity has the right to roll over an obligation for at least twelve months after the end of the reporting period, it classifies the obligation as non-current, even if it would otherwise be due within a shorter period; iii) that the classification is unaffected by the likelihood that an entity will exercise its deferral right; and iv) that the settlement refers to a transfer to the counterparty that results in the extinguishment of the liability.
\u00adNon-current Liabilities with Covenants (issued on 31 October 2022). The amendments clarify that only covenants with which an entity must comply on or before the reporting date will affect a liability\u2019s classification as current or non-current; while additional disclosures are required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period.
Amendment to IFRS 16-\u2018Leases\u2019, Lease Liability in a Sale and Leaseback (issued on 22 September 2022). A sale and leaseback transaction involves the transfer of an asset by an entity (the seller-lessee) to another entity (the buyer-lessor) and the leaseback of the same asset by the seller-lessee. The amendment specifies how a seller-lessee measures the lease liability, which arises in a sale and leaseback transaction, to ensure that it does not recognise any amount of the gain or loss related to the right-of-use retained. The amendment does not change the accounting for leases unrelated to sale and leaseback transactions. The first application is scheduled for 1 January 2024.
-Accounting standards, amendments and interpretations not yet endorsed
The Group is still assessing the impact of these amendments on its financial position or operating results, in so far as they are applicable.
Amendments to IAS 21-\u2018The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability\u2019 (issued on 15 August 2023). The amendments clarify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking, as well as require the disclosure of information that enables users of financial statements to understand the impact of a currency not being exchangeable. The first application is scheduled for 1 January 2025.
Amendments to IAS 7-\u2018Statement of Cash Flows\u2019 and IFRS 7-\u2018Financial Instruments: Disclosures: Supplier Finance Arrangements\u2019 (issued on 25 May 2023) which address the disclosure requirements to enhance the transparency of supplier finance arrangements and their effects on a company\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments will be effective for annual reporting periods beginning on or after 1 January 2024, with early application permitted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact1": { "value": " Accounting information and material general accounting policies
The consolidated financial statements at 31 December 2023 were prepared in accordance with the International Financial Reporting Standards issued by the International Accounting Standards Board (\u2018IASB\u2019) and ratified by the European Union (\u2018IFRS-EU\u2019), and with Part 9 of Book 2 of the Dutch Civil Code. These include all the international accounting standards (\u2018IAS\u2019) and interpretations of the International Financial Reporting Standards Interpretation Committee (\u2018IFRS IC\u2019), formerly the Standing Interpretations Committee (\u2018SIC\u2019).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact9": { "value": "Form and content
The statement of cash flows was prepared using the indirect method.
Reconciliation with the statements of cash flows
The following tables illustrate the impact of the acquisition of companies or business divisions net of cash and cash equivalents acquired on the statements of cash flows during 2023 and the comparative period respectively. The statements of cash flows was not embedding the reclassifications effect for purchase price allocation (please refer to note 2 vi.-\u2018Reclassification of comparative figures at 31 December 2023\u2019).

\u00a0

Wilderness Trail

Distillery

CT Spirits Japan Ltd. and Thirsty Camel Ltd.

Joint-ventures and other asset deals

total

for the year ended 31 December 2023

\u20ac million

\u20ac million

\u00a0

\u20ac million

acquisition of business

(2.8)

(2.5)

-

(5.3)

related cash and cash equivalents acquired

-

7.2

-

7.2

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- acquisition of companies or business divisions

\u00a0 net of cash and cash equivalents acquired

(2.8)

4.7

-

2.0

acquisition of interests in joint-ventures

-

-

(5.0)

(5.0)

of which included in statement of cash flows as:

- investment in joint-ventures

-

-

(5.0)

(5.0)

financial debt positions acquired

\u00a0-

(12.5)

-

(12.5)

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- inflows (outflows) of other financial items\u00a0

\u00a0-

(12.5)

-

(12.5)

\u00a0

Wilderness Trail

\u00a0Distillery

other minor

business combinations

Joint-ventures and other asset deals

total

for the year ended 31 December 2022

\u20ac million

\u20ac million

\u00a0

\u20ac million

acquisition of business

(397.0)

(1.7)

-

(398.6)

\u00a0

related cash and cash equivalents acquired

2.4

0.5

-

2.9

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- acquisition of companies or business divisions

\u00a0 net of cash and cash equivalents acquired

(394.6)

(1.1)

-

(395.7)

acquisition of interests in joint-ventures

-

-

(36.5)

(36.5)

of which included in statement of cash flows as:

-

-

\u00a0

\u00a0

- investment in joint-ventures

(36.5)

(36.5)

financial debt positions acquired

-

(0.7)

-

(0.7)

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- inflows (outflows) of other financial items\u00a0

-

(0.7)

-

(0.7)

viii.Reconciliation with net financial debt and cash flow statement
Reconciliation of the changes in financial liabilities used in financing activities with the cash flow statement

cash Flow generated (absorbed) from financial liabilities

bonds

payables for interest

borrowings

lease payables

other financial assets (liabilities)

\u20ac million

current

non-current

current

current(3)

non-current(1)

current

non-current

current

non-current

at 31 December 2022

-

(846.3)

(5.6)

(107.0)

(770.9)

(14.4)

(65.1)

7.4

48.2

Notional liabilities addition

-

-

-

-

-

-

(14.1)

-

-

Interest accrued

-

-

(60.3)

-

-

-

(3.0)

(8.5)

-

New financing(2)

-

(300.0)

-

(216.9)

(450.0)

-

-

-

-

Repayment(2)

-

1.5

60.3

267.4

250.0

19.3

-

8.3

1.4

- of which long-term debt(4)

\u00a0

\u00a0

\u00a0

-

250.0

\u00a0

\u00a0

\u00a0

\u00a0

- of which other borrowings

\u00a0

\u00a0

\u00a0

267.4

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Perimeter effects

-

-

-

(10.0)

(1.2)

-

(0.6)

(0.7)

-

Exchange rate effects

-

-

-

(6.0)

12.8

0.4

1.4

(0.5)

(0.1)

Reclassification

(299.9)

299.9

-

(61.0)

61.0

(21.3)

21.3

6.3

(6.3)

Other movements

(0.1)

(0.8)

(8.9)

2.9

(3.2)

-

-

7.8

(32.4)

at 31 December 2023

(300.0)

(845.8)

(14.5)

(130.6)

(901.5)

(16.0)

(60.0)

20.2

10.9

(1) Included related derivatives.
(2) Cash flow generated (absorbed) from financial liabilities.
(3) Net change in short-term financial payables and bank loans is equal to \u20ac50.5 million (proceeds of \u20ac216.9 net of repayments of \u20ac267.4).
(4) The repayment of non-current borrowings related to the long-term debt item is \u20ac50.0.

cash Flow generated (absorbed) from financial liabilities

bonds

payables for interest

borrowings

lease payables

other financial assets (liabilities)

\u20ac million

current

non-current

current

current(3)

non-current(1)

current

non-current

current

non-current

at 31 December 2021

(50.0)

(845.5)

(6.3)

(198.1)

(355.2)

(13.5)

(70.5)

3.6

5.7

Notional liabilities addition

-

-

-

-

-

-

(9.6)

-

-

Interest accrued

-

-

(22.4)

-

-

-

(2.7)

0.8

1.0

New financing(2)

-

-

-

(227.2)

(443.8)

-

-

\u00a0

\u00a0

Repayment(2)

50.0

-

23.1

350.7

-

18.1

-

1.0

1.4-

- of which long-term debt(4)

-

-

-

46.8

-

-

-

-

-

- of which other borrowings

-

-

-

303.9

-

-

-

-

-

Perimeter effects

-

-

-

(0.1)

(0.7)

-

-

-

-

Exchange rate effects

-

-

-

(4.3)

-

(0.3)

(1.7)

0.9

0.3

Reclassification

-

-

-

(31.8)

31.8

(18.8)

18.8

-

-

Other movements

-

(0.8)

-

3.7

(3.1)

0.2

0.8

1.1

39.8

at 31 December 2022

-

(846.3)

(5.6)

(107.0)

(770.9)

(14.4)

(65.1)

7.4

48.1

(1) Included related derivatives.
(2) Cash flow generated (absorbed) from financial liabilities.
(3) Net change in short-term financial payables and bank loans is equal to \u20ac76.7 million (proceeds of \u20ac227.2 net of repayments of \u20ac303.9).
(4) The repayment of non-current borrowings related to the long-term debt item is \u20ac46.8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100467": { "value": " Currency conversion criteria and exchange rates applied to the financial statements
-Currency conversion
Items included in the financial statements of the Group\u2019s subsidiaries and joint-ventures are measured using the currency of the primary economic environment in which each entity operates (its functional currency) and are converted to the Group presentation currency (\u20ac) as follows:
\u00adstatement of profit or loss items are converted at the average exchange rate for the period, while statement of financial position items are converted at period-end exchange rates; exchange rate differences resulting from the application of differing criteria for conversion to the \u20ac of statement of profit or loss and statement of financial position items are recorded under the currency translation reserve under shareholders\u2019 equity until the investment in question is sold or terminated;
\u00adany conversion differences between the value of initial shareholders\u2019 equity, as converted at end-of-period exchange rates, and the value of shareholders\u2019 equity for the previous year converted at current exchange rates are also recorded under the currency translation reserve.
The key exchange rates used for conversion transactions are shown below.

\u00a0

for the year ended 31 December 2023

at 31 December 2023

for the year ended 31 December 2022

at 31 December 2022

\u00a0

average rate

end-of-period rate

average rate

end-of-period rate

US$

1.082

1.105

1.054

1.067

Canadian Dollar

1.460

1.464

1.370

1.444

Jamaican Dollar

166.714

170.623

161.777

161.803

Argentine Peso\u02bf\u00b9\u02be

892.924

892.924

188.503

188.503

Australian Dollar

1.628

1.626

1.517

1.569

Brazilian Real

5.402

5.362

5.443

5.639

Swiss Franc

0.972

0.926

1.005

0.985

Yuan Renminbi

7.659

7.851

7.080

7.358

Great Britain Pounds

0.870

0.869

0.853

0.887

Japanese Yen

151.941

156.330

138.005

140.660

South Korea Won

1,413.269

1,433.660

1,358.071

1,344.090

Mexican peso

19.190

18.723

21.205

20.856

New Zealand Dollar

1.762

1.750

1.659

1.680

Peruvian Sol

4.049

4.082

4.040

4.046

Russian Ruble(2)

92.479

99.192

74.039

79.226

Singapore Dollar

1.452

1.459

1.452

1.430

Ukraine Hryvnia

39.558

41.996

33.975

39.037

South Africa Rand

19.953

20.348

17.210

18.099

(1)The average exchange rate of the Argentine Peso was assumed to be equal to the spot exchange rate at the reporting date as required by the hyperinflation accounting standard. For reference only the average exchange rate would have been 316.341.
(2) On 2 March 2022, the European Central Bank (\u2018ECB\u2019) decided to suspend the publication of \u20ac reference rate for the Russian Rouble until further notice. The Group has therefore decided to refer to an alternative reliable source for exchange rates based on executable and indicative quotes from multiple dealers.
-Transactions in foreign currencies (not hedged with derivatives)
Revenues and costs related to foreign currency transactions are reported at the exchange rate applied on the date on which the transaction is carried out.
Monetary assets and liabilities in foreign currencies are initially converted into \u20ac at the exchange rate in effect on the transaction date and subsequently converted into \u20ac at the exchange rate applied on the reporting date, with the difference in value being posted to the statement of profit or loss.
Non-monetary assets and liabilities arising from the payment/collection of a foreign currency advance are initially recognised at the exchange rate in effect on the transaction date and are not subsequently modified to take account of any change in the exchange rate in effect on the reporting date.
- Hyperinflation
If a subsidiary operates in a hyperinflationary economy, the related economic and financial results are adjusted in accordance with the method established by IFRS, before being translated into the functional currency of the Group (\u20ac). The economic and financial data are restated in local currency, taking into account the current purchasing power of the currency on the date of the financial statements. This process requires a number of complex procedural steps, which are maintained consistently over time.
The restatement procedures used by the Group are as follows:
a) selection of a general price index;
b) segregation of monetary and non-monetary items;
c) restatement of non-cash items;
d) restatement of the statement of profit or loss;
e) calculation of monetary profit or loss;
g) restatement of adjusted balance-sheet and income-statement values.
The restated statement of profit or loss is converted into \u20ac by applying the spot exchange rate at the end of the period instead of the average exchange rate for the period.
No restatement of the values presented in the comparative period prior to the official declaration of the subsidiary\u2019s adoption of hyperinflationary accounting is required in the Group\u2019s consolidated figures.
The effect of restating non-cash items is recognised in the statement of profit or loss under net financial income (expenses).
The indexes used to remeasure the values at 31 December 2023, in accordance with hyperinflationary economies IFRS rules, are shown in the table below. Specifically, the national Consumer Price Index (\u2018nationwide CPI\u2019) of Argentina was used.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

average rate

average rate

Consumer Price Index

3,297.610

1,147.273

\u00a0

2023 conversion factor

2022 conversion factor

January

2.937

1.896

February

2.754

1.811

March

2.558

1.697

April

2.360

1.600

May

2.190

1.523

June

2.067

1.447

July

1.943

1.347

August

1.728

1.259

September

1.533

1.186

October

1.415

1.115

November

1.255

1.063

December

1.000

1.000

", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f100469": { "value": " Currency conversion criteria and exchange rates applied to the financial statements
-Currency conversion
Items included in the financial statements of the Group\u2019s subsidiaries and joint-ventures are measured using the currency of the primary economic environment in which each entity operates (its functional currency) and are converted to the Group presentation currency (\u20ac) as follows:
\u00adstatement of profit or loss items are converted at the average exchange rate for the period, while statement of financial position items are converted at period-end exchange rates; exchange rate differences resulting from the application of differing criteria for conversion to the \u20ac of statement of profit or loss and statement of financial position items are recorded under the currency translation reserve under shareholders\u2019 equity until the investment in question is sold or terminated;
\u00adany conversion differences between the value of initial shareholders\u2019 equity, as converted at end-of-period exchange rates, and the value of shareholders\u2019 equity for the previous year converted at current exchange rates are also recorded under the currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact10": { "value": "Currency conversion criteria and exchange rates applied to the financial statementsHyperinflation
If a subsidiary operates in a hyperinflationary economy, the related economic and financial results are adjusted in accordance with the method established by IFRS, before being translated into the functional currency of the Group (\u20ac). The economic and financial data are restated in local currency, taking into account the current purchasing power of the currency on the date of the financial statements. This process requires a number of complex procedural steps, which are maintained consistently over time.
The restatement procedures used by the Group are as follows:
a) selection of a general price index;
b) segregation of monetary and non-monetary items;
c) restatement of non-cash items;
d) restatement of the statement of profit or loss;
e) calculation of monetary profit or loss;
g) restatement of adjusted balance-sheet and income-statement values.
The restated statement of profit or loss is converted into \u20ac by applying the spot exchange rate at the end of the period instead of the average exchange rate for the period.
No restatement of the values presented in the comparative period prior to the official declaration of the subsidiary\u2019s adoption of hyperinflationary accounting is required in the Group\u2019s consolidated figures.
The effect of restating non-cash items is recognised in the statement of profit or loss under net financial income (expenses).
The indexes used to remeasure the values at 31 December 2023, in accordance with hyperinflationary economies IFRS rules, are shown in the table below. Specifically, the national Consumer Price Index (\u2018nationwide CPI\u2019) of Argentina was used.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

average rate

average rate

Consumer Price Index

3,297.610

1,147.273

\u00a0

2023 conversion factor

2022 conversion factor

January

2.937

1.896

February

2.754

1.811

March

2.558

1.697

April

2.360

1.600

May

2.190

1.523

June

2.067

1.447

July

1.943

1.347

August

1.728

1.259

September

1.533

1.186

October

1.415

1.115

November

1.255

1.063

December

1.000

1.000

", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact14": { "value": " Use of estimates
Preparation of the financial statements and the related notes in accordance with IFRS requires management to make estimates and assumptions that have an impact on the Group\u2019s assets and liabilities and items in the profit or loss during the year. These estimates and assumptions, which are based on the best valuations available at the time of their preparation and are reviewed regularly, may differ from the actual circumstances and may be revised accordingly at the time the circumstances change or when new information becomes available. Future outcomes can consequently differ from estimates.
Details of critical estimates and judgements that could have a material impact on the financial statements are set out in the related notes as follows:
\u2022business combination: management judgement to determine all the factors relevant to the relationship with the investee to ascertain whether control has been established and whether the investee should be consolidated as a subsidiary. Management judgement to define fair acquisition values that are attributed to the assets and liabilities acquired. Please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019, 6 iv-\u2018 Other non-current financial assets\u2019, 6 v-\u2018Non-current financial debt\u2019, 6 vi-\u2018Current financial debt\u2019 and 8 iii-\u2018 Fair value information on assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022disclosures for contingent assets and liabilities: management judgement in assessing the likelihood of whether a liability will arise and an estimate to quantify the possible range of any settlement and judgement in assessing the likelihood of the assets collection. Please refer to note 8 i- \u2018Provisions for risks, charges and contingent assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022restructuring provisions, provisions for risk and charges: management judgement in assessing the likelihood of whether a liability will arise and an estimate to quantify the possible range of any settlement. Please refer to note 8 i- \u2018Provisions for risks, charges and contingent assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022compensation plans in the form of share-based payments: management estimate in determining the assumptions in calculating the fair value of the plans. Please refer to note 7 v-\u2018Share-based payments\u2019 of the consolidated financial statements at 31 December 2023;
\u2022goodwill and intangible assets: management judgement of the assets to be recognised and synergies resulting from an acquisition. Management judgements and estimates required to determine future cash flows and appropriate applicable assumptions to support the intangible asset value. Please refer to note 4 iii-\u2018Intangible assets\u2019 of the consolidated financial statements at 31 December 2023;
\u2022taxation: management judgement and estimate required to assess uncertain tax positions and the recoverability of deferred tax assets. Please refer to note 3 xiii-\u2018Taxation\u2019 of the consolidated financial statements at 31 December 2023;
\u2022incremental interest rate for lease transactions: management judgements and estimates required to determine the rate level. Please refer to note 6 vii- \u2018Lease components in the statement of financial position\u2019 of the consolidated financial statements at 31 December 2023.
\u2212Macroeconomic and geopolitical uncertainty
During 2023 Campari Group has continued to monitor and analyse the evolution of macroeconomic and geopolitical uncertainties.
The critical review that was conducted included the ongoing Russia-Ukraine conflict which started in February 2022 and a detailed analysis has been performed to identify, and consequently manage, the principal risks and uncertainties to which the Group is exposed. The impact of the conflict continues to have no material impact on the Group\u2019s results and business performance at a consolidated level as reported in these consolidated financial
statements, since Russia and Ukraine together accounted overall for approximately 3% of the Group\u2019s net sales in the full year 2023 and approximately 3% in 2022.
Campari Group, like all members of the spirits industry, has been facing the challenges of the present high inflation, albeit with a decreasing trend, related volatility in commodity prices and rising energy prices, combined with elevated interest rate levels, which continue to impact the current global environment. Although economic momentum worldwide should strengthen as real income and consumer spending increase due to expected decreasing inflation, the downside effect of high interest rates still persists, also in terms of changes in consumer behaviour. The Group constantly monitors the evolution of the macroeconomic scenario with the aim of mitigating the implications on its operations and performance also by leveraging the favourable sales mix and the price increases that it has started to implement throughout last year.
\u2212Climate and other environmental matters
Campari Group recognises that climate change is one of the greatest challenges for the future of the planet and is actively engaged on its path related to the defined sustainability priorities to which all major global functions contribute. It is important to highlight that within the current macroeconomic landscape, production activities, the entire value chain, and the execution of the Group\u2019s strategies are susceptible to the impacts of climate change. These impacts encompass both acute and extreme unpredictable events, as well as chronic factors such as rising temperatures and drought, presenting physical risks-climate change is therefore a major disruptive force with the potential to drive substantial changes to the Group\u2019s operations in the short to medium and long term.
Climate risk can affect companies, financial institutions, households, countries, and the financial system in general. However, opportunities may arise for those companies that enable the transition to a low-carbon economy. Following a very positive progression in 2022 regarding Campari Group\u2019s environmental commitments, more challenging medium and long-term environmental targets have been set during 2023, that were described in the Sustainability Disclosure of this Annual report to which reference is made. The impact of the climate change assessment and related targets set have been considered in evaluating estimates and judgements in the preparation of these consolidated financial statements. The details of the climate risk assessment were deemed proportionate to the nature of the Group\u2019s business and the current assessment was sufficient to identify the physical climate risks as well as the transition risks that are material to the Group\u2019s operations or financial condition. The analysis of climate change carried out in 2023 did not result in any issue not attributable to and not addressable in the ordinary course of business and did not highlight any material economic issue that had any material impact on these consolidated financial statements.
The following considerations were made with reference to the consolidated financial statements:
\u2022 the impact of climate change is not expected to be material over the going concern periods specified below;
\u2022 the impact of climate change is more sensitive on biological goods as all agricultural ingredients are at risk mainly due to water scarcity and high temperatures: to mitigate and keep the risk low, the Group defined contingency plans for alternative sourcing of biological assets that remained dormant in 2023, while put in place initiatives to prevent negative effects from water scarcity risk by investing in Capex eligible (for CSRD purposes) in the United Kingdom as well as in Jamaica;
\u2022 the impact of climate change on cash flow forecasts used in impairment assessments of the value in use of non-current assets including goodwill;
\u2022 the impact of climate change on factors (such as residual values, useful lives and depreciation methods) that determine the carrying amount of non-current assets: no triggering factors were identified in 2023.
Specific additional supplementary information is provided below with respect to identified priorities and their impact on the Group disclosure.
Going concern including net financial debt
In terms of its operating and financial profiles, the Group continues to be very sound and has not been exposed to any going-concern issues neither during 2023 nor in the 12 months subsequent these consolidated financial statements were authorised for issue, thanks to the agility and resilience of its organisation.
The positive business momentum has continued for Campari Group since the beginning of the year, mainly driven by aperitifs, tequila and bourbon and industry outperformance in core developed markets. The Group is benefitted from the strong price increases implemented last year and continued to take advantage of price increase opportunities during 2023, which helped mitigate the inflation pressure on margins. With regard to the Group\u2019s net debt position and namely with respect to financial assets, these are not subject to particular risks, since the investments considered by the Group are always the subject of a careful and scrupulous preliminary analysis and are always coherent with the financial needs. With respect to financial liabilities, the Group\u2019s indebtedness ratios measured internally (given the lack of covenants on existing debt) were under control and consistently at a level considered entirely manageable by the Group. During 2023, the Group\u2019s financial
structure was confirmed to have been strengthened by the availability of significant committed and uncommitted credit lines. No renegotiation of interest rates or conditions has been performed. The Group terminated in advance some pre-hedging derivatives as part of the ordinary course of its financial business management to mitigate fixed interest rate exposure. The debt profile is appropriately balanced between variable and fixed rate, thus minimising the Group\u2019s exposure to market risk. In 2023 and with respect to lease and rental agreements, there have not been nor new significant negotiations, including sub-leases, nor significant contract amendments generating financial receivables or liabilities. In terms of fair value measurement hierarchies of financial items, there were no changes to be reflected other than those disclosed in the related notes.
A separate analysis has been performed with reference to financial liabilities arising from put option and earn-out agreements valued at fair value and where the basis of the estimate is linked to brand performance. The analysis was conducted in conjunction with the considerations described in relation to the impairment test on goodwill, brands and intangible assets with a finite life, in order to ensure homogeneity and consistency in the valuation, and from the analyses no particular circumstances emerged requiring significant revisions of these liabilities.
The macroeconomic trend in 2023 did not trigger any significant change in clients\u2019 contracts or any change in the revenue recognition criteria previously identified. Significant judgements were used to review the expected credit losses based on the Group business model to manage financial instruments namely with reference to the markets directly impacted by the Russia-Ukraine conflict or in hyperinflationary environments. To facilitate the liquidity management, the Group continued the reverse factoring program, confirmed with a limited number of trusted suppliers involved, consistent with the previous years: the trade payables under reverse factoring agreements continued to be classified as a component of the Group\u2019s operating working capital with no separate disclosure as primary line items of the consolidated financial statements in consideration of the total exposure.
Impairment of goodwill, brands and intangible assets with a finite life
Notwithstanding the very challenging and volatile macro environment, during 2023 the Group delivered a solid performance, outperforming in key reference markets and continued to take strong price actions in order to mitigate the margin impact from the persisting, whilst gradually easing, costs inflation. In the current context of macro challenges, the Group performed an assessment to identify any triggering event implying the risk of impairment on its goodwill, brands and intangible assets with a finite life. This assessment confirmed that neither external nor internal events were triggering substantial change on the recoverability of these intangible assets: the Group\u2019s annual impairment test for intangible assets performed in this context confirmed a full recoverability of its goodwill and its brands, with the exception of an impairment loss of Forty Creek brand (please refer to note 4 iii-\u2018Intangible assets\u2019 for more information).
In the current macroeconomic circumstances, there was no evidence of significant deterioration of consumer demand affecting business plans. Moreover, there has not been any interruption of the operation of the Group\u2019s plants or supply from suppliers or problems with logistic and freight transport activities that the Group was not able to mitigate in the ordinary course of business.
During 2023 there were no issues related to operations in terms of production facilities since all the Group\u2019s plants and distilleries remained fully operational. Furthermore, there was no direct impact caused by international conflicts as the Group does not have any production facilities in the countries directly involved.
Provision for risk and charges and onerous contracts
In terms of the assessment of provisions for risks and charges and onerous contracts, significant judgements were used to assess the impact of triggering events. Moreover, no supply chain constraints were detected that should have been reflected in the above assessment.
Taxation
During the year, all material assumptions and estimates considered in the preparation of this annual report were reviewed. In particular tax rates were investigated to check for any changes that occurred during the period in the various tax jurisdictions and any amendments substantially enacted were considered in assessing both current and deferred taxes. The review conducted has not identified any new triggering events, that could influence the recoverability of deferred tax assets and the recognition of any additional liabilities for uncertain tax positions or tax risks related to the macroeconomic environment connected with the Russia-Ukraine conflict or concerning climate-related or other environmental matters.
Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Intangible assets Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group\u2019s intangible assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30 September 2023, i.e. the latest available actual figures at the time of the analysis. The results of such tests remained valid as of 31 December 2023, given that no events or impairment indicators have arisen that could result in a material reduction of the assets value or recoverable amounts in the fourth quarter of 2023.
Consistent with previous years, the Group considered the business plan, including the 2024 budget and 2025-2026 strategic plans (drafted by the Group\u2019s companies in 2023 and approved by the Board of Directors of Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing process of certain brands. Assumptions of future cash flows were made based on the conservative approach in terms of both expected growth rates and operating margin trends. In addition, projections were based on reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the Group\u2019s global sustainability strategy, including the path to decarbonisation based on the new challenging and
ambitious medium and long-term environmental targets which have been set in 2023 (for more information of the Group\u2019s global sustainability strategy and the 2023 new environmental targets, please refer to the paragraph \u2018Significant events of the year\u2019 of the management board report). Such investments were taken into account also in the longer horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to \u20ac assumed unchanged to the ones used for drafting the 2024 budget. Although applicable IFRS principles require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of 2024 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the four cash\u2010generating units (CGUs), namely, Americas CGU, SEMEA CGU, NCEE CGU and APAC CGU. This structure reflects the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained at the regional level. This is in line with the geographical segment reporting design adopted by the Group based on its current organisational structure. The allocation of goodwill for each CGU is based on the previous allocation values, adjusted to consider the exchange rate effects and other variations such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the brand values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU. The recoverable amounts of the CGUs were determined based on a \u2018value in use\u2019 methodology. The asset value is measured by discounting the estimated future cash flows generated by the continued use of such asset. Expected cash flows, which were based on the Group\u2019s cash flow estimates, were discounted using a post\u2010tax discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the specific risks for the business of the relevant CGU. The applicable IFRS principles states that, for calculating the \u2018value in use\u2019, pre-tax discount rate and future cash flows should be used. In the impairment test performed, it has been verified that the use of a post-tax approach provides consistent results with the ones which would have been obtained by adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer price for the period 2025\u20102028 for the Group\u2019s key markets (source: IMF, October 2023 release), assumed to be 2.2% for the Americas CGU (vs. 2.2% in 2022), 2.0% for the SEMEA CGU (vs. 2.0% in 2022), 2.1% for the NCEE CGU (vs. 2.5% in 2022) and 2.9% for the APAC CGU (vs. 2.7% in 2022) or 2.1% for the Group overall (vs 2.3% in 2022). It should be noted that the 2024 inflation rate estimate of the International Monetary Fund (\u2018IMF\u2019), assumed as particularly high, was excluded for the purposes of defining the terminal growth rate in order to follow a conservative approach. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows, including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the discount rate used was the Weighted Average Cost of Capital (\u2018WACC\u2019), which depends on the risk associated with the estimated cash flows. The WACC was determined based on observable indicators and market parameters, the current value of money, and the specific risks connected with the business of the relevant CGU. The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates used in the 2023 impairment test for the four CGUs, are as follows: 7.7% for the Americas CGU (same as in 2022), 8.5% for the SEMEA CGU (vs. 8.9% in 2022), 8.5% for the NCEE CGU (vs. 8.3% in 2022) and 6.8% for the APAC CGU (vs. 7.3% in 2022), or 8.1% for the Group overall (same as 2022 impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described above, the impairment test for goodwill as of 31 December 2023 confirmed the full recoverability, including sensitivity, of all the CGUs with a headroom resulting sufficient to exclude goodwill impairment losses that may arise from meaningful business downside risks.

\u00a0

at 31 December

\u00a0

2023

2022

post-reclassifications(1)

CGU\u00a0

\u00a0\u20ac million

\u00a0\u20ac million

Americas

1,167.1

1,204.6

Southern Europe, Middle East and Africa

401.0

401.0

Northern, Central and Eastern Europe

247.4

247.4

Asia-Pacific

35.3

25.6

Total

1,850.8

1,878.5

(1) Includes the final allocation of goodwill value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
Changes in goodwill values at 31 December 2023 compared with 31 December 2022 are mainly due to positive perimeter change equal to \u20ac11.9 million overall, allocated to the APAC CGU, deriving from the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority stake in Thirsty Camel Ltd., as well as unfavourable exchange rate effects of -\u20ac39.9 million, which were re-allocated to the individual CGU.
The impairment test on brands with indefinite life was performed on an individual basis using the value in use criterion. It should be noted that brands with an immaterial value individually and in the aggregate are not subject to an impairment test. The Group considers the \u2019value in use\u2019 to be a proxy of the recoverable amount of the trademark values, for the following reasons: (i) the value in use is measured by using the valuation methodology Multi\u2010period Excess Earnings Method (MEEM), which is widely accepted in practice for determining the trademarks\u2019 fair value, for example in a purchase price allocation following an acquisition and (ii) the Group business plans for the brands can be considered market participant as there is no indication that a different player would have taken a different business strategy on such brands. This methodology is considered valid assuming that the identification of a representative sample of comparable transactions is not easily available across the different types of assets.
MEEM is an earnings\u2010based valuation method. The theoretical premise of the MEEM is that the value of a brand is equal to the current value of the residual cash flows attributable to the asset analysed. According to this method, the relevant earnings attributable to the intangible assets are calculated using the income that the company would record after having deducted the earnings attributable to all the other assets (contributory asset charge), i.e. deducting from the company\u2019s results the remuneration for using other assets that contribute to the generation of such results. Estimates of income flows generated by individual brands, net of contributory asset charge, and of the terminal value, discounted to present value using an appropriate discount rate, were used to calculate the recoverable value of brands. Consistent with the impairment test on goodwill, a 10-year cash projection was developed for the trademark impairment test. In the case of The GlenGrant single malt Scotch whisky, a 15-year time horizon was adopted, in line with previous years. The use of a fifteen-year time horizon is justified by the long-term effect of the brand ageing strategy, a commonly implemented market practice for premium spirits players. The discount rates used for the individual brands tested varied from 8.5% to 9.1% (vs. a range of 7.6% to 9.1% in 2022) and took into account a specific risk premium for the brand in question. To determine the terminal value of each brand, a perpetual growth rate between 2.1% to 2.2% (vs. a range of 2.1% to 2.3% in 2022), in line with the inflation estimates for the 2025-2028 period, was used.
Excluding Forty Creek, for which an impairment loss has already been recorded in 2023 as the brand performance in its core Canadian market remains very static despite positive medium/long-term opportunities in other markets (\u20ac10.3 million at the average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023), the sensitivity analyses indicated impairment risks for the trademarks of The GlenGrant, Cabo Wabo, Bulldog, Picon and Wilderness Trail Distillery. The combined theoretical impairment risk for the above-mentioned brands would be \u20ac73.3 million considering a theoretical increase of WACC by +100 bps and decrease of the growth rate (\u2018g\u2019) by -100 bps. The Group will closely monitor the future development of these brands and carefully assess the recoverability of their trademark values.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Grand Marnier

300.7

300.7

Wild Turkey

165.2

171.2

Picon

123.6

123.6

Jamaican Rum Portfolio

91.1

96.1

The GlenGrant and Old Smuggler

88.8

88.8

Cabo Wabo

64.3

66.6

Averna and Braulio

65.5

65.5

Forty Creek

60.7

72.0

Wilderness Trail Distillery

58.0

60.0(1)

Frangelico

54.0

54.0

Bulldog

35.5

34.8

Riccadonna

11.3

11.3

X-Rated(2)

4.4

6.7

Del Professore

6.4

6.4

Other

26.4

25.5

Total

1,155.8

1,183.1

(1) Includes the final allocation of brand value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
(2) Asset with finite life. The brand value amortised over a timeframe of 10 years until 2025.
Changes in brand values at 31 December 2023 compared with 31 December 2022 are mainly due to impairment loss attributable to the Forty Creek brand mentioned above and negative exchange rate effects of \u20ac14.8 million.
Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
The following assumptions were used for the fair value measurement of options issued in 2023 and 2022.

Black-Scholes model parameters

2023

2022

Expected dividends (\u20ac)

0.065

0.060

Expected volatility (%)

21.18%

25.92%

Historic volatility (%)

28.58%

23.90%

Market interest rate

2.930%

1.354%

Expected option life (years)

\u00a07.00

\u00a07.00

Exercise price (\u20ac)

\u00a011.61

\u00a010.29

The average fair value of options granted in 2023 was \u20ac3.51 (\u20ac3.06 in 2022). The average remaining life of outstanding options at 31 December 2023 was 3.4 years (3.5 years at 31 December 2022).
Accounting policy
\u00adShare-based payments in the form of \u2018Employees Share Ownership Plan\u2019, \u2018Extra-Mile Bonus Plan (\u2018EMB\u2019) and Mid-Term Incentive plan (\u2018MTI\u2019)
The Shareholders\u2019 meeting of 8 April 2021 approved the resolution for the implementation of the Employee Share Ownership Plan (\u2018ESOP\u2019). ESOP is a share matching plan offering employees the opportunity to invest in Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the \u2018Purchased Shares\u2019) by the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the liability with the \u2018pro-rata\u2019 value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (\u2018EMB\u2019) program was awarded in 2021 representing a preparatory assignment to the launch of the ESOP program with which it shares the main features. The fair value of the EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (\u2018MTI\u2019) based on Campari shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free, subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of award rights to be granted to each beneficiary will be calculated based on the beneficiary\u2019s annual base gross salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for the following three years, therefore the second grant was assigned in May 2023.
Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the obligations can be reliably estimated, the provision is discounted to present value. The related amount over time is allocated to statement of profit or loss. When the Group expects that all or part of the provisions will be repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal detailed restructuring program, that has led to a reasonable expectation by interested parties that the restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either because the process has already started or because the main features of the restructuring program have already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii.-\u2018Taxation\u2019.
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-\u2018Financial instruments\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact6": { "value": " Use of estimates
Preparation of the financial statements and the related notes in accordance with IFRS requires management to make estimates and assumptions that have an impact on the Group\u2019s assets and liabilities and items in the profit or loss during the year. These estimates and assumptions, which are based on the best valuations available at the time of their preparation and are reviewed regularly, may differ from the actual circumstances and may be revised accordingly at the time the circumstances change or when new information becomes available. Future outcomes can consequently differ from estimates.
Details of critical estimates and judgements that could have a material impact on the financial statements are set out in the related notes as follows:
\u2022business combination: management judgement to determine all the factors relevant to the relationship with the investee to ascertain whether control has been established and whether the investee should be consolidated as a subsidiary. Management judgement to define fair acquisition values that are attributed to the assets and liabilities acquired. Please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019, 6 iv-\u2018 Other non-current financial assets\u2019, 6 v-\u2018Non-current financial debt\u2019, 6 vi-\u2018Current financial debt\u2019 and 8 iii-\u2018 Fair value information on assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022disclosures for contingent assets and liabilities: management judgement in assessing the likelihood of whether a liability will arise and an estimate to quantify the possible range of any settlement and judgement in assessing the likelihood of the assets collection. Please refer to note 8 i- \u2018Provisions for risks, charges and contingent assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022restructuring provisions, provisions for risk and charges: management judgement in assessing the likelihood of whether a liability will arise and an estimate to quantify the possible range of any settlement. Please refer to note 8 i- \u2018Provisions for risks, charges and contingent assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022compensation plans in the form of share-based payments: management estimate in determining the assumptions in calculating the fair value of the plans. Please refer to note 7 v-\u2018Share-based payments\u2019 of the consolidated financial statements at 31 December 2023;
\u2022goodwill and intangible assets: management judgement of the assets to be recognised and synergies resulting from an acquisition. Management judgements and estimates required to determine future cash flows and appropriate applicable assumptions to support the intangible asset value. Please refer to note 4 iii-\u2018Intangible assets\u2019 of the consolidated financial statements at 31 December 2023;
\u2022taxation: management judgement and estimate required to assess uncertain tax positions and the recoverability of deferred tax assets. Please refer to note 3 xiii-\u2018Taxation\u2019 of the consolidated financial statements at 31 December 2023;
\u2022incremental interest rate for lease transactions: management judgements and estimates required to determine the rate level. Please refer to note 6 vii- \u2018Lease components in the statement of financial position\u2019 of the consolidated financial statements at 31 December 2023.
\u2212Macroeconomic and geopolitical uncertainty
During 2023 Campari Group has continued to monitor and analyse the evolution of macroeconomic and geopolitical uncertainties.
The critical review that was conducted included the ongoing Russia-Ukraine conflict which started in February 2022 and a detailed analysis has been performed to identify, and consequently manage, the principal risks and uncertainties to which the Group is exposed. The impact of the conflict continues to have no material impact on the Group\u2019s results and business performance at a consolidated level as reported in these consolidated financial
statements, since Russia and Ukraine together accounted overall for approximately 3% of the Group\u2019s net sales in the full year 2023 and approximately 3% in 2022.
Campari Group, like all members of the spirits industry, has been facing the challenges of the present high inflation, albeit with a decreasing trend, related volatility in commodity prices and rising energy prices, combined with elevated interest rate levels, which continue to impact the current global environment. Although economic momentum worldwide should strengthen as real income and consumer spending increase due to expected decreasing inflation, the downside effect of high interest rates still persists, also in terms of changes in consumer behaviour. The Group constantly monitors the evolution of the macroeconomic scenario with the aim of mitigating the implications on its operations and performance also by leveraging the favourable sales mix and the price increases that it has started to implement throughout last year.
\u2212Climate and other environmental matters
Campari Group recognises that climate change is one of the greatest challenges for the future of the planet and is actively engaged on its path related to the defined sustainability priorities to which all major global functions contribute. It is important to highlight that within the current macroeconomic landscape, production activities, the entire value chain, and the execution of the Group\u2019s strategies are susceptible to the impacts of climate change. These impacts encompass both acute and extreme unpredictable events, as well as chronic factors such as rising temperatures and drought, presenting physical risks-climate change is therefore a major disruptive force with the potential to drive substantial changes to the Group\u2019s operations in the short to medium and long term.
Climate risk can affect companies, financial institutions, households, countries, and the financial system in general. However, opportunities may arise for those companies that enable the transition to a low-carbon economy. Following a very positive progression in 2022 regarding Campari Group\u2019s environmental commitments, more challenging medium and long-term environmental targets have been set during 2023, that were described in the Sustainability Disclosure of this Annual report to which reference is made. The impact of the climate change assessment and related targets set have been considered in evaluating estimates and judgements in the preparation of these consolidated financial statements. The details of the climate risk assessment were deemed proportionate to the nature of the Group\u2019s business and the current assessment was sufficient to identify the physical climate risks as well as the transition risks that are material to the Group\u2019s operations or financial condition. The analysis of climate change carried out in 2023 did not result in any issue not attributable to and not addressable in the ordinary course of business and did not highlight any material economic issue that had any material impact on these consolidated financial statements.
The following considerations were made with reference to the consolidated financial statements:
\u2022 the impact of climate change is not expected to be material over the going concern periods specified below;
\u2022 the impact of climate change is more sensitive on biological goods as all agricultural ingredients are at risk mainly due to water scarcity and high temperatures: to mitigate and keep the risk low, the Group defined contingency plans for alternative sourcing of biological assets that remained dormant in 2023, while put in place initiatives to prevent negative effects from water scarcity risk by investing in Capex eligible (for CSRD purposes) in the United Kingdom as well as in Jamaica;
\u2022 the impact of climate change on cash flow forecasts used in impairment assessments of the value in use of non-current assets including goodwill;
\u2022 the impact of climate change on factors (such as residual values, useful lives and depreciation methods) that determine the carrying amount of non-current assets: no triggering factors were identified in 2023.
Specific additional supplementary information is provided below with respect to identified priorities and their impact on the Group disclosure.
Going concern including net financial debt
In terms of its operating and financial profiles, the Group continues to be very sound and has not been exposed to any going-concern issues neither during 2023 nor in the 12 months subsequent these consolidated financial statements were authorised for issue, thanks to the agility and resilience of its organisation.
The positive business momentum has continued for Campari Group since the beginning of the year, mainly driven by aperitifs, tequila and bourbon and industry outperformance in core developed markets. The Group is benefitted from the strong price increases implemented last year and continued to take advantage of price increase opportunities during 2023, which helped mitigate the inflation pressure on margins. With regard to the Group\u2019s net debt position and namely with respect to financial assets, these are not subject to particular risks, since the investments considered by the Group are always the subject of a careful and scrupulous preliminary analysis and are always coherent with the financial needs. With respect to financial liabilities, the Group\u2019s indebtedness ratios measured internally (given the lack of covenants on existing debt) were under control and consistently at a level considered entirely manageable by the Group. During 2023, the Group\u2019s financial
structure was confirmed to have been strengthened by the availability of significant committed and uncommitted credit lines. No renegotiation of interest rates or conditions has been performed. The Group terminated in advance some pre-hedging derivatives as part of the ordinary course of its financial business management to mitigate fixed interest rate exposure. The debt profile is appropriately balanced between variable and fixed rate, thus minimising the Group\u2019s exposure to market risk. In 2023 and with respect to lease and rental agreements, there have not been nor new significant negotiations, including sub-leases, nor significant contract amendments generating financial receivables or liabilities. In terms of fair value measurement hierarchies of financial items, there were no changes to be reflected other than those disclosed in the related notes.
A separate analysis has been performed with reference to financial liabilities arising from put option and earn-out agreements valued at fair value and where the basis of the estimate is linked to brand performance. The analysis was conducted in conjunction with the considerations described in relation to the impairment test on goodwill, brands and intangible assets with a finite life, in order to ensure homogeneity and consistency in the valuation, and from the analyses no particular circumstances emerged requiring significant revisions of these liabilities.
The macroeconomic trend in 2023 did not trigger any significant change in clients\u2019 contracts or any change in the revenue recognition criteria previously identified. Significant judgements were used to review the expected credit losses based on the Group business model to manage financial instruments namely with reference to the markets directly impacted by the Russia-Ukraine conflict or in hyperinflationary environments. To facilitate the liquidity management, the Group continued the reverse factoring program, confirmed with a limited number of trusted suppliers involved, consistent with the previous years: the trade payables under reverse factoring agreements continued to be classified as a component of the Group\u2019s operating working capital with no separate disclosure as primary line items of the consolidated financial statements in consideration of the total exposure.
Impairment of goodwill, brands and intangible assets with a finite life
Notwithstanding the very challenging and volatile macro environment, during 2023 the Group delivered a solid performance, outperforming in key reference markets and continued to take strong price actions in order to mitigate the margin impact from the persisting, whilst gradually easing, costs inflation. In the current context of macro challenges, the Group performed an assessment to identify any triggering event implying the risk of impairment on its goodwill, brands and intangible assets with a finite life. This assessment confirmed that neither external nor internal events were triggering substantial change on the recoverability of these intangible assets: the Group\u2019s annual impairment test for intangible assets performed in this context confirmed a full recoverability of its goodwill and its brands, with the exception of an impairment loss of Forty Creek brand (please refer to note 4 iii-\u2018Intangible assets\u2019 for more information).
In the current macroeconomic circumstances, there was no evidence of significant deterioration of consumer demand affecting business plans. Moreover, there has not been any interruption of the operation of the Group\u2019s plants or supply from suppliers or problems with logistic and freight transport activities that the Group was not able to mitigate in the ordinary course of business.
During 2023 there were no issues related to operations in terms of production facilities since all the Group\u2019s plants and distilleries remained fully operational. Furthermore, there was no direct impact caused by international conflicts as the Group does not have any production facilities in the countries directly involved.
Provision for risk and charges and onerous contracts
In terms of the assessment of provisions for risks and charges and onerous contracts, significant judgements were used to assess the impact of triggering events. Moreover, no supply chain constraints were detected that should have been reflected in the above assessment.
Taxation
During the year, all material assumptions and estimates considered in the preparation of this annual report were reviewed. In particular tax rates were investigated to check for any changes that occurred during the period in the various tax jurisdictions and any amendments substantially enacted were considered in assessing both current and deferred taxes. The review conducted has not identified any new triggering events, that could influence the recoverability of deferred tax assets and the recognition of any additional liabilities for uncertain tax positions or tax risks related to the macroeconomic environment connected with the Russia-Ukraine conflict or concerning climate-related or other environmental matters.
Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Intangible assets Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group\u2019s intangible assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30 September 2023, i.e. the latest available actual figures at the time of the analysis. The results of such tests remained valid as of 31 December 2023, given that no events or impairment indicators have arisen that could result in a material reduction of the assets value or recoverable amounts in the fourth quarter of 2023.
Consistent with previous years, the Group considered the business plan, including the 2024 budget and 2025-2026 strategic plans (drafted by the Group\u2019s companies in 2023 and approved by the Board of Directors of Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing process of certain brands. Assumptions of future cash flows were made based on the conservative approach in terms of both expected growth rates and operating margin trends. In addition, projections were based on reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the Group\u2019s global sustainability strategy, including the path to decarbonisation based on the new challenging and
ambitious medium and long-term environmental targets which have been set in 2023 (for more information of the Group\u2019s global sustainability strategy and the 2023 new environmental targets, please refer to the paragraph \u2018Significant events of the year\u2019 of the management board report). Such investments were taken into account also in the longer horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to \u20ac assumed unchanged to the ones used for drafting the 2024 budget. Although applicable IFRS principles require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of 2024 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the four cash\u2010generating units (CGUs), namely, Americas CGU, SEMEA CGU, NCEE CGU and APAC CGU. This structure reflects the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained at the regional level. This is in line with the geographical segment reporting design adopted by the Group based on its current organisational structure. The allocation of goodwill for each CGU is based on the previous allocation values, adjusted to consider the exchange rate effects and other variations such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the brand values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU. The recoverable amounts of the CGUs were determined based on a \u2018value in use\u2019 methodology. The asset value is measured by discounting the estimated future cash flows generated by the continued use of such asset. Expected cash flows, which were based on the Group\u2019s cash flow estimates, were discounted using a post\u2010tax discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the specific risks for the business of the relevant CGU. The applicable IFRS principles states that, for calculating the \u2018value in use\u2019, pre-tax discount rate and future cash flows should be used. In the impairment test performed, it has been verified that the use of a post-tax approach provides consistent results with the ones which would have been obtained by adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer price for the period 2025\u20102028 for the Group\u2019s key markets (source: IMF, October 2023 release), assumed to be 2.2% for the Americas CGU (vs. 2.2% in 2022), 2.0% for the SEMEA CGU (vs. 2.0% in 2022), 2.1% for the NCEE CGU (vs. 2.5% in 2022) and 2.9% for the APAC CGU (vs. 2.7% in 2022) or 2.1% for the Group overall (vs 2.3% in 2022). It should be noted that the 2024 inflation rate estimate of the International Monetary Fund (\u2018IMF\u2019), assumed as particularly high, was excluded for the purposes of defining the terminal growth rate in order to follow a conservative approach. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows, including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the discount rate used was the Weighted Average Cost of Capital (\u2018WACC\u2019), which depends on the risk associated with the estimated cash flows. The WACC was determined based on observable indicators and market parameters, the current value of money, and the specific risks connected with the business of the relevant CGU. The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates used in the 2023 impairment test for the four CGUs, are as follows: 7.7% for the Americas CGU (same as in 2022), 8.5% for the SEMEA CGU (vs. 8.9% in 2022), 8.5% for the NCEE CGU (vs. 8.3% in 2022) and 6.8% for the APAC CGU (vs. 7.3% in 2022), or 8.1% for the Group overall (same as 2022 impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described above, the impairment test for goodwill as of 31 December 2023 confirmed the full recoverability, including sensitivity, of all the CGUs with a headroom resulting sufficient to exclude goodwill impairment losses that may arise from meaningful business downside risks.

\u00a0

at 31 December

\u00a0

2023

2022

post-reclassifications(1)

CGU\u00a0

\u00a0\u20ac million

\u00a0\u20ac million

Americas

1,167.1

1,204.6

Southern Europe, Middle East and Africa

401.0

401.0

Northern, Central and Eastern Europe

247.4

247.4

Asia-Pacific

35.3

25.6

Total

1,850.8

1,878.5

(1) Includes the final allocation of goodwill value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
Changes in goodwill values at 31 December 2023 compared with 31 December 2022 are mainly due to positive perimeter change equal to \u20ac11.9 million overall, allocated to the APAC CGU, deriving from the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority stake in Thirsty Camel Ltd., as well as unfavourable exchange rate effects of -\u20ac39.9 million, which were re-allocated to the individual CGU.
The impairment test on brands with indefinite life was performed on an individual basis using the value in use criterion. It should be noted that brands with an immaterial value individually and in the aggregate are not subject to an impairment test. The Group considers the \u2019value in use\u2019 to be a proxy of the recoverable amount of the trademark values, for the following reasons: (i) the value in use is measured by using the valuation methodology Multi\u2010period Excess Earnings Method (MEEM), which is widely accepted in practice for determining the trademarks\u2019 fair value, for example in a purchase price allocation following an acquisition and (ii) the Group business plans for the brands can be considered market participant as there is no indication that a different player would have taken a different business strategy on such brands. This methodology is considered valid assuming that the identification of a representative sample of comparable transactions is not easily available across the different types of assets.
MEEM is an earnings\u2010based valuation method. The theoretical premise of the MEEM is that the value of a brand is equal to the current value of the residual cash flows attributable to the asset analysed. According to this method, the relevant earnings attributable to the intangible assets are calculated using the income that the company would record after having deducted the earnings attributable to all the other assets (contributory asset charge), i.e. deducting from the company\u2019s results the remuneration for using other assets that contribute to the generation of such results. Estimates of income flows generated by individual brands, net of contributory asset charge, and of the terminal value, discounted to present value using an appropriate discount rate, were used to calculate the recoverable value of brands. Consistent with the impairment test on goodwill, a 10-year cash projection was developed for the trademark impairment test. In the case of The GlenGrant single malt Scotch whisky, a 15-year time horizon was adopted, in line with previous years. The use of a fifteen-year time horizon is justified by the long-term effect of the brand ageing strategy, a commonly implemented market practice for premium spirits players. The discount rates used for the individual brands tested varied from 8.5% to 9.1% (vs. a range of 7.6% to 9.1% in 2022) and took into account a specific risk premium for the brand in question. To determine the terminal value of each brand, a perpetual growth rate between 2.1% to 2.2% (vs. a range of 2.1% to 2.3% in 2022), in line with the inflation estimates for the 2025-2028 period, was used.
Excluding Forty Creek, for which an impairment loss has already been recorded in 2023 as the brand performance in its core Canadian market remains very static despite positive medium/long-term opportunities in other markets (\u20ac10.3 million at the average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023), the sensitivity analyses indicated impairment risks for the trademarks of The GlenGrant, Cabo Wabo, Bulldog, Picon and Wilderness Trail Distillery. The combined theoretical impairment risk for the above-mentioned brands would be \u20ac73.3 million considering a theoretical increase of WACC by +100 bps and decrease of the growth rate (\u2018g\u2019) by -100 bps. The Group will closely monitor the future development of these brands and carefully assess the recoverability of their trademark values.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Grand Marnier

300.7

300.7

Wild Turkey

165.2

171.2

Picon

123.6

123.6

Jamaican Rum Portfolio

91.1

96.1

The GlenGrant and Old Smuggler

88.8

88.8

Cabo Wabo

64.3

66.6

Averna and Braulio

65.5

65.5

Forty Creek

60.7

72.0

Wilderness Trail Distillery

58.0

60.0(1)

Frangelico

54.0

54.0

Bulldog

35.5

34.8

Riccadonna

11.3

11.3

X-Rated(2)

4.4

6.7

Del Professore

6.4

6.4

Other

26.4

25.5

Total

1,155.8

1,183.1

(1) Includes the final allocation of brand value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
(2) Asset with finite life. The brand value amortised over a timeframe of 10 years until 2025.
Changes in brand values at 31 December 2023 compared with 31 December 2022 are mainly due to impairment loss attributable to the Forty Creek brand mentioned above and negative exchange rate effects of \u20ac14.8 million.
Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
The following assumptions were used for the fair value measurement of options issued in 2023 and 2022.

Black-Scholes model parameters

2023

2022

Expected dividends (\u20ac)

0.065

0.060

Expected volatility (%)

21.18%

25.92%

Historic volatility (%)

28.58%

23.90%

Market interest rate

2.930%

1.354%

Expected option life (years)

\u00a07.00

\u00a07.00

Exercise price (\u20ac)

\u00a011.61

\u00a010.29

The average fair value of options granted in 2023 was \u20ac3.51 (\u20ac3.06 in 2022). The average remaining life of outstanding options at 31 December 2023 was 3.4 years (3.5 years at 31 December 2022).
Accounting policy
\u00adShare-based payments in the form of \u2018Employees Share Ownership Plan\u2019, \u2018Extra-Mile Bonus Plan (\u2018EMB\u2019) and Mid-Term Incentive plan (\u2018MTI\u2019)
The Shareholders\u2019 meeting of 8 April 2021 approved the resolution for the implementation of the Employee Share Ownership Plan (\u2018ESOP\u2019). ESOP is a share matching plan offering employees the opportunity to invest in Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the \u2018Purchased Shares\u2019) by the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the liability with the \u2018pro-rata\u2019 value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (\u2018EMB\u2019) program was awarded in 2021 representing a preparatory assignment to the launch of the ESOP program with which it shares the main features. The fair value of the EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (\u2018MTI\u2019) based on Campari shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free, subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of award rights to be granted to each beneficiary will be calculated based on the beneficiary\u2019s annual base gross salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for the following three years, therefore the second grant was assigned in May 2023.
Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the obligations can be reliably estimated, the provision is discounted to present value. The related amount over time is allocated to statement of profit or loss. When the Group expects that all or part of the provisions will be repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal detailed restructuring program, that has led to a reasonable expectation by interested parties that the restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either because the process has already started or because the main features of the restructuring program have already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii.-\u2018Taxation\u2019.
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-\u2018Financial instruments\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact5": { "value": " Use of estimates
Preparation of the financial statements and the related notes in accordance with IFRS requires management to make estimates and assumptions that have an impact on the Group\u2019s assets and liabilities and items in the profit or loss during the year. These estimates and assumptions, which are based on the best valuations available at the time of their preparation and are reviewed regularly, may differ from the actual circumstances and may be revised accordingly at the time the circumstances change or when new information becomes available. Future outcomes can consequently differ from estimates.
Details of critical estimates and judgements that could have a material impact on the financial statements are set out in the related notes as follows:
\u2022business combination: management judgement to determine all the factors relevant to the relationship with the investee to ascertain whether control has been established and whether the investee should be consolidated as a subsidiary. Management judgement to define fair acquisition values that are attributed to the assets and liabilities acquired. Please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019, 6 iv-\u2018 Other non-current financial assets\u2019, 6 v-\u2018Non-current financial debt\u2019, 6 vi-\u2018Current financial debt\u2019 and 8 iii-\u2018 Fair value information on assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022disclosures for contingent assets and liabilities: management judgement in assessing the likelihood of whether a liability will arise and an estimate to quantify the possible range of any settlement and judgement in assessing the likelihood of the assets collection. Please refer to note 8 i- \u2018Provisions for risks, charges and contingent assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022restructuring provisions, provisions for risk and charges: management judgement in assessing the likelihood of whether a liability will arise and an estimate to quantify the possible range of any settlement. Please refer to note 8 i- \u2018Provisions for risks, charges and contingent assets and liabilities\u2019 of the consolidated financial statements at 31 December 2023;
\u2022compensation plans in the form of share-based payments: management estimate in determining the assumptions in calculating the fair value of the plans. Please refer to note 7 v-\u2018Share-based payments\u2019 of the consolidated financial statements at 31 December 2023;
\u2022goodwill and intangible assets: management judgement of the assets to be recognised and synergies resulting from an acquisition. Management judgements and estimates required to determine future cash flows and appropriate applicable assumptions to support the intangible asset value. Please refer to note 4 iii-\u2018Intangible assets\u2019 of the consolidated financial statements at 31 December 2023;
\u2022taxation: management judgement and estimate required to assess uncertain tax positions and the recoverability of deferred tax assets. Please refer to note 3 xiii-\u2018Taxation\u2019 of the consolidated financial statements at 31 December 2023;
\u2022incremental interest rate for lease transactions: management judgements and estimates required to determine the rate level. Please refer to note 6 vii- \u2018Lease components in the statement of financial position\u2019 of the consolidated financial statements at 31 December 2023.
\u2212Macroeconomic and geopolitical uncertainty
During 2023 Campari Group has continued to monitor and analyse the evolution of macroeconomic and geopolitical uncertainties.
The critical review that was conducted included the ongoing Russia-Ukraine conflict which started in February 2022 and a detailed analysis has been performed to identify, and consequently manage, the principal risks and uncertainties to which the Group is exposed. The impact of the conflict continues to have no material impact on the Group\u2019s results and business performance at a consolidated level as reported in these consolidated financial
statements, since Russia and Ukraine together accounted overall for approximately 3% of the Group\u2019s net sales in the full year 2023 and approximately 3% in 2022.
Campari Group, like all members of the spirits industry, has been facing the challenges of the present high inflation, albeit with a decreasing trend, related volatility in commodity prices and rising energy prices, combined with elevated interest rate levels, which continue to impact the current global environment. Although economic momentum worldwide should strengthen as real income and consumer spending increase due to expected decreasing inflation, the downside effect of high interest rates still persists, also in terms of changes in consumer behaviour. The Group constantly monitors the evolution of the macroeconomic scenario with the aim of mitigating the implications on its operations and performance also by leveraging the favourable sales mix and the price increases that it has started to implement throughout last year.
\u2212Climate and other environmental matters
Campari Group recognises that climate change is one of the greatest challenges for the future of the planet and is actively engaged on its path related to the defined sustainability priorities to which all major global functions contribute. It is important to highlight that within the current macroeconomic landscape, production activities, the entire value chain, and the execution of the Group\u2019s strategies are susceptible to the impacts of climate change. These impacts encompass both acute and extreme unpredictable events, as well as chronic factors such as rising temperatures and drought, presenting physical risks-climate change is therefore a major disruptive force with the potential to drive substantial changes to the Group\u2019s operations in the short to medium and long term.
Climate risk can affect companies, financial institutions, households, countries, and the financial system in general. However, opportunities may arise for those companies that enable the transition to a low-carbon economy. Following a very positive progression in 2022 regarding Campari Group\u2019s environmental commitments, more challenging medium and long-term environmental targets have been set during 2023, that were described in the Sustainability Disclosure of this Annual report to which reference is made. The impact of the climate change assessment and related targets set have been considered in evaluating estimates and judgements in the preparation of these consolidated financial statements. The details of the climate risk assessment were deemed proportionate to the nature of the Group\u2019s business and the current assessment was sufficient to identify the physical climate risks as well as the transition risks that are material to the Group\u2019s operations or financial condition. The analysis of climate change carried out in 2023 did not result in any issue not attributable to and not addressable in the ordinary course of business and did not highlight any material economic issue that had any material impact on these consolidated financial statements.
The following considerations were made with reference to the consolidated financial statements:
\u2022 the impact of climate change is not expected to be material over the going concern periods specified below;
\u2022 the impact of climate change is more sensitive on biological goods as all agricultural ingredients are at risk mainly due to water scarcity and high temperatures: to mitigate and keep the risk low, the Group defined contingency plans for alternative sourcing of biological assets that remained dormant in 2023, while put in place initiatives to prevent negative effects from water scarcity risk by investing in Capex eligible (for CSRD purposes) in the United Kingdom as well as in Jamaica;
\u2022 the impact of climate change on cash flow forecasts used in impairment assessments of the value in use of non-current assets including goodwill;
\u2022 the impact of climate change on factors (such as residual values, useful lives and depreciation methods) that determine the carrying amount of non-current assets: no triggering factors were identified in 2023.
Specific additional supplementary information is provided below with respect to identified priorities and their impact on the Group disclosure.
Going concern including net financial debt
In terms of its operating and financial profiles, the Group continues to be very sound and has not been exposed to any going-concern issues neither during 2023 nor in the 12 months subsequent these consolidated financial statements were authorised for issue, thanks to the agility and resilience of its organisation.
The positive business momentum has continued for Campari Group since the beginning of the year, mainly driven by aperitifs, tequila and bourbon and industry outperformance in core developed markets. The Group is benefitted from the strong price increases implemented last year and continued to take advantage of price increase opportunities during 2023, which helped mitigate the inflation pressure on margins. With regard to the Group\u2019s net debt position and namely with respect to financial assets, these are not subject to particular risks, since the investments considered by the Group are always the subject of a careful and scrupulous preliminary analysis and are always coherent with the financial needs. With respect to financial liabilities, the Group\u2019s indebtedness ratios measured internally (given the lack of covenants on existing debt) were under control and consistently at a level considered entirely manageable by the Group. During 2023, the Group\u2019s financial
structure was confirmed to have been strengthened by the availability of significant committed and uncommitted credit lines. No renegotiation of interest rates or conditions has been performed. The Group terminated in advance some pre-hedging derivatives as part of the ordinary course of its financial business management to mitigate fixed interest rate exposure. The debt profile is appropriately balanced between variable and fixed rate, thus minimising the Group\u2019s exposure to market risk. In 2023 and with respect to lease and rental agreements, there have not been nor new significant negotiations, including sub-leases, nor significant contract amendments generating financial receivables or liabilities. In terms of fair value measurement hierarchies of financial items, there were no changes to be reflected other than those disclosed in the related notes.
A separate analysis has been performed with reference to financial liabilities arising from put option and earn-out agreements valued at fair value and where the basis of the estimate is linked to brand performance. The analysis was conducted in conjunction with the considerations described in relation to the impairment test on goodwill, brands and intangible assets with a finite life, in order to ensure homogeneity and consistency in the valuation, and from the analyses no particular circumstances emerged requiring significant revisions of these liabilities.
The macroeconomic trend in 2023 did not trigger any significant change in clients\u2019 contracts or any change in the revenue recognition criteria previously identified. Significant judgements were used to review the expected credit losses based on the Group business model to manage financial instruments namely with reference to the markets directly impacted by the Russia-Ukraine conflict or in hyperinflationary environments. To facilitate the liquidity management, the Group continued the reverse factoring program, confirmed with a limited number of trusted suppliers involved, consistent with the previous years: the trade payables under reverse factoring agreements continued to be classified as a component of the Group\u2019s operating working capital with no separate disclosure as primary line items of the consolidated financial statements in consideration of the total exposure.
Impairment of goodwill, brands and intangible assets with a finite life
Notwithstanding the very challenging and volatile macro environment, during 2023 the Group delivered a solid performance, outperforming in key reference markets and continued to take strong price actions in order to mitigate the margin impact from the persisting, whilst gradually easing, costs inflation. In the current context of macro challenges, the Group performed an assessment to identify any triggering event implying the risk of impairment on its goodwill, brands and intangible assets with a finite life. This assessment confirmed that neither external nor internal events were triggering substantial change on the recoverability of these intangible assets: the Group\u2019s annual impairment test for intangible assets performed in this context confirmed a full recoverability of its goodwill and its brands, with the exception of an impairment loss of Forty Creek brand (please refer to note 4 iii-\u2018Intangible assets\u2019 for more information).
In the current macroeconomic circumstances, there was no evidence of significant deterioration of consumer demand affecting business plans. Moreover, there has not been any interruption of the operation of the Group\u2019s plants or supply from suppliers or problems with logistic and freight transport activities that the Group was not able to mitigate in the ordinary course of business.
During 2023 there were no issues related to operations in terms of production facilities since all the Group\u2019s plants and distilleries remained fully operational. Furthermore, there was no direct impact caused by international conflicts as the Group does not have any production facilities in the countries directly involved.
Provision for risk and charges and onerous contracts
In terms of the assessment of provisions for risks and charges and onerous contracts, significant judgements were used to assess the impact of triggering events. Moreover, no supply chain constraints were detected that should have been reflected in the above assessment.
Taxation
During the year, all material assumptions and estimates considered in the preparation of this annual report were reviewed. In particular tax rates were investigated to check for any changes that occurred during the period in the various tax jurisdictions and any amendments substantially enacted were considered in assessing both current and deferred taxes. The review conducted has not identified any new triggering events, that could influence the recoverability of deferred tax assets and the recognition of any additional liabilities for uncertain tax positions or tax risks related to the macroeconomic environment connected with the Russia-Ukraine conflict or concerning climate-related or other environmental matters.
Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Intangible assets Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group\u2019s intangible assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30 September 2023, i.e. the latest available actual figures at the time of the analysis. The results of such tests remained valid as of 31 December 2023, given that no events or impairment indicators have arisen that could result in a material reduction of the assets value or recoverable amounts in the fourth quarter of 2023.
Consistent with previous years, the Group considered the business plan, including the 2024 budget and 2025-2026 strategic plans (drafted by the Group\u2019s companies in 2023 and approved by the Board of Directors of Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing process of certain brands. Assumptions of future cash flows were made based on the conservative approach in terms of both expected growth rates and operating margin trends. In addition, projections were based on reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the Group\u2019s global sustainability strategy, including the path to decarbonisation based on the new challenging and
ambitious medium and long-term environmental targets which have been set in 2023 (for more information of the Group\u2019s global sustainability strategy and the 2023 new environmental targets, please refer to the paragraph \u2018Significant events of the year\u2019 of the management board report). Such investments were taken into account also in the longer horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to \u20ac assumed unchanged to the ones used for drafting the 2024 budget. Although applicable IFRS principles require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of 2024 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the four cash\u2010generating units (CGUs), namely, Americas CGU, SEMEA CGU, NCEE CGU and APAC CGU. This structure reflects the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained at the regional level. This is in line with the geographical segment reporting design adopted by the Group based on its current organisational structure. The allocation of goodwill for each CGU is based on the previous allocation values, adjusted to consider the exchange rate effects and other variations such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the brand values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU. The recoverable amounts of the CGUs were determined based on a \u2018value in use\u2019 methodology. The asset value is measured by discounting the estimated future cash flows generated by the continued use of such asset. Expected cash flows, which were based on the Group\u2019s cash flow estimates, were discounted using a post\u2010tax discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the specific risks for the business of the relevant CGU. The applicable IFRS principles states that, for calculating the \u2018value in use\u2019, pre-tax discount rate and future cash flows should be used. In the impairment test performed, it has been verified that the use of a post-tax approach provides consistent results with the ones which would have been obtained by adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer price for the period 2025\u20102028 for the Group\u2019s key markets (source: IMF, October 2023 release), assumed to be 2.2% for the Americas CGU (vs. 2.2% in 2022), 2.0% for the SEMEA CGU (vs. 2.0% in 2022), 2.1% for the NCEE CGU (vs. 2.5% in 2022) and 2.9% for the APAC CGU (vs. 2.7% in 2022) or 2.1% for the Group overall (vs 2.3% in 2022). It should be noted that the 2024 inflation rate estimate of the International Monetary Fund (\u2018IMF\u2019), assumed as particularly high, was excluded for the purposes of defining the terminal growth rate in order to follow a conservative approach. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows, including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the discount rate used was the Weighted Average Cost of Capital (\u2018WACC\u2019), which depends on the risk associated with the estimated cash flows. The WACC was determined based on observable indicators and market parameters, the current value of money, and the specific risks connected with the business of the relevant CGU. The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates used in the 2023 impairment test for the four CGUs, are as follows: 7.7% for the Americas CGU (same as in 2022), 8.5% for the SEMEA CGU (vs. 8.9% in 2022), 8.5% for the NCEE CGU (vs. 8.3% in 2022) and 6.8% for the APAC CGU (vs. 7.3% in 2022), or 8.1% for the Group overall (same as 2022 impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described above, the impairment test for goodwill as of 31 December 2023 confirmed the full recoverability, including sensitivity, of all the CGUs with a headroom resulting sufficient to exclude goodwill impairment losses that may arise from meaningful business downside risks.

\u00a0

at 31 December

\u00a0

2023

2022

post-reclassifications(1)

CGU\u00a0

\u00a0\u20ac million

\u00a0\u20ac million

Americas

1,167.1

1,204.6

Southern Europe, Middle East and Africa

401.0

401.0

Northern, Central and Eastern Europe

247.4

247.4

Asia-Pacific

35.3

25.6

Total

1,850.8

1,878.5

(1) Includes the final allocation of goodwill value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
Changes in goodwill values at 31 December 2023 compared with 31 December 2022 are mainly due to positive perimeter change equal to \u20ac11.9 million overall, allocated to the APAC CGU, deriving from the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority stake in Thirsty Camel Ltd., as well as unfavourable exchange rate effects of -\u20ac39.9 million, which were re-allocated to the individual CGU.
The impairment test on brands with indefinite life was performed on an individual basis using the value in use criterion. It should be noted that brands with an immaterial value individually and in the aggregate are not subject to an impairment test. The Group considers the \u2019value in use\u2019 to be a proxy of the recoverable amount of the trademark values, for the following reasons: (i) the value in use is measured by using the valuation methodology Multi\u2010period Excess Earnings Method (MEEM), which is widely accepted in practice for determining the trademarks\u2019 fair value, for example in a purchase price allocation following an acquisition and (ii) the Group business plans for the brands can be considered market participant as there is no indication that a different player would have taken a different business strategy on such brands. This methodology is considered valid assuming that the identification of a representative sample of comparable transactions is not easily available across the different types of assets.
MEEM is an earnings\u2010based valuation method. The theoretical premise of the MEEM is that the value of a brand is equal to the current value of the residual cash flows attributable to the asset analysed. According to this method, the relevant earnings attributable to the intangible assets are calculated using the income that the company would record after having deducted the earnings attributable to all the other assets (contributory asset charge), i.e. deducting from the company\u2019s results the remuneration for using other assets that contribute to the generation of such results. Estimates of income flows generated by individual brands, net of contributory asset charge, and of the terminal value, discounted to present value using an appropriate discount rate, were used to calculate the recoverable value of brands. Consistent with the impairment test on goodwill, a 10-year cash projection was developed for the trademark impairment test. In the case of The GlenGrant single malt Scotch whisky, a 15-year time horizon was adopted, in line with previous years. The use of a fifteen-year time horizon is justified by the long-term effect of the brand ageing strategy, a commonly implemented market practice for premium spirits players. The discount rates used for the individual brands tested varied from 8.5% to 9.1% (vs. a range of 7.6% to 9.1% in 2022) and took into account a specific risk premium for the brand in question. To determine the terminal value of each brand, a perpetual growth rate between 2.1% to 2.2% (vs. a range of 2.1% to 2.3% in 2022), in line with the inflation estimates for the 2025-2028 period, was used.
Excluding Forty Creek, for which an impairment loss has already been recorded in 2023 as the brand performance in its core Canadian market remains very static despite positive medium/long-term opportunities in other markets (\u20ac10.3 million at the average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023), the sensitivity analyses indicated impairment risks for the trademarks of The GlenGrant, Cabo Wabo, Bulldog, Picon and Wilderness Trail Distillery. The combined theoretical impairment risk for the above-mentioned brands would be \u20ac73.3 million considering a theoretical increase of WACC by +100 bps and decrease of the growth rate (\u2018g\u2019) by -100 bps. The Group will closely monitor the future development of these brands and carefully assess the recoverability of their trademark values.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Grand Marnier

300.7

300.7

Wild Turkey

165.2

171.2

Picon

123.6

123.6

Jamaican Rum Portfolio

91.1

96.1

The GlenGrant and Old Smuggler

88.8

88.8

Cabo Wabo

64.3

66.6

Averna and Braulio

65.5

65.5

Forty Creek

60.7

72.0

Wilderness Trail Distillery

58.0

60.0(1)

Frangelico

54.0

54.0

Bulldog

35.5

34.8

Riccadonna

11.3

11.3

X-Rated(2)

4.4

6.7

Del Professore

6.4

6.4

Other

26.4

25.5

Total

1,155.8

1,183.1

(1) Includes the final allocation of brand value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
(2) Asset with finite life. The brand value amortised over a timeframe of 10 years until 2025.
Changes in brand values at 31 December 2023 compared with 31 December 2022 are mainly due to impairment loss attributable to the Forty Creek brand mentioned above and negative exchange rate effects of \u20ac14.8 million.
Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
The following assumptions were used for the fair value measurement of options issued in 2023 and 2022.

Black-Scholes model parameters

2023

2022

Expected dividends (\u20ac)

0.065

0.060

Expected volatility (%)

21.18%

25.92%

Historic volatility (%)

28.58%

23.90%

Market interest rate

2.930%

1.354%

Expected option life (years)

\u00a07.00

\u00a07.00

Exercise price (\u20ac)

\u00a011.61

\u00a010.29

The average fair value of options granted in 2023 was \u20ac3.51 (\u20ac3.06 in 2022). The average remaining life of outstanding options at 31 December 2023 was 3.4 years (3.5 years at 31 December 2022).
Accounting policy
\u00adShare-based payments in the form of \u2018Employees Share Ownership Plan\u2019, \u2018Extra-Mile Bonus Plan (\u2018EMB\u2019) and Mid-Term Incentive plan (\u2018MTI\u2019)
The Shareholders\u2019 meeting of 8 April 2021 approved the resolution for the implementation of the Employee Share Ownership Plan (\u2018ESOP\u2019). ESOP is a share matching plan offering employees the opportunity to invest in Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the \u2018Purchased Shares\u2019) by the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the liability with the \u2018pro-rata\u2019 value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (\u2018EMB\u2019) program was awarded in 2021 representing a preparatory assignment to the launch of the ESOP program with which it shares the main features. The fair value of the EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (\u2018MTI\u2019) based on Campari shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free, subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of award rights to be granted to each beneficiary will be calculated based on the beneficiary\u2019s annual base gross salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for the following three years, therefore the second grant was assigned in May 2023.
Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the obligations can be reliably estimated, the provision is discounted to present value. The related amount over time is allocated to statement of profit or loss. When the Group expects that all or part of the provisions will be repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal detailed restructuring program, that has led to a reasonable expectation by interested parties that the restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either because the process has already started or because the main features of the restructuring program have already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii.-\u2018Taxation\u2019.
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-\u2018Financial instruments\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact13": { "value": " Principles of control and consolidation
-Principles of control
Control is determined when the Group is exposed to or has a right to variable returns resulting from its involvement with the investee, and, at the same time, has the ability to use its power over the investee to affect these returns.
Specifically, the Group controls a business if, and only if, it has:
\u00adpower over the investee (or holds valid rights that give it the actual ability to manage significant activities of the investee);
\u00adexposure or rights to variable returns resulting from its involvement with the investee;
\u00adthe ability to use its power over the investee to affect the size of its returns.
Generally, control is assumed to exist when the Group possesses a majority of the voting rights. In support of this assumption and when the Group holds less than the majority of the voting rights (or similar rights), the Group considers all relevant facts and circumstances in assessing whether it controls the investee, including contractual arrangements with other holders of voting rights, rights arising from contractual arrangements, and the Group\u2019s voting rights and potential voting rights.
The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that one or more of the three significant elements defining control have changed. Consolidation of a subsidiary begins when the Group obtains direct or indirect control of that subsidiary (or through one or more other subsidiaries) and ceases when the Group loses control therefrom. The assets, liabilities, revenues and costs of the subsidiary acquired or disposed of over the year are included in the consolidated financial statements from the date on which the Group obtains control until the date on which the Group no longer exercises control over the company.
Changes in investments in subsidiaries that do not result in acquisition or loss of control are recorded as changes in shareholders\u2019 equity.
If the Group loses control of a subsidiary, the related assets (including goodwill), liabilities, non-controlling interests and other components of shareholders\u2019 equity are derecognised, while any gain or loss is recognised in the statement of profit or loss. Any ownership interest maintained is recorded at fair value.
-Principles of consolidation
The consolidated financial statements include the financial statements of the Parent Company and of the Italian and foreign subsidiaries. All subsidiaries are consolidated on a line-by-line basis. The carrying amount of the equity of the investments in subsidiaries is derecognised against the corresponding portion of the shareholders\u2019 equity of the subsidiaries. At the first consolidation stage individual assets and liabilities are measured at fair value in the context of the purchase price allocation at the date control was acquired. Any residual positive difference in the allocation is recorded under the asset item \u2018Goodwill\u2019, and any negative amount is allocated to the statement of profit or loss.
The subsidiaries\u2019 financial statements are based on the same financial year as the Parent Company and drawn up for the purposes of consolidation. When necessary, appropriate adjustments are made to subsidiaries\u2019 financial statements to bring them into line with the Group\u2019s accounting policies. Joint-ventures are measured by applying the equity method.
When preparing the consolidated financial statements, unrealised gains and losses resulting from intra-group transactions are derecognised, as are the entries giving rise to payables and receivables, and costs and revenues between the companies included in the basis of consolidation. All intra-group assets and liabilities, shareholders\u2019 equity, revenues, costs and cash flow relating to transactions between Group entities are fully derecognised on consolidation. All remaining assets and liabilities, expenses and revenues of the subsidiaries are fully reflected in the consolidated financial statements. Unrealised gains and losses generated on transactions with joint-ventures are derecognised to the extent of the Group\u2019s percentage interest in those companies. Dividends collected from consolidated companies are derecognised.
The profit (loss) for the year and all other components of the statement of other comprehensive income are attributed to the shareholders of the Parent Company and to non-controlling interests, even if this results in non-controlling interests having a negative value. Non-controlling interests in shareholders\u2019 equity and related results are reported under the appropriate items in the primary financial statements.
- Basis of consolidation
The following changes were made to the basis of consolidation, resulting from the acquisitions and reorganisation of companies:
\u00adon 1 March 2023, Campari Group acquired the remaining outstanding shares in CT Spirits Japan Ltd. (\u2018CTSJ\u2019), in which it previously had a joint-venture interest. As a result, CTSJ has become a wholly owned subsidiary;
\u00adon 27 March 2023, the acquisition of the remaining 20% minority interests for both Scev des Gloriettes and Champagne Lallier S.A.S. was completed;
\u00adon 3 April 2023, Campari Group became the majority shareholder of Thirsty Camel Ltd., in which it previously owned a non-controlling stake, by acquiring the 50% of the outstanding shares and thus arriving at a 60% interest stake.
The tables below list the companies included in the basis of consolidation at 31 December 2023.

name of company, activity

registered office

share capital at

31 December 2023

% owned by

Davide Campari-Milano N.V.

indirect ownership through

\u00a0

\u00a0

currency

amount

direct

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Indirect

Davide Campari-Milano N.V., holding, trading and manufacturing company(2)

legal domicile: Amsterdam (Netherlands)

corporate address: Via Franco Sacchetti 20, 20099 Sesto San Giovanni, Milan, Italy.

\u20ac

11,616,000

\u00a0

\u00a0

\u00a0

Fully consolidated companies

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari International S.r.l., trading company

Via Franco Sacchetti 20, 20099 Sesto San Giovanni; Milan, Italy

\u20ac

700,000

100.00

\u00a0

\u00a0

Camparino S.r.l.,trading company

Piazza Duomo 21, 20121 Milan, Italy

\u20ac

48,880

100.00

\u00a0

\u00a0

Terrazza Aperol S.r.l., trading company

Sestiere San Marco 2776, Venice, Italy

\u20ac

\u00a020,000

100.00

\u00a0

\u00a0

Europe and Africa

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari Austria GmbH,trading company

Naglergasse 1/Top 13,1010 Wien, Austria

\u20ac

500,000

100.00

\u00a0

\u00a0

Campari Benelux S.A.,trading company

Rue aux Laines 70, 1000 Bruxelles, Belgium

\u20ac

1,000,000

61.01

\u00a0

38.99

\u00a0

Glen Grant Ltd. 38.99%

Campari Deutschland GmbH, trading company

Adelgundenstr. 7, 80538 Munich, Germany

\u20ac

5,200,000

100.00

\u00a0

\u00a0

Campari Espa\u00f1a S.L.U., holdingand trading company

Calle de la Marina 16-18, planta 29, Barcelona, Spain

\u20ac

4,279,331

100.00

\u00a0

\u00a0

Campari RUS LLC, trading company

115088, Moscow, 2nd Yuzhnoportovy proezd, 14/22, Russia

RUB

210,000,000

100.00

\u00a0

\u00a0

Campari Schweiz A.G., trading company

Lindenstrasse 8, 63471 Baar, Switzerland

CHF

500,000

100.00

\u00a0

\u00a0

Campari Ukraine LLC, trading company

8, Illinska Street, 5 Floor, block 8 and 9, Kiev, 4070 Ukraine

UAH

87,396,209

99.00

1.00

Campari RUS LLC 1%

Glen Grant Ltd.,manufacturing and trading company

GlenGrant Distillery, Elgin Road, Rothes, Morayshire, AB38 7BS, United Kingdom

GBP

24,949,000

100.00

\u00a0

\u00a0

Kaloyiannis-Koutsikos Distilleries S.A., manufacturing and trading company

6 and E Street, A' Industrial Area, 38500 Volos, Greece

\u20ac

6,811,220

100.00

\u00a0

\u00a0

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S., holding and manufacturing company

14, rue Montalivet

75008 Paris, France

\u20ac

27,157,500

100.00

\u00a0

\u00a0

Campari France S.A.S., manufacturing and trading company

14 rue Montalivet 75008 Paris, France

\u20ac

112,759,856

\u00a0

100.00

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S. 100%

Bellonnie et Bourdillon Successeurs S.A.S., manufacturing and trading company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,100,000

\u00a0

96.53

Campari France S.A.S.96.53%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Distilleries Agricole de Sainte Luce S.A.S.,agricultural production company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

2,000,000

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 100%

SCEA Trois Rivi\u00e8res,agricultural service company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,920

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 25%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Distilleries Agricoles de Sainte Luce S.A.S 75%

Champagne Lallier S.A.S., manufacturing company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

3,575,420

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Scev des Gloriettes, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

34,301

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Sci Athena, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

1,000

\u00a0

100.00

Champagne Lallier S.A.S. 100%

Eric Luc, manufacturing and property company

5 rue Ritterbandt, 51160, AY, Franceagne, France

\u20ac

700,000

\u00a0

95.00

Campari France S.A.S. 95%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Campari South Africa Pty Ltd.,trading company

2nd Floor ICR House Alphen Park, Constantia main road, Constantia, Western Cape 7806, South Africa

ZAR

310,247,750

\u00a0

100.00

Campari Espa\u00f1a S.L.U.

Americas

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari America, LLC, manufacturing and trading company

1114 Avenue of the Americas, 19th Floor New York, 10036 United States

US$

566,321,274

100.00

\u00a0

\u00a0

Wilderness Trail Distillery, LLC, holding company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Campari America LLC 70%

Wilderness Trace Distillery, LLC, manufacturing and trading company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Wilderness Trail Distillery, LLC 100%

Campari Argentina S.A.,manufacturing and trading company

Tucuman, Piso 4 1107 Buenos Aires, Ciudad de Buenos Aires

Argentina

ARS

1,179,465,930(1)

98.81

1.19

Campari do Brasil Ltda. 1.19%

Campari do Brasil Ltda., manufacturing and trading company

Alameda Rio Negro 585, Edificio Demini, Conjunto 62, Alphaville-Barueri-SP, Brasil

BRL

156,870,056

99.9999

0.0001
\u00a0

Campari Schweiz A.G. 0.0001%
\u00a0

Campari Mexico S.A. de C.V.,trading company

Avenida Americas 1500 Piso G-A Colonia Country Club, Guadalajara, Jalisco, 44610 Mexico

MXN

5,525,434,642
\u00a0

\u00a0

100.00

Campari Espa\u00f1a S.L.U. 99%

Campari America, LLC 1%

Campari Mexico Destiladora S.A. de C.V., manufacturing company

Camino Real a Atotonilco No. 1081, La Trinidad, San Ignacio Cerro Gordo, Jalisco, Z.C. 47195, Mexico

MXN

10,100,000

\u00a0

100.00

Campari Mexico, S.A. de C.V. 99.99%
Campari America, LLC 0.01%

Licorera Ancho Reyes y cia, S.A.P.I. de C.V.,manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

177,888,738

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Casa Montelobos, S.A.P.I. de C.V., manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

144,810,964

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Campari Peru SAC, trading company

Av. Jorge Basadre No.607, oficina 702, distrito de San Isidro, Lima, Peru

PEN

34,733,589
\u00a0

\u00a0

100.00

Campari Esp\u00e3na S.L.U. 99.92%, Campari do Brasil Ltda. 0.08%

Forty Creek Distillery Ltd., manufacturing and trading company

297 South Service Road West, Grimsby, ON L3M 1Y6 Canada

CAD

105,500,100

100.00

\u00a0

\u00a0

J. Wray and Nephew Ltd., manufacturing and trading company

23 Dominica Drive, Kingston 5, Jamaica

JMD

750,000

\u00a0

100.00

Campari Esp\u00e3na S.L.U.

Asia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari (Beijing) Trading Co. Ltd.,trading company

Building 1, Level 5, Room 66, 16 Chaowai Avenue, Chaoyang District, Beijing, China

CNY

104,200,430

100.00

\u00a0

\u00a0

Campari Australia Pty Ltd.,manufacturing and trading company

Level 21, 141 Walker Street North Sydney, 2060, Australia

AUD

56,500,000

100.00

\u00a0

\u00a0

Campari India Private Ltd., trading company

Upper Ground and First Floor

Shop No. SG-1 and\u00a0 SF-1, DT Greater Kailash-II, New Delhi 110048, India

INR

172,260

99.9

0.01

Campari Australia Pty Ltd. 0.01%

Campari New Zealand Ltd.,trading company

C/o KPMG 18, Viaduct Harbour Av., Maritime Square, Auckland, New Zealand

NZD

10,000

\u00a0

100.00

\u00a0Campari Australia Pty Ltd.

Thirsty Camel Limited, trading Company

c/- Farry Law, Level 11, 152 Quay Street

Auckland CBD, 1010, New Zealand

NZD

5,180,000

\u00a0

60.01

Campari Australia Pty Ltd. 60.01%

Campari Singapore Pte Ltd., trading company

152 Beach Road, #24-06, 1Gateway East, 189721, Singapore

SGD

19,100,000

100.00

\u00a0

\u00a0

Trans Beverages Company Ltd., trading company

5th Floor, 14 Samsung-ro 133-gil Gangnam-gu, Seoul, South Korea, Songpa-gu, Seoul, Korea

KRW

2,000,000,000

\u00a0

\u00a0

51.00

Glen Grant Ltd.

CT Spirits Japan Ltd., trading company

2-26-5 Jingumae Shibuya-ku, Tokyo 150-0001, Japan

JPY

100,000,000

100.00

\u00a0

\u00a0

(1) The share capital does not include effects related to the hyperinflation accounting standard.
(2)The 11,616,000 \u20ac represent ordinary share capital.
Acquisition and sale of businesses and purchase of non-controlling interests Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
Shareholders\u2019 equity attributable to non-controlling interests
Accounting policy
For accounting policy over non-controlling interests relate to the portion of a subsidiary\u2019s shareholders\u2019 equity that is not directly or indirectly attributable to the Group, please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019.
Disclosure
The changes during the year are reflected below.

non-controlling interests

\u20ac million

Bellonnie et

Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages

Wilderness Trail Distillery

Thirsty Camel Ltd.

total

at 31 December 2022

1.4

-

-

-

-

-

1.4

net result

(0.2)

(0.4)

(0.1)

0.3

2.3

0.2

2.0

translation difference

-

0.2

-

(0.2)

(6.1)

-

(6.0)

perimeter effect for acquisition

-

-

-

-

-

0.3

0.3

other movements

-

0.3

-

-

0.1

-

0.4

dividends

-

-

-

(0.3)

(1.6)

-

(2.0)

reclassification to group net equity

-

(0.1)

0.1

0.2

5.3

-

5.5

at 31 December 2023

1.1

-

-

-

-

0.5

1.6

non-controlling interests

\u20ac million

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages

Wilderness Trail Distillery

total

at\u00a0 31 December 2021

1.6

-

-

1.4

-

3.0

net result

(0.3)

(1.3)

(1.0)

1.1

-

(1.5)

translation difference

-

0.3

-

-

(2.2)

(1.9)

perimeter effect for acquisition

-

-

-

-

170.1

170.1

other movements

-

-

0.1

(0.1)

-

-

reclassification to group net equity

-

1.0

0.9

(2.4)

(167.9)

(168.4)

at\u00a0 31 December 2022

1.4

-

-

-

-

1.4

The non-controlling interests at 31 December 2023 amounted to \u20ac1.6 million.
The main changes in 2023 were related to the acquisition of Thirsty Camel Ltd. and the recognition of the non-controlling interests related to the 40% minority stake of \u20ac0.3 million and the acquisition of the residual 20% minority interest in Champagne Lallier Group and the derecognition of the related minority interest. With regard to Wilderness Trail Distillery, Ancho Reyes and Montelobos and Trans Beverages, due to the existence of reciprocal purchase/sale agreements involving put/call option mechanisms with several existing non-controlling shareholders, the recognition of a financial liability related to the future purchase obligation (refer to note 6 v-\u2018Non-current financial debt\u2019) and the simultaneous elimination of the amount recognised under non-controlling interests in favour of the Group\u2019s shareholders\u2019 equity (refer to note \u2018Other reserves and retained earnings attributable to Group shareholders\u2019 above) was required.

Company name

Country of business

% of minority interest 2023

% of minority interest 2022

Bellonnie et Bourdillon

Martinique

3.47%

3.47%

Ancho Reyes and Montelobos

Mexico

49.0%

49.0%

Champagne Lallier

France

-

20.0%

Trans Beverages

South Korea

49.0%

49.0%

Thirsty Camel Ltd.

New Zealand

40.0%

-

Wilderness Trail Distillery

United States

30.0%

30.0%

The financial statements of the subsidiaries shown below are based on the same accounting standards applied for the Parent Company and the adjustments measured in the context of the Purchase Price Allocation at the date of acquisition of control.

For the year ended 31 December 2023

total non-controlling interest

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages Co

Wilderness Trail Distillery

Thirsty Camel Ltd

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Net sales

127.8

24.3

14.4

15.4

27.8

29.1

16.8

Profit (loss) for the period

(9.3)

(6.7)

(0.7)

(10.9)

0.5

8.0

0.4

Profit (loss) for the period

attributable to non-controlling interest

2.5

(0.2)

(0.4)

0.4

0.3

2.3

0.2

Current assets

217.5

53.3

17.0

59.7

16.9

44.6

25.9

Non-current assets

630.1

49.0

11.2

44.2

0.3

521.1

4.3

Current liabilities

244.2

69.6

19.8

97.4

12.8

15.9

28.7

Non-current liabilities

7.9

1.8

2.0

0.2

0.2

3.4

0.3

Net assets

595.5

30.9

6.5

6.3

4.3

546.4

1.2

Net assets attributable to non-controlling interest

171.8

1.1

3.1

1.3

2.0

163.9

0.5

Of which represented as non-controlling interest in Campari Group statement

of changes in shareholders' equity

1.6

1.1

-

-

-

-

0.5

for the year ended 31 December 2022

total non-controlling interest

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages Co

Wilderness Trail Distillery

Net sales

72.2

23.3

11.5

15.9

21.5

-

Profit (loss) for the period

(13.7)

(8.2)

(2.5)

(5.1)

2.2

-

Profit (loss) for the period

attributable to non-controlling interest

(2.0)

(0.3)

(1.5)

(1.3)

1.1

-

Current assets

154.7

45.0

9.3

51.2

16.0

33.4

Non-current assets

623.9

48.8

7.2

38.0

0.7

529.2

Current liabilities

153.9

56.7

11.2

71.9

11.4

2.7

Non-current liabilities

4.3

2.1

1.8

0.2

0.2

-

Net assets

620.3

34.9

3.5

17.1

5.0

559.8

Net assets attributable to non-controlling interest

176.7

1.4

1.6

3.4

2.4

167.9

Of which represented as non-controlling interest in Campari Group statement

of changes in shareholders' equity

1.4

1.4

-

-

-

-

", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact12": { "value": " Principles of control and consolidation
-Principles of control
Control is determined when the Group is exposed to or has a right to variable returns resulting from its involvement with the investee, and, at the same time, has the ability to use its power over the investee to affect these returns.
Specifically, the Group controls a business if, and only if, it has:
\u00adpower over the investee (or holds valid rights that give it the actual ability to manage significant activities of the investee);
\u00adexposure or rights to variable returns resulting from its involvement with the investee;
\u00adthe ability to use its power over the investee to affect the size of its returns.
Generally, control is assumed to exist when the Group possesses a majority of the voting rights. In support of this assumption and when the Group holds less than the majority of the voting rights (or similar rights), the Group considers all relevant facts and circumstances in assessing whether it controls the investee, including contractual arrangements with other holders of voting rights, rights arising from contractual arrangements, and the Group\u2019s voting rights and potential voting rights.
The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that one or more of the three significant elements defining control have changed. Consolidation of a subsidiary begins when the Group obtains direct or indirect control of that subsidiary (or through one or more other subsidiaries) and ceases when the Group loses control therefrom. The assets, liabilities, revenues and costs of the subsidiary acquired or disposed of over the year are included in the consolidated financial statements from the date on which the Group obtains control until the date on which the Group no longer exercises control over the company.
Changes in investments in subsidiaries that do not result in acquisition or loss of control are recorded as changes in shareholders\u2019 equity.
If the Group loses control of a subsidiary, the related assets (including goodwill), liabilities, non-controlling interests and other components of shareholders\u2019 equity are derecognised, while any gain or loss is recognised in the statement of profit or loss. Any ownership interest maintained is recorded at fair value.
-Principles of consolidation
The consolidated financial statements include the financial statements of the Parent Company and of the Italian and foreign subsidiaries. All subsidiaries are consolidated on a line-by-line basis. The carrying amount of the equity of the investments in subsidiaries is derecognised against the corresponding portion of the shareholders\u2019 equity of the subsidiaries. At the first consolidation stage individual assets and liabilities are measured at fair value in the context of the purchase price allocation at the date control was acquired. Any residual positive difference in the allocation is recorded under the asset item \u2018Goodwill\u2019, and any negative amount is allocated to the statement of profit or loss.
The subsidiaries\u2019 financial statements are based on the same financial year as the Parent Company and drawn up for the purposes of consolidation. When necessary, appropriate adjustments are made to subsidiaries\u2019 financial statements to bring them into line with the Group\u2019s accounting policies. Joint-ventures are measured by applying the equity method.
When preparing the consolidated financial statements, unrealised gains and losses resulting from intra-group transactions are derecognised, as are the entries giving rise to payables and receivables, and costs and revenues between the companies included in the basis of consolidation. All intra-group assets and liabilities, shareholders\u2019 equity, revenues, costs and cash flow relating to transactions between Group entities are fully derecognised on consolidation. All remaining assets and liabilities, expenses and revenues of the subsidiaries are fully reflected in the consolidated financial statements. Unrealised gains and losses generated on transactions with joint-ventures are derecognised to the extent of the Group\u2019s percentage interest in those companies. Dividends collected from consolidated companies are derecognised.
The profit (loss) for the year and all other components of the statement of other comprehensive income are attributed to the shareholders of the Parent Company and to non-controlling interests, even if this results in non-controlling interests having a negative value. Non-controlling interests in shareholders\u2019 equity and related results are reported under the appropriate items in the primary financial statements.
- Basis of consolidation
The following changes were made to the basis of consolidation, resulting from the acquisitions and reorganisation of companies:
\u00adon 1 March 2023, Campari Group acquired the remaining outstanding shares in CT Spirits Japan Ltd. (\u2018CTSJ\u2019), in which it previously had a joint-venture interest. As a result, CTSJ has become a wholly owned subsidiary;
\u00adon 27 March 2023, the acquisition of the remaining 20% minority interests for both Scev des Gloriettes and Champagne Lallier S.A.S. was completed;
\u00adon 3 April 2023, Campari Group became the majority shareholder of Thirsty Camel Ltd., in which it previously owned a non-controlling stake, by acquiring the 50% of the outstanding shares and thus arriving at a 60% interest stake.
The tables below list the companies included in the basis of consolidation at 31 December 2023.

name of company, activity

registered office

share capital at

31 December 2023

% owned by

Davide Campari-Milano N.V.

indirect ownership through

\u00a0

\u00a0

currency

amount

direct

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Indirect

Davide Campari-Milano N.V., holding, trading and manufacturing company(2)

legal domicile: Amsterdam (Netherlands)

corporate address: Via Franco Sacchetti 20, 20099 Sesto San Giovanni, Milan, Italy.

\u20ac

11,616,000

\u00a0

\u00a0

\u00a0

Fully consolidated companies

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari International S.r.l., trading company

Via Franco Sacchetti 20, 20099 Sesto San Giovanni; Milan, Italy

\u20ac

700,000

100.00

\u00a0

\u00a0

Camparino S.r.l.,trading company

Piazza Duomo 21, 20121 Milan, Italy

\u20ac

48,880

100.00

\u00a0

\u00a0

Terrazza Aperol S.r.l., trading company

Sestiere San Marco 2776, Venice, Italy

\u20ac

\u00a020,000

100.00

\u00a0

\u00a0

Europe and Africa

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari Austria GmbH,trading company

Naglergasse 1/Top 13,1010 Wien, Austria

\u20ac

500,000

100.00

\u00a0

\u00a0

Campari Benelux S.A.,trading company

Rue aux Laines 70, 1000 Bruxelles, Belgium

\u20ac

1,000,000

61.01

\u00a0

38.99

\u00a0

Glen Grant Ltd. 38.99%

Campari Deutschland GmbH, trading company

Adelgundenstr. 7, 80538 Munich, Germany

\u20ac

5,200,000

100.00

\u00a0

\u00a0

Campari Espa\u00f1a S.L.U., holdingand trading company

Calle de la Marina 16-18, planta 29, Barcelona, Spain

\u20ac

4,279,331

100.00

\u00a0

\u00a0

Campari RUS LLC, trading company

115088, Moscow, 2nd Yuzhnoportovy proezd, 14/22, Russia

RUB

210,000,000

100.00

\u00a0

\u00a0

Campari Schweiz A.G., trading company

Lindenstrasse 8, 63471 Baar, Switzerland

CHF

500,000

100.00

\u00a0

\u00a0

Campari Ukraine LLC, trading company

8, Illinska Street, 5 Floor, block 8 and 9, Kiev, 4070 Ukraine

UAH

87,396,209

99.00

1.00

Campari RUS LLC 1%

Glen Grant Ltd.,manufacturing and trading company

GlenGrant Distillery, Elgin Road, Rothes, Morayshire, AB38 7BS, United Kingdom

GBP

24,949,000

100.00

\u00a0

\u00a0

Kaloyiannis-Koutsikos Distilleries S.A., manufacturing and trading company

6 and E Street, A' Industrial Area, 38500 Volos, Greece

\u20ac

6,811,220

100.00

\u00a0

\u00a0

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S., holding and manufacturing company

14, rue Montalivet

75008 Paris, France

\u20ac

27,157,500

100.00

\u00a0

\u00a0

Campari France S.A.S., manufacturing and trading company

14 rue Montalivet 75008 Paris, France

\u20ac

112,759,856

\u00a0

100.00

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S. 100%

Bellonnie et Bourdillon Successeurs S.A.S., manufacturing and trading company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,100,000

\u00a0

96.53

Campari France S.A.S.96.53%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Distilleries Agricole de Sainte Luce S.A.S.,agricultural production company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

2,000,000

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 100%

SCEA Trois Rivi\u00e8res,agricultural service company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,920

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 25%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Distilleries Agricoles de Sainte Luce S.A.S 75%

Champagne Lallier S.A.S., manufacturing company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

3,575,420

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Scev des Gloriettes, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

34,301

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Sci Athena, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

1,000

\u00a0

100.00

Champagne Lallier S.A.S. 100%

Eric Luc, manufacturing and property company

5 rue Ritterbandt, 51160, AY, Franceagne, France

\u20ac

700,000

\u00a0

95.00

Campari France S.A.S. 95%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Campari South Africa Pty Ltd.,trading company

2nd Floor ICR House Alphen Park, Constantia main road, Constantia, Western Cape 7806, South Africa

ZAR

310,247,750

\u00a0

100.00

Campari Espa\u00f1a S.L.U.

Americas

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari America, LLC, manufacturing and trading company

1114 Avenue of the Americas, 19th Floor New York, 10036 United States

US$

566,321,274

100.00

\u00a0

\u00a0

Wilderness Trail Distillery, LLC, holding company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Campari America LLC 70%

Wilderness Trace Distillery, LLC, manufacturing and trading company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Wilderness Trail Distillery, LLC 100%

Campari Argentina S.A.,manufacturing and trading company

Tucuman, Piso 4 1107 Buenos Aires, Ciudad de Buenos Aires

Argentina

ARS

1,179,465,930(1)

98.81

1.19

Campari do Brasil Ltda. 1.19%

Campari do Brasil Ltda., manufacturing and trading company

Alameda Rio Negro 585, Edificio Demini, Conjunto 62, Alphaville-Barueri-SP, Brasil

BRL

156,870,056

99.9999

0.0001
\u00a0

Campari Schweiz A.G. 0.0001%
\u00a0

Campari Mexico S.A. de C.V.,trading company

Avenida Americas 1500 Piso G-A Colonia Country Club, Guadalajara, Jalisco, 44610 Mexico

MXN

5,525,434,642
\u00a0

\u00a0

100.00

Campari Espa\u00f1a S.L.U. 99%

Campari America, LLC 1%

Campari Mexico Destiladora S.A. de C.V., manufacturing company

Camino Real a Atotonilco No. 1081, La Trinidad, San Ignacio Cerro Gordo, Jalisco, Z.C. 47195, Mexico

MXN

10,100,000

\u00a0

100.00

Campari Mexico, S.A. de C.V. 99.99%
Campari America, LLC 0.01%

Licorera Ancho Reyes y cia, S.A.P.I. de C.V.,manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

177,888,738

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Casa Montelobos, S.A.P.I. de C.V., manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

144,810,964

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Campari Peru SAC, trading company

Av. Jorge Basadre No.607, oficina 702, distrito de San Isidro, Lima, Peru

PEN

34,733,589
\u00a0

\u00a0

100.00

Campari Esp\u00e3na S.L.U. 99.92%, Campari do Brasil Ltda. 0.08%

Forty Creek Distillery Ltd., manufacturing and trading company

297 South Service Road West, Grimsby, ON L3M 1Y6 Canada

CAD

105,500,100

100.00

\u00a0

\u00a0

J. Wray and Nephew Ltd., manufacturing and trading company

23 Dominica Drive, Kingston 5, Jamaica

JMD

750,000

\u00a0

100.00

Campari Esp\u00e3na S.L.U.

Asia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari (Beijing) Trading Co. Ltd.,trading company

Building 1, Level 5, Room 66, 16 Chaowai Avenue, Chaoyang District, Beijing, China

CNY

104,200,430

100.00

\u00a0

\u00a0

Campari Australia Pty Ltd.,manufacturing and trading company

Level 21, 141 Walker Street North Sydney, 2060, Australia

AUD

56,500,000

100.00

\u00a0

\u00a0

Campari India Private Ltd., trading company

Upper Ground and First Floor

Shop No. SG-1 and\u00a0 SF-1, DT Greater Kailash-II, New Delhi 110048, India

INR

172,260

99.9

0.01

Campari Australia Pty Ltd. 0.01%

Campari New Zealand Ltd.,trading company

C/o KPMG 18, Viaduct Harbour Av., Maritime Square, Auckland, New Zealand

NZD

10,000

\u00a0

100.00

\u00a0Campari Australia Pty Ltd.

Thirsty Camel Limited, trading Company

c/- Farry Law, Level 11, 152 Quay Street

Auckland CBD, 1010, New Zealand

NZD

5,180,000

\u00a0

60.01

Campari Australia Pty Ltd. 60.01%

Campari Singapore Pte Ltd., trading company

152 Beach Road, #24-06, 1Gateway East, 189721, Singapore

SGD

19,100,000

100.00

\u00a0

\u00a0

Trans Beverages Company Ltd., trading company

5th Floor, 14 Samsung-ro 133-gil Gangnam-gu, Seoul, South Korea, Songpa-gu, Seoul, Korea

KRW

2,000,000,000

\u00a0

\u00a0

51.00

Glen Grant Ltd.

CT Spirits Japan Ltd., trading company

2-26-5 Jingumae Shibuya-ku, Tokyo 150-0001, Japan

JPY

100,000,000

100.00

\u00a0

\u00a0

(1) The share capital does not include effects related to the hyperinflation accounting standard.
(2)The 11,616,000 \u20ac represent ordinary share capital.
Share of profit (loss) of joint-ventures
Accounting policy
Joint-venture recognition
A joint-venture exists where there is a joint-control agreement under which the parties, which hold joint control, have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of control under an agreement, which solely exists when decisions on relevant activities require unanimous consensus from all the parties sharing control. The factors considered to determine significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
These companies are initially recognised at cost plus acquisition-related costs and are subsequently reported in the consolidated financial statements using the equity method from the date on which significant influence or joint control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Contingent or variable and committed payments also in the form of an incentive plan granted to personnel of the joint-venture are recorded as an incremental cost of the investment once the attainment of the performance condition becomes probable, based on the fair value of the replacement award as of the acquisition date.
The Group assesses the existence of any impairment indicators whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the investment with effect in the statement of profit or loss. If the Group\u2019s interest in any losses of joint-ventures exceeds the carrying amount of the equity investment in the financial statements, the value of the equity investment is derecognised, and the Group\u2019s portion of further losses is not reported, unless, and to the extent to which, the Group has a legal or implicit obligation to cover such losses.
Disclosure
The joint-ventures are listed below.

name, activity

registered office

share capital at 31 December 2022

% owned by the company

direct shareholder

\u00a0

\u00a0

currency\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

amount

direct

indirect

\u00a0

Dioniso S.r.l., holding\u00a0 and trading company

Via Franco Sacchetti, 20 Sesto San Giovanni; Milan, Italy

\u20ac

1,000,000

50.00

\u00a0

\u00a0

Spiritus Co Ltd., trading company

4F., No, 70, Sec. 3, Nanjing E. Rd Zhongshan Dist, Taipei City 104503, Taiwan (R.O.C.)

TWD

33,600,000

\u00a0

40.00

Glen Grant Ltd.

\u20ac million

investment in joint-ventures

at 31 December 2022

36.0

Increase in interest

3.8

Share of profit (loss)

(8.3)

Capital injection

5.0

Reclassification of previous Japan investment

(3.8)

at 31 December 2023

32.6

\u20ac million

investment in joint-ventures

at 31 December 2021

26.1

Share of profit (loss)(1)

(6.6)

Increase in interests

16.5

at 31 December 2022

36.0

(1) The share of result does not include the cost associated with the provision recorded to offset the cumulated losses generated by the Japan joint-venture for \u20ac0.2 million.
For the year ended 2023, the Group recorded a \u20ac8.3 million loss (\u20ac6.6 million loss in 2022) resulting from share of negative results of joint-ventures for \u20ac9.3 million applying the equity method for all its interests and mainly driven by the non-recurring recognition of impairment loss over joint-venture\u2019s intangible assets. The result was also impacted by the remeasurement of previously held investments in Japan and New Zealand for a total \u20ac0.9 million. Furthermore, during 2023 the Group acquired the remaining 60% interest in CT Spirits Japan Ltd. (for detailed information please refer to the \u2018Significant events of the period\u2019-paragraph in the management board report), thus becoming a fully owned subsidiary included in the consolidation perimeter.
A capital injection in the Dioniso joint-venture (contribution equally supported by Mo\u00ebt Hennessy) of \u20ac5.0 million was also completed in 2023.
The following table includes the breakdown of interest in joint-ventures.

name of entity

country of business

% of ownership interest

nature of relationship

measurement method

currency

carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

at 31 December

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

Dioniso Group

Italy

50.0%

Joint-venture

Equity method

EUR

32.2

35.6

Spiritus Co. Ltd

Taiwan

40.0%

Joint-venture

Equity method

TWD

0.4

0.4

Total investments in joint-ventures

\u00a0

\u00a0

\u00a0

32.6

36.0

The key financials, asset and profit or loss figures for the joint-ventures are shown in the tables below.

Highlights-Dioniso Group

at 31 December 2023

at 31 December 2022

\u00a0

\u20ac million

\u20ac million

Revenues

64.6

69.2

Net income (loss) of the period

(16.6)

(13.4)

Total assets

116.9

123.6

Net assets (100%)

72.0

74.5

Group's share of net assets (50%)

36.0

37.3

Gaap differences to IFRS

(3.9)

(1.6)

Carrying value of interest in joint-venture

32.2

35.6

Highlights-Spiritus Co. Ltd

at 31 December 2023

at 31 December 2022

\u00a0

\u20ac million

Taiwan dollar million

\u20ac million

Taiwan dollar million

Revenues

2.6

86.0

2.3

70.7

Net income (loss) of the period

-

1.2

-

0.3

Total assets

2.5

83.4

2.6

85.3

Net assets (100%)

1.0

35.3

1.0

33.9

Group's share of net assets (40%)

0.4

-

0.4

-

Gaap differences to IFRS

-

-

-

-

Carrying value of interest in joint-venture

0.4

-

0.4

-

Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Disclosure
Business combinations
Increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd.
As mentioned in the dedicated section \u2018Significant events of the year\u2019 in the management board report, the following initiatives were taken out in 2023, consistent with the Group\u2019s growth ambitions in the Asian-Pacific region:
- on 1 March 2023, Campari Group acquired the remaining outstanding shares of 60% in the distribution company CT Spirits Japan Ltd. (\u2018CTSJ\u2019), in which it previously held a 40% joint-venture (evaluated at equity method);
- on 3 April 2023, Campari Group became the majority shareholder of Thirsty Camel Ltd., based in New Zealand, in which it previously held a non-controlling stake of 10% (evaluated at fair value), by acquiring additional 50% of the outstanding shares.
As a result of these initiatives, the Group obtained the control over the relevant activities and, for this reason, starting from March and April 2023 respectively, both companies were fully consolidated in Campari Group accounts. The fair value of the gross assets acquired was not concentrated substantially in a single identifiable asset or group of similar assets and that the processes and inputs acquired together will contribute significantly to the Group\u2019s ability to create outputs. Consequently, the transaction equates to a business combination over which the Group has full control, as defined in the relevant accounting standards. These transactions have required the reassessment of the Group\u2019s previously held interests, which generated a combined gain in the statement of profit or loss of \u20ac0.9 million (a gain of \u20ac1.2 and a loss of \u20ac0.3 million for CTSJ and Thirsty Camel Ltd. respectively).
The non-controlling interests relating to the remaining 40% stake of Thirsty Camel for a total amount of \u20ac0.3 million were also included in the consolidated accounts and based on the nature of this interests it was deemed appropriate to value them at fair value in proportion to the residual stake they own. The Group has the right to exercise a call option on the remaining share capital starting from 2026.
On the date these consolidated financial statements were approved, the process of recognising the information necessary for allocating the purchase prices of the various transactions at the fair value of the respective net assets acquired was finalised, in a period not exceeding 12 months from the closing date of each transaction, in compliance with applicable accounting standards. The relevant fair values resulting from both acquisitions
were overall not material for the Group and were namely related to stock inventory, trade receivables and trade payables. No brands or other intangible assets were identified for the purposes of the purchase price allocation, other than non-tax-deductible goodwill for a total of \u20ac11.9 million based on the relevant local regulations. The goodwill was deemed entirely attributable to the synergies that are expected to be generated by integrating the acquired business into the Group's commercial structure by leveraging the skills and strong commercial leadership of the two companies to promote and develop the Group's product portfolio, namely global leading brands, thus guaranteeing the establishment of Campari Group's critical mass in the Japanese and New Zealand markets.

figures at acquisition date

\u00a0

\u00a0

CTSJ values reported in Campari Group

\u00a0Thirsty Camel values reported in Campari Group

total

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

\u20ac million

Price paid for the step-up acquisition

\u00a0

\u00a0

2.1

0.4

2.5

Previous held investment remeasured

\u00a0

\u00a0

(4.0)

0.1

(3.9)

Liability for earn-out payments

\u00a0

\u00a0

0.5

-

0.5

Non-controlling interest

\u00a0

\u00a0

-

0.3

0.3

Purchase price to be allocated

\u00a0

\u00a0

\u00a0 (1.4)

\u00a0 0.8

\u00a0 (0.6)

\u00a0

\u00a0fair value at the date of acquisition

\u00a0fair value at the date of acquisition

\u00a0fair value at the date of acquisition Japan

\u00a0fair value at the date of acquisition New Zealand

\u00a0total fair value at the date of acquisition

\u00a0

\u00a0

JPY million

\u00a0

NZD million

\u00a0

\u00a0\u20ac million

\u00a0

\u20ac million

\u20ac million

Identifiable assets acquired and

liabilities assumed

\u00a0 (1,608.7)

\u00a0 (2.0)

\u00a0 (11.3)

\u00a0 (1.2)

\u00a0 (12.5)

Of which:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Inventories

\u00a0 655.6

\u00a06.1

\u00a0 4.6

\u00a0 3.5

\u00a0 8.1

Trade receivables

\u00a0 575.7

\u00a0 7.3

\u00a0 4.0

\u00a0 4.2

\u00a0 8.3

Trade payables

\u00a0 (2,502.7)

\u00a0 (16.6)

\u00a0 (17.6)

\u00a0 (9.6)

\u00a0 (27.2)

Financial debt position

\u00a0 (1,312.9)

\u00a0 (5.7)

\u00a0 (9.2)

\u00a0 (3.3)

\u00a0 (12.6)

Cash and cash equivalents

\u00a0 866.8

\u00a0 1.9

\u00a0 6.1

\u00a0 1.1

\u00a0 7.2

Other

\u00a0 108.9

\u00a0 5.0

\u00a0 0.8

\u00a0 2.9

\u00a0 3.7

Goodwill generated by acquisition

\u00a0 1,411.0

\u00a0 3.4

\u00a0 9.9

\u00a0 2.0

\u00a0 11.9

\u00a0

\u00a0 (197.7)

\u00a0 1.4

\u00a0 (1.4)

\u00a0 0.8

\u00a0 (0.6)

The Group\u2019s net results included the impact from the business acquired from their acquisition date starting from March and April 2023 respectively (CT Spirits Ltd. and Thirsty Camel contributed cumulatively with approximately 1.0% of the Group\u2019s net sales in 2023 and with approximately 0.2% of the Group\u2019s net result). Not material ancillary costs incurred for legal and financial consultancy attributable to the transaction amounting to \u20ac0.2 million were classified under selling, general and administrative expenses.
Business combinations completed in the previous year
Acquisition of an initial 70% stake in Wilderness Trail Distillery, LLC
As fully detailed in the dedicated section \u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019 in the Group consolidated financial statements at 31 December 2022, on 7 December 2022, Campari Group signed an agreement to purchase an initial 70% interest in Wilderness Trail Distillery, LLC and its subsidiary Wilderness Trace Distillery, LLC (jointly referred to as \u2018the company\u2019).
The total consideration amounting to \u20ac568.3 million (US$598.3 million converted to \u20ac at the exchange rate at the closing date) consisted of the following:
- the price paid to acquire 70% of the capital of the company totalling \u20ac397.0 million (US$417.9 million converted to \u20ac at the exchange rate at the closing date);
- the price adjustment paid in February 2023 of \u20ac2.7 million (US$2.9 million converted to \u20ac at the exchange rate at the closing date);
- the payables resulting in 30% of the outstanding shares subject to a call/put option mechanism with the previous shareholders of the company exercisable in 2031 at an enterprise value determined by applying a multiple of approximately 16 times to the higher of 2030 or average of 2028-2030 EBITDA, included among the Group\u2019s other financial liabilities and estimated at a total of \u20ac171.0 million (US$180.0 million converted to \u20ac at the exchange rate at closing date);
- the positive net financial position acquired of \u20ac2.4 million (US$2.5 million converted to \u20ac at the exchange rate at the closing date).
Purchase price allocation
On the date that these year-end consolidated financial statements were approved, the process of recognising and restating the information necessary for allocating the purchase prices of the various transactions at the fair
value of the respective net assets acquired was finalised, in a period not exceeding 12 months from the closing date, in compliance with applicable accounting standards.
The fair values of the identifiable assets acquired and liabilities assumed updated during 2023 have been reported below. The updated fair values are the result of the recognition and reworking of further information about facts and circumstances existing at the closing date. The analysis was carried out with the assistance of independent experts.
No changes in the policy choices elected or in the rationales of the allocation were identified with respect to what was reported in the consolidated financial statements at 31 December 2022.
Where not expressed in \u20ac, the values were converted at the exchange rate on the closing date of the transaction.

values at acquisition date

book values

at acquisition date

provisionalfair value

disclosed at 31 December 2022

adjustments

and reclassifications

fair value

disclosed at 31 December 2023

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

Non-current assets

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment

30.3

26.7

33.6

60.4

Brand

-

59.7

1.1

60.8

Deferred tax assets

-

(0.1)

0.1

-

Total non-current assets

30.3

86.4

34.8

121.2

Current assets

\u00a0

\u00a0

\u00a0

\u00a0

Inventories

24.0

27.5

7.5

35.1

Trade receivables

2.8

2.8

(0.3)

2.5

Cash and cash equivalents

2.4

2.4

-

2.4

Other current financial assets

-

0.1

(0.1)

-

Other current assets

1.1

0.9

0.1

1.1

Total current assets

30.2

33.8

7.2

41.0

Total asset

60.5

120.2

42.0

162.2

LIABILITEIS

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for risks and charges

-

-

3.5

3.5

Total non-current liabilities

-

-

3.5

3.5

Current liabilities

\u00a0

\u00a0

\u00a0

\u00a0

Trade payables

1.8

1.9

(0.1)

1.8

Other current liabilities

1.8

0.8

1.1

1.8

Total current liabilities

3.7

2.8

0.9

3.7

Total liabilities

3.7

2.8

4.4

7.2

NET EQUITY ACQUIRED

56.8

117.4

37.6

155.0

TOTAL LIABILITY AND EQUITY

60.5

120.2

42.0

162.2

a) Total cost, of which:

\u00a0

567.9

2.7

570.6

Price paid in cash, excluding ancillary costs

\u00a0

397.0

-

397.0

Price adjustments after closing

\u00a0

-

2.7

2.7

Liabilities for put/call option agreements

\u00a0

171.0

-

171.0

b) Net financial position acquired, of which:

\u00a0

(2.5)

0.1

(2.4)

- Cash, cash equivalent and financial assets

\u00a0

(2.5)

0.1

(2.4)

Enterprise value (a+b)

\u00a0

565.5

2.8

568.3

Non-controlling interests

\u00a0

170.1

1.2

171.3

Purchase price to be allocated

\u00a0

567.1

3.9

571.0

Price paid in cash, excluding ancillary costs

\u00a0

397.0

-

397.0

Price adjustments at closing

\u00a0

-

2.7

2.7

Non-controlling interests

\u00a0

170.1

1.2

171.3

Total value allocation

\u00a0

567.1

3.9

571.0

Net assets acquired

\u00a0

117.4

37.6

155.0

Goodwill generated by acquisition

\u00a0

449.7

(33.7)

416.0

The allocation value does not reflect the post-acquisition development initiatives that the Group intends to undertake based on its strategic plans. No other intangible assets were identified that may qualify for separate recognition for the purposes of the purchase price allocation, other than brand. The goodwill was deemed to be fully reportable and attributable mainly to the skill and to the technical talent of company\u2019s workforce and the synergies that are expected to be generated in Campari Group, by i) leveraging Campari Group's route-to-market and marketing capabilities to further develop and expand the Wilderness Trail brand in its domestic markets as well as internationally; ii) leveraging company's production capacity and ageing inventory in order to accommodate the development of the Group's existing bourbon portfolio (excluding the core Wild Turkey), further unlocking growth opportunities of the premium and highly profitable bourbon portfolio as well as potential insourcing of other bourbon brands currently distributed by Campari Group, and iii) by accelerating
and significantly expanding the innovation platform for Campari Group\u2019s bourbon portfolio thanks to Wilderness Trail Distillery\u2019s highly flexible output. Goodwill is tax\u2010deductible based on the relevant local regulations.

intangible assets generated by Wilderness Trail Distillery, LLC

goodwill

brands

total

\u20ac million

\u20ac million

\u20ac million

provisional fair value at the date of acquisition

449.7

59.7

509.4

change resulting from allocation of acquisition value

(33.7)

1.1

(32.6)

fair value at the date of acquisition restated

416.0

60.8

476.8

intangible assets generated by Wilderness Trail Distillery, LLC

goodwill

brands

total

\u20ac million

\u20ac million

\u20ac million

provisional fair at exchange rate of the acquisition date disclosed at 31 December 2022

449.7

59.7

509.4

exchange rate differences

(5.8)

(0.8)

(6.5)

provisional fair value disclosed at 31 December 2022

443.9

59.0

502.9

change resulting from allocation of acquisition value

(33.7)

1.1

(32.6)

exchange rate differences restated

0.4

-

0.4

fair value restated at 31 December 2022

410.6

60.0

470.7

(1)at exchange rate of the acquisition date
Reconciliation with the statements of cash flows
The following tables illustrate the impact of the acquisition of companies or business divisions net of cash and cash equivalents acquired on the statements of cash flows during 2023 and the comparative period respectively. The statements of cash flows was not embedding the reclassifications effect for purchase price allocation (please refer to note 2 vi.-\u2018Reclassification of comparative figures at 31 December 2023\u2019).

\u00a0

Wilderness Trail

Distillery

CT Spirits Japan Ltd. and Thirsty Camel Ltd.

Joint-ventures and other asset deals

total

for the year ended 31 December 2023

\u20ac million

\u20ac million

\u00a0

\u20ac million

acquisition of business

(2.8)

(2.5)

-

(5.3)

related cash and cash equivalents acquired

-

7.2

-

7.2

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- acquisition of companies or business divisions

\u00a0 net of cash and cash equivalents acquired

(2.8)

4.7

-

2.0

acquisition of interests in joint-ventures

-

-

(5.0)

(5.0)

of which included in statement of cash flows as:

- investment in joint-ventures

-

-

(5.0)

(5.0)

financial debt positions acquired

\u00a0-

(12.5)

-

(12.5)

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- inflows (outflows) of other financial items\u00a0

\u00a0-

(12.5)

-

(12.5)

\u00a0

Wilderness Trail

\u00a0Distillery

other minor

business combinations

Joint-ventures and other asset deals

total

for the year ended 31 December 2022

\u20ac million

\u20ac million

\u00a0

\u20ac million

acquisition of business

(397.0)

(1.7)

-

(398.6)

\u00a0

related cash and cash equivalents acquired

2.4

0.5

-

2.9

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- acquisition of companies or business divisions

\u00a0 net of cash and cash equivalents acquired

(394.6)

(1.1)

-

(395.7)

acquisition of interests in joint-ventures

-

-

(36.5)

(36.5)

of which included in statement of cash flows as:

-

-

\u00a0

\u00a0

- investment in joint-ventures

(36.5)

(36.5)

financial debt positions acquired

-

(0.7)

-

(0.7)

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- inflows (outflows) of other financial items\u00a0

-

(0.7)

-

(0.7)

Agreement to acquire Courvoisier cognac
Comprehensive overview of the features and costs of the transaction
Following the communication dated 14 December 2023 regarding the exclusive negotiations with Beam Suntory, Inc. (the \u2018Seller\u2019) during which a put option was granted, on 26 February 2024 Campari Group signed the agreement to acquire the 100% of the outstanding share capital of Beam Holding France S.A.S., which in turn owns 100% of the share capital of Courvoisier S.A.S., the proprietor of the Courvoisier brand (the \u2018Target\u2019). The signing of the agreement occurred subsequent to the information and consultation process with the French employees\u2019 representatives, as well as the receipt of customary antitrust approvals. The closing of the deal is contingent upon the fulfilment of the appropriate regulatory processes and is expected to occur in 2024. Notably, the Group's accounts for 2023 did not incorporate any effects stemming from this transaction. The brand\u2019s net sales were US$249 million in 2022, according to the Seller\u2019s view, of which approximately 60% in
the United States followed by the United Kingdom and China, combined accounting for approximately 25% of net sales, while Global Travel Retail (\u2018GTR\u2019) accounted for just over 3%. The contribution margin in 2022 would have been US$78 million based on IFRS principles. For the period ending 31 October 2023 according to the Seller\u2019s view, the net sales were US$148 million, with a decline of 33% vs. the corresponding period in 2022, and contribution margin was US$37 million based on IFRS principles. This performance was impacted by recent market driven trends such as normalizing consumption in the United States after peak post-covid sales and destocking at wholesaler level, in-line with the wider cognac industry. The acquired business includes an enviable inventory of maturing eaux-de-vie, with a book value of approximately US$365 million as of 31 October 2023, consisting of well-balanced age profiles to support future brand development. Moreover, the acquisition perimeter includes the trademarks as well as comprehensive production facilities consisting of distillation, warehouses, vineyards, a visitor centre and ch\u00e2teau (hosting a museum), blending facilities, ageing cellars and an automated bottling plant.
The total consideration amounts to US$1.32 billion (\u20ac1.22 billion at the date of the exclusive negotiations) where the value is defined on a cash free/debt free basis and consists of a fixed purchase price of US$1.20 billion (\u20ac1.11 billion) and earn-out for maximum amount of US$0.12 billion (\u20ac0.11 billion) payable in 2029 based on the achievement of net sales targets realised in full year 2028. The corresponding enterprise value is equivalent to a multiple of c.17 times the contribution margin in 2022.
Maison Courvoisier was founded in 1828, by F\u00e9lix Courvoisier in Jarnac, the Charente region of France. Courvoisier is the youngest and most awarded of the \u2019big four\u2019 historical cognac houses and received the title of Official Supplier to the House of the Emperor by Napol\u00e9on III, supplied the royal courts of Europe and was the drink of choice of the Belle Epoque, chosen to celebrate the inauguration of the Eiffel Tower and the opening of Moulin Rouge. Courvoisier\u2019s signature styles reveal the intricate nuances of the cognac craft which have led the House to become the Most Awarded Cognac House based on 20 top spirits competitions since 2019 and the only cognac house to ever win the coveted \u2018Prestige de la France\u2019 title. With its core collection of VS, VSOP and XO which are further reinforced by a premium range of limited editions, Courvoisier has built solid brand credentials across a multitude of versatile liquid styles.
As premium cognac, Courvoisier is positioned to further strengthen Campari Group\u2019s portfolio of global brand priorities, particularly in aged spirits, as well as supporting future long-term premiumisation ambitions in key strategic segments for the Group. The brand, world renowned and global icon of luxury, presents the opportunity to strategically enhance our presence in one of the most significant spirit categories in the United States. Additionally, it promises to reshape Campari Group\u2019s growth profile in Asia and GTR through the expansion of its footprint of luxury expressions.
Leveraging Campari Group's established leadership, focused approach and expertise in brand development, the Courvoisier brand stands to gain substantial benefits, capitalizing on Campari Group\u2019s strengthened operational and business infrastructure.
Financing
To support the transaction and for general corporate purposes as well as with the aim of capitalising on market conditions to optimise the funding structure, on 10 January 2024 Davide Campari-Milano N.V. has successfully placed a combined offer directed to qualified investors. This offering consisted of new ordinary shares totalling approximately \u20ac650 million through an accelerated bookbuilding offering at \u20ac9.33 per ordinary share. Additionally, it included senior unsecured convertible bonds due in 2029 with an aggregate principal amount of \u20ac550 million, convertible into new and/or existing ordinary shares of the Company. The net proceeds from the offering will enhance the Group\u2019s pro-forma capital structure by accelerating the deleveraging process and extending the average maturity of the Group\u2019s liabilities, thus further strengthening its financial profile and facilitating further expansion.
Pursuant to the resolution approved during the Company's Board of Directors meeting on 14 December 2023, the issuance of new ordinary shares (\u2018New Shares\u2019) excluded pre-emptive rights and will carry equivalent rights, including dividend entitlements, as the existing ordinary shares. The newly issued ordinary shares amounted to 69,667,738 representing 5.7% of the Company's issued ordinary share capital following the completion of the offering.
Regarding the offering of convertible bonds, the aforementioned Board of Directors meeting resolved to exclude pre-emptive rights associated with the transaction. The bonds have been issued in registered form, at their principal amount of \u20ac100,000 each at par, and bear a coupon of 2.375% per annum, payable semi-annually in arrears on 17th July and 17th January of each year, with the first coupon to be paid on 17th July 2024. The maturity is 5 years (unless previously redeemed, converted or repurchased and cancelled) and the
bonds will be redeemed at their principal amount at maturity (on or around 17th January 2029) subject to Group\u2019s option to deliver bond shares and, as the case may be, an additional amount in cash (\u2018Share Settlement Option\u2019). The bookbuilding process concluded on 10 January 2024 with initial conversion price set at \u20ac12.3623, representing a premium of 32.5% above the reference share price and each convertible bond will be convertible into 8,089 underlying bond shares for a total issue of approximately 44.5 million bond shares which represent approximately: (i) 3.8% of the Issuer\u2019s issued ordinary share capital as of 31 December 2023 and (ii) 3.6% of the Issuer\u2019s issued ordinary share capital following the completion of the offering of the new shares issue.
The convertible bonds will be traded on Euronext Access Milan, a multilateral trading facility organised and managed by Borsa Italiana S.p.A. by no later than 90 calendar days after the 10 January 2024, being the issue date. These transactions did not have any impact in the 2023 Campari Group consolidated accounts.
Furthermore, the Group is progressively reducing its exposure to foreign exchange translation and liquidity risks associated with the aforementioned commitment to acquire Courvoisier cognac denominated in US Dollars, through pre-hedge derivatives subscribed in 2024.
Other non-current assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Equity investment in other companies

16.3

-

18.8

Other non-current assets

6.6

0.1

5.3

Total other non-current assets

22.9

0.1

24.1

Shareholders\u2019 equity attributable to non-controlling interests
Accounting policy
For accounting policy over non-controlling interests relate to the portion of a subsidiary\u2019s shareholders\u2019 equity that is not directly or indirectly attributable to the Group, please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019.
Disclosure
The changes during the year are reflected below.

non-controlling interests

\u20ac million

Bellonnie et

Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages

Wilderness Trail Distillery

Thirsty Camel Ltd.

total

at 31 December 2022

1.4

-

-

-

-

-

1.4

net result

(0.2)

(0.4)

(0.1)

0.3

2.3

0.2

2.0

translation difference

-

0.2

-

(0.2)

(6.1)

-

(6.0)

perimeter effect for acquisition

-

-

-

-

-

0.3

0.3

other movements

-

0.3

-

-

0.1

-

0.4

dividends

-

-

-

(0.3)

(1.6)

-

(2.0)

reclassification to group net equity

-

(0.1)

0.1

0.2

5.3

-

5.5

at 31 December 2023

1.1

-

-

-

-

0.5

1.6

non-controlling interests

\u20ac million

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages

Wilderness Trail Distillery

total

at\u00a0 31 December 2021

1.6

-

-

1.4

-

3.0

net result

(0.3)

(1.3)

(1.0)

1.1

-

(1.5)

translation difference

-

0.3

-

-

(2.2)

(1.9)

perimeter effect for acquisition

-

-

-

-

170.1

170.1

other movements

-

-

0.1

(0.1)

-

-

reclassification to group net equity

-

1.0

0.9

(2.4)

(167.9)

(168.4)

at\u00a0 31 December 2022

1.4

-

-

-

-

1.4

The non-controlling interests at 31 December 2023 amounted to \u20ac1.6 million.
The main changes in 2023 were related to the acquisition of Thirsty Camel Ltd. and the recognition of the non-controlling interests related to the 40% minority stake of \u20ac0.3 million and the acquisition of the residual 20% minority interest in Champagne Lallier Group and the derecognition of the related minority interest. With regard to Wilderness Trail Distillery, Ancho Reyes and Montelobos and Trans Beverages, due to the existence of reciprocal purchase/sale agreements involving put/call option mechanisms with several existing non-controlling shareholders, the recognition of a financial liability related to the future purchase obligation (refer to note 6 v-\u2018Non-current financial debt\u2019) and the simultaneous elimination of the amount recognised under non-controlling interests in favour of the Group\u2019s shareholders\u2019 equity (refer to note \u2018Other reserves and retained earnings attributable to Group shareholders\u2019 above) was required.

Company name

Country of business

% of minority interest 2023

% of minority interest 2022

Bellonnie et Bourdillon

Martinique

3.47%

3.47%

Ancho Reyes and Montelobos

Mexico

49.0%

49.0%

Champagne Lallier

France

-

20.0%

Trans Beverages

South Korea

49.0%

49.0%

Thirsty Camel Ltd.

New Zealand

40.0%

-

Wilderness Trail Distillery

United States

30.0%

30.0%

The financial statements of the subsidiaries shown below are based on the same accounting standards applied for the Parent Company and the adjustments measured in the context of the Purchase Price Allocation at the date of acquisition of control.

For the year ended 31 December 2023

total non-controlling interest

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages Co

Wilderness Trail Distillery

Thirsty Camel Ltd

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Net sales

127.8

24.3

14.4

15.4

27.8

29.1

16.8

Profit (loss) for the period

(9.3)

(6.7)

(0.7)

(10.9)

0.5

8.0

0.4

Profit (loss) for the period

attributable to non-controlling interest

2.5

(0.2)

(0.4)

0.4

0.3

2.3

0.2

Current assets

217.5

53.3

17.0

59.7

16.9

44.6

25.9

Non-current assets

630.1

49.0

11.2

44.2

0.3

521.1

4.3

Current liabilities

244.2

69.6

19.8

97.4

12.8

15.9

28.7

Non-current liabilities

7.9

1.8

2.0

0.2

0.2

3.4

0.3

Net assets

595.5

30.9

6.5

6.3

4.3

546.4

1.2

Net assets attributable to non-controlling interest

171.8

1.1

3.1

1.3

2.0

163.9

0.5

Of which represented as non-controlling interest in Campari Group statement

of changes in shareholders' equity

1.6

1.1

-

-

-

-

0.5

for the year ended 31 December 2022

total non-controlling interest

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages Co

Wilderness Trail Distillery

Net sales

72.2

23.3

11.5

15.9

21.5

-

Profit (loss) for the period

(13.7)

(8.2)

(2.5)

(5.1)

2.2

-

Profit (loss) for the period

attributable to non-controlling interest

(2.0)

(0.3)

(1.5)

(1.3)

1.1

-

Current assets

154.7

45.0

9.3

51.2

16.0

33.4

Non-current assets

623.9

48.8

7.2

38.0

0.7

529.2

Current liabilities

153.9

56.7

11.2

71.9

11.4

2.7

Non-current liabilities

4.3

2.1

1.8

0.2

0.2

-

Net assets

620.3

34.9

3.5

17.1

5.0

559.8

Net assets attributable to non-controlling interest

176.7

1.4

1.6

3.4

2.4

167.9

Of which represented as non-controlling interest in Campari Group statement

of changes in shareholders' equity

1.4

1.4

-

-

-

-

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f101396": { "value": " Principles of control and consolidation
-Principles of control
Control is determined when the Group is exposed to or has a right to variable returns resulting from its involvement with the investee, and, at the same time, has the ability to use its power over the investee to affect these returns.
Specifically, the Group controls a business if, and only if, it has:
\u00adpower over the investee (or holds valid rights that give it the actual ability to manage significant activities of the investee);
\u00adexposure or rights to variable returns resulting from its involvement with the investee;
\u00adthe ability to use its power over the investee to affect the size of its returns.
Generally, control is assumed to exist when the Group possesses a majority of the voting rights. In support of this assumption and when the Group holds less than the majority of the voting rights (or similar rights), the Group considers all relevant facts and circumstances in assessing whether it controls the investee, including contractual arrangements with other holders of voting rights, rights arising from contractual arrangements, and the Group\u2019s voting rights and potential voting rights.
The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that one or more of the three significant elements defining control have changed. Consolidation of a subsidiary begins when the Group obtains direct or indirect control of that subsidiary (or through one or more other subsidiaries) and ceases when the Group loses control therefrom. The assets, liabilities, revenues and costs of the subsidiary acquired or disposed of over the year are included in the consolidated financial statements from the date on which the Group obtains control until the date on which the Group no longer exercises control over the company.
Changes in investments in subsidiaries that do not result in acquisition or loss of control are recorded as changes in shareholders\u2019 equity.
If the Group loses control of a subsidiary, the related assets (including goodwill), liabilities, non-controlling interests and other components of shareholders\u2019 equity are derecognised, while any gain or loss is recognised in the statement of profit or loss. Any ownership interest maintained is recorded at fair value.
-Principles of consolidation
The consolidated financial statements include the financial statements of the Parent Company and of the Italian and foreign subsidiaries. All subsidiaries are consolidated on a line-by-line basis. The carrying amount of the equity of the investments in subsidiaries is derecognised against the corresponding portion of the shareholders\u2019 equity of the subsidiaries. At the first consolidation stage individual assets and liabilities are measured at fair value in the context of the purchase price allocation at the date control was acquired. Any residual positive difference in the allocation is recorded under the asset item \u2018Goodwill\u2019, and any negative amount is allocated to the statement of profit or loss.
The subsidiaries\u2019 financial statements are based on the same financial year as the Parent Company and drawn up for the purposes of consolidation. When necessary, appropriate adjustments are made to subsidiaries\u2019 financial statements to bring them into line with the Group\u2019s accounting policies. Joint-ventures are measured by applying the equity method.
When preparing the consolidated financial statements, unrealised gains and losses resulting from intra-group transactions are derecognised, as are the entries giving rise to payables and receivables, and costs and revenues between the companies included in the basis of consolidation. All intra-group assets and liabilities, shareholders\u2019 equity, revenues, costs and cash flow relating to transactions between Group entities are fully derecognised on consolidation. All remaining assets and liabilities, expenses and revenues of the subsidiaries are fully reflected in the consolidated financial statements. Unrealised gains and losses generated on transactions with joint-ventures are derecognised to the extent of the Group\u2019s percentage interest in those companies. Dividends collected from consolidated companies are derecognised.
The profit (loss) for the year and all other components of the statement of other comprehensive income are attributed to the shareholders of the Parent Company and to non-controlling interests, even if this results in non-controlling interests having a negative value. Non-controlling interests in shareholders\u2019 equity and related results are reported under the appropriate items in the primary financial statements.
- Basis of consolidation
The following changes were made to the basis of consolidation, resulting from the acquisitions and reorganisation of companies:
\u00adon 1 March 2023, Campari Group acquired the remaining outstanding shares in CT Spirits Japan Ltd. (\u2018CTSJ\u2019), in which it previously had a joint-venture interest. As a result, CTSJ has become a wholly owned subsidiary;
\u00adon 27 March 2023, the acquisition of the remaining 20% minority interests for both Scev des Gloriettes and Champagne Lallier S.A.S. was completed;
\u00adon 3 April 2023, Campari Group became the majority shareholder of Thirsty Camel Ltd., in which it previously owned a non-controlling stake, by acquiring the 50% of the outstanding shares and thus arriving at a 60% interest stake.
The tables below list the companies included in the basis of consolidation at 31 December 2023.

name of company, activity

registered office

share capital at

31 December 2023

% owned by

Davide Campari-Milano N.V.

indirect ownership through

\u00a0

\u00a0

currency

amount

direct

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Indirect

Davide Campari-Milano N.V., holding, trading and manufacturing company(2)

legal domicile: Amsterdam (Netherlands)

corporate address: Via Franco Sacchetti 20, 20099 Sesto San Giovanni, Milan, Italy.

\u20ac

11,616,000

\u00a0

\u00a0

\u00a0

Fully consolidated companies

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari International S.r.l., trading company

Via Franco Sacchetti 20, 20099 Sesto San Giovanni; Milan, Italy

\u20ac

700,000

100.00

\u00a0

\u00a0

Camparino S.r.l.,trading company

Piazza Duomo 21, 20121 Milan, Italy

\u20ac

48,880

100.00

\u00a0

\u00a0

Terrazza Aperol S.r.l., trading company

Sestiere San Marco 2776, Venice, Italy

\u20ac

\u00a020,000

100.00

\u00a0

\u00a0

Europe and Africa

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari Austria GmbH,trading company

Naglergasse 1/Top 13,1010 Wien, Austria

\u20ac

500,000

100.00

\u00a0

\u00a0

Campari Benelux S.A.,trading company

Rue aux Laines 70, 1000 Bruxelles, Belgium

\u20ac

1,000,000

61.01

\u00a0

38.99

\u00a0

Glen Grant Ltd. 38.99%

Campari Deutschland GmbH, trading company

Adelgundenstr. 7, 80538 Munich, Germany

\u20ac

5,200,000

100.00

\u00a0

\u00a0

Campari Espa\u00f1a S.L.U., holdingand trading company

Calle de la Marina 16-18, planta 29, Barcelona, Spain

\u20ac

4,279,331

100.00

\u00a0

\u00a0

Campari RUS LLC, trading company

115088, Moscow, 2nd Yuzhnoportovy proezd, 14/22, Russia

RUB

210,000,000

100.00

\u00a0

\u00a0

Campari Schweiz A.G., trading company

Lindenstrasse 8, 63471 Baar, Switzerland

CHF

500,000

100.00

\u00a0

\u00a0

Campari Ukraine LLC, trading company

8, Illinska Street, 5 Floor, block 8 and 9, Kiev, 4070 Ukraine

UAH

87,396,209

99.00

1.00

Campari RUS LLC 1%

Glen Grant Ltd.,manufacturing and trading company

GlenGrant Distillery, Elgin Road, Rothes, Morayshire, AB38 7BS, United Kingdom

GBP

24,949,000

100.00

\u00a0

\u00a0

Kaloyiannis-Koutsikos Distilleries S.A., manufacturing and trading company

6 and E Street, A' Industrial Area, 38500 Volos, Greece

\u20ac

6,811,220

100.00

\u00a0

\u00a0

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S., holding and manufacturing company

14, rue Montalivet

75008 Paris, France

\u20ac

27,157,500

100.00

\u00a0

\u00a0

Campari France S.A.S., manufacturing and trading company

14 rue Montalivet 75008 Paris, France

\u20ac

112,759,856

\u00a0

100.00

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S. 100%

Bellonnie et Bourdillon Successeurs S.A.S., manufacturing and trading company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,100,000

\u00a0

96.53

Campari France S.A.S.96.53%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Distilleries Agricole de Sainte Luce S.A.S.,agricultural production company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

2,000,000

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 100%

SCEA Trois Rivi\u00e8res,agricultural service company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,920

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 25%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Distilleries Agricoles de Sainte Luce S.A.S 75%

Champagne Lallier S.A.S., manufacturing company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

3,575,420

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Scev des Gloriettes, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

34,301

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Sci Athena, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

1,000

\u00a0

100.00

Champagne Lallier S.A.S. 100%

Eric Luc, manufacturing and property company

5 rue Ritterbandt, 51160, AY, Franceagne, France

\u20ac

700,000

\u00a0

95.00

Campari France S.A.S. 95%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Campari South Africa Pty Ltd.,trading company

2nd Floor ICR House Alphen Park, Constantia main road, Constantia, Western Cape 7806, South Africa

ZAR

310,247,750

\u00a0

100.00

Campari Espa\u00f1a S.L.U.

Americas

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari America, LLC, manufacturing and trading company

1114 Avenue of the Americas, 19th Floor New York, 10036 United States

US$

566,321,274

100.00

\u00a0

\u00a0

Wilderness Trail Distillery, LLC, holding company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Campari America LLC 70%

Wilderness Trace Distillery, LLC, manufacturing and trading company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Wilderness Trail Distillery, LLC 100%

Campari Argentina S.A.,manufacturing and trading company

Tucuman, Piso 4 1107 Buenos Aires, Ciudad de Buenos Aires

Argentina

ARS

1,179,465,930(1)

98.81

1.19

Campari do Brasil Ltda. 1.19%

Campari do Brasil Ltda., manufacturing and trading company

Alameda Rio Negro 585, Edificio Demini, Conjunto 62, Alphaville-Barueri-SP, Brasil

BRL

156,870,056

99.9999

0.0001
\u00a0

Campari Schweiz A.G. 0.0001%
\u00a0

Campari Mexico S.A. de C.V.,trading company

Avenida Americas 1500 Piso G-A Colonia Country Club, Guadalajara, Jalisco, 44610 Mexico

MXN

5,525,434,642
\u00a0

\u00a0

100.00

Campari Espa\u00f1a S.L.U. 99%

Campari America, LLC 1%

Campari Mexico Destiladora S.A. de C.V., manufacturing company

Camino Real a Atotonilco No. 1081, La Trinidad, San Ignacio Cerro Gordo, Jalisco, Z.C. 47195, Mexico

MXN

10,100,000

\u00a0

100.00

Campari Mexico, S.A. de C.V. 99.99%
Campari America, LLC 0.01%

Licorera Ancho Reyes y cia, S.A.P.I. de C.V.,manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

177,888,738

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Casa Montelobos, S.A.P.I. de C.V., manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

144,810,964

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Campari Peru SAC, trading company

Av. Jorge Basadre No.607, oficina 702, distrito de San Isidro, Lima, Peru

PEN

34,733,589
\u00a0

\u00a0

100.00

Campari Esp\u00e3na S.L.U. 99.92%, Campari do Brasil Ltda. 0.08%

Forty Creek Distillery Ltd., manufacturing and trading company

297 South Service Road West, Grimsby, ON L3M 1Y6 Canada

CAD

105,500,100

100.00

\u00a0

\u00a0

J. Wray and Nephew Ltd., manufacturing and trading company

23 Dominica Drive, Kingston 5, Jamaica

JMD

750,000

\u00a0

100.00

Campari Esp\u00e3na S.L.U.

Asia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari (Beijing) Trading Co. Ltd.,trading company

Building 1, Level 5, Room 66, 16 Chaowai Avenue, Chaoyang District, Beijing, China

CNY

104,200,430

100.00

\u00a0

\u00a0

Campari Australia Pty Ltd.,manufacturing and trading company

Level 21, 141 Walker Street North Sydney, 2060, Australia

AUD

56,500,000

100.00

\u00a0

\u00a0

Campari India Private Ltd., trading company

Upper Ground and First Floor

Shop No. SG-1 and\u00a0 SF-1, DT Greater Kailash-II, New Delhi 110048, India

INR

172,260

99.9

0.01

Campari Australia Pty Ltd. 0.01%

Campari New Zealand Ltd.,trading company

C/o KPMG 18, Viaduct Harbour Av., Maritime Square, Auckland, New Zealand

NZD

10,000

\u00a0

100.00

\u00a0Campari Australia Pty Ltd.

Thirsty Camel Limited, trading Company

c/- Farry Law, Level 11, 152 Quay Street

Auckland CBD, 1010, New Zealand

NZD

5,180,000

\u00a0

60.01

Campari Australia Pty Ltd. 60.01%

Campari Singapore Pte Ltd., trading company

152 Beach Road, #24-06, 1Gateway East, 189721, Singapore

SGD

19,100,000

100.00

\u00a0

\u00a0

Trans Beverages Company Ltd., trading company

5th Floor, 14 Samsung-ro 133-gil Gangnam-gu, Seoul, South Korea, Songpa-gu, Seoul, Korea

KRW

2,000,000,000

\u00a0

\u00a0

51.00

Glen Grant Ltd.

CT Spirits Japan Ltd., trading company

2-26-5 Jingumae Shibuya-ku, Tokyo 150-0001, Japan

JPY

100,000,000

100.00

\u00a0

\u00a0

(1) The share capital does not include effects related to the hyperinflation accounting standard.
(2)The 11,616,000 \u20ac represent ordinary share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact11": { "value": " Principles of control and consolidation
- Basis of consolidation
The following changes were made to the basis of consolidation, resulting from the acquisitions and reorganisation of companies:
\u00adon 1 March 2023, Campari Group acquired the remaining outstanding shares in CT Spirits Japan Ltd. (\u2018CTSJ\u2019), in which it previously had a joint-venture interest. As a result, CTSJ has become a wholly owned subsidiary;
\u00adon 27 March 2023, the acquisition of the remaining 20% minority interests for both Scev des Gloriettes and Champagne Lallier S.A.S. was completed;
\u00adon 3 April 2023, Campari Group became the majority shareholder of Thirsty Camel Ltd., in which it previously owned a non-controlling stake, by acquiring the 50% of the outstanding shares and thus arriving at a 60% interest stake.
The tables below list the companies included in the basis of consolidation at 31 December 2023.

name of company, activity

registered office

share capital at

31 December 2023

% owned by

Davide Campari-Milano N.V.

indirect ownership through

\u00a0

\u00a0

currency

amount

direct

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Indirect

Davide Campari-Milano N.V., holding, trading and manufacturing company(2)

legal domicile: Amsterdam (Netherlands)

corporate address: Via Franco Sacchetti 20, 20099 Sesto San Giovanni, Milan, Italy.

\u20ac

11,616,000

\u00a0

\u00a0

\u00a0

Fully consolidated companies

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Italy

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari International S.r.l., trading company

Via Franco Sacchetti 20, 20099 Sesto San Giovanni; Milan, Italy

\u20ac

700,000

100.00

\u00a0

\u00a0

Camparino S.r.l.,trading company

Piazza Duomo 21, 20121 Milan, Italy

\u20ac

48,880

100.00

\u00a0

\u00a0

Terrazza Aperol S.r.l., trading company

Sestiere San Marco 2776, Venice, Italy

\u20ac

\u00a020,000

100.00

\u00a0

\u00a0

Europe and Africa

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari Austria GmbH,trading company

Naglergasse 1/Top 13,1010 Wien, Austria

\u20ac

500,000

100.00

\u00a0

\u00a0

Campari Benelux S.A.,trading company

Rue aux Laines 70, 1000 Bruxelles, Belgium

\u20ac

1,000,000

61.01

\u00a0

38.99

\u00a0

Glen Grant Ltd. 38.99%

Campari Deutschland GmbH, trading company

Adelgundenstr. 7, 80538 Munich, Germany

\u20ac

5,200,000

100.00

\u00a0

\u00a0

Campari Espa\u00f1a S.L.U., holdingand trading company

Calle de la Marina 16-18, planta 29, Barcelona, Spain

\u20ac

4,279,331

100.00

\u00a0

\u00a0

Campari RUS LLC, trading company

115088, Moscow, 2nd Yuzhnoportovy proezd, 14/22, Russia

RUB

210,000,000

100.00

\u00a0

\u00a0

Campari Schweiz A.G., trading company

Lindenstrasse 8, 63471 Baar, Switzerland

CHF

500,000

100.00

\u00a0

\u00a0

Campari Ukraine LLC, trading company

8, Illinska Street, 5 Floor, block 8 and 9, Kiev, 4070 Ukraine

UAH

87,396,209

99.00

1.00

Campari RUS LLC 1%

Glen Grant Ltd.,manufacturing and trading company

GlenGrant Distillery, Elgin Road, Rothes, Morayshire, AB38 7BS, United Kingdom

GBP

24,949,000

100.00

\u00a0

\u00a0

Kaloyiannis-Koutsikos Distilleries S.A., manufacturing and trading company

6 and E Street, A' Industrial Area, 38500 Volos, Greece

\u20ac

6,811,220

100.00

\u00a0

\u00a0

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S., holding and manufacturing company

14, rue Montalivet

75008 Paris, France

\u20ac

27,157,500

100.00

\u00a0

\u00a0

Campari France S.A.S., manufacturing and trading company

14 rue Montalivet 75008 Paris, France

\u20ac

112,759,856

\u00a0

100.00

Soci\u00e9t\u00e9 des Produits Marnier Lapostolle S.A.S. 100%

Bellonnie et Bourdillon Successeurs S.A.S., manufacturing and trading company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,100,000

\u00a0

96.53

Campari France S.A.S.96.53%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Distilleries Agricole de Sainte Luce S.A.S.,agricultural production company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

2,000,000

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 100%

SCEA Trois Rivi\u00e8res,agricultural service company

Zone de G\u00e9nipa, 97224,

Ducos, Martinique

\u20ac

5,920

\u00a0

96.53

Bellonnie et Bourdillon Successeurs S.A.S. 25%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Distilleries Agricoles de Sainte Luce S.A.S 75%

Champagne Lallier S.A.S., manufacturing company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

3,575,420

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Scev des Gloriettes, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

34,301

\u00a0

100.00

Campari France S.A.S. 100%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Sci Athena, property company

4 Place de la Lib\u00e9ration, 51160, AY, France

\u20ac

1,000

\u00a0

100.00

Champagne Lallier S.A.S. 100%

Eric Luc, manufacturing and property company

5 rue Ritterbandt, 51160, AY, Franceagne, France

\u20ac

700,000

\u00a0

95.00

Campari France S.A.S. 95%\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

Campari South Africa Pty Ltd.,trading company

2nd Floor ICR House Alphen Park, Constantia main road, Constantia, Western Cape 7806, South Africa

ZAR

310,247,750

\u00a0

100.00

Campari Espa\u00f1a S.L.U.

Americas

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari America, LLC, manufacturing and trading company

1114 Avenue of the Americas, 19th Floor New York, 10036 United States

US$

566,321,274

100.00

\u00a0

\u00a0

Wilderness Trail Distillery, LLC, holding company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Campari America LLC 70%

Wilderness Trace Distillery, LLC, manufacturing and trading company

4095 Lebanon Road Danville, Kentucky 40422 United States

US$

-

\u00a0

70.00

Wilderness Trail Distillery, LLC 100%

Campari Argentina S.A.,manufacturing and trading company

Tucuman, Piso 4 1107 Buenos Aires, Ciudad de Buenos Aires

Argentina

ARS

1,179,465,930(1)

98.81

1.19

Campari do Brasil Ltda. 1.19%

Campari do Brasil Ltda., manufacturing and trading company

Alameda Rio Negro 585, Edificio Demini, Conjunto 62, Alphaville-Barueri-SP, Brasil

BRL

156,870,056

99.9999

0.0001
\u00a0

Campari Schweiz A.G. 0.0001%
\u00a0

Campari Mexico S.A. de C.V.,trading company

Avenida Americas 1500 Piso G-A Colonia Country Club, Guadalajara, Jalisco, 44610 Mexico

MXN

5,525,434,642
\u00a0

\u00a0

100.00

Campari Espa\u00f1a S.L.U. 99%

Campari America, LLC 1%

Campari Mexico Destiladora S.A. de C.V., manufacturing company

Camino Real a Atotonilco No. 1081, La Trinidad, San Ignacio Cerro Gordo, Jalisco, Z.C. 47195, Mexico

MXN

10,100,000

\u00a0

100.00

Campari Mexico, S.A. de C.V. 99.99%
Campari America, LLC 0.01%

Licorera Ancho Reyes y cia, S.A.P.I. de C.V.,manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

177,888,738

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Casa Montelobos, S.A.P.I. de C.V., manufacturing and trading company
\u00a0

Paseo de los Tamarindos No. 90 Edificio Arcos Bosques Torre II-Piso 5C Col. Bosques de las Lomas, 05120, Mexico

MXN

144,810,964

\u00a0

51.00

Campari Espa\u00f1a S.L.U. 51%

\u00a0

Campari Peru SAC, trading company

Av. Jorge Basadre No.607, oficina 702, distrito de San Isidro, Lima, Peru

PEN

34,733,589
\u00a0

\u00a0

100.00

Campari Esp\u00e3na S.L.U. 99.92%, Campari do Brasil Ltda. 0.08%

Forty Creek Distillery Ltd., manufacturing and trading company

297 South Service Road West, Grimsby, ON L3M 1Y6 Canada

CAD

105,500,100

100.00

\u00a0

\u00a0

J. Wray and Nephew Ltd., manufacturing and trading company

23 Dominica Drive, Kingston 5, Jamaica

JMD

750,000

\u00a0

100.00

Campari Esp\u00e3na S.L.U.

Asia

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Campari (Beijing) Trading Co. Ltd.,trading company

Building 1, Level 5, Room 66, 16 Chaowai Avenue, Chaoyang District, Beijing, China

CNY

104,200,430

100.00

\u00a0

\u00a0

Campari Australia Pty Ltd.,manufacturing and trading company

Level 21, 141 Walker Street North Sydney, 2060, Australia

AUD

56,500,000

100.00

\u00a0

\u00a0

Campari India Private Ltd., trading company

Upper Ground and First Floor

Shop No. SG-1 and\u00a0 SF-1, DT Greater Kailash-II, New Delhi 110048, India

INR

172,260

99.9

0.01

Campari Australia Pty Ltd. 0.01%

Campari New Zealand Ltd.,trading company

C/o KPMG 18, Viaduct Harbour Av., Maritime Square, Auckland, New Zealand

NZD

10,000

\u00a0

100.00

\u00a0Campari Australia Pty Ltd.

Thirsty Camel Limited, trading Company

c/- Farry Law, Level 11, 152 Quay Street

Auckland CBD, 1010, New Zealand

NZD

5,180,000

\u00a0

60.01

Campari Australia Pty Ltd. 60.01%

Campari Singapore Pte Ltd., trading company

152 Beach Road, #24-06, 1Gateway East, 189721, Singapore

SGD

19,100,000

100.00

\u00a0

\u00a0

Trans Beverages Company Ltd., trading company

5th Floor, 14 Samsung-ro 133-gil Gangnam-gu, Seoul, South Korea, Songpa-gu, Seoul, Korea

KRW

2,000,000,000

\u00a0

\u00a0

51.00

Glen Grant Ltd.

CT Spirits Japan Ltd., trading company

2-26-5 Jingumae Shibuya-ku, Tokyo 150-0001, Japan

JPY

100,000,000

100.00

\u00a0

\u00a0

(1) The share capital does not include effects related to the hyperinflation accounting standard.
(2)The 11,616,000 \u20ac represent ordinary share capital.
v. Related parties
Disclosure
At 31 December 2023 Davide Campari-Milano N.V. was controlled by Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions. Davide Campari-Milano N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme for 2021 to 2023. At 31 December 2023, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively, Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions. Furthermore, Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions, Davide Campari-Milano N.V. and some of its Italian subsidiaries, have joined the Group-wide VAT scheme. All tax receivables and payables are non-interest-bearing.
The tables below indicate the amounts for the various categories of transactions with related parties.

\u00a0

receivables for tax consolidation

payables for tax consolidation

receivables (payables) for Group VAT

other non-current tax receivables

other financial liabilities

31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Lagfin S.C.A.,

Soci\u00e9t\u00e9 en Commandite par Actions

20.0

(9.2)

(3.2)

0.1

(1.2)

Total

20.0

(9.2)

(3.2)

0.1

(1.2)

% on the related financial statements item

43.5%

41.4%

3.6%

0.5%

2.1%

\u00a0

receivables for tax consolidation

payables for tax consolidation

receivables (payables) for Group VAT

other non-current tax receivables

31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions

0.7

(56.2)

(0.5)

0.1

Total

0.7

(56.2)

(0.5)

0.1

% on the related financial statements item

3.8%

77.4%

0.5%

0.2%

\u00a0

selling, general and administrative expenses

2023

\u20ac million

Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions

(0.1)

Total

(0.1)

%

-

In 2022 no transactions with related parties were accounted in the profit or loss.
Remuneration to the Parent Company\u2019s Board of Directors
Disclosure
The remuneration to the Parent Company\u2019s Board of Directors included in selling, general and administrative expenses was as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Short-term fix and variable remuneration

7.9

7.0

Stock options(1)

3.0

3.2

Last mile long-term retention scheme(2)

10.0

10.0

Total

20.9

20.1

(1) The value shown above also includes the liability relating to the cancellation of plans granted to outgoing directors.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies and therefore implemented as illustrated in the Remuneration report in the \u2018Governance\u2018 section.
On the date of this report, a payable to directors of \u20ac33.8 million was recognised in the Group\u2019s accounts (at 31 December 2022 amounted to \u20ac23.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f101400": { "value": " Principles of control and consolidation
-Principles of control
Control is determined when the Group is exposed to or has a right to variable returns resulting from its involvement with the investee, and, at the same time, has the ability to use its power over the investee to affect these returns.
Specifically, the Group controls a business if, and only if, it has:
\u00adpower over the investee (or holds valid rights that give it the actual ability to manage significant activities of the investee);
\u00adexposure or rights to variable returns resulting from its involvement with the investee;
\u00adthe ability to use its power over the investee to affect the size of its returns.
Generally, control is assumed to exist when the Group possesses a majority of the voting rights. In support of this assumption and when the Group holds less than the majority of the voting rights (or similar rights), the Group considers all relevant facts and circumstances in assessing whether it controls the investee, including contractual arrangements with other holders of voting rights, rights arising from contractual arrangements, and the Group\u2019s voting rights and potential voting rights.
The Group reassesses whether or not it controls a subsidiary if facts and circumstances indicate that one or more of the three significant elements defining control have changed. Consolidation of a subsidiary begins when the Group obtains direct or indirect control of that subsidiary (or through one or more other subsidiaries) and ceases when the Group loses control therefrom. The assets, liabilities, revenues and costs of the subsidiary acquired or disposed of over the year are included in the consolidated financial statements from the date on which the Group obtains control until the date on which the Group no longer exercises control over the company.
Changes in investments in subsidiaries that do not result in acquisition or loss of control are recorded as changes in shareholders\u2019 equity.
If the Group loses control of a subsidiary, the related assets (including goodwill), liabilities, non-controlling interests and other components of shareholders\u2019 equity are derecognised, while any gain or loss is recognised in the statement of profit or loss. Any ownership interest maintained is recorded at fair value.
-Principles of consolidation
The consolidated financial statements include the financial statements of the Parent Company and of the Italian and foreign subsidiaries. All subsidiaries are consolidated on a line-by-line basis. The carrying amount of the equity of the investments in subsidiaries is derecognised against the corresponding portion of the shareholders\u2019 equity of the subsidiaries. At the first consolidation stage individual assets and liabilities are measured at fair value in the context of the purchase price allocation at the date control was acquired. Any residual positive difference in the allocation is recorded under the asset item \u2018Goodwill\u2019, and any negative amount is allocated to the statement of profit or loss.
The subsidiaries\u2019 financial statements are based on the same financial year as the Parent Company and drawn up for the purposes of consolidation. When necessary, appropriate adjustments are made to subsidiaries\u2019 financial statements to bring them into line with the Group\u2019s accounting policies. Joint-ventures are measured by applying the equity method.
When preparing the consolidated financial statements, unrealised gains and losses resulting from intra-group transactions are derecognised, as are the entries giving rise to payables and receivables, and costs and revenues between the companies included in the basis of consolidation. All intra-group assets and liabilities, shareholders\u2019 equity, revenues, costs and cash flow relating to transactions between Group entities are fully derecognised on consolidation. All remaining assets and liabilities, expenses and revenues of the subsidiaries are fully reflected in the consolidated financial statements. Unrealised gains and losses generated on transactions with joint-ventures are derecognised to the extent of the Group\u2019s percentage interest in those companies. Dividends collected from consolidated companies are derecognised.
The profit (loss) for the year and all other components of the statement of other comprehensive income are attributed to the shareholders of the Parent Company and to non-controlling interests, even if this results in non-controlling interests having a negative value. Non-controlling interests in shareholders\u2019 equity and related results are reported under the appropriate items in the primary financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact16": { "value": "
vi.Reclassification of comparative figures at 31 December 2023
Reclassifications for purchase price allocation
On 7 December 2022 Campari Group completed the acquisition of Wilderness Trail, LLC. As allowed by the applicable standard, the acquisition values initially allocated can be modified during the measurement period in which the acquirer shall retrospectively adjust the provisional amounts recognised at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date and, if known, would have affected the measurement of the amounts recognised as of that date. The measurement period ends as soon as the acquirer receives the information it was seeking about facts and circumstances that existed as of the acquisition date or learns that more information is not obtainable. However, the measurement period shall not exceed one year from the acquisition date. The final allocation was therefore published on 31 December 2023. The required amendments to the opening balances are detailed in the following table. The updated allocation did not have a significant impact on the statement of profit or loss and cash flow statement for 2022.
Reclassified statement of financial position in management board report

Statement of financial position

at 31 December 2022

\u20ac million

stated figures

change resulting from allocation of acquisition value

change in exchange rate

post-reclassifications figures

fixed assets

3,980.0

1.0

-

3,981.0

other non-current assets and (liabilities)

(357.3)

(3.4)

-

(360.7)

operating working capital

771.0

7.3

(0.1)

778.3

other current assets and (liabilities)

(164.8)

(0.9)

-

(165.7)

total invested capital

4,228.9

4.0

(0.1)

4,232.8

Group shareholders' equity

2,675.0

1.2

-

2,676.2

non-controlling interests

1.4

-

-

1.4

net financial debt

1,552.5

2.9

(0.1)

1,555.3

total financing sources

4,228.9

4.0

(0.1)

4,232.8

Reclassified operating working capital in management board report

Operating working capital

at 31 December 2022

\u20ac million

stated figures

change resulting from allocation of acquisition value

change in exchange rate

post-reclassifications figures

Trade receivables

308.5

(0.3)

-

308.2

Total inventories, of which:

1,004.2

7.5

(0.1)

1,011.7

\u00a0- maturing inventory

501.7

14.5

(0.2)

516.0

\u00a0- biological assets

7.1

-

-

7.1

\u00a0- other inventory

495.5

(6.9)

0.1

488.6

Trade payables

(541.7)

0.1

-

(541.6)

Operating working capital

771.0

7.3

(0.1)

778.3

Sales in the previous 12 months rolling

2,697.6

-

-

2,697.6

Working capital as % of sales in the previous 12 months

28.6

-

-

28.8

Reclassified net financial debt in management board report

Net financial debt

31 December 2022

\u20acmillion

stated figures

change resulting from allocation of acquisition value

change in exchange rate

post-reclassifications figures

\u00a0cash and cash equivalents

435.4

-

-

435.4

\u00a0bonds

-

-

-

-

\u00a0loans due to banks\u00a0

(107.0)

-

-

(107.0)

\u00a0lease payables

(14.4)

-

-

(14.4)

\u00a0other financial assets and liabilities

7.4

(2.9)

0.1

4.6

short-term net financial debt

321.4

(2.9)

0.1

318.6

\u00a0bonds

(846.3)

-

-

(846.3)

\u00a0loans due to banks

(770.9)

-

-

(770.9)

\u00a0lease payables

(65.1)

-

-

(65.1)

\u00a0other financial assets and liabilities

48.2

-

-

48.2

medium-/long-term net financial debt

(1,634.2)

-

-

(1,634.2)

net financial debt before put option and earn-out

(1,312.8)

(2.9)

0.1

(1,315.6)

\u00a0liabilities for put option and earn-out payments\u00a0

(239.7)

-

-

(239.7)

net financial debt

(1,552.5)

(2.9)

0.1

(1,555.3)

Reclassified consolidated statement of financial position in Consolidated financial statements

\u00a0

at 31 December 2022

\u00a0

stated figures

change resulting from allocation of acquisition value

change in exchange rate

post-reclassifications figures

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

Non-current assets

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment

748.1

33.6

(0.4)

781.3

Right of use assets

68.4

-

-

68.4

Biological assets

17.5

-

-

17.5

Goodwill

1,911.8

(33.7)

0.4

1,878.5

Brands

1,182.0

1.1

-

1,183.1

Intangible assets with a finite life

52.1

-

-

52.1

Investments in joint ventures

36.0

-

-

36.0

Deferred tax assets

72.5

0.1

-

72.6

Other non-current assets

24.1

-

-

24.1

Other non-current financial assets

48.2

-

-

48.2

Total non-current assets

4,160.8

1.1

-

4,161.9

Current assets

\u00a0

\u00a0

\u00a0

\u00a0

Inventories

997.2

7.5

(0.1)

1,004.6

Biological assets

7.1

-

-

7.1

Trade receivables

308.5

(0.3)

-

308.2

Other current financial assets

18.9

(0.1)

-

18.7

Cash and cash equivalents

435.4

-

-

435.4

Income tax receivables

19.1

-

-

19.1

Other current assets

60.2

0.1

-

60.3

Total current assets

1,846.2

7.2

(0.1)

1,853.4

Total assets

6,007.1

8.3

(0.1)

6,015.3

LIABILITIES AND SHAREHOLDERS' EQUITY

\u00a0

\u00a0

\u00a0

\u00a0

Shareholders' equity

\u00a0

\u00a0

\u00a0

\u00a0

Issued capital and reserves attributable

to shareholders of the Parent Company

2,675.0

1.2

-

2,676.2

Non-controlling interests

1.4

-

-

1.4

Total shareholders' equity

2,676.4

1.2

-

2,677.6

Non-current liabilities

\u00a0

-

\u00a0

\u00a0

Bonds

846.3

-

\u00a0

846.3

Loans due to banks

770.9

-

\u00a0

770.9

Other non-current financial liabilities

301.4

-

\u00a0

301.4

Post-employment benefit obligations

24.1

-

\u00a0

24.1

Provisions for risks and charges

35.6

3.5

(0.1)

39.0

Deferred tax liabilities

399.4

-

\u00a0

399.4

Other non-current liabilities

30.9

-

\u00a0

30.9

Total non-current liabilities

2,408.6

3.5

(0.1)

2,412.1

Current liabilities

\u00a0

-

\u00a0

\u00a0

Loans due to banks

107.0

-

\u00a0

107.0

Other current financial liabilities

29.3

2.7

-

32.0

Trade payables

541.7

(0.1)

-

541.6

Income tax payables

72.5

-

\u00a0

72.5

Other current liabilities

171.5

1.1

-

172.5

Total current liabilities

922.0

3.6

-

925.6

Total liabilities

3,330.7

7.1

(0.1)

3,337.7

Total liabilities and shareholders' equity

6,007.1

8.3

(0.1)

6,015.3

Reclassified consolidated statement of changes in shareholders\u2019 equity in consolidated financial statements

\u00a0

issued capital

retained earnings and other reserves

cash flow hedge reserve

currency translation\u00a0 differences

remeasurement of defined benefit plans

equity attributable to owners of the parent

non-controlling interests

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

at 31 December 2021

18.3

2,527.5

(7.9)

(165.6)

(0.5)

2,371.8

3.0

2,374.8

Dividends to shareholders

of the Parent Company

-

(67.6)

-

-

-

(67.6)

-

(67.6)

Increase (decrease)

through treasury share transactions

-

(121.1)

-

-

-

(121.1)

-

(121.1)

Increase (decrease)

through share-based

payment transactions

-

19.6

-

-

-

19.6

-

19.6

Other movements

including reclassifications

-

(16.8)

-

-

-

(16.8)

1.8

(15.0)

Changes for reclassifications

for purchase price allocation

\u00a0

1.2

\u00a0

\u00a0

\u00a0

1.2

-

1.2

Other movements including reclassifications-post-reclassifications

\u00a0

(15.6)

\u00a0

\u00a0

\u00a0

(15.6)

1.8

(13.8)

Increase (decrease)

through other changes

-

(0.4)

-

-

-

(0.4)

-

(0.4)

Profit (loss)

-

333.0

-

-

-

333.0

(1.5)

331.5

Other comprehensive income (expense)

-

-

35.2

117.5

4.0

156.6

(1.9)

154.7

Total comprehensive income

-

333.0

35.2

117.5

4.0

489.6

(3.4)

486.2

at 31 December 2022 stated

18.3

2,674.1

27.3

(48.1)

3.5

2,675.0

1.4

2,676.4

at 31 December 2022

post-reclassifications

18.3

2,675.3

27.3

(48.1)

3.5

2,676.2

1.4

2,677.6

Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Disclosure
Business combinations
Increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd.
As mentioned in the dedicated section \u2018Significant events of the year\u2019 in the management board report, the following initiatives were taken out in 2023, consistent with the Group\u2019s growth ambitions in the Asian-Pacific region:
- on 1 March 2023, Campari Group acquired the remaining outstanding shares of 60% in the distribution company CT Spirits Japan Ltd. (\u2018CTSJ\u2019), in which it previously held a 40% joint-venture (evaluated at equity method);
- on 3 April 2023, Campari Group became the majority shareholder of Thirsty Camel Ltd., based in New Zealand, in which it previously held a non-controlling stake of 10% (evaluated at fair value), by acquiring additional 50% of the outstanding shares.
As a result of these initiatives, the Group obtained the control over the relevant activities and, for this reason, starting from March and April 2023 respectively, both companies were fully consolidated in Campari Group accounts. The fair value of the gross assets acquired was not concentrated substantially in a single identifiable asset or group of similar assets and that the processes and inputs acquired together will contribute significantly to the Group\u2019s ability to create outputs. Consequently, the transaction equates to a business combination over which the Group has full control, as defined in the relevant accounting standards. These transactions have required the reassessment of the Group\u2019s previously held interests, which generated a combined gain in the statement of profit or loss of \u20ac0.9 million (a gain of \u20ac1.2 and a loss of \u20ac0.3 million for CTSJ and Thirsty Camel Ltd. respectively).
The non-controlling interests relating to the remaining 40% stake of Thirsty Camel for a total amount of \u20ac0.3 million were also included in the consolidated accounts and based on the nature of this interests it was deemed appropriate to value them at fair value in proportion to the residual stake they own. The Group has the right to exercise a call option on the remaining share capital starting from 2026.
On the date these consolidated financial statements were approved, the process of recognising the information necessary for allocating the purchase prices of the various transactions at the fair value of the respective net assets acquired was finalised, in a period not exceeding 12 months from the closing date of each transaction, in compliance with applicable accounting standards. The relevant fair values resulting from both acquisitions
were overall not material for the Group and were namely related to stock inventory, trade receivables and trade payables. No brands or other intangible assets were identified for the purposes of the purchase price allocation, other than non-tax-deductible goodwill for a total of \u20ac11.9 million based on the relevant local regulations. The goodwill was deemed entirely attributable to the synergies that are expected to be generated by integrating the acquired business into the Group's commercial structure by leveraging the skills and strong commercial leadership of the two companies to promote and develop the Group's product portfolio, namely global leading brands, thus guaranteeing the establishment of Campari Group's critical mass in the Japanese and New Zealand markets.

figures at acquisition date

\u00a0

\u00a0

CTSJ values reported in Campari Group

\u00a0Thirsty Camel values reported in Campari Group

total

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

\u20ac million

Price paid for the step-up acquisition

\u00a0

\u00a0

2.1

0.4

2.5

Previous held investment remeasured

\u00a0

\u00a0

(4.0)

0.1

(3.9)

Liability for earn-out payments

\u00a0

\u00a0

0.5

-

0.5

Non-controlling interest

\u00a0

\u00a0

-

0.3

0.3

Purchase price to be allocated

\u00a0

\u00a0

\u00a0 (1.4)

\u00a0 0.8

\u00a0 (0.6)

\u00a0

\u00a0fair value at the date of acquisition

\u00a0fair value at the date of acquisition

\u00a0fair value at the date of acquisition Japan

\u00a0fair value at the date of acquisition New Zealand

\u00a0total fair value at the date of acquisition

\u00a0

\u00a0

JPY million

\u00a0

NZD million

\u00a0

\u00a0\u20ac million

\u00a0

\u20ac million

\u20ac million

Identifiable assets acquired and

liabilities assumed

\u00a0 (1,608.7)

\u00a0 (2.0)

\u00a0 (11.3)

\u00a0 (1.2)

\u00a0 (12.5)

Of which:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Inventories

\u00a0 655.6

\u00a06.1

\u00a0 4.6

\u00a0 3.5

\u00a0 8.1

Trade receivables

\u00a0 575.7

\u00a0 7.3

\u00a0 4.0

\u00a0 4.2

\u00a0 8.3

Trade payables

\u00a0 (2,502.7)

\u00a0 (16.6)

\u00a0 (17.6)

\u00a0 (9.6)

\u00a0 (27.2)

Financial debt position

\u00a0 (1,312.9)

\u00a0 (5.7)

\u00a0 (9.2)

\u00a0 (3.3)

\u00a0 (12.6)

Cash and cash equivalents

\u00a0 866.8

\u00a0 1.9

\u00a0 6.1

\u00a0 1.1

\u00a0 7.2

Other

\u00a0 108.9

\u00a0 5.0

\u00a0 0.8

\u00a0 2.9

\u00a0 3.7

Goodwill generated by acquisition

\u00a0 1,411.0

\u00a0 3.4

\u00a0 9.9

\u00a0 2.0

\u00a0 11.9

\u00a0

\u00a0 (197.7)

\u00a0 1.4

\u00a0 (1.4)

\u00a0 0.8

\u00a0 (0.6)

The Group\u2019s net results included the impact from the business acquired from their acquisition date starting from March and April 2023 respectively (CT Spirits Ltd. and Thirsty Camel contributed cumulatively with approximately 1.0% of the Group\u2019s net sales in 2023 and with approximately 0.2% of the Group\u2019s net result). Not material ancillary costs incurred for legal and financial consultancy attributable to the transaction amounting to \u20ac0.2 million were classified under selling, general and administrative expenses.
Business combinations completed in the previous year
Acquisition of an initial 70% stake in Wilderness Trail Distillery, LLC
As fully detailed in the dedicated section \u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019 in the Group consolidated financial statements at 31 December 2022, on 7 December 2022, Campari Group signed an agreement to purchase an initial 70% interest in Wilderness Trail Distillery, LLC and its subsidiary Wilderness Trace Distillery, LLC (jointly referred to as \u2018the company\u2019).
The total consideration amounting to \u20ac568.3 million (US$598.3 million converted to \u20ac at the exchange rate at the closing date) consisted of the following:
- the price paid to acquire 70% of the capital of the company totalling \u20ac397.0 million (US$417.9 million converted to \u20ac at the exchange rate at the closing date);
- the price adjustment paid in February 2023 of \u20ac2.7 million (US$2.9 million converted to \u20ac at the exchange rate at the closing date);
- the payables resulting in 30% of the outstanding shares subject to a call/put option mechanism with the previous shareholders of the company exercisable in 2031 at an enterprise value determined by applying a multiple of approximately 16 times to the higher of 2030 or average of 2028-2030 EBITDA, included among the Group\u2019s other financial liabilities and estimated at a total of \u20ac171.0 million (US$180.0 million converted to \u20ac at the exchange rate at closing date);
- the positive net financial position acquired of \u20ac2.4 million (US$2.5 million converted to \u20ac at the exchange rate at the closing date).
Purchase price allocation
On the date that these year-end consolidated financial statements were approved, the process of recognising and restating the information necessary for allocating the purchase prices of the various transactions at the fair
value of the respective net assets acquired was finalised, in a period not exceeding 12 months from the closing date, in compliance with applicable accounting standards.
The fair values of the identifiable assets acquired and liabilities assumed updated during 2023 have been reported below. The updated fair values are the result of the recognition and reworking of further information about facts and circumstances existing at the closing date. The analysis was carried out with the assistance of independent experts.
No changes in the policy choices elected or in the rationales of the allocation were identified with respect to what was reported in the consolidated financial statements at 31 December 2022.
Where not expressed in \u20ac, the values were converted at the exchange rate on the closing date of the transaction.

values at acquisition date

book values

at acquisition date

provisionalfair value

disclosed at 31 December 2022

adjustments

and reclassifications

fair value

disclosed at 31 December 2023

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

ASSETS

\u00a0

\u00a0

\u00a0

\u00a0

Non-current assets

\u00a0

\u00a0

\u00a0

\u00a0

Property, plant and equipment

30.3

26.7

33.6

60.4

Brand

-

59.7

1.1

60.8

Deferred tax assets

-

(0.1)

0.1

-

Total non-current assets

30.3

86.4

34.8

121.2

Current assets

\u00a0

\u00a0

\u00a0

\u00a0

Inventories

24.0

27.5

7.5

35.1

Trade receivables

2.8

2.8

(0.3)

2.5

Cash and cash equivalents

2.4

2.4

-

2.4

Other current financial assets

-

0.1

(0.1)

-

Other current assets

1.1

0.9

0.1

1.1

Total current assets

30.2

33.8

7.2

41.0

Total asset

60.5

120.2

42.0

162.2

LIABILITEIS

\u00a0

\u00a0

\u00a0

\u00a0

Non-current liabilities

\u00a0

\u00a0

\u00a0

\u00a0

Provisions for risks and charges

-

-

3.5

3.5

Total non-current liabilities

-

-

3.5

3.5

Current liabilities

\u00a0

\u00a0

\u00a0

\u00a0

Trade payables

1.8

1.9

(0.1)

1.8

Other current liabilities

1.8

0.8

1.1

1.8

Total current liabilities

3.7

2.8

0.9

3.7

Total liabilities

3.7

2.8

4.4

7.2

NET EQUITY ACQUIRED

56.8

117.4

37.6

155.0

TOTAL LIABILITY AND EQUITY

60.5

120.2

42.0

162.2

a) Total cost, of which:

\u00a0

567.9

2.7

570.6

Price paid in cash, excluding ancillary costs

\u00a0

397.0

-

397.0

Price adjustments after closing

\u00a0

-

2.7

2.7

Liabilities for put/call option agreements

\u00a0

171.0

-

171.0

b) Net financial position acquired, of which:

\u00a0

(2.5)

0.1

(2.4)

- Cash, cash equivalent and financial assets

\u00a0

(2.5)

0.1

(2.4)

Enterprise value (a+b)

\u00a0

565.5

2.8

568.3

Non-controlling interests

\u00a0

170.1

1.2

171.3

Purchase price to be allocated

\u00a0

567.1

3.9

571.0

Price paid in cash, excluding ancillary costs

\u00a0

397.0

-

397.0

Price adjustments at closing

\u00a0

-

2.7

2.7

Non-controlling interests

\u00a0

170.1

1.2

171.3

Total value allocation

\u00a0

567.1

3.9

571.0

Net assets acquired

\u00a0

117.4

37.6

155.0

Goodwill generated by acquisition

\u00a0

449.7

(33.7)

416.0

The allocation value does not reflect the post-acquisition development initiatives that the Group intends to undertake based on its strategic plans. No other intangible assets were identified that may qualify for separate recognition for the purposes of the purchase price allocation, other than brand. The goodwill was deemed to be fully reportable and attributable mainly to the skill and to the technical talent of company\u2019s workforce and the synergies that are expected to be generated in Campari Group, by i) leveraging Campari Group's route-to-market and marketing capabilities to further develop and expand the Wilderness Trail brand in its domestic markets as well as internationally; ii) leveraging company's production capacity and ageing inventory in order to accommodate the development of the Group's existing bourbon portfolio (excluding the core Wild Turkey), further unlocking growth opportunities of the premium and highly profitable bourbon portfolio as well as potential insourcing of other bourbon brands currently distributed by Campari Group, and iii) by accelerating
and significantly expanding the innovation platform for Campari Group\u2019s bourbon portfolio thanks to Wilderness Trail Distillery\u2019s highly flexible output. Goodwill is tax\u2010deductible based on the relevant local regulations.

intangible assets generated by Wilderness Trail Distillery, LLC

goodwill

brands

total

\u20ac million

\u20ac million

\u20ac million

provisional fair value at the date of acquisition

449.7

59.7

509.4

change resulting from allocation of acquisition value

(33.7)

1.1

(32.6)

fair value at the date of acquisition restated

416.0

60.8

476.8

intangible assets generated by Wilderness Trail Distillery, LLC

goodwill

brands

total

\u20ac million

\u20ac million

\u20ac million

provisional fair at exchange rate of the acquisition date disclosed at 31 December 2022

449.7

59.7

509.4

exchange rate differences

(5.8)

(0.8)

(6.5)

provisional fair value disclosed at 31 December 2022

443.9

59.0

502.9

change resulting from allocation of acquisition value

(33.7)

1.1

(32.6)

exchange rate differences restated

0.4

-

0.4

fair value restated at 31 December 2022

410.6

60.0

470.7

(1)at exchange rate of the acquisition date
Reconciliation with the statements of cash flows
The following tables illustrate the impact of the acquisition of companies or business divisions net of cash and cash equivalents acquired on the statements of cash flows during 2023 and the comparative period respectively. The statements of cash flows was not embedding the reclassifications effect for purchase price allocation (please refer to note 2 vi.-\u2018Reclassification of comparative figures at 31 December 2023\u2019).

\u00a0

Wilderness Trail

Distillery

CT Spirits Japan Ltd. and Thirsty Camel Ltd.

Joint-ventures and other asset deals

total

for the year ended 31 December 2023

\u20ac million

\u20ac million

\u00a0

\u20ac million

acquisition of business

(2.8)

(2.5)

-

(5.3)

related cash and cash equivalents acquired

-

7.2

-

7.2

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- acquisition of companies or business divisions

\u00a0 net of cash and cash equivalents acquired

(2.8)

4.7

-

2.0

acquisition of interests in joint-ventures

-

-

(5.0)

(5.0)

of which included in statement of cash flows as:

- investment in joint-ventures

-

-

(5.0)

(5.0)

financial debt positions acquired

\u00a0-

(12.5)

-

(12.5)

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- inflows (outflows) of other financial items\u00a0

\u00a0-

(12.5)

-

(12.5)

\u00a0

Wilderness Trail

\u00a0Distillery

other minor

business combinations

Joint-ventures and other asset deals

total

for the year ended 31 December 2022

\u20ac million

\u20ac million

\u00a0

\u20ac million

acquisition of business

(397.0)

(1.7)

-

(398.6)

\u00a0

related cash and cash equivalents acquired

2.4

0.5

-

2.9

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- acquisition of companies or business divisions

\u00a0 net of cash and cash equivalents acquired

(394.6)

(1.1)

-

(395.7)

acquisition of interests in joint-ventures

-

-

(36.5)

(36.5)

of which included in statement of cash flows as:

-

-

\u00a0

\u00a0

- investment in joint-ventures

(36.5)

(36.5)

financial debt positions acquired

-

(0.7)

-

(0.7)

of which included in statement of cash flows as:

\u00a0

\u00a0

\u00a0

\u00a0

- inflows (outflows) of other financial items\u00a0

-

(0.7)

-

(0.7)

Agreement to acquire Courvoisier cognac
Comprehensive overview of the features and costs of the transaction
Following the communication dated 14 December 2023 regarding the exclusive negotiations with Beam Suntory, Inc. (the \u2018Seller\u2019) during which a put option was granted, on 26 February 2024 Campari Group signed the agreement to acquire the 100% of the outstanding share capital of Beam Holding France S.A.S., which in turn owns 100% of the share capital of Courvoisier S.A.S., the proprietor of the Courvoisier brand (the \u2018Target\u2019). The signing of the agreement occurred subsequent to the information and consultation process with the French employees\u2019 representatives, as well as the receipt of customary antitrust approvals. The closing of the deal is contingent upon the fulfilment of the appropriate regulatory processes and is expected to occur in 2024. Notably, the Group's accounts for 2023 did not incorporate any effects stemming from this transaction. The brand\u2019s net sales were US$249 million in 2022, according to the Seller\u2019s view, of which approximately 60% in
the United States followed by the United Kingdom and China, combined accounting for approximately 25% of net sales, while Global Travel Retail (\u2018GTR\u2019) accounted for just over 3%. The contribution margin in 2022 would have been US$78 million based on IFRS principles. For the period ending 31 October 2023 according to the Seller\u2019s view, the net sales were US$148 million, with a decline of 33% vs. the corresponding period in 2022, and contribution margin was US$37 million based on IFRS principles. This performance was impacted by recent market driven trends such as normalizing consumption in the United States after peak post-covid sales and destocking at wholesaler level, in-line with the wider cognac industry. The acquired business includes an enviable inventory of maturing eaux-de-vie, with a book value of approximately US$365 million as of 31 October 2023, consisting of well-balanced age profiles to support future brand development. Moreover, the acquisition perimeter includes the trademarks as well as comprehensive production facilities consisting of distillation, warehouses, vineyards, a visitor centre and ch\u00e2teau (hosting a museum), blending facilities, ageing cellars and an automated bottling plant.
The total consideration amounts to US$1.32 billion (\u20ac1.22 billion at the date of the exclusive negotiations) where the value is defined on a cash free/debt free basis and consists of a fixed purchase price of US$1.20 billion (\u20ac1.11 billion) and earn-out for maximum amount of US$0.12 billion (\u20ac0.11 billion) payable in 2029 based on the achievement of net sales targets realised in full year 2028. The corresponding enterprise value is equivalent to a multiple of c.17 times the contribution margin in 2022.
Maison Courvoisier was founded in 1828, by F\u00e9lix Courvoisier in Jarnac, the Charente region of France. Courvoisier is the youngest and most awarded of the \u2019big four\u2019 historical cognac houses and received the title of Official Supplier to the House of the Emperor by Napol\u00e9on III, supplied the royal courts of Europe and was the drink of choice of the Belle Epoque, chosen to celebrate the inauguration of the Eiffel Tower and the opening of Moulin Rouge. Courvoisier\u2019s signature styles reveal the intricate nuances of the cognac craft which have led the House to become the Most Awarded Cognac House based on 20 top spirits competitions since 2019 and the only cognac house to ever win the coveted \u2018Prestige de la France\u2019 title. With its core collection of VS, VSOP and XO which are further reinforced by a premium range of limited editions, Courvoisier has built solid brand credentials across a multitude of versatile liquid styles.
As premium cognac, Courvoisier is positioned to further strengthen Campari Group\u2019s portfolio of global brand priorities, particularly in aged spirits, as well as supporting future long-term premiumisation ambitions in key strategic segments for the Group. The brand, world renowned and global icon of luxury, presents the opportunity to strategically enhance our presence in one of the most significant spirit categories in the United States. Additionally, it promises to reshape Campari Group\u2019s growth profile in Asia and GTR through the expansion of its footprint of luxury expressions.
Leveraging Campari Group's established leadership, focused approach and expertise in brand development, the Courvoisier brand stands to gain substantial benefits, capitalizing on Campari Group\u2019s strengthened operational and business infrastructure.
Financing
To support the transaction and for general corporate purposes as well as with the aim of capitalising on market conditions to optimise the funding structure, on 10 January 2024 Davide Campari-Milano N.V. has successfully placed a combined offer directed to qualified investors. This offering consisted of new ordinary shares totalling approximately \u20ac650 million through an accelerated bookbuilding offering at \u20ac9.33 per ordinary share. Additionally, it included senior unsecured convertible bonds due in 2029 with an aggregate principal amount of \u20ac550 million, convertible into new and/or existing ordinary shares of the Company. The net proceeds from the offering will enhance the Group\u2019s pro-forma capital structure by accelerating the deleveraging process and extending the average maturity of the Group\u2019s liabilities, thus further strengthening its financial profile and facilitating further expansion.
Pursuant to the resolution approved during the Company's Board of Directors meeting on 14 December 2023, the issuance of new ordinary shares (\u2018New Shares\u2019) excluded pre-emptive rights and will carry equivalent rights, including dividend entitlements, as the existing ordinary shares. The newly issued ordinary shares amounted to 69,667,738 representing 5.7% of the Company's issued ordinary share capital following the completion of the offering.
Regarding the offering of convertible bonds, the aforementioned Board of Directors meeting resolved to exclude pre-emptive rights associated with the transaction. The bonds have been issued in registered form, at their principal amount of \u20ac100,000 each at par, and bear a coupon of 2.375% per annum, payable semi-annually in arrears on 17th July and 17th January of each year, with the first coupon to be paid on 17th July 2024. The maturity is 5 years (unless previously redeemed, converted or repurchased and cancelled) and the
bonds will be redeemed at their principal amount at maturity (on or around 17th January 2029) subject to Group\u2019s option to deliver bond shares and, as the case may be, an additional amount in cash (\u2018Share Settlement Option\u2019). The bookbuilding process concluded on 10 January 2024 with initial conversion price set at \u20ac12.3623, representing a premium of 32.5% above the reference share price and each convertible bond will be convertible into 8,089 underlying bond shares for a total issue of approximately 44.5 million bond shares which represent approximately: (i) 3.8% of the Issuer\u2019s issued ordinary share capital as of 31 December 2023 and (ii) 3.6% of the Issuer\u2019s issued ordinary share capital following the completion of the offering of the new shares issue.
The convertible bonds will be traded on Euronext Access Milan, a multilateral trading facility organised and managed by Borsa Italiana S.p.A. by no later than 90 calendar days after the 10 January 2024, being the issue date. These transactions did not have any impact in the 2023 Campari Group consolidated accounts.
Furthermore, the Group is progressively reducing its exposure to foreign exchange translation and liquidity risks associated with the aforementioned commitment to acquire Courvoisier cognac denominated in US Dollars, through pre-hedge derivatives subscribed in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f104722": { "value": "
vii.Change in representation
The disclosure of \u2018Selling, general and administrative expenses and other operating income and expenses\u2019 was reviewed and changed to \u2018Selling, general and administrative expenses\u2019. Other operating income and expenses, which include certain transactions or events identified by the Company as not relevant for assessing the annual performance and which therefore merely represent adjusting elements for performance indicators that are only disclosed in the Group\u2019s management board report, were included by nature in the items of respective relevance and thus not disclosed separately anymore. Consequentially, the same changes were applied to the statement of profit or loss. To reflect such change in representation also comparative data for full year 2022 have been restated accordingly in the statement of profit or loss and disclosure of selling, general and administrative expenses.
Moreover, also the consolidated statements of cash flows were subject of an improved disclosure. The item \u2018other operating items including changes in other indirect taxes\u2019 formerly included also the \u2018net costs of share-based instruments', which are now disclosed as separate non-cash item.
The new structures and enhanced representation of disclosures were defined to help readers of the annual financial statements to gain a better understanding of the Group\u2019s result for the period and statements of cash flows.
It is noted that the changes in representation are not implying changes in the disclosures provided in the consolidated financial statements at 31 December 2022, which remains fully comprehensive and complete.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f104958": { "value": " Net sales
Accounting policy
Revenue recognition
Revenues are recognised when the customer gains control of the goods. Transfer of control is determined using a five-step analytical model applied to all revenues from customer contracts.
This occurs when the goods are delivered to the customer, who has complete discretion over the sales channel and price of the products themselves, and there is no unfulfilled obligation that could affect acceptance by the customer. Delivery takes place when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the sales contract, the terms and conditions of acceptance have expired, or the Group has objective evidence that all criteria for acceptance have been met. The Group\u2019s revenues mainly include sales of spirits on the market and, to a marginal extent, revenues from co-packing services in some way linked to the Group\u2019s core business, for which the breakdown of sales is not disclosed in consideration of their limited importance.
Revenues are recognised at the price stated in the contract, net of any estimates of deferred discounts or incentives granted to the customer in line with industry practice, for example:
\u00advolume/value discounts based on cumulative sales above a threshold at the end of a given period;
\u00adperformance-based discounts (such as discounts, rebates, performance bonuses, logistical discounts), based on promotional activities carried out by the customer and agreed upon in advance;
\u00adcustomer incentives, such as discount vouchers, free products, price protection, market development allowances and price reduction allowances (to compensate for low sales);
\u00adproduct placement allowances (such as contributions for placement and range).
Historical experience is used to estimate deferred discounts/incentives based on agreements with clients, and revenues are recognised only to the extent that it is highly probable that there will be no need for subsequent significant adjustments.
No financing element is deemed to be present as sales are made with only a brief delay before payment: contracts are generally not entered into when there is more than one year between the transfer of the goods and the payment by the customer.
Discounts relating to specific payment terms that lower the Group entity\u2019s collection risk or reduce administrative costs, and/or improve liquidity (such as payments at the time of sale) are recognised as a reduction in revenue.
A liability reducing the related trade receivable is recognised for deferred discounts due to customers in relation to sales made up to the end of the period. Such liabilities can then be offset against the amounts payable by the customer.
Receivables are recognised when the goods are delivered, as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.
Consumption taxes recognition
The Group incurs consumption taxes worldwide. In most jurisdictions, excise duty is a production tax that is payable by the manufacturer, becomes payable when the product is removed from captive warehouses, and is not directly related to the sales value: the excise duty is consequently recognised as a cost for the Group. Excise duties are normally recovered through the sales, although they are generally not shown as a separate item on external invoices. Excise duty increases are not always passed on to the customer, and if a customer does not pay for the product received, the Group cannot request a refund of the excise duty. For excise duties passed on to customers, the Group considers itself an agent of the regulatory authorities, and consequently, the re-invoiced excise values are excluded from the presentation of net sales in the primary statements and are presented to offset the cost incurred by the Group.
Net sales presentation
Net sales relate to spirit products in Campari Group\u2019s markets, their nature, amount, timing and uncertainty, as well as the corresponding cash flows, are affected by economic and business factors which differ across markets, also as a function of their different sizes and maturity profiles. These elements are primarily attributable to demographics, consumption habits also influenced by historical, social and climatic factors, local consumer taste preferences, propensity to consume, the market commercial structure in terms of the weight of the distribution channels (off-premise vs. on-premise) as well as the retailers\u2019 concentration. As an effect of the above factors, the sales composition by brand differs from market to market. Therefore the level of analysis of sales by operating segments reflects the four geographical areas.
In order to highlight the main business performance drivers in a diversified context and to assess the contribution of the different brands to the overall sales performance of the Group, further breakdowns by brand category (global, regional and local brands) and for major brands are provided to better explain their contribution to the region. The categorisation of brands into three main clusters (global priorities, regional priorities and local priorities) is based on their scale, growth potential and business priority.
Disclosure
Net sales, which almost entirely relate to the sale of spirits, totalled \u20ac2,918.6 million at total Group level, compared with \u20ac2,697.6 million in the previous year. 2023 showed very strong performance, thanks to continued solid brand momentum driven by aperitifs, tequila and bourbon combined with industry outperformance in core developed markets, underpinned by pricing across the portfolio.
To highlight the main business performance drivers in a geographically diversified context and assess the contribution of the newly acquired brands to the overall sales performance of the Group, further breakdowns by brand category and for major brands are provided below to explain better their contribution to the region and the main related market. The categorisation of brands into three main clusters is based on the brands' geographic scale, business priorities and growth potential.

\u00a0

for the years ended 31 December

Net sales focus by region

2023

2022

\u00a0

\u20ac million

\u20ac million

Americas

1,282.6

1,229.4

Southern Europe, Middle East and Africa

804.5

746.3

North, Central and Eastern Europe

601.3

524.0

Asia-Pacific

230.2

197.9

total

2,918.6

2,697.6

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

global priority brands

1,664.1

1,549.5

Aperol

703.5

581.9

Campari

309.6

287.3

Wild Turkey portfolio\u02bf\u00b9\u02be\u02bf\u00b2\u02be

226.9

215.8

Jamaican rums portfolio\u02bf\u1d9f\u02be

156.5

150.6

Grand Marnier

143.2

175.8

SKYY\u02bf\u00b9\u02be

124.4

138.2

regional priority brands

751.1

686.0

Espol\u00f2n

233.2

177.0

Sparkling Wine&Vermouth

150.5

154.7

Italian specialties\u02bf\u2074\u02be

79.7

84.0

Crodino

63.9

61.6

Magnum Tonic

52.5

44.4

Aperol Spritz ready-to-enjoy

38.7

36.4

The GlenGrant

31.1

28.5

other\u02bf\u2075\u02be

101.5

99.5

local priority brands

242.2

223.0

Campari Soda

78.7

76.9

Wild Turkey ready-to-drink\u02bf\u2076\u02be

48.6

50.4

SKYY ready-to-drink

40.8

27.4

X-Rated

12.3

12.3

other\u02bf\u2077\u02be

61.8

55.9

rest of the portfolio

261.1

239.1

total

2,918.6

2,697.6

(1-2-3-4-5-6-7) For notes from 1 to 7, please refer to the following disclosure table.
While the global priority cluster includes brands with a globally diversified geographic exposure (either current or potential), regional priorities are concentrated in a limited number of countries within the same region and local priorities focus on one main domestic market.

\u00a0

for the years ended 31 December 2023

percentage of Group sales

main region/markets for brands

global priority brands

57.0%

\u00a0

Aperol

24.1%

\u00a0

\u00a0

\u00a0

Italy, SEMEA

\u00a0

\u00a0

Germany, NCEE

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

France, SEMEA

\u00a0

\u00a0

United Kingdom, NCEE

Campari

10.6%

\u00a0

\u00a0

\u00a0

Italy, SEMEA

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Brazil, AMERICAS

\u00a0

\u00a0

Germany, NCEE

\u00a0

\u00a0

Jamaica, AMERICAS

Wild Turkey portfolio\u02bf\u00b9\u02be\u02bf\u00b2\u02be

7.8%

\u00a0

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Australia, APAC

\u00a0

\u00a0

South Korea, APAC

\u00a0

\u00a0

Japan, APAC

\u00a0

\u00a0

GTR, SEMEA

Jamaican rums portfolio\u02bf\u1d9f\u02be

5.4%

\u00a0

\u00a0

\u00a0

Jamaica, AMERICAS

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

United Kingdom, NCEE

\u00a0

\u00a0

Canada, AMERICAS

\u00a0

\u00a0

Mexico, AMERICAS

Grand Marnier

4.9%

\u00a0

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Canada, AMERICAS

\u00a0

\u00a0

France, SEMEA

\u00a0

\u00a0

GTR, SEMEA

\u00a0

\u00a0

Mexico, AMERICAS

SKYY\u02bf\u00b9\u02be

4.3%

\u00a0

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Argentina, AMERICAS

\u00a0

\u00a0

Germany, NCEE

\u00a0

\u00a0

China, APAC

\u00a0

\u00a0

South Africa, SEMEA

regional priority brands

25.7%

-

Espol\u00f2n

8.0%

\u00a0

Sparkling Wine&Vermouth

5.2%

\u00a0

Italian specialties\u02bf\u2074\u02be

2.7%

\u00a0

Crodino

2.2%

\u00a0

Magnum Tonic

1.8%

\u00a0

Aperol Spritz ready-to-enjoy

1.3%

\u00a0

The GlenGrant

1.1%

\u00a0

other\u02bf\u2075\u02be

3.5%

\u00a0

local priority brands

8.3%

-

Campari Soda

2.7%

\u00a0

Wild Turkey ready-to-drink\u02bf\u2076\u02be

1.7%

\u00a0

SKYY ready-to-drink

1.4%

\u00a0

X-Rated

0.4%

\u00a0

other\u02bf\u2077\u02be

2.1%

\u00a0

rest of the portfolio

8.9%

-

total

100.0%

-

(1) Excludes ready-to-drink.
(2) Includes American Honey.
(3) Includes Appleton Estate, Wray and Nephew Overproof and Kingston 62.
(4) Includes Braulio, Cynar, Averna, Frangelico and Del Professore.
(5) Includes Bisquit and Dubouch\u00e9, Bulldog, Forty Creek, Trois Rivi\u00e8res, Maison La Mauny, Ancho Reyes, Montelobos and Lallier.
(6) Includes American Honey ready-to-drink.
(7) Includes Cabo Wabo, Ouzo and Picon.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f104960": { "value": " Net sales
Accounting policy
Revenue recognition
Revenues are recognised when the customer gains control of the goods. Transfer of control is determined using a five-step analytical model applied to all revenues from customer contracts.
This occurs when the goods are delivered to the customer, who has complete discretion over the sales channel and price of the products themselves, and there is no unfulfilled obligation that could affect acceptance by the customer. Delivery takes place when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the sales contract, the terms and conditions of acceptance have expired, or the Group has objective evidence that all criteria for acceptance have been met. The Group\u2019s revenues mainly include sales of spirits on the market and, to a marginal extent, revenues from co-packing services in some way linked to the Group\u2019s core business, for which the breakdown of sales is not disclosed in consideration of their limited importance.
Revenues are recognised at the price stated in the contract, net of any estimates of deferred discounts or incentives granted to the customer in line with industry practice, for example:
\u00advolume/value discounts based on cumulative sales above a threshold at the end of a given period;
\u00adperformance-based discounts (such as discounts, rebates, performance bonuses, logistical discounts), based on promotional activities carried out by the customer and agreed upon in advance;
\u00adcustomer incentives, such as discount vouchers, free products, price protection, market development allowances and price reduction allowances (to compensate for low sales);
\u00adproduct placement allowances (such as contributions for placement and range).
Historical experience is used to estimate deferred discounts/incentives based on agreements with clients, and revenues are recognised only to the extent that it is highly probable that there will be no need for subsequent significant adjustments.
No financing element is deemed to be present as sales are made with only a brief delay before payment: contracts are generally not entered into when there is more than one year between the transfer of the goods and the payment by the customer.
Discounts relating to specific payment terms that lower the Group entity\u2019s collection risk or reduce administrative costs, and/or improve liquidity (such as payments at the time of sale) are recognised as a reduction in revenue.
A liability reducing the related trade receivable is recognised for deferred discounts due to customers in relation to sales made up to the end of the period. Such liabilities can then be offset against the amounts payable by the customer.
Receivables are recognised when the goods are delivered, as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.
Consumption taxes recognition
The Group incurs consumption taxes worldwide. In most jurisdictions, excise duty is a production tax that is payable by the manufacturer, becomes payable when the product is removed from captive warehouses, and is not directly related to the sales value: the excise duty is consequently recognised as a cost for the Group. Excise duties are normally recovered through the sales, although they are generally not shown as a separate item on external invoices. Excise duty increases are not always passed on to the customer, and if a customer does not pay for the product received, the Group cannot request a refund of the excise duty. For excise duties passed on to customers, the Group considers itself an agent of the regulatory authorities, and consequently, the re-invoiced excise values are excluded from the presentation of net sales in the primary statements and are presented to offset the cost incurred by the Group.
Net sales presentation
Net sales relate to spirit products in Campari Group\u2019s markets, their nature, amount, timing and uncertainty, as well as the corresponding cash flows, are affected by economic and business factors which differ across markets, also as a function of their different sizes and maturity profiles. These elements are primarily attributable to demographics, consumption habits also influenced by historical, social and climatic factors, local consumer taste preferences, propensity to consume, the market commercial structure in terms of the weight of the distribution channels (off-premise vs. on-premise) as well as the retailers\u2019 concentration. As an effect of the above factors, the sales composition by brand differs from market to market. Therefore the level of analysis of sales by operating segments reflects the four geographical areas.
In order to highlight the main business performance drivers in a diversified context and to assess the contribution of the different brands to the overall sales performance of the Group, further breakdowns by brand category (global, regional and local brands) and for major brands are provided to better explain their contribution to the region. The categorisation of brands into three main clusters (global priorities, regional priorities and local priorities) is based on their scale, growth potential and business priority.
Disclosure
Net sales, which almost entirely relate to the sale of spirits, totalled \u20ac2,918.6 million at total Group level, compared with \u20ac2,697.6 million in the previous year. 2023 showed very strong performance, thanks to continued solid brand momentum driven by aperitifs, tequila and bourbon combined with industry outperformance in core developed markets, underpinned by pricing across the portfolio.
To highlight the main business performance drivers in a geographically diversified context and assess the contribution of the newly acquired brands to the overall sales performance of the Group, further breakdowns by brand category and for major brands are provided below to explain better their contribution to the region and the main related market. The categorisation of brands into three main clusters is based on the brands' geographic scale, business priorities and growth potential.

\u00a0

for the years ended 31 December

Net sales focus by region

2023

2022

\u00a0

\u20ac million

\u20ac million

Americas

1,282.6

1,229.4

Southern Europe, Middle East and Africa

804.5

746.3

North, Central and Eastern Europe

601.3

524.0

Asia-Pacific

230.2

197.9

total

2,918.6

2,697.6

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

global priority brands

1,664.1

1,549.5

Aperol

703.5

581.9

Campari

309.6

287.3

Wild Turkey portfolio\u02bf\u00b9\u02be\u02bf\u00b2\u02be

226.9

215.8

Jamaican rums portfolio\u02bf\u1d9f\u02be

156.5

150.6

Grand Marnier

143.2

175.8

SKYY\u02bf\u00b9\u02be

124.4

138.2

regional priority brands

751.1

686.0

Espol\u00f2n

233.2

177.0

Sparkling Wine&Vermouth

150.5

154.7

Italian specialties\u02bf\u2074\u02be

79.7

84.0

Crodino

63.9

61.6

Magnum Tonic

52.5

44.4

Aperol Spritz ready-to-enjoy

38.7

36.4

The GlenGrant

31.1

28.5

other\u02bf\u2075\u02be

101.5

99.5

local priority brands

242.2

223.0

Campari Soda

78.7

76.9

Wild Turkey ready-to-drink\u02bf\u2076\u02be

48.6

50.4

SKYY ready-to-drink

40.8

27.4

X-Rated

12.3

12.3

other\u02bf\u2077\u02be

61.8

55.9

rest of the portfolio

261.1

239.1

total

2,918.6

2,697.6

(1-2-3-4-5-6-7) For notes from 1 to 7, please refer to the following disclosure table.
While the global priority cluster includes brands with a globally diversified geographic exposure (either current or potential), regional priorities are concentrated in a limited number of countries within the same region and local priorities focus on one main domestic market.

\u00a0

for the years ended 31 December 2023

percentage of Group sales

main region/markets for brands

global priority brands

57.0%

\u00a0

Aperol

24.1%

\u00a0

\u00a0

\u00a0

Italy, SEMEA

\u00a0

\u00a0

Germany, NCEE

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

France, SEMEA

\u00a0

\u00a0

United Kingdom, NCEE

Campari

10.6%

\u00a0

\u00a0

\u00a0

Italy, SEMEA

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Brazil, AMERICAS

\u00a0

\u00a0

Germany, NCEE

\u00a0

\u00a0

Jamaica, AMERICAS

Wild Turkey portfolio\u02bf\u00b9\u02be\u02bf\u00b2\u02be

7.8%

\u00a0

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Australia, APAC

\u00a0

\u00a0

South Korea, APAC

\u00a0

\u00a0

Japan, APAC

\u00a0

\u00a0

GTR, SEMEA

Jamaican rums portfolio\u02bf\u1d9f\u02be

5.4%

\u00a0

\u00a0

\u00a0

Jamaica, AMERICAS

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

United Kingdom, NCEE

\u00a0

\u00a0

Canada, AMERICAS

\u00a0

\u00a0

Mexico, AMERICAS

Grand Marnier

4.9%

\u00a0

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Canada, AMERICAS

\u00a0

\u00a0

France, SEMEA

\u00a0

\u00a0

GTR, SEMEA

\u00a0

\u00a0

Mexico, AMERICAS

SKYY\u02bf\u00b9\u02be

4.3%

\u00a0

\u00a0

\u00a0

US, AMERICAS

\u00a0

\u00a0

Argentina, AMERICAS

\u00a0

\u00a0

Germany, NCEE

\u00a0

\u00a0

China, APAC

\u00a0

\u00a0

South Africa, SEMEA

regional priority brands

25.7%

-

Espol\u00f2n

8.0%

\u00a0

Sparkling Wine&Vermouth

5.2%

\u00a0

Italian specialties\u02bf\u2074\u02be

2.7%

\u00a0

Crodino

2.2%

\u00a0

Magnum Tonic

1.8%

\u00a0

Aperol Spritz ready-to-enjoy

1.3%

\u00a0

The GlenGrant

1.1%

\u00a0

other\u02bf\u2075\u02be

3.5%

\u00a0

local priority brands

8.3%

-

Campari Soda

2.7%

\u00a0

Wild Turkey ready-to-drink\u02bf\u2076\u02be

1.7%

\u00a0

SKYY ready-to-drink

1.4%

\u00a0

X-Rated

0.4%

\u00a0

other\u02bf\u2077\u02be

2.1%

\u00a0

rest of the portfolio

8.9%

-

total

100.0%

-

(1) Excludes ready-to-drink.
(2) Includes American Honey.
(3) Includes Appleton Estate, Wray and Nephew Overproof and Kingston 62.
(4) Includes Braulio, Cynar, Averna, Frangelico and Del Professore.
(5) Includes Bisquit and Dubouch\u00e9, Bulldog, Forty Creek, Trois Rivi\u00e8res, Maison La Mauny, Ancho Reyes, Montelobos and Lallier.
(6) Includes American Honey ready-to-drink.
(7) Includes Cabo Wabo, Ouzo and Picon.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f104961": { "value": " Net sales
Accounting policy
Revenue recognition
Revenues are recognised when the customer gains control of the goods. Transfer of control is determined using a five-step analytical model applied to all revenues from customer contracts.
This occurs when the goods are delivered to the customer, who has complete discretion over the sales channel and price of the products themselves, and there is no unfulfilled obligation that could affect acceptance by the customer. Delivery takes place when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer and the customer has accepted the products in accordance with the sales contract, the terms and conditions of acceptance have expired, or the Group has objective evidence that all criteria for acceptance have been met. The Group\u2019s revenues mainly include sales of spirits on the market and, to a marginal extent, revenues from co-packing services in some way linked to the Group\u2019s core business, for which the breakdown of sales is not disclosed in consideration of their limited importance.
Revenues are recognised at the price stated in the contract, net of any estimates of deferred discounts or incentives granted to the customer in line with industry practice, for example:
\u00advolume/value discounts based on cumulative sales above a threshold at the end of a given period;
\u00adperformance-based discounts (such as discounts, rebates, performance bonuses, logistical discounts), based on promotional activities carried out by the customer and agreed upon in advance;
\u00adcustomer incentives, such as discount vouchers, free products, price protection, market development allowances and price reduction allowances (to compensate for low sales);
\u00adproduct placement allowances (such as contributions for placement and range).
Historical experience is used to estimate deferred discounts/incentives based on agreements with clients, and revenues are recognised only to the extent that it is highly probable that there will be no need for subsequent significant adjustments.
No financing element is deemed to be present as sales are made with only a brief delay before payment: contracts are generally not entered into when there is more than one year between the transfer of the goods and the payment by the customer.
Discounts relating to specific payment terms that lower the Group entity\u2019s collection risk or reduce administrative costs, and/or improve liquidity (such as payments at the time of sale) are recognised as a reduction in revenue.
A liability reducing the related trade receivable is recognised for deferred discounts due to customers in relation to sales made up to the end of the period. Such liabilities can then be offset against the amounts payable by the customer.
Receivables are recognised when the goods are delivered, as this is the point in time that the consideration is unconditional because only the passage of time is required before payment is due.
Consumption taxes recognition
The Group incurs consumption taxes worldwide. In most jurisdictions, excise duty is a production tax that is payable by the manufacturer, becomes payable when the product is removed from captive warehouses, and is not directly related to the sales value: the excise duty is consequently recognised as a cost for the Group. Excise duties are normally recovered through the sales, although they are generally not shown as a separate item on external invoices. Excise duty increases are not always passed on to the customer, and if a customer does not pay for the product received, the Group cannot request a refund of the excise duty. For excise duties passed on to customers, the Group considers itself an agent of the regulatory authorities, and consequently, the re-invoiced excise values are excluded from the presentation of net sales in the primary statements and are presented to offset the cost incurred by the Group.
Net sales presentation
Net sales relate to spirit products in Campari Group\u2019s markets, their nature, amount, timing and uncertainty, as well as the corresponding cash flows, are affected by economic and business factors which differ across markets, also as a function of their different sizes and maturity profiles. These elements are primarily attributable to demographics, consumption habits also influenced by historical, social and climatic factors, local consumer taste preferences, propensity to consume, the market commercial structure in terms of the weight of the distribution channels (off-premise vs. on-premise) as well as the retailers\u2019 concentration. As an effect of the above factors, the sales composition by brand differs from market to market. Therefore the level of analysis of sales by operating segments reflects the four geographical areas.
In order to highlight the main business performance drivers in a diversified context and to assess the contribution of the different brands to the overall sales performance of the Group, further breakdowns by brand category (global, regional and local brands) and for major brands are provided to better explain their contribution to the region. The categorisation of brands into three main clusters (global priorities, regional priorities and local priorities) is based on their scale, growth potential and business priority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact20": { "value": " Operating segment
Accounting policy
For management purposes, the Group is organised into business units and has four reportable segments. Each segments\u2019 business results, their nature, amount, timing and uncertainty as well as the related cash flow, are affected by economic factors influenced by homogeneous elements primarily attributable to geographical areas\u2019 features, although markets have different sizes and maturity profiles. Secondarily, the resource allocation to each region, particularly the investment in brand-building and the distribution capabilities, is driven by the development of brand clusters (global, regional and local) and the related breakdown by brands. The level of profitability analysed is, therefore, the operating result by the following regions: Americas (\u2018AMERICAS\u2019), Southern Europe, Middle East and Africa (\u2018SEMEA\u2019), Northern, Central and Eastern Europe (\u2018NCEE\u2019), and Asia-Pacific (\u2018APAC\u2019). The profitability of each region reflects the profit generated by the Group through sales to third parties in that region, thereby eliminating the effects of inter-company margins. In terms of financial position, the
goodwill is assigned to operating segments reflecting the allocation defined at the time of the related business acquisition.
Disclosure
Segment reporting

for the year ended 31 December 2023

Americas

Southern Europe, Middle East and Africa

Northern, Central and Eastern Europe

Asia-Pacific

total allocated

non-allocated items and adjustments

consolidated

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Net sales to third-parties

1,282.6

804.5

601.3

230.2

2,918.6

-

2,918.6

Net sales between segments

72.7

539.3

19.6

0.1

631.8

(631.8)

-

Total net sales

1,355.3

1,343.8

620.9

230.3

3,550.4

(631.8)

2,918.6

Segment result

235.3

92.7

216.8

(4.6)

540.2

-

540.2

Operating result

-

-

-

-

-

-

540.2

Financial income (expenses)

-

-

-

-

-

(65.3)

(65.3)

Share of profit (loss) of joint-ventures

-

-

-

-

-

(8.3)

(8.3)

Taxation

-

-

-

-

-

(134.0)

(134.0)

Profit for the period

-

-

-

-

-

-

332.5

Non-controlling interests

-

-

-

-

-

2.0

2.0

Group profit for the period

-

-

-

-

-

-

330.5

For the year ended 31 December 2022

Americas

Southern Europe, Middle East and Africa

Northern, Central and Eastern Europe

Asia-Pacific

total allocated

non-allocated items and adjustments

consolidated

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Net sales to third parties

1,229.4

746.3

524.0

197.9

2,697.6

-

2,697.6

Net sales between segments

85.6

558.7

23.6

-

667.9

(667.9)

-

Total net sales

1,315.1

1,305.1

547.6

197.9

3,365.6

(667.9)

2,697.6

Segment result

238.8

78.5

181.5

12.8

511.6

-

511.5

Operating result

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

-

511.5

Financial income (expenses)

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(30.0)

(30.0)

Share of profit (loss) of joint-ventures

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(6.6)

(6.6)

Taxation

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(143.5)

(143.5)

Profit for the period

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

-

331.5

Non-controlling interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

(1.5)

(1.5)

Group profit for the period

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

333.0

Geographical information

Information about geographical areas

\u00a0

Non-current non-financial assets (*)

\u00a0

\u00a0

2023

2022

\u00a0

\u00a0

\u20ac million

\u20ac million

country of domicile

Italy

826.6

797.5

other countries

\u00a0

3,344.3

3,242.5

\u00a0

United States

1,673.1

1,680.9

\u00a0

France

704.7

685.4

\u00a0

Jamaica

291.8

274.8

\u00a0

Mexico

227.4

159.7

\u00a0

Brazil

53.9

50.1

\u00a0

other

393.4

391.7

total

\u00a0

4,170.9

4,040.1

Information about geographical areas

\u00a0

Net sales to third-parties

\u00a0

\u00a0

2023

2022

\u00a0

\u00a0

\u20ac million

\u20ac million

country of domicile

Italy

551.7

521.7

other countries

\u00a0

2,366.8

2,175.9

\u00a0

United States

822.0

752.4

\u00a0

Germany

240.1

193.6

\u00a0

Jamaica

182.5

178.7

\u00a0

France

172.3

152.6

\u00a0

Australia

124.8

125.9

\u00a0

other

825.2

772.7

total

\u00a0

2,918.6

2,697.6

(*) Non\u2011current assets other than financial instruments, deferred tax assets and post\u2011employment benefit assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f106115": { "value": " Operating segment
Accounting policy
For management purposes, the Group is organised into business units and has four reportable segments. Each segments\u2019 business results, their nature, amount, timing and uncertainty as well as the related cash flow, are affected by economic factors influenced by homogeneous elements primarily attributable to geographical areas\u2019 features, although markets have different sizes and maturity profiles. Secondarily, the resource allocation to each region, particularly the investment in brand-building and the distribution capabilities, is driven by the development of brand clusters (global, regional and local) and the related breakdown by brands. The level of profitability analysed is, therefore, the operating result by the following regions: Americas (\u2018AMERICAS\u2019), Southern Europe, Middle East and Africa (\u2018SEMEA\u2019), Northern, Central and Eastern Europe (\u2018NCEE\u2019), and Asia-Pacific (\u2018APAC\u2019). The profitability of each region reflects the profit generated by the Group through sales to third parties in that region, thereby eliminating the effects of inter-company margins. In terms of financial position, the
goodwill is assigned to operating segments reflecting the allocation defined at the time of the related business acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f107175": { "value": " Cost of sales
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Materials and manufacturing costs

1,037.3

920.9

Distribution costs

181.1

188.1

Total cost of sales

1,218.5

1,109.0

Breakdown by nature

\u00a0

\u00a0

Raw materials and finished goods acquired from third parties

758.8

683.2

Inventory write-downs

20.6

12.8

Personnel costs\u02bf\u00b9\u02be

115.7

99.7

Depreciation/amortisation\u02bf\u00b9\u02be

68.3

51.6

Utilities

33.7

26.3

External production and maintenance costs

41.2

35.0

Variable transport costs

133.7

147.6

Other costs

46.5

52.9

Total cost of sales

1,218.5

1,109.0

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
As a percentage of net sales, the cost of sales was broadly in line with the previous year and increased from 41.1% of 2022 to 41.7% in 2023.
iv. Advertising and promotional costs
Accounting policy
Point of sale materials are charged to advertising and promotional costs at the time when the items are purchased.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Merchandising and promotional costs

183.4

171.5

Advertising spaces

137.2

153.4

Media production

22.5

23.1

Sponsorships, testimonial, influencers and events

117.1

96.4

Research and innovation

23.1

23.8

Trade allowance for promotional purposes

(5.6)

(3.8)

Depreciation/amortisation\u02bf\u00b9\u02be

3.4

3.4

Personnel costs\u02bf\u00b9\u02be

4.9

4.0

Other advertising and promotional costs

8.1

7.2

Total advertising and promotional costs

494.1

479.0

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
Advertising and promotional costs accounted for 16.9% of sales, amounting to \u20ac494.1 million in 2023. This marked an increase of \u20ac15.1 million compared to 2022, when they stood at 17.8% of sales. The investment mainly reflected increased sponsorship, testimonial and influencer expenses related to initiatives in line with the Group\u2019s focus on digital brand-building activities undertaken primarily on the on-premise channel.
v. Public grants
In 2023 operating grants for an overall \u20ac2.6 million (\u20ac1.6 million in 2022) were recorded in the statement of profit or loss. These public contributions were mainly due to the financing of marketing activities for the promotion of quality wines in non-EU countries, as well as for the support of industrial investments and sugar cane plantations in Martinique.
vi. Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance .
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Personnel costs\u02bf\u00b9\u02be

381.5

340.5

of which:

\u00a0

\u00a0

Restructuring and reorganisation costs

17.7

10.4

Last mile long-term incentive schemes with retention purposes

10.0

10.0

Services, maintenance and insurance

119.3

110.9

of which:

\u00a0

\u00a0

Non-recurring costs related to IT system implementation

13.3

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

4.4

14.4

Restructuring and reorganisation costs

0.2

1.0

Other net (gain) expenses

3.5

3.4

Travel, business trips, training and meetings

56.8

47.1

Depreciation/amortisation\u02bf\u00b9\u02be

38.5

35.4

Agents and other variable sales costs

2.6

10.1

Utilities, fuel and insurance

7.6

8.0

Board fees and indemnities

7.9

7.0

Charges for use of third-party assets

4.9

6.6

Other

46.7

32.6

of which:

\u00a0

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

12.6

\u00a0

Impairment of assets

11.9

6.6

Net penalties or gains arising from the settlement of tax and legal disputes

8.4

3.5

Ukraine and Russia conflict costs

2.3

8.0

Restructuring and reorganisation costs

1.7

\u00a0

Capital (gains) losses on the disposal of tangible and intangible assets

(7.6)

(2.3)

Other net (gain) expenses

0.2

3.4

Total selling, general and administrative expenses

665.8

598.1

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance \u2018in the Campari Group annual report for the year ended 31 December 2023.
At 31 December 2023, the total selling, general and administrative expenses amounted to \u20ac665.8 million, showing an increase of \u20ac67.8 million compared to the figures reported in 2022, mainly related to personnel, travel and business trip costs and services, maintenance and insurance costs.
The outlays of the year reflected the continuous strengthening of the Group\u2019s capabilities in developing digitalisation across the organisation through acceleration programs in digital transformation as well as the improvement in route-to-market with a focus on Asia.
The expenses incurred during the year include components that may be considered non-representative of the current operating results and are therefore highlighted separately. They are represented as adjusting transactions for the purposes of alternative performance indicators considered in the management board report. Throughout the year 2023, they referred mainly to impairment losses related to the Forty Creek brand for \u20ac10.3 million (at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at exchange rate at 31 December 2023-for further details of the brand impairment loss, please see note 4 iii-\u2018Intangible assets\u2019) and other assets for \u20ac1.6 million), as well as costs associated with restructuring and reorganisation projects (total of \u20ac19.6 million), net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions (\u20ac17.0 million) and the long-term non-recurring last mile incentive plans for retention purposes to be potentially recognized to senior management (\u20ac10.0 million). Other costs included non-recurring costs related to IT system implementation (\u20ac13.3 million) on top of net penalties arising from the settlement of tax and legal disputes (\u20ac8.4 million) and net gains resulting from the disposal of tangible and intangible assets (\u20ac7.6 million). .
vii. Personnel costs
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please refer to note 7 v.-\u2018Share-based payments\u2019, 8 iv-\u2018Defined benefit and contribution plans\u2019, respectively.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Salaries and wages

363.0

329.0

Social security contributions

75.9

64.1

Cost of defined contribution plans

13.5

11.4

Cost of defined benefit plans

1.3

1.3

Other costs relating to mid/long-term benefits

0.5

(1.9)

Cost of share-based payments

22.1

19.8

Other personnel costs\u207d\u00b9\u207e

25.8

20.4

Total personnel costs

502.1

444.2

of which:

\u00a0

\u00a0

Included in cost of sales

115.7

99.7

Included in selling, general and administrative expenses

381.5

340.5

Included in advertising and promotional expenses(2)

4.9

4.0

Total personnel costs

502.1

444.2

(1) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance\u2019 in the Campari Group annual report for the year ended 31 December 2022
(2) Includes personnel costs relating to the management of brand houses.
At 31 December 2023, personnel costs, totalling \u20ac502.1 million, with an increase of \u20ac57.9 million in comparison to the figures disclosed in the preceding year. It is noteworthy that, when expressed as a percentage of sales, these costs constituted 17.2% overall, aligning closely with the 16.5% reported in the comparative 2022. The total personnel costs also included the expenses associated with indemnities and non-recurring last mile long-term incentive schemes with retention purposes to be potentially recognised to senior management.
viii. Depreciation and amortisation
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii-\u2018Lease components in the statement of financial position\u2019, 4 ii-\u2018Property, plant and equipment, right of use assets and biological assets\u2019, 4 iii-\u2018Intangible assets\u2019 and 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

- Property, plant and equipment

62.6

46.2

- Right of use assets

2.3

2.1

- Intangible assets

3.3

3.3

Depreciation and amortisation included in cost of sales

68.3

51.6

- Property, plant and equipment

10.1

8.6

- Right of use assets

12.8

11.8

- Intangible assets

15.7

15.0

Depreciation and amortisation included in selling, general and administrative expenses

38.5

35.4

- Property, plant and equipment\u207d\u00b9\u207e

2.1

1.8

- Right of use assets

1.2

1.1

- Intangible assets

0.1

0.5

Depreciation and amortisation included in advertising and promotional expenses

3.4

3.4

- Property, plant and equipment\u207d\u00b9\u207e

74.8

56.6

- Right of use assets

16.3

15.1

- Intangible assets

19.1

18.8

Total depreciation and amortisation in the statement of profit or loss

110.2

90.5

(1)This item included depreciation of biological assets.
ix. Research and innovation costs
Accounting policy
Costs incurred in research, in developing alternative products or processes, or in conducting technological research and development are recognised in profit or loss in the period in which they are incurred under advertising and promotional costs.
Disclosure
The Group\u2019s research and development activities are related solely to ordinary production and commercial activities, namely ordinary product quality control and packaging studies in various markets.
The research and innovation costs totalling \u20ac23.1 million in 2023 (\u20ac23.8 million in 2022) are recognised in the statement of profit or loss for the year they are incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact26": { "value": " Cost of sales
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Materials and manufacturing costs

1,037.3

920.9

Distribution costs

181.1

188.1

Total cost of sales

1,218.5

1,109.0

Breakdown by nature

\u00a0

\u00a0

Raw materials and finished goods acquired from third parties

758.8

683.2

Inventory write-downs

20.6

12.8

Personnel costs\u02bf\u00b9\u02be

115.7

99.7

Depreciation/amortisation\u02bf\u00b9\u02be

68.3

51.6

Utilities

33.7

26.3

External production and maintenance costs

41.2

35.0

Variable transport costs

133.7

147.6

Other costs

46.5

52.9

Total cost of sales

1,218.5

1,109.0

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
As a percentage of net sales, the cost of sales was broadly in line with the previous year and increased from 41.1% of 2022 to 41.7% in 2023.
Advertising and promotional costs
Accounting policy
Point of sale materials are charged to advertising and promotional costs at the time when the items are purchased.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Merchandising and promotional costs

183.4

171.5

Advertising spaces

137.2

153.4

Media production

22.5

23.1

Sponsorships, testimonial, influencers and events

117.1

96.4

Research and innovation

23.1

23.8

Trade allowance for promotional purposes

(5.6)

(3.8)

Depreciation/amortisation\u02bf\u00b9\u02be

3.4

3.4

Personnel costs\u02bf\u00b9\u02be

4.9

4.0

Other advertising and promotional costs

8.1

7.2

Total advertising and promotional costs

494.1

479.0

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
Advertising and promotional costs accounted for 16.9% of sales, amounting to \u20ac494.1 million in 2023. This marked an increase of \u20ac15.1 million compared to 2022, when they stood at 17.8% of sales. The investment mainly reflected increased sponsorship, testimonial and influencer expenses related to initiatives in line with the Group\u2019s focus on digital brand-building activities undertaken primarily on the on-premise channel.
Public grantsIn 2023 operating grants for an overall \u20ac2.6 million (\u20ac1.6 million in 2022) were recorded in the statement of profit or loss. These public contributions were mainly due to the financing of marketing activities for the promotion of quality wines in non-EU countries, as well as for the support of industrial investments and sugar cane plantations in Martinique. Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Personnel costs\u02bf\u00b9\u02be

381.5

340.5

of which:

\u00a0

\u00a0

Restructuring and reorganisation costs

17.7

10.4

Last mile long-term incentive schemes with retention purposes

10.0

10.0

Services, maintenance and insurance

119.3

110.9

of which:

\u00a0

\u00a0

Non-recurring costs related to IT system implementation

13.3

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

4.4

14.4

Restructuring and reorganisation costs

0.2

1.0

Other net (gain) expenses

3.5

3.4

Travel, business trips, training and meetings

56.8

47.1

Depreciation/amortisation\u02bf\u00b9\u02be

38.5

35.4

Agents and other variable sales costs

2.6

10.1

Utilities, fuel and insurance

7.6

8.0

Board fees and indemnities

7.9

7.0

Charges for use of third-party assets

4.9

6.6

Other

46.7

32.6

of which:

\u00a0

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

12.6

\u00a0

Impairment of assets

11.9

6.6

Net penalties or gains arising from the settlement of tax and legal disputes

8.4

3.5

Ukraine and Russia conflict costs

2.3

8.0

Restructuring and reorganisation costs

1.7

\u00a0

Capital (gains) losses on the disposal of tangible and intangible assets

(7.6)

(2.3)

Other net (gain) expenses

0.2

3.4

Total selling, general and administrative expenses

665.8

598.1

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance \u2018in the Campari Group annual report for the year ended 31 December 2023
At 31 December 2023, the total selling, general and administrative expenses amounted to \u20ac665.8 million, showing an increase of \u20ac67.8 million compared to the figures reported in 2022, mainly related to personnel, travel and business trip costs and services, maintenance and insurance costs.
The outlays of the year reflected the continuous strengthening of the Group\u2019s capabilities in developing digitalisation across the organisation through acceleration programs in digital transformation as well as the improvement in route-to-market with a focus on Asia.
The expenses incurred during the year include components that may be considered non-representative of the current operating results and are therefore highlighted separately. They are represented as adjusting transactions for the purposes of alternative performance indicators considered in the management board report. Throughout the year 2023, they referred mainly to impairment losses related to the Forty Creek brand for \u20ac10.3 million (at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at exchange rate at 31 December 2023-for further details of the brand impairment loss, please see note 4 iii-\u2018Intangible assets\u2019) and other assets for \u20ac1.6 million), as well as costs associated with restructuring and reorganisation projects (total of \u20ac19.6 million), net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions (\u20ac17.0 million) and the long-term non-recurring last mile incentive plans for retention purposes to be potentially recognized to senior management (\u20ac10.0 million). Other costs included non-recurring costs related to IT system implementation (\u20ac13.3 million) on top of net penalties arising from the settlement of tax and legal disputes (\u20ac8.4 million) and net gains resulting from the disposal of tangible and intangible assets (\u20ac7.6 million). Personnel costs
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please refer to note 7 v.-\u2018Share-based payments\u2019, 8 iv-\u2018Defined benefit and contribution plans\u2019, respectively.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Salaries and wages

363.0

329.0

Social security contributions

75.9

64.1

Cost of defined contribution plans

13.5

11.4

Cost of defined benefit plans

1.3

1.3

Other costs relating to mid/long-term benefits

0.5

(1.9)

Cost of share-based payments

22.1

19.8

Other personnel costs\u207d\u00b9\u207e

25.8

20.4

Total personnel costs

502.1

444.2

of which:

\u00a0

\u00a0

Included in cost of sales

115.7

99.7

Included in selling, general and administrative expenses

381.5

340.5

Included in advertising and promotional expenses(2)

4.9

4.0

Total personnel costs

502.1

444.2

(1) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance\u2019 in the Campari Group annual report for the year ended 31 December 2022
(2) Includes personnel costs relating to the management of brand houses.
At 31 December 2023, personnel costs, totalling \u20ac502.1 million, with an increase of \u20ac57.9 million in comparison to the figures disclosed in the preceding year. It is noteworthy that, when expressed as a percentage of sales, these costs constituted 17.2% overall, aligning closely with the 16.5% reported in the comparative 2022. The total personnel costs also included the expenses associated with indemnities and non-recurring last mile long-term incentive schemes with retention purposes to be potentially recognised to senior management.
viii. Depreciation and amortisation
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii-\u2018Lease components in the statement of financial position\u2019, 4 ii-\u2018Property, plant and equipment, right of use assets and biological assets\u2019, 4 iii-\u2018Intangible assets\u2019 and 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

- Property, plant and equipment

62.6

46.2

- Right of use assets

2.3

2.1

- Intangible assets

3.3

3.3

Depreciation and amortisation included in cost of sales

68.3

51.6

- Property, plant and equipment

10.1

8.6

- Right of use assets

12.8

11.8

- Intangible assets

15.7

15.0

Depreciation and amortisation included in selling, general and administrative expenses

38.5

35.4

- Property, plant and equipment\u207d\u00b9\u207e

2.1

1.8

- Right of use assets

1.2

1.1

- Intangible assets

0.1

0.5

Depreciation and amortisation included in advertising and promotional expenses

3.4

3.4

- Property, plant and equipment\u207d\u00b9\u207e

74.8

56.6

- Right of use assets

16.3

15.1

- Intangible assets

19.1

18.8

Total depreciation and amortisation in the statement of profit or loss

110.2

90.5

(1)This item included depreciation of biological assets.
ix. Research and innovation costs
Accounting policy
Costs incurred in research, in developing alternative products or processes, or in conducting technological research and development are recognised in profit or loss in the period in which they are incurred under advertising and promotional costs.
Disclosure
The Group\u2019s research and development activities are related solely to ordinary production and commercial activities, namely ordinary product quality control and packaging studies in various markets.
The research and innovation costs totalling \u20ac23.1 million in 2023 (\u20ac23.8 million in 2022) are recognised in the statement of profit or loss for the year they are incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f107179": { "value": " Cost of sales
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Materials and manufacturing costs

1,037.3

920.9

Distribution costs

181.1

188.1

Total cost of sales

1,218.5

1,109.0

Breakdown by nature

\u00a0

\u00a0

Raw materials and finished goods acquired from third parties

758.8

683.2

Inventory write-downs

20.6

12.8

Personnel costs\u02bf\u00b9\u02be

115.7

99.7

Depreciation/amortisation\u02bf\u00b9\u02be

68.3

51.6

Utilities

33.7

26.3

External production and maintenance costs

41.2

35.0

Variable transport costs

133.7

147.6

Other costs

46.5

52.9

Total cost of sales

1,218.5

1,109.0

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
As a percentage of net sales, the cost of sales was broadly in line with the previous year and increased from 41.1% of 2022 to 41.7% in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact27": { "value": " Advertising and promotional costs
Accounting policy
Point of sale materials are charged to advertising and promotional costs at the time when the items are purchased.
Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance .
Personnel costs
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please refer to note 7 v.-\u2018Share-based payments\u2019, 8 iv-\u2018Defined benefit and contribution plans\u2019, respectively.
Depreciation and amortisation
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii-\u2018Lease components in the statement of financial position\u2019, 4 ii-\u2018Property, plant and equipment, right of use assets and biological assets\u2019, 4 iii-\u2018Intangible assets\u2019 and 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Research and innovation costs
Accounting policy
Costs incurred in research, in developing alternative products or processes, or in conducting technological research and development are recognised in profit or loss in the period in which they are incurred under advertising and promotional costs.
Property, plant and equipment, right of use assets and biological assets
Land, even if acquired in conjunction with a building, is not depreciated, and nor are held-for-sale tangible assets, which are reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated based on the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-hold-improvements, the period of depreciation is the shorter of the economic life of the asset and the contract duration of the underlying lease agreement. For right of use assets, unless the Group is reasonably certain that it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Group depreciation rate ranges by asset category are as follows:
\u00adbusiness related properties and light construction: 3%-10%
\u00adplant and machinery: 10%
\u00adfurniture, office and electronic equipment: 10%-20%
\u00advehicles: 20%-25%
\u00admiscellaneous equipment: 20%-30%
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is derecognised for accounting purposes, whichever occurs first.
Intangible assets Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f107552": { "value": " Public grants
In 2023 operating grants for an overall \u20ac2.6 million (\u20ac1.6 million in 2022) were recorded in the statement of profit or loss. These public contributions were mainly due to the financing of marketing activities for the promotion of quality wines in non-EU countries, as well as for the support of industrial investments and sugar cane plantations in Martinique.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f107569": { "value": " Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance .
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Personnel costs\u02bf\u00b9\u02be

381.5

340.5

of which:

\u00a0

\u00a0

Restructuring and reorganisation costs

17.7

10.4

Last mile long-term incentive schemes with retention purposes

10.0

10.0

Services, maintenance and insurance

119.3

110.9

of which:

\u00a0

\u00a0

Non-recurring costs related to IT system implementation

13.3

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

4.4

14.4

Restructuring and reorganisation costs

0.2

1.0

Other net (gain) expenses

3.5

3.4

Travel, business trips, training and meetings

56.8

47.1

Depreciation/amortisation\u02bf\u00b9\u02be

38.5

35.4

Agents and other variable sales costs

2.6

10.1

Utilities, fuel and insurance

7.6

8.0

Board fees and indemnities

7.9

7.0

Charges for use of third-party assets

4.9

6.6

Other

46.7

32.6

of which:

\u00a0

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

12.6

\u00a0

Impairment of assets

11.9

6.6

Net penalties or gains arising from the settlement of tax and legal disputes

8.4

3.5

Ukraine and Russia conflict costs

2.3

8.0

Restructuring and reorganisation costs

1.7

\u00a0

Capital (gains) losses on the disposal of tangible and intangible assets

(7.6)

(2.3)

Other net (gain) expenses

0.2

3.4

Total selling, general and administrative expenses

665.8

598.1

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance \u2018in the Campari Group annual report for the year ended 31 December 2023.
At 31 December 2023, the total selling, general and administrative expenses amounted to \u20ac665.8 million, showing an increase of \u20ac67.8 million compared to the figures reported in 2022, mainly related to personnel, travel and business trip costs and services, maintenance and insurance costs.
The outlays of the year reflected the continuous strengthening of the Group\u2019s capabilities in developing digitalisation across the organisation through acceleration programs in digital transformation as well as the improvement in route-to-market with a focus on Asia.
The expenses incurred during the year include components that may be considered non-representative of the current operating results and are therefore highlighted separately. They are represented as adjusting transactions for the purposes of alternative performance indicators considered in the management board report. Throughout the year 2023, they referred mainly to impairment losses related to the Forty Creek brand for \u20ac10.3 million (at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at exchange rate at 31 December 2023-for further details of the brand impairment loss, please see note 4 iii-\u2018Intangible assets\u2019) and other assets for \u20ac1.6 million), as well as costs associated with restructuring and reorganisation projects (total of \u20ac19.6 million), net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions (\u20ac17.0 million) and the long-term non-recurring last mile incentive plans for retention purposes to be potentially recognized to senior management (\u20ac10.0 million). Other costs included non-recurring costs related to IT system implementation (\u20ac13.3 million) on top of net penalties arising from the settlement of tax and legal disputes (\u20ac8.4 million) and net gains resulting from the disposal of tangible and intangible assets (\u20ac7.6 million). .
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f107571": { "value": " Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance .
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Personnel costs\u02bf\u00b9\u02be

381.5

340.5

of which:

\u00a0

\u00a0

Restructuring and reorganisation costs

17.7

10.4

Last mile long-term incentive schemes with retention purposes

10.0

10.0

Services, maintenance and insurance

119.3

110.9

of which:

\u00a0

\u00a0

Non-recurring costs related to IT system implementation

13.3

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

4.4

14.4

Restructuring and reorganisation costs

0.2

1.0

Other net (gain) expenses

3.5

3.4

Travel, business trips, training and meetings

56.8

47.1

Depreciation/amortisation\u02bf\u00b9\u02be

38.5

35.4

Agents and other variable sales costs

2.6

10.1

Utilities, fuel and insurance

7.6

8.0

Board fees and indemnities

7.9

7.0

Charges for use of third-party assets

4.9

6.6

Other

46.7

32.6

of which:

\u00a0

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

12.6

\u00a0

Impairment of assets

11.9

6.6

Net penalties or gains arising from the settlement of tax and legal disputes

8.4

3.5

Ukraine and Russia conflict costs

2.3

8.0

Restructuring and reorganisation costs

1.7

\u00a0

Capital (gains) losses on the disposal of tangible and intangible assets

(7.6)

(2.3)

Other net (gain) expenses

0.2

3.4

Total selling, general and administrative expenses

665.8

598.1

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance \u2018in the Campari Group annual report for the year ended 31 December 2023.
At 31 December 2023, the total selling, general and administrative expenses amounted to \u20ac665.8 million, showing an increase of \u20ac67.8 million compared to the figures reported in 2022, mainly related to personnel, travel and business trip costs and services, maintenance and insurance costs.
The outlays of the year reflected the continuous strengthening of the Group\u2019s capabilities in developing digitalisation across the organisation through acceleration programs in digital transformation as well as the improvement in route-to-market with a focus on Asia.
The expenses incurred during the year include components that may be considered non-representative of the current operating results and are therefore highlighted separately. They are represented as adjusting transactions for the purposes of alternative performance indicators considered in the management board report. Throughout the year 2023, they referred mainly to impairment losses related to the Forty Creek brand for \u20ac10.3 million (at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at exchange rate at 31 December 2023-for further details of the brand impairment loss, please see note 4 iii-\u2018Intangible assets\u2019) and other assets for \u20ac1.6 million), as well as costs associated with restructuring and reorganisation projects (total of \u20ac19.6 million), net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions (\u20ac17.0 million) and the long-term non-recurring last mile incentive plans for retention purposes to be potentially recognized to senior management (\u20ac10.0 million). Other costs included non-recurring costs related to IT system implementation (\u20ac13.3 million) on top of net penalties arising from the settlement of tax and legal disputes (\u20ac8.4 million) and net gains resulting from the disposal of tangible and intangible assets (\u20ac7.6 million). .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f107573": { "value": " Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance .
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Personnel costs\u02bf\u00b9\u02be

381.5

340.5

of which:

\u00a0

\u00a0

Restructuring and reorganisation costs

17.7

10.4

Last mile long-term incentive schemes with retention purposes

10.0

10.0

Services, maintenance and insurance

119.3

110.9

of which:

\u00a0

\u00a0

Non-recurring costs related to IT system implementation

13.3

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

4.4

14.4

Restructuring and reorganisation costs

0.2

1.0

Other net (gain) expenses

3.5

3.4

Travel, business trips, training and meetings

56.8

47.1

Depreciation/amortisation\u02bf\u00b9\u02be

38.5

35.4

Agents and other variable sales costs

2.6

10.1

Utilities, fuel and insurance

7.6

8.0

Board fees and indemnities

7.9

7.0

Charges for use of third-party assets

4.9

6.6

Other

46.7

32.6

of which:

\u00a0

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

12.6

\u00a0

Impairment of assets

11.9

6.6

Net penalties or gains arising from the settlement of tax and legal disputes

8.4

3.5

Ukraine and Russia conflict costs

2.3

8.0

Restructuring and reorganisation costs

1.7

\u00a0

Capital (gains) losses on the disposal of tangible and intangible assets

(7.6)

(2.3)

Other net (gain) expenses

0.2

3.4

Total selling, general and administrative expenses

665.8

598.1

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance \u2018in the Campari Group annual report for the year ended 31 December 2023.
At 31 December 2023, the total selling, general and administrative expenses amounted to \u20ac665.8 million, showing an increase of \u20ac67.8 million compared to the figures reported in 2022, mainly related to personnel, travel and business trip costs and services, maintenance and insurance costs.
The outlays of the year reflected the continuous strengthening of the Group\u2019s capabilities in developing digitalisation across the organisation through acceleration programs in digital transformation as well as the improvement in route-to-market with a focus on Asia.
The expenses incurred during the year include components that may be considered non-representative of the current operating results and are therefore highlighted separately. They are represented as adjusting transactions for the purposes of alternative performance indicators considered in the management board report. Throughout the year 2023, they referred mainly to impairment losses related to the Forty Creek brand for \u20ac10.3 million (at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at exchange rate at 31 December 2023-for further details of the brand impairment loss, please see note 4 iii-\u2018Intangible assets\u2019) and other assets for \u20ac1.6 million), as well as costs associated with restructuring and reorganisation projects (total of \u20ac19.6 million), net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions (\u20ac17.0 million) and the long-term non-recurring last mile incentive plans for retention purposes to be potentially recognized to senior management (\u20ac10.0 million). Other costs included non-recurring costs related to IT system implementation (\u20ac13.3 million) on top of net penalties arising from the settlement of tax and legal disputes (\u20ac8.4 million) and net gains resulting from the disposal of tangible and intangible assets (\u20ac7.6 million). .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f107575": { "value": " Selling, general and administrative expenses
Accounting policy
With the aim of improving presentation and disclosure, some comparative data has been adapted in a manner consistent with the method of presentation of the year ending 31 December 2023. In particular, some elements previously classified separately as other income and expenses have been included by nature in the items of respective relevance .
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Personnel costs\u02bf\u00b9\u02be

381.5

340.5

of which:

\u00a0

\u00a0

Restructuring and reorganisation costs

17.7

10.4

Last mile long-term incentive schemes with retention purposes

10.0

10.0

Services, maintenance and insurance

119.3

110.9

of which:

\u00a0

\u00a0

Non-recurring costs related to IT system implementation

13.3

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

4.4

14.4

Restructuring and reorganisation costs

0.2

1.0

Other net (gain) expenses

3.5

3.4

Travel, business trips, training and meetings

56.8

47.1

Depreciation/amortisation\u02bf\u00b9\u02be

38.5

35.4

Agents and other variable sales costs

2.6

10.1

Utilities, fuel and insurance

7.6

8.0

Board fees and indemnities

7.9

7.0

Charges for use of third-party assets

4.9

6.6

Other

46.7

32.6

of which:

\u00a0

\u00a0

Net expenses from acquisition/disposals of business or companies

and indemnities from contract resolutions

12.6

\u00a0

Impairment of assets

11.9

6.6

Net penalties or gains arising from the settlement of tax and legal disputes

8.4

3.5

Ukraine and Russia conflict costs

2.3

8.0

Restructuring and reorganisation costs

1.7

\u00a0

Capital (gains) losses on the disposal of tangible and intangible assets

(7.6)

(2.3)

Other net (gain) expenses

0.2

3.4

Total selling, general and administrative expenses

665.8

598.1

(1) For an analysis of personnel costs and depreciation and amortisation components by nature, please see also the breakdown of personnel costs in notes 3 vii-\u2018Personnel costs\u2019 and 3 viii-\u2018Depreciation and amortisation\u2019.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance \u2018in the Campari Group annual report for the year ended 31 December 2023.
At 31 December 2023, the total selling, general and administrative expenses amounted to \u20ac665.8 million, showing an increase of \u20ac67.8 million compared to the figures reported in 2022, mainly related to personnel, travel and business trip costs and services, maintenance and insurance costs.
The outlays of the year reflected the continuous strengthening of the Group\u2019s capabilities in developing digitalisation across the organisation through acceleration programs in digital transformation as well as the improvement in route-to-market with a focus on Asia.
The expenses incurred during the year include components that may be considered non-representative of the current operating results and are therefore highlighted separately. They are represented as adjusting transactions for the purposes of alternative performance indicators considered in the management board report. Throughout the year 2023, they referred mainly to impairment losses related to the Forty Creek brand for \u20ac10.3 million (at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at exchange rate at 31 December 2023-for further details of the brand impairment loss, please see note 4 iii-\u2018Intangible assets\u2019) and other assets for \u20ac1.6 million), as well as costs associated with restructuring and reorganisation projects (total of \u20ac19.6 million), net expenses from acquisition/disposals of business or companies and indemnities from contract resolutions (\u20ac17.0 million) and the long-term non-recurring last mile incentive plans for retention purposes to be potentially recognized to senior management (\u20ac10.0 million). Other costs included non-recurring costs related to IT system implementation (\u20ac13.3 million) on top of net penalties arising from the settlement of tax and legal disputes (\u20ac8.4 million) and net gains resulting from the disposal of tangible and intangible assets (\u20ac7.6 million). .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact28": { "value": " Personnel costs
Accounting policy
For detailed information on the accounting policy on post-employment plans and share-based payments, please refer to note 7 v.-\u2018Share-based payments\u2019, 8 iv-\u2018Defined benefit and contribution plans\u2019, respectively.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Salaries and wages

363.0

329.0

Social security contributions

75.9

64.1

Cost of defined contribution plans

13.5

11.4

Cost of defined benefit plans

1.3

1.3

Other costs relating to mid/long-term benefits

0.5

(1.9)

Cost of share-based payments

22.1

19.8

Other personnel costs\u207d\u00b9\u207e

25.8

20.4

Total personnel costs

502.1

444.2

of which:

\u00a0

\u00a0

Included in cost of sales

115.7

99.7

Included in selling, general and administrative expenses

381.5

340.5

Included in advertising and promotional expenses(2)

4.9

4.0

Total personnel costs

502.1

444.2

(1) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies. For more information, refer to the section \u2018Governance\u2019 in the Campari Group annual report for the year ended 31 December 2022
(2) Includes personnel costs relating to the management of brand houses.
At 31 December 2023, personnel costs, totalling \u20ac502.1 million, with an increase of \u20ac57.9 million in comparison to the figures disclosed in the preceding year. It is noteworthy that, when expressed as a percentage of sales, these costs constituted 17.2% overall, aligning closely with the 16.5% reported in the comparative 2022. The total personnel costs also included the expenses associated with indemnities and non-recurring last mile long-term incentive schemes with retention purposes to be potentially recognised to senior management.
Defined benefit and contribution plans
Accounting policy
Post-employment benefits
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.The procedures for providing these benefits vary depending to the legal, fiscal and economic conditions in each country in which the Group operates.
Defined benefit plans
The Group\u2019s obligations and the annual cost reported in the statement of profit or loss are determined by independent actuaries using the projected unit credit method.
The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses, while the service costs are posted under the reporting line of cost of sales and selling, general and administrative expenses.
Defined contribution plans
Based on legal or contractual obligations, or on a voluntary basis, the Group fulfils post-employment employees obligations by paying contributions to a separate entity (publicly or privately administered pension funds), without making any actuarial calculation. At the end of the financial year, any liabilities for contributions to be
paid are included in 'Other current liabilities\u2019, while the cost for the period is recognised under the reporting line of cost of sales and selling, general and administrative expenses.
Disclosure
Regarding the Group\u2019s Italian subsidiaries, the defined benefit plans consist of the employee indemnity liability (\u2018TFR\u2019), to which its employees are entitled by law. Following the reform of the supplementary pension scheme in 2007, for companies employing at least 50 people, TFR contributions accrued up to 31 December 2006 are considered to be \u2018defined benefit plans\u2019, while contributions accruing from 1 January 2007, which have been allocated to a fund held at the INPS (Italian social security agency) or to supplementary pension funds, are considered to be \u2018defined contribution plans\u2019. The portion of the TFR considered as a defined benefit plan consists of an unfunded plan that does not, therefore, hold any dedicated assets. The other unfunded defined benefit plans relate to Campari France Distribution SAS. Campari Deutschland GmbH and Campari Schweiz A.G. have some funded defined benefit plans in place for employees and/or former employees. These plans have dedicated assets.
The liability for medical insurance in place at 31 December 2023 relates to J. Wray and Nephew Ltd. and offers access to health care provided that employees stay with the company until pensionable age and have completed a minimum period of service. The cost of these benefits is spread over the employee\u2019s service period using a calculation methodology similar to that used for defined benefit plans.
The table below summaries of the changes in the present value of defined benefit obligations, and the fair values of the assets relating to the plan in 2023 and 2022.

\u20ac million

liabilities

assets

Liabilities (assets) at 31 December 2022

31.9

(4.4)

Amounts included in profit or loss:

\u00a0

\u00a0

- current service costs

2.6

-

- past service costs

(0.9)

-

- net interest

0.9

(0.1)

Total

2.5

(0.1)

Amounts included in the statement of other comprehensive income:

\u00a0

-

- gain/(losses) resulting from changes in actuarial assumptions

(0.5)

0.1

- exchange rate differences

-

(0.1)

Total

(0.5)

(0.1)

Other changes:

\u00a0

-

- benefits paid

(1.2)

0.5

- contribution to the plan by other members

0.2

(0.6)

- contributions to the plan by employees

(0.3)

(0.2)

- benefits transferred

(1.4)

-

Total

(2.6)

(0.3)

Liabilities (assets) at 31 December 2023(1)

31.3

(4.9)

(1) Of which \u20ac22.6 million included under Defined benefit plans (note 8 iv); of which \u20ac3.9 million included under Other non-current liabilities (note 6 v-\u2018Non-current financial debt\u2019 of this Campari Group consolidated financial statements).

\u20ac million

liabilities

assets

Liabilities (assets) at 31 December 2021

37.6

(4.2)

Amounts included in profit or loss:

\u00a0

\u00a0

- current service costs

0.9

-

- past service costs

0.6

-

- net interest

0.3

-

Total

1.8

-

Amounts included in the statement of other comprehensive income:

\u00a0

\u00a0

- gain/(losses) resulting from changes in actuarial assumptions

(5.1)

(0.1)

- exchange rate differences

0.3

(0.1)

Total

(4.8)

(0.2)

Other changes:

\u00a0

\u00a0

- benefits paid

(1.3)

0.8

- contribution to the plan by other members

0.3

(0.6)

- contributions to the plan by employees

(0.5)

(0.1)

- benefits transferred

(1.2)

-

Total

(2.7)

-

Liabilities (assets) at 31 December 2022(1)

31.9

(4.4)

(1) Of which \u20ac24.1 million included under Defined benefit plans (note 8 iv); of which \u20ac3.5 million included under Other non-current liabilities (note 6 v-\u2018Non-current financial debt\u2019 of this Campari Group consolidated financial statements).
The table below shows the total changes in obligations for defined benefit plans financed using assets that serve the plan (funded obligations) and the liabilities relating to long-term unfunded benefits. It also includes benefits categorised as \u2018other liabilities\u2019 linked to medical cover provided by J. Wray and Nephew Ltd. to its current and/or former employees, and the long-term benefits of the Group\u2019s Italian companies (\u2018TFR\u2019).

Current value of obligations

unfunded obligations

funded obligations

\u20ac million

pension plans

other liabilities

gross value of pension plans

fair value of assets

net values

Liabilities (assets) at 31 December 2022

23.6

3.5

4.8

(4.4)

0.4

Amounts included in profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

-

- current service costs

1.9

0.4

0.2

-

0.2

- past service costs

(0.9)

-

-

-

-

- net interest

0.7

-

0.1

(0.1)

-

Total

1.8

0.4

0.3

(0.1)

0.2

Amounts included in the statement of other comprehensive income:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- gain/(losses) resulting from changes in actuarial assumptions

(1.4)

0.4

0.4

0.1

0.5

- exchange rate differences

\u00a0

(0.2)

0.2

(0.1)

0.1

Total

(1.4)

0.2

0.6

(0.1)

0.6

Other changes:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- benefits paid

(0.4)

(0.3)

(0.5)

0.5

-

- contribution to the plan by other members

\u00a0

-

0.2

(0.6)

(0.3)

- contributions to the plan by employees

(0.4)

-

0.2

(0.2)

-

- benefits transferred

(1.4)

-

\u00a0

-

-

Total

(2.2)

(0.3)

(0.1)

(0.3)

(0.4)

Liabilities (assets) at 31 December 2023(1)

21.8

3.9

5.7

(4.9)

0.8

(1) Of which \u20ac22.6 million included under Defined benefit plans (note 8 iv); of which \u20ac3.9 million included under Other non-current liabilities (note 6 v-\u2018Non-current financial debt\u2019 of this Campari Group consolidated financial statements).

Current value of obligations

unfunded obligations

funded obligations

\u20ac million

pension plans

other liabilities

gross value of pension plans

fair value of assets

net values

Liabilities (assets) at 31 December 2021

28.9

3.3

5.4

(4.2)

1.2

Amounts included in profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

-

- current service costs

0.4

0.2

0.2

-

0.2

- past service costs

0.6

-

-

-

-

- net interest

0.3

-

-

-

-

Total

1.3

0.3

0.3

-

0.2

Amounts included in the statement of other comprehensive income:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- gain/(losses) resulting from changes in actuarial assumptions

(4.3)

(0.2)

(0.6)

(0.1)

(0.7)

- exchange rate differences

-

0.1

0.1

(0.1)

-

Total

(4.3)

-

(0.5)

(0.2)

(0.7)

Other changes:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- benefits paid

(0.5)

-

(0.8)

0.8

-

- contribution to the plan by other members

-

-

0.3

(0.6)

(0.3)

- contributions to the plan by employees

(0.6)

-

0.1

(0.1)

-

- benefits transferred

(1.2)

-

\u00a0

-

-

Total

(2.4)

-

(0.3)

-

(0.3)

Liabilities (assets) at 31 December 2022(1)

23.6

3.5

4.8

(4.4)

0.4

(1) Of which \u20ac24.1 million included under Defined benefit plans; of which \u20ac3.5 million included under Other non-current liabilities.
The cost of work provided is classified under personnel costs, financial liabilities on obligations are classified under financial liabilities, and the effects of the recalculation of actuarial impacts are recognised in the other items of the statement of other comprehensive income. The table below provides a breakdown of the values of assets that service the pension plans.

\u00a0

at 31 December

\u00a0

2023

2022

- equity investments

-

2.2

- insurance policies

4.9

2.2

Fair value of plan assets

4.9

4.4

Obligations related to the plans indicated above are calculated on the basis of the following assumptions.

at 31 December

2023

2022

2023

2022

2023

2022

\u00a0

unfunded pension plans

funded pension plans

other plans

Discount rate

3.75% - 4.07%

3.10% - 3.74%

1.83%-1.90%

2.25%-4.00%

13.00%

11.50%-12.00%

Future salary increases

2.00% - 4.00%

2.00% - 3.00%

1.40%-2.40%

1.00%

\u00a0

\u00a0

Future pension increases

\u00a0

\u00a0

1.20%-2.00%

2.00%-2.25%

\u00a0

\u00a0

Growth rate of healthcare costs

\u00a0

\u00a0

\u00a0

\u00a0

7.00%

0.00%-7.00%

Expected return on assets

\u00a0

\u00a0

1.90%

3.94%

\u00a0

\u00a0

Staff turnover rate

0.00% - 40.41%

0.00% - 35.29%

\u00a0

\u00a0

\u00a0

\u00a0

Forecast inflation rate

1.65% - 3.00%

1.65% - 3.00%

1.20%

1.10%

5.50%

\u00a0

The rates relating to the costs of future medical costs are not included in the assumptions used in determining the above-defined benefit obligations. Thus, any changes in these rates would not have any effect.
A quantitative sensitivity analysis of the significant assumptions used at 31 December 2023 is provided below. Specifically, it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assumptions used.

\u00a0

unfunded pension plans

funded pension plans

other plans

\u00a0

change in the assumptions

impact of positive change

impact of negative change

change in the assumptions

impact of positive change

impact of negative change

change in the assumptions

impact of positive change

impact of negative change

2023

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Discount rate

+\\- 0.5%

-3.03%/-0.78%

0.80%/3.25%

+/- 0.25% +/- 0.5% +/-1.00%

-7.9%/-1.75%

1.77%/9.20%

+/- 1.0%

-6.70%/-4.80%/-3.30%

3.30%/4.80%/5.90%

Future salary increases

\u00a0

\u00a0

\u00a0

+/- 0.25% +/- 0.5% +/-1.00%

1.30%/3.43%

-1.20%/-3.25%

\u00a0

\u00a0

\u00a0

Future pension increases

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Forecast inflation rate

+\\- 0.5%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Staff turnover rate

+\\- 0.5%

-0.15%/-0.04%

0.05%/0.08%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Growth rate of healthcare costs

+\\- 0.5%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2022

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Discount rate

+/-0.25%+/-0.5%

-3.14%/-1.06%

1.09%/3.35%

+/- 0.5%

-7.40%

8.50%

+/- 1.0%

-6.95%

8.21%

Future salary increases

\u00a0

\u00a0

\u00a0

+/- 0.5%

1.10%

-1.00%

\u00a0

\u00a0

\u00a0

Future pension increases

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Forecast inflation rate

+\\- 0.5%

0.43%/1.83%

-1.72%/-0.43%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Staff turnover rate

+\\- 0.5%

-2.28%/-0.33%

0.34%/2.89%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Growth rate of healthcare costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

+/- 1.0%

8.21%

-6.92%

The sensitivity analysis shown above is based on a method involving extrapolation of the impact on the net obligation for defined benefit plans of reasonable changes to the key assumptions made at the end of the financial year. The methodology and the assumptions made in preparing the sensitivity analysis remain unchanged from the previous year.
Given that pension liabilities have been adjusted based on the consumer prices index, the pension plan is exposed to the various countries\u2019 inflation rates, to interest rate risks, and to changes in the future salary and pension increases. Given that the assets servicing the plans mainly relate to investments in bonds, the Group is also exposed to market risk in the related sectors. Overall, considering the contained exposure to funded pension plans leveraging on plan assets, the financial volatility of markets is not generating material disruption or criticality.
The following payments are the expected contributions made in future years to provide for the obligations of the defined benefit plans.

\u20ac million

at 31 December 2023

unfunded pension plans

funded pension plans

other plans

Within 12 months

14.9

14.3

0.4

0.2

From 1 to 5 years

5.3

2.8

1.8

0.7

From 5 to 10 years

8.4

4.0

3.1

1.3

Total

28.6

21.1

5.4

2.2

Average plan duration (years)

12

9

12

14

\u20ac million

at 31 December 2022

unfunded pension plans

funded pension plans

other plans

Within 12 months

16.6

16.0

0.4

0.2

From 1 to 5 years

4.6

2.2

1.8

0.6

From 5 to 10 years

9.8

5.0

3.7

1.1

Total

30.9

23.2

5.8

1.9

Average plan duration (years)

7

9

9

5

", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact29": { "value": " Depreciation and amortisation
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii-\u2018Lease components in the statement of financial position\u2019, 4 ii-\u2018Property, plant and equipment, right of use assets and biological assets\u2019, 4 iii-\u2018Intangible assets\u2019 and 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

- Property, plant and equipment

62.6

46.2

- Right of use assets

2.3

2.1

- Intangible assets

3.3

3.3

Depreciation and amortisation included in cost of sales

68.3

51.6

- Property, plant and equipment

10.1

8.6

- Right of use assets

12.8

11.8

- Intangible assets

15.7

15.0

Depreciation and amortisation included in selling, general and administrative expenses

38.5

35.4

- Property, plant and equipment\u207d\u00b9\u207e

2.1

1.8

- Right of use assets

1.2

1.1

- Intangible assets

0.1

0.5

Depreciation and amortisation included in advertising and promotional expenses

3.4

3.4

- Property, plant and equipment\u207d\u00b9\u207e

74.8

56.6

- Right of use assets

16.3

15.1

- Intangible assets

19.1

18.8

Total depreciation and amortisation in the statement of profit or loss

110.2

90.5

(1)This item included depreciation of biological assets.
Property, plant and equipment, right of use assets and biological assets
Land, even if acquired in conjunction with a building, is not depreciated, and nor are held-for-sale tangible assets, which are reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated based on the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-hold-improvements, the period of depreciation is the shorter of the economic life of the asset and the contract duration of the underlying lease agreement. For right of use assets, unless the Group is reasonably certain that it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Group depreciation rate ranges by asset category are as follows:
\u00adbusiness related properties and light construction: 3%-10%
\u00adplant and machinery: 10%
\u00adfurniture, office and electronic equipment: 10%-20%
\u00advehicles: 20%-25%
\u00admiscellaneous equipment: 20%-30%
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is derecognised for accounting purposes, whichever occurs first.
Intangible assets Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108449": { "value": " Research and innovation costs
Accounting policy
Costs incurred in research, in developing alternative products or processes, or in conducting technological research and development are recognised in profit or loss in the period in which they are incurred under advertising and promotional costs.
Disclosure
The Group\u2019s research and development activities are related solely to ordinary production and commercial activities, namely ordinary product quality control and packaging studies in various markets.
The research and innovation costs totalling \u20ac23.1 million in 2023 (\u20ac23.8 million in 2022) are recognised in the statement of profit or loss for the year they are incurred.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108451": { "value": " Research and innovation costs
Accounting policy
Costs incurred in research, in developing alternative products or processes, or in conducting technological research and development are recognised in profit or loss in the period in which they are incurred under advertising and promotional costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact31": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

Focusing on the main components in 2023, interest expenses stood at \u20ac70.8 million compared to \u20ac31.5 million reported in the same period of 2022. This increase was mainly attributable to a higher level of average net debt reported at 31 December 2023 (\u20ac1,732.7 million) compared with the same period of 2022 (\u20ac1,036.9 million), combined with the overall rise in interest rates, which particularly affected the new term loans subscribed from the end of 2022 and the new bond issued in 2023. The costs have been only partially offset by income deriving by hedging derivatives unwinding following the liability management initiative managed during 2023 for an amount of \u20ac7.7 million (please refer to the Significant events of the period paragraph in the management board report).
With regards to exchange rate differences, the main driver leading to a variance in exchange rate losses of \u20ac14.6 million on 2022 was cross-currency transactions involving certain emerging market currencies (including the Argentine Peso) for which hedging would not be cost efficient hence not activated by the Group.
The breakdown of interest payable to bondholders is shown in the table below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Financial expenses payable to bondholders

(21.4)

(12.8)

Net changes in fair value and other amortised cost components

(0.9)

(0.8)

Cash flow hedge reserve reported in the statement of profit or loss during the year

(1.3)

(1.3)

Net interest payable on bonds

(23.6)

(14.9)

Other non-current assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Equity investment in other companies

16.3

-

18.8

Other non-current assets

6.6

0.1

5.3

Total other non-current assets

22.9

0.1

24.1

Trade receivables
Accounting policy
For details on the accounting policy, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Trade receivables from external costumers

373.9

8.3

305.9

Trade receivables from joint-ventures

-

-

2.1

Receivables in respect of contributions to promotional costs

0.3

-

0.2

Trade receivables

374.3

8.3

308.2

(1) The perimeter effect is mainly related to the increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd.
The table below shows the trade receivables broken down by maturity. In light of the analysis performed on estimated expected future losses (using the expected credit loss method). Trade receivables which are deemed not recoverable were balanced by an appropriate provision.

at 31 December 2023

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

278.4

(7.6)

Overdue

112.0

(9.4)

Less than 30 days

66.3

(0.7)

30-90 days

20.7

(2.8)

Within 1 year

10.9

(0.6)

Within 5 years

14.0

(5.2)

Due after 5 years

0.1

(0.1)

Total receivables broken down by maturity

390.4

(17.0)

Amount impaired

(17.0)

\u00a0

Total

373.3

\u00a0

(1)This item does not include prepaid expenses.

at 31 December 2022

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

226.2

(7.8)

Overdue

96.5

(10.4)

Less than 30 days

62.1

(0.4)

30-90 days

8.8

(3.2)

Within 1 year

12.3

(1.9)

Within 5 years

11.9

(3.4)

Due after 5 years

1.4

(1.4)

Total receivables broken down by maturity

322.7

(18.1)

Amount impaired

(18.1)

\u00a0

Total

304.6

\u00a0

(1)This item does not include prepaid expenses.
The overdue category increased by \u20ac15.5 million on 2022 and is continuously monitored by the Group\u2019s credit management functions.
At 31 December 2023, the provision for expected future losses and bad debt amounted to \u20ac17.0 million, substantially in line with the value reported in 2022 (\u20ac18.1 million). The net decrease recorded in 2023 was mainly related to the partial release of the provision in Russia, following a decrease in the probability of default of the country. On the other hand, the provision for expected future losses included:
\u00adthe updated and specific valuation on trade receivables of Ukraine, following the ongoing conflict which was reflected in the relative assessment of expected losses;
\u00adthe updated valuation for Argentina, considering the significant increase in the probability of default connected with the persisting macroeconomic uncertainly of the country and the increase in receivables due to the local hyperinflationary impact.
The following table provides the probability of default, obtained from external data providers, used for the calculation of the expected future losses for each subsidiary, used at 31 December 2023 and at 31 December 2022, according to the country in which the subsidiary is based.

\u00a0

applied for the assessment at 31 December

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

Argentina

20.94%

17.11%

Australia

0.06%

0.07%

Austria

0.06%

0.05%

Belgium

0.08%

0.06%

Brasil

0.25%

0.63%

Canada

0.13%

0.13%

China

0.25%

0.24%

France

0.07%

0.06%

Germany

0.06%

0.06%

Greece

0.19%

0.41%

India

0.22%

0.29%

Italy

0.19%

0.35%

Jamaica

0.84%

0.84%

Martinique

0.07%

0.06%

Mexico

0.22%

0.47%

New Zealand

0.07%

0.07%

Peru

0.17%

0.40%

Russia

9.12%

32.88%

Singapore

0.09%

0.07%

South Africa

0.84%

1.18%

South Korea

0.22%

0.25%

Spain

0.13%

0.13%

Switzerland

0.05%

0.03%

UK

0.11%

0.08%

Ukraine

100.00%

100.00%

United States

0.31%

0.13%

The tables below set out the information related to the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

within 1 year

within 5 years

after 5 years

Total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

1.8%

0.6%

0.2%

0.3%

1.2%

0.2%

4.3%

Estimated total gross carrying amount at default

279.3

66.3

20.7

10.9

14.0

0.1

391.3

Provision for expected credit losses

(7.1)

(2.2)

(0.9)

(1.2)

(4.9)

(0.8)

(17.0)

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

1 year

5 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

2.3%

0.8%

0.1%

0.7%

1.1%

0.5%

5.6%

Estimated total gross carrying amount at default

230.1

62.1

8.8

12.3

11.9

1.4

326.6

Provision for expected credit losses

(7.7)

(2.5)

(0.3)

(2.4)

(3.6)

(1.7)

(18.1)

The amount of the provision and the level of utilisation over the years, confirms that overall, the Group is exposed to a cluster of customers and markets that are not significantly affected by credit risk.
Trade payables
Accounting policy
For details on the accounting policy, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect(1)

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Trade payables to external suppliers

521.1

27.2

541.6

Trade payables

521.1

27.2

541.6

(1) The perimeter effect is mainly related to the increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd..
Trade payables showed a decrease compared to 31 December 2022, mainly driven by a temporary phasing in connection with timing of non-recurring capital expenditure, as well as an enhancement in the payable process and a slight reduction in input costs, attributable to the gradual easing of inflation observed during the latter part of the year. During 2023, the Group continued to join the reverse factoring program in cooperation with an external banking provider and selected key suppliers. The programme involved strategic partners based in Italy and, starting from 2023 also in the United States, to allow participating suppliers to receive early payments on their invoices. Based on the program\u2019s characteristics and the nature of the transaction, the trade payables in scope continued to be classified as a trade payable on the grounds which led to an improvement in terms of commercial payment without giving any guarantee or change in terms or conditions of the original agreements. The program led to an increase in payables by approximately \u20ac27.8 million at 31 December 2023 (compared to \u20ac23.5 million at 31 December 2022), resulting in a consistent average extension of payment terms to 30 days across both years, as disclosed.

at 31 December 2023

trade payables

\u00a0

\u20ac million

On demand

55.6

Due within 1 year

465.5

Due in 1 to 2 years

-

Due after 5 years

-

Total

521.1

at 31 December 2022

trade payables

\u00a0

\u20ac million

On demand

45.9

Due within 1 year

491.5

Due in 1 to 2 years

4.4

Due after 5 years

-

Total

541.7

Financial instruments
Accounting policy
Financial instruments held by the Group are categorised as follows.
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade receivables arise from contracts with customers and are recognised when performance obligations are satisfied, and the consideration due is unconditional as only the passage of time is required before the payment is received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Group. The business model has been defined at a level that reflects the way in which groups of financial assets are managed to achieve a particular business objective. The model\u2019s measurement process requires an assessment based on both quantitative and qualitative factors relating to, for example, the way in which the performance of the financial assets in question is communicated to management with strategic responsibilities and the way in which the risks connected with these financial assets are managed.
The Group measures a financial asset at amortised cost if it meets both of the following conditions:
\u00adit is held under a business model whose objective is to hold assets aiming to collect contractual cash flows; and,
\u00adits contractual terms and conditions are such that the cash flows generated by the asset are attributable exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition; subsequent measurements reflect the repayments made, the effects of applying the effective interest method and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial assets represented by debt securities are classified and valued in the statement of financial position based on the business model adopted to manage these financial assets and the financial flows associated with each financial asset. They are measured at fair value through other comprehensive income (\u2018FVOCI\u2019) if all the conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
\u00adthe rights to receive cash flows from the asset have expired or,
\u00adthe Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (i) the Group has transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please refer to note 3 xii.-\u2018Share of profit (loss) of joint-ventures\u2019.
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
Disclosure i

at 31 December 2023

carrying amount

measurement at amortised cost

measurement at fair value through profit and loss

measurement at fair value with changes recognised in the statement of comprehensive income

\u20ac million

\u00a0

Cash and cash equivalents

620.3

620.3

-

-

Other current financial asset

18.7

18.7

-

-

Other non-current financial assets

7.0

7.0

-

-

Lease payables

(76.0)

(76.0)

-

-

Loans due to banks(1)

(1,032.1)

(1,032.1)

-

-

Bonds

(1,145.8)

(1,145.8)

-

-

Accrued interest on bonds

(14.5)

(14.5)

-

-

Other current financial liabilities

(1.2)

(1.2)

-

-

Liabilities for put option and earn-out payments(2)

(235.1)

(3.3)

-

(231.8)

Non-current and current assets for hedging derivatives(3)

5.5

-

1.0

4.5

Non-current and current liabilities for hedging derivatives

(0.4)

-

(0.2)

(0.1)

Other non-current assets

22.9

6.6

16.3

-

Trade receivables

374.3

374.3

-

-

Trade payables

(521.1)

(521.1)

-

-

Total

(1,977.4)

(1,767.0)

17.0

(227.4)

(1) Excluding derivative on loan due to bank.
(2) Liabilities linked to some business combination may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivative on loans due to bank and new pre-hedging contract subscribed.

at 31 December 2022 post-reclassifications

carrying amount

measurement at amortised cost

measurement at fair value through profit and loss

measurement at fair value with changes recognised in the statement of comprehensive income

\u20ac million

Cash and cash equivalents

435.4

435.4

-

-

Other current financial asset

17.0

0.8

16.2

-

Other non-current financial assets

6.7

5.7

1.0

-

Lease payables

(79.5)

(79.5)

-

-

Loans due to banks(1)

(877.9)

(877.9)

-

-

Bonds

(846.3)

(846.3)

-

-

Accrued interest on bonds

(5.7)

(5.7)

-

-

Other current financial liabilities

(8.5)

(8.5)

-

-

Liabilities for put option and earn-out payments(2)

(239.7)

(3.4)

-

(236.3)

Current assets for hedging derivatives

1.7

-

-

1.7

Non-current assets for hedging derivatives(3)

41.5

-

-

41.5

Other non-current assets

24.1

5.3

18.8

-

Trade receivables

308.2

308.2

-

-

Trade payables

(541.6)

(541.6)

-

-

Total

(1,764.6)

(1,607.6)

36.0

(193.0)

(1) Excluding derivative on loan due to bank.
(2) Liabilities linked to some business combination may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivative on loan due to bank.
The tables below show a breakdown of the foreign exchange contracts on highly probable sales and purchases and interest rate swap on loan. It also includes the effect of hedge derivatives, not in hedge accounting with fair values variations recognised through the statement of profit or loss.
Call and/or put agreements over joint-ventures elected as derivative instruments with negligible fair value variation were disclosed below.

foreign exchange forward contracts and options

(highly probable forecast sales and purchases)

at 31 December

2023

2022

\u20ac million

notional amount hedged items

average forward rate

notional amount hedged items

average forward rate

US$

90.5

1.07

27.3

1.01

New Zealand Dollar

12.0

1.78

7.2

1.69

Australian Dollar

17.8

1.63

0.3

1.52

Swiss Franc

1.5

0.95

1.0

0.97

Singapore Dollar

-

-

2.0

1.42

Sterling Pound

1.9

0.87

-

-

Canadian Dollar

-

-

0.5

1.32

Total

123.7

\u00a0

38.4

\u00a0

hedged items and related derivatives forward

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

foreign exchange forward contracts and options

(highly probable forecast sales and purchases) fair value and cash flow hedge

123.7

2.3

(1.4)

38.4

1.7

0.1

hedged items

and related derivatives interest rate swaps

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments(1)

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

interest rate swap contracts on loans financial statements impact

700.0

2.9

6.1

750.0

41.5

0.9

(1) The carrying value is included in the line \u2018Loans due to banks\u2019 in the financial instruments\u2019 recap table reported above.
In connection with the establishment of the joint-venture in Spiritus Co Ltd. and acquired interests in third party investments in Monkey Spirits, LLC and Thirsty Camel Ltd., commitments to increment the ownership in these companies exist in the form of put and/or call option elected as derivative financial instruments measured at fair value with impact in the Campari Group statement of profit or loss. The fair value of these options, which are dependent on the performance of the companies, were determined to be fair value market terms based on similar recent transactions, with fair value changes negligible at the end of 2023. Furthermore, on 1 March 2023, the Group acquired the remaining outstanding shares of 60% in CTSJ and concomitantly the derivative, that
was negligible in 2022, was replaced by a financial liability of \u20ac0.5 million for future earn-out payments disclosed as \u2018liability for put options and earn-out\u2019.
For what concern the Group commitment to acquire 100% of the outstanding share capital of Beam Holding France S.A.S., holding 100% of the share capital of Courvoisier S.A.S., owner of the Courvoisier brand, for US$1.32 billion (\u20ac1.22 billion at the exchange rate of 14 December 2023, the date on which Beam Suntory, Inc was granted a put option for the complete ownership of the brand), a derivative is resulting from granting a put option for the purchase of the business. Since the agreement was defined close to year-end (14 December 2023) and within an arm-length negotiation under prevailing market conditions not limited only to the target\u2019s business performance, the fair value variation assessment as of 31 December 2023 of the derivative can be deemed negligible even when considering potential fluctuations in the target's performance during the remaining days of 2023.
At the time of the expiry of the options and in case of satisfaction of the conditions stated in the relevant agreement between parties, the derivatives will be replaced by an increased equity interest in the companies.
ii. Cash and cash equivalents
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bank current accounts and cash

269.9

(3.7)

332.7

Term deposit maturing within 3 months

350.4

-

102.7

Cash and cash equivalents

620.3

(3.7)

435.4

Cash and cash equivalent grew from \u20ac435.4 million to \u20ac620.3 million, benefitting from liability management initiatives occurred in 2023 and supported by significant credit lines for a total of \u20ac719.5 million, of which \u20ac400.0 million are committed and expiring in 2028 (undrawn at 31 December 2023). The balance of the credit lines, uncommitted for an amount of \u20ac319.5 million, was drawn down for \u20ac84.6 million at 31 December 2023.
For additional details, reference is made to cash flow information and the net financial debt (note 6 viii-\u2019Reconciliation with net financial debt and cash flow statement\u2019).
iii.Other current financial assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

Valuation at fair value of forward contracts

2.6

1.8

Other financial assets

18.7

17.0

\u00a0\u00a0\u00a0 Of which:

\u00a0

\u00a0

\u00a0\u00a0\u00a0 Marketable securities maturing more than 3 months

13.9

14.2

\u00a0\u00a0\u00a0 Financial receivables from Terra Moretti (i.e., business disposal)(1)

2.0

2.0

\u00a0\u00a0\u00a0 Other financial assets

2.8

0.8

Other current financial assets

21.3

18.7

(1)The financial receivable associated with the past sale of Sella&Mosca S.p.A. and Teruzzi&Puthod S.r.l..
iv. Other non-current financial assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Non-current assets for hedging derivatives

2.9

41.5

Term deposit

4.7

4.8

Financial receivables from Terra Moretti (i.e., business disposal)\u02bf\u00b9\u02be

-

1.0

Other non-current financial assets

2.3

0.9

Non-current financial assets

9.8

48.2

(1) The non-current financial receivable associated with the past sale of Sella&Mosca S.p.A. and Teruzzi&Puthod S.r.l..
Non-current assets for hedging derivatives of \u20ac2.9 million referred to pre-hedge derivatives associated with loans and the variation occurred during the period was derived from the hedging derivatives unwinding following the liability management initiative managed in 2023 (for detailed information please refer to the \u2018Significant events of the period\u2019 paragraph in the management board report).
v. Non-current financial debt
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bond issued in 2017

-

-

150.0

Bond issued in 2019

-

-

149.8

Bond issued in 2020

547.2

-

546.5

Bond issued in 2023

298.6

-

-

Non-current bonds

845.8

-

846.3

Liabilities and loans due to banks

901.5

1.2

770.9

Lease payables

60.0

0.6

65.1

Liabilities for put option and earn-out payments

209.0

(2.8)

236.3

Other non-current financial liabilities

269.0

(2.3)

301.4

Total non-current financial debt

2,016.3

(1.1)

1,918.7

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during the year are as follows.
-Bonds
At 31 December 2023, the Bonds item included the following issues placed by the Parent Company, which are fully \u20ac-denominated.

\u00a0

at 31 December 2023

\u00a0

original nominal value

maturity

coupon rate fixed

\u20ac million

Bond issued in 2017

150.0

5 April 2024

2.165%

Bond issued in 2019

150.0

30 April 2024

1.655%

Bond issued in 2020

550.0

6 October 2027

1.250%

Bond issued in 2023

300.0

18 May 2030

4.710%

On 11 May 2023, Davide Campari-Milano N.V. successfully completed the placement of an unrated 7-year bond issue, targeted at institutional investors. The placement is for \u20ac300 million maturing on 18 May 2030, paying a fixed annual coupon of 4.71%, issued at an issue price of 100%. The proceeds of the issue will be used by the Company for general corporate purposes. Moreover, during 2023 the private placements issued in 2017 and 2019 for \u20ac150.0 million each with maturity date in April 2024 were reclassified to current financial debt.
-Liabilities and loans due to banks
This item includes \u20ac-denominated loans entered with leading banks as follows.

at 31 December 2023

original nominal value

residual nominal value

maturity

interest rate

nominal rate at 31 December 2023

non-current

current(1)

\u20ac million

\u20ac million

\u20ac million

Loan 2021

100.0

100.0

-

30 June 2026

fixed rate

1.325%

Loan 2022

50.0

50.0

-

10 October 2025

floating interest rate linked to Euribor plus spread

4.800%

Term Loan US 2022

380.1

330.3

27.1

6 December 2027

floating interest rate linked to Sofr plus spread

6.778%

Loan 2023

50.0

20.8

16.7

31 March 2026

floating interest rate linked to Euribor plus spread

4.979%

Term Loan 2023

400.0

400.0

-

30 June 2029

floating interest rate linked to Euribor plus spread

5.225%

(1) The current portion is classified in current liabilities-loans due to banks.

at 31 December 2022

original nominal value

residual nominal value

maturity

interest rate

nominal rate at 31 December 2022

non-current

current(1)

\u20ac million

\u20ac million

\u20ac million

Term Loan 2019(2)

250.0

250.0

-

31 July 2024

floating interest rate linked to Euribor plus spread(3)

1.126%

Loan 2021

100.0

100.0

-

30 June 2026

fixed rate

1.325%

Loan 2022

50.0

50.0

-

10 October 2025

floating interest rate linked to Euribor plus spread

3.002%

Term Loan US 2022

393.8

370.3

23.4

6 December 2027

floating interest rate linked to Sofr plus spread

5.552%

(1) The current portion is classified in current liabilities-loans due to banks.
(2) The loan was accompanied by a revolving credit facility for the same amount and maturity, at an interest rate link to Euribor plus spread, as well as drawdown fees. The revolving credit facility was not used at 31 December 2022.
(3) Inclusive of the related interest rate swap.
The increase compared to last year was related to the liability management initiative managed during 2023. On 5 May 2023, Davide Campari-Milano N.V. entered into a term facility of \u20ac400 million (reported in line Liabilities and loans due to banks) and a revolving facility of the same amount, hence an agreement for a total amount equal up to \u20ac800 million with a pool of banks. The term facility has termination date on 30 June 2029 while the revolving facility termination date is on 30 June 2028 with an extension option at 30 June 2029 at the banks'
discretion. The scope of the agreement is general corporate purposes of Campari Group. The facilities are sustainability-linked and provide for a variable component of the interest rate applicable depending on the achievement of certain ESG targets identified by Campari Group and particularly focused on the reduction of emissions, the responsible use of water and gender equality. Concomitantly, the term loan of \u20ac250.0 million subscribed by Davide Campari-Milano N.V. in 2019 with original termination date in July 2024 was terminated in advance and repaid.
Moreover, in April 2023, another loan with a duration of 3 years for a nominal amount of \u20ac50.0 million was subscribed.
- Liabilities for put options and earn-out

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2022

236.3

payments

(3.4)

-

(3.4)

perimeter effect

0.5

-

0.5

remeasurement

8.4

(0.1)

8.5

reclassification to current liability

(24.0)

-

\u00a0

exchange rate differences and other changes

(8.8)

-

(8.8)

at 31 December 2023

209.0

\u00a0

\u00a0

of which measured at fair value

209.0

\u00a0

\u00a0

of which measured at amortised cost

-

\u00a0

\u00a0

\u20ac million

total

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2021

50.4

increases

20.8

-

20.8

perimeter effect

171.0

\u00a0

171.0

remeasurement

(6.6)

-

(6.6)

exchange rate differences and other changes

0.6

\u00a0

0.6

at 31 December 2022

236.3

\u00a0

\u00a0

of which measured at fair value

236.3

\u00a0

\u00a0

of which measured at amortised cost

-

\u00a0

\u00a0

At 31 December 2023, the long-term portion mainly included:
- the estimated payable for put options linked to Wilderness Trail Distillery, LLC totalling \u20ac148.9 million, whose value decreased by \u20ac19.8 million, depending on the remeasurement and exchange rate effects;
- the estimated payable for put options and earn-out linked to Ancho Reyes and Montelobos totalling \u20ac59.7 million, which increased by \u20ac19.2 million, depending on the remeasurement and exchange rate effects;
- the estimated payable for the earn-out related to CT Spirits Japan Ltd. in the amount of \u20ac0.3 million.
The estimated payable for Trans Beverages Ltd. totalling \u20ac21.1 million after related remeasurement and exchange rates effects was reclassified together to current financial debt with the estimated earn-out payable for Lallier, being payable in 2024.
vi. Current financial debt
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bond issued in 2017

150.0

-

-

Bond issued in 2019

150.0

\u00a0

\u00a0

Accrued interest on bonds

14.5

-

5.7

Loans due to banks

130.6

\u00a010.0

\u00a0107.0

Lease payables

16.0

0.1

14.4

Liabilities for put option and earn-out payments

26.1

-

3.4

Liabilities on hedging contracts

0.1

-

-

Current liabilities for hedge derivatives, not reported using hedge accounting procedures

0.2

-

-

Other financial liabilities

1.2

0.7

8.4

Current financial debt

488.6

10.7

138.9

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during the year are as follows.
-Bonds
Bonds issued in 2017 and in 2019 for \u20ac150.0 million each with maturity date in April 2024 were reclassified from long to short term items.
-Liabilities and loans due to banks
At 31 December 2023, loans due to banks reported a net increase of \u20ac23.6 million due to increased current portion of medium / long-term loans and usage of some short-term loans managed dynamically to strengthen the Group's financial structure further and achieve greater flexibility to respond promptly to the volatile macroeconomic context.
- Liabilities for put options and earn-out payments

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2022

3.4

Remeasurement

(1.2)

(1.2)

-

reclassification from non-current liability

24.0

-

-

exchange rate differences and other changes

(0.1)

0.1

(0.2)

at 31 December 2023

26.1

\u00a0

\u00a0

of which measured at fair value

22.8

\u00a0

\u00a0

of which measured at amortised cost

3.3

\u00a0

\u00a0

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net

equity or investment value

at 31 December 2021

48.2

Payments

(45.0)

-

-

exchange rate differences and other changes

0.2

(0.1)

0.3

at 31 December 2022

3.4

\u00a0

\u00a0

of which measured at fair value

-

\u00a0

\u00a0

of which measured at amortised cost

3.4

\u00a0

\u00a0

At 31 December 2023, the short-term portion of the item included a liability of \u20ac3.3 million for the purchase of the residual non-controlling shares in J.Wray and Nephew Ltd., secured by restricted cash and cash equivalents.
The increase reported during 2023 was primarily related to the estimated payable for Trans Beverages Ltd. totalling \u20ac21.1 million. Moreover, the short-term portion also included the estimated payout for the earn-out related to Lallier, which was reclassified from the long-term portion during the year, amounting to \u20ac0.6 million.
Nature and extent of the risks arising from financial instruments
The Group\u2019s main financial instruments include current accounts, short-term deposits, short and long-term loans due to bank, lease payables and bonds. The purpose of these is to finance the Group\u2019s operating activities. In addition, the Group has trade receivables and payables resulting from its operations.
The main financial risks to which the Group is exposed are market (currency and interest rate risk), credit and liquidity risk. These risks are described below, together with an explanation of how they are managed.
To cover these risks, the Group uses derivatives, primarily interest rate swaps, cross-currency swaps and forward contracts, to hedge interest rate and exchange rate risks
-Credit risk
In specific markets in which the Group operates, sales are concentrated in a limited number of key customers. Therefore, a possible change in the priorities or deterioration of the financial conditions of these customers could have significant adverse effects on the Group\u2019s business and outlook. Furthermore, if these key customers view the contractual terms and conditions as no longer acceptable, they may ask for them to be renegotiated, resulting in less favourable terms and conditions for the Group. Examples of mitigation measures: monitoring of customers at market level, strategy and innovation development at corporate and market-level, multi-country investment strategy.
With regard to trade transactions, the Group works with medium-sized and large customers (large-scale retailers, domestic and international distributors) on which credit checks are performed in advance. Each company carries out an assessment and control procedure for its customer portfolio, constantly monitoring amounts received. In the event of excessive or repeated delays, supplies are suspended. Historically, losses on receivables represent a very low percentage of revenues and outstanding annual receivables, and significant hedging and/or insurance is put in place where there is uncertainty about cash collection.
Financial transactions are carried out with leading domestic and international institutions, monitored ratings to minimise counterparty insolvency risk.
The maximum risk associated with commercial and financial transactions at the reporting date is equivalent to the net carrying amount of these assets, also taking the risk of expected credit loss estimated by the Group using the business model identified.
-Liquidity risk
The Group\u2019s ability to generate substantial cash flow through its operations minimises liquidity risk. This risk is defined as the difficulty in raising funds to cover the Group\u2019s financial obligations payment.
The table below summarises financial liabilities at 31 December 2023 by maturity, based on contractual repayment obligations, including non-discounted interest.

at 31 December 2023

on demand

within 1 year

due in 1 to 2 years

due in 3 to 5 years

due after 5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Bonds

-

326.7

21.0

606.1

328.3

1,282.1

Loans due to banks

-

179.8

177.8

605.0

267.2

1,229.7

Leases

-

18.8

17.1

37.6

8.3

81.8

Payables for put option and earn-out

-

26.0

60.1

-

148.9

235.1

Other financial liabilities

-

4.7

-

-

-

4.7

Trade payables

55.6

465.5

-

-

-

521.1

Other non-financial liabilities

20.0

170.2

-

-

-

190.2

Total liabilities

75.6

1,191.6

276.0

1,248.8

752.7

3,544.7

at 31 December 2022 post-reclassifications

on demand

within 1 year

due in 1 to 2 years

due in 3 to 5 years

due after 5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Bonds

-

12.6

312.6

570.6

-

895.8

Loans due to banks

-

141.9

307.0

546.0

0.2

995.2

Leases

-

14.4

13.3

34.4

17.3

79.5

Payables for put option and earn-out

-

9.5

61.3

0.1

168.8

239.7

Other financial liabilities

-

5.5

-

-

-

5.5

Trade payables

45.9

491.4

4.4

-

-

541.6

Other non-financial liabilities

24.4

148.1

-

-

-

172.5

Total liabilities

70.3

823.5

698.6

1,151.1

186.3

2,929.9

The Group\u2019s financial payables, except non-current payables with a fixed maturity, consist of short-term bank debt. Thanks to its liquidity and satisfactory generation of cash flow from operations, the Group has sufficient resources to meet its financial commitments at maturity. In addition, there are unused credit lines that could cover any liquidity requirements for a total of \u20ac719.5 million, of which \u20ac400.0 million are committed and expiring in 2028 (undrawn as of 31 December 2023). The balance of the credit lines, uncommitted for an amount of \u20ac319.5 million, was drawn down for \u20ac84.6 million at 31 December 2023.
- Interest rate risk
A breakdown of the effective interest rate, taking all the cost components of the amortised costs into account, divided by type of financial liability is as follows.

\u00a0

\u00a0

\u00a0

\u00a0

at 31 December

\u00a0

nominal interest rate

effective interest rate(1)

maturity

2023

2022

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

\u20ac million

Loans due to banks

fixed rate 1.183% + variable rate(2)(3)

5.515%

2027

1,032.1

877.9

Parent Company bond issues

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- issued in 2017

fixed rate 2.165%

2.165%

2024

150.0

150.0

- issued in 2019

fixed rate 1.655%

1.655%

2024

150.0

149.8

- issued in 2020

fixed rate 1.250%

1.412%

2027

547.2

546.5

- issued in 2023

fixed rate 4.710%

4.710%

2030

298.6

\u00a0

Leases

incremental borrowing rate

incremental borrowing rate

2024-2029

76.0

79.5

(1) Calculated on any difference included in the amortised cost accounting.
(2) The figure shown relates to the applied rate and maturity of the loans due to banks by Davide Campari Milano N.V. and Campari America, LLC, responsible for nearly all market funding.
.
The Group is exposed to the risk of fluctuating interest rates in respect of its financial assets, loans due to banks and lease agreements. Derivative contracts intended to hedge interest rate exposures connected with financing are not subject to established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance and in the context of the Group's expansion initiatives.
The Parent Company\u2019s 2017, 2019, 2020 and 2023 bond issues pay interest at a fixed rate. Overall, at 31 December 2023, the nominal exposure of the Group\u2019s total financial debt was 40% (30% 2022) at variable-rate, while the effective exposure, including the related hedging derivatives for the term loan subscribed in 2023, stood at 24% at variable-rate.
Sensitivity analysis
The table below shows the effects of a possible change in interest rates on the Group\u2019s statement of profit or loss, if all other variables remain constant. A negative value in the table indicates a potential net reduction in profit or loss, while a positive value indicates a potential net increase in this item. The assumptions used with regard to a potential change in rates are based on an analysis of the trend on the reporting date.
With regard to the fixed-rate financial liabilities hedged by interest rate swaps, the change in the hedging instrument offsets the difference in the underlying liability, with practically no effect in the statement of profit or loss.

\u00a0

\u00a0

profit or loss

\u00a0

increase/decrease

increase in interest rates

decrease in interest rates

at 31 December 2023

in interest rates in basis point

\u20ac million

\u20ac million

\u20ac

+/- 5 basis points

(0.7)

0.7

US$

+30/-10 basis points

(1.5)

0.5

Other currencies

\u00a0

0.1

(0.7)

Total effect

\u00a0

(2.0)

(0.4)

at 31 December 2022

\u00a0

\u00a0

\u00a0

\u20ac

+/- 5 basis points

(0.6)

0.6

US$

+30/-10 basis points

0.3

(1.2)

Other currencies

\u00a0

2.5

(3.3)

Total effect

\u00a0

2.2

(4.0)

-Exchange rate risk
The Group develops its business activities globally, and sales in non-\u20ac markets are progressively increasing. However, the establishment of Group companies in countries including the United States, Brazil, Australia, Argentina and Switzerland allows exchange rate risk to be partly hedged, since both costs and income are denominated in the same currency.
For Campari Group, net exposure to foreign exchange effects is limited to transactions concluded among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group policy regularly determines the net exposure to the primary currencies to mitigate the residual foreign exchange risk by using forward and option derivatives agreements. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year.
Sensitivity analysis
An analysis was performed on the effects of a possible change in the exchange rates against the \u20ac on the statement of profit or loss, keeping all the other variables constant. This analysis does not include the consolidated financial statements\u2019 effect on translating the financial statements of subsidiaries denominated in a foreign currency following a possible change in exchange rates. The assumptions adopted regarding a potential change in rates are based on an analysis of forecasts provided by financial information agencies on the reporting date. The types of transactions included in this analysis are sales and purchases in any currency other than the Group\u2019s functional currency. The effects on shareholders\u2019 equity are determined by changes in the fair value of forward contracts on future transactions, which are used as cash flow hedges.

\u00a0

\u00a0

net equity

\u00a0

increase/decrease

increase in exchange rates

decrease in exchange rates

at 31 December 2023

in currency rates in %

\u20ac million

\u20ac million

US$

+2%/-6%

2.8

(1.0)

Other currencies

\u00a0

0.2

(0.3)

Total effect

\u00a0

3.0

(1.4)

at 31 December 2022

\u00a0

\u00a0

\u00a0

US$

+8%/-11%

2.9

(1.8)

Other currencies

\u00a0

0.1

(0.1)

Total effect

\u00a0

3.1

(1.9)

-Market and price risk
Market risk consists of the possibility that changes in exchange rates, interest rates or the prices of raw materials or commodities (alcohol, aromatic herbs, sugar, cereals and agave) could negatively affect the value of assets, liabilities or expected cash flows.
The price of raw materials depends on a wide variety of factors, which are difficult to forecast and are largely beyond the Group\u2019s control. Historically, the Group has had no problem obtaining high-quality quantities of raw materials. However, we cannot exclude that the Group could face challenges in getting supplies of raw materials. The Group is in the process of implementing measures aimed at limiting the risk of raw material price fluctuations, including co-investments agricultural production agreements with local producers, the benefits of which can be seen over the medium-term as they are related to natural growing processes.
The Campari Group has a substantial inventory of aged product categories, such as Bourbon whiskey, Scotch whisky, Canadian whisky, rum, cognac and tequila, which mature over lengthy periods. While the maturing inventory is stored at numerous locations around the world, the loss as a result of contamination, fire or other natural disaster or destruction resulting from negligence or the acts of third parties or otherwise of all or a portion of the inventory of any one of those aged product categories may not be replaceable and, consequently, may lead to a substantial decrease in the supply of those products. Additionally, the judgemental nature of determining how much of the Group\u2019s aged products to lay down in any given year for future consumption involves an inherent risk of forecasting error. Finally, price is another critical element, as the recoverability of the cost incurred in the maturing process is subject to the Group's ability to select an adequate range of premium products capable of satisfying the needs of demanding customers while the loss of sales and market shares or lead to future excess inventory and decreased profit margin. The Group regularly reviews its marketing and production strategy to mitigate those risks enabling long-term forecasting analytical tools.
Commitments and risks
Financial guarantees.
The Group has provided financial guarantees in the context of the 50%-50% joint-venture in Dioniso Group with Mo\u00ebt Hennessy to create a premium pan-European Wines and Spirits e-commerce player and which holds the leading e-commerce platforms for wines and premium spirits in Italy (Tannico e Wineplatform S.p.A.) and in France (Ventealapropriete.com). The Group is providing 50% of financial support to Dioniso Group for the completion of business expansion transactions in case existing cash flows are not sufficient and the bank indebtedness or other third-party financing cannot be obtained at satisfactory conditions. At 31 December 2023, the estimated potential cash out for the Group in relation to Dioniso Group existing commitments in the form of put and/or call option connected with business combination and a committed liability for a personnel compensation scheme totalled \u20ac9.0 million (\u20ac11.7 million at 31 December 2022).
The Group has provided financial guarantees in the context of the interests in the third party investments in Monkey Spirits, LLC and Thirsty Camel Ltd for an amount of US$10 million; the financial guarantee has been
granted to support the development of the brand and the business and is accompanied by the pledge on the shares belonging to other partners who have not participated in the same financial support. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108491": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

Focusing on the main components in 2023, interest expenses stood at \u20ac70.8 million compared to \u20ac31.5 million reported in the same period of 2022. This increase was mainly attributable to a higher level of average net debt reported at 31 December 2023 (\u20ac1,732.7 million) compared with the same period of 2022 (\u20ac1,036.9 million), combined with the overall rise in interest rates, which particularly affected the new term loans subscribed from the end of 2022 and the new bond issued in 2023. The costs have been only partially offset by income deriving by hedging derivatives unwinding following the liability management initiative managed during 2023 for an amount of \u20ac7.7 million (please refer to the Significant events of the period paragraph in the management board report).
With regards to exchange rate differences, the main driver leading to a variance in exchange rate losses of \u20ac14.6 million on 2022 was cross-currency transactions involving certain emerging market currencies (including the Argentine Peso) for which hedging would not be cost efficient hence not activated by the Group.
The breakdown of interest payable to bondholders is shown in the table below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Financial expenses payable to bondholders

(21.4)

(12.8)

Net changes in fair value and other amortised cost components

(0.9)

(0.8)

Cash flow hedge reserve reported in the statement of profit or loss during the year

(1.3)

(1.3)

Net interest payable on bonds

(23.6)

(14.9)

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108493": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

Focusing on the main components in 2023, interest expenses stood at \u20ac70.8 million compared to \u20ac31.5 million reported in the same period of 2022. This increase was mainly attributable to a higher level of average net debt reported at 31 December 2023 (\u20ac1,732.7 million) compared with the same period of 2022 (\u20ac1,036.9 million), combined with the overall rise in interest rates, which particularly affected the new term loans subscribed from the end of 2022 and the new bond issued in 2023. The costs have been only partially offset by income deriving by hedging derivatives unwinding following the liability management initiative managed during 2023 for an amount of \u20ac7.7 million (please refer to the Significant events of the period paragraph in the management board report).
With regards to exchange rate differences, the main driver leading to a variance in exchange rate losses of \u20ac14.6 million on 2022 was cross-currency transactions involving certain emerging market currencies (including the Argentine Peso) for which hedging would not be cost efficient hence not activated by the Group.
The breakdown of interest payable to bondholders is shown in the table below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Financial expenses payable to bondholders

(21.4)

(12.8)

Net changes in fair value and other amortised cost components

(0.9)

(0.8)

Cash flow hedge reserve reported in the statement of profit or loss during the year

(1.3)

(1.3)

Net interest payable on bonds

(23.6)

(14.9)

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108495": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

Focusing on the main components in 2023, interest expenses stood at \u20ac70.8 million compared to \u20ac31.5 million reported in the same period of 2022. This increase was mainly attributable to a higher level of average net debt reported at 31 December 2023 (\u20ac1,732.7 million) compared with the same period of 2022 (\u20ac1,036.9 million), combined with the overall rise in interest rates, which particularly affected the new term loans subscribed from the end of 2022 and the new bond issued in 2023. The costs have been only partially offset by income deriving by hedging derivatives unwinding following the liability management initiative managed during 2023 for an amount of \u20ac7.7 million (please refer to the Significant events of the period paragraph in the management board report).
With regards to exchange rate differences, the main driver leading to a variance in exchange rate losses of \u20ac14.6 million on 2022 was cross-currency transactions involving certain emerging market currencies (including the Argentine Peso) for which hedging would not be cost efficient hence not activated by the Group.
The breakdown of interest payable to bondholders is shown in the table below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Financial expenses payable to bondholders

(21.4)

(12.8)

Net changes in fair value and other amortised cost components

(0.9)

(0.8)

Cash flow hedge reserve reported in the statement of profit or loss during the year

(1.3)

(1.3)

Net interest payable on bonds

(23.6)

(14.9)

", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108497": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

Focusing on the main components in 2023, interest expenses stood at \u20ac70.8 million compared to \u20ac31.5 million reported in the same period of 2022. This increase was mainly attributable to a higher level of average net debt reported at 31 December 2023 (\u20ac1,732.7 million) compared with the same period of 2022 (\u20ac1,036.9 million), combined with the overall rise in interest rates, which particularly affected the new term loans subscribed from the end of 2022 and the new bond issued in 2023. The costs have been only partially offset by income deriving by hedging derivatives unwinding following the liability management initiative managed during 2023 for an amount of \u20ac7.7 million (please refer to the Significant events of the period paragraph in the management board report).
With regards to exchange rate differences, the main driver leading to a variance in exchange rate losses of \u20ac14.6 million on 2022 was cross-currency transactions involving certain emerging market currencies (including the Argentine Peso) for which hedging would not be cost efficient hence not activated by the Group.
The breakdown of interest payable to bondholders is shown in the table below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Financial expenses payable to bondholders

(21.4)

(12.8)

Net changes in fair value and other amortised cost components

(0.9)

(0.8)

Cash flow hedge reserve reported in the statement of profit or loss during the year

(1.3)

(1.3)

Net interest payable on bonds

(23.6)

(14.9)

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108499": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

Focusing on the main components in 2023, interest expenses stood at \u20ac70.8 million compared to \u20ac31.5 million reported in the same period of 2022. This increase was mainly attributable to a higher level of average net debt reported at 31 December 2023 (\u20ac1,732.7 million) compared with the same period of 2022 (\u20ac1,036.9 million), combined with the overall rise in interest rates, which particularly affected the new term loans subscribed from the end of 2022 and the new bond issued in 2023. The costs have been only partially offset by income deriving by hedging derivatives unwinding following the liability management initiative managed during 2023 for an amount of \u20ac7.7 million (please refer to the Significant events of the period paragraph in the management board report).
With regards to exchange rate differences, the main driver leading to a variance in exchange rate losses of \u20ac14.6 million on 2022 was cross-currency transactions involving certain emerging market currencies (including the Argentine Peso) for which hedging would not be cost efficient hence not activated by the Group.
The breakdown of interest payable to bondholders is shown in the table below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Financial expenses payable to bondholders

(21.4)

(12.8)

Net changes in fair value and other amortised cost components

(0.9)

(0.8)

Cash flow hedge reserve reported in the statement of profit or loss during the year

(1.3)

(1.3)

Net interest payable on bonds

(23.6)

(14.9)

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108501": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

Focusing on the main components in 2023, interest expenses stood at \u20ac70.8 million compared to \u20ac31.5 million reported in the same period of 2022. This increase was mainly attributable to a higher level of average net debt reported at 31 December 2023 (\u20ac1,732.7 million) compared with the same period of 2022 (\u20ac1,036.9 million), combined with the overall rise in interest rates, which particularly affected the new term loans subscribed from the end of 2022 and the new bond issued in 2023. The costs have been only partially offset by income deriving by hedging derivatives unwinding following the liability management initiative managed during 2023 for an amount of \u20ac7.7 million (please refer to the Significant events of the period paragraph in the management board report).
With regards to exchange rate differences, the main driver leading to a variance in exchange rate losses of \u20ac14.6 million on 2022 was cross-currency transactions involving certain emerging market currencies (including the Argentine Peso) for which hedging would not be cost efficient hence not activated by the Group.
The breakdown of interest payable to bondholders is shown in the table below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Financial expenses payable to bondholders

(21.4)

(12.8)

Net changes in fair value and other amortised cost components

(0.9)

(0.8)

Cash flow hedge reserve reported in the statement of profit or loss during the year

(1.3)

(1.3)

Net interest payable on bonds

(23.6)

(14.9)

", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108503": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108505": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f108506": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact30": { "value": " Financial income and expenses
Accounting policy
Financial income and expenses include interest income and charges in respect of financial instruments and the results of hedging transactions used to manage interest rate risk. Borrowing costs are recognised in the income statement based on the effective interest method. The remaining financial components include items in respect of post-employment plans, the discount unwind of long-term obligations and hyperinflation charges. The exchange gain or loss are inclusive of derivatives agreement impacts, excluding cash flow hedges that are used to cover the currency risk of highly probable future currency transactions.
For detailed information on the accounting policy for financial instruments, please refer to note 6 i.-\u2018Financial instruments\u2019.
Share of profit (loss) of joint-ventures
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Financial instruments
Accounting policy
Financial instruments held by the Group are categorised as follows.
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade receivables arise from contracts with customers and are recognised when performance obligations are satisfied, and the consideration due is unconditional as only the passage of time is required before the payment is received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Group. The business model has been defined at a level that reflects the way in which groups of financial assets are managed to achieve a particular business objective. The model\u2019s measurement process requires an assessment based on both quantitative and qualitative factors relating to, for example, the way in which the performance of the financial assets in question is communicated to management with strategic responsibilities and the way in which the risks connected with these financial assets are managed.
The Group measures a financial asset at amortised cost if it meets both of the following conditions:
\u00adit is held under a business model whose objective is to hold assets aiming to collect contractual cash flows; and,
\u00adits contractual terms and conditions are such that the cash flows generated by the asset are attributable exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition; subsequent measurements reflect the repayments made, the effects of applying the effective interest method and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial assets represented by debt securities are classified and valued in the statement of financial position based on the business model adopted to manage these financial assets and the financial flows associated with each financial asset. They are measured at fair value through other comprehensive income (\u2018FVOCI\u2019) if all the conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
\u00adthe rights to receive cash flows from the asset have expired or,
\u00adthe Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (i) the Group has transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please refer to note 3 xii.-\u2018Share of profit (loss) of joint-ventures\u2019.
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact25": { "value": " Financial income and expenses

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses

(70.8)

(31.5)

Bank expenses

(4.2)

(3.5)

Put option and earn-out change in estimate

1.4

-

Exchange rate differences

(19.2)

(4.6)

Remeasurement effect from liability management

-

(4.6)

Hyperinflation effects

8.9

0.7

Other expenses

(4.9)

(1.6)

Total financial expenses

(88.8)

(45.1)

Bank and term deposit interests

23.5

15.2

Total financial income

23.5

15.2

Net financial income (expenses)

(65.3)

(30.0)

Of which adjustments to financial income (expenses)

-

(4.6)

Net financial income (expenses), which included the effects of exchange rate differences and hyperinflation, reported a total net cost of \u20ac65.3 million, with an increase of \u20ac35.3 million compared to the same period in 2022.
The breakdown by nature of net financial expenses for the period is as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest expenses on bonds

(23.6)

(14.9)

Interest expenses on loans

(43.9)

(13.6)

Interest expenses on leases

(3.3)

(2.9)

Total interest expenses

(70.8)

(31.5)

Bank and term deposit interests

23.5

15.1

Bank expenses

(4.2)

(3.5)

Remeasurement effect from liability management

-

(4.6)

Other net expenses

(4.9)

(1.6)

Total financial expenses

(9.1)

(9.7)

Total financial expenses before exchange gain (losses), one-offs,

hyperinflation and put option

(56.4)

(26.1)

Exchange rate differences

(19.2)

(4.6)

Total financial expenses before one-offs, hyperinflation and put option

(75.6)

(30.7)

Discounting from put option liabilities and change in estimate

1.4

-

Hyperinflation effects

8.9

0.7

Net financial income (expenses)

(65.3)

(30.0)

", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact23": { "value": " Leases components in the statement of profit or loss
Accounting policy
For detailed information on the accounting policy, please refer to note 6 vii.-\u2018Lease components in the statement of financial position\u2019.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Interest on lease payables

3.3

2.9

Depreciation and amortisation on right of use underlying assets

16.3

15.1

Variable lease payment not included in measurement of lease liability

15.7

10.1

Expenses related to short-term leases

1.4

0.9

Expenses related to low-value leases

4.9

5.7

Total lease components in the statement of profit or loss

41.6

34.8

Variable leases continued to be included in the statement of profit or loss. They mainly referred to warehouses for storing products, information technology equipment and some production equipment in addition to the use of agricultural land. For further details of contractual commitments for the use of third-party assets that are not recognised using lease accounting, please refer to note 8 ii-\u2018Commitments and risks\u2019.
Property, plant and equipment, right of use assets and biological assets

right of use assets by nature

land and buildings

plant and machinery

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

86.1

7.2

20.0

113.3

Accumulated depreciation at the beginning of the period

(31.2)

(2.7)

(11.0)

(44.9)

at 31 December 2022

55.0

4.5

9.0

68.4

Perimeter effect from business combination

0.6

-

0.1

0.6

Additions

4.5

0.5

9.0

14.0

Depreciation

(9.4)

(1.0)

(5.9)

(16.3)

Exchange rate differences and other changes

(1.3)

(0.1)

(0.1)

(1.4)

at 31 December 2023

49.4

3.9

12.1

65.4

Carrying amount at the end of the period

89.9

7.5

29.1

126.5

Accumulated depreciation at the end of the period

(40.6)

(3.7)

(16.9)

(61.2)

right of use assets by nature

land and buildings

plant and machinery

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

86.5

9.3

25.3

121.1

Accumulated depreciation at the beginning of the period

(27.9)

(4.2)

(17.1)

(49.2)

at 31 December 2021

58.5

5.1

8.2

71.8

Additions

3.5

0.4

5.9

9.8

Depreciation

(9.1)

(1.1)

(4.9)

(15.1)

Exchange rate differences and other changes

2.0

0.1

(0.2)

1.9

at 31 December 2022

55.0

4.5

9.0

68.4

Carrying amount at the end of the period

86.1

7.2

20.0

113.3

Accumulated depreciation at the end of the period

(31.2)

(2.7)

(11.0)

(44.9)

Increases for the year were mainly related to offices and vehicles included in the category \u2018other\u2019. There are no restrictions or covenants on the aforementioned right of use assets.
Lease components in the statement of financial position
Accounting policy
The Group has various agreements in place for the use of offices, vehicles, machinery, shops and other minor assets belonging to third parties. Each agreement is subject to a detailed analysis to define whether or not a right-of-use/financial liability has to be recognised. Variable lease payments that are not linked to an index or rate continue to be charged to the statement of profit or loss as costs for the period.
Lease agreements are generally entered into for a term of 3-10 years but may contain options to extend them. The terms of a lease are negotiated individually and may contain a wide range of different terms and conditions. Such agreements do not include covenants, but the leased assets may be used to guarantee the liability arising from contractual commitments.
The value assigned to the rights of use corresponds to the amount of the lease liabilities recognised, plus initial direct costs incurred, lease payments settled on the start date of the agreement or previously and restoration costs, net of any lease incentives received. Restoration costs, which may be recognised in rare cases, normally relate to offices, for which there could be a contractual requirement to restore them to their original state at the end of the lease agreement. The Group estimates the restoration obligation based on the agreement with the lessor or by using expert valuations of third parties. The value of the liability, discounted to present value, as determined above, increases the right of use of the underlying asset, and a dedicated provision is created to offset.
The discount rate used to measure the financial liability is the incremental borrowing rate (\u2018IBR\u2019) when the implicit interest rate in the lease agreement cannot be easily determined (explicit interest rates in lease agreements are rare). The incremental borrowing rates used to evaluate leasing contracts are determined by the Group and are revised on a recurring basis; they are applied to all agreements with similar characteristics, which are treated as a single portfolio of agreements. The rates are determined using the average effective debt rate of the subsidiary, appropriately adjusted and the most important elements considered in adjusting the rate are the credit-risk spread of each country observable on the market and the different durations of the lease agreements.
The term of the lease is calculated considering the non-cancellable period of the lease together with a) the periods covered by an option to extend the agreement, if it is reasonably certain that it will be exercised, or b)
any period covered by an option to terminate the lease contract, if it is reasonably certain that it will not be exercised. The Group assesses whether it is reasonably certain that any exercising of such options to extend or to terminate the agreements will take place, considering all the relevant factors that create a financial incentive for such decisions.
Disclosure
Changes in the lease payables in 2023 and 2022 are provided in the tables below.

lease payables

at 31 December 2022

addition

payments

interest expenses

reclassification

perimeter effect

exchange rate differences and other changes

at 31 December 2023

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Within 12 months

(14.4)

-

19.3

-

(21.3)

(0.1)

0.5

(16.0)

Over 12 months

(65.1)

(14.1)

-

(3.3)

21.3

(0.6)

1.8

(60.0)

Total lease payables

(79.5)

(14.1)

19.3

(3.3)

-

(0.6)

2.2

(76.0)

lease payables

at 31 December 2021

addition

payments

interest expenses

reclassification

exchange rate differences and other changes

at 31 December 2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Within 12 months

(13.5)

-

18.1

-

(18.8)

(0.2)

(14.4)

Over 12 months

(70.4)

(9.6)

-

(2.9)

18.8

(0.9)

(65.1)

Total lease payables

(83.9)

(9.6)

18.1

(2.9)

-

(1.1)

(79.5)

The IBRs applied in 2023 and 2022 were as follows.

applied IBRs for the year ended 31 December 2023

Currency

within 5 years

from 5 to 10 years

over 10 years

EUR

4.8%

4.9%

4.6%

US$

5.9%

5.9%

5.7%

GBP

6.0%

5.8%

5.7%

applied IBRs for the year ended 31 December 2022

Currency

within 5 years

from 5 to 10 years

\u00a0over 10 years

EUR

4.7%

4.8%

4.2%

US$

6.0%

5.8%

5.3%

GBP

5.9%

5.5%

4.9%

The increase in IBR is connected with the macro-economic scenario.
The amounts recognised in the cash flow statement were as follows.

\u00a0

for the years ended

\u20ac million

2023

2022

Total cash outflow for leases

(16.0)

(15.1)

Total cash outflow for interests

(3.3)

(2.9)

Total cash outflow for lease

(19.3)

(18.1)

The tables below show the breakdown of financial liabilities for leases by asset class.

\u20ac million

within 12 months

over 12 months

total

Buildings

(10.1)

(48.6)

(58.7)

Vehicles

(3.5)

(7.1)

(10.6)

Machinery

(1.0)

(3.2)

(4.2)

Other

(0.7)

(1.6)

(2.3)

Land

-

(0.2)

(0.2)

Total financial liabilities for leases as of 31 December 2023

(15.4)

(60.6)

(76.0)

Total financial assets for leases as of 31 December 2023

-

-

-

Total financial assets and liabilities (net value) as of 31 December 2023

(15.4)

(60.6)

(76.0)

\u20ac million

within 12 months

over 12 months

total

Buildings

(9.5)

(55.5)

(64.9)

Vehicles

(3.2)

(5.0)

(8.3)

Machinery

(0.9)

(3.8)

(4.7)

Other

(0.8)

(0.6)

(1.4)

Land

-

(0.2)

(0.2)

Total financial liabilities for leases as of 31 December 2022

(14.4)

(65.1)

(79.5)

Total financial assets for leases as of 31 December 2022

-

-

-

Total financial assets and liabilities (net value) as of 31 December 2022

(14.4)

(65.1)

(79.5)

", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact24": { "value": " Share of profit (loss) of joint-ventures
Accounting policy
Joint-venture recognition
A joint-venture exists where there is a joint-control agreement under which the parties, which hold joint control, have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of control under an agreement, which solely exists when decisions on relevant activities require unanimous consensus from all the parties sharing control. The factors considered to determine significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
These companies are initially recognised at cost plus acquisition-related costs and are subsequently reported in the consolidated financial statements using the equity method from the date on which significant influence or joint control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Contingent or variable and committed payments also in the form of an incentive plan granted to personnel of the joint-venture are recorded as an incremental cost of the investment once the attainment of the performance condition becomes probable, based on the fair value of the replacement award as of the acquisition date.
The Group assesses the existence of any impairment indicators whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the investment with effect in the statement of profit or loss. If the Group\u2019s interest in any losses of joint-ventures exceeds the carrying amount of the equity investment in the financial statements, the value of the equity investment is derecognised, and the Group\u2019s portion of further losses is not reported, unless, and to the extent to which, the Group has a legal or implicit obligation to cover such losses.
Disclosure
The joint-ventures are listed below.

name, activity

registered office

share capital at 31 December 2022

% owned by the company

direct shareholder

\u00a0

\u00a0

currency\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

amount

direct

indirect

\u00a0

Dioniso S.r.l., holding\u00a0 and trading company

Via Franco Sacchetti, 20 Sesto San Giovanni; Milan, Italy

\u20ac

1,000,000

50.00

\u00a0

\u00a0

Spiritus Co Ltd., trading company

4F., No, 70, Sec. 3, Nanjing E. Rd Zhongshan Dist, Taipei City 104503, Taiwan (R.O.C.)

TWD

33,600,000

\u00a0

40.00

Glen Grant Ltd.

\u20ac million

investment in joint-ventures

at 31 December 2022

36.0

Increase in interest

3.8

Share of profit (loss)

(8.3)

Capital injection

5.0

Reclassification of previous Japan investment

(3.8)

at 31 December 2023

32.6

\u20ac million

investment in joint-ventures

at 31 December 2021

26.1

Share of profit (loss)(1)

(6.6)

Increase in interests

16.5

at 31 December 2022

36.0

(1) The share of result does not include the cost associated with the provision recorded to offset the cumulated losses generated by the Japan joint-venture for \u20ac0.2 million.
For the year ended 2023, the Group recorded a \u20ac8.3 million loss (\u20ac6.6 million loss in 2022) resulting from share of negative results of joint-ventures for \u20ac9.3 million applying the equity method for all its interests and mainly driven by the non-recurring recognition of impairment loss over joint-venture\u2019s intangible assets. The result was also impacted by the remeasurement of previously held investments in Japan and New Zealand for a total \u20ac0.9 million. Furthermore, during 2023 the Group acquired the remaining 60% interest in CT Spirits Japan Ltd. (for detailed information please refer to the \u2018Significant events of the period\u2019-paragraph in the management board report), thus becoming a fully owned subsidiary included in the consolidation perimeter.
A capital injection in the Dioniso joint-venture (contribution equally supported by Mo\u00ebt Hennessy) of \u20ac5.0 million was also completed in 2023.
The following table includes the breakdown of interest in joint-ventures.

name of entity

country of business

% of ownership interest

nature of relationship

measurement method

currency

carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

at 31 December

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

Dioniso Group

Italy

50.0%

Joint-venture

Equity method

EUR

32.2

35.6

Spiritus Co. Ltd

Taiwan

40.0%

Joint-venture

Equity method

TWD

0.4

0.4

Total investments in joint-ventures

\u00a0

\u00a0

\u00a0

32.6

36.0

The key financials, asset and profit or loss figures for the joint-ventures are shown in the tables below.

Highlights-Dioniso Group

at 31 December 2023

at 31 December 2022

\u00a0

\u20ac million

\u20ac million

Revenues

64.6

69.2

Net income (loss) of the period

(16.6)

(13.4)

Total assets

116.9

123.6

Net assets (100%)

72.0

74.5

Group's share of net assets (50%)

36.0

37.3

Gaap differences to IFRS

(3.9)

(1.6)

Carrying value of interest in joint-venture

32.2

35.6

Highlights-Spiritus Co. Ltd

at 31 December 2023

at 31 December 2022

\u00a0

\u20ac million

Taiwan dollar million

\u20ac million

Taiwan dollar million

Revenues

2.6

86.0

2.3

70.7

Net income (loss) of the period

-

1.2

-

0.3

Total assets

2.5

83.4

2.6

85.3

Net assets (100%)

1.0

35.3

1.0

33.9

Group's share of net assets (40%)

0.4

-

0.4

-

Gaap differences to IFRS

-

-

-

-

Carrying value of interest in joint-venture

0.4

-

0.4

-

Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
Financial guarantees.
The Group has provided financial guarantees in the context of the 50%-50% joint-venture in Dioniso Group with Mo\u00ebt Hennessy to create a premium pan-European Wines and Spirits e-commerce player and which holds the leading e-commerce platforms for wines and premium spirits in Italy (Tannico e Wineplatform S.p.A.) and in France (Ventealapropriete.com). The Group is providing 50% of financial support to Dioniso Group for the completion of business expansion transactions in case existing cash flows are not sufficient and the bank indebtedness or other third-party financing cannot be obtained at satisfactory conditions. At 31 December 2023, the estimated potential cash out for the Group in relation to Dioniso Group existing commitments in the form of put and/or call option connected with business combination and a committed liability for a personnel compensation scheme totalled \u20ac9.0 million (\u20ac11.7 million at 31 December 2022).
The Group has provided financial guarantees in the context of the interests in the third party investments in Monkey Spirits, LLC and Thirsty Camel Ltd for an amount of US$10 million; the financial guarantee has been
granted to support the development of the brand and the business and is accompanied by the pledge on the shares belonging to other partners who have not participated in the same financial support. .", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f109158": { "value": " Share of profit (loss) of joint-ventures
Accounting policy
Joint-venture recognition
A joint-venture exists where there is a joint-control agreement under which the parties, which hold joint control, have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of control under an agreement, which solely exists when decisions on relevant activities require unanimous consensus from all the parties sharing control. The factors considered to determine significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
These companies are initially recognised at cost plus acquisition-related costs and are subsequently reported in the consolidated financial statements using the equity method from the date on which significant influence or joint control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Contingent or variable and committed payments also in the form of an incentive plan granted to personnel of the joint-venture are recorded as an incremental cost of the investment once the attainment of the performance condition becomes probable, based on the fair value of the replacement award as of the acquisition date.
The Group assesses the existence of any impairment indicators whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the investment with effect in the statement of profit or loss. If the Group\u2019s interest in any losses of joint-ventures exceeds the carrying amount of the equity investment in the financial statements, the value of the equity investment is derecognised, and the Group\u2019s portion of further losses is not reported, unless, and to the extent to which, the Group has a legal or implicit obligation to cover such losses.
Disclosure
The joint-ventures are listed below.

name, activity

registered office

share capital at 31 December 2022

% owned by the company

direct shareholder

\u00a0

\u00a0

currency\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0

amount

direct

indirect

\u00a0

Dioniso S.r.l., holding\u00a0 and trading company

Via Franco Sacchetti, 20 Sesto San Giovanni; Milan, Italy

\u20ac

1,000,000

50.00

\u00a0

\u00a0

Spiritus Co Ltd., trading company

4F., No, 70, Sec. 3, Nanjing E. Rd Zhongshan Dist, Taipei City 104503, Taiwan (R.O.C.)

TWD

33,600,000

\u00a0

40.00

Glen Grant Ltd.

\u20ac million

investment in joint-ventures

at 31 December 2022

36.0

Increase in interest

3.8

Share of profit (loss)

(8.3)

Capital injection

5.0

Reclassification of previous Japan investment

(3.8)

at 31 December 2023

32.6

\u20ac million

investment in joint-ventures

at 31 December 2021

26.1

Share of profit (loss)(1)

(6.6)

Increase in interests

16.5

at 31 December 2022

36.0

(1) The share of result does not include the cost associated with the provision recorded to offset the cumulated losses generated by the Japan joint-venture for \u20ac0.2 million.
For the year ended 2023, the Group recorded a \u20ac8.3 million loss (\u20ac6.6 million loss in 2022) resulting from share of negative results of joint-ventures for \u20ac9.3 million applying the equity method for all its interests and mainly driven by the non-recurring recognition of impairment loss over joint-venture\u2019s intangible assets. The result was also impacted by the remeasurement of previously held investments in Japan and New Zealand for a total \u20ac0.9 million. Furthermore, during 2023 the Group acquired the remaining 60% interest in CT Spirits Japan Ltd. (for detailed information please refer to the \u2018Significant events of the period\u2019-paragraph in the management board report), thus becoming a fully owned subsidiary included in the consolidation perimeter.
A capital injection in the Dioniso joint-venture (contribution equally supported by Mo\u00ebt Hennessy) of \u20ac5.0 million was also completed in 2023.
The following table includes the breakdown of interest in joint-ventures.

name of entity

country of business

% of ownership interest

nature of relationship

measurement method

currency

carrying amount

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

at 31 December

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

Dioniso Group

Italy

50.0%

Joint-venture

Equity method

EUR

32.2

35.6

Spiritus Co. Ltd

Taiwan

40.0%

Joint-venture

Equity method

TWD

0.4

0.4

Total investments in joint-ventures

\u00a0

\u00a0

\u00a0

32.6

36.0

The key financials, asset and profit or loss figures for the joint-ventures are shown in the tables below.

Highlights-Dioniso Group

at 31 December 2023

at 31 December 2022

\u00a0

\u20ac million

\u20ac million

Revenues

64.6

69.2

Net income (loss) of the period

(16.6)

(13.4)

Total assets

116.9

123.6

Net assets (100%)

72.0

74.5

Group's share of net assets (50%)

36.0

37.3

Gaap differences to IFRS

(3.9)

(1.6)

Carrying value of interest in joint-venture

32.2

35.6

Highlights-Spiritus Co. Ltd

at 31 December 2023

at 31 December 2022

\u00a0

\u20ac million

Taiwan dollar million

\u20ac million

Taiwan dollar million

Revenues

2.6

86.0

2.3

70.7

Net income (loss) of the period

-

1.2

-

0.3

Total assets

2.5

83.4

2.6

85.3

Net assets (100%)

1.0

35.3

1.0

33.9

Group's share of net assets (40%)

0.4

-

0.4

-

Gaap differences to IFRS

-

-

-

-

Carrying value of interest in joint-venture

0.4

-

0.4

-

", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f109159": { "value": " Share of profit (loss) of joint-ventures
Accounting policy
Joint-venture recognition
A joint-venture exists where there is a joint-control agreement under which the parties, which hold joint control, have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of control under an agreement, which solely exists when decisions on relevant activities require unanimous consensus from all the parties sharing control. The factors considered to determine significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
These companies are initially recognised at cost plus acquisition-related costs and are subsequently reported in the consolidated financial statements using the equity method from the date on which significant influence or joint control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Contingent or variable and committed payments also in the form of an incentive plan granted to personnel of the joint-venture are recorded as an incremental cost of the investment once the attainment of the performance condition becomes probable, based on the fair value of the replacement award as of the acquisition date.
The Group assesses the existence of any impairment indicators whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the investment with effect in the statement of profit or loss. If the Group\u2019s interest in any losses of joint-ventures exceeds the carrying amount of the equity investment in the financial statements, the value of the equity investment is derecognised, and the Group\u2019s portion of further losses is not reported, unless, and to the extent to which, the Group has a legal or implicit obligation to cover such losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact17": { "value": " Share of profit (loss) of joint-ventures
A joint-venture exists where there is a joint-control agreement under which the parties, which hold joint control, have a right to the net assets covered by the agreement. Joint control is the contractually agreed sharing of control under an agreement, which solely exists when decisions on relevant activities require unanimous consensus from all the parties sharing control. The factors considered to determine significant influence or joint control are similar to those necessary to determine control over subsidiaries.
Joint-ventures measurement
These companies are initially recognised at cost plus acquisition-related costs and are subsequently reported in the consolidated financial statements using the equity method from the date on which significant influence or joint control commences and ending when that influence or control ceases.
If there is a significant loss of influence or joint control, the holding and/or investment is recognised at fair value and the difference between the fair value and the carrying amount is recorded in the statement of profit or loss.
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Contingent or variable and committed payments also in the form of an incentive plan granted to personnel of the joint-venture are recorded as an incremental cost of the investment once the attainment of the performance condition becomes probable, based on the fair value of the replacement award as of the acquisition date.
The Group assesses the existence of any impairment indicators whenever events or circumstances indicate that the carrying amount of the investment may not be recoverable; any impairment loss is allocated to the investment with effect in the statement of profit or loss. If the Group\u2019s interest in any losses of joint-ventures exceeds the carrying amount of the equity investment in the financial statements, the value of the equity investment is derecognised, and the Group\u2019s portion of further losses is not reported, unless, and to the extent to which, the Group has a legal or implicit obligation to cover such losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact32": { "value": " Share of profit (loss) of joint-ventures
Joint-ventures measurement
Any committed payments to increment the ownership interest in an a joint-venture, in the form of a put and/or call option or a combination of both, cannot be estimated and recorded as a financial liability at the time of the transaction since the guidance valid for financial instruments does not apply to interests in joint-ventures that are accounted for using the equity method. These written agreements for put and/or call options are derivative agreements and represented in the Group accounts as financial instruments measured at fair value with an impact in the statement of profit or loss. At that time of expiration of the call and/or put options, the derivatives will be replaced by an increased value of the investment to be recorded against the cash out for the derivative settlement.
Financial instruments
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please refer to note 3 xii.-\u2018Share of profit (loss) of joint-ventures\u2019.
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f109911": { "value": "
xiii. Taxation
Accounting policy
Current tax is based on taxable profit for the year. Taxable profit is different from accounting profit due to temporary differences between accounting and tax treatments and due to items that are never taxable or tax deductible. Tax benefits are not recognised unless it is probable that the tax positions are sustainable.
In preparing the taxation estimates, a detailed assessment is performed considering uncertainties regarding the tax treatment of transactions carried out, which could give rise to disputes with the tax authorities with related tax liabilities included in current liabilities. Current tax assets and liabilities are offset when these relate to income taxes levied by the same tax authority and a legal right of set-off exists, provided that the realisation of the asset and the settlement of the liability take place simultaneously.
Other non-income taxes, such as property and capital taxes, are included in operating expenses. Penalties and interest on tax liabilities are included in other operating income and expenses and financial income and expenses, respectively unless they qualify as income taxes based on local legislations, being in that case classified as income taxes.
Deferred tax assets and liabilities are calculated on all temporary differences between the asset and liability values recorded in the financial statements and the corresponding values recognised for tax purposes using the liability method. No deferred tax liability is provided in respect of any future dividend distributions of foreign subsidiaries where the Group is able to control those and it is probable that earnings will not be remitted in the foreseeable future or where no liability would arise on the remittance.
Disclosure

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

- current taxes for the year

(123.1)

(162.0)

- current taxes relating to previous years

2.8

3.1

- deferred tax expenses

(13.9)

9.4

- accruals and release for tax risks

0.2

6.0

Taxes recorded in the statement of profit or loss

(134.0)

(143.5)

Taxes recorded in the statement of other comprehensive income

5.5

(12.3)

Reconciliation of tax expenses
The table below shows a reconciliation of the Group\u2019s theoretical tax liability with its actual tax liability.
Considering the complexity of the global taxation rate applicable to Group companies, the theoretical rate used in preparing the reconciliation is that applicable for the Parent company. The rate in force on the reporting date is the Italian corporate income tax (\u2018IRES\u2019) of 24.0%, while the regional production tax (\u2018IRAP\u2019), which is applicable to Italian companies, has been taken into account as a permanent difference.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Profit before taxation

466.5

475.0

Applicable tax rate in Italy (IRES)

-24%

-24%

Theoretical Group taxes at current tax rate in Italy

(112.0)

(114.0)

Difference in tax rate of Group companies

(24.0)

(36.7)

Permanent differences

1.4

(4.3)

Tax incentives

2.1

1.5

Net releases to tax provision

0.2

6.0

Tax on future dividend distributions

(16.6)

(12.2)

Taxes relating to previous financial years

11.7

(1.6)

Other consolidation differences

-

1.5

IRAP

3.1

16.4

Actual tax charge

(134.0)

(143.5)

Actual tax rate

-28.7%

-30.2%

Taxation recorded in the statement of profit or loss totalled \u20ac134.0 million with a decrease of \u20ac9.5 million compared to 2022 (\u20ac143.5). The reported tax rate in the 2023 period was 28.7%, compared to a reported tax rate of 30.2% in 2022. The difference in the reported tax rate was mainly guided by favourable country mix and positive effect of prior years\u2019 taxes partially offset by increased accrual on future dividend distributions and permanent differences variation (mainly due to reduced amount of intercompany dividends distributed compared to 2022).
The normalised tax rate in 2023 stood at 27.9%, substantially in line with the normalised tax rate of 28.2% recognised in 2022 consistently, with variances primarily attributable to a favourable country mix. The normalised ratio is defined by considering the income taxation against profit before taxation, excluding the following:
- components that may not accurately reflect the current operating results (refer to note 3 vi-\u2018Selling, general and administrative expenses),
- re-assessment adjustment of previously held joint-venture investments before their consolidation (please refer to note 3 xii-\u2019Share of profit (loss) of joint-ventures\u2019),
- adjustments to financial and to tax income and expenses (\u20ac17.7 in 2023 and \u20ac8.2 million in 2022), comprising positive components of \u20ac20.3 million primarily due to the tax effect on the aforementioned items, and negative components of \u20ac2.6 million of pure tax adjustments, mainly associated with tax uncertainties and deferred taxes related to the distribution of estimated earning reserves of subsidiaries.
Breakdown of deferred taxes by type

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 \u20ac million post-reclassification

\u00a0

\u20ac million

\u20ac million

\u20ac million

Deferred tax assets

78.9

(0.2)

72.6

Deferred tax liabilities

(403.7)

-

(399.4)

Net deferred tax

(324.8)

(0.2)

(326.8)

\u00a0

at 31 December

for the years ended 31 December

\u00a0

2023

2022

2023

2022

2023

2023

2022

2022

\u00a0

statement of financial position

statement of profit or loss

\u00a0statements of other comprehensive income

\u00a0

of which OCI variations

of which exchange rate and reclassifications

of which OCI variation

of which exchange rate and reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Deferred expenses

16.3

9.3

7.1

1.4

-

(0.2)

-

0.9

Tax provisions

56.9

53.0

7.8

5.0

-

(3.9)

-

2.7

Tax losses carried forward

18.6

21.5

(3.6)

2.8

-

0.7

-

0.9

Reclassification

to deferred tax liabilities

(72.1)

(64.2)

-

-

-

(8.0)

-

(12.5)

Leases

7.9

9.0

(1.5)

(1.1)

-

0.4

-

0.1

Intra-group profit elimination

23.4

22.9

(0.7)

7.3

-

-

-

\u00a0

Other

27.9

21.0

4.2

12.0

0.1

2.6

(2.5)

0.3

Deferred tax assets

78.9

72.5

13.4

27.5

0.1

(8.3)

(2.5)

(7.5)

Accelerated depreciation

(49.9)

(47.6)

(3.8)

(2.3)

-

1.5

-

(2.1)

Gains subject

to deferred taxation

(0.1)

(0.1)

-

-

-

-

-

-

Goodwill and brands deductible at local level

(230.4)

(231.3)

(6.3)

(11.7)

-

7.2

-

(11.7)

Goodwill and brands

not deductible at local level

(115.1)

(115.6)

3.1

-

-

(2.6)

-

(2.9)

Taxes payable

on undistributed profits

(40.5)

(25.4)

(15.1)

5.3

-

-

-

-

Leases

(8.6)

(9.8)

1.5

0.7

-

(0.4)

-

(0.1)

Reclassification of deferred tax assets

72.1

64.2

-

-

-

8.0

-

12.6

Other

(31.2)

(33.8)

(6.7)

(10.1)

5.4

4.0

(9.8)

(1.3)

Deferred tax liabilities

(403.7)

(399.4)

(27.3)

(18.1)

5.4

17.7

(9.8)

(5.6)

Total

(324.8)

(326.9)

(13.9)

9.4

5.5

9.3

(12.3)

(13.1)

Deferred tax assets in relation to past losses are mainly attributable to Campari do Brasil Ltda., Glen Grant Ltd., Campari Espa\u00f1a S.L.U., Campari Argentina S.A. and Campari Mexico S.A. de C.V.. With the exception of Argentina and Mexico for which tax losses can be carried forward for, respectively, a 5- and 10-year period, local legislation does not set a time limit for their use but does set a quantitative limit for each individual year, based on declared taxable income. The companies have also begun to use these losses to offset taxable profit. Unused tax losses carry forwards for which deferred tax assets were not activated mainly referred to Champagne Lallier S.A.S., Casa Montelobos, S.A.P.I. de C.V., Licorera Ancho Reyes y cia, S.A.P.I. de C.V., CT Spirits Japan K.K. and Campari Ukraine LLC, as reported below.

\u00a0

tax losses carry forwards

unrecognised deferred tax assets

expiry date

\u00a0

\u20ac million

\u20ac million

\u00a0

Casa Montelobos, S.A.P.I. de C.V.

11.0

3.3

10 years

Licorera Ancho Reyes y cia, S.A.P.I. de C.V.

8.8

2.6

10 years

Campari Mexico Destiladora S.A. de C.V.

0.1

-

10 years

CT Spirits Japan K.K.

7.5

2.6

No Limit

Champagne Lallier S.A.S.

16.9

4.2

No Limit

Camparino S.r.l.

0.6

0.2

No Limit

Campari Ukraine LLC

2.4

0.4

No Limit

The corporate income tax payable is shown net of advance payments and taxes deducted at source. The net tax receivable position in 2023 is mainly due to lower taxes due for 2023 compared to the advance payments for the same year.

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Income tax receivables

26.1

-

18.3

Receivables from controlling shareholder for tax consolidation\u207d\u00b9\u207e

20.0

-

0.7

Income tax receivables

46.1

-

19.1

Income tax payables

13.1

(0.1)

16.4

Payables to controlling shareholder for tax consolidation\u207d\u00b9\u207e

9.2

-

56.2

Income tax payables

22.3

(0.1)

72.5

(1) Please refer to paragraph 11 viii-\u2019Related parties\u2019 for more information.
Organisation for Economic Cooperation and Development (\u2018OECD\u2019) global minimum taxes (\u2018Pillar two\u2019)
Following the enactment of Italian legislation adopting the Pillar Two Directive of 22 December 2022 (referred to as Legislative Decree of 27 December 2023, no. 209 or \"Italian Pillar Two legislation\"), Davide Campari-Milano N.V. became subject to the Italian Pillar Two legislation as of 1 January 2024. This legislation is applicable for the Group's financial year commencing on 1 January 2024 and has been either enacted or substantially enacted
in certain jurisdictions where the Group operates. The Group has conducted an assessment of its potential exposure to income taxes (both current and deferred), based on the latest tax filings, country-by-country reporting and financial statements of the entities within the Group. According to the preliminary assessment, the Pillar Two effective tax rates in almost all jurisdictions where the Group operates exceed 15%. However, there may be a few jurisdictions where the transitional safe harbour relief does not currently apply, resulting in Pillar Two effective tax rates close to 15%. Additionally, subsequent Ministerial decrees will provide detailed implementing rules regarding applicable safe harbours. Based on the available information, it is believed that there will not be significant exposure to Pillar Two income taxes in those jurisdictions. Moreover, concurrently, the Group is implementing an internal tax and accounting solution to address the tax compliance requirements associated with each country's implementation of Pillar Two legislation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f109912": { "value": "
xiii. Taxation
Accounting policy
Current tax is based on taxable profit for the year. Taxable profit is different from accounting profit due to temporary differences between accounting and tax treatments and due to items that are never taxable or tax deductible. Tax benefits are not recognised unless it is probable that the tax positions are sustainable.
In preparing the taxation estimates, a detailed assessment is performed considering uncertainties regarding the tax treatment of transactions carried out, which could give rise to disputes with the tax authorities with related tax liabilities included in current liabilities. Current tax assets and liabilities are offset when these relate to income taxes levied by the same tax authority and a legal right of set-off exists, provided that the realisation of the asset and the settlement of the liability take place simultaneously.
Other non-income taxes, such as property and capital taxes, are included in operating expenses. Penalties and interest on tax liabilities are included in other operating income and expenses and financial income and expenses, respectively unless they qualify as income taxes based on local legislations, being in that case classified as income taxes.
Deferred tax assets and liabilities are calculated on all temporary differences between the asset and liability values recorded in the financial statements and the corresponding values recognised for tax purposes using the liability method. No deferred tax liability is provided in respect of any future dividend distributions of foreign subsidiaries where the Group is able to control those and it is probable that earnings will not be remitted in the foreseeable future or where no liability would arise on the remittance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact18": { "value": "
xiii. Taxation
Other non-income taxes, such as property and capital taxes, are included in operating expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact19": { "value": "
xiii. Taxation
Deferred tax assets and liabilities are calculated on all temporary differences between the asset and liability values recorded in the financial statements and the corresponding values recognised for tax purposes using the liability method. No deferred tax liability is provided in respect of any future dividend distributions of foreign subsidiaries where the Group is able to control those and it is probable that earnings will not be remitted in the foreseeable future or where no liability would arise on the remittance.
Breakdown of deferred taxes by type

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 \u20ac million post-reclassification

\u00a0

\u20ac million

\u20ac million

\u20ac million

Deferred tax assets

78.9

(0.2)

72.6

Deferred tax liabilities

(403.7)

-

(399.4)

Net deferred tax

(324.8)

(0.2)

(326.8)

\u00a0

at 31 December

for the years ended 31 December

\u00a0

2023

2022

2023

2022

2023

2023

2022

2022

\u00a0

statement of financial position

statement of profit or loss

\u00a0statements of other comprehensive income

\u00a0

of which OCI variations

of which exchange rate and reclassifications

of which OCI variation

of which exchange rate and reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Deferred expenses

16.3

9.3

7.1

1.4

-

(0.2)

-

0.9

Tax provisions

56.9

53.0

7.8

5.0

-

(3.9)

-

2.7

Tax losses carried forward

18.6

21.5

(3.6)

2.8

-

0.7

-

0.9

Reclassification

to deferred tax liabilities

(72.1)

(64.2)

-

-

-

(8.0)

-

(12.5)

Leases

7.9

9.0

(1.5)

(1.1)

-

0.4

-

0.1

Intra-group profit elimination

23.4

22.9

(0.7)

7.3

-

-

-

\u00a0

Other

27.9

21.0

4.2

12.0

0.1

2.6

(2.5)

0.3

Deferred tax assets

78.9

72.5

13.4

27.5

0.1

(8.3)

(2.5)

(7.5)

Accelerated depreciation

(49.9)

(47.6)

(3.8)

(2.3)

-

1.5

-

(2.1)

Gains subject

to deferred taxation

(0.1)

(0.1)

-

-

-

-

-

-

Goodwill and brands deductible at local level

(230.4)

(231.3)

(6.3)

(11.7)

-

7.2

-

(11.7)

Goodwill and brands

not deductible at local level

(115.1)

(115.6)

3.1

-

-

(2.6)

-

(2.9)

Taxes payable

on undistributed profits

(40.5)

(25.4)

(15.1)

5.3

-

-

-

-

Leases

(8.6)

(9.8)

1.5

0.7

-

(0.4)

-

(0.1)

Reclassification of deferred tax assets

72.1

64.2

-

-

-

8.0

-

12.6

Other

(31.2)

(33.8)

(6.7)

(10.1)

5.4

4.0

(9.8)

(1.3)

Deferred tax liabilities

(403.7)

(399.4)

(27.3)

(18.1)

5.4

17.7

(9.8)

(5.6)

Total

(324.8)

(326.9)

(13.9)

9.4

5.5

9.3

(12.3)

(13.1)

Deferred tax assets in relation to past losses are mainly attributable to Campari do Brasil Ltda., Glen Grant Ltd., Campari Espa\u00f1a S.L.U., Campari Argentina S.A. and Campari Mexico S.A. de C.V.. With the exception of Argentina and Mexico for which tax losses can be carried forward for, respectively, a 5- and 10-year period, local legislation does not set a time limit for their use but does set a quantitative limit for each individual year, based on declared taxable income. The companies have also begun to use these losses to offset taxable profit. Unused tax losses carry forwards for which deferred tax assets were not activated mainly referred to Champagne Lallier S.A.S., Casa Montelobos, S.A.P.I. de C.V., Licorera Ancho Reyes y cia, S.A.P.I. de C.V., CT Spirits Japan K.K. and Campari Ukraine LLC, as reported below.

\u00a0

tax losses carry forwards

unrecognised deferred tax assets

expiry date

\u00a0

\u20ac million

\u20ac million

\u00a0

Casa Montelobos, S.A.P.I. de C.V.

11.0

3.3

10 years

Licorera Ancho Reyes y cia, S.A.P.I. de C.V.

8.8

2.6

10 years

Campari Mexico Destiladora S.A. de C.V.

0.1

-

10 years

CT Spirits Japan K.K.

7.5

2.6

No Limit

Champagne Lallier S.A.S.

16.9

4.2

No Limit

Camparino S.r.l.

0.6

0.2

No Limit

Campari Ukraine LLC

2.4

0.4

No Limit

", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact21": { "value": "
xiii. Taxation
Deferred tax assets and liabilities are calculated on all temporary differences between the asset and liability values recorded in the financial statements and the corresponding values recognised for tax purposes using the liability method. No deferred tax liability is provided in respect of any future dividend distributions of foreign subsidiaries where the Group is able to control those and it is probable that earnings will not be remitted in the foreseeable future or where no liability would arise on the remittance. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact22": { "value": "
xiii. Taxation
The corporate income tax payable is shown net of advance payments and taxes deducted at source. The net tax receivable position in 2023 is mainly due to lower taxes due for 2023 compared to the advance payments for the same year.

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Income tax receivables

26.1

-

18.3

Receivables from controlling shareholder for tax consolidation\u207d\u00b9\u207e

20.0

-

0.7

Income tax receivables

46.1

-

19.1

Income tax payables

13.1

(0.1)

16.4

Payables to controlling shareholder for tax consolidation\u207d\u00b9\u207e

9.2

-

56.2

Income tax payables

22.3

(0.1)

72.5

(1) Please refer to paragraph 11 viii-\u2019Related parties\u2019 for more information.
Related parties
Disclosure
At 31 December 2023 Davide Campari-Milano N.V. was controlled by Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions. Davide Campari-Milano N.V. and its Italian subsidiaries have adopted the national tax consolidation scheme for 2021 to 2023. At 31 December 2023, the individual Italian companies' income tax receivables and payables were recorded from or to, respectively, Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions. Furthermore, Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions, Davide Campari-Milano N.V. and some of its Italian subsidiaries, have joined the Group-wide VAT scheme. All tax receivables and payables are non-interest-bearing.
The tables below indicate the amounts for the various categories of transactions with related parties.

\u00a0

receivables for tax consolidation

payables for tax consolidation

receivables (payables) for Group VAT

other non-current tax receivables

other financial liabilities

31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Lagfin S.C.A.,

Soci\u00e9t\u00e9 en Commandite par Actions

20.0

(9.2)

(3.2)

0.1

(1.2)

Total

20.0

(9.2)

(3.2)

0.1

(1.2)

% on the related financial statements item

43.5%

41.4%

3.6%

0.5%

2.1%

\u00a0

receivables for tax consolidation

payables for tax consolidation

receivables (payables) for Group VAT

other non-current tax receivables

31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions

0.7

(56.2)

(0.5)

0.1

Total

0.7

(56.2)

(0.5)

0.1

% on the related financial statements item

3.8%

77.4%

0.5%

0.2%

\u00a0

selling, general and administrative expenses

2023

\u20ac million

Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions

(0.1)

Total

(0.1)

%

-

In 2022 no transactions with related parties were accounted in the profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f111324": { "value": " Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact42": { "value": " Acquisition and sale of businesses and purchase of non-controlling interests
Accounting policy
Business combinations recognition
Business combinations are recorded by applying the acquisition method. Ancillary costs relating to the transaction are recognised in the statement of profit or loss at the time at which they are incurred. The Group verifies firstly whether the acquired set of activities and assets meets the definition of a business, and control is transferred to the Group, meaning that the transaction falls within the definition of a business combination. In particular, the Group deems an undertaking to be a business only if it is an integrated set of activities and assets that includes at least an input and a substantive process which, together, contribute to the ability to create an output. A business can therefore exist even without the inclusion of all the inputs and processes necessary to create an output. The Group undertakes this assessment by also applying the option of the \u2018concentration test\u2019 to simplify the assessment itself for each business combination to segregate asset deal transactions.
Information about the fair value measurement allocated to assets acquired and liabilities assumed in the context of the business combination are disclosed. Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Any changes in fair value allocation of the net assets acquired occurring once more information related to the business acquired as per acquisition date becomes available during the measurement period (12 months from the date of acquisition) are included retrospectively in goodwill.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
In the case of business combinations made in stages, the interest previously held by the Group in the acquired business is revalued at fair value on the date on which the control is acquired, and any resulting gains or losses are recognised in the statement of profit or loss.
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Intangible assets
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact40": { "value": " Acquisition and sale of businesses and purchase of non-controlling interests
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Intangible assets
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Disclosure
\u00adGoodwill and brands

\u00a0

goodwill

brands with an indefinite life

brands with a finite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

1,914.5

1,217.6

31.7

3,163.8

Cumulative impairment at the beginning of the period

(2.7)

(42.3)

(24.9)

(70.0)

at 31 December 2022

1,911.8

1,175.3

6.7

3,093.8

Change resulting from provisional allocation of acquisition value

(33.7)

1.1

-

(32.6)

Exchange rate effect of reclassifications

0.4

-

-

0.4

at 31 December 2022 post-reclassifications

1,878.5

1,176.4

6.7

3,061.6

Perimeter effect from business combination

11.9

-

-

11.9

Impairment loss

-

(10.3)

-

(10.3)

Amortisation

-

-

(2.2)

(2.2)

Exchange rate differences

(39.5)

(14.6)

(0.2)

(54.3)

at 31 December 2023

1,850.8

1,151.5

4.4

3,006.6

Carrying amount at the end of the period

1,853.6

1,204.1

31.5

3,089.1

Cumulative impairment at the end of the period

(2.7)

(52.6)

(27.2)

(82.5)

\u00a0

goodwill

brands with an indefinite life

brands with a finite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

1,419.3

1,008.7

32.0

2,459.9

Cumulative impairment at the beginning of the period

(3.0)

(42.3)

(23.5)

(68.7)

at 31 December 2021

1,416.3

966.4

8.5

2,391.2

Additions

-

129.9

-

129.9

Perimeter effect from business combination

450.0

59.7

-

509.7

Amortisation

-

-

(2.3)

(2.3)

Exchange rate differences

45.5

19.3

0.5

65.3

at 31 December 2022

1,911.8

1,175.3

6.7

3,093.8

Carrying amount at the end of the period

1,914.5

1,217.6

31.7

3,163.8

Cumulative impairment at the end of the period

(2.7)

(42.3)

(24.9)

(70.0)

The change in the basis of consolidation comprises an increase of \u20ac11.9 million attributable to the identification of amounts for goodwill related to the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority
stake in Thirsty Camel Ltd. (for further details, see note 4 i.-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019).
During the year, an impairment loss of \u20ac10.3 million was recognised for the Forty Creek trademark (value at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023). Please refer to the following paragraph, \u2018Impairment test on goodwill and brands\u2019, for more information regarding the beforementioned impairment loss. Brands with a finite life included the value of the brand X-Rated.
The negative exchange rate differences on goodwill and brands denominated in local currencies totalled \u20ac54.7 million, mainly related to US and Jamaican Dollars.
Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group\u2019s intangible assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30 September 2023, i.e. the latest available actual figures at the time of the analysis. The results of such tests remained valid as of 31 December 2023, given that no events or impairment indicators have arisen that could result in a material reduction of the assets value or recoverable amounts in the fourth quarter of 2023.
Consistent with previous years, the Group considered the business plan, including the 2024 budget and 2025-2026 strategic plans (drafted by the Group\u2019s companies in 2023 and approved by the Board of Directors of Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing process of certain brands. Assumptions of future cash flows were made based on the conservative approach in terms of both expected growth rates and operating margin trends. In addition, projections were based on reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the Group\u2019s global sustainability strategy, including the path to decarbonisation based on the new challenging and
ambitious medium and long-term environmental targets which have been set in 2023 (for more information of the Group\u2019s global sustainability strategy and the 2023 new environmental targets, please refer to the paragraph \u2018Significant events of the year\u2019 of the management board report). Such investments were taken into account also in the longer horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to \u20ac assumed unchanged to the ones used for drafting the 2024 budget. Although applicable IFRS principles require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of 2024 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the four cash\u2010generating units (CGUs), namely, Americas CGU, SEMEA CGU, NCEE CGU and APAC CGU. This structure reflects the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained at the regional level. This is in line with the geographical segment reporting design adopted by the Group based on its current organisational structure. The allocation of goodwill for each CGU is based on the previous allocation values, adjusted to consider the exchange rate effects and other variations such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the brand values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU. The recoverable amounts of the CGUs were determined based on a \u2018value in use\u2019 methodology. The asset value is measured by discounting the estimated future cash flows generated by the continued use of such asset. Expected cash flows, which were based on the Group\u2019s cash flow estimates, were discounted using a post\u2010tax discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the specific risks for the business of the relevant CGU. The applicable IFRS principles states that, for calculating the \u2018value in use\u2019, pre-tax discount rate and future cash flows should be used. In the impairment test performed, it has been verified that the use of a post-tax approach provides consistent results with the ones which would have been obtained by adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer price for the period 2025\u20102028 for the Group\u2019s key markets (source: IMF, October 2023 release), assumed to be 2.2% for the Americas CGU (vs. 2.2% in 2022), 2.0% for the SEMEA CGU (vs. 2.0% in 2022), 2.1% for the NCEE CGU (vs. 2.5% in 2022) and 2.9% for the APAC CGU (vs. 2.7% in 2022) or 2.1% for the Group overall (vs 2.3% in 2022). It should be noted that the 2024 inflation rate estimate of the International Monetary Fund (\u2018IMF\u2019), assumed as particularly high, was excluded for the purposes of defining the terminal growth rate in order to follow a conservative approach. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows, including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the discount rate used was the Weighted Average Cost of Capital (\u2018WACC\u2019), which depends on the risk associated with the estimated cash flows. The WACC was determined based on observable indicators and market parameters, the current value of money, and the specific risks connected with the business of the relevant CGU. The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates used in the 2023 impairment test for the four CGUs, are as follows: 7.7% for the Americas CGU (same as in 2022), 8.5% for the SEMEA CGU (vs. 8.9% in 2022), 8.5% for the NCEE CGU (vs. 8.3% in 2022) and 6.8% for the APAC CGU (vs. 7.3% in 2022), or 8.1% for the Group overall (same as 2022 impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described above, the impairment test for goodwill as of 31 December 2023 confirmed the full recoverability, including sensitivity, of all the CGUs with a headroom resulting sufficient to exclude goodwill impairment losses that may arise from meaningful business downside risks.

\u00a0

at 31 December

\u00a0

2023

2022

post-reclassifications(1)

CGU\u00a0

\u00a0\u20ac million

\u00a0\u20ac million

Americas

1,167.1

1,204.6

Southern Europe, Middle East and Africa

401.0

401.0

Northern, Central and Eastern Europe

247.4

247.4

Asia-Pacific

35.3

25.6

Total

1,850.8

1,878.5

(1) Includes the final allocation of goodwill value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
Changes in goodwill values at 31 December 2023 compared with 31 December 2022 are mainly due to positive perimeter change equal to \u20ac11.9 million overall, allocated to the APAC CGU, deriving from the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority stake in Thirsty Camel Ltd., as well as unfavourable exchange rate effects of -\u20ac39.9 million, which were re-allocated to the individual CGU.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact41": { "value": " Acquisition and sale of businesses and purchase of non-controlling interests
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Intangible assets
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact54": { "value": " Acquisition and sale of businesses and purchase of non-controlling interests
Goodwill in a business combination
The goodwill acquired in a business combination is allocated to the individual cash-generating units or to the groups of cash-generating units likely to benefit from merger synergies, regardless of whether other assets or liabilities from the acquisition are assigned to these units or groups of units.
In the event of a business disposal, the goodwill of the cash-generating unit connected to the disposal is included in the carrying value of the net items sold by measuring its relative fair value, having as reference the proceeds from the sale and the most recent fair value attributed to the related cash generating unit.
Intangible assets
Accounting policy
Intangible assets recognition
Intangible assets with definite life are recorded at cost, net of accumulated amortisation and any impairment losses. In the event they are acquired through business combinations, they are reported separately from goodwill and brands, and measured at fair value, when this can reliably be measured, on the acquisition date.
Intangible assets produced internally are not capitalised, and are reported in the statement of profit or loss for the financial year in which they are incurred; there are no significant development costs to be considered. The costs of innovation projects and studies are recorded in the income statement in full in the year in which they are incurred.
Software licences represent the cost of purchasing licences and, if incurred, external consultancy fees; there are normally no costs associated with internal personnel necessary for development. These costs are recorded in the year in which the internal or external costs are incurred to train personnel and other related costs.
The following contracts are managed as a service contract with the related costs expensed as they are incurred: cloud computing arrangements under which the Group contracts to pay a fee in exchange for a right to access the supplier\u2019s application software for a specified term; ii. the cloud infrastructure is managed and controlled by the supplier, insofar as access to the software is on an \u2018as needed\u2019 basis over the internet or via a dedicated line and iii. the contract does not convey any rights over tangible assets to the Group. Any prepayment giving a right to a future service is recognised as a prepaid asset. Detailed analysis is undertaken to determine whether the implementation costs for software hosted under cloud arrangements can be capitalised.
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact58": { "value": " Acquisition and sale of businesses and purchase of non-controlling interests Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
Shareholders\u2019 equity
Changes in ownership interests referred to and included the impact of the movement of the year of non-controlling interests and connected liabilities. The movements are as follows.

for the year ended 31 December 2023

reclassification of initial non-controlling interest value

net result of the period(1)

exchange rate of the period

put and/or call option measurement

total reclassification to Group equity

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Ancho Reyes and Montelobos

-

(0.4)

0.5

(20.8)

(20.7)

Champagne Lallier

-

(0.1)

-

0.9

0.8

Trans Beverages Company

-

0.3

(0.5)

(2.5)

(2.8)

Wilderness Trail Distillery

-

2.3

(7.6)

13.9

8.6

Changes in ownership interests

-

2.1

(7.6)

(8.5)

(14.1)

(1) Excluding the net result of the period of BBS Group equal to \u20ac(0.2) million and Thirsty Camel Ltd. equal to \u20ac0.2 million.

for the year ended 31 December 2022

reclassification of initial non-controlling interest value

net result of the period(1)

exchange rate of the period

put and/or call option measurement

total reclassification to Group equity

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Ancho Reyes and Montelobos

-

(1.3)

0.2

6.4

5.4

Champagne Lallier

-

(1.0)

0.1

0.1

(0.7)

Trans Beverages Company

1.4

1.1

(0.1)

(20.8)

(18.4)

Wilderness Trail Distillery

170.1

-

(2.2)

(171.0)

(3.0)

Changes in ownership interests

171.5

(1.2)

(1.9)

(185.2)

(16.8)

(1) Excluding the net result of the period of BBS Group equal to \u20ac(0.3) million.
Shareholders\u2019 equity attributable to non-controlling interests
Accounting policy
For accounting policy over non-controlling interests relate to the portion of a subsidiary\u2019s shareholders\u2019 equity that is not directly or indirectly attributable to the Group, please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019.
Disclosure
The changes during the year are reflected below.

non-controlling interests

\u20ac million

Bellonnie et

Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages

Wilderness Trail Distillery

Thirsty Camel Ltd.

total

at 31 December 2022

1.4

-

-

-

-

-

1.4

net result

(0.2)

(0.4)

(0.1)

0.3

2.3

0.2

2.0

translation difference

-

0.2

-

(0.2)

(6.1)

-

(6.0)

perimeter effect for acquisition

-

-

-

-

-

0.3

0.3

other movements

-

0.3

-

-

0.1

-

0.4

dividends

-

-

-

(0.3)

(1.6)

-

(2.0)

reclassification to group net equity

-

(0.1)

0.1

0.2

5.3

-

5.5

at 31 December 2023

1.1

-

-

-

-

0.5

1.6

non-controlling interests

\u20ac million

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages

Wilderness Trail Distillery

total

at\u00a0 31 December 2021

1.6

-

-

1.4

-

3.0

net result

(0.3)

(1.3)

(1.0)

1.1

-

(1.5)

translation difference

-

0.3

-

-

(2.2)

(1.9)

perimeter effect for acquisition

-

-

-

-

170.1

170.1

other movements

-

-

0.1

(0.1)

-

-

reclassification to group net equity

-

1.0

0.9

(2.4)

(167.9)

(168.4)

at\u00a0 31 December 2022

1.4

-

-

-

-

1.4

The non-controlling interests at 31 December 2023 amounted to \u20ac1.6 million.
The main changes in 2023 were related to the acquisition of Thirsty Camel Ltd. and the recognition of the non-controlling interests related to the 40% minority stake of \u20ac0.3 million and the acquisition of the residual 20% minority interest in Champagne Lallier Group and the derecognition of the related minority interest. With regard to Wilderness Trail Distillery, Ancho Reyes and Montelobos and Trans Beverages, due to the existence of reciprocal purchase/sale agreements involving put/call option mechanisms with several existing non-controlling shareholders, the recognition of a financial liability related to the future purchase obligation (refer to note 6 v-\u2018Non-current financial debt\u2019) and the simultaneous elimination of the amount recognised under non-controlling interests in favour of the Group\u2019s shareholders\u2019 equity (refer to note \u2018Other reserves and retained earnings attributable to Group shareholders\u2019 above) was required.

Company name

Country of business

% of minority interest 2023

% of minority interest 2022

Bellonnie et Bourdillon

Martinique

3.47%

3.47%

Ancho Reyes and Montelobos

Mexico

49.0%

49.0%

Champagne Lallier

France

-

20.0%

Trans Beverages

South Korea

49.0%

49.0%

Thirsty Camel Ltd.

New Zealand

40.0%

-

Wilderness Trail Distillery

United States

30.0%

30.0%

The financial statements of the subsidiaries shown below are based on the same accounting standards applied for the Parent Company and the adjustments measured in the context of the Purchase Price Allocation at the date of acquisition of control.

For the year ended 31 December 2023

total non-controlling interest

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages Co

Wilderness Trail Distillery

Thirsty Camel Ltd

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Net sales

127.8

24.3

14.4

15.4

27.8

29.1

16.8

Profit (loss) for the period

(9.3)

(6.7)

(0.7)

(10.9)

0.5

8.0

0.4

Profit (loss) for the period

attributable to non-controlling interest

2.5

(0.2)

(0.4)

0.4

0.3

2.3

0.2

Current assets

217.5

53.3

17.0

59.7

16.9

44.6

25.9

Non-current assets

630.1

49.0

11.2

44.2

0.3

521.1

4.3

Current liabilities

244.2

69.6

19.8

97.4

12.8

15.9

28.7

Non-current liabilities

7.9

1.8

2.0

0.2

0.2

3.4

0.3

Net assets

595.5

30.9

6.5

6.3

4.3

546.4

1.2

Net assets attributable to non-controlling interest

171.8

1.1

3.1

1.3

2.0

163.9

0.5

Of which represented as non-controlling interest in Campari Group statement

of changes in shareholders' equity

1.6

1.1

-

-

-

-

0.5

for the year ended 31 December 2022

total non-controlling interest

Bellonnie et Bourdillon group

Ancho Reyes and Montelobos

Champagne Lallier group

Trans Beverages Co

Wilderness Trail Distillery

Net sales

72.2

23.3

11.5

15.9

21.5

-

Profit (loss) for the period

(13.7)

(8.2)

(2.5)

(5.1)

2.2

-

Profit (loss) for the period

attributable to non-controlling interest

(2.0)

(0.3)

(1.5)

(1.3)

1.1

-

Current assets

154.7

45.0

9.3

51.2

16.0

33.4

Non-current assets

623.9

48.8

7.2

38.0

0.7

529.2

Current liabilities

153.9

56.7

11.2

71.9

11.4

2.7

Non-current liabilities

4.3

2.1

1.8

0.2

0.2

-

Net assets

620.3

34.9

3.5

17.1

5.0

559.8

Net assets attributable to non-controlling interest

176.7

1.4

1.6

3.4

2.4

167.9

Of which represented as non-controlling interest in Campari Group statement

of changes in shareholders' equity

1.4

1.4

-

-

-

-

viii.Transactions with non-controlling interests
Except for the business combination completed during the year and involving non-controlling interests, there were no other transactions with them for the years ended 31 December 2023 and 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact59": { "value": " Acquisition and sale of businesses and purchase of non-controlling interests Goodwill acquired in business combinations is initially measured at cost, as the excess of the sum of payments transferred as part of a business combination, the value of the portion of shareholders\u2019 equity relating to non-controlling interests and the fair value of any interest previously held in the acquired business over the Group\u2019s portion of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If the value of the net assets acquired and liabilities assumed on the acquisition date exceeds the sum of the transferred payments, the value of the non-controlling interests\u2019 portion of shareholders\u2019 equity and the fair value of any interest previously held in the acquired business, this excess value is recorded in the statement of profit or loss as income from the transaction.
Definition of the business combination costs and shareholders\u2019 equity attributable to non-controlling
interests
The cost of an acquisition is determined by the sum of the payments transferred as part of a business combination, measured at fair value, on the acquisition date and at the value of the portion of shareholders\u2019 equity relating to non-controlling interests. Non-controlling interests relate to the portion of a consolidated subsidiary shareholders\u2019 equity not directly or indirectly attributable to the Group. At the acquisition date, components of non-controlling interests in the acquiree that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation are either measured:
\u00ad at the present ownership instruments\u2019 proportionate share in the recognised amounts of the acquiree\u2019s identifiable net assets, determined according to the rules set out by the accounting standard for business combination,
\u00ad at fair value.
The designated methodology of measurement method of non-controlling interests is made for each business combination on a transaction-by-transaction basis and is specified when the values deriving from the allocation process are shown.
In case of call options likely giving the acquirer present access to returns associated with the ownership interest in the shares subject to the call, or in case of put option granted to non-controlling interests giving present access to the returns associated with the ownership interest in the shares subject to the non-controlling interests put or in case of a combination of both, it is assumed that the purchase will take place on the earliest possible date for the maximum number of shares and the business combination is accounted for as though the acquisition is at 100% interest with the recognition of a financial liability at its fair value measured at the present value of the expected cash outflow to be paid to the non-controlling shareholders at the expiring of the option as any contingent considerations; the liability is classified as a financial instrument and considered part of the
acquisition consideration. Changes in the carrying amount of the financial liability are recognised in the statement of profit or loss.
In case of put option granted to non-controlling interests at the date of or after acquiring control of a subsidiary, which does not provide a present ownership interest, the non-controlling interests is recognised on initial acquisition and, under Group policy choice while the non-controlling interests put remains unexercised, the accounting at the end of each reporting period is as follows:
(a) the amount that would have been recognised for the non-controlling interests value is determined by including allocations of profit or loss, changes in OCI and dividends declared for the reporting period;
(b) the non-controlling interests is derecognised as if it was acquired at that date;
(c) a financial liability is recognised at the present value of the amount payable on exercise of the non-controlling interests put;
(d) the Group accounts for the difference between (b) and (c) as an equity transaction.
If the non-controlling interests put expires unexercised, the position is unwound so that the non-controlling interests is recognised at the amount it would have been as if the put option had never been granted.
Shareholders\u2019 equity attributable to non-controlling interests
Accounting policy
For accounting policy over non-controlling interests relate to the portion of a subsidiary\u2019s shareholders\u2019 equity that is not directly or indirectly attributable to the Group, please refer to note 4 i-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact56": { "value": " Property, plant and equipment, right of use assets and biological assets
Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation, which is applied on a straight-line basis to estimated residual values over their expected useful lives.
For right of use assets, please refer to the note 6 vii.-\u2018Lease components in the statement of financial position\u2019.
For biological assets accounting treatment, please refer to note 8 iii.-\u2018Fair value information on assets and liabilities\u2019.
Land, even if acquired in conjunction with a building, is not depreciated, and nor are held-for-sale tangible assets, which are reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated based on the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-hold-improvements, the period of depreciation is the shorter of the economic life of the asset and the contract duration of the underlying lease agreement. For right of use assets, unless the Group is reasonably certain that it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Group depreciation rate ranges by asset category are as follows:
\u00adbusiness related properties and light construction: 3%-10%
\u00adplant and machinery: 10%
\u00adfurniture, office and electronic equipment: 10%-20%
\u00advehicles: 20%-25%
\u00admiscellaneous equipment: 20%-30%
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is derecognised for accounting purposes, whichever occurs first.
The Group performs impairment tests when there is an indication of impairment at the level of individual fixed asset or group of fixed assets, to ensure that property, plant and equipment are not carried at above their recoverable amounts.
Borrowing costs are not capitalised as part of the cost of an asset since borrowings are not generally attributable to the acquisition, construction or production of a qualifying asset.
Disclosure

property, plant and equipment by nature

land and buildings

plant and machinery

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

559.5

482.3

260.3

1,302.1

Accumulated depreciation at the beginning of the period

(157.4)

(277.5)

(119.0)

(553.9)

at 31 December 2022

402.1

204.8

141.2

748.1

Change resulting from provisional allocation of acquisition value

14.9

4.7

14.0

33.6

Exchange rate effect of reclassifications

(0.2)

(0.1)

(0.2)

(0.4)

at 31 December 2022 post-reclassifications

416.8

209.4

155.1

781.3

Perimeter effect from business combination

-

-

0.2

0.2

Additions

51.4

142.9

69.9

264.2

Disposals

-

(0.5)

(7.7)

(8.1)

Depreciation

(17.0)

(25.4)

(24.8)

(67.2)

Impairment

(0.2)

(0.8)

-

(1.0)

Reclassifications

3.4

6.1

(9.5)

-

Exchange rate differences and other changes

2.7

(3.4)

(4.2)

(4.9)

at 31 December 2023

457.1

328.4

178.9

964.5

Carrying amount at the end of the period

631.5

631.4

322.6

1,585.7

Accumulated depreciation at the end of the period

(174.4)

(302.9)

(143.9)

(621.2)

(1) Additions in property, plant and equipment exclude advances to suppliers for fixed assets, which are considered as capital expenditure in the cash flow.

property, plant and equipment by nature

land and buildings

plant and machinery

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

433.2

400.6

215.9

1,049.8

Accumulated depreciation at the beginning of the period

(135.0)

(250.7)

(103.9)

(489.5)

at 31 December 2021

298.2

150.0

112.1

560.3

Perimeter effect from business combination

23.1

3.9

0.8

27.8

Additions

88.0

70.1

43.6

201.6

Disposals

(0.6)

(0.2)

(8.8)

(9.6)

Depreciation

(12.8)

(21.3)

(19.0)

(53.2)

Impairment

(0.3)

(0.1)

-

(0.4)

Exchange rate differences and other changes

6.5

2.4

12.6

21.5

at 31 December 2022

402.1

204.8

141.2

748.1

Carrying amount at the end of the period

559.5

482.3

260.2

1,302.0

Accumulated depreciation at the end of the period

(157.4)

(277.5)

(119.0)

(553.9)

Capital expenditure for the period, totalling \u20ac264.2 million, was mainly related to the extraordinary capacity expansion initiatives, mainly in Mexico destinated to the Espol\u00f2n production (\u20ac50.0 million), to the production sites in Italy (\u20ac42.3 million) and the United States (\u20ac91.1 million), as well as improvements made to strengthen the Group\u2019s production capacity and efficiency. Finally, the purchase of barrels for maturing bourbon, rum and whisky, included in the \u2018other\u2019 category, amounted to \u20ac47.1 million. Disposals, amounting to \u20ac8.1 million, mainly related to the sale of barrels that were no longer suitable for use in the maturing process.
There are no restrictions or covenants on the aforementioned assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact55": { "value": " Property, plant and equipment, right of use assets and biological assets
Accounting policy
Property, plant and equipment are stated at cost less accumulated depreciation, which is applied on a straight-line basis to estimated residual values over their expected useful lives.
For right of use assets, please refer to the note 6 vii.-\u2018Lease components in the statement of financial position\u2019.
For biological assets accounting treatment, please refer to note 8 iii.-\u2018Fair value information on assets and liabilities\u2019.
Land, even if acquired in conjunction with a building, is not depreciated, and nor are held-for-sale tangible assets, which are reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated based on the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-hold-improvements, the period of depreciation is the shorter of the economic life of the asset and the contract duration of the underlying lease agreement. For right of use assets, unless the Group is reasonably certain that it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Group depreciation rate ranges by asset category are as follows:
\u00adbusiness related properties and light construction: 3%-10%
\u00adplant and machinery: 10%
\u00adfurniture, office and electronic equipment: 10%-20%
\u00advehicles: 20%-25%
\u00admiscellaneous equipment: 20%-30%
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is derecognised for accounting purposes, whichever occurs first.
The Group performs impairment tests when there is an indication of impairment at the level of individual fixed asset or group of fixed assets, to ensure that property, plant and equipment are not carried at above their recoverable amounts.
Borrowing costs are not capitalised as part of the cost of an asset since borrowings are not generally attributable to the acquisition, construction or production of a qualifying asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact43": { "value": " Property, plant and equipment, right of use assets and biological assets

biological assets represented as fixed assets

assets valued at cost

\u00a0

\u20ac million

Carrying amount at the beginning of the period

29.5

Accumulated depreciation at the beginning of the period

(12.0)

at 31 December 2022

17.5

Additions

13.1

Disposal

(0.7)

Depreciation

(7.5)

Exchange rate differences and other changes

0.5

at 31 December 2023

22.8

Carrying amount at the end of the period

42.3

Accumulated depreciation at the end of the period

(19.5)

biological assets represented as fixed assets

assets valued at cost

\u00a0

\u20ac million

Carrying amount at the beginning of the period

21.6

Accumulated depreciation at the beginning of the period

(8.2)

at 31 December 2021

13.4

Perimeter effect from business combination

0.1

Additions

7.0

Disposal

(0.2)

Depreciation

(3.4)

Exchange rate differences and other changes

0.7

at 31 December 2022

17.5

Carrying amount at the end of the period

29.5

Accumulated depreciation at the end of the period

(12.0)

The addition of \u20ac13.1 million was mainly related to agave plantations in Mexico (\u20ac11.6 million) and grape plantations in France (\u20ac0.8 million). No guarantees were given to third parties in relation to these fixed assets.
At 31 December 2023, the Mexican agave plantations comprised 1,219 hectares. There is no non-productive biological asset for agave plantations and the average growing cycle covers a period of 6 years. During 2023 the Group harvested approximately 1,555 tons of agave in Mexico, which have been measured at fair value less costs to sell and transferred to inventories.
At 31 December 2023, the French grape plantations located in the Champagne region comprised 19.9 hectares, out of which overall 63% of these hectares were rented with medium and long-term agreements, and the remaining 37% was owned. There are no non-productive biological assets for grape plantations. Agricultural output covers a one-year period and the harvest occurred in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) have been considered as inventory in current biological assets at 31 December 2023 in the Group\u2019s accounts: this value is in line with the fair value of the growing grapes based on available information on commodities markets.
In addition, in the Martinique area, sugar cane plantations comprise 553 hectares, of which, overall, 45% are owned and 55% rented with long-term agreements. Of these, 501 hectares are cultivated, and the remaining 52 hectares are not cultivated. Agricultural output covers a one-year period and the harvest is expected from February to June. Given this process, the sugar cane has been considered as a current biological asset classified within the inventory and measured based on the costs sustained during the production process at 31 December: this value was estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, due to the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics. Operating grants in support of industrial investments and of sugar cane plantations in Martinique recognised in the statement of profit or loss in the period are equal to \u20ac0.3 million (\u20ac0.7 million in 2022).
No triggering events for impairment tests occurred during the year.
Inventories and biological assets
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Costs of finished products include raw materials, supplies and consumables, direct labour and expenses and an appropriate proportion of production and other overheads. Cost is calculated at the weighted average cost incurred in acquiring inventories. Maturing inventory includes the depreciation cost of the barrels used in the ageing process on a straight-line basis over the ageing horizon. Maturing inventory, as well as biological assets that, for their nature, are retained for more than one year, are classified as current assets, as they are expected to be realised in the normal operating cycle.
For detailed information on the accounting policy for inventory biological assets, please also refer to note 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Finished products and goods for resale

347.8

8.0

253.8

Maturing inventory

603.3

0.2

516.0

Work in progress

177.8

-

146.2

Raw materials, supplies and consumables

108.4

-

88.7

Inventories

1,237.4

8.2

1,004.6

Current biological assets

15.1

-

7.1

Total

1,252.5

8.2

1,011.7

Stocks totalled \u20ac1,252.5 million at 31 December 2023, up by 240.8 million on 31 December 2022. The increase was mainly driven by finished products and goods for resale, connected with the strong net sales performance and the planned inventory build-up to support the sustained customer demand at year-end, combined with the requirement for temporary safety stock associated with significant capacity expansion initiatives across the Group's production facilities in many geographies, as well as maturing inventory to support the Group\u2019s strategic premiumisation strategy.
The perimeter effect was mainly related to the acquisition increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd..
Current biological assets at 31 December 2023 totalled \u20ac15.1 million, corresponding to the fair value of the sugar cane, grapes and agave harvests that had not yet ripened. All these biological products are classified as current inventory in consideration of their annual vegetative growing process, except agave, which is also classified as inventory during the 6-year growing period even though the agave plants are not yet ripe for the harvest useful for distillation, as they can theoretically be sold as a growing plant. For more information related to the fair value estimation, refer to paragraph 8 iii-\u2018Fair value information on assets and liabilities\u2019. No guarantees were given to third parties in relation to these inventories. Agricultural produce in Martinique benefitted from public grants of \u20ac0.3 million (\u20ac0.2 million in 2022).
Inventories are reported net of the relevant impairment provisions amounting to \u20ac22.3 million (\u20ac15.1 million in 2022).

\u00a0

\u20ac million

at 31 December 2022

(15.1)

Change resulting from provisional allocation of acquisition value

(1.2)

31 December 2022 post-reclassification\u02bf\u00b9\u02be

(16.3)

Perimeter effect for acquisition

(0.9)

(Accruals)/Release

(7.7)

Utilisation

1.4

Exchange rate differences and other changes

1.3

at 31 December 2023

(22.3)

\u00a0

\u20ac million

at 31 December 2021

(13.6)

Accruals/Release

(1.1)

Utilisation

3.3

Exchange rate differences and other changes

(3.7)

at 31 December 2022

(15.1)

Fair value information on assets and liabilities
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
b) Non-financial instruments
Fair value of non-financial instruments:
The table below details the hierarchy of non-financial instruments measured at fair value, based on the valuation methods used:
\u00adlevel 1: the valuation methods use prices quoted on an active market for the assets and liabilities subject to valuation;
\u00adlevel 2: the valuation methods take into account inputs other than the quoted market prices in level 1, but only those that are observable on the market, either directly or indirectly;
\u00adlevel 3: the methods used take into account inputs that are not based on observable market data.

31 December 2023

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets valued at fair value

\u00a0

\u00a0

\u00a0

Third-party investment

\u00a0

-

16.3

Biological assets in inventory

\u00a0

-

15.1

31 December 2022

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets valued at fair value

\u00a0

\u00a0

\u00a0

Third-party investment

-

-

18.8

Biological assets in inventory

-

-

7.1

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31 December 2023 for non-financial instruments measured at fair value in the statement of financial position, and the significant unobservable inputs used.

type

valuation technique

significant

unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

biological assets (inventory)

The fair value of agricultural products grown on the plant is determined by considering the market value of similar commodities and the biological/vegetative cycle which is based on all costs incurred in anticipation of the future harvest (service, products and other ancillary costs).

- actual cost of cultivation and preparation of the land and the plant per hectare

- estimated yields per hectare

- estimated market price for similar commodities.

The estimated fair value would increase (decrease) if:

\u2013 the estimated cost of cultivation and preparation of the land and plantation was higher (lower); or

- the estimated yield per hectare was higher (lower).

third-party investments

The valuation model considers investments in companies that are strategic investments for the Group for which the election has been to recognise changes in the related fair values through profit or loss. The fair value is defined based on the performance result of the companies based on the last Financial Statements available.

- business performance.

The estimated fair value would increase (decrease) if the business performances, was higher (lower).

All the biological products (agave, sugar cane and grapes) are classified as current inventory in consideration of their annual vegetative growing process, apart from agave which is classified as inventory even during the 6-year growing period in consideration of the vegetative characteristics of the product. The amount disclosed in the consolidated accounts at 31 December 2022 for sugar cane and grapes, was used in the production process during the year 2023 and the value reported in the Group statement of the financial position at 31 December 2023 represented the new value of agricultural products that are growing on the plants.
The following table shows a reconciliation from the opening and the closing balance for level 3 fair values as of 31 December 2023 and 2022 respectively.
In 2023, the change in fair value indicated referred to the harvests of agave and sugar cane carried out during the year.

\u20ac million

biological assets in inventory\u02bf\u00b9\u02be

at 31 December 2022

7.1

harvest and reclassification to raw materials

(1.2)

accretion

7.2

change in fair value included in profit or loss (cost of goods sold)

1.0

exchange rate differences

0.9

at 31 December 2023

15.1

(1) Please refer to note 5 iii-\u2018Inventories and biological assets.

\u20ac million

biological assets in inventory

at 31 December 2021

3.7

harvest and reclassification to raw materials

(0.1)

accretion

0.8

change in fair value included in profit or loss (cost of goods sold)

2.2

exchange rate differences

0.4

at 31 December 2022

7.1

In light of the negligible amount of biological assets in inventory classified as level 3 fair value items, no material sensitivity effect was detected as any reasonably possible changes at the balance sheet date of one of the significant unobservable inputs, keeping the other variables constant, would not have generated material effects either on the statement of profit or loss or on the inventory item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact44": { "value": " Property, plant and equipment, right of use assets and biological assets
Borrowing costs are not capitalised as part of the cost of an asset since borrowings are not generally attributable to the acquisition, construction or production of a qualifying asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact45": { "value": " Property, plant and equipment, right of use assets and biological assets
The Group performs impairment tests when there is an indication of impairment at the level of individual fixed asset or group of fixed assets, to ensure that property, plant and equipment are not carried at above their recoverable amounts.
Intangible assets
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact46": { "value": " Property, plant and equipment, right of use assets and biological assets
The Group performs impairment tests when there is an indication of impairment at the level of individual fixed asset or group of fixed assets, to ensure that property, plant and equipment are not carried at above their recoverable amounts.
Intangible assets
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Financial instruments
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact47": { "value": " Property, plant and equipment, right of use assets and biological assets
Land, even if acquired in conjunction with a building, is not depreciated, and nor are held-for-sale tangible assets, which are reported at the lower of their carrying amount and fair value less cost to sell. Barrels are depreciated based on the useful life, which can vary depending on the maturing work in progress for the liquid. For lease-hold-improvements, the period of depreciation is the shorter of the economic life of the asset and the contract duration of the underlying lease agreement. For right of use assets, unless the Group is reasonably certain that it will obtain ownership of the leased asset at the end of the lease term, they are amortised on a straight-line basis over their estimated useful life or the term of the agreement, whichever is the shorter.
The Group depreciation rate ranges by asset category are as follows:
\u00adbusiness related properties and light construction: 3%-10%
\u00adplant and machinery: 10%
\u00adfurniture, office and electronic equipment: 10%-20%
\u00advehicles: 20%-25%
\u00admiscellaneous equipment: 20%-30%
Depreciation ceases on the date on which the asset is classified as held for sale or on which the asset is derecognised for accounting purposes, whichever occurs first.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f114953": { "value": " Intangible assets
Accounting policy
Intangible assets recognition
Intangible assets with definite life are recorded at cost, net of accumulated amortisation and any impairment losses. In the event they are acquired through business combinations, they are reported separately from goodwill and brands, and measured at fair value, when this can reliably be measured, on the acquisition date.
Intangible assets produced internally are not capitalised, and are reported in the statement of profit or loss for the financial year in which they are incurred; there are no significant development costs to be considered. The costs of innovation projects and studies are recorded in the income statement in full in the year in which they are incurred.
Software licences represent the cost of purchasing licences and, if incurred, external consultancy fees; there are normally no costs associated with internal personnel necessary for development. These costs are recorded in the year in which the internal or external costs are incurred to train personnel and other related costs.
The following contracts are managed as a service contract with the related costs expensed as they are incurred: cloud computing arrangements under which the Group contracts to pay a fee in exchange for a right to access the supplier\u2019s application software for a specified term; ii. the cloud infrastructure is managed and controlled by the supplier, insofar as access to the software is on an \u2018as needed\u2019 basis over the internet or via a dedicated line and iii. the contract does not convey any rights over tangible assets to the Group. Any prepayment giving a right to a future service is recognised as a prepaid asset. Detailed analysis is undertaken to determine whether the implementation costs for software hosted under cloud arrangements can be capitalised.
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Disclosure
\u00adGoodwill and brands

\u00a0

goodwill

brands with an indefinite life

brands with a finite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

1,914.5

1,217.6

31.7

3,163.8

Cumulative impairment at the beginning of the period

(2.7)

(42.3)

(24.9)

(70.0)

at 31 December 2022

1,911.8

1,175.3

6.7

3,093.8

Change resulting from provisional allocation of acquisition value

(33.7)

1.1

-

(32.6)

Exchange rate effect of reclassifications

0.4

-

-

0.4

at 31 December 2022 post-reclassifications

1,878.5

1,176.4

6.7

3,061.6

Perimeter effect from business combination

11.9

-

-

11.9

Impairment loss

-

(10.3)

-

(10.3)

Amortisation

-

-

(2.2)

(2.2)

Exchange rate differences

(39.5)

(14.6)

(0.2)

(54.3)

at 31 December 2023

1,850.8

1,151.5

4.4

3,006.6

Carrying amount at the end of the period

1,853.6

1,204.1

31.5

3,089.1

Cumulative impairment at the end of the period

(2.7)

(52.6)

(27.2)

(82.5)

\u00a0

goodwill

brands with an indefinite life

brands with a finite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

1,419.3

1,008.7

32.0

2,459.9

Cumulative impairment at the beginning of the period

(3.0)

(42.3)

(23.5)

(68.7)

at 31 December 2021

1,416.3

966.4

8.5

2,391.2

Additions

-

129.9

-

129.9

Perimeter effect from business combination

450.0

59.7

-

509.7

Amortisation

-

-

(2.3)

(2.3)

Exchange rate differences

45.5

19.3

0.5

65.3

at 31 December 2022

1,911.8

1,175.3

6.7

3,093.8

Carrying amount at the end of the period

1,914.5

1,217.6

31.7

3,163.8

Cumulative impairment at the end of the period

(2.7)

(42.3)

(24.9)

(70.0)

The change in the basis of consolidation comprises an increase of \u20ac11.9 million attributable to the identification of amounts for goodwill related to the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority
stake in Thirsty Camel Ltd. (for further details, see note 4 i.-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019).
During the year, an impairment loss of \u20ac10.3 million was recognised for the Forty Creek trademark (value at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023). Please refer to the following paragraph, \u2018Impairment test on goodwill and brands\u2019, for more information regarding the beforementioned impairment loss. Brands with a finite life included the value of the brand X-Rated.
The negative exchange rate differences on goodwill and brands denominated in local currencies totalled \u20ac54.7 million, mainly related to US and Jamaican Dollars.
\u00adOther Intangible assets

\u00a0

software

other

other with indefinite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

149.6

17.7

3.6

170.9

Accumulated amortisation at the beginning of the period

(105.0)

(13.8)

-

(118.8)

at 31 December 2022

44.6

4.0

3.6

52.1

Perimeter effect from business combination

0.2

-

\u00a0

0.2

Additions

21.4

0.5

-

21.9

Amortisation

(16.0)

(0.9)

-

(16.9)

Impairment

(0.6)

-

-

(0.6)

Exchange rate differences and other changes

(0.4)

(0.1)

-

(0.5)

at 31 December 2023

49.1

3.5

3.6

56.1

Carrying amount at the end of the period

170.1

18.1

3.6

191.9

Accumulated amortisation at the end of the period

(121.1)

(14.7)

-

(135.7)

\u00a0

software

other

other with indefinite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

131.5

17.2

3.6

152.3

Accumulated amortisation at the beginning of the period

(88.5)

(9.9)

-

(98.4)

at 31 December 2021

43.0

7.4

3.6

54.0

Additions

16.3

0.4

-

16.7

Amortisation

(15.3)

(1.2)

-

(16.5)

Impairment

-

(2.7)

-

(2.7)

Exchange rate differences and other changes

0.5

0.1

-

0.6

at 31 December 2022

44.6

4.0

3.6

52.1

Carrying amount at the end of the period

149.6

17.7

3.6

170.9

Accumulated amortisation at the end of the period

(105.0)

(13.8)

-

(118.8)

Intangible assets with a finite life are amortised on a straight-line basis depending on their remaining useful life.
Additions in the period totalling \u20ac21.9 million related to projects to continuously upgrade the new information technology environment. During the period, no triggering events leading to an eventual impairment were identified.
\u00ad Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group\u2019s intangible assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30 September 2023, i.e. the latest available actual figures at the time of the analysis. The results of such tests remained valid as of 31 December 2023, given that no events or impairment indicators have arisen that could result in a material reduction of the assets value or recoverable amounts in the fourth quarter of 2023.
Consistent with previous years, the Group considered the business plan, including the 2024 budget and 2025-2026 strategic plans (drafted by the Group\u2019s companies in 2023 and approved by the Board of Directors of Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing process of certain brands. Assumptions of future cash flows were made based on the conservative approach in terms of both expected growth rates and operating margin trends. In addition, projections were based on reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the Group\u2019s global sustainability strategy, including the path to decarbonisation based on the new challenging and
ambitious medium and long-term environmental targets which have been set in 2023 (for more information of the Group\u2019s global sustainability strategy and the 2023 new environmental targets, please refer to the paragraph \u2018Significant events of the year\u2019 of the management board report). Such investments were taken into account also in the longer horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to \u20ac assumed unchanged to the ones used for drafting the 2024 budget. Although applicable IFRS principles require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of 2024 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the four cash\u2010generating units (CGUs), namely, Americas CGU, SEMEA CGU, NCEE CGU and APAC CGU. This structure reflects the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained at the regional level. This is in line with the geographical segment reporting design adopted by the Group based on its current organisational structure. The allocation of goodwill for each CGU is based on the previous allocation values, adjusted to consider the exchange rate effects and other variations such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the brand values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU. The recoverable amounts of the CGUs were determined based on a \u2018value in use\u2019 methodology. The asset value is measured by discounting the estimated future cash flows generated by the continued use of such asset. Expected cash flows, which were based on the Group\u2019s cash flow estimates, were discounted using a post\u2010tax discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the specific risks for the business of the relevant CGU. The applicable IFRS principles states that, for calculating the \u2018value in use\u2019, pre-tax discount rate and future cash flows should be used. In the impairment test performed, it has been verified that the use of a post-tax approach provides consistent results with the ones which would have been obtained by adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer price for the period 2025\u20102028 for the Group\u2019s key markets (source: IMF, October 2023 release), assumed to be 2.2% for the Americas CGU (vs. 2.2% in 2022), 2.0% for the SEMEA CGU (vs. 2.0% in 2022), 2.1% for the NCEE CGU (vs. 2.5% in 2022) and 2.9% for the APAC CGU (vs. 2.7% in 2022) or 2.1% for the Group overall (vs 2.3% in 2022). It should be noted that the 2024 inflation rate estimate of the International Monetary Fund (\u2018IMF\u2019), assumed as particularly high, was excluded for the purposes of defining the terminal growth rate in order to follow a conservative approach. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows, including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the discount rate used was the Weighted Average Cost of Capital (\u2018WACC\u2019), which depends on the risk associated with the estimated cash flows. The WACC was determined based on observable indicators and market parameters, the current value of money, and the specific risks connected with the business of the relevant CGU. The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates used in the 2023 impairment test for the four CGUs, are as follows: 7.7% for the Americas CGU (same as in 2022), 8.5% for the SEMEA CGU (vs. 8.9% in 2022), 8.5% for the NCEE CGU (vs. 8.3% in 2022) and 6.8% for the APAC CGU (vs. 7.3% in 2022), or 8.1% for the Group overall (same as 2022 impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described above, the impairment test for goodwill as of 31 December 2023 confirmed the full recoverability, including sensitivity, of all the CGUs with a headroom resulting sufficient to exclude goodwill impairment losses that may arise from meaningful business downside risks.

\u00a0

at 31 December

\u00a0

2023

2022

post-reclassifications(1)

CGU\u00a0

\u00a0\u20ac million

\u00a0\u20ac million

Americas

1,167.1

1,204.6

Southern Europe, Middle East and Africa

401.0

401.0

Northern, Central and Eastern Europe

247.4

247.4

Asia-Pacific

35.3

25.6

Total

1,850.8

1,878.5

(1) Includes the final allocation of goodwill value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
Changes in goodwill values at 31 December 2023 compared with 31 December 2022 are mainly due to positive perimeter change equal to \u20ac11.9 million overall, allocated to the APAC CGU, deriving from the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority stake in Thirsty Camel Ltd., as well as unfavourable exchange rate effects of -\u20ac39.9 million, which were re-allocated to the individual CGU.
The impairment test on brands with indefinite life was performed on an individual basis using the value in use criterion. It should be noted that brands with an immaterial value individually and in the aggregate are not subject to an impairment test. The Group considers the \u2019value in use\u2019 to be a proxy of the recoverable amount of the trademark values, for the following reasons: (i) the value in use is measured by using the valuation methodology Multi\u2010period Excess Earnings Method (MEEM), which is widely accepted in practice for determining the trademarks\u2019 fair value, for example in a purchase price allocation following an acquisition and (ii) the Group business plans for the brands can be considered market participant as there is no indication that a different player would have taken a different business strategy on such brands. This methodology is considered valid assuming that the identification of a representative sample of comparable transactions is not easily available across the different types of assets.
MEEM is an earnings\u2010based valuation method. The theoretical premise of the MEEM is that the value of a brand is equal to the current value of the residual cash flows attributable to the asset analysed. According to this method, the relevant earnings attributable to the intangible assets are calculated using the income that the company would record after having deducted the earnings attributable to all the other assets (contributory asset charge), i.e. deducting from the company\u2019s results the remuneration for using other assets that contribute to the generation of such results. Estimates of income flows generated by individual brands, net of contributory asset charge, and of the terminal value, discounted to present value using an appropriate discount rate, were used to calculate the recoverable value of brands. Consistent with the impairment test on goodwill, a 10-year cash projection was developed for the trademark impairment test. In the case of The GlenGrant single malt Scotch whisky, a 15-year time horizon was adopted, in line with previous years. The use of a fifteen-year time horizon is justified by the long-term effect of the brand ageing strategy, a commonly implemented market practice for premium spirits players. The discount rates used for the individual brands tested varied from 8.5% to 9.1% (vs. a range of 7.6% to 9.1% in 2022) and took into account a specific risk premium for the brand in question. To determine the terminal value of each brand, a perpetual growth rate between 2.1% to 2.2% (vs. a range of 2.1% to 2.3% in 2022), in line with the inflation estimates for the 2025-2028 period, was used.
Excluding Forty Creek, for which an impairment loss has already been recorded in 2023 as the brand performance in its core Canadian market remains very static despite positive medium/long-term opportunities in other markets (\u20ac10.3 million at the average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023), the sensitivity analyses indicated impairment risks for the trademarks of The GlenGrant, Cabo Wabo, Bulldog, Picon and Wilderness Trail Distillery. The combined theoretical impairment risk for the above-mentioned brands would be \u20ac73.3 million considering a theoretical increase of WACC by +100 bps and decrease of the growth rate (\u2018g\u2019) by -100 bps. The Group will closely monitor the future development of these brands and carefully assess the recoverability of their trademark values.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Grand Marnier

300.7

300.7

Wild Turkey

165.2

171.2

Picon

123.6

123.6

Jamaican Rum Portfolio

91.1

96.1

The GlenGrant and Old Smuggler

88.8

88.8

Cabo Wabo

64.3

66.6

Averna and Braulio

65.5

65.5

Forty Creek

60.7

72.0

Wilderness Trail Distillery

58.0

60.0(1)

Frangelico

54.0

54.0

Bulldog

35.5

34.8

Riccadonna

11.3

11.3

X-Rated(2)

4.4

6.7

Del Professore

6.4

6.4

Other

26.4

25.5

Total

1,155.8

1,183.1

(1) Includes the final allocation of brand value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
(2) Asset with finite life. The brand value amortised over a timeframe of 10 years until 2025.
Changes in brand values at 31 December 2023 compared with 31 December 2022 are mainly due to impairment loss attributable to the Forty Creek brand mentioned above and negative exchange rate effects of \u20ac14.8 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f114955": { "value": " Intangible assets
Accounting policy
Intangible assets recognition
Intangible assets with definite life are recorded at cost, net of accumulated amortisation and any impairment losses. In the event they are acquired through business combinations, they are reported separately from goodwill and brands, and measured at fair value, when this can reliably be measured, on the acquisition date.
Intangible assets produced internally are not capitalised, and are reported in the statement of profit or loss for the financial year in which they are incurred; there are no significant development costs to be considered. The costs of innovation projects and studies are recorded in the income statement in full in the year in which they are incurred.
Software licences represent the cost of purchasing licences and, if incurred, external consultancy fees; there are normally no costs associated with internal personnel necessary for development. These costs are recorded in the year in which the internal or external costs are incurred to train personnel and other related costs.
The following contracts are managed as a service contract with the related costs expensed as they are incurred: cloud computing arrangements under which the Group contracts to pay a fee in exchange for a right to access the supplier\u2019s application software for a specified term; ii. the cloud infrastructure is managed and controlled by the supplier, insofar as access to the software is on an \u2018as needed\u2019 basis over the internet or via a dedicated line and iii. the contract does not convey any rights over tangible assets to the Group. Any prepayment giving a right to a future service is recognised as a prepaid asset. Detailed analysis is undertaken to determine whether the implementation costs for software hosted under cloud arrangements can be capitalised.
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Disclosure
\u00adGoodwill and brands

\u00a0

goodwill

brands with an indefinite life

brands with a finite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

1,914.5

1,217.6

31.7

3,163.8

Cumulative impairment at the beginning of the period

(2.7)

(42.3)

(24.9)

(70.0)

at 31 December 2022

1,911.8

1,175.3

6.7

3,093.8

Change resulting from provisional allocation of acquisition value

(33.7)

1.1

-

(32.6)

Exchange rate effect of reclassifications

0.4

-

-

0.4

at 31 December 2022 post-reclassifications

1,878.5

1,176.4

6.7

3,061.6

Perimeter effect from business combination

11.9

-

-

11.9

Impairment loss

-

(10.3)

-

(10.3)

Amortisation

-

-

(2.2)

(2.2)

Exchange rate differences

(39.5)

(14.6)

(0.2)

(54.3)

at 31 December 2023

1,850.8

1,151.5

4.4

3,006.6

Carrying amount at the end of the period

1,853.6

1,204.1

31.5

3,089.1

Cumulative impairment at the end of the period

(2.7)

(52.6)

(27.2)

(82.5)

\u00a0

goodwill

brands with an indefinite life

brands with a finite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

1,419.3

1,008.7

32.0

2,459.9

Cumulative impairment at the beginning of the period

(3.0)

(42.3)

(23.5)

(68.7)

at 31 December 2021

1,416.3

966.4

8.5

2,391.2

Additions

-

129.9

-

129.9

Perimeter effect from business combination

450.0

59.7

-

509.7

Amortisation

-

-

(2.3)

(2.3)

Exchange rate differences

45.5

19.3

0.5

65.3

at 31 December 2022

1,911.8

1,175.3

6.7

3,093.8

Carrying amount at the end of the period

1,914.5

1,217.6

31.7

3,163.8

Cumulative impairment at the end of the period

(2.7)

(42.3)

(24.9)

(70.0)

The change in the basis of consolidation comprises an increase of \u20ac11.9 million attributable to the identification of amounts for goodwill related to the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority
stake in Thirsty Camel Ltd. (for further details, see note 4 i.-\u2018Acquisition and sale of businesses and purchase of non-controlling interests\u2019).
During the year, an impairment loss of \u20ac10.3 million was recognised for the Forty Creek trademark (value at average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023). Please refer to the following paragraph, \u2018Impairment test on goodwill and brands\u2019, for more information regarding the beforementioned impairment loss. Brands with a finite life included the value of the brand X-Rated.
The negative exchange rate differences on goodwill and brands denominated in local currencies totalled \u20ac54.7 million, mainly related to US and Jamaican Dollars.
\u00adOther Intangible assets

\u00a0

software

other

other with indefinite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

149.6

17.7

3.6

170.9

Accumulated amortisation at the beginning of the period

(105.0)

(13.8)

-

(118.8)

at 31 December 2022

44.6

4.0

3.6

52.1

Perimeter effect from business combination

0.2

-

\u00a0

0.2

Additions

21.4

0.5

-

21.9

Amortisation

(16.0)

(0.9)

-

(16.9)

Impairment

(0.6)

-

-

(0.6)

Exchange rate differences and other changes

(0.4)

(0.1)

-

(0.5)

at 31 December 2023

49.1

3.5

3.6

56.1

Carrying amount at the end of the period

170.1

18.1

3.6

191.9

Accumulated amortisation at the end of the period

(121.1)

(14.7)

-

(135.7)

\u00a0

software

other

other with indefinite life

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Carrying amount at the beginning of the period

131.5

17.2

3.6

152.3

Accumulated amortisation at the beginning of the period

(88.5)

(9.9)

-

(98.4)

at 31 December 2021

43.0

7.4

3.6

54.0

Additions

16.3

0.4

-

16.7

Amortisation

(15.3)

(1.2)

-

(16.5)

Impairment

-

(2.7)

-

(2.7)

Exchange rate differences and other changes

0.5

0.1

-

0.6

at 31 December 2022

44.6

4.0

3.6

52.1

Carrying amount at the end of the period

149.6

17.7

3.6

170.9

Accumulated amortisation at the end of the period

(105.0)

(13.8)

-

(118.8)

Intangible assets with a finite life are amortised on a straight-line basis depending on their remaining useful life.
Additions in the period totalling \u20ac21.9 million related to projects to continuously upgrade the new information technology environment. During the period, no triggering events leading to an eventual impairment were identified.
\u00ad Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group\u2019s intangible assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30 September 2023, i.e. the latest available actual figures at the time of the analysis. The results of such tests remained valid as of 31 December 2023, given that no events or impairment indicators have arisen that could result in a material reduction of the assets value or recoverable amounts in the fourth quarter of 2023.
Consistent with previous years, the Group considered the business plan, including the 2024 budget and 2025-2026 strategic plans (drafted by the Group\u2019s companies in 2023 and approved by the Board of Directors of Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing process of certain brands. Assumptions of future cash flows were made based on the conservative approach in terms of both expected growth rates and operating margin trends. In addition, projections were based on reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the Group\u2019s global sustainability strategy, including the path to decarbonisation based on the new challenging and
ambitious medium and long-term environmental targets which have been set in 2023 (for more information of the Group\u2019s global sustainability strategy and the 2023 new environmental targets, please refer to the paragraph \u2018Significant events of the year\u2019 of the management board report). Such investments were taken into account also in the longer horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to \u20ac assumed unchanged to the ones used for drafting the 2024 budget. Although applicable IFRS principles require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of 2024 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the four cash\u2010generating units (CGUs), namely, Americas CGU, SEMEA CGU, NCEE CGU and APAC CGU. This structure reflects the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained at the regional level. This is in line with the geographical segment reporting design adopted by the Group based on its current organisational structure. The allocation of goodwill for each CGU is based on the previous allocation values, adjusted to consider the exchange rate effects and other variations such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the brand values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU. The recoverable amounts of the CGUs were determined based on a \u2018value in use\u2019 methodology. The asset value is measured by discounting the estimated future cash flows generated by the continued use of such asset. Expected cash flows, which were based on the Group\u2019s cash flow estimates, were discounted using a post\u2010tax discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the specific risks for the business of the relevant CGU. The applicable IFRS principles states that, for calculating the \u2018value in use\u2019, pre-tax discount rate and future cash flows should be used. In the impairment test performed, it has been verified that the use of a post-tax approach provides consistent results with the ones which would have been obtained by adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer price for the period 2025\u20102028 for the Group\u2019s key markets (source: IMF, October 2023 release), assumed to be 2.2% for the Americas CGU (vs. 2.2% in 2022), 2.0% for the SEMEA CGU (vs. 2.0% in 2022), 2.1% for the NCEE CGU (vs. 2.5% in 2022) and 2.9% for the APAC CGU (vs. 2.7% in 2022) or 2.1% for the Group overall (vs 2.3% in 2022). It should be noted that the 2024 inflation rate estimate of the International Monetary Fund (\u2018IMF\u2019), assumed as particularly high, was excluded for the purposes of defining the terminal growth rate in order to follow a conservative approach. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows, including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the discount rate used was the Weighted Average Cost of Capital (\u2018WACC\u2019), which depends on the risk associated with the estimated cash flows. The WACC was determined based on observable indicators and market parameters, the current value of money, and the specific risks connected with the business of the relevant CGU. The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates used in the 2023 impairment test for the four CGUs, are as follows: 7.7% for the Americas CGU (same as in 2022), 8.5% for the SEMEA CGU (vs. 8.9% in 2022), 8.5% for the NCEE CGU (vs. 8.3% in 2022) and 6.8% for the APAC CGU (vs. 7.3% in 2022), or 8.1% for the Group overall (same as 2022 impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described above, the impairment test for goodwill as of 31 December 2023 confirmed the full recoverability, including sensitivity, of all the CGUs with a headroom resulting sufficient to exclude goodwill impairment losses that may arise from meaningful business downside risks.

\u00a0

at 31 December

\u00a0

2023

2022

post-reclassifications(1)

CGU\u00a0

\u00a0\u20ac million

\u00a0\u20ac million

Americas

1,167.1

1,204.6

Southern Europe, Middle East and Africa

401.0

401.0

Northern, Central and Eastern Europe

247.4

247.4

Asia-Pacific

35.3

25.6

Total

1,850.8

1,878.5

(1) Includes the final allocation of goodwill value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
Changes in goodwill values at 31 December 2023 compared with 31 December 2022 are mainly due to positive perimeter change equal to \u20ac11.9 million overall, allocated to the APAC CGU, deriving from the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority stake in Thirsty Camel Ltd., as well as unfavourable exchange rate effects of -\u20ac39.9 million, which were re-allocated to the individual CGU.
The impairment test on brands with indefinite life was performed on an individual basis using the value in use criterion. It should be noted that brands with an immaterial value individually and in the aggregate are not subject to an impairment test. The Group considers the \u2019value in use\u2019 to be a proxy of the recoverable amount of the trademark values, for the following reasons: (i) the value in use is measured by using the valuation methodology Multi\u2010period Excess Earnings Method (MEEM), which is widely accepted in practice for determining the trademarks\u2019 fair value, for example in a purchase price allocation following an acquisition and (ii) the Group business plans for the brands can be considered market participant as there is no indication that a different player would have taken a different business strategy on such brands. This methodology is considered valid assuming that the identification of a representative sample of comparable transactions is not easily available across the different types of assets.
MEEM is an earnings\u2010based valuation method. The theoretical premise of the MEEM is that the value of a brand is equal to the current value of the residual cash flows attributable to the asset analysed. According to this method, the relevant earnings attributable to the intangible assets are calculated using the income that the company would record after having deducted the earnings attributable to all the other assets (contributory asset charge), i.e. deducting from the company\u2019s results the remuneration for using other assets that contribute to the generation of such results. Estimates of income flows generated by individual brands, net of contributory asset charge, and of the terminal value, discounted to present value using an appropriate discount rate, were used to calculate the recoverable value of brands. Consistent with the impairment test on goodwill, a 10-year cash projection was developed for the trademark impairment test. In the case of The GlenGrant single malt Scotch whisky, a 15-year time horizon was adopted, in line with previous years. The use of a fifteen-year time horizon is justified by the long-term effect of the brand ageing strategy, a commonly implemented market practice for premium spirits players. The discount rates used for the individual brands tested varied from 8.5% to 9.1% (vs. a range of 7.6% to 9.1% in 2022) and took into account a specific risk premium for the brand in question. To determine the terminal value of each brand, a perpetual growth rate between 2.1% to 2.2% (vs. a range of 2.1% to 2.3% in 2022), in line with the inflation estimates for the 2025-2028 period, was used.
Excluding Forty Creek, for which an impairment loss has already been recorded in 2023 as the brand performance in its core Canadian market remains very static despite positive medium/long-term opportunities in other markets (\u20ac10.3 million at the average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023), the sensitivity analyses indicated impairment risks for the trademarks of The GlenGrant, Cabo Wabo, Bulldog, Picon and Wilderness Trail Distillery. The combined theoretical impairment risk for the above-mentioned brands would be \u20ac73.3 million considering a theoretical increase of WACC by +100 bps and decrease of the growth rate (\u2018g\u2019) by -100 bps. The Group will closely monitor the future development of these brands and carefully assess the recoverability of their trademark values.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Grand Marnier

300.7

300.7

Wild Turkey

165.2

171.2

Picon

123.6

123.6

Jamaican Rum Portfolio

91.1

96.1

The GlenGrant and Old Smuggler

88.8

88.8

Cabo Wabo

64.3

66.6

Averna and Braulio

65.5

65.5

Forty Creek

60.7

72.0

Wilderness Trail Distillery

58.0

60.0(1)

Frangelico

54.0

54.0

Bulldog

35.5

34.8

Riccadonna

11.3

11.3

X-Rated(2)

4.4

6.7

Del Professore

6.4

6.4

Other

26.4

25.5

Total

1,155.8

1,183.1

(1) Includes the final allocation of brand value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
(2) Asset with finite life. The brand value amortised over a timeframe of 10 years until 2025.
Changes in brand values at 31 December 2023 compared with 31 December 2022 are mainly due to impairment loss attributable to the Forty Creek brand mentioned above and negative exchange rate effects of \u20ac14.8 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f114959": { "value": " Intangible assets
Accounting policy
Intangible assets recognition
Intangible assets with definite life are recorded at cost, net of accumulated amortisation and any impairment losses. In the event they are acquired through business combinations, they are reported separately from goodwill and brands, and measured at fair value, when this can reliably be measured, on the acquisition date.
Intangible assets produced internally are not capitalised, and are reported in the statement of profit or loss for the financial year in which they are incurred; there are no significant development costs to be considered. The costs of innovation projects and studies are recorded in the income statement in full in the year in which they are incurred.
Software licences represent the cost of purchasing licences and, if incurred, external consultancy fees; there are normally no costs associated with internal personnel necessary for development. These costs are recorded in the year in which the internal or external costs are incurred to train personnel and other related costs.
The following contracts are managed as a service contract with the related costs expensed as they are incurred: cloud computing arrangements under which the Group contracts to pay a fee in exchange for a right to access the supplier\u2019s application software for a specified term; ii. the cloud infrastructure is managed and controlled by the supplier, insofar as access to the software is on an \u2018as needed\u2019 basis over the internet or via a dedicated line and iii. the contract does not convey any rights over tangible assets to the Group. Any prepayment giving a right to a future service is recognised as a prepaid asset. Detailed analysis is undertaken to determine whether the implementation costs for software hosted under cloud arrangements can be capitalised.
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact53": { "value": " Intangible assets
Intangible assets amortisation and impairment
Intangible assets with a finite life are amortised on a straight-line basis in relation to their useful life, and reviewed for impairment whenever events or circumstances indicate that the carrying amount may not be recoverable. The amortisation period of intangible assets with a finite life is reviewed at least at the end of every financial year in order to ascertain any changes in their useful life, which, if identified, will be treated as changes in estimates.
Other intangible assets with indefinite and definite life contains distribution rights and key money, the latter tested for impairment leveraging on a specialised third-party expert opinion connected to real estate assets.
Intangible assets with indefinite life impairment test
Goodwill, brands and other intangible assets with an indefinite life are not amortised and are reviewed for impairment tests every year or more frequently if there is any indication that the asset may be impaired. The annual approval of the impairment test results is performed by the Board of Directors of Davide Campari-Milano N.V., which takes place before the approval of the annual financial reports (consolidated and Company only).
The ability to recover the assets is ascertained by comparing the carrying amount to the related recoverable value, which is represented by the higher of the fair value less cost of disposal, and the value in use.
In the absence of a binding sale agreement, the fair value is estimated on the basis of recent transaction values in an active market or based on the best information available to determine the amount that could be obtained from selling the asset. The value in use is determined by discounting expected cash flows resulting from the use of the asset, and, if significant and reasonably determinable, the cash flows resulting from its sale at the end of its useful life. Cash flows are determined on the basis of reasonable, documentable assumptions representing the best estimate of the future economic conditions that will occur during the remaining useful life of the asset, with greater weight given to external information. Growth rate assumptions are applied to the years beyond the business plan horizon. The discount rate applied takes into account the implicit risk of the business segment.
When it is not possible to determine the recoverable value of an individual asset, the Group estimates the recoverable value of the cash generating unit to which the asset belongs.
Impairment loss is recorded if the recoverable value of an asset is lower than its carrying amount by posting the related cost in the statement of profit or loss and are charged to other operating expenses. Goodwill impairments can no longer be written back.
Impairment test
In line with previous years, the approval of the annual assessment of the recoverability of the Group\u2019s intangible assets with indefinite life was conducted before the fiscal year-end. Consequently, the book value of the intangible assets (i.e. the amount at which an asset is recognised in the balance sheet) was determined as of 30 September 2023, i.e. the latest available actual figures at the time of the analysis. The results of such tests remained valid as of 31 December 2023, given that no events or impairment indicators have arisen that could result in a material reduction of the assets value or recoverable amounts in the fourth quarter of 2023.
Consistent with previous years, the Group considered the business plan, including the 2024 budget and 2025-2026 strategic plans (drafted by the Group\u2019s companies in 2023 and approved by the Board of Directors of Davide Campari-Milano N.V.), as the base of the annual impairment test. Moreover, cash flow projections are extrapolated beyond the plan period covered to be adapted for a ten-year period, with growth rates gradually normalising towards the level of the perpetuity growth rate. The use of a ten-year period is justified by the long lifecycle of the brands with respect to the reference markets, and it also takes into account the long ageing process of certain brands. Assumptions of future cash flows were made based on the conservative approach in terms of both expected growth rates and operating margin trends. In addition, projections were based on reasonableness, prudence and consistency regarding the allocation of future selling, general and administrative expenses, trends in capital investment, conditions of financial equilibrium and the main macroeconomic variables. Cash flow projections relate to current operating conditions and therefore do not include cash flows connected with extraordinary events that are not currently foreseeable.
Regarding climate-related matters, the business plan considered the necessary investments to pursue the Group\u2019s global sustainability strategy, including the path to decarbonisation based on the new challenging and
ambitious medium and long-term environmental targets which have been set in 2023 (for more information of the Group\u2019s global sustainability strategy and the 2023 new environmental targets, please refer to the paragraph \u2018Significant events of the year\u2019 of the management board report). Such investments were taken into account also in the longer horizon (i.e. in the terminal value).
Regarding currencies, it should be noted that the projections were determined based on the exchange rates to \u20ac assumed unchanged to the ones used for drafting the 2024 budget. Although applicable IFRS principles require that exchange rates are assumed flat to the current fiscal year over the time horizon, the fluctuations of 2024 budgeted currencies are estimated not to have a meaningful impact on future cash flows.
Goodwill values were tested at the aggregate level based on the values allocated to the four cash\u2010generating units (CGUs), namely, Americas CGU, SEMEA CGU, NCEE CGU and APAC CGU. This structure reflects the lowest level at which goodwill is monitored by the Group and is considered appropriate, given the synergies and efficiencies obtained at the regional level. This is in line with the geographical segment reporting design adopted by the Group based on its current organisational structure. The allocation of goodwill for each CGU is based on the previous allocation values, adjusted to consider the exchange rate effects and other variations such as perimeter change. The carrying amounts of the CGUs were determined by combining the goodwill, the brand values allocated based on the profitability achieved by the brand in each CGU, as well as the fixed assets and working capital, which were mainly allocated based on the relevant sales achieved in each CGU. The recoverable amounts of the CGUs were determined based on a \u2018value in use\u2019 methodology. The asset value is measured by discounting the estimated future cash flows generated by the continued use of such asset. Expected cash flows, which were based on the Group\u2019s cash flow estimates, were discounted using a post\u2010tax discount rate, reflecting both the time value of money and a further adjustment to include the market risk and the specific risks for the business of the relevant CGU. The applicable IFRS principles states that, for calculating the \u2018value in use\u2019, pre-tax discount rate and future cash flows should be used. In the impairment test performed, it has been verified that the use of a post-tax approach provides consistent results with the ones which would have been obtained by adopting a pre-tax approach.
The main assumptions used in calculating the value in use of the CGUs are the long-term growth rate and discount rate. Terminal value was determined using the perpetuity growth method of discounting. Specifically, a conservative perpetual growth rate was used that corresponds to the estimated inflation rates of the consumer price for the period 2025\u20102028 for the Group\u2019s key markets (source: IMF, October 2023 release), assumed to be 2.2% for the Americas CGU (vs. 2.2% in 2022), 2.0% for the SEMEA CGU (vs. 2.0% in 2022), 2.1% for the NCEE CGU (vs. 2.5% in 2022) and 2.9% for the APAC CGU (vs. 2.7% in 2022) or 2.1% for the Group overall (vs 2.3% in 2022). It should be noted that the 2024 inflation rate estimate of the International Monetary Fund (\u2018IMF\u2019), assumed as particularly high, was excluded for the purposes of defining the terminal growth rate in order to follow a conservative approach. The value in use of the CGUs was calculated by discounting the estimated value of future cash flows, including the terminal value, which it is assumed will derive from the continuing use of the assets, at a discount rate (net of taxes and adjusted for risk) that reflects the average weighted cost of capital. Specifically, the discount rate used was the Weighted Average Cost of Capital (\u2018WACC\u2019), which depends on the risk associated with the estimated cash flows. The WACC was determined based on observable indicators and market parameters, the current value of money, and the specific risks connected with the business of the relevant CGU. The calculation of WACC has resulted in line with a set of spirits industry comparable peers. The discount rates used in the 2023 impairment test for the four CGUs, are as follows: 7.7% for the Americas CGU (same as in 2022), 8.5% for the SEMEA CGU (vs. 8.9% in 2022), 8.5% for the NCEE CGU (vs. 8.3% in 2022) and 6.8% for the APAC CGU (vs. 7.3% in 2022), or 8.1% for the Group overall (same as 2022 impairment test).
To take into account the current market volatility and uncertainty over future economic prospects, the sensitivity analyses were carried out to assess the recoverability of goodwill value. Based on the methodology described above, the impairment test for goodwill as of 31 December 2023 confirmed the full recoverability, including sensitivity, of all the CGUs with a headroom resulting sufficient to exclude goodwill impairment losses that may arise from meaningful business downside risks.

\u00a0

at 31 December

\u00a0

2023

2022

post-reclassifications(1)

CGU\u00a0

\u00a0\u20ac million

\u00a0\u20ac million

Americas

1,167.1

1,204.6

Southern Europe, Middle East and Africa

401.0

401.0

Northern, Central and Eastern Europe

247.4

247.4

Asia-Pacific

35.3

25.6

Total

1,850.8

1,878.5

(1) Includes the final allocation of goodwill value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
Changes in goodwill values at 31 December 2023 compared with 31 December 2022 are mainly due to positive perimeter change equal to \u20ac11.9 million overall, allocated to the APAC CGU, deriving from the consolidation of CT Spirits Japan Ltd. and the acquisition of a majority stake in Thirsty Camel Ltd., as well as unfavourable exchange rate effects of -\u20ac39.9 million, which were re-allocated to the individual CGU.
The impairment test on brands with indefinite life was performed on an individual basis using the value in use criterion. It should be noted that brands with an immaterial value individually and in the aggregate are not subject to an impairment test. The Group considers the \u2019value in use\u2019 to be a proxy of the recoverable amount of the trademark values, for the following reasons: (i) the value in use is measured by using the valuation methodology Multi\u2010period Excess Earnings Method (MEEM), which is widely accepted in practice for determining the trademarks\u2019 fair value, for example in a purchase price allocation following an acquisition and (ii) the Group business plans for the brands can be considered market participant as there is no indication that a different player would have taken a different business strategy on such brands. This methodology is considered valid assuming that the identification of a representative sample of comparable transactions is not easily available across the different types of assets.
MEEM is an earnings\u2010based valuation method. The theoretical premise of the MEEM is that the value of a brand is equal to the current value of the residual cash flows attributable to the asset analysed. According to this method, the relevant earnings attributable to the intangible assets are calculated using the income that the company would record after having deducted the earnings attributable to all the other assets (contributory asset charge), i.e. deducting from the company\u2019s results the remuneration for using other assets that contribute to the generation of such results. Estimates of income flows generated by individual brands, net of contributory asset charge, and of the terminal value, discounted to present value using an appropriate discount rate, were used to calculate the recoverable value of brands. Consistent with the impairment test on goodwill, a 10-year cash projection was developed for the trademark impairment test. In the case of The GlenGrant single malt Scotch whisky, a 15-year time horizon was adopted, in line with previous years. The use of a fifteen-year time horizon is justified by the long-term effect of the brand ageing strategy, a commonly implemented market practice for premium spirits players. The discount rates used for the individual brands tested varied from 8.5% to 9.1% (vs. a range of 7.6% to 9.1% in 2022) and took into account a specific risk premium for the brand in question. To determine the terminal value of each brand, a perpetual growth rate between 2.1% to 2.2% (vs. a range of 2.1% to 2.3% in 2022), in line with the inflation estimates for the 2025-2028 period, was used.
Excluding Forty Creek, for which an impairment loss has already been recorded in 2023 as the brand performance in its core Canadian market remains very static despite positive medium/long-term opportunities in other markets (\u20ac10.3 million at the average exchange rate for the period 1 January to 31 December 2023, corresponding to \u20ac10.2 million at the exchange rate at 31 December 2023), the sensitivity analyses indicated impairment risks for the trademarks of The GlenGrant, Cabo Wabo, Bulldog, Picon and Wilderness Trail Distillery. The combined theoretical impairment risk for the above-mentioned brands would be \u20ac73.3 million considering a theoretical increase of WACC by +100 bps and decrease of the growth rate (\u2018g\u2019) by -100 bps. The Group will closely monitor the future development of these brands and carefully assess the recoverability of their trademark values.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Grand Marnier

300.7

300.7

Wild Turkey

165.2

171.2

Picon

123.6

123.6

Jamaican Rum Portfolio

91.1

96.1

The GlenGrant and Old Smuggler

88.8

88.8

Cabo Wabo

64.3

66.6

Averna and Braulio

65.5

65.5

Forty Creek

60.7

72.0

Wilderness Trail Distillery

58.0

60.0(1)

Frangelico

54.0

54.0

Bulldog

35.5

34.8

Riccadonna

11.3

11.3

X-Rated(2)

4.4

6.7

Del Professore

6.4

6.4

Other

26.4

25.5

Total

1,155.8

1,183.1

(1) Includes the final allocation of brand value of Wilderness Trail Distillery LLC. For information on reclassification of comparative figures, refer to note 2 vi-\u2018Reclassification of comparative figures at 31 December 2022\u2019.
(2) Asset with finite life. The brand value amortised over a timeframe of 10 years until 2025.
Changes in brand values at 31 December 2023 compared with 31 December 2022 are mainly due to impairment loss attributable to the Forty Creek brand mentioned above and negative exchange rate effects of \u20ac14.8 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact39": { "value": " Other non-current assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Equity investment in other companies

16.3

-

18.8

Other non-current assets

6.6

0.1

5.3

Total other non-current assets

22.9

0.1

24.1

Financial instruments
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
Disclosure i

at 31 December 2023

carrying amount

measurement at amortised cost

measurement at fair value through profit and loss

measurement at fair value with changes recognised in the statement of comprehensive income

\u20ac million

\u00a0

Cash and cash equivalents

620.3

620.3

-

-

Other current financial asset

18.7

18.7

-

-

Other non-current financial assets

7.0

7.0

-

-

Lease payables

(76.0)

(76.0)

-

-

Loans due to banks(1)

(1,032.1)

(1,032.1)

-

-

Bonds

(1,145.8)

(1,145.8)

-

-

Accrued interest on bonds

(14.5)

(14.5)

-

-

Other current financial liabilities

(1.2)

(1.2)

-

-

Liabilities for put option and earn-out payments(2)

(235.1)

(3.3)

-

(231.8)

Non-current and current assets for hedging derivatives(3)

5.5

-

1.0

4.5

Non-current and current liabilities for hedging derivatives

(0.4)

-

(0.2)

(0.1)

Other non-current assets

22.9

6.6

16.3

-

Trade receivables

374.3

374.3

-

-

Trade payables

(521.1)

(521.1)

-

-

Total

(1,977.4)

(1,767.0)

17.0

(227.4)

(1) Excluding derivative on loan due to bank.
(2) Liabilities linked to some business combination may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivative on loans due to bank and new pre-hedging contract subscribed.

at 31 December 2022 post-reclassifications

carrying amount

measurement at amortised cost

measurement at fair value through profit and loss

measurement at fair value with changes recognised in the statement of comprehensive income

\u20ac million

Cash and cash equivalents

435.4

435.4

-

-

Other current financial asset

17.0

0.8

16.2

-

Other non-current financial assets

6.7

5.7

1.0

-

Lease payables

(79.5)

(79.5)

-

-

Loans due to banks(1)

(877.9)

(877.9)

-

-

Bonds

(846.3)

(846.3)

-

-

Accrued interest on bonds

(5.7)

(5.7)

-

-

Other current financial liabilities

(8.5)

(8.5)

-

-

Liabilities for put option and earn-out payments(2)

(239.7)

(3.4)

-

(236.3)

Current assets for hedging derivatives

1.7

-

-

1.7

Non-current assets for hedging derivatives(3)

41.5

-

-

41.5

Other non-current assets

24.1

5.3

18.8

-

Trade receivables

308.2

308.2

-

-

Trade payables

(541.6)

(541.6)

-

-

Total

(1,764.6)

(1,607.6)

36.0

(193.0)

(1) Excluding derivative on loan due to bank.
(2) Liabilities linked to some business combination may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivative on loan due to bank.
The tables below show a breakdown of the foreign exchange contracts on highly probable sales and purchases and interest rate swap on loan. It also includes the effect of hedge derivatives, not in hedge accounting with fair values variations recognised through the statement of profit or loss.
Call and/or put agreements over joint-ventures elected as derivative instruments with negligible fair value variation were disclosed below.

foreign exchange forward contracts and options

(highly probable forecast sales and purchases)

at 31 December

2023

2022

\u20ac million

notional amount hedged items

average forward rate

notional amount hedged items

average forward rate

US$

90.5

1.07

27.3

1.01

New Zealand Dollar

12.0

1.78

7.2

1.69

Australian Dollar

17.8

1.63

0.3

1.52

Swiss Franc

1.5

0.95

1.0

0.97

Singapore Dollar

-

-

2.0

1.42

Sterling Pound

1.9

0.87

-

-

Canadian Dollar

-

-

0.5

1.32

Total

123.7

\u00a0

38.4

\u00a0

hedged items and related derivatives forward

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

foreign exchange forward contracts and options

(highly probable forecast sales and purchases) fair value and cash flow hedge

123.7

2.3

(1.4)

38.4

1.7

0.1

hedged items

and related derivatives interest rate swaps

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments(1)

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

interest rate swap contracts on loans financial statements impact

700.0

2.9

6.1

750.0

41.5

0.9

(1) The carrying value is included in the line \u2018Loans due to banks\u2019 in the financial instruments\u2019 recap table reported above.
In connection with the establishment of the joint-venture in Spiritus Co Ltd. and acquired interests in third party investments in Monkey Spirits, LLC and Thirsty Camel Ltd., commitments to increment the ownership in these companies exist in the form of put and/or call option elected as derivative financial instruments measured at fair value with impact in the Campari Group statement of profit or loss. The fair value of these options, which are dependent on the performance of the companies, were determined to be fair value market terms based on similar recent transactions, with fair value changes negligible at the end of 2023. Furthermore, on 1 March 2023, the Group acquired the remaining outstanding shares of 60% in CTSJ and concomitantly the derivative, that
was negligible in 2022, was replaced by a financial liability of \u20ac0.5 million for future earn-out payments disclosed as \u2018liability for put options and earn-out\u2019.
For what concern the Group commitment to acquire 100% of the outstanding share capital of Beam Holding France S.A.S., holding 100% of the share capital of Courvoisier S.A.S., owner of the Courvoisier brand, for US$1.32 billion (\u20ac1.22 billion at the exchange rate of 14 December 2023, the date on which Beam Suntory, Inc was granted a put option for the complete ownership of the brand), a derivative is resulting from granting a put option for the purchase of the business. Since the agreement was defined close to year-end (14 December 2023) and within an arm-length negotiation under prevailing market conditions not limited only to the target\u2019s business performance, the fair value variation assessment as of 31 December 2023 of the derivative can be deemed negligible even when considering potential fluctuations in the target's performance during the remaining days of 2023.
At the time of the expiry of the options and in case of satisfaction of the conditions stated in the relevant agreement between parties, the derivatives will be replaced by an increased equity interest in the companies.
Other non-current financial assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Non-current assets for hedging derivatives

2.9

41.5

Term deposit

4.7

4.8

Financial receivables from Terra Moretti (i.e., business disposal)\u02bf\u00b9\u02be

-

1.0

Other non-current financial assets

2.3

0.9

Non-current financial assets

9.8

48.2

(1) The non-current financial receivable associated with the past sale of Sella&Mosca S.p.A. and Teruzzi&Puthod S.r.l..
Non-current assets for hedging derivatives of \u20ac2.9 million referred to pre-hedge derivatives associated with loans and the variation occurred during the period was derived from the hedging derivatives unwinding following the liability management initiative managed in 2023 (for detailed information please refer to the \u2018Significant events of the period\u2019 paragraph in the management board report).
Non-current financial debtLiabilities for put options and earn-out

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2022

236.3

payments

(3.4)

-

(3.4)

perimeter effect

0.5

-

0.5

remeasurement

8.4

(0.1)

8.5

reclassification to current liability

(24.0)

-

\u00a0

exchange rate differences and other changes

(8.8)

-

(8.8)

at 31 December 2023

209.0

\u00a0

\u00a0

of which measured at fair value

209.0

\u00a0

\u00a0

of which measured at amortised cost

-

\u00a0

\u00a0

\u20ac million

total

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2021

50.4

increases

20.8

-

20.8

perimeter effect

171.0

\u00a0

171.0

remeasurement

(6.6)

-

(6.6)

exchange rate differences and other changes

0.6

\u00a0

0.6

at 31 December 2022

236.3

\u00a0

\u00a0

of which measured at fair value

236.3

\u00a0

\u00a0

of which measured at amortised cost

-

\u00a0

\u00a0

At 31 December 2023, the long-term portion mainly included:
- the estimated payable for put options linked to Wilderness Trail Distillery, LLC totalling \u20ac148.9 million, whose value decreased by \u20ac19.8 million, depending on the remeasurement and exchange rate effects;
- the estimated payable for put options and earn-out linked to Ancho Reyes and Montelobos totalling \u20ac59.7 million, which increased by \u20ac19.2 million, depending on the remeasurement and exchange rate effects;
- the estimated payable for the earn-out related to CT Spirits Japan Ltd. in the amount of \u20ac0.3 million.
The estimated payable for Trans Beverages Ltd. totalling \u20ac21.1 million after related remeasurement and exchange rates effects was reclassified together to current financial debt with the estimated earn-out payable for Lallier, being payable in 2024.
Current financial debtLiabilities for put options and earn-out payments

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2022

3.4

Remeasurement

(1.2)

(1.2)

-

reclassification from non-current liability

24.0

-

-

exchange rate differences and other changes

(0.1)

0.1

(0.2)

at 31 December 2023

26.1

\u00a0

\u00a0

of which measured at fair value

22.8

\u00a0

\u00a0

of which measured at amortised cost

3.3

\u00a0

\u00a0

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net

equity or investment value

at 31 December 2021

48.2

Payments

(45.0)

-

-

exchange rate differences and other changes

0.2

(0.1)

0.3

at 31 December 2022

3.4

\u00a0

\u00a0

of which measured at fair value

-

\u00a0

\u00a0

of which measured at amortised cost

3.4

\u00a0

\u00a0

At 31 December 2023, the short-term portion of the item included a liability of \u20ac3.3 million for the purchase of the residual non-controlling shares in J.Wray and Nephew Ltd., secured by restricted cash and cash equivalents.
The increase reported during 2023 was primarily related to the estimated payable for Trans Beverages Ltd. totalling \u20ac21.1 million. Moreover, the short-term portion also included the estimated payout for the earn-out related to Lallier, which was reclassified from the long-term portion during the year, amounting to \u20ac0.6 million.
Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-\u2018Financial instruments\u2019.
a) Financial instruments
Fair value of financial instruments:
\u00adfor financial assets and liabilities that are liquid or nearing maturity, it is assumed that the carrying amount equates to fair value; this assumption also applies to term deposits, securities that can be readily converted to cash, and variable-rate financial instruments;
\u00adfor the measurement of hedging instruments at fair value, the Group used valuation models based on market parameters;
\u00adthe fair value of non-current financial payables was obtained by discounting all future cash flows to present value under the conditions in effect at the end of the year.
Derivatives, valued using techniques based on market data, are mainly interest rate swaps and forward sales/purchases of foreign currencies to hedge both the fair value of the underlying instruments and cash flows.
The most commonly applied measurement methods include forward pricing and swap models, which use present value calculations. The models incorporate various inputs, including the non-performance risk rating of the counterparty, market volatility, spot and forward exchange rates and current and forward interest rates.
An analysis of financial instruments measured at fair value based on three different valuation levels is provided in the table below.
\u00adlevel 1: valuation for the financial assets in question was calculated using a methodology based on the NAV, which was obtained from specialised external sources;
\u00adlevel 2: valuation used for financial instruments measured at fair value was based on parameters such as exchange rates and interest rates, which are quoted on active markets or are observable on official yield curves;
\u00adlevel 3: valuation used for financial liabilities deriving from or connected to business combinations, where a portion of the consideration was determined as a condition subordinated to the company\u2019s performance acquired, based on contractually agreed indicators.

at 31 December 2023

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets reported at fair value

\u00a0

\u00a0

\u00a0

Current assets for hedging derivatives

-

1.6

-

Current assets for hedge derivatives, not in hedge accounting

-

1.0

-

Non-current assets for hedging derivatives

-

2.9

-

Other non-current assets

-

-

16.3

Biological asset inventory

-

-

15.1

Liabilities reported at fair value

\u00a0

\u00a0

\u00a0

Current liabilities for hedging derivatives

-

0.1

-

Current liabilities for hedge derivatives, not in hedge accounting

-

0.2

-

Liabilities for put option and earn-out payments

-

-

231.8

Financial liabilities at fair value

\u00a0

\u00a0

\u00a0

Loans due to banks

-

1,072.3

-

Bonds issued in 2017

-

149.0

-

Bonds issued in 2019

-

148.5

-

Bonds issued in 2020

-

504.4

-

Bonds issued in 2023

-

318.7

-

at 31 December 2022

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets reported at fair value

-

-

-

Other current financial asset

16.2

-

-

Current assets for hedging derivatives

-

1.7

-

Non-current assets for hedging derivatives

-

41.5

-

Other non-current financial assets

1.0

-

-

Other non-current assets

-

-

18.8

Biological asset inventory

-

-

7.1

Liabilities reported at fair value

\u00a0

\u00a0

\u00a0

Liabilities for put option and earn-out payments

-

-

236.3

Financial liabilities at fair value

\u00a0

\u00a0

\u00a0

Loans due to banks

-

929.4

-

Bonds issued in 2017

-

147.1

-

Bonds issued in 2019

-

146.5

-

Bonds issued in 2020

-

475.4

-

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31 December 2023 for financial instruments measured at fair value in the statement of financial position, and the significant unobservable inputs used.

type

valuation technique

Significant unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

Forward and option exchange contracts

\u00a0

The fair value is determined using quoted forward exchange rates at the reporting date based on high credit quality yield curves in the respective currencies. The models incorporate various inputs, including the counterparty's credit rating, market volatility, spot and forward exchange rates and current and forward interest rates.

Not applicable.

Not applicable.

Interest rate

swaps

The fair value of interest rate swaps agreements is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources reflecting the applicable benchmark interbank rate used by market participants when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices.

Not applicable.

Not applicable.

Contingent consideration and put or put/call agreements connected with business combination

The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

\u00a0

Wilderness Trail Distillery option

\u2013 expected contractually target business performances measured over a period of 9 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.9%.

Ancho Reyes and Montelobos option

\u2013 expected contractually target business performances measured over a period of 5 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.5%.

Trans Beverage Company Ltd.

\u2013 expected contractually target business performances measured over a period of 6 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.5%.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower); or

\u2013 the risk-adjusted discount rate was lower (higher) with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.

type

valuation technique

Significant unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

Variable payments in form of earn-out agreements

The valuation model considers the present value of expected payments.

\u00a0

CT Spirits Japan variable earn-out

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date

\u2013 risk-adjusted discount rate 3.5%.

Lallier group earn-out.

\u2013 company performance contractually envisaged with targets based on sales performances measured over a certain period until 2023 included.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower)

with related impact in financial liabilities affecting the expected cash out value and the statement of profit or loss.

Derivatives resulting from put/call agreement connected with equity investments and joint-ventures

The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

\u00a0

Monkey Spirits, LLC

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.2%.

Spiritus Co Ltd.

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date;

\u2013 risk-adjusted discount rate 3.5%.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower); or

\u2013 the risk-adjusted discount rate was lower (higher)

with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.

Derivative resulting from granting put option for the purchase of a business

The valuation model considers the enterprise value of the business target to be acquired.

Beam Holding France S.A.S.

The purchase price for the transaction is US$1.32 billion (composed by a fix component of US$1.2 billion and an additional potential earn-out of maximum US$0.11 billion).

If the fair value of the target business were higher (lower) than the acquisition price, the estimated fair value would increase (decrease).

Since the Group granted the put option to the seller close to year end (14 December 2023) and within an arm-length negotiation under prevailing market conditions not limited only to the target\u2019s business performance, the fair value variation assessment as of 31 December 2023 can be deemed negligible even when considering potential fluctuations in the target's performance during the remaining days of 2023.

There were no transfers between fair value measurement levels during the period.
The following table shows a reconciliation from the opening balance to the closing balance of the periods for level 3 fair values.

\u20ac million

other non-current assets

liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures

level 3 fair values at 31 December 2022

18.8

236.3

- change in fair value included in profit or loss

(1.7)

(1.4)

- change in fair value included in Group net equity

-

8.5

- disposal

-

(3.4)

- additions

0.1

0.5

- exchange rate effect and other movements

(0.9)

(8.8)

level 3 fair values at 31 December 2023

16.3

231.8

\u20ac million

other non-current assets

liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures

level 3 fair values at 31 December 2021

0.8

50.4

- change in fair value included in profit or loss

(0.2)

-

- change in fair value included in Group net equity

-

(6.6)

- additions

19.1

191.8

- exchange rate effect and other movements

(1.0)

0.6

level 3 fair values at 31 December 2022

18.8

236.3

For the level 3 fair value items, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have been the following effects. The baseline is the contingent consideration recorded as put option liability in the consolidated financial statements at 31 December.

at 31 December 2023

profit or loss

group net equity

\u20ac million

(+) increase/(-) decrease

(+) increase/(-) decrease

liabilities for contingent considerations, put option and earn-out

\u00a0

\u00a0

risk adjusted discount rate +/-1% (+/-100 basis points)

0.1/-0.1

10.5/-11.3

expected contractually target business performances +/-10% (+/-1000 basis points)

-0.1/0.1

-17.8/+17.8

at 31 December 2022

profit or loss

group net equity

\u20ac million

(+) increase/(-) decrease

(+) increase/(-) decrease

liabilities for contingent considerations, put option and earn-out

\u00a0

\u00a0

risk adjusted discount rate +/-1% (+/-100 basis points)

-

0.9/-0.9

expected contractually target business performances +/-10% (+/-1000 basis points)

-

-20.0/+40.0

In light of the negligible amount of other non-current assets classified as level 3 fair value items (namely related to equity interests in third party investments) and derivatives over equity investments and joint-ventures, no sensitivity was detected as any reasonably possible changes at the balance sheet date of one of the significant unobservable inputs, keeping the other variables constant, would not have generated material effects either on the statement of profit or loss or on the group net equity.
Financial derivatives
A summary of financial derivatives implemented by the Group at 31 December 2023, broken down by hedging strategy, is shown below.
\u2022Derivatives used for fair value hedging
At 31 December 2023, certain Group subsidiaries have contracts for hedging payables and receivables in foreign currency in place that meet the requirements to be defined as fair value hedging instruments. These contracts were negotiated to match maturities with incoming and outgoing cash flows resulting from sales and purchases in individual currencies. At the reporting date the valuation of these contracts gave rise to the reporting of assets of \u20ac1.1 million and liabilities of \u20ac0.1 million (\u20ac1.3 million of assets and negligible amount of liabilities in 2022).
Gains and losses on the hedged and hedging instruments used in all the Group\u2019s fair value hedges, corresponding to the contracts mentioned above, are summarised below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Gains on hedging instruments

0.9

0.1

Losses on hedging instruments

(0.1)

-

Total gains (losses) on hedging instruments

0.8

0.1

Gains on hedged items

0.2

-

Losses on hedged items

(2.0)

(1.4)

Total gains (losses) on hedging items

(1.8)

(1.4)

\u2022Derivatives used for cash flow hedging
The Group uses the following contracts to hedge its cash flows:
\u00adinterest rate swaps hedging the risk of interest rate fluctuations on future transactions relating to the stipulation of financial loans;
\u00adhedging of future sales and purchases in currencies other than the \u20ac and interest rates on future transactions.
The fair value variation of the hedging instruments during the year generated a negative impact in other comprehensive income of \u20ac19.7 million and \u20ac3.9 million in profit or loss related to the reversal of cash flow reserve associated with the pre-hedge derivative (compared with positive impact of \u20ac41.8 million and \u20ac4.5 million respectively in 2022).
At the reporting date, the valuation of these contracts gave rise to the reporting of assets of \u20ac2.9 million (\u20ac41.9 million of assets in 2022).
The table below shows when the aforementioned hedged cash flows are expected to be received (paid), at 31 December 2023. These cash flows concern both interest and currency derivatives and have not been discounted.
Since the company does not distinguish the outflow for positive and negative fair values of derivative contracts, the below cash outflows are presented net.

for the year ended 31 December 2023

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

0.5

11.7

12.2

Net cash flows

0.5

11.7

12.2

for the year ended 31 December 2022

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

15.2

30.6

45.8

Net cash flows

15.2

30.6

45.8

The overall changes in the cash flow hedge reserve and the associated deferred taxes are shown below.

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2022

35.9

(8.6)

27.3

profit or loss impact

(6.1)

1.5

(4.7)

net equity impact

(17.5)

4.2

(13.3)

at 31 December 2023

12.3

(2.9)

9.3

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2021

(10.4)

2.4

(7.9)

profit or loss impact

4.5

(1.1)

3.4

net equity impact

41.8

(10.0)

31.8

at 31 December 2022

35.9

(8.6)

27.3

\u2022Hedging derivatives not reported using hedge accounting
These instruments are mainly related to hedges of future purchases in currencies other than the \u20ac. At 31 December 2023, financial assets for \u20ac1.0 and financial liabilities of \u20ac0.2 million were recognised (at 31 December 2022 negligible amounts were reported for both financial assets and liabilities).
IBOR reform
With respect to the amendments to IFRS pertaining to phase 2 of the \u2018Interest Rate Benchmark Reform\u2019, the Group's impact was deemed negligible as of 31 December 2023, primarily associated with the transition away from Libor in US dollars. The newly introduced rates have since been seamlessly integrated into routine treasury management practices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact38": { "value": " Other non-current assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Equity investment in other companies

16.3

-

18.8

Other non-current assets

6.6

0.1

5.3

Total other non-current assets

22.9

0.1

24.1

Other current assets
Disclosure

\u00a0

at\u00a0 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Other receivables from tax authorities

52.6

0.7

39.5

Prepaid expenses

13.2

3.1

8.9

Advances and other receivables from suppliers

10.3

-

3.2

Receivables from personnel

4.1

-

3.0

Advances to suppliers for fixed assets

16.3

-

0.2

Receivables from Parent Company for tax consolidation

0.1

-

0.1

Other

4.9

-

5.4

Other current assets

101.4

3.8

60.3

Other receivables from tax authorities, totalling \u20ac52.6 million, primarily comprise \u20ac46.6 million for VAT and \u20ac4.1 million for excise duties.

at 31 December 2023

other receivables\u207d\u00b9\u207e

provision for bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

26.1

-

Overdue since

62.4

(0.3)

less than 30 days

0.1

-

30-90 days

5.3

-

1 year

51.2

-

5 years

3.7

-

more than 5 years

2.1

(0.3)

Total receivables broken down by maturity

88.5

(0.3)

Amount impaired

(0.3)

\u00a0

Total

88.2

\u00a0

(1) The item does not include prepaid expenses.

at 31 December 2022

other receivables\u207d\u00b9\u207e

provision for bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

19.0

-

Overdue since

32.8

(0.6)

Less than 30 days

-

-

30-90 days

0.1

-

1 year

9.5

(0.3)

5 years

23.0

(0.3)

more than 5 years

0.1

-

Total receivables broken down by maturity

51.8

(0.6)

Amount impaired

(0.6)

\u00a0

Total

51.3

\u00a0

(1) The item does not include prepaid expenses.
The tables below provide information on the credit risk exposure of the Group\u2019s other current receivables using a provisional matrix which reflected the low risk level connected with the specific counterpart of these receivables.

\u00a0

other current receivable days past due

\u00a0

current

less than 30 days

30-90 days

1 year

\u00a05 years

more than 5 years

total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

-

-

-

-

-

0.3%

0.3%

Estimated total gross carrying amount at default

39.8

0.1

6.7

48.6

4.4

2.1

101.7

Provision for expected credit losses

-

-

-

-

-

(0.3)

(0.3)

\u00a0

other current receivable days past due

\u00a0

current

less than 30 days

30-90 days

1 year

\u00a05 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

-

-

-

0.5%

0.4%

-

0.9%

Estimated total gross carrying amount at default

23.3

-

0.8

8.5

28.0

0.1-

60.8

Provision for expected credit losses

-

-

-

(0.3)

(0.3)

\u00a0

(0.6)

", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f116623": { "value": " Other non-current assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Equity investment in other companies

16.3

-

18.8

Other non-current assets

6.6

0.1

5.3

Total other non-current assets

22.9

0.1

24.1

v. Other current assets
Disclosure

\u00a0

at\u00a0 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Other receivables from tax authorities

52.6

0.7

39.5

Prepaid expenses

13.2

3.1

8.9

Advances and other receivables from suppliers

10.3

-

3.2

Receivables from personnel

4.1

-

3.0

Advances to suppliers for fixed assets

16.3

-

0.2

Receivables from Parent Company for tax consolidation

0.1

-

0.1

Other

4.9

-

5.4

Other current assets

101.4

3.8

60.3

Other receivables from tax authorities, totalling \u20ac52.6 million, primarily comprise \u20ac46.6 million for VAT and \u20ac4.1 million for excise duties.

at 31 December 2023

other receivables\u207d\u00b9\u207e

provision for bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

26.1

-

Overdue since

62.4

(0.3)

less than 30 days

0.1

-

30-90 days

5.3

-

1 year

51.2

-

5 years

3.7

-

more than 5 years

2.1

(0.3)

Total receivables broken down by maturity

88.5

(0.3)

Amount impaired

(0.3)

\u00a0

Total

88.2

\u00a0

(1) The item does not include prepaid expenses.

at 31 December 2022

other receivables\u207d\u00b9\u207e

provision for bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

19.0

-

Overdue since

32.8

(0.6)

Less than 30 days

-

-

30-90 days

0.1

-

1 year

9.5

(0.3)

5 years

23.0

(0.3)

more than 5 years

0.1

-

Total receivables broken down by maturity

51.8

(0.6)

Amount impaired

(0.6)

\u00a0

Total

51.3

\u00a0

(1) The item does not include prepaid expenses.
The tables below provide information on the credit risk exposure of the Group\u2019s other current receivables using a provisional matrix which reflected the low risk level connected with the specific counterpart of these receivables.

\u00a0

other current receivable days past due

\u00a0

current

less than 30 days

30-90 days

1 year

\u00a05 years

more than 5 years

total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

-

-

-

-

-

0.3%

0.3%

Estimated total gross carrying amount at default

39.8

0.1

6.7

48.6

4.4

2.1

101.7

Provision for expected credit losses

-

-

-

-

-

(0.3)

(0.3)

\u00a0

other current receivable days past due

\u00a0

current

less than 30 days

30-90 days

1 year

\u00a05 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

-

-

-

0.5%

0.4%

-

0.9%

Estimated total gross carrying amount at default

23.3

-

0.8

8.5

28.0

0.1-

60.8

Provision for expected credit losses

-

-

-

(0.3)

(0.3)

\u00a0

(0.6)

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f116624": { "value": " Other non-current assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Equity investment in other companies

16.3

-

18.8

Other non-current assets

6.6

0.1

5.3

Total other non-current assets

22.9

0.1

24.1

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact33": { "value": " Other non-current assets
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Equity investment in other companies

16.3

-

18.8

Other non-current assets

6.6

0.1

5.3

Total other non-current assets

22.9

0.1

24.1

Financial instruments
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f116732": { "value": "Other current assets
Disclosure

\u00a0

at\u00a0 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Other receivables from tax authorities

52.6

0.7

39.5

Prepaid expenses

13.2

3.1

8.9

Advances and other receivables from suppliers

10.3

-

3.2

Receivables from personnel

4.1

-

3.0

Advances to suppliers for fixed assets

16.3

-

0.2

Receivables from Parent Company for tax consolidation

0.1

-

0.1

Other

4.9

-

5.4

Other current assets

101.4

3.8

60.3

Other receivables from tax authorities, totalling \u20ac52.6 million, primarily comprise \u20ac46.6 million for VAT and \u20ac4.1 million for excise duties.

at 31 December 2023

other receivables\u207d\u00b9\u207e

provision for bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

26.1

-

Overdue since

62.4

(0.3)

less than 30 days

0.1

-

30-90 days

5.3

-

1 year

51.2

-

5 years

3.7

-

more than 5 years

2.1

(0.3)

Total receivables broken down by maturity

88.5

(0.3)

Amount impaired

(0.3)

\u00a0

Total

88.2

\u00a0

(1) The item does not include prepaid expenses.

at 31 December 2022

other receivables\u207d\u00b9\u207e

provision for bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

19.0

-

Overdue since

32.8

(0.6)

Less than 30 days

-

-

30-90 days

0.1

-

1 year

9.5

(0.3)

5 years

23.0

(0.3)

more than 5 years

0.1

-

Total receivables broken down by maturity

51.8

(0.6)

Amount impaired

(0.6)

\u00a0

Total

51.3

\u00a0

(1) The item does not include prepaid expenses.
The tables below provide information on the credit risk exposure of the Group\u2019s other current receivables using a provisional matrix which reflected the low risk level connected with the specific counterpart of these receivables.

\u00a0

other current receivable days past due

\u00a0

current

less than 30 days

30-90 days

1 year

\u00a05 years

more than 5 years

total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

-

-

-

-

-

0.3%

0.3%

Estimated total gross carrying amount at default

39.8

0.1

6.7

48.6

4.4

2.1

101.7

Provision for expected credit losses

-

-

-

-

-

(0.3)

(0.3)

\u00a0

other current receivable days past due

\u00a0

current

less than 30 days

30-90 days

1 year

\u00a05 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

-

-

-

0.5%

0.4%

-

0.9%

Estimated total gross carrying amount at default

23.3

-

0.8

8.5

28.0

0.1-

60.8

Provision for expected credit losses

-

-

-

(0.3)

(0.3)

\u00a0

(0.6)

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact34": { "value": " Other non-current liabilities
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Other employee benefits (including retention incentive)

35.5

-

23.6

Other share benefits long-term (cash settled plans)

2.2

0.2

1.1

Profit sharing

4.2

-

4.9

Other non-current liabilities

0.7

\u00a0

1.4

Other non-current liabilities

42.6

0.2

30.9

(1) Including non-recurring last mile long-term incentive schemes.
The change compared to the last year is mainly related to non-recurring last mile long-term incentive schemes with retention purposes to be potentially recognised to senior management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact35": { "value": " Other non-current liabilities
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Other employee benefits (including retention incentive)

35.5

-

23.6

Other share benefits long-term (cash settled plans)

2.2

0.2

1.1

Profit sharing

4.2

-

4.9

Other non-current liabilities

0.7

\u00a0

1.4

Other non-current liabilities

42.6

0.2

30.9

(1) Including non-recurring last mile long-term incentive schemes.
The change compared to the last year is mainly related to non-recurring last mile long-term incentive schemes with retention purposes to be potentially recognised to senior management.
vii.Other current liabilities
Disclosure

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Payables to staff

98.5

0.4

89.3

Payables to agents

3.2

-

3.6

Deferred income

5.1

-

5.9

Amounts due to controlling shareholder for Group VAT

3.3

-

0.6

Value added tax

27.9

0.2

22.0

Tax on alcohol production

32.9

-

36.9

Withholding and miscellaneous taxes

9.9

0.1

9.1

Other

9.3

0.2

5.2

Other current liabilities

190.2

1.0

172.5

at 31 December 2023

other payables to third parties

\u00a0

\u20ac million

On demand

20.0

Due within 1 year

170.2

Total

190.2

at 31 December 2022

other payables to third parties

\u00a0

\u20ac million

On demand

24.4

Due within 1 year

148.0

Total

172.5

", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact36": { "value": " Other non-current liabilities
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Other employee benefits (including retention incentive)

35.5

-

23.6

Other share benefits long-term (cash settled plans)

2.2

0.2

1.1

Profit sharing

4.2

-

4.9

Other non-current liabilities

0.7

\u00a0

1.4

Other non-current liabilities

42.6

0.2

30.9

(1) Including non-recurring last mile long-term incentive schemes.
The change compared to the last year is mainly related to non-recurring last mile long-term incentive schemes with retention purposes to be potentially recognised to senior management.
vii.Other current liabilities
Disclosure

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Payables to staff

98.5

0.4

89.3

Payables to agents

3.2

-

3.6

Deferred income

5.1

-

5.9

Amounts due to controlling shareholder for Group VAT

3.3

-

0.6

Value added tax

27.9

0.2

22.0

Tax on alcohol production

32.9

-

36.9

Withholding and miscellaneous taxes

9.9

0.1

9.1

Other

9.3

0.2

5.2

Other current liabilities

190.2

1.0

172.5

at 31 December 2023

other payables to third parties

\u00a0

\u20ac million

On demand

20.0

Due within 1 year

170.2

Total

190.2

at 31 December 2022

other payables to third parties

\u00a0

\u20ac million

On demand

24.4

Due within 1 year

148.0

Total

172.5

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f117585": { "value": "
vii.Other current liabilities
Disclosure

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Payables to staff

98.5

0.4

89.3

Payables to agents

3.2

-

3.6

Deferred income

5.1

-

5.9

Amounts due to controlling shareholder for Group VAT

3.3

-

0.6

Value added tax

27.9

0.2

22.0

Tax on alcohol production

32.9

-

36.9

Withholding and miscellaneous taxes

9.9

0.1

9.1

Other

9.3

0.2

5.2

Other current liabilities

190.2

1.0

172.5

at 31 December 2023

other payables to third parties

\u00a0

\u20ac million

On demand

20.0

Due within 1 year

170.2

Total

190.2

at 31 December 2022

other payables to third parties

\u00a0

\u20ac million

On demand

24.4

Due within 1 year

148.0

Total

172.5

", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact52": { "value": " Trade receivables
Accounting policy
For details on the accounting policy, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Trade receivables from external costumers

373.9

8.3

305.9

Trade receivables from joint-ventures

-

-

2.1

Receivables in respect of contributions to promotional costs

0.3

-

0.2

Trade receivables

374.3

8.3

308.2

(1) The perimeter effect is mainly related to the increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd.
The table below shows the trade receivables broken down by maturity. In light of the analysis performed on estimated expected future losses (using the expected credit loss method). Trade receivables which are deemed not recoverable were balanced by an appropriate provision.

at 31 December 2023

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

278.4

(7.6)

Overdue

112.0

(9.4)

Less than 30 days

66.3

(0.7)

30-90 days

20.7

(2.8)

Within 1 year

10.9

(0.6)

Within 5 years

14.0

(5.2)

Due after 5 years

0.1

(0.1)

Total receivables broken down by maturity

390.4

(17.0)

Amount impaired

(17.0)

\u00a0

Total

373.3

\u00a0

(1)This item does not include prepaid expenses.

at 31 December 2022

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

226.2

(7.8)

Overdue

96.5

(10.4)

Less than 30 days

62.1

(0.4)

30-90 days

8.8

(3.2)

Within 1 year

12.3

(1.9)

Within 5 years

11.9

(3.4)

Due after 5 years

1.4

(1.4)

Total receivables broken down by maturity

322.7

(18.1)

Amount impaired

(18.1)

\u00a0

Total

304.6

\u00a0

(1)This item does not include prepaid expenses.
The overdue category increased by \u20ac15.5 million on 2022 and is continuously monitored by the Group\u2019s credit management functions.
At 31 December 2023, the provision for expected future losses and bad debt amounted to \u20ac17.0 million, substantially in line with the value reported in 2022 (\u20ac18.1 million). The net decrease recorded in 2023 was mainly related to the partial release of the provision in Russia, following a decrease in the probability of default of the country. On the other hand, the provision for expected future losses included:
\u00adthe updated and specific valuation on trade receivables of Ukraine, following the ongoing conflict which was reflected in the relative assessment of expected losses;
\u00adthe updated valuation for Argentina, considering the significant increase in the probability of default connected with the persisting macroeconomic uncertainly of the country and the increase in receivables due to the local hyperinflationary impact.
The following table provides the probability of default, obtained from external data providers, used for the calculation of the expected future losses for each subsidiary, used at 31 December 2023 and at 31 December 2022, according to the country in which the subsidiary is based.

\u00a0

applied for the assessment at 31 December

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

Argentina

20.94%

17.11%

Australia

0.06%

0.07%

Austria

0.06%

0.05%

Belgium

0.08%

0.06%

Brasil

0.25%

0.63%

Canada

0.13%

0.13%

China

0.25%

0.24%

France

0.07%

0.06%

Germany

0.06%

0.06%

Greece

0.19%

0.41%

India

0.22%

0.29%

Italy

0.19%

0.35%

Jamaica

0.84%

0.84%

Martinique

0.07%

0.06%

Mexico

0.22%

0.47%

New Zealand

0.07%

0.07%

Peru

0.17%

0.40%

Russia

9.12%

32.88%

Singapore

0.09%

0.07%

South Africa

0.84%

1.18%

South Korea

0.22%

0.25%

Spain

0.13%

0.13%

Switzerland

0.05%

0.03%

UK

0.11%

0.08%

Ukraine

100.00%

100.00%

United States

0.31%

0.13%

The tables below set out the information related to the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

within 1 year

within 5 years

after 5 years

Total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

1.8%

0.6%

0.2%

0.3%

1.2%

0.2%

4.3%

Estimated total gross carrying amount at default

279.3

66.3

20.7

10.9

14.0

0.1

391.3

Provision for expected credit losses

(7.1)

(2.2)

(0.9)

(1.2)

(4.9)

(0.8)

(17.0)

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

1 year

5 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

2.3%

0.8%

0.1%

0.7%

1.1%

0.5%

5.6%

Estimated total gross carrying amount at default

230.1

62.1

8.8

12.3

11.9

1.4

326.6

Provision for expected credit losses

(7.7)

(2.5)

(0.3)

(2.4)

(3.6)

(1.7)

(18.1)

The amount of the provision and the level of utilisation over the years, confirms that overall, the Group is exposed to a cluster of customers and markets that are not significantly affected by credit risk.
Financial instruments
Accounting policy
Financial instruments held by the Group are categorised as follows.
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade receivables arise from contracts with customers and are recognised when performance obligations are satisfied, and the consideration due is unconditional as only the passage of time is required before the payment is received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Group. The business model has been defined at a level that reflects the way in which groups of financial assets are managed to achieve a particular business objective. The model\u2019s measurement process requires an assessment based on both quantitative and qualitative factors relating to, for example, the way in which the performance of the financial assets in question is communicated to management with strategic responsibilities and the way in which the risks connected with these financial assets are managed.
The Group measures a financial asset at amortised cost if it meets both of the following conditions:
\u00adit is held under a business model whose objective is to hold assets aiming to collect contractual cash flows; and,
\u00adits contractual terms and conditions are such that the cash flows generated by the asset are attributable exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition; subsequent measurements reflect the repayments made, the effects of applying the effective interest method and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial assets represented by debt securities are classified and valued in the statement of financial position based on the business model adopted to manage these financial assets and the financial flows associated with each financial asset. They are measured at fair value through other comprehensive income (\u2018FVOCI\u2019) if all the conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact37": { "value": " Trade receivables
At 31 December 2023, the provision for expected future losses and bad debt amounted to \u20ac17.0 million, substantially in line with the value reported in 2022 (\u20ac18.1 million). The net decrease recorded in 2023 was mainly related to the partial release of the provision in Russia, following a decrease in the probability of default of the country. On the other hand, the provision for expected future losses included:
\u00adthe updated and specific valuation on trade receivables of Ukraine, following the ongoing conflict which was reflected in the relative assessment of expected losses;
\u00adthe updated valuation for Argentina, considering the significant increase in the probability of default connected with the persisting macroeconomic uncertainly of the country and the increase in receivables due to the local hyperinflationary impact.
The following table provides the probability of default, obtained from external data providers, used for the calculation of the expected future losses for each subsidiary, used at 31 December 2023 and at 31 December 2022, according to the country in which the subsidiary is based.

\u00a0

applied for the assessment at 31 December

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

Argentina

20.94%

17.11%

Australia

0.06%

0.07%

Austria

0.06%

0.05%

Belgium

0.08%

0.06%

Brasil

0.25%

0.63%

Canada

0.13%

0.13%

China

0.25%

0.24%

France

0.07%

0.06%

Germany

0.06%

0.06%

Greece

0.19%

0.41%

India

0.22%

0.29%

Italy

0.19%

0.35%

Jamaica

0.84%

0.84%

Martinique

0.07%

0.06%

Mexico

0.22%

0.47%

New Zealand

0.07%

0.07%

Peru

0.17%

0.40%

Russia

9.12%

32.88%

Singapore

0.09%

0.07%

South Africa

0.84%

1.18%

South Korea

0.22%

0.25%

Spain

0.13%

0.13%

Switzerland

0.05%

0.03%

UK

0.11%

0.08%

Ukraine

100.00%

100.00%

United States

0.31%

0.13%

The tables below set out the information related to the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

within 1 year

within 5 years

after 5 years

Total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

1.8%

0.6%

0.2%

0.3%

1.2%

0.2%

4.3%

Estimated total gross carrying amount at default

279.3

66.3

20.7

10.9

14.0

0.1

391.3

Provision for expected credit losses

(7.1)

(2.2)

(0.9)

(1.2)

(4.9)

(0.8)

(17.0)

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

1 year

5 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

2.3%

0.8%

0.1%

0.7%

1.1%

0.5%

5.6%

Estimated total gross carrying amount at default

230.1

62.1

8.8

12.3

11.9

1.4

326.6

Provision for expected credit losses

(7.7)

(2.5)

(0.3)

(2.4)

(3.6)

(1.7)

(18.1)

The amount of the provision and the level of utilisation over the years, confirms that overall, the Group is exposed to a cluster of customers and markets that are not significantly affected by credit risk.
Financial instruments
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact51": { "value": " Trade receivables
The table below shows the trade receivables broken down by maturity. In light of the analysis performed on estimated expected future losses (using the expected credit loss method). Trade receivables which are deemed not recoverable were balanced by an appropriate provision.

at 31 December 2023

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

278.4

(7.6)

Overdue

112.0

(9.4)

Less than 30 days

66.3

(0.7)

30-90 days

20.7

(2.8)

Within 1 year

10.9

(0.6)

Within 5 years

14.0

(5.2)

Due after 5 years

0.1

(0.1)

Total receivables broken down by maturity

390.4

(17.0)

Amount impaired

(17.0)

\u00a0

Total

373.3

\u00a0

(1)This item does not include prepaid expenses.

at 31 December 2022

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

226.2

(7.8)

Overdue

96.5

(10.4)

Less than 30 days

62.1

(0.4)

30-90 days

8.8

(3.2)

Within 1 year

12.3

(1.9)

Within 5 years

11.9

(3.4)

Due after 5 years

1.4

(1.4)

Total receivables broken down by maturity

322.7

(18.1)

Amount impaired

(18.1)

\u00a0

Total

304.6

\u00a0

(1)This item does not include prepaid expenses.
The overdue category increased by \u20ac15.5 million on 2022 and is continuously monitored by the Group\u2019s credit management functions.
At 31 December 2023, the provision for expected future losses and bad debt amounted to \u20ac17.0 million, substantially in line with the value reported in 2022 (\u20ac18.1 million). The net decrease recorded in 2023 was mainly related to the partial release of the provision in Russia, following a decrease in the probability of default of the country. On the other hand, the provision for expected future losses included:
\u00adthe updated and specific valuation on trade receivables of Ukraine, following the ongoing conflict which was reflected in the relative assessment of expected losses;
\u00adthe updated valuation for Argentina, considering the significant increase in the probability of default connected with the persisting macroeconomic uncertainly of the country and the increase in receivables due to the local hyperinflationary impact.
The following table provides the probability of default, obtained from external data providers, used for the calculation of the expected future losses for each subsidiary, used at 31 December 2023 and at 31 December 2022, according to the country in which the subsidiary is based.

\u00a0

applied for the assessment at 31 December

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

Argentina

20.94%

17.11%

Australia

0.06%

0.07%

Austria

0.06%

0.05%

Belgium

0.08%

0.06%

Brasil

0.25%

0.63%

Canada

0.13%

0.13%

China

0.25%

0.24%

France

0.07%

0.06%

Germany

0.06%

0.06%

Greece

0.19%

0.41%

India

0.22%

0.29%

Italy

0.19%

0.35%

Jamaica

0.84%

0.84%

Martinique

0.07%

0.06%

Mexico

0.22%

0.47%

New Zealand

0.07%

0.07%

Peru

0.17%

0.40%

Russia

9.12%

32.88%

Singapore

0.09%

0.07%

South Africa

0.84%

1.18%

South Korea

0.22%

0.25%

Spain

0.13%

0.13%

Switzerland

0.05%

0.03%

UK

0.11%

0.08%

Ukraine

100.00%

100.00%

United States

0.31%

0.13%

The tables below set out the information related to the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

within 1 year

within 5 years

after 5 years

Total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

1.8%

0.6%

0.2%

0.3%

1.2%

0.2%

4.3%

Estimated total gross carrying amount at default

279.3

66.3

20.7

10.9

14.0

0.1

391.3

Provision for expected credit losses

(7.1)

(2.2)

(0.9)

(1.2)

(4.9)

(0.8)

(17.0)

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

1 year

5 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

2.3%

0.8%

0.1%

0.7%

1.1%

0.5%

5.6%

Estimated total gross carrying amount at default

230.1

62.1

8.8

12.3

11.9

1.4

326.6

Provision for expected credit losses

(7.7)

(2.5)

(0.3)

(2.4)

(3.6)

(1.7)

(18.1)

The amount of the provision and the level of utilisation over the years, confirms that overall, the Group is exposed to a cluster of customers and markets that are not significantly affected by credit risk.
Financial instruments
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
Nature and extent of the risks arising from financial instruments
The Group\u2019s main financial instruments include current accounts, short-term deposits, short and long-term loans due to bank, lease payables and bonds. The purpose of these is to finance the Group\u2019s operating activities. In addition, the Group has trade receivables and payables resulting from its operations.
The main financial risks to which the Group is exposed are market (currency and interest rate risk), credit and liquidity risk. These risks are described below, together with an explanation of how they are managed.
To cover these risks, the Group uses derivatives, primarily interest rate swaps, cross-currency swaps and forward contracts, to hedge interest rate and exchange rate risks
-Credit risk
In specific markets in which the Group operates, sales are concentrated in a limited number of key customers. Therefore, a possible change in the priorities or deterioration of the financial conditions of these customers could have significant adverse effects on the Group\u2019s business and outlook. Furthermore, if these key customers view the contractual terms and conditions as no longer acceptable, they may ask for them to be renegotiated, resulting in less favourable terms and conditions for the Group. Examples of mitigation measures: monitoring of customers at market level, strategy and innovation development at corporate and market-level, multi-country investment strategy.
With regard to trade transactions, the Group works with medium-sized and large customers (large-scale retailers, domestic and international distributors) on which credit checks are performed in advance. Each company carries out an assessment and control procedure for its customer portfolio, constantly monitoring amounts received. In the event of excessive or repeated delays, supplies are suspended. Historically, losses on receivables represent a very low percentage of revenues and outstanding annual receivables, and significant hedging and/or insurance is put in place where there is uncertainty about cash collection.
Financial transactions are carried out with leading domestic and international institutions, monitored ratings to minimise counterparty insolvency risk.
The maximum risk associated with commercial and financial transactions at the reporting date is equivalent to the net carrying amount of these assets, also taking the risk of expected credit loss estimated by the Group using the business model identified.
-Liquidity risk
The Group\u2019s ability to generate substantial cash flow through its operations minimises liquidity risk. This risk is defined as the difficulty in raising funds to cover the Group\u2019s financial obligations payment.
The table below summarises financial liabilities at 31 December 2023 by maturity, based on contractual repayment obligations, including non-discounted interest.

at 31 December 2023

on demand

within 1 year

due in 1 to 2 years

due in 3 to 5 years

due after 5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Bonds

-

326.7

21.0

606.1

328.3

1,282.1

Loans due to banks

-

179.8

177.8

605.0

267.2

1,229.7

Leases

-

18.8

17.1

37.6

8.3

81.8

Payables for put option and earn-out

-

26.0

60.1

-

148.9

235.1

Other financial liabilities

-

4.7

-

-

-

4.7

Trade payables

55.6

465.5

-

-

-

521.1

Other non-financial liabilities

20.0

170.2

-

-

-

190.2

Total liabilities

75.6

1,191.6

276.0

1,248.8

752.7

3,544.7

at 31 December 2022 post-reclassifications

on demand

within 1 year

due in 1 to 2 years

due in 3 to 5 years

due after 5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Bonds

-

12.6

312.6

570.6

-

895.8

Loans due to banks

-

141.9

307.0

546.0

0.2

995.2

Leases

-

14.4

13.3

34.4

17.3

79.5

Payables for put option and earn-out

-

9.5

61.3

0.1

168.8

239.7

Other financial liabilities

-

5.5

-

-

-

5.5

Trade payables

45.9

491.4

4.4

-

-

541.6

Other non-financial liabilities

24.4

148.1

-

-

-

172.5

Total liabilities

70.3

823.5

698.6

1,151.1

186.3

2,929.9

The Group\u2019s financial payables, except non-current payables with a fixed maturity, consist of short-term bank debt. Thanks to its liquidity and satisfactory generation of cash flow from operations, the Group has sufficient resources to meet its financial commitments at maturity. In addition, there are unused credit lines that could cover any liquidity requirements for a total of \u20ac719.5 million, of which \u20ac400.0 million are committed and expiring in 2028 (undrawn as of 31 December 2023). The balance of the credit lines, uncommitted for an amount of \u20ac319.5 million, was drawn down for \u20ac84.6 million at 31 December 2023.
- Interest rate risk
A breakdown of the effective interest rate, taking all the cost components of the amortised costs into account, divided by type of financial liability is as follows.

\u00a0

\u00a0

\u00a0

\u00a0

at 31 December

\u00a0

nominal interest rate

effective interest rate(1)

maturity

2023

2022

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

\u20ac million

Loans due to banks

fixed rate 1.183% + variable rate(2)(3)

5.515%

2027

1,032.1

877.9

Parent Company bond issues

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- issued in 2017

fixed rate 2.165%

2.165%

2024

150.0

150.0

- issued in 2019

fixed rate 1.655%

1.655%

2024

150.0

149.8

- issued in 2020

fixed rate 1.250%

1.412%

2027

547.2

546.5

- issued in 2023

fixed rate 4.710%

4.710%

2030

298.6

\u00a0

Leases

incremental borrowing rate

incremental borrowing rate

2024-2029

76.0

79.5

(1) Calculated on any difference included in the amortised cost accounting.
(2) The figure shown relates to the applied rate and maturity of the loans due to banks by Davide Campari Milano N.V. and Campari America, LLC, responsible for nearly all market funding.
.
The Group is exposed to the risk of fluctuating interest rates in respect of its financial assets, loans due to banks and lease agreements. Derivative contracts intended to hedge interest rate exposures connected with financing are not subject to established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance and in the context of the Group's expansion initiatives.
The Parent Company\u2019s 2017, 2019, 2020 and 2023 bond issues pay interest at a fixed rate. Overall, at 31 December 2023, the nominal exposure of the Group\u2019s total financial debt was 40% (30% 2022) at variable-rate, while the effective exposure, including the related hedging derivatives for the term loan subscribed in 2023, stood at 24% at variable-rate.
Sensitivity analysis
The table below shows the effects of a possible change in interest rates on the Group\u2019s statement of profit or loss, if all other variables remain constant. A negative value in the table indicates a potential net reduction in profit or loss, while a positive value indicates a potential net increase in this item. The assumptions used with regard to a potential change in rates are based on an analysis of the trend on the reporting date.
With regard to the fixed-rate financial liabilities hedged by interest rate swaps, the change in the hedging instrument offsets the difference in the underlying liability, with practically no effect in the statement of profit or loss.

\u00a0

\u00a0

profit or loss

\u00a0

increase/decrease

increase in interest rates

decrease in interest rates

at 31 December 2023

in interest rates in basis point

\u20ac million

\u20ac million

\u20ac

+/- 5 basis points

(0.7)

0.7

US$

+30/-10 basis points

(1.5)

0.5

Other currencies

\u00a0

0.1

(0.7)

Total effect

\u00a0

(2.0)

(0.4)

at 31 December 2022

\u00a0

\u00a0

\u00a0

\u20ac

+/- 5 basis points

(0.6)

0.6

US$

+30/-10 basis points

0.3

(1.2)

Other currencies

\u00a0

2.5

(3.3)

Total effect

\u00a0

2.2

(4.0)

-Exchange rate risk
The Group develops its business activities globally, and sales in non-\u20ac markets are progressively increasing. However, the establishment of Group companies in countries including the United States, Brazil, Australia, Argentina and Switzerland allows exchange rate risk to be partly hedged, since both costs and income are denominated in the same currency.
For Campari Group, net exposure to foreign exchange effects is limited to transactions concluded among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group policy regularly determines the net exposure to the primary currencies to mitigate the residual foreign exchange risk by using forward and option derivatives agreements. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year.
Sensitivity analysis
An analysis was performed on the effects of a possible change in the exchange rates against the \u20ac on the statement of profit or loss, keeping all the other variables constant. This analysis does not include the consolidated financial statements\u2019 effect on translating the financial statements of subsidiaries denominated in a foreign currency following a possible change in exchange rates. The assumptions adopted regarding a potential change in rates are based on an analysis of forecasts provided by financial information agencies on the reporting date. The types of transactions included in this analysis are sales and purchases in any currency other than the Group\u2019s functional currency. The effects on shareholders\u2019 equity are determined by changes in the fair value of forward contracts on future transactions, which are used as cash flow hedges.

\u00a0

\u00a0

net equity

\u00a0

increase/decrease

increase in exchange rates

decrease in exchange rates

at 31 December 2023

in currency rates in %

\u20ac million

\u20ac million

US$

+2%/-6%

2.8

(1.0)

Other currencies

\u00a0

0.2

(0.3)

Total effect

\u00a0

3.0

(1.4)

at 31 December 2022

\u00a0

\u00a0

\u00a0

US$

+8%/-11%

2.9

(1.8)

Other currencies

\u00a0

0.1

(0.1)

Total effect

\u00a0

3.1

(1.9)

-Market and price risk
Market risk consists of the possibility that changes in exchange rates, interest rates or the prices of raw materials or commodities (alcohol, aromatic herbs, sugar, cereals and agave) could negatively affect the value of assets, liabilities or expected cash flows.
The price of raw materials depends on a wide variety of factors, which are difficult to forecast and are largely beyond the Group\u2019s control. Historically, the Group has had no problem obtaining high-quality quantities of raw materials. However, we cannot exclude that the Group could face challenges in getting supplies of raw materials. The Group is in the process of implementing measures aimed at limiting the risk of raw material price fluctuations, including co-investments agricultural production agreements with local producers, the benefits of which can be seen over the medium-term as they are related to natural growing processes.
The Campari Group has a substantial inventory of aged product categories, such as Bourbon whiskey, Scotch whisky, Canadian whisky, rum, cognac and tequila, which mature over lengthy periods. While the maturing inventory is stored at numerous locations around the world, the loss as a result of contamination, fire or other natural disaster or destruction resulting from negligence or the acts of third parties or otherwise of all or a portion of the inventory of any one of those aged product categories may not be replaceable and, consequently, may lead to a substantial decrease in the supply of those products. Additionally, the judgemental nature of determining how much of the Group\u2019s aged products to lay down in any given year for future consumption involves an inherent risk of forecasting error. Finally, price is another critical element, as the recoverability of the cost incurred in the maturing process is subject to the Group's ability to select an adequate range of premium products capable of satisfying the needs of demanding customers while the loss of sales and market shares or lead to future excess inventory and decreased profit margin. The Group regularly reviews its marketing and production strategy to mitigate those risks enabling long-term forecasting analytical tools.
iii.Debt management
The Group\u2019s debt management objectives are based on its ability to ensure that it retains an optimal level of financial soundness, while maintaining an appropriate level of liquidity that enables it to secure an economic return and, at the same time, access external sources of funding. The Group monitors changes to its net debt/EBITDA-adjusted ratio on an ongoing basis as commented in the above note 7 i-\u2018 Capital management\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact57": { "value": " Trade receivables
The table below shows the trade receivables broken down by maturity. In light of the analysis performed on estimated expected future losses (using the expected credit loss method). Trade receivables which are deemed not recoverable were balanced by an appropriate provision.

at 31 December 2023

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

278.4

(7.6)

Overdue

112.0

(9.4)

Less than 30 days

66.3

(0.7)

30-90 days

20.7

(2.8)

Within 1 year

10.9

(0.6)

Within 5 years

14.0

(5.2)

Due after 5 years

0.1

(0.1)

Total receivables broken down by maturity

390.4

(17.0)

Amount impaired

(17.0)

\u00a0

Total

373.3

\u00a0

(1)This item does not include prepaid expenses.

at 31 December 2022

trade receivables\u02bf\u00b9\u02be

provision for expected future losses and bad debt

\u00a0

\u20ac million

\u20ac million

Not overdue

226.2

(7.8)

Overdue

96.5

(10.4)

Less than 30 days

62.1

(0.4)

30-90 days

8.8

(3.2)

Within 1 year

12.3

(1.9)

Within 5 years

11.9

(3.4)

Due after 5 years

1.4

(1.4)

Total receivables broken down by maturity

322.7

(18.1)

Amount impaired

(18.1)

\u00a0

Total

304.6

\u00a0

(1)This item does not include prepaid expenses.
The overdue category increased by \u20ac15.5 million on 2022 and is continuously monitored by the Group\u2019s credit management functions.
At 31 December 2023, the provision for expected future losses and bad debt amounted to \u20ac17.0 million, substantially in line with the value reported in 2022 (\u20ac18.1 million). The net decrease recorded in 2023 was mainly related to the partial release of the provision in Russia, following a decrease in the probability of default of the country. On the other hand, the provision for expected future losses included:
\u00adthe updated and specific valuation on trade receivables of Ukraine, following the ongoing conflict which was reflected in the relative assessment of expected losses;
\u00adthe updated valuation for Argentina, considering the significant increase in the probability of default connected with the persisting macroeconomic uncertainly of the country and the increase in receivables due to the local hyperinflationary impact.
The following table provides the probability of default, obtained from external data providers, used for the calculation of the expected future losses for each subsidiary, used at 31 December 2023 and at 31 December 2022, according to the country in which the subsidiary is based.

\u00a0

applied for the assessment at 31 December

\u00a0

2023

2022

\u00a0

\u00a0

\u00a0

Argentina

20.94%

17.11%

Australia

0.06%

0.07%

Austria

0.06%

0.05%

Belgium

0.08%

0.06%

Brasil

0.25%

0.63%

Canada

0.13%

0.13%

China

0.25%

0.24%

France

0.07%

0.06%

Germany

0.06%

0.06%

Greece

0.19%

0.41%

India

0.22%

0.29%

Italy

0.19%

0.35%

Jamaica

0.84%

0.84%

Martinique

0.07%

0.06%

Mexico

0.22%

0.47%

New Zealand

0.07%

0.07%

Peru

0.17%

0.40%

Russia

9.12%

32.88%

Singapore

0.09%

0.07%

South Africa

0.84%

1.18%

South Korea

0.22%

0.25%

Spain

0.13%

0.13%

Switzerland

0.05%

0.03%

UK

0.11%

0.08%

Ukraine

100.00%

100.00%

United States

0.31%

0.13%

The tables below set out the information related to the credit risk exposure on the Group\u2019s trade receivables using a provision matrix:

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

within 1 year

within 5 years

after 5 years

Total

at 31 December 2023

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

1.8%

0.6%

0.2%

0.3%

1.2%

0.2%

4.3%

Estimated total gross carrying amount at default

279.3

66.3

20.7

10.9

14.0

0.1

391.3

Provision for expected credit losses

(7.1)

(2.2)

(0.9)

(1.2)

(4.9)

(0.8)

(17.0)

\u00a0

trade receivables days past due

\u00a0

current

less than 30 days

30-90 days

1 year

5 years

more than 5 years

total

at 31 December 2022

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Credit loss rate

2.3%

0.8%

0.1%

0.7%

1.1%

0.5%

5.6%

Estimated total gross carrying amount at default

230.1

62.1

8.8

12.3

11.9

1.4

326.6

Provision for expected credit losses

(7.7)

(2.5)

(0.3)

(2.4)

(3.6)

(1.7)

(18.1)

The amount of the provision and the level of utilisation over the years, confirms that overall, the Group is exposed to a cluster of customers and markets that are not significantly affected by credit risk.
Financial instruments
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
Nature and extent of the risks arising from financial instruments
-Credit risk
In specific markets in which the Group operates, sales are concentrated in a limited number of key customers. Therefore, a possible change in the priorities or deterioration of the financial conditions of these customers could have significant adverse effects on the Group\u2019s business and outlook. Furthermore, if these key customers view the contractual terms and conditions as no longer acceptable, they may ask for them to be renegotiated, resulting in less favourable terms and conditions for the Group. Examples of mitigation measures: monitoring of customers at market level, strategy and innovation development at corporate and market-level, multi-country investment strategy.
With regard to trade transactions, the Group works with medium-sized and large customers (large-scale retailers, domestic and international distributors) on which credit checks are performed in advance. Each company carries out an assessment and control procedure for its customer portfolio, constantly monitoring amounts received. In the event of excessive or repeated delays, supplies are suspended. Historically, losses on receivables represent a very low percentage of revenues and outstanding annual receivables, and significant hedging and/or insurance is put in place where there is uncertainty about cash collection.
Financial transactions are carried out with leading domestic and international institutions, monitored ratings to minimise counterparty insolvency risk.
The maximum risk associated with commercial and financial transactions at the reporting date is equivalent to the net carrying amount of these assets, also taking the risk of expected credit loss estimated by the Group using the business model identified.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact50": { "value": " Trade payables
Accounting policy
For details on the accounting policy, please refer to note 6 i.-\u2018Financial instruments\u2019.
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect(1)

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Trade payables to external suppliers

521.1

27.2

541.6

Trade payables

521.1

27.2

541.6

(1) The perimeter effect is mainly related to the increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd..
Trade payables showed a decrease compared to 31 December 2022, mainly driven by a temporary phasing in connection with timing of non-recurring capital expenditure, as well as an enhancement in the payable process and a slight reduction in input costs, attributable to the gradual easing of inflation observed during the latter part of the year. During 2023, the Group continued to join the reverse factoring program in cooperation with an external banking provider and selected key suppliers. The programme involved strategic partners based in Italy and, starting from 2023 also in the United States, to allow participating suppliers to receive early payments on their invoices. Based on the program\u2019s characteristics and the nature of the transaction, the trade payables in scope continued to be classified as a trade payable on the grounds which led to an improvement in terms of commercial payment without giving any guarantee or change in terms or conditions of the original agreements. The program led to an increase in payables by approximately \u20ac27.8 million at 31 December 2023 (compared to \u20ac23.5 million at 31 December 2022), resulting in a consistent average extension of payment terms to 30 days across both years, as disclosed.

at 31 December 2023

trade payables

\u00a0

\u20ac million

On demand

55.6

Due within 1 year

465.5

Due in 1 to 2 years

-

Due after 5 years

-

Total

521.1

at 31 December 2022

trade payables

\u00a0

\u20ac million

On demand

45.9

Due within 1 year

491.5

Due in 1 to 2 years

4.4

Due after 5 years

-

Total

541.7

Financial instruments
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f119087": { "value": " Inventories and biological assets
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Costs of finished products include raw materials, supplies and consumables, direct labour and expenses and an appropriate proportion of production and other overheads. Cost is calculated at the weighted average cost incurred in acquiring inventories. Maturing inventory includes the depreciation cost of the barrels used in the ageing process on a straight-line basis over the ageing horizon. Maturing inventory, as well as biological assets that, for their nature, are retained for more than one year, are classified as current assets, as they are expected to be realised in the normal operating cycle.
For detailed information on the accounting policy for inventory biological assets, please also refer to note 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Finished products and goods for resale

347.8

8.0

253.8

Maturing inventory

603.3

0.2

516.0

Work in progress

177.8

-

146.2

Raw materials, supplies and consumables

108.4

-

88.7

Inventories

1,237.4

8.2

1,004.6

Current biological assets

15.1

-

7.1

Total

1,252.5

8.2

1,011.7

Stocks totalled \u20ac1,252.5 million at 31 December 2023, up by 240.8 million on 31 December 2022. The increase was mainly driven by finished products and goods for resale, connected with the strong net sales performance and the planned inventory build-up to support the sustained customer demand at year-end, combined with the requirement for temporary safety stock associated with significant capacity expansion initiatives across the Group's production facilities in many geographies, as well as maturing inventory to support the Group\u2019s strategic premiumisation strategy.
The perimeter effect was mainly related to the acquisition increase of interest in CT Spirits Japan Ltd. and Thirsty Camel Ltd..
Current biological assets at 31 December 2023 totalled \u20ac15.1 million, corresponding to the fair value of the sugar cane, grapes and agave harvests that had not yet ripened. All these biological products are classified as current inventory in consideration of their annual vegetative growing process, except agave, which is also classified as inventory during the 6-year growing period even though the agave plants are not yet ripe for the harvest useful for distillation, as they can theoretically be sold as a growing plant. For more information related to the fair value estimation, refer to paragraph 8 iii-\u2018Fair value information on assets and liabilities\u2019. No guarantees were given to third parties in relation to these inventories. Agricultural produce in Martinique benefitted from public grants of \u20ac0.3 million (\u20ac0.2 million in 2022).
Inventories are reported net of the relevant impairment provisions amounting to \u20ac22.3 million (\u20ac15.1 million in 2022).

\u00a0

\u20ac million

at 31 December 2022

(15.1)

Change resulting from provisional allocation of acquisition value

(1.2)

31 December 2022 post-reclassification\u02bf\u00b9\u02be

(16.3)

Perimeter effect for acquisition

(0.9)

(Accruals)/Release

(7.7)

Utilisation

1.4

Exchange rate differences and other changes

1.3

at 31 December 2023

(22.3)

\u00a0

\u20ac million

at 31 December 2021

(13.6)

Accruals/Release

(1.1)

Utilisation

3.3

Exchange rate differences and other changes

(3.7)

at 31 December 2022

(15.1)

", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact49": { "value": " Inventories and biological assets
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Costs of finished products include raw materials, supplies and consumables, direct labour and expenses and an appropriate proportion of production and other overheads. Cost is calculated at the weighted average cost incurred in acquiring inventories. Maturing inventory includes the depreciation cost of the barrels used in the ageing process on a straight-line basis over the ageing horizon. Maturing inventory, as well as biological assets that, for their nature, are retained for more than one year, are classified as current assets, as they are expected to be realised in the normal operating cycle.
For detailed information on the accounting policy for inventory biological assets, please also refer to note 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact48": { "value": " Inventories and biological assets
Accounting policy
Inventories are stated at the lower of cost and net realisable value. Costs of finished products include raw materials, supplies and consumables, direct labour and expenses and an appropriate proportion of production and other overheads. Cost is calculated at the weighted average cost incurred in acquiring inventories. Maturing inventory includes the depreciation cost of the barrels used in the ageing process on a straight-line basis over the ageing horizon. Maturing inventory, as well as biological assets that, for their nature, are retained for more than one year, are classified as current assets, as they are expected to be realised in the normal operating cycle.
For detailed information on the accounting policy for inventory biological assets, please also refer to note 8 iii-\u2018Fair value information on assets and liabilities\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact62": { "value": " Financial instruments
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
Disclosure i

at 31 December 2023

carrying amount

measurement at amortised cost

measurement at fair value through profit and loss

measurement at fair value with changes recognised in the statement of comprehensive income

\u20ac million

\u00a0

Cash and cash equivalents

620.3

620.3

-

-

Other current financial asset

18.7

18.7

-

-

Other non-current financial assets

7.0

7.0

-

-

Lease payables

(76.0)

(76.0)

-

-

Loans due to banks(1)

(1,032.1)

(1,032.1)

-

-

Bonds

(1,145.8)

(1,145.8)

-

-

Accrued interest on bonds

(14.5)

(14.5)

-

-

Other current financial liabilities

(1.2)

(1.2)

-

-

Liabilities for put option and earn-out payments(2)

(235.1)

(3.3)

-

(231.8)

Non-current and current assets for hedging derivatives(3)

5.5

-

1.0

4.5

Non-current and current liabilities for hedging derivatives

(0.4)

-

(0.2)

(0.1)

Other non-current assets

22.9

6.6

16.3

-

Trade receivables

374.3

374.3

-

-

Trade payables

(521.1)

(521.1)

-

-

Total

(1,977.4)

(1,767.0)

17.0

(227.4)

(1) Excluding derivative on loan due to bank.
(2) Liabilities linked to some business combination may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivative on loans due to bank and new pre-hedging contract subscribed.

at 31 December 2022 post-reclassifications

carrying amount

measurement at amortised cost

measurement at fair value through profit and loss

measurement at fair value with changes recognised in the statement of comprehensive income

\u20ac million

Cash and cash equivalents

435.4

435.4

-

-

Other current financial asset

17.0

0.8

16.2

-

Other non-current financial assets

6.7

5.7

1.0

-

Lease payables

(79.5)

(79.5)

-

-

Loans due to banks(1)

(877.9)

(877.9)

-

-

Bonds

(846.3)

(846.3)

-

-

Accrued interest on bonds

(5.7)

(5.7)

-

-

Other current financial liabilities

(8.5)

(8.5)

-

-

Liabilities for put option and earn-out payments(2)

(239.7)

(3.4)

-

(236.3)

Current assets for hedging derivatives

1.7

-

-

1.7

Non-current assets for hedging derivatives(3)

41.5

-

-

41.5

Other non-current assets

24.1

5.3

18.8

-

Trade receivables

308.2

308.2

-

-

Trade payables

(541.6)

(541.6)

-

-

Total

(1,764.6)

(1,607.6)

36.0

(193.0)

(1) Excluding derivative on loan due to bank.
(2) Liabilities linked to some business combination may be elected to have the fair value variation accounted for against the Group equity.
(3)Derivative on loan due to bank.
The tables below show a breakdown of the foreign exchange contracts on highly probable sales and purchases and interest rate swap on loan. It also includes the effect of hedge derivatives, not in hedge accounting with fair values variations recognised through the statement of profit or loss.
Call and/or put agreements over joint-ventures elected as derivative instruments with negligible fair value variation were disclosed below.

foreign exchange forward contracts and options

(highly probable forecast sales and purchases)

at 31 December

2023

2022

\u20ac million

notional amount hedged items

average forward rate

notional amount hedged items

average forward rate

US$

90.5

1.07

27.3

1.01

New Zealand Dollar

12.0

1.78

7.2

1.69

Australian Dollar

17.8

1.63

0.3

1.52

Swiss Franc

1.5

0.95

1.0

0.97

Singapore Dollar

-

-

2.0

1.42

Sterling Pound

1.9

0.87

-

-

Canadian Dollar

-

-

0.5

1.32

Total

123.7

\u00a0

38.4

\u00a0

hedged items and related derivatives forward

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

foreign exchange forward contracts and options

(highly probable forecast sales and purchases) fair value and cash flow hedge

123.7

2.3

(1.4)

38.4

1.7

0.1

hedged items

and related derivatives interest rate swaps

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments(1)

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

interest rate swap contracts on loans financial statements impact

700.0

2.9

6.1

750.0

41.5

0.9

(1) The carrying value is included in the line \u2018Loans due to banks\u2019 in the financial instruments\u2019 recap table reported above.
Fair value information on assets and liabilities
Disclosure
A summary of the financial and non-financial assets and liabilities measured at fair value is shown below. As complementary information, the fair value of the financial items measured at amortised costs based on the applicable business model is also included.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

A) Items reported at fair value

194.9

149.9

of which assets

36.9

86.4

Other current financial asset

-

16.2

Current assets for hedging derivatives

1.6

1.7

Current assets for hedge derivatives, not in hedge accounting

1.0

-

Non-current assets for hedging derivatives

2.9

41.5

Other non-current financial assets

-

1.0

Other non-current assets (non-financial item)

16.3

18.8

Biological asset inventory (non-financial item)

15.1

7.1

of which liability

232.2

236.3

Current liabilities for hedging derivatives

0.1

-

Current liabilities for hedge derivatives, not in hedge accounting

0.2

-

Liabilities for put option and earn-out payments

231.8

236.3

B) Financial liabilities reported at amortised cost method

but for which fair value information is provided

2,192.9

1,698.4

of which liability

2,192.9

1,698.4

Loans due to banks

1,072.3

929.4

Bonds issued in 2017

149.0

147.1

Bonds issued in 2019

148.5

146.5

Bonds issued in 2020

504.4

475.4

Bonds issued in 2023

318.7

-

There were no changes in the Group\u2019s valuation processes, techniques and types of inputs used in the fair value measurements during the period regarding the fair value of a) financial and b) non-financial instruments. The valuation date for all items is 31 December 2023.
a) Financial instruments
Fair value of financial instruments:
\u00adfor financial assets and liabilities that are liquid or nearing maturity, it is assumed that the carrying amount equates to fair value; this assumption also applies to term deposits, securities that can be readily converted to cash, and variable-rate financial instruments;
\u00adfor the measurement of hedging instruments at fair value, the Group used valuation models based on market parameters;
\u00adthe fair value of non-current financial payables was obtained by discounting all future cash flows to present value under the conditions in effect at the end of the year.
Derivatives, valued using techniques based on market data, are mainly interest rate swaps and forward sales/purchases of foreign currencies to hedge both the fair value of the underlying instruments and cash flows.
The most commonly applied measurement methods include forward pricing and swap models, which use present value calculations. The models incorporate various inputs, including the non-performance risk rating of the counterparty, market volatility, spot and forward exchange rates and current and forward interest rates.
An analysis of financial instruments measured at fair value based on three different valuation levels is provided in the table below.
\u00adlevel 1: valuation for the financial assets in question was calculated using a methodology based on the NAV, which was obtained from specialised external sources;
\u00adlevel 2: valuation used for financial instruments measured at fair value was based on parameters such as exchange rates and interest rates, which are quoted on active markets or are observable on official yield curves;
\u00adlevel 3: valuation used for financial liabilities deriving from or connected to business combinations, where a portion of the consideration was determined as a condition subordinated to the company\u2019s performance acquired, based on contractually agreed indicators.

at 31 December 2023

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets reported at fair value

\u00a0

\u00a0

\u00a0

Current assets for hedging derivatives

-

1.6

-

Current assets for hedge derivatives, not in hedge accounting

-

1.0

-

Non-current assets for hedging derivatives

-

2.9

-

Other non-current assets

-

-

16.3

Biological asset inventory

-

-

15.1

Liabilities reported at fair value

\u00a0

\u00a0

\u00a0

Current liabilities for hedging derivatives

-

0.1

-

Current liabilities for hedge derivatives, not in hedge accounting

-

0.2

-

Liabilities for put option and earn-out payments

-

-

231.8

Financial liabilities at fair value

\u00a0

\u00a0

\u00a0

Loans due to banks

-

1,072.3

-

Bonds issued in 2017

-

149.0

-

Bonds issued in 2019

-

148.5

-

Bonds issued in 2020

-

504.4

-

Bonds issued in 2023

-

318.7

-

at 31 December 2022

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets reported at fair value

-

-

-

Other current financial asset

16.2

-

-

Current assets for hedging derivatives

-

1.7

-

Non-current assets for hedging derivatives

-

41.5

-

Other non-current financial assets

1.0

-

-

Other non-current assets

-

-

18.8

Biological asset inventory

-

-

7.1

Liabilities reported at fair value

\u00a0

\u00a0

\u00a0

Liabilities for put option and earn-out payments

-

-

236.3

Financial liabilities at fair value

\u00a0

\u00a0

\u00a0

Loans due to banks

-

929.4

-

Bonds issued in 2017

-

147.1

-

Bonds issued in 2019

-

146.5

-

Bonds issued in 2020

-

475.4

-

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31 December 2023 for financial instruments measured at fair value in the statement of financial position, and the significant unobservable inputs used.

type

valuation technique

Significant unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

Forward and option exchange contracts

\u00a0

The fair value is determined using quoted forward exchange rates at the reporting date based on high credit quality yield curves in the respective currencies. The models incorporate various inputs, including the counterparty's credit rating, market volatility, spot and forward exchange rates and current and forward interest rates.

Not applicable.

Not applicable.

Interest rate

swaps

The fair value of interest rate swaps agreements is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources reflecting the applicable benchmark interbank rate used by market participants when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices.

Not applicable.

Not applicable.

Contingent consideration and put or put/call agreements connected with business combination

The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

\u00a0

Wilderness Trail Distillery option

\u2013 expected contractually target business performances measured over a period of 9 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.9%.

Ancho Reyes and Montelobos option

\u2013 expected contractually target business performances measured over a period of 5 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.5%.

Trans Beverage Company Ltd.

\u2013 expected contractually target business performances measured over a period of 6 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.5%.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower); or

\u2013 the risk-adjusted discount rate was lower (higher) with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.

type

valuation technique

Significant unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

Variable payments in form of earn-out agreements

The valuation model considers the present value of expected payments.

\u00a0

CT Spirits Japan variable earn-out

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date

\u2013 risk-adjusted discount rate 3.5%.

Lallier group earn-out.

\u2013 company performance contractually envisaged with targets based on sales performances measured over a certain period until 2023 included.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower)

with related impact in financial liabilities affecting the expected cash out value and the statement of profit or loss.

Derivatives resulting from put/call agreement connected with equity investments and joint-ventures

The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

\u00a0

Monkey Spirits, LLC

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.2%.

Spiritus Co Ltd.

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date;

\u2013 risk-adjusted discount rate 3.5%.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower); or

\u2013 the risk-adjusted discount rate was lower (higher)

with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.

Derivative resulting from granting put option for the purchase of a business

The valuation model considers the enterprise value of the business target to be acquired.

Beam Holding France S.A.S.

The purchase price for the transaction is US$1.32 billion (composed by a fix component of US$1.2 billion and an additional potential earn-out of maximum US$0.11 billion).

If the fair value of the target business were higher (lower) than the acquisition price, the estimated fair value would increase (decrease).

Since the Group granted the put option to the seller close to year end (14 December 2023) and within an arm-length negotiation under prevailing market conditions not limited only to the target\u2019s business performance, the fair value variation assessment as of 31 December 2023 can be deemed negligible even when considering potential fluctuations in the target's performance during the remaining days of 2023.

There were no transfers between fair value measurement levels during the period.
The following table shows a reconciliation from the opening balance to the closing balance of the periods for level 3 fair values.

\u20ac million

other non-current assets

liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures

level 3 fair values at 31 December 2022

18.8

236.3

- change in fair value included in profit or loss

(1.7)

(1.4)

- change in fair value included in Group net equity

-

8.5

- disposal

-

(3.4)

- additions

0.1

0.5

- exchange rate effect and other movements

(0.9)

(8.8)

level 3 fair values at 31 December 2023

16.3

231.8

\u20ac million

other non-current assets

liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures

level 3 fair values at 31 December 2021

0.8

50.4

- change in fair value included in profit or loss

(0.2)

-

- change in fair value included in Group net equity

-

(6.6)

- additions

19.1

191.8

- exchange rate effect and other movements

(1.0)

0.6

level 3 fair values at 31 December 2022

18.8

236.3

For the level 3 fair value items, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have been the following effects. The baseline is the contingent consideration recorded as put option liability in the consolidated financial statements at 31 December.

at 31 December 2023

profit or loss

group net equity

\u20ac million

(+) increase/(-) decrease

(+) increase/(-) decrease

liabilities for contingent considerations, put option and earn-out

\u00a0

\u00a0

risk adjusted discount rate +/-1% (+/-100 basis points)

0.1/-0.1

10.5/-11.3

expected contractually target business performances +/-10% (+/-1000 basis points)

-0.1/0.1

-17.8/+17.8

at 31 December 2022

profit or loss

group net equity

\u20ac million

(+) increase/(-) decrease

(+) increase/(-) decrease

liabilities for contingent considerations, put option and earn-out

\u00a0

\u00a0

risk adjusted discount rate +/-1% (+/-100 basis points)

-

0.9/-0.9

expected contractually target business performances +/-10% (+/-1000 basis points)

-

-20.0/+40.0

In light of the negligible amount of other non-current assets classified as level 3 fair value items (namely related to equity interests in third party investments) and derivatives over equity investments and joint-ventures, no sensitivity was detected as any reasonably possible changes at the balance sheet date of one of the significant unobservable inputs, keeping the other variables constant, would not have generated material effects either on the statement of profit or loss or on the group net equity.
Financial derivatives
A summary of financial derivatives implemented by the Group at 31 December 2023, broken down by hedging strategy, is shown below.
\u2022Derivatives used for fair value hedging
At 31 December 2023, certain Group subsidiaries have contracts for hedging payables and receivables in foreign currency in place that meet the requirements to be defined as fair value hedging instruments. These contracts were negotiated to match maturities with incoming and outgoing cash flows resulting from sales and purchases in individual currencies. At the reporting date the valuation of these contracts gave rise to the reporting of assets of \u20ac1.1 million and liabilities of \u20ac0.1 million (\u20ac1.3 million of assets and negligible amount of liabilities in 2022).
Gains and losses on the hedged and hedging instruments used in all the Group\u2019s fair value hedges, corresponding to the contracts mentioned above, are summarised below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Gains on hedging instruments

0.9

0.1

Losses on hedging instruments

(0.1)

-

Total gains (losses) on hedging instruments

0.8

0.1

Gains on hedged items

0.2

-

Losses on hedged items

(2.0)

(1.4)

Total gains (losses) on hedging items

(1.8)

(1.4)

\u2022Derivatives used for cash flow hedging
The Group uses the following contracts to hedge its cash flows:
\u00adinterest rate swaps hedging the risk of interest rate fluctuations on future transactions relating to the stipulation of financial loans;
\u00adhedging of future sales and purchases in currencies other than the \u20ac and interest rates on future transactions.
The fair value variation of the hedging instruments during the year generated a negative impact in other comprehensive income of \u20ac19.7 million and \u20ac3.9 million in profit or loss related to the reversal of cash flow reserve associated with the pre-hedge derivative (compared with positive impact of \u20ac41.8 million and \u20ac4.5 million respectively in 2022).
At the reporting date, the valuation of these contracts gave rise to the reporting of assets of \u20ac2.9 million (\u20ac41.9 million of assets in 2022).
The table below shows when the aforementioned hedged cash flows are expected to be received (paid), at 31 December 2023. These cash flows concern both interest and currency derivatives and have not been discounted.
Since the company does not distinguish the outflow for positive and negative fair values of derivative contracts, the below cash outflows are presented net.

for the year ended 31 December 2023

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

0.5

11.7

12.2

Net cash flows

0.5

11.7

12.2

for the year ended 31 December 2022

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

15.2

30.6

45.8

Net cash flows

15.2

30.6

45.8

The overall changes in the cash flow hedge reserve and the associated deferred taxes are shown below.

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2022

35.9

(8.6)

27.3

profit or loss impact

(6.1)

1.5

(4.7)

net equity impact

(17.5)

4.2

(13.3)

at 31 December 2023

12.3

(2.9)

9.3

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2021

(10.4)

2.4

(7.9)

profit or loss impact

4.5

(1.1)

3.4

net equity impact

41.8

(10.0)

31.8

at 31 December 2022

35.9

(8.6)

27.3

\u2022Hedging derivatives not reported using hedge accounting
These instruments are mainly related to hedges of future purchases in currencies other than the \u20ac. At 31 December 2023, financial assets for \u20ac1.0 and financial liabilities of \u20ac0.2 million were recognised (at 31 December 2022 negligible amounts were reported for both financial assets and liabilities).
IBOR reform
With respect to the amendments to IFRS pertaining to phase 2 of the \u2018Interest Rate Benchmark Reform\u2019, the Group's impact was deemed negligible as of 31 December 2023, primarily associated with the transition away from Libor in US dollars. The newly introduced rates have since been seamlessly integrated into routine treasury management practices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact72": { "value": " Financial instruments
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
Derecognition of financial assets and liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please refer to note 3 xii.-\u2018Share of profit (loss) of joint-ventures\u2019.
Non-current financial debt
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bond issued in 2017

-

-

150.0

Bond issued in 2019

-

-

149.8

Bond issued in 2020

547.2

-

546.5

Bond issued in 2023

298.6

-

-

Non-current bonds

845.8

-

846.3

Liabilities and loans due to banks

901.5

1.2

770.9

Lease payables

60.0

0.6

65.1

Liabilities for put option and earn-out payments

209.0

(2.8)

236.3

Other non-current financial liabilities

269.0

(2.3)

301.4

Total non-current financial debt

2,016.3

(1.1)

1,918.7

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during the year are as follows.
-Bonds
At 31 December 2023, the Bonds item included the following issues placed by the Parent Company, which are fully \u20ac-denominated.

\u00a0

at 31 December 2023

\u00a0

original nominal value

maturity

coupon rate fixed

\u20ac million

Bond issued in 2017

150.0

5 April 2024

2.165%

Bond issued in 2019

150.0

30 April 2024

1.655%

Bond issued in 2020

550.0

6 October 2027

1.250%

Bond issued in 2023

300.0

18 May 2030

4.710%

On 11 May 2023, Davide Campari-Milano N.V. successfully completed the placement of an unrated 7-year bond issue, targeted at institutional investors. The placement is for \u20ac300 million maturing on 18 May 2030, paying a fixed annual coupon of 4.71%, issued at an issue price of 100%. The proceeds of the issue will be used by the Company for general corporate purposes. Moreover, during 2023 the private placements issued in 2017 and 2019 for \u20ac150.0 million each with maturity date in April 2024 were reclassified to current financial debt.
-Liabilities and loans due to banks
This item includes \u20ac-denominated loans entered with leading banks as follows.

at 31 December 2023

original nominal value

residual nominal value

maturity

interest rate

nominal rate at 31 December 2023

non-current

current(1)

\u20ac million

\u20ac million

\u20ac million

Loan 2021

100.0

100.0

-

30 June 2026

fixed rate

1.325%

Loan 2022

50.0

50.0

-

10 October 2025

floating interest rate linked to Euribor plus spread

4.800%

Term Loan US 2022

380.1

330.3

27.1

6 December 2027

floating interest rate linked to Sofr plus spread

6.778%

Loan 2023

50.0

20.8

16.7

31 March 2026

floating interest rate linked to Euribor plus spread

4.979%

Term Loan 2023

400.0

400.0

-

30 June 2029

floating interest rate linked to Euribor plus spread

5.225%

(1) The current portion is classified in current liabilities-loans due to banks.

at 31 December 2022

original nominal value

residual nominal value

maturity

interest rate

nominal rate at 31 December 2022

non-current

current(1)

\u20ac million

\u20ac million

\u20ac million

Term Loan 2019(2)

250.0

250.0

-

31 July 2024

floating interest rate linked to Euribor plus spread(3)

1.126%

Loan 2021

100.0

100.0

-

30 June 2026

fixed rate

1.325%

Loan 2022

50.0

50.0

-

10 October 2025

floating interest rate linked to Euribor plus spread

3.002%

Term Loan US 2022

393.8

370.3

23.4

6 December 2027

floating interest rate linked to Sofr plus spread

5.552%

(1) The current portion is classified in current liabilities-loans due to banks.
(2) The loan was accompanied by a revolving credit facility for the same amount and maturity, at an interest rate link to Euribor plus spread, as well as drawdown fees. The revolving credit facility was not used at 31 December 2022.
(3) Inclusive of the related interest rate swap.
The increase compared to last year was related to the liability management initiative managed during 2023. On 5 May 2023, Davide Campari-Milano N.V. entered into a term facility of \u20ac400 million (reported in line Liabilities and loans due to banks) and a revolving facility of the same amount, hence an agreement for a total amount equal up to \u20ac800 million with a pool of banks. The term facility has termination date on 30 June 2029 while the revolving facility termination date is on 30 June 2028 with an extension option at 30 June 2029 at the banks'
discretion. The scope of the agreement is general corporate purposes of Campari Group. The facilities are sustainability-linked and provide for a variable component of the interest rate applicable depending on the achievement of certain ESG targets identified by Campari Group and particularly focused on the reduction of emissions, the responsible use of water and gender equality. Concomitantly, the term loan of \u20ac250.0 million subscribed by Davide Campari-Milano N.V. in 2019 with original termination date in July 2024 was terminated in advance and repaid.
Moreover, in April 2023, another loan with a duration of 3 years for a nominal amount of \u20ac50.0 million was subscribed.
- Liabilities for put options and earn-out

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2022

236.3

payments

(3.4)

-

(3.4)

perimeter effect

0.5

-

0.5

remeasurement

8.4

(0.1)

8.5

reclassification to current liability

(24.0)

-

\u00a0

exchange rate differences and other changes

(8.8)

-

(8.8)

at 31 December 2023

209.0

\u00a0

\u00a0

of which measured at fair value

209.0

\u00a0

\u00a0

of which measured at amortised cost

-

\u00a0

\u00a0

\u20ac million

total

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2021

50.4

increases

20.8

-

20.8

perimeter effect

171.0

\u00a0

171.0

remeasurement

(6.6)

-

(6.6)

exchange rate differences and other changes

0.6

\u00a0

0.6

at 31 December 2022

236.3

\u00a0

\u00a0

of which measured at fair value

236.3

\u00a0

\u00a0

of which measured at amortised cost

-

\u00a0

\u00a0

At 31 December 2023, the long-term portion mainly included:
- the estimated payable for put options linked to Wilderness Trail Distillery, LLC totalling \u20ac148.9 million, whose value decreased by \u20ac19.8 million, depending on the remeasurement and exchange rate effects;
- the estimated payable for put options and earn-out linked to Ancho Reyes and Montelobos totalling \u20ac59.7 million, which increased by \u20ac19.2 million, depending on the remeasurement and exchange rate effects;
- the estimated payable for the earn-out related to CT Spirits Japan Ltd. in the amount of \u20ac0.3 million.
The estimated payable for Trans Beverages Ltd. totalling \u20ac21.1 million after related remeasurement and exchange rates effects was reclassified together to current financial debt with the estimated earn-out payable for Lallier, being payable in 2024.
vi. Current financial debt
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bond issued in 2017

150.0

-

-

Bond issued in 2019

150.0

\u00a0

\u00a0

Accrued interest on bonds

14.5

-

5.7

Loans due to banks

130.6

\u00a010.0

\u00a0107.0

Lease payables

16.0

0.1

14.4

Liabilities for put option and earn-out payments

26.1

-

3.4

Liabilities on hedging contracts

0.1

-

-

Current liabilities for hedge derivatives, not reported using hedge accounting procedures

0.2

-

-

Other financial liabilities

1.2

0.7

8.4

Current financial debt

488.6

10.7

138.9

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during the year are as follows.
-Bonds
Bonds issued in 2017 and in 2019 for \u20ac150.0 million each with maturity date in April 2024 were reclassified from long to short term items.
-Liabilities and loans due to banks
At 31 December 2023, loans due to banks reported a net increase of \u20ac23.6 million due to increased current portion of medium / long-term loans and usage of some short-term loans managed dynamically to strengthen the Group's financial structure further and achieve greater flexibility to respond promptly to the volatile macroeconomic context.
- Liabilities for put options and earn-out payments

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net equity or investment value

at 31 December 2022

3.4

Remeasurement

(1.2)

(1.2)

-

reclassification from non-current liability

24.0

-

-

exchange rate differences and other changes

(0.1)

0.1

(0.2)

at 31 December 2023

26.1

\u00a0

\u00a0

of which measured at fair value

22.8

\u00a0

\u00a0

of which measured at amortised cost

3.3

\u00a0

\u00a0

\u20ac million

\u00a0

variation impacting profit or loss

variation impacting Group net

equity or investment value

at 31 December 2021

48.2

Payments

(45.0)

-

-

exchange rate differences and other changes

0.2

(0.1)

0.3

at 31 December 2022

3.4

\u00a0

\u00a0

of which measured at fair value

-

\u00a0

\u00a0

of which measured at amortised cost

3.4

\u00a0

\u00a0

At 31 December 2023, the short-term portion of the item included a liability of \u20ac3.3 million for the purchase of the residual non-controlling shares in J.Wray and Nephew Ltd., secured by restricted cash and cash equivalents.
The increase reported during 2023 was primarily related to the estimated payable for Trans Beverages Ltd. totalling \u20ac21.1 million. Moreover, the short-term portion also included the estimated payout for the earn-out related to Lallier, which was reclassified from the long-term portion during the year, amounting to \u20ac0.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact73": { "value": " Financial instruments
Financial assets, including trade and other receivables
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Cash and cash equivalents
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bank current accounts and cash

269.9

(3.7)

332.7

Term deposit maturing within 3 months

350.4

-

102.7

Cash and cash equivalents

620.3

(3.7)

435.4

Cash and cash equivalent grew from \u20ac435.4 million to \u20ac620.3 million, benefitting from liability management initiatives occurred in 2023 and supported by significant credit lines for a total of \u20ac719.5 million, of which \u20ac400.0 million are committed and expiring in 2028 (undrawn at 31 December 2023). The balance of the credit lines, uncommitted for an amount of \u20ac319.5 million, was drawn down for \u20ac84.6 million at 31 December 2023.
For additional details, reference is made to cash flow information and the net financial debt (note 6 viii-\u2019Reconciliation with net financial debt and cash flow statement\u2019).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact74": { "value": " Financial instruments
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
The tables below show a breakdown of the foreign exchange contracts on highly probable sales and purchases and interest rate swap on loan. It also includes the effect of hedge derivatives, not in hedge accounting with fair values variations recognised through the statement of profit or loss.
Call and/or put agreements over joint-ventures elected as derivative instruments with negligible fair value variation were disclosed below.

foreign exchange forward contracts and options

(highly probable forecast sales and purchases)

at 31 December

2023

2022

\u20ac million

notional amount hedged items

average forward rate

notional amount hedged items

average forward rate

US$

90.5

1.07

27.3

1.01

New Zealand Dollar

12.0

1.78

7.2

1.69

Australian Dollar

17.8

1.63

0.3

1.52

Swiss Franc

1.5

0.95

1.0

0.97

Singapore Dollar

-

-

2.0

1.42

Sterling Pound

1.9

0.87

-

-

Canadian Dollar

-

-

0.5

1.32

Total

123.7

\u00a0

38.4

\u00a0

hedged items and related derivatives forward

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

foreign exchange forward contracts and options

(highly probable forecast sales and purchases) fair value and cash flow hedge

123.7

2.3

(1.4)

38.4

1.7

0.1

hedged items

and related derivatives interest rate swaps

at 31 December

2023

2022

\u20ac million

notional amount hedged items

carrying amounts hedging instruments(1)

change in fair

value gain (losses)

notional amount hedged items

carrying amounts hedging instruments

change in fair

value gain (losses)

interest rate swap contracts on loans financial statements impact

700.0

2.9

6.1

750.0

41.5

0.9

(1) The carrying value is included in the line \u2018Loans due to banks\u2019 in the financial instruments\u2019 recap table reported above.
In connection with the establishment of the joint-venture in Spiritus Co Ltd. and acquired interests in third party investments in Monkey Spirits, LLC and Thirsty Camel Ltd., commitments to increment the ownership in these companies exist in the form of put and/or call option elected as derivative financial instruments measured at fair value with impact in the Campari Group statement of profit or loss. The fair value of these options, which are dependent on the performance of the companies, were determined to be fair value market terms based on similar recent transactions, with fair value changes negligible at the end of 2023. Furthermore, on 1 March 2023, the Group acquired the remaining outstanding shares of 60% in CTSJ and concomitantly the derivative, that
was negligible in 2022, was replaced by a financial liability of \u20ac0.5 million for future earn-out payments disclosed as \u2018liability for put options and earn-out\u2019.
For what concern the Group commitment to acquire 100% of the outstanding share capital of Beam Holding France S.A.S., holding 100% of the share capital of Courvoisier S.A.S., owner of the Courvoisier brand, for US$1.32 billion (\u20ac1.22 billion at the exchange rate of 14 December 2023, the date on which Beam Suntory, Inc was granted a put option for the complete ownership of the brand), a derivative is resulting from granting a put option for the purchase of the business. Since the agreement was defined close to year-end (14 December 2023) and within an arm-length negotiation under prevailing market conditions not limited only to the target\u2019s business performance, the fair value variation assessment as of 31 December 2023 of the derivative can be deemed negligible even when considering potential fluctuations in the target's performance during the remaining days of 2023.
At the time of the expiry of the options and in case of satisfaction of the conditions stated in the relevant agreement between parties, the derivatives will be replaced by an increased equity interest in the companies.
Fair value information on assets and liabilities
Financial derivatives
A summary of financial derivatives implemented by the Group at 31 December 2023, broken down by hedging strategy, is shown below.
\u2022Derivatives used for fair value hedging
At 31 December 2023, certain Group subsidiaries have contracts for hedging payables and receivables in foreign currency in place that meet the requirements to be defined as fair value hedging instruments. These contracts were negotiated to match maturities with incoming and outgoing cash flows resulting from sales and purchases in individual currencies. At the reporting date the valuation of these contracts gave rise to the reporting of assets of \u20ac1.1 million and liabilities of \u20ac0.1 million (\u20ac1.3 million of assets and negligible amount of liabilities in 2022).
Gains and losses on the hedged and hedging instruments used in all the Group\u2019s fair value hedges, corresponding to the contracts mentioned above, are summarised below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Gains on hedging instruments

0.9

0.1

Losses on hedging instruments

(0.1)

-

Total gains (losses) on hedging instruments

0.8

0.1

Gains on hedged items

0.2

-

Losses on hedged items

(2.0)

(1.4)

Total gains (losses) on hedging items

(1.8)

(1.4)

\u2022Derivatives used for cash flow hedging
The Group uses the following contracts to hedge its cash flows:
\u00adinterest rate swaps hedging the risk of interest rate fluctuations on future transactions relating to the stipulation of financial loans;
\u00adhedging of future sales and purchases in currencies other than the \u20ac and interest rates on future transactions.
The fair value variation of the hedging instruments during the year generated a negative impact in other comprehensive income of \u20ac19.7 million and \u20ac3.9 million in profit or loss related to the reversal of cash flow reserve associated with the pre-hedge derivative (compared with positive impact of \u20ac41.8 million and \u20ac4.5 million respectively in 2022).
At the reporting date, the valuation of these contracts gave rise to the reporting of assets of \u20ac2.9 million (\u20ac41.9 million of assets in 2022).
The table below shows when the aforementioned hedged cash flows are expected to be received (paid), at 31 December 2023. These cash flows concern both interest and currency derivatives and have not been discounted.
Since the company does not distinguish the outflow for positive and negative fair values of derivative contracts, the below cash outflows are presented net.

for the year ended 31 December 2023

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

0.5

11.7

12.2

Net cash flows

0.5

11.7

12.2

for the year ended 31 December 2022

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

15.2

30.6

45.8

Net cash flows

15.2

30.6

45.8

The overall changes in the cash flow hedge reserve and the associated deferred taxes are shown below.

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2022

35.9

(8.6)

27.3

profit or loss impact

(6.1)

1.5

(4.7)

net equity impact

(17.5)

4.2

(13.3)

at 31 December 2023

12.3

(2.9)

9.3

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2021

(10.4)

2.4

(7.9)

profit or loss impact

4.5

(1.1)

3.4

net equity impact

41.8

(10.0)

31.8

at 31 December 2022

35.9

(8.6)

27.3

\u2022Hedging derivatives not reported using hedge accounting
These instruments are mainly related to hedges of future purchases in currencies other than the \u20ac. At 31 December 2023, financial assets for \u20ac1.0 and financial liabilities of \u20ac0.2 million were recognised (at 31 December 2022 negligible amounts were reported for both financial assets and liabilities).
IBOR reform
With respect to the amendments to IFRS pertaining to phase 2 of the \u2018Interest Rate Benchmark Reform\u2019, the Group's impact was deemed negligible as of 31 December 2023, primarily associated with the transition away from Libor in US dollars. The newly introduced rates have since been seamlessly integrated into routine treasury management practices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact75": { "value": " Financial instruments
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact76": { "value": " Financial instruments
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
Financial guarantees
The Group recognises financial guarantees as a financial liability if the likelihood of these guarantees being called is assessed not to be remote, and the Group is expected to be liable for any legal obligation in respect of these financial guarantee agreements. Financial guarantee contract liabilities are measured initially at their fair values with subsequent remeasurement impacting profit or loss. They are represented as a long- or short-term financial liability, depending on the time of the expected execution of the guarantees. If the likelihood of these guarantees being called is assessed to be remote, they are treated as commitments with disclosure requirements only. It occurs when they are represented as other forms of security in favour of third parties, such as customs guarantees for excise duties and guarantees to grant credit lines.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact77": { "value": " Financial instruments
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact78": { "value": " Financial instruments
Financial liabilities, including trade and other payables
Financial liabilities include financial payables, bonds and loans due to banks, which, in turn, include the negative fair value of financial derivatives, trade payables and other payables including contingent consideration and variable payments deriving from business combination or asset deals.
Financial liabilities are classified and measured at amortised cost, except for financial liabilities that are initially measured at fair value, for example derivative instruments, financial liabilities relating to earn-out linked to business combinations and financial liabilities for put options over non-controlling interests.
Trade and other payables are initially recognised at fair value including transaction costs and subsequently carried at amortised costs.
Derecognition of financial assets and liabilities
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please refer to note 3 xii.-\u2018Share of profit (loss) of joint-ventures\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact79": { "value": " Financial instruments
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade receivables arise from contracts with customers and are recognised when performance obligations are satisfied, and the consideration due is unconditional as only the passage of time is required before the payment is received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Group. The business model has been defined at a level that reflects the way in which groups of financial assets are managed to achieve a particular business objective. The model\u2019s measurement process requires an assessment based on both quantitative and qualitative factors relating to, for example, the way in which the performance of the financial assets in question is communicated to management with strategic responsibilities and the way in which the risks connected with these financial assets are managed.
The Group measures a financial asset at amortised cost if it meets both of the following conditions:
\u00adit is held under a business model whose objective is to hold assets aiming to collect contractual cash flows; and,
\u00adits contractual terms and conditions are such that the cash flows generated by the asset are attributable exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition; subsequent measurements reflect the repayments made, the effects of applying the effective interest method and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial assets represented by debt securities are classified and valued in the statement of financial position based on the business model adopted to manage these financial assets and the financial flows associated with each financial asset. They are measured at fair value through other comprehensive income (\u2018FVOCI\u2019) if all the conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
\u00adthe rights to receive cash flows from the asset have expired or,
\u00adthe Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (i) the Group has transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact80": { "value": " Financial instruments
Derecognition of financial assets and liabilities
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:
\u00adthe rights to receive cash flows from the asset have expired or,
\u00adthe Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and either (i) the Group has transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss.
For detailed information on the accounting policy for put and call options over joint-ventures agreements, please refer to note 3 xii.-\u2018Share of profit (loss) of joint-ventures\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact81": { "value": " Financial instruments
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact82": { "value": " Financial instruments
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact83": { "value": " Financial instruments
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact84": { "value": " Financial instruments
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact85": { "value": " Financial instruments
Financial derivatives and hedging transactions
Financial derivatives embedded in contracts in which the primary element is a financial asset that falls within the scope of IFRS 9 are not treated separately. The hybrid instrument is instead examined as a whole for classification in the statement of financial position and subsequent measurement.
Financial derivatives are used exclusively for hedging purposes to reduce exchange and interest-rate risk. They are only accounted for by applying the methods established for hedge accounting (fair value hedge or cash flow hedge) if, at the start of the hedging period, the hedging relationship has been designated. It is assumed that the hedge is highly effective: this effectiveness must be reliably measured during the accounting periods for which it is designated. All financial derivatives are measured at fair value.
Where financial instruments meet the requirements to be reported using hedge accounting procedures, the accounting treatment related to fair value hedge or cash flow hedge are applied.
If hedge accounting cannot be applied, any gains or losses resulting from measuring the financial derivative at its present value are posted to the statement of profit or loss.
The Group is exposed to certain risks related to its ongoing business operations. The primary risks managed using derivative instruments are foreign currency risk and interest rate risk.
Derivatives are designated as hedging instruments in the form of i) foreign exchange forward and option contracts, elected as cash flow hedges to hedge highly probable forecast sales and purchases in different
currencies compared to \u20ac and, ii) interest rate swap contracts to mitigate the risk associated with variable interest rate changes on loan and bond agreements not issued at a fixed interest rate.
The Group also uses derivatives not designated as hedging instruments to reflect the change in fair value of foreign exchange rates of forward and option contracts that are not elected in hedge relationships, but are, nevertheless, intended to reduce the level of foreign currency risk for expected sales and purchases.
For Campari Group, net exposure to foreign exchange effects is limited to highly probable intra-group transactions among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group determines the net exposure to the primary currencies (US$, GBP, AUD) based on its predicted intercompany sales and purchases up to 18 months. Moreover, the Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount and timing of their respective cash flows. The Group\u2019s reference is the budget exposure split by currencies and, as more effectively as possible, any under/over exposure which may arise through plain vanilla currency derivatives. The derivative covers the period of exposure from the point the cash flows of the transactions forecasted up to the point of settlement of the resulting receivable or payable that is denominated in the foreign currency. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year. In the hedge relationships the main sources of ineffectiveness are:
-interest rate differentials between currencies and
-discrepancies between invoices issued and hedging contract (i.e., changes in the timing of the hedge transaction).
Regarding derivative contracts intended to hedge interest rate exposures, they are namely connected with financing and there is no established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance, and in the context of the Group's expansion initiatives. The Group determined the existence of an economic relationship between the hedging instrument and hedged item based on the reference interest rates, tenors, repricing dated and maturities and the notional or par amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact86": { "value": " Financial instruments
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact87": { "value": " Financial instruments
Financial assets, including trade and other receivables
Financial assets include investments, short-term securities and financial receivables, which, in turn, include the positive fair value of financial derivatives, trade and other receivables and cash and cash equivalents. Trade receivables arise from contracts with customers and are recognised when performance obligations are satisfied, and the consideration due is unconditional as only the passage of time is required before the payment is received.
Cash and cash equivalents include cash, bank deposits and highly liquid securities that are readily convertible into cash and are subject to an insignificant risk of a change in value. Deposits and securities included in this category mature in less than three months based on the conditions existing on the date of the acquisition of the asset. Current securities include short-term securities or marketable securities that represent a temporary investment of cash and do not meet the requirements for classification as cash and cash equivalents.
Financial assets are classified and measured based on a business model developed by the Group. The business model has been defined at a level that reflects the way in which groups of financial assets are managed to achieve a particular business objective. The model\u2019s measurement process requires an assessment based on both quantitative and qualitative factors relating to, for example, the way in which the performance of the financial assets in question is communicated to management with strategic responsibilities and the way in which the risks connected with these financial assets are managed.
The Group measures a financial asset at amortised cost if it meets both of the following conditions:
\u00adit is held under a business model whose objective is to hold assets aiming to collect contractual cash flows; and,
\u00adits contractual terms and conditions are such that the cash flows generated by the asset are attributable exclusively to payments of the principal and the related interest.
Financial assets measured at amortised cost are measured at fair value at the time of initial recognition; subsequent measurements reflect the repayments made, the effects of applying the effective interest method and any write-downs. Any gain or loss made on derecognition is recognised in profit or loss, together with foreign exchange gains and losses.
Financial assets also include investments in companies that are not held for trading. These assets are strategic investments, and the Group has decided to recognise changes in the related fair values through profit or loss (\u2018FVTPL\u2019).
Financial assets represented by debt securities are classified and valued in the statement of financial position based on the business model adopted to manage these financial assets and the financial flows associated with each financial asset. They are measured at fair value through other comprehensive income (\u2018FVOCI\u2019) if all the conditions required by IFRS 9 are respected.
Impairment of a financial asset
Financial assets are tested for recoverability by applying an impairment model based on the expected credit loss (\u2018ECL\u2019).
The Group applies the simplified method for trade receivables, which considers the probabilities of default over the financial instrument\u2019s life (lifetime expected credit losses). In making impairment assessments, the Group considers its historical credit loss experience, adjusted for forward-looking factors specific to the nature of the Group\u2019s receivables and economic environment. If any such evidence exists, an impairment loss is recognised under selling, general and administrative expenses. More specifically, non-performing receivables are analysed based on the debtor\u2019s creditworthiness and ability to pay the sums due, as well as the degree of effective coverage provided by any collateral and personal guarantees in existence.
With regard to trade receivables, two approaches are applied to estimate impairment, based on the specific characteristics of the individual countries in which the Group operates and its constant growth at a global level: one is a matrix-based model and the other applies the probability of default (\u2018PD\u2019) obtained from external sources specialising in the country in which each subsidiary is located. The provision matrix, including the overall actual result of the year, is reported in the relevant disclosure notes.
A financial asset is impaired when internal or external information indicates that it is unlikely that the Group will receive the full contractual amount.
Lastly, with regard to other financial assets measured at amortised cost, and, more specifically, cash and cash equivalents, the impact in terms of expected loss is not considered material and for this reason no adjustment is made to the book values.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact71": { "value": " Non-current financial debt
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bond issued in 2017

-

-

150.0

Bond issued in 2019

-

-

149.8

Bond issued in 2020

547.2

-

546.5

Bond issued in 2023

298.6

-

-

Non-current bonds

845.8

-

846.3

Liabilities and loans due to banks

901.5

1.2

770.9

Lease payables

60.0

0.6

65.1

Liabilities for put option and earn-out payments

209.0

(2.8)

236.3

Other non-current financial liabilities

269.0

(2.3)

301.4

Total non-current financial debt

2,016.3

(1.1)

1,918.7

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during the year are as follows.
-Bonds
At 31 December 2023, the Bonds item included the following issues placed by the Parent Company, which are fully \u20ac-denominated.

\u00a0

at 31 December 2023

\u00a0

original nominal value

maturity

coupon rate fixed

\u20ac million

Bond issued in 2017

150.0

5 April 2024

2.165%

Bond issued in 2019

150.0

30 April 2024

1.655%

Bond issued in 2020

550.0

6 October 2027

1.250%

Bond issued in 2023

300.0

18 May 2030

4.710%

On 11 May 2023, Davide Campari-Milano N.V. successfully completed the placement of an unrated 7-year bond issue, targeted at institutional investors. The placement is for \u20ac300 million maturing on 18 May 2030, paying a fixed annual coupon of 4.71%, issued at an issue price of 100%. The proceeds of the issue will be used by the Company for general corporate purposes. Moreover, during 2023 the private placements issued in 2017 and 2019 for \u20ac150.0 million each with maturity date in April 2024 were reclassified to current financial debt.
Current financial debt
Disclosure

\u00a0

at 31 December

\u00a0

2023

of which perimeter effect

2022 post-reclassifications

\u00a0

\u20ac million

\u20ac million

\u20ac million

Bond issued in 2017

150.0

-

-

Bond issued in 2019

150.0

\u00a0

\u00a0

Accrued interest on bonds

14.5

-

5.7

Loans due to banks

130.6

\u00a010.0

\u00a0107.0

Lease payables

16.0

0.1

14.4

Liabilities for put option and earn-out payments

26.1

-

3.4

Liabilities on hedging contracts

0.1

-

-

Current liabilities for hedge derivatives, not reported using hedge accounting procedures

0.2

-

-

Other financial liabilities

1.2

0.7

8.4

Current financial debt

488.6

10.7

138.9

The main financial liabilities and the main changes that occurred in the composition of financial liabilities during the year are as follows.
-Bonds
Bonds issued in 2017 and in 2019 for \u20ac150.0 million each with maturity date in April 2024 were reclassified from long to short term items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f122671": { "value": " Lease components in the statement of financial position
Accounting policy
The Group has various agreements in place for the use of offices, vehicles, machinery, shops and other minor assets belonging to third parties. Each agreement is subject to a detailed analysis to define whether or not a right-of-use/financial liability has to be recognised. Variable lease payments that are not linked to an index or rate continue to be charged to the statement of profit or loss as costs for the period.
Lease agreements are generally entered into for a term of 3-10 years but may contain options to extend them. The terms of a lease are negotiated individually and may contain a wide range of different terms and conditions. Such agreements do not include covenants, but the leased assets may be used to guarantee the liability arising from contractual commitments.
The value assigned to the rights of use corresponds to the amount of the lease liabilities recognised, plus initial direct costs incurred, lease payments settled on the start date of the agreement or previously and restoration costs, net of any lease incentives received. Restoration costs, which may be recognised in rare cases, normally relate to offices, for which there could be a contractual requirement to restore them to their original state at the end of the lease agreement. The Group estimates the restoration obligation based on the agreement with the lessor or by using expert valuations of third parties. The value of the liability, discounted to present value, as determined above, increases the right of use of the underlying asset, and a dedicated provision is created to offset.
The discount rate used to measure the financial liability is the incremental borrowing rate (\u2018IBR\u2019) when the implicit interest rate in the lease agreement cannot be easily determined (explicit interest rates in lease agreements are rare). The incremental borrowing rates used to evaluate leasing contracts are determined by the Group and are revised on a recurring basis; they are applied to all agreements with similar characteristics, which are treated as a single portfolio of agreements. The rates are determined using the average effective debt rate of the subsidiary, appropriately adjusted and the most important elements considered in adjusting the rate are the credit-risk spread of each country observable on the market and the different durations of the lease agreements.
The term of the lease is calculated considering the non-cancellable period of the lease together with a) the periods covered by an option to extend the agreement, if it is reasonably certain that it will be exercised, or b)
any period covered by an option to terminate the lease contract, if it is reasonably certain that it will not be exercised. The Group assesses whether it is reasonably certain that any exercising of such options to extend or to terminate the agreements will take place, considering all the relevant factors that create a financial incentive for such decisions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f124820": { "value": "
i.Capital management
Disclosure
With regard to capital management, Campari Group has implemented a dividend distribution policy which reflects the Group priority to use its available financial sources mainly to fund external growth via acquisitions. Concomitantly, via the Parent Company Davide Campari-Milano N.V., the Group carries out share buyback programs on a rolling basis intended to meet the obligations arising from share-based payments plans currently in force or to be adopted. The financial requirements deriving from the aforementioned capital management operations are managed dynamically, maintaining an appropriate level of flexibility with regard to acquisition opportunities and funding options, also taking into account the optimal and sustainable level of financial solidity which is monitored on an ongoing basis through the index net debt on EBITDA-adjusted. For the purposes of the ratio calculation, net debt (refer to note 6 viii-\u2018Reconciliation with net financial debt and cash flow statement\u2019) is the value of the Group\u2019s net financial debt at 31 December 2023, whereas the EBITDA-adjusted relates to the Operating result excluding depreciation and amortisation excluding the separately highlighted components that may be considered non-representative of the current operating results (refer to note 3 vi-\u2018Selling, general and administrative expenses\u2019 and 5 viii-\u2018Depreciation and amortisation\u2019) calculated based on the reported value at the closing date of the reference period.
At 31 December 2023 this multiple was 2.5 times, compared with 2.4 times at 31 December 2022. The pro-forma index adjusted at 31 December 2022 to take into account the annual effect on EBITDA of the business sale and acquisition of the related last 12 months was equal to 2.2 times and it was considered more consistent in comparative terms with the current year. The increase in the ratio at 31 December 2023 was mainly driven by the increase in the net financial debt, which fully reflected the significant extraordinary capital investments compared with the increase in EBITDA-adjusted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact61": { "value": " Nature and extent of the risks arising from financial instruments Interest rate risk
A breakdown of the effective interest rate, taking all the cost components of the amortised costs into account, divided by type of financial liability is as follows.

\u00a0

\u00a0

\u00a0

\u00a0

at 31 December

\u00a0

nominal interest rate

effective interest rate(1)

maturity

2023

2022

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

\u20ac million

Loans due to banks

fixed rate 1.183% + variable rate(2)(3)

5.515%

2027

1,032.1

877.9

Parent Company bond issues

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- issued in 2017

fixed rate 2.165%

2.165%

2024

150.0

150.0

- issued in 2019

fixed rate 1.655%

1.655%

2024

150.0

149.8

- issued in 2020

fixed rate 1.250%

1.412%

2027

547.2

546.5

- issued in 2023

fixed rate 4.710%

4.710%

2030

298.6

\u00a0

Leases

incremental borrowing rate

incremental borrowing rate

2024-2029

76.0

79.5

(1) Calculated on any difference included in the amortised cost accounting.
(2) The figure shown relates to the applied rate and maturity of the loans due to banks by Davide Campari Milano N.V. and Campari America, LLC, responsible for nearly all market funding.
.
The Group is exposed to the risk of fluctuating interest rates in respect of its financial assets, loans due to banks and lease agreements. Derivative contracts intended to hedge interest rate exposures connected with financing are not subject to established quantitative policy concerning the optimal level of exposure to fixed or variable rates: the Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The preferred exposure to fixed or variable rates is dynamically managed centrally within the Group, considering current and future market conditions, the Group's level of indebtedness, business performance and in the context of the Group's expansion initiatives.
The Parent Company\u2019s 2017, 2019, 2020 and 2023 bond issues pay interest at a fixed rate. Overall, at 31 December 2023, the nominal exposure of the Group\u2019s total financial debt was 40% (30% 2022) at variable-rate, while the effective exposure, including the related hedging derivatives for the term loan subscribed in 2023, stood at 24% at variable-rate.
Sensitivity analysis
The table below shows the effects of a possible change in interest rates on the Group\u2019s statement of profit or loss, if all other variables remain constant. A negative value in the table indicates a potential net reduction in profit or loss, while a positive value indicates a potential net increase in this item. The assumptions used with regard to a potential change in rates are based on an analysis of the trend on the reporting date.
With regard to the fixed-rate financial liabilities hedged by interest rate swaps, the change in the hedging instrument offsets the difference in the underlying liability, with practically no effect in the statement of profit or loss.

\u00a0

\u00a0

profit or loss

\u00a0

increase/decrease

increase in interest rates

decrease in interest rates

at 31 December 2023

in interest rates in basis point

\u20ac million

\u20ac million

\u20ac

+/- 5 basis points

(0.7)

0.7

US$

+30/-10 basis points

(1.5)

0.5

Other currencies

\u00a0

0.1

(0.7)

Total effect

\u00a0

(2.0)

(0.4)

at 31 December 2022

\u00a0

\u00a0

\u00a0

\u20ac

+/- 5 basis points

(0.6)

0.6

US$

+30/-10 basis points

0.3

(1.2)

Other currencies

\u00a0

2.5

(3.3)

Total effect

\u00a0

2.2

(4.0)

-Exchange rate risk
The Group develops its business activities globally, and sales in non-\u20ac markets are progressively increasing. However, the establishment of Group companies in countries including the United States, Brazil, Australia, Argentina and Switzerland allows exchange rate risk to be partly hedged, since both costs and income are denominated in the same currency.
For Campari Group, net exposure to foreign exchange effects is limited to transactions concluded among Group companies relating to certain sales and purchases regulated in currencies other than the functional currencies of the companies. Although these transactions represent only a portion of the overall business, the Group policy regularly determines the net exposure to the primary currencies to mitigate the residual foreign exchange risk by using forward and option derivatives agreements. Derivative contracts aiming to mitigate currency exchange risks are dynamically and qualitatively managed based on business needs and specific contexts and circumstances. These are not framed within fixed or quantitative policies regarding the percentage of coverage to be achieved. To avoid excessive coverage, the budget for future transactions is typically hedged at a level between 50% and 90% throughout the whole year.
Sensitivity analysis
An analysis was performed on the effects of a possible change in the exchange rates against the \u20ac on the statement of profit or loss, keeping all the other variables constant. This analysis does not include the consolidated financial statements\u2019 effect on translating the financial statements of subsidiaries denominated in a foreign currency following a possible change in exchange rates. The assumptions adopted regarding a potential change in rates are based on an analysis of forecasts provided by financial information agencies on the reporting date. The types of transactions included in this analysis are sales and purchases in any currency other than the Group\u2019s functional currency. The effects on shareholders\u2019 equity are determined by changes in the fair value of forward contracts on future transactions, which are used as cash flow hedges.

\u00a0

\u00a0

net equity

\u00a0

increase/decrease

increase in exchange rates

decrease in exchange rates

at 31 December 2023

in currency rates in %

\u20ac million

\u20ac million

US$

+2%/-6%

2.8

(1.0)

Other currencies

\u00a0

0.2

(0.3)

Total effect

\u00a0

3.0

(1.4)

at 31 December 2022

\u00a0

\u00a0

\u00a0

US$

+8%/-11%

2.9

(1.8)

Other currencies

\u00a0

0.1

(0.1)

Total effect

\u00a0

3.1

(1.9)

-Market and price risk
Market risk consists of the possibility that changes in exchange rates, interest rates or the prices of raw materials or commodities (alcohol, aromatic herbs, sugar, cereals and agave) could negatively affect the value of assets, liabilities or expected cash flows.
The price of raw materials depends on a wide variety of factors, which are difficult to forecast and are largely beyond the Group\u2019s control. Historically, the Group has had no problem obtaining high-quality quantities of raw materials. However, we cannot exclude that the Group could face challenges in getting supplies of raw materials. The Group is in the process of implementing measures aimed at limiting the risk of raw material price fluctuations, including co-investments agricultural production agreements with local producers, the benefits of which can be seen over the medium-term as they are related to natural growing processes.
The Campari Group has a substantial inventory of aged product categories, such as Bourbon whiskey, Scotch whisky, Canadian whisky, rum, cognac and tequila, which mature over lengthy periods. While the maturing inventory is stored at numerous locations around the world, the loss as a result of contamination, fire or other natural disaster or destruction resulting from negligence or the acts of third parties or otherwise of all or a portion of the inventory of any one of those aged product categories may not be replaceable and, consequently, may lead to a substantial decrease in the supply of those products. Additionally, the judgemental nature of determining how much of the Group\u2019s aged products to lay down in any given year for future consumption involves an inherent risk of forecasting error. Finally, price is another critical element, as the recoverability of the cost incurred in the maturing process is subject to the Group's ability to select an adequate range of premium products capable of satisfying the needs of demanding customers while the loss of sales and market shares or lead to future excess inventory and decreased profit margin. The Group regularly reviews its marketing and production strategy to mitigate those risks enabling long-term forecasting analytical tools.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact70": { "value": " Nature and extent of the risks arising from financial instruments
-Liquidity risk
The Group\u2019s ability to generate substantial cash flow through its operations minimises liquidity risk. This risk is defined as the difficulty in raising funds to cover the Group\u2019s financial obligations payment.
The table below summarises financial liabilities at 31 December 2023 by maturity, based on contractual repayment obligations, including non-discounted interest.

at 31 December 2023

on demand

within 1 year

due in 1 to 2 years

due in 3 to 5 years

due after 5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Bonds

-

326.7

21.0

606.1

328.3

1,282.1

Loans due to banks

-

179.8

177.8

605.0

267.2

1,229.7

Leases

-

18.8

17.1

37.6

8.3

81.8

Payables for put option and earn-out

-

26.0

60.1

-

148.9

235.1

Other financial liabilities

-

4.7

-

-

-

4.7

Trade payables

55.6

465.5

-

-

-

521.1

Other non-financial liabilities

20.0

170.2

-

-

-

190.2

Total liabilities

75.6

1,191.6

276.0

1,248.8

752.7

3,544.7

at 31 December 2022 post-reclassifications

on demand

within 1 year

due in 1 to 2 years

due in 3 to 5 years

due after 5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Bonds

-

12.6

312.6

570.6

-

895.8

Loans due to banks

-

141.9

307.0

546.0

0.2

995.2

Leases

-

14.4

13.3

34.4

17.3

79.5

Payables for put option and earn-out

-

9.5

61.3

0.1

168.8

239.7

Other financial liabilities

-

5.5

-

-

-

5.5

Trade payables

45.9

491.4

4.4

-

-

541.6

Other non-financial liabilities

24.4

148.1

-

-

-

172.5

Total liabilities

70.3

823.5

698.6

1,151.1

186.3

2,929.9

The Group\u2019s financial payables, except non-current payables with a fixed maturity, consist of short-term bank debt. Thanks to its liquidity and satisfactory generation of cash flow from operations, the Group has sufficient resources to meet its financial commitments at maturity. In addition, there are unused credit lines that could cover any liquidity requirements for a total of \u20ac719.5 million, of which \u20ac400.0 million are committed and expiring in 2028 (undrawn as of 31 December 2023). The balance of the credit lines, uncommitted for an amount of \u20ac319.5 million, was drawn down for \u20ac84.6 million at 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f125605": { "value": "N.V.", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact69": { "value": " Shareholders\u2019 equity
Accounting policy
Own shares (both ordinary and special voting shares) are reported as a reduction in shareholders\u2019 equity
Disclosure
The Group manages its capital structure and changes it based on the prevailing economic conditions and the specific risks of the underlying asset. To maintain or change its capital structure, the Group may adjust the dividends payments to shareholders and/or issue new shares. For information on the composition of and changes in shareholders\u2019 equity during the periods under review, see the statement of changes in shareholders\u2019 equity.
- Share capital and structure
The following movements occurred during 2023 in the composition of the share capital.

\u00a0

no. of shares

nominal value (\u20ac)

\u00a0

ordinary shares

special voting shares A

special voting shares B

total

ordinary shares

special voting shares A

special voting shares B

total

Share capital at 31 December 2022

1,161,600,000

665,718,342

-

1,827,318,342

11,616,000

6,657,183

\u00a0

18,273,183

Conversion from

special voting shares A

to special voting shares B

-

(594,021,404)

594,021,404

-

-

(5,940,214)

5,940,214

-

Special voting shares B allocation

-

-

-

-

-

-

17,820,642

17,820,642

Share capital at 31 December 2023

1,161,600,000

71,696,938

594,021,404

1,827,318,342

11,616,000

716,969

23,760,856

36,093,826

To foster the involvement of a stable base of long-term (loyal) shareholders, Davide Campari-Milano N.V.\u2019s articles of association (\u2018Articles of Association\u2019) were amended to adopt a mechanism based on the assignment to loyal shareholders of special voting shares, to which multiple voting rights are attached, in addition to the one granted by ordinary shares (the \u2018Special Voting Mechanism\u2019). The Special Voting Mechanism entails the possibility of assigning to loyal long-term shareholders: (i) two voting rights for each Campari ordinary share held for an uninterrupted period of two years, through the assignment of a special voting share A (\u2018Special Voting Share A\u2019) with a nominal value of \u20ac0.01 each; (ii) five voting rights for each ordinary share held for an uninterrupted period of five years, through the assignment of a special voting share B (\u2018Special Voting Share B\u2019) with a nominal value of \u20ac0.04 each and (iii) ten voting rights for each ordinary share held for an uninterrupted period of ten years (\u2018Special Voting Share C\u2019) with a nominal value of \u20ac0.09 each. The features of the Special Voting Shares (A, B, C) are described in the Articles of Association as well as in the terms and conditions for Special Voting Shares (\u2018SVS Terms\u2019). The Special Voting Shares are not tradeable on a regulated market.
Davide Campari-Milano N.V. established a separate special capital reserve for the purpose of satisfying obligations related to special voting shares. At the board's discretion, the issuance of special voting shares may be executed using the funds from the special capital reserve, in lieu of an actual monetary payment for the respective shares.
On 4 August 2023, the Company communicated the conclusion of the conversion of n. 594,021,404 Special Voting Shares A held by the controlling shareholder Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions (\u2018Lagfin\u2019) and other shareholders into an equal number of Special Voting Shares B, allowing five years loyal shareholders to increase voting rights from 2 to 5 votes, in accordance with the Special Voting Mechanism approved by the Shareholders\u2019 meeting on 27 March 2020 (the 'Special Voting Mechanism'). The Special Voting Mechanism was introduced with the aim of encouraging a capital structure more supportive of Campari\u2019s long-term growth strategy, i.e., organic growth combined with external growth, and rewarding a shareholder base with a long-term investment horizon.
- Outstanding shares, own shares rights associated to the shares
During 2023, Davide Campari-Milano N.V. managed a share buyback program activated under Article 5 of Regulation (EU) n.596/2014, intended to meet the obligations arising from stock option plans and other share-based incentive plans, currently in force or to be adopted, the beneficiaries of which are (or will be) employees or members of the administrative and/or or management bodies of either the Company or other Campari Group\u2019s companies.
The program coordinated and executed by Morgan Stanley Europe SE and implemented in accordance with the resolution approved by the Company\u2019s Annual General Meeting held on 12 April 2022 ended on 31 May 2023. The overall value allocated was \u20ac89.2 million for a reported number of 9,081,375 Campari shares acquired in the period from 12 May 2022 to 31 May 2023. This program included a contractually agreed reward mechanism to allocate an amount deriving from its outperformance (the outperformance is the difference between the purchase price and the average Volume Weighted Average Price (\u2018VWAP\u2019), during the execution period) to energy efficiency projects, namely, the installation of photovoltaic panels at the production site in Jamaica, which will be implemented during 2024. With this energy efficiency project, Campari Group confirms its strong commitment to the decarbonisation agenda through the responsible use of resources and reduction of the environmental impacts of its production activities, environment being one the four of its sustainability roadmaps.
The table below shows the reconciliation between the number of outstanding shares.

\u00a0

no. of shares

nominal value (\u20ac)

\u00a0

ordinary shares

special voting shares A

special voting shares B

total

ordinary shares

special voting shares A

special voting shares B

total

Outstanding shares

at 31 December 2022

1,121,647,577

597,856,391

-

1,719,503,968

11,216,476

5,978,564

-

17,195,040

Ordinary shares repurchased

under share repurchase program

(1,850,962)

-

-

(1,850,962)

(18,510)

-

-

(18,510)

Ordinary shares assigned

under share-based programs

12,185,643

-

-

12,185,643

121,856

-

-

121,856

Conversion from special voting

shares A to special voting shares B

-

(594,021,404)

594,021,404

-

-

(5,940,214)

23,760,856

17,820,642

Special voting shares allocation

-

36,822,611

(20,000)

36,802,611

-

368,226

(800)

367,426

Outstanding shares

at 31 December 2023

1,131,982,258

40,657,598

594,001,404

1,766,641,260

11,319,823

406,576

23,760,056

35,486,455

Total own shares held

29,617,742

31,039,340

20,000

60,677,082

296,177

310,393

800

607,371

Own shares as a % total respective shares

2.55%

43.29%

-

3.32%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

no. of shares

nominal value (\u20ac)

\u00a0

ordinary shares

special voting shares(1)

total

ordinary shares

special voting shares

total

Outstanding shares at 31 December 2021

1,132,490,271

617,606,804

1,750,097,075

11,324,903

6,176,068

17,500,971

Ordinary shares repurchased

under share repurchase program

(12,722,262)

-

(12,722,262)

(127,223)

-

(127,223)

Ordinary shares assigned

under share-based programs

1,879,568

-

1,879,568

18,796

-

18,796

Special voting shares allocation

-

(19,750,413)

(19,750,413)

-

(197,504)

(197,504)

Outstanding shares at 31 December 2022

1,121,647,577

597,856,391

1,719,503,968

11,216,476

5,978,564

17,195,040

Total own shares held

39,952,423

67,861,951

107,814,374

399,524

678,620

1,078,144

Own shares as a % total respective shares

3.44%

10.19%

5.90%

\u00a0

\u00a0

\u00a0

(1) Special voting shares A.
With reference to ordinary shares, between 1 January and 31 December 2023, the Company granted 12,185,643 own shares, out of which 12,158,728 shares were sold for a total cash inflow of \u20ac54.8 million, corresponding to the average exercise price multiplied by the number of own shares sold to beneficiaries upon the exercise of their stock option rights, while additionally 26,915 shares were transferred in the context of share matching plans. In the same period and through the share buyback program completed on 31 May 2023, the Company purchased 1,850,962 shares at an average price of \u20ac11.3, for a total amount of \u20ac21.0 million (the amount includes \u20ac0.9 million liabilities paid in connection with the share buyback program). At 31 December 2023, the Company held 29,617,742 own shares, equivalent to 2.5% of the share capital.
With reference to special voting shares, between 1 January and 31 December 2023 n. 36,802,611 of special voting shares (A and B), equivalent to \u20ac367,426, were allocated to shareholders entitled to achieve the related special voting rights. Focusing on special voting shares B, their value of \u20ac23.8 million has been derived from the dedicated special capital reserve for \u20ac17.8 million and from the special voting shares A reserve for \u20ac5.9 million respectively.
During the period, no cancellation of the treasury special voting shares has been resolved by the shareholders\u2019 meeting of the Company.
The table below shows changes in the number and values of own shares held during the periods considered.

\u00a0

no. of ordinary shares held

purchase price (\u20ac million)

\u00a0

2023

2022

2023

2022

Balance at 1 January

39,952,423

29,109,729

388.1

273.8

Purchases

1,850,962

12,722,262

21.0

128.1

Disposals

(12,185,643)

(1,879,568)

(102.7)

(13.9)

Final balance

29,617,742

39,952,423

306.4

388.1

% of share capital

2.55%

3.44%

\u00a0

\u00a0

Sales of own shares during the year, which are shown in the above table at an amount equal to the original purchase cost of \u20ac102.7 million, were sold for a total cash inflow of \u20ac54.8 million corresponding to the average exercise price multiplied by the number of own shares sold to stock option beneficiaries. The Parent Company consequently reported a negative difference of \u20ac47.8 million which was recorded in shareholders' equity (embedded within the retained earnings) and partially offset by the use of the stock option reserve of \u20ac12.5 million. In the same period, the Company purchased shares through the buyback programs at an average price of \u20ac11.3 for a total amount of \u20ac21.0 million.
Dividends paid and proposed
The table below shows the dividends proposed for the year and previous years.

\u00a0

2023

2022

2021

\u00a0

\u20ac

\u20ac

\u20ac

Dividend per share proposed

0.065

0.060

0.060

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

\u20ac million

Total amount proposed

78.1

67.3

67.9

\u00a0\u00a0\u00a0 of which, to owners of the Parent

78.1

67.3

67.9

\u00a0\u00a0\u00a0 of which, to non-controlling interests

-

-

-

The dividends submitted for the approval of the General Meeting of Shareholders called to approve the financial statements for the year ended 31 December 2023 is \u20ac78.1 million, calculated based on shares outstanding at 31 December 2023 (1,131,982,258) as well as on the new ordinary shares (69,667,738) issued following the successful placement in January 2024 (refer to the \u2018Significant events of the year\u2019 paragraph of the
management board report). The dividend will be recalculated based on the total number of outstanding shares as of the coupon detachment date. For information purposes, based on the 29,617,742 own shares held at 31 December 2023, and taking into account the new ordinary shares issued in January 2024, the shares outstanding amounted to 1,201,649,996. The proposed dividend for the period is \u20ac0.065 per share, increasing by +8.3% compared to the previous financial year.
In terms of the distribution of dividends during the last four years, the utilisation of the retained earnings reserve was as follows.

Dividends paid during the year on ordinary shares

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2023

2022

2021

2020

2019

dividend per share paid (\u20ac)

0.060

0.060

0.055

0.055

0.050

total amount (\u20ac million)

67.5

67.6

61.6

62.9

57.3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2023

2022

2021

2020

2019

retained earnings reserve (\u20ac million)

67.5

67.6

61.6

62.9

57.3

other reserve (\u20ac million)

-

-

-

-

-

Other reserves and retained earnings attributable to Group shareholders

\u00a0

equity reserves

\u00a0

retained earnings and other reserves

\u00a0

cash flow hedge

currency translation\u00a0 differences

hyperinflation

remeasurement of defined benefit plans

total equity reserves

treasury ordinary shares

treasury special voting shares

share- based payments

other

retained earnings

total retained earnings and other

\u20ac million

at 31 December 2022-

post reclassifications,

before non-controlling interest

27.3

(99.9)

51.8

3.5

(17.4)

(0.4)

(0.7)

47.5

51.4

2,577.5

2,675.3

Campari Group

\u00a0

\u00a0

\u00a0

\u00a0

-

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cost of share-based payments

for the period

-

-

-

-

-

-

-

21.7

-

-

21.7

Share-based payments exercised

-

-

-

-

-

-

-

(12.5)

-

12.5

-

Profits (losses)

allocated to shareholders' equity

(23.6)

-

-

0.4

(23.2)

-

-

-

-

-

-

Tax effect

recognised in shareholders' equity

5.7

-

-

(0.2)

5.4

-

-

-

-

-

-

Translation difference

-

(53.2)

-

-

(53.2)

-

-

-

-

-

-

Effects from hyperinflation accounting

-

-

15.4

-

15.4

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

-

-

-

-

-

-

(20.9)

(21.0)

Sale of treasury shares

-

-

-

-

-

0.1

-

-

-

54.3

54.4

Changes in ownership interests

-

-

-

-

-

-

-

-

-

(14.1)

(14.1)

Special voting shares allocation

-

-

-

-

-

-

0.4

-

-

-

0.4

Conversion from special voting shares A to special voting shares B

-

-

-

-

-

-

-

-

(17.8)

-

(17.8)

Dividends

-

-

-

-

-

-

-

-

-

(67.5)

(67.5)

Net result of the period

-

-

-

-

-

-

-

-

-

330.5

330.5

at 31 December 2023

before non-controlling interest

9.3

(153.1)

67.2

3.7

(72.9)

(0.3)

(0.3)

56.8

33.6

2,872.2

2,962.0

Non-controlling interests

\u00a0

\u00a0

\u00a0

\u00a0

-

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in ownership interests

-

-

-

-

-

-

-

-

-

6.2

6.2

Dividends

-

-

-

-

-

-

-

-

-

(2.0)

(2.0)

Net result of the period

-

-

-

-

-

-

-

-

-

2.0

2.0

Translation difference

-

(6.0)

-

-

(6.0)

-

-

-

-

-

-

at 31 December 2023

including non-controlling interests

9.3

(159.1)

67.2

3.7

(78.9)

(0.3)

(0.3)

56.8

33.6

2,878.5

2,968.3

\u00a0

equity reserves

\u00a0

retained earnings and other reserves

\u00a0

cash flow hedge

currency translation\u00a0 differences

hyperinflation

remeasurement of defined benefit plans

total equity reserves

treasury ordinary shares

treasury special voting shares

share- based payments

other

retained earnings

total retained earnings and other

\u20ac million

at 31 December 2021

before

non-controlling interest

(7.9)

(202.5)

36.9

(0.5)

(174.0)

(0.3)

(0.5)

30.0

51.4

2,446.9

2,527.5

Campari Group

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cost of share-based payments

for the period

-

-

-

-

-

-

-

19.6

-

-

19.6

Share-based payments exercised

-

-

-

-

-

-

-

(2.1)

-

2.1

-

Profits (losses)

allocated to shareholders' equity

46.2

-

-

5.2

51.4

-

-

-

-

-

-

Tax effect

recognised in shareholders' equity

(11.1)

-

-

(1.2)

(12.3)

-

-

-

-

-

-

Translation difference

-

102.6

-

-

102.6

-

-

-

-

-

-

Effects from hyperinflation accounting

-

-

14.9

-

14.9

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

-

-

(0.1)

(0.2)

-

-

(127.8)

(128.1)

Sale of treasury shares

-

-

-

-

-

-

-

-

-

7.0

7.0

Share capital reduction

-

-

-

-

-

-

-

-

-

-

-

Changes in ownership interests

-

-

-

-

-

-

-

-

-

(16.8)

(16.8)

Dividends

-

-

-

-

-

-

-

-

-

(67.6)

(67.6)

Net result of the period

-

-

-

-

-

-

-

-

-

333.0

333.0

Other variations

-

-

-

-

-

-

-

-

-

(0.4)

(0.4)

at 31 December 2022 before

non-controlling interest

27.3

(99.9)

51.8

3.5

(17.4)

(0.4)

(0.7)

47.5

51.4

2,576.3

2,674.1

Non-controlling interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in ownership interests

-

-

-

-

-

-

-

-

-

1.8

1.8

Dividends

-

-

-

-

-

-

-

-

-

-

-

Net result of the period

-

-

-

-

-

-

-

-

-

(1.5)

(1.5)

Translation difference

-

(1.9)

-

-

(1.9)

-

-

-

-

-

-

at 31 December 2022

including non-controlling interests

27.3

(101.8)

51.8

3.5

(19.3)

(0.4)

(0.7)

47.5

51.4

2,576.6

2,674.4

The change in the currency translation differences reserve mainly related to net assets denominated in US Dollar and Jamaican Dollar.
Changes in ownership interests referred to and included the impact of the movement of the year of non-controlling interests and connected liabilities. The movements are as follows.

for the year ended 31 December 2023

reclassification of initial non-controlling interest value

net result of the period(1)

exchange rate of the period

put and/or call option measurement

total reclassification to Group equity

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Ancho Reyes and Montelobos

-

(0.4)

0.5

(20.8)

(20.7)

Champagne Lallier

-

(0.1)

-

0.9

0.8

Trans Beverages Company

-

0.3

(0.5)

(2.5)

(2.8)

Wilderness Trail Distillery

-

2.3

(7.6)

13.9

8.6

Changes in ownership interests

-

2.1

(7.6)

(8.5)

(14.1)

(1) Excluding the net result of the period of BBS Group equal to \u20ac(0.2) million and Thirsty Camel Ltd. equal to \u20ac0.2 million.

for the year ended 31 December 2022

reclassification of initial non-controlling interest value

net result of the period(1)

exchange rate of the period

put and/or call option measurement

total reclassification to Group equity

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Ancho Reyes and Montelobos

-

(1.3)

0.2

6.4

5.4

Champagne Lallier

-

(1.0)

0.1

0.1

(0.7)

Trans Beverages Company

1.4

1.1

(0.1)

(20.8)

(18.4)

Wilderness Trail Distillery

170.1

-

(2.2)

(171.0)

(3.0)

Changes in ownership interests

171.5

(1.2)

(1.9)

(185.2)

(16.8)

(1) Excluding the net result of the period of BBS Group equal to \u20ac(0.3) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact60": { "value": " Shareholders\u2019 equity
- Dividends paid and proposed
The table below shows the dividends proposed for the year and previous years.

\u00a0

2023

2022

2021

\u00a0

\u20ac

\u20ac

\u20ac

Dividend per share proposed

0.065

0.060

0.060

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u20ac million

\u20ac million

\u20ac million

Total amount proposed

78.1

67.3

67.9

\u00a0\u00a0\u00a0 of which, to owners of the Parent

78.1

67.3

67.9

\u00a0\u00a0\u00a0 of which, to non-controlling interests

-

-

-

The dividends submitted for the approval of the General Meeting of Shareholders called to approve the financial statements for the year ended 31 December 2023 is \u20ac78.1 million, calculated based on shares outstanding at 31 December 2023 (1,131,982,258) as well as on the new ordinary shares (69,667,738) issued following the successful placement in January 2024 (refer to the \u2018Significant events of the year\u2019 paragraph of the
management board report). The dividend will be recalculated based on the total number of outstanding shares as of the coupon detachment date. For information purposes, based on the 29,617,742 own shares held at 31 December 2023, and taking into account the new ordinary shares issued in January 2024, the shares outstanding amounted to 1,201,649,996. The proposed dividend for the period is \u20ac0.065 per share, increasing by +8.3% compared to the previous financial year.
In terms of the distribution of dividends during the last four years, the utilisation of the retained earnings reserve was as follows.

Dividends paid during the year on ordinary shares

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2023

2022

2021

2020

2019

dividend per share paid (\u20ac)

0.060

0.060

0.055

0.055

0.050

total amount (\u20ac million)

67.5

67.6

61.6

62.9

57.3

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2023

2022

2021

2020

2019

retained earnings reserve (\u20ac million)

67.5

67.6

61.6

62.9

57.3

other reserve (\u20ac million)

-

-

-

-

-

", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact65": { "value": " Shareholders\u2019 equity
Accounting policy
Own shares (both ordinary and special voting shares) are reported as a reduction in shareholders\u2019 equity
Outstanding shares, own shares rights associated to the shares
During 2023, Davide Campari-Milano N.V. managed a share buyback program activated under Article 5 of Regulation (EU) n.596/2014, intended to meet the obligations arising from stock option plans and other share-based incentive plans, currently in force or to be adopted, the beneficiaries of which are (or will be) employees or members of the administrative and/or or management bodies of either the Company or other Campari Group\u2019s companies.
The program coordinated and executed by Morgan Stanley Europe SE and implemented in accordance with the resolution approved by the Company\u2019s Annual General Meeting held on 12 April 2022 ended on 31 May 2023. The overall value allocated was \u20ac89.2 million for a reported number of 9,081,375 Campari shares acquired in the period from 12 May 2022 to 31 May 2023. This program included a contractually agreed reward mechanism to allocate an amount deriving from its outperformance (the outperformance is the difference between the purchase price and the average Volume Weighted Average Price (\u2018VWAP\u2019), during the execution period) to energy efficiency projects, namely, the installation of photovoltaic panels at the production site in Jamaica, which will be implemented during 2024. With this energy efficiency project, Campari Group confirms its strong commitment to the decarbonisation agenda through the responsible use of resources and reduction of the environmental impacts of its production activities, environment being one the four of its sustainability roadmaps.
The table below shows the reconciliation between the number of outstanding shares.

\u00a0

no. of shares

nominal value (\u20ac)

\u00a0

ordinary shares

special voting shares A

special voting shares B

total

ordinary shares

special voting shares A

special voting shares B

total

Outstanding shares

at 31 December 2022

1,121,647,577

597,856,391

-

1,719,503,968

11,216,476

5,978,564

-

17,195,040

Ordinary shares repurchased

under share repurchase program

(1,850,962)

-

-

(1,850,962)

(18,510)

-

-

(18,510)

Ordinary shares assigned

under share-based programs

12,185,643

-

-

12,185,643

121,856

-

-

121,856

Conversion from special voting

shares A to special voting shares B

-

(594,021,404)

594,021,404

-

-

(5,940,214)

23,760,856

17,820,642

Special voting shares allocation

-

36,822,611

(20,000)

36,802,611

-

368,226

(800)

367,426

Outstanding shares

at 31 December 2023

1,131,982,258

40,657,598

594,001,404

1,766,641,260

11,319,823

406,576

23,760,056

35,486,455

Total own shares held

29,617,742

31,039,340

20,000

60,677,082

296,177

310,393

800

607,371

Own shares as a % total respective shares

2.55%

43.29%

-

3.32%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

no. of shares

nominal value (\u20ac)

\u00a0

ordinary shares

special voting shares(1)

total

ordinary shares

special voting shares

total

Outstanding shares at 31 December 2021

1,132,490,271

617,606,804

1,750,097,075

11,324,903

6,176,068

17,500,971

Ordinary shares repurchased

under share repurchase program

(12,722,262)

-

(12,722,262)

(127,223)

-

(127,223)

Ordinary shares assigned

under share-based programs

1,879,568

-

1,879,568

18,796

-

18,796

Special voting shares allocation

-

(19,750,413)

(19,750,413)

-

(197,504)

(197,504)

Outstanding shares at 31 December 2022

1,121,647,577

597,856,391

1,719,503,968

11,216,476

5,978,564

17,195,040

Total own shares held

39,952,423

67,861,951

107,814,374

399,524

678,620

1,078,144

Own shares as a % total respective shares

3.44%

10.19%

5.90%

\u00a0

\u00a0

\u00a0

(1) Special voting shares A.
With reference to ordinary shares, between 1 January and 31 December 2023, the Company granted 12,185,643 own shares, out of which 12,158,728 shares were sold for a total cash inflow of \u20ac54.8 million, corresponding to the average exercise price multiplied by the number of own shares sold to beneficiaries upon the exercise of their stock option rights, while additionally 26,915 shares were transferred in the context of share matching plans. In the same period and through the share buyback program completed on 31 May 2023, the Company purchased 1,850,962 shares at an average price of \u20ac11.3, for a total amount of \u20ac21.0 million (the amount includes \u20ac0.9 million liabilities paid in connection with the share buyback program). At 31 December 2023, the Company held 29,617,742 own shares, equivalent to 2.5% of the share capital.
With reference to special voting shares, between 1 January and 31 December 2023 n. 36,802,611 of special voting shares (A and B), equivalent to \u20ac367,426, were allocated to shareholders entitled to achieve the related special voting rights. Focusing on special voting shares B, their value of \u20ac23.8 million has been derived from the dedicated special capital reserve for \u20ac17.8 million and from the special voting shares A reserve for \u20ac5.9 million respectively.
During the period, no cancellation of the treasury special voting shares has been resolved by the shareholders\u2019 meeting of the Company.
The table below shows changes in the number and values of own shares held during the periods considered.

\u00a0

no. of ordinary shares held

purchase price (\u20ac million)

\u00a0

2023

2022

2023

2022

Balance at 1 January

39,952,423

29,109,729

388.1

273.8

Purchases

1,850,962

12,722,262

21.0

128.1

Disposals

(12,185,643)

(1,879,568)

(102.7)

(13.9)

Final balance

29,617,742

39,952,423

306.4

388.1

% of share capital

2.55%

3.44%

\u00a0

\u00a0

Sales of own shares during the year, which are shown in the above table at an amount equal to the original purchase cost of \u20ac102.7 million, were sold for a total cash inflow of \u20ac54.8 million corresponding to the average exercise price multiplied by the number of own shares sold to stock option beneficiaries. The Parent Company consequently reported a negative difference of \u20ac47.8 million which was recorded in shareholders' equity (embedded within the retained earnings) and partially offset by the use of the stock option reserve of \u20ac12.5 million. In the same period, the Company purchased shares through the buyback programs at an average price of \u20ac11.3 for a total amount of \u20ac21.0 million.
Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact66": { "value": " Shareholders\u2019 equity Other reserves and retained earnings attributable to Group shareholders

\u00a0

equity reserves

\u00a0

retained earnings and other reserves

\u00a0

cash flow hedge

currency translation\u00a0 differences

hyperinflation

remeasurement of defined benefit plans

total equity reserves

treasury ordinary shares

treasury special voting shares

share- based payments

other

retained earnings

total retained earnings and other

\u20ac million

at 31 December 2022-

post reclassifications,

before non-controlling interest

27.3

(99.9)

51.8

3.5

(17.4)

(0.4)

(0.7)

47.5

51.4

2,577.5

2,675.3

Campari Group

\u00a0

\u00a0

\u00a0

\u00a0

-

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cost of share-based payments

for the period

-

-

-

-

-

-

-

21.7

-

-

21.7

Share-based payments exercised

-

-

-

-

-

-

-

(12.5)

-

12.5

-

Profits (losses)

allocated to shareholders' equity

(23.6)

-

-

0.4

(23.2)

-

-

-

-

-

-

Tax effect

recognised in shareholders' equity

5.7

-

-

(0.2)

5.4

-

-

-

-

-

-

Translation difference

-

(53.2)

-

-

(53.2)

-

-

-

-

-

-

Effects from hyperinflation accounting

-

-

15.4

-

15.4

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

-

-

-

-

-

-

(20.9)

(21.0)

Sale of treasury shares

-

-

-

-

-

0.1

-

-

-

54.3

54.4

Changes in ownership interests

-

-

-

-

-

-

-

-

-

(14.1)

(14.1)

Special voting shares allocation

-

-

-

-

-

-

0.4

-

-

-

0.4

Conversion from special voting shares A to special voting shares B

-

-

-

-

-

-

-

-

(17.8)

-

(17.8)

Dividends

-

-

-

-

-

-

-

-

-

(67.5)

(67.5)

Net result of the period

-

-

-

-

-

-

-

-

-

330.5

330.5

at 31 December 2023

before non-controlling interest

9.3

(153.1)

67.2

3.7

(72.9)

(0.3)

(0.3)

56.8

33.6

2,872.2

2,962.0

Non-controlling interests

\u00a0

\u00a0

\u00a0

\u00a0

-

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in ownership interests

-

-

-

-

-

-

-

-

-

6.2

6.2

Dividends

-

-

-

-

-

-

-

-

-

(2.0)

(2.0)

Net result of the period

-

-

-

-

-

-

-

-

-

2.0

2.0

Translation difference

-

(6.0)

-

-

(6.0)

-

-

-

-

-

-

at 31 December 2023

including non-controlling interests

9.3

(159.1)

67.2

3.7

(78.9)

(0.3)

(0.3)

56.8

33.6

2,878.5

2,968.3

\u00a0

equity reserves

\u00a0

retained earnings and other reserves

\u00a0

cash flow hedge

currency translation\u00a0 differences

hyperinflation

remeasurement of defined benefit plans

total equity reserves

treasury ordinary shares

treasury special voting shares

share- based payments

other

retained earnings

total retained earnings and other

\u20ac million

at 31 December 2021

before

non-controlling interest

(7.9)

(202.5)

36.9

(0.5)

(174.0)

(0.3)

(0.5)

30.0

51.4

2,446.9

2,527.5

Campari Group

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Cost of share-based payments

for the period

-

-

-

-

-

-

-

19.6

-

-

19.6

Share-based payments exercised

-

-

-

-

-

-

-

(2.1)

-

2.1

-

Profits (losses)

allocated to shareholders' equity

46.2

-

-

5.2

51.4

-

-

-

-

-

-

Tax effect

recognised in shareholders' equity

(11.1)

-

-

(1.2)

(12.3)

-

-

-

-

-

-

Translation difference

-

102.6

-

-

102.6

-

-

-

-

-

-

Effects from hyperinflation accounting

-

-

14.9

-

14.9

-

-

-

-

-

-

Purchase of treasury shares

-

-

-

-

-

(0.1)

(0.2)

-

-

(127.8)

(128.1)

Sale of treasury shares

-

-

-

-

-

-

-

-

-

7.0

7.0

Share capital reduction

-

-

-

-

-

-

-

-

-

-

-

Changes in ownership interests

-

-

-

-

-

-

-

-

-

(16.8)

(16.8)

Dividends

-

-

-

-

-

-

-

-

-

(67.6)

(67.6)

Net result of the period

-

-

-

-

-

-

-

-

-

333.0

333.0

Other variations

-

-

-

-

-

-

-

-

-

(0.4)

(0.4)

at 31 December 2022 before

non-controlling interest

27.3

(99.9)

51.8

3.5

(17.4)

(0.4)

(0.7)

47.5

51.4

2,576.3

2,674.1

Non-controlling interests

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Changes in ownership interests

-

-

-

-

-

-

-

-

-

1.8

1.8

Dividends

-

-

-

-

-

-

-

-

-

-

-

Net result of the period

-

-

-

-

-

-

-

-

-

(1.5)

(1.5)

Translation difference

-

(1.9)

-

-

(1.9)

-

-

-

-

-

-

at 31 December 2022

including non-controlling interests

27.3

(101.8)

51.8

3.5

(19.3)

(0.4)

(0.7)

47.5

51.4

2,576.6

2,674.4

The change in the currency translation differences reserve mainly related to net assets denominated in US Dollar and Jamaican Dollar.
Changes in ownership interests referred to and included the impact of the movement of the year of non-controlling interests and connected liabilities. The movements are as follows.

for the year ended 31 December 2023

reclassification of initial non-controlling interest value

net result of the period(1)

exchange rate of the period

put and/or call option measurement

total reclassification to Group equity

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Ancho Reyes and Montelobos

-

(0.4)

0.5

(20.8)

(20.7)

Champagne Lallier

-

(0.1)

-

0.9

0.8

Trans Beverages Company

-

0.3

(0.5)

(2.5)

(2.8)

Wilderness Trail Distillery

-

2.3

(7.6)

13.9

8.6

Changes in ownership interests

-

2.1

(7.6)

(8.5)

(14.1)

(1) Excluding the net result of the period of BBS Group equal to \u20ac(0.2) million and Thirsty Camel Ltd. equal to \u20ac0.2 million.

for the year ended 31 December 2022

reclassification of initial non-controlling interest value

net result of the period(1)

exchange rate of the period

put and/or call option measurement

total reclassification to Group equity

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

Ancho Reyes and Montelobos

-

(1.3)

0.2

6.4

5.4

Champagne Lallier

-

(1.0)

0.1

0.1

(0.7)

Trans Beverages Company

1.4

1.1

(0.1)

(20.8)

(18.4)

Wilderness Trail Distillery

170.1

-

(2.2)

(171.0)

(3.0)

Changes in ownership interests

171.5

(1.2)

(1.9)

(185.2)

(16.8)

(1) Excluding the net result of the period of BBS Group equal to \u20ac(0.3) million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact67": { "value": " Shareholders\u2019 equity Share capital and structure
The following movements occurred during 2023 in the composition of the share capital.

\u00a0

no. of shares

nominal value (\u20ac)

\u00a0

ordinary shares

special voting shares A

special voting shares B

total

ordinary shares

special voting shares A

special voting shares B

total

Share capital at 31 December 2022

1,161,600,000

665,718,342

-

1,827,318,342

11,616,000

6,657,183

\u00a0

18,273,183

Conversion from

special voting shares A

to special voting shares B

-

(594,021,404)

594,021,404

-

-

(5,940,214)

5,940,214

-

Special voting shares B allocation

-

-

-

-

-

-

17,820,642

17,820,642

Share capital at 31 December 2023

1,161,600,000

71,696,938

594,021,404

1,827,318,342

11,616,000

716,969

23,760,856

36,093,826

To foster the involvement of a stable base of long-term (loyal) shareholders, Davide Campari-Milano N.V.\u2019s articles of association (\u2018Articles of Association\u2019) were amended to adopt a mechanism based on the assignment to loyal shareholders of special voting shares, to which multiple voting rights are attached, in addition to the one granted by ordinary shares (the \u2018Special Voting Mechanism\u2019). The Special Voting Mechanism entails the possibility of assigning to loyal long-term shareholders: (i) two voting rights for each Campari ordinary share held for an uninterrupted period of two years, through the assignment of a special voting share A (\u2018Special Voting Share A\u2019) with a nominal value of \u20ac0.01 each; (ii) five voting rights for each ordinary share held for an uninterrupted period of five years, through the assignment of a special voting share B (\u2018Special Voting Share B\u2019) with a nominal value of \u20ac0.04 each and (iii) ten voting rights for each ordinary share held for an uninterrupted period of ten years (\u2018Special Voting Share C\u2019) with a nominal value of \u20ac0.09 each. The features of the Special Voting Shares (A, B, C) are described in the Articles of Association as well as in the terms and conditions for Special Voting Shares (\u2018SVS Terms\u2019). The Special Voting Shares are not tradeable on a regulated market.
Davide Campari-Milano N.V. established a separate special capital reserve for the purpose of satisfying obligations related to special voting shares. At the board's discretion, the issuance of special voting shares may be executed using the funds from the special capital reserve, in lieu of an actual monetary payment for the respective shares.
On 4 August 2023, the Company communicated the conclusion of the conversion of n. 594,021,404 Special Voting Shares A held by the controlling shareholder Lagfin S.C.A., Soci\u00e9t\u00e9 en Commandite par Actions (\u2018Lagfin\u2019) and other shareholders into an equal number of Special Voting Shares B, allowing five years loyal shareholders to increase voting rights from 2 to 5 votes, in accordance with the Special Voting Mechanism approved by the Shareholders\u2019 meeting on 27 March 2020 (the 'Special Voting Mechanism'). The Special Voting Mechanism was introduced with the aim of encouraging a capital structure more supportive of Campari\u2019s long-term growth strategy, i.e., organic growth combined with external growth, and rewarding a shareholder base with a long-term investment horizon.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact68": { "value": " Shareholders\u2019 equity
Accounting policy
Own shares (both ordinary and special voting shares) are reported as a reduction in shareholders\u2019 equity
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f126997": { "value": "0.065", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127001": { "value": "0.06", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127005": { "value": "0.06", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127077": { "value": "78100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f127105": { "value": "0.065", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127160": { "value": "0.06", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127164": { "value": "0.06", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127168": { "value": "0.055", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127172": { "value": "0.055", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2020-01-01T00:00:00/2021-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f127176": { "value": "0.05", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2019-01-01T00:00:00/2020-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f129376": { "value": " Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
Disclosure
On 13 April 2023, the AGM approved a new stock option plan for an aggregate maximum number of options based on the ratio between \u20ac6,000,000 and the options\u2019 exercise price for the category of beneficiaries other than the members of the Board of Directors (while no options have been assigned to the members of the Board of Directors this year), in accordance with the Stock Option Regulation adopted by the Company. The options may be exercised during the two years after the end of the fifth year following the assignment date. For a more detailed explanation of the stock option plan, please refer to the relevant explanatory report of the Board of
Directors, prepared in compliance with article 84-bis of the Italian Issuer Regulation, which is available at the registered office of the Company, on the Company\u2019s website (www.camparigroup.com/en/page/group/governance) and through the authorised storage mechanism 1Info (www.1info.it), in accordance with the terms prescribed by law. Options were granted on 2 May 2023 to individual beneficiaries. The total number of options granted in 2023 for the purchase of further shares was 450,033 (8,725,347 in 2022), with an average grant price of \u20ac11.61 (\u20ac10.29 in 2022), equivalent to the weighted average market price in the month preceding the day on which the options were granted.
The following table shows the changes in stock option plans during the periods concerned.

\u00a0

at 31 December 2023

at 31 December 2022

\u00a0

no. of shares

average allocation/exercise price (\u20ac)

no. of shares

average allocation/exercise price (\u20ac)

Options outstanding at the beginning of the period

38,970,219

6.70

33,491,265

5.59

Options granted during the period

450,033

11.61

8,725,347

10.29

(Options cancelled during the period)

(727,195)

8.94

(1,336,625)

6.76

(Options exercised during the period)\u02bf\u00b9\u02be

(12,158,728)

4.47

(1,844,088)

3.67

(Options expired during the period)

(33,391)

-

(65,680)

-

Options outstanding at the end of the period

26,500,938

7.72

38,970,219

6.70

of which exercisable at the end of the period

6,173,487

6.16

8,980,965

3.82

(1) The average market price on the exercise date was \u20ac11.68.
The exercise prices for the options granted in each year range were as follows.

\u00a0

average exercise price

Allocations: 2015

3.54

Allocations: 2017

6.19

Allocations: 2018

6.25

Allocations: 2019

8.85

Allocations: 2020

6.41

Allocations: 2021

9.91

Allocations: 2022

10.29

Allocations: 2023

11.61

The following assumptions were used for the fair value measurement of options issued in 2023 and 2022.

Black-Scholes model parameters

2023

2022

Expected dividends (\u20ac)

0.065

0.060

Expected volatility (%)

21.18%

25.92%

Historic volatility (%)

28.58%

23.90%

Market interest rate

2.930%

1.354%

Expected option life (years)

\u00a07.00

\u00a07.00

Exercise price (\u20ac)

\u00a011.61

\u00a010.29

The average fair value of options granted in 2023 was \u20ac3.51 (\u20ac3.06 in 2022). The average remaining life of outstanding options at 31 December 2023 was 3.4 years (3.5 years at 31 December 2022).
Accounting policy
\u00adShare-based payments in the form of \u2018Employees Share Ownership Plan\u2019, \u2018Extra-Mile Bonus Plan (\u2018EMB\u2019) and Mid-Term Incentive plan (\u2018MTI\u2019)
The Shareholders\u2019 meeting of 8 April 2021 approved the resolution for the implementation of the Employee Share Ownership Plan (\u2018ESOP\u2019). ESOP is a share matching plan offering employees the opportunity to invest in Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the \u2018Purchased Shares\u2019) by the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the liability with the \u2018pro-rata\u2019 value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (\u2018EMB\u2019) program was awarded in 2021 representing a preparatory assignment to the launch of the ESOP program with which it shares the main features. The fair value of the EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (\u2018MTI\u2019) based on Campari shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free, subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of award rights to be granted to each beneficiary will be calculated based on the beneficiary\u2019s annual base gross salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for the following three years, therefore the second grant was assigned in May 2023.
Disclosure
The table below shows the changes in share-based rights during 2023, compared with 2022.

\u00a0

at 31 December

n. of rights

2023

2022

outstanding rights at the beginning of the year

3,606,911

1,129,949

assigned during the period

447,921

2,726,391

cancelled during the period

(349,497)

(213,949)

exercised during the period

(26,915)

(35,480)

outstanding rights at the end of the year

3,678,420

3,606,911

If a share-based scheme is not permitted or is not effective based on specific national legislation, a phantom stock option plan is awarded, resulting in a liability. The latter, recorded under the item personnel long-term liabilities, was \u20ac0.3 million at 31 December 2023 (negligible at 31 December 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact64": { "value": " Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
Accounting policy
\u00adShare-based payments in the form of \u2018Employees Share Ownership Plan\u2019, \u2018Extra-Mile Bonus Plan (\u2018EMB\u2019) and Mid-Term Incentive plan (\u2018MTI\u2019)
The Shareholders\u2019 meeting of 8 April 2021 approved the resolution for the implementation of the Employee Share Ownership Plan (\u2018ESOP\u2019). ESOP is a share matching plan offering employees the opportunity to invest in Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the \u2018Purchased Shares\u2019) by the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the liability with the \u2018pro-rata\u2019 value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (\u2018EMB\u2019) program was awarded in 2021 representing a preparatory assignment to the launch of the ESOP program with which it shares the main features. The fair value of the EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (\u2018MTI\u2019) based on Campari shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free, subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of award rights to be granted to each beneficiary will be calculated based on the beneficiary\u2019s annual base gross salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for the following three years, therefore the second grant was assigned in May 2023.
Defined benefit and contribution plans
Accounting policy
Post-employment benefits
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.The procedures for providing these benefits vary depending to the legal, fiscal and economic conditions in each country in which the Group operates.
Defined benefit plans
The Group\u2019s obligations and the annual cost reported in the statement of profit or loss are determined by independent actuaries using the projected unit credit method.
The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses, while the service costs are posted under the reporting line of cost of sales and selling, general and administrative expenses.
Defined contribution plans
Based on legal or contractual obligations, or on a voluntary basis, the Group fulfils post-employment employees obligations by paying contributions to a separate entity (publicly or privately administered pension funds), without making any actuarial calculation. At the end of the financial year, any liabilities for contributions to be
paid are included in 'Other current liabilities\u2019, while the cost for the period is recognised under the reporting line of cost of sales and selling, general and administrative expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact63": { "value": " Share-based payments
Accounting policy
\u00adCompensation plans in the form of stock options
The Group has multiple incentive plans in place, including benefits in the form of stock option plans, governed in accordance with the shareholders\u2019 resolution, pursuant to applicable law and implemented by means of a specific regulation (\u2018Stock Option Regulations\u2019). The purpose of the plan is to offer beneficiaries who occupy key positions at the Group the opportunity to own shares in Davide Campari-Milano N.V., thereby aligning their interests with those of other shareholders and fostering loyalty, in the context of the strategic goals to be achieved. The recipients are employees, directors and/or individuals who regularly work for one or more Group companies, who have been identified by the Board of Directors of Davide Campari-Milano N.V., and who, on the approval date of the plan and until the date that the options are exercised, have worked as employees and/or directors and/or in any other capacity at one or more Group companies without interruption. The Board of Directors of Davide Campari-Milano N.V. has the right to draft regulations, select beneficiaries and determine the share quantities and values for the execution of the stock option plans.
The fair value of stock options is represented by the value of the option calculated by applying the Black-Scholes model and the grant date starts once the options are assigned. Volatility is estimated with the help of data supplied by a market information provider together with a leading bank and corresponds to the estimate of volatility recorded in the period covered by the plan. The stock options are recorded at fair value with an offsetting entry in the stock option reserve. The dilutive effect of options not yet exercised is included in the calculation of diluted earnings per share.
Accounting policy
\u00adShare-based payments in the form of \u2018Employees Share Ownership Plan\u2019, \u2018Extra-Mile Bonus Plan (\u2018EMB\u2019) and Mid-Term Incentive plan (\u2018MTI\u2019)
The Shareholders\u2019 meeting of 8 April 2021 approved the resolution for the implementation of the Employee Share Ownership Plan (\u2018ESOP\u2019). ESOP is a share matching plan offering employees the opportunity to invest in Davide Campari-Milano N.V. shares. The ESOP is intended for all Group employees, with the exception of members of the Board of Directors. These employees will be offered the opportunity to allocate certain amounts to the plan, which will be used to purchase shares of Davide Campari-Milano N.V. (the \u2018Purchased Shares\u2019) by the plan administrator and, after a three-year vesting period, complementary free shares will be awarded. The free shares granted represent an equity settled arrangement.
The accounting treatment for the ESOP follows the accounting treatment applied for benefits granted in the form of stock option plans. The fair value of the ESOP plan is represented by the value of the option calculated by applying the Black-Scholes model. In the event that the granting of the benefit in the form of a share-based scheme is not permitted or it is not effective on the basis of specific national legislation, the same benefits are granted in the form of a phantom stock option plan. These plans confer the same rights as the ESOP plan but are cash-settled and the initial fair value measurement is calculated by applying the Black-Scholes model. The cost resulting from this valuation is spread over the vesting period, with an impact on the profit or loss using a long-term liability offsetting account (in place of an equity reserve). As a subsequent measurement, at each
balance sheet date and at least once a year and on the settlement date, the value of the phantom plan must be fully remeasured on the basis of the current market value of the Davide Campari-Milano N.V. shares. Any cumulative changes in fair value are recognised in the profit or loss in the remeasurement period to align the liability with the \u2018pro-rata\u2019 value of the expected bonus payment pay-out.
As part of this, the Extra-Mile Bonus Plan (\u2018EMB\u2019) program was awarded in 2021 representing a preparatory assignment to the launch of the ESOP program with which it shares the main features. The fair value of the EMB plan is represented by the awarded number of rights assigned calculated based on the annual base gross salary of eligible employees at 31 December 2020, divided by twelve.
On 13 April 2022, the Annual General Meeting approved a Mid-Term Incentive plan (\u2018MTI\u2019) based on Campari shares and aimed at rewarding Camparistas for their active participation in the Group performance and fostering their retention. Eligible Camparistas will be granted a right to receive a number of Campari shares for free, subject to their uninterrupted employment over a three-year vesting period from the grant date. The number of award rights to be granted to each beneficiary will be calculated based on the beneficiary\u2019s annual base gross salary as of 31 December preceding the grant date. The MTI plan approved in April 2022 foresees 3 grants for the following three years, therefore the second grant was assigned in May 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f131334": { "value": " Basic and diluted earnings per share
Accounting policy
Basic earnings per share are calculated by dividing the Group\u2019s net result for the period by the weighted average number of shares outstanding during the period, excluding the Group\u2019s own shares held.
For the purposes of calculating the diluted earnings (loss) per share, the weighted average of outstanding shares is adjusted in line with the assumption that all potential share-based payment plans with diluting effect will be converted.
Disclosure

\u00a0

\u00a0

31 December 2023

31 December 2022

\u00a0

\u00a0

\u20ac million

\u20ac million

Group net profit attributable to ordinary shareholders

\u20ac million

330.5

333.0

Weighted average of ordinary share outstanding

number

1,127,727,622

1,126,061,579

Basic earnings per share

\u20ac

0.29

0.30

Group net profit attributable to ordinary shareholders

\u20ac million

330.5

333.0

Weighted average of ordinary share outstanding

number

1,127,727,622

1,126,061,579

Weighted average of shares from the potential

exercise of stock options with dilutive effect

number

11,444,341

14,158,632

Weighted average of ordinary shares outstanding net of dilution

number

1,139,171,963

1,140,220,211

Diluted earnings per share

\u20ac

0.29

0.29

", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f131336": { "value": " Basic and diluted earnings per share
Accounting policy
Basic earnings per share are calculated by dividing the Group\u2019s net result for the period by the weighted average number of shares outstanding during the period, excluding the Group\u2019s own shares held.
For the purposes of calculating the diluted earnings (loss) per share, the weighted average of outstanding shares is adjusted in line with the assumption that all potential share-based payment plans with diluting effect will be converted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f131533": { "value": " Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the obligations can be reliably estimated, the provision is discounted to present value. The related amount over time is allocated to statement of profit or loss. When the Group expects that all or part of the provisions will be repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal detailed restructuring program, that has led to a reasonable expectation by interested parties that the restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either because the process has already started or because the main features of the restructuring program have already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii.-\u2018Taxation\u2019.
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Disclosure
Provision for risks and charges

\u00a0

tax provision

restructuring provisions

agent severance fund

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

at 31 December 2022

5.5

7.8

1.0

21.2

35.6

Change resulting from provisional allocation of acquisition value

3.5

-

-

-

3.5

at 31 December 2022 post-reclassifications

9.0

7.8

1.0

21.2

39.0

Accruals

-

1.7

0.2

13.8

15.7

Utilisations

\u00a0

(0.6)

(0.3)

(5.4)

(6.3)

Releases

-

(2.1)

(0.1)

(1.4)

(3.5)

Reclassification\u02bf\u00b9\u02be

(0.3)

\u00a0

-

(0.5)

(0.7)

Exchange rate differences and other changes

(3.2)

-

-

0.5

(2.8)

at 31 December 2023

5.5

6.8

0.8

28.2

41.4

of which:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- due within 12 months

\u00a0

3.9

\u00a0

9.6

13.4

- due after 12 months

5.5

3.0

0.8

18.6

27.9

\u00a0

tax provision

restructuring provisions

agent severance fund

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

at 31 December 2021

5.5

8.0

1.3

19.6

34.4

Change resulting from provisional allocation of acquisition value

-

-

-

-

-

at 31 December 2021 post-reclassifications

5.5

8.0

1.3

19.6

34.4

Perimeter effect for acquisition

-

-

-

-

-

Accruals

5.1

0.6

(0.1)

2.8

8.5

Utilisations

\u00a0

(0.2)

(0.2)

(0.9)

(1.3)

Releases

-

(1.0)

-

(1.3)

(2.3)

Reclassification

(4.9)

-

\u00a0

(0.1)

(5.0)

Exchange rate differences and other changes

(0.1)

0.4

-

1.1

1.3

at 31 December 2022

5.5

7.8

1.0

21.2

35.6

Of which:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- due within 12 months

0.3

4.6

\u00a0

8.6

13.6

- due after 12 months

5.3

3.2

1.0

12.6

21.9

Other provisions involved recognition by the Company and subsidiaries of liabilities for various lawsuits, including a Brazilian legal dispute totalling \u20ac10.8 million over a distribution agreement, provision for onerous contract in China (\u20ac8.1 million) and a number of customer legal claims in France and Mexico totalling \u20ac5.9 million. Moreover, the other provisions for risks and charges were released for a total amount of \u20ac5.2 million to offset the cumulated losses incurred by the Japan joint-venture.
Significant effect of the passage of time over provision was deemed to be not material.
Contingent liability
The information reported below concerns contingent liabilities arising from outstanding disputes, for which the provision recognition criteria have not been met on the date of this report.
Various disputes are outstanding with the Brazilian tax authorities; however, the Group believes it is unlikely to lose the cases, based on the information available at the date of this report.
On the date of this report, a dispute amounting to BRL6.6 million (\u20ac1.2 million at the exchange rate on 31 December 2023) including the related penalties (excluding interests) corresponding to production tax (IPI) remains ongoing. The tax authorities contested the correct classification of products sold by Campari do Brasil Ltda.. Based on the assessments conducted by external legal consultants, the Group believes that the outcome of the dispute will be in favour of the Company. It is therefore deemed unnecessary at present to create a specific provision.
Another outstanding dispute relates to a tax inspection report concerning the payment of ICMS (tax on the consumption of goods and services) with respect to sales made by Campari do Brasil Ltda. to four customers in 2000, 2005, 2007 and 2008. The amount specified, including penalties, totalled BRL71.6 million (\u20ac13.4 million at the exchange rate on 31 December 2023) plus interest. Based on the assessments conducted by external legal consultants, which have appealed the findings of the local tax authorities, the Group believes that the outcome of the dispute will be in favour of the Company. It is therefore deemed unnecessary at present to create a specific provision.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact92": { "value": " Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the obligations can be reliably estimated, the provision is discounted to present value. The related amount over time is allocated to statement of profit or loss. When the Group expects that all or part of the provisions will be repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal detailed restructuring program, that has led to a reasonable expectation by interested parties that the restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either because the process has already started or because the main features of the restructuring program have already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii.-\u2018Taxation\u2019.
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Defined benefit and contribution plans
Accounting policy
Post-employment benefits
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.The procedures for providing these benefits vary depending to the legal, fiscal and economic conditions in each country in which the Group operates.
Defined benefit plans
The Group\u2019s obligations and the annual cost reported in the statement of profit or loss are determined by independent actuaries using the projected unit credit method.
The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses, while the service costs are posted under the reporting line of cost of sales and selling, general and administrative expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact88": { "value": " Provisions for risks, charges and contingent assets and liabilities
Accounting policy
Provisions arising from legal or constructive obligations resulting from past events are reliably estimated and reviewed periodically to reflect changes in circumstances, timescales and discount rates. Revisions to estimates of provisions are booked to the same statement of profit or loss item that contains the accrual or, if the liability relates to tangible assets (i.e., dismantling and restoration), these revisions are reported as an offsetting entry to the related asset. Where the financial impact of the timing is significant, and the payment dates of the obligations can be reliably estimated, the provision is discounted to present value. The related amount over time is allocated to statement of profit or loss. When the Group expects that all or part of the provisions will be repaid by third parties, a receivable is recorded under assets only if it is virtually certain, and the accrual and related repayment are posted to the statement of profit or loss.
Dedicated restructuring provisions are only reported if there is a restructuring obligation deriving from a formal detailed restructuring program, that has led to a reasonable expectation by interested parties that the restructuring will be carried out with an outflow of resources whose amount can be reliably estimated, either because the process has already started or because the main features of the restructuring program have already been communicated.
For detailed information on the accounting policy related to tax provisions, please refer to note 3 xiii.-\u2018Taxation\u2019.
Disclosure
Provision for risks and charges

\u00a0

tax provision

restructuring provisions

agent severance fund

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

at 31 December 2022

5.5

7.8

1.0

21.2

35.6

Change resulting from provisional allocation of acquisition value

3.5

-

-

-

3.5

at 31 December 2022 post-reclassifications

9.0

7.8

1.0

21.2

39.0

Accruals

-

1.7

0.2

13.8

15.7

Utilisations

\u00a0

(0.6)

(0.3)

(5.4)

(6.3)

Releases

-

(2.1)

(0.1)

(1.4)

(3.5)

Reclassification\u02bf\u00b9\u02be

(0.3)

\u00a0

-

(0.5)

(0.7)

Exchange rate differences and other changes

(3.2)

-

-

0.5

(2.8)

at 31 December 2023

5.5

6.8

0.8

28.2

41.4

of which:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- due within 12 months

\u00a0

3.9

\u00a0

9.6

13.4

- due after 12 months

5.5

3.0

0.8

18.6

27.9

\u00a0

tax provision

restructuring provisions

agent severance fund

other

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

\u20ac million

\u20ac million

at 31 December 2021

5.5

8.0

1.3

19.6

34.4

Change resulting from provisional allocation of acquisition value

-

-

-

-

-

at 31 December 2021 post-reclassifications

5.5

8.0

1.3

19.6

34.4

Perimeter effect for acquisition

-

-

-

-

-

Accruals

5.1

0.6

(0.1)

2.8

8.5

Utilisations

\u00a0

(0.2)

(0.2)

(0.9)

(1.3)

Releases

-

(1.0)

-

(1.3)

(2.3)

Reclassification

(4.9)

-

\u00a0

(0.1)

(5.0)

Exchange rate differences and other changes

(0.1)

0.4

-

1.1

1.3

at 31 December 2022

5.5

7.8

1.0

21.2

35.6

Of which:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- due within 12 months

0.3

4.6

\u00a0

8.6

13.6

- due after 12 months

5.3

3.2

1.0

12.6

21.9

Other provisions involved recognition by the Company and subsidiaries of liabilities for various lawsuits, including a Brazilian legal dispute totalling \u20ac10.8 million over a distribution agreement, provision for onerous contract in China (\u20ac8.1 million) and a number of customer legal claims in France and Mexico totalling \u20ac5.9 million. Moreover, the other provisions for risks and charges were released for a total amount of \u20ac5.2 million to offset the cumulated losses incurred by the Japan joint-venture.
Significant effect of the passage of time over provision was deemed to be not material.
Defined benefit and contribution plans
Accounting policy
Post-employment benefits
Group companies provide post-employment benefits to staff, both directly and by contributing to external funds.The procedures for providing these benefits vary depending to the legal, fiscal and economic conditions in each country in which the Group operates.
Defined benefit plans
The Group\u2019s obligations and the annual cost reported in the statement of profit or loss are determined by independent actuaries using the projected unit credit method.
The costs associated with an increase in the present value of the obligation, as the time for payment of the benefits draws nearer, are included under financial expenses, while the service costs are posted under the reporting line of cost of sales and selling, general and administrative expenses.
Disclosure
Regarding the Group\u2019s Italian subsidiaries, the defined benefit plans consist of the employee indemnity liability (\u2018TFR\u2019), to which its employees are entitled by law. Following the reform of the supplementary pension scheme in 2007, for companies employing at least 50 people, TFR contributions accrued up to 31 December 2006 are considered to be \u2018defined benefit plans\u2019, while contributions accruing from 1 January 2007, which have been allocated to a fund held at the INPS (Italian social security agency) or to supplementary pension funds, are considered to be \u2018defined contribution plans\u2019. The portion of the TFR considered as a defined benefit plan consists of an unfunded plan that does not, therefore, hold any dedicated assets. The other unfunded defined benefit plans relate to Campari France Distribution SAS. Campari Deutschland GmbH and Campari Schweiz A.G. have some funded defined benefit plans in place for employees and/or former employees. These plans have dedicated assets.
The liability for medical insurance in place at 31 December 2023 relates to J. Wray and Nephew Ltd. and offers access to health care provided that employees stay with the company until pensionable age and have completed a minimum period of service. The cost of these benefits is spread over the employee\u2019s service period using a calculation methodology similar to that used for defined benefit plans.
The table below summaries of the changes in the present value of defined benefit obligations, and the fair values of the assets relating to the plan in 2023 and 2022.

\u20ac million

liabilities

assets

Liabilities (assets) at 31 December 2022

31.9

(4.4)

Amounts included in profit or loss:

\u00a0

\u00a0

- current service costs

2.6

-

- past service costs

(0.9)

-

- net interest

0.9

(0.1)

Total

2.5

(0.1)

Amounts included in the statement of other comprehensive income:

\u00a0

-

- gain/(losses) resulting from changes in actuarial assumptions

(0.5)

0.1

- exchange rate differences

-

(0.1)

Total

(0.5)

(0.1)

Other changes:

\u00a0

-

- benefits paid

(1.2)

0.5

- contribution to the plan by other members

0.2

(0.6)

- contributions to the plan by employees

(0.3)

(0.2)

- benefits transferred

(1.4)

-

Total

(2.6)

(0.3)

Liabilities (assets) at 31 December 2023(1)

31.3

(4.9)

(1) Of which \u20ac22.6 million included under Defined benefit plans (note 8 iv); of which \u20ac3.9 million included under Other non-current liabilities (note 6 v-\u2018Non-current financial debt\u2019 of this Campari Group consolidated financial statements).

\u20ac million

liabilities

assets

Liabilities (assets) at 31 December 2021

37.6

(4.2)

Amounts included in profit or loss:

\u00a0

\u00a0

- current service costs

0.9

-

- past service costs

0.6

-

- net interest

0.3

-

Total

1.8

-

Amounts included in the statement of other comprehensive income:

\u00a0

\u00a0

- gain/(losses) resulting from changes in actuarial assumptions

(5.1)

(0.1)

- exchange rate differences

0.3

(0.1)

Total

(4.8)

(0.2)

Other changes:

\u00a0

\u00a0

- benefits paid

(1.3)

0.8

- contribution to the plan by other members

0.3

(0.6)

- contributions to the plan by employees

(0.5)

(0.1)

- benefits transferred

(1.2)

-

Total

(2.7)

-

Liabilities (assets) at 31 December 2022(1)

31.9

(4.4)

(1) Of which \u20ac24.1 million included under Defined benefit plans (note 8 iv); of which \u20ac3.5 million included under Other non-current liabilities (note 6 v-\u2018Non-current financial debt\u2019 of this Campari Group consolidated financial statements).
The table below shows the total changes in obligations for defined benefit plans financed using assets that serve the plan (funded obligations) and the liabilities relating to long-term unfunded benefits. It also includes benefits categorised as \u2018other liabilities\u2019 linked to medical cover provided by J. Wray and Nephew Ltd. to its current and/or former employees, and the long-term benefits of the Group\u2019s Italian companies (\u2018TFR\u2019).

Current value of obligations

unfunded obligations

funded obligations

\u20ac million

pension plans

other liabilities

gross value of pension plans

fair value of assets

net values

Liabilities (assets) at 31 December 2022

23.6

3.5

4.8

(4.4)

0.4

Amounts included in profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

-

- current service costs

1.9

0.4

0.2

-

0.2

- past service costs

(0.9)

-

-

-

-

- net interest

0.7

-

0.1

(0.1)

-

Total

1.8

0.4

0.3

(0.1)

0.2

Amounts included in the statement of other comprehensive income:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- gain/(losses) resulting from changes in actuarial assumptions

(1.4)

0.4

0.4

0.1

0.5

- exchange rate differences

\u00a0

(0.2)

0.2

(0.1)

0.1

Total

(1.4)

0.2

0.6

(0.1)

0.6

Other changes:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- benefits paid

(0.4)

(0.3)

(0.5)

0.5

-

- contribution to the plan by other members

\u00a0

-

0.2

(0.6)

(0.3)

- contributions to the plan by employees

(0.4)

-

0.2

(0.2)

-

- benefits transferred

(1.4)

-

\u00a0

-

-

Total

(2.2)

(0.3)

(0.1)

(0.3)

(0.4)

Liabilities (assets) at 31 December 2023(1)

21.8

3.9

5.7

(4.9)

0.8

(1) Of which \u20ac22.6 million included under Defined benefit plans (note 8 iv); of which \u20ac3.9 million included under Other non-current liabilities (note 6 v-\u2018Non-current financial debt\u2019 of this Campari Group consolidated financial statements).

Current value of obligations

unfunded obligations

funded obligations

\u20ac million

pension plans

other liabilities

gross value of pension plans

fair value of assets

net values

Liabilities (assets) at 31 December 2021

28.9

3.3

5.4

(4.2)

1.2

Amounts included in profit or loss:

\u00a0

\u00a0

\u00a0

\u00a0

-

- current service costs

0.4

0.2

0.2

-

0.2

- past service costs

0.6

-

-

-

-

- net interest

0.3

-

-

-

-

Total

1.3

0.3

0.3

-

0.2

Amounts included in the statement of other comprehensive income:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- gain/(losses) resulting from changes in actuarial assumptions

(4.3)

(0.2)

(0.6)

(0.1)

(0.7)

- exchange rate differences

-

0.1

0.1

(0.1)

-

Total

(4.3)

-

(0.5)

(0.2)

(0.7)

Other changes:

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

- benefits paid

(0.5)

-

(0.8)

0.8

-

- contribution to the plan by other members

-

-

0.3

(0.6)

(0.3)

- contributions to the plan by employees

(0.6)

-

0.1

(0.1)

-

- benefits transferred

(1.2)

-

\u00a0

-

-

Total

(2.4)

-

(0.3)

-

(0.3)

Liabilities (assets) at 31 December 2022(1)

23.6

3.5

4.8

(4.4)

0.4

(1) Of which \u20ac24.1 million included under Defined benefit plans; of which \u20ac3.5 million included under Other non-current liabilities.
The cost of work provided is classified under personnel costs, financial liabilities on obligations are classified under financial liabilities, and the effects of the recalculation of actuarial impacts are recognised in the other items of the statement of other comprehensive income. The table below provides a breakdown of the values of assets that service the pension plans.

\u00a0

at 31 December

\u00a0

2023

2022

- equity investments

-

2.2

- insurance policies

4.9

2.2

Fair value of plan assets

4.9

4.4

Obligations related to the plans indicated above are calculated on the basis of the following assumptions.

at 31 December

2023

2022

2023

2022

2023

2022

\u00a0

unfunded pension plans

funded pension plans

other plans

Discount rate

3.75% - 4.07%

3.10% - 3.74%

1.83%-1.90%

2.25%-4.00%

13.00%

11.50%-12.00%

Future salary increases

2.00% - 4.00%

2.00% - 3.00%

1.40%-2.40%

1.00%

\u00a0

\u00a0

Future pension increases

\u00a0

\u00a0

1.20%-2.00%

2.00%-2.25%

\u00a0

\u00a0

Growth rate of healthcare costs

\u00a0

\u00a0

\u00a0

\u00a0

7.00%

0.00%-7.00%

Expected return on assets

\u00a0

\u00a0

1.90%

3.94%

\u00a0

\u00a0

Staff turnover rate

0.00% - 40.41%

0.00% - 35.29%

\u00a0

\u00a0

\u00a0

\u00a0

Forecast inflation rate

1.65% - 3.00%

1.65% - 3.00%

1.20%

1.10%

5.50%

\u00a0

The rates relating to the costs of future medical costs are not included in the assumptions used in determining the above-defined benefit obligations. Thus, any changes in these rates would not have any effect.
A quantitative sensitivity analysis of the significant assumptions used at 31 December 2023 is provided below. Specifically, it shows the effects on the final net obligation arising from a positive or negative percentage change in the key assumptions used.

\u00a0

unfunded pension plans

funded pension plans

other plans

\u00a0

change in the assumptions

impact of positive change

impact of negative change

change in the assumptions

impact of positive change

impact of negative change

change in the assumptions

impact of positive change

impact of negative change

2023

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Discount rate

+\\- 0.5%

-3.03%/-0.78%

0.80%/3.25%

+/- 0.25% +/- 0.5% +/-1.00%

-7.9%/-1.75%

1.77%/9.20%

+/- 1.0%

-6.70%/-4.80%/-3.30%

3.30%/4.80%/5.90%

Future salary increases

\u00a0

\u00a0

\u00a0

+/- 0.25% +/- 0.5% +/-1.00%

1.30%/3.43%

-1.20%/-3.25%

\u00a0

\u00a0

\u00a0

Future pension increases

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Forecast inflation rate

+\\- 0.5%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Staff turnover rate

+\\- 0.5%

-0.15%/-0.04%

0.05%/0.08%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Growth rate of healthcare costs

+\\- 0.5%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

2022

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Discount rate

+/-0.25%+/-0.5%

-3.14%/-1.06%

1.09%/3.35%

+/- 0.5%

-7.40%

8.50%

+/- 1.0%

-6.95%

8.21%

Future salary increases

\u00a0

\u00a0

\u00a0

+/- 0.5%

1.10%

-1.00%

\u00a0

\u00a0

\u00a0

Future pension increases

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Forecast inflation rate

+\\- 0.5%

0.43%/1.83%

-1.72%/-0.43%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Staff turnover rate

+\\- 0.5%

-2.28%/-0.33%

0.34%/2.89%

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

Growth rate of healthcare costs

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

\u00a0

+/- 1.0%

8.21%

-6.92%

The sensitivity analysis shown above is based on a method involving extrapolation of the impact on the net obligation for defined benefit plans of reasonable changes to the key assumptions made at the end of the financial year. The methodology and the assumptions made in preparing the sensitivity analysis remain unchanged from the previous year.
Given that pension liabilities have been adjusted based on the consumer prices index, the pension plan is exposed to the various countries\u2019 inflation rates, to interest rate risks, and to changes in the future salary and pension increases. Given that the assets servicing the plans mainly relate to investments in bonds, the Group is also exposed to market risk in the related sectors. Overall, considering the contained exposure to funded pension plans leveraging on plan assets, the financial volatility of markets is not generating material disruption or criticality.
The following payments are the expected contributions made in future years to provide for the obligations of the defined benefit plans.

\u20ac million

at 31 December 2023

unfunded pension plans

funded pension plans

other plans

Within 12 months

14.9

14.3

0.4

0.2

From 1 to 5 years

5.3

2.8

1.8

0.7

From 5 to 10 years

8.4

4.0

3.1

1.3

Total

28.6

21.1

5.4

2.2

Average plan duration (years)

12

9

12

14

\u20ac million

at 31 December 2022

unfunded pension plans

funded pension plans

other plans

Within 12 months

16.6

16.0

0.4

0.2

From 1 to 5 years

4.6

2.2

1.8

0.6

From 5 to 10 years

9.8

5.0

3.7

1.1

Total

30.9

23.2

5.8

1.9

Average plan duration (years)

7

9

9

5

", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact89": { "value": " Provisions for risks, charges and contingent assets and liabilities
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Contingent liability
The information reported below concerns contingent liabilities arising from outstanding disputes, for which the provision recognition criteria have not been met on the date of this report.
Various disputes are outstanding with the Brazilian tax authorities; however, the Group believes it is unlikely to lose the cases, based on the information available at the date of this report.
On the date of this report, a dispute amounting to BRL6.6 million (\u20ac1.2 million at the exchange rate on 31 December 2023) including the related penalties (excluding interests) corresponding to production tax (IPI) remains ongoing. The tax authorities contested the correct classification of products sold by Campari do Brasil Ltda.. Based on the assessments conducted by external legal consultants, the Group believes that the outcome of the dispute will be in favour of the Company. It is therefore deemed unnecessary at present to create a specific provision.
Another outstanding dispute relates to a tax inspection report concerning the payment of ICMS (tax on the consumption of goods and services) with respect to sales made by Campari do Brasil Ltda. to four customers in 2000, 2005, 2007 and 2008. The amount specified, including penalties, totalled BRL71.6 million (\u20ac13.4 million at the exchange rate on 31 December 2023) plus interest. Based on the assessments conducted by external legal consultants, which have appealed the findings of the local tax authorities, the Group believes that the outcome of the dispute will be in favour of the Company. It is therefore deemed unnecessary at present to create a specific provision.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact90": { "value": " Provisions for risks, charges and contingent assets and liabilities
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
Contingent liability
The information reported below concerns contingent liabilities arising from outstanding disputes, for which the provision recognition criteria have not been met on the date of this report.
Various disputes are outstanding with the Brazilian tax authorities; however, the Group believes it is unlikely to lose the cases, based on the information available at the date of this report.
On the date of this report, a dispute amounting to BRL6.6 million (\u20ac1.2 million at the exchange rate on 31 December 2023) including the related penalties (excluding interests) corresponding to production tax (IPI) remains ongoing. The tax authorities contested the correct classification of products sold by Campari do Brasil Ltda.. Based on the assessments conducted by external legal consultants, the Group believes that the outcome of the dispute will be in favour of the Company. It is therefore deemed unnecessary at present to create a specific provision.
Another outstanding dispute relates to a tax inspection report concerning the payment of ICMS (tax on the consumption of goods and services) with respect to sales made by Campari do Brasil Ltda. to four customers in 2000, 2005, 2007 and 2008. The amount specified, including penalties, totalled BRL71.6 million (\u20ac13.4 million at the exchange rate on 31 December 2023) plus interest. Based on the assessments conducted by external legal consultants, which have appealed the findings of the local tax authorities, the Group believes that the outcome of the dispute will be in favour of the Company. It is therefore deemed unnecessary at present to create a specific provision.
Commitments and risks
Accounting policy
Guarantees are disclosed at fair value determined based on the present value of the difference in cash flows between the contractual payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations.
For the accounting policy on financial guarantees please refer to note 6-\u2018Net financial debt\u2019.
Disclosure
The main commitments and risks of the Campari Group on the reporting date are divided into the following categories:
\u00adContractual commitments to purchase goods or services totalled \u20ac551.4 million (\u20ac390.9 million at 31
December 2022). These mainly included commitments for the purchase of packaging and pallets, amounting to \u20ac260.0 million (\u20ac87.3 million at 31 December 2022); the purchase of raw materials, semi-finished goods totalling \u20ac156.6 million (\u20ac166.1 million at 31 December 2022); initiatives to enhance and outsource selected Group information technology services totalling \u20ac41.6 million (\u20ac45.1 million in 2022); the purchase of advertising and promotional services and sponsorships totalled \u20ac20.4 million (\u20ac24.0 million at 31 December 2022) as well as for general and maintenance services for \u20ac53.9 million (\u20ac50.1 million at 31 December 2022).
\u00adExisting contractual commitments for purchasing of property, plant and equipment, and intangible assets
totalling \u20ac159.1 million (\u20ac26.1 million at 31 December 2022). The increase compared to 2022 mainly relates to tangible assets.
Financial guarantees.
The Group has provided financial guarantees in the context of the 50%-50% joint-venture in Dioniso Group with Mo\u00ebt Hennessy to create a premium pan-European Wines and Spirits e-commerce player and which holds the leading e-commerce platforms for wines and premium spirits in Italy (Tannico e Wineplatform S.p.A.) and in France (Ventealapropriete.com). The Group is providing 50% of financial support to Dioniso Group for the completion of business expansion transactions in case existing cash flows are not sufficient and the bank indebtedness or other third-party financing cannot be obtained at satisfactory conditions. At 31 December 2023, the estimated potential cash out for the Group in relation to Dioniso Group existing commitments in the form of put and/or call option connected with business combination and a committed liability for a personnel compensation scheme totalled \u20ac9.0 million (\u20ac11.7 million at 31 December 2022).
The Group has provided financial guarantees in the context of the interests in the third party investments in Monkey Spirits, LLC and Thirsty Camel Ltd for an amount of US$10 million; the financial guarantee has been
granted to support the development of the brand and the business and is accompanied by the pledge on the shares belonging to other partners who have not participated in the same financial support. .
\u00adOther guarantees. The Group has provided other forms of security in favour of third parties, totalling \u20ac627.4
million at 31 December 2023 (\u20ac663.5 million at 31 December 2022). These mainly include securities to Group companies for credit lines totalling \u20ac566.3 million (\u20ac593.9 million at 31 December 2022) and customs guarantees for excise duties totalling \u20ac58.5 million (\u20ac63.3 million at 31 December 2022).
\u00adContractual commitments for using of third-party assets not recognised using lease accounting. The table
below breaks down the amounts owed by the Group in future periods by maturity, relating to the main contractual commitments for the use of third-party assets. At 31 December 2023 they mainly related to warehouses for storing goods and maturing stock as well as information technology, vehicles and buildings. The increase compared to 2022 mainly refers to the subscription of new contracts to secure additional warehouse space for maturing inventories in line with the Group strategy, as well as new contracts for land and buildings.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Within 1 year

21.2

13.7

1-5 years

12.7

13.2

After 5 years

21.6

13.8

Total

55.5

40.6

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact91": { "value": " Provisions for risks, charges and contingent assets and liabilities
The Group may be involved in legal proceedings in respect of which it is not possible to make a reliable estimate of any expected settlement. Such cases are reported as contingent liabilities with a specific disclosure made available for information purposes.
The Group discloses purely contingent assets and provides information when there are material amounts that are highly likely to be realised. The Group records the relevant asset only when the original uncertainty relating to it no longer applies and it is virtually certain that the asset will be realised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f132260": { "value": " Commitments and risks
Accounting policy
Guarantees are disclosed at fair value determined based on the present value of the difference in cash flows between the contractual payments required under the debt instrument and the payments that would be required without the guarantee, or the estimated amount that would be payable to a third party for assuming the obligations.
For the accounting policy on financial guarantees please refer to note 6-\u2018Net financial debt\u2019.
Disclosure
The main commitments and risks of the Campari Group on the reporting date are divided into the following categories:
\u00adContractual commitments to purchase goods or services totalled \u20ac551.4 million (\u20ac390.9 million at 31
December 2022). These mainly included commitments for the purchase of packaging and pallets, amounting to \u20ac260.0 million (\u20ac87.3 million at 31 December 2022); the purchase of raw materials, semi-finished goods totalling \u20ac156.6 million (\u20ac166.1 million at 31 December 2022); initiatives to enhance and outsource selected Group information technology services totalling \u20ac41.6 million (\u20ac45.1 million in 2022); the purchase of advertising and promotional services and sponsorships totalled \u20ac20.4 million (\u20ac24.0 million at 31 December 2022) as well as for general and maintenance services for \u20ac53.9 million (\u20ac50.1 million at 31 December 2022).
\u00adExisting contractual commitments for purchasing of property, plant and equipment, and intangible assets
totalling \u20ac159.1 million (\u20ac26.1 million at 31 December 2022). The increase compared to 2022 mainly relates to tangible assets.
Financial guarantees.
The Group has provided financial guarantees in the context of the 50%-50% joint-venture in Dioniso Group with Mo\u00ebt Hennessy to create a premium pan-European Wines and Spirits e-commerce player and which holds the leading e-commerce platforms for wines and premium spirits in Italy (Tannico e Wineplatform S.p.A.) and in France (Ventealapropriete.com). The Group is providing 50% of financial support to Dioniso Group for the completion of business expansion transactions in case existing cash flows are not sufficient and the bank indebtedness or other third-party financing cannot be obtained at satisfactory conditions. At 31 December 2023, the estimated potential cash out for the Group in relation to Dioniso Group existing commitments in the form of put and/or call option connected with business combination and a committed liability for a personnel compensation scheme totalled \u20ac9.0 million (\u20ac11.7 million at 31 December 2022).
The Group has provided financial guarantees in the context of the interests in the third party investments in Monkey Spirits, LLC and Thirsty Camel Ltd for an amount of US$10 million; the financial guarantee has been
granted to support the development of the brand and the business and is accompanied by the pledge on the shares belonging to other partners who have not participated in the same financial support. .
\u00adOther guarantees. The Group has provided other forms of security in favour of third parties, totalling \u20ac627.4
million at 31 December 2023 (\u20ac663.5 million at 31 December 2022). These mainly include securities to Group companies for credit lines totalling \u20ac566.3 million (\u20ac593.9 million at 31 December 2022) and customs guarantees for excise duties totalling \u20ac58.5 million (\u20ac63.3 million at 31 December 2022).
\u00adContractual commitments for using of third-party assets not recognised using lease accounting. The table
below breaks down the amounts owed by the Group in future periods by maturity, relating to the main contractual commitments for the use of third-party assets. At 31 December 2023 they mainly related to warehouses for storing goods and maturing stock as well as information technology, vehicles and buildings. The increase compared to 2022 mainly refers to the subscription of new contracts to secure additional warehouse space for maturing inventories in line with the Group strategy, as well as new contracts for land and buildings.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Within 1 year

21.2

13.7

1-5 years

12.7

13.2

After 5 years

21.6

13.8

Total

55.5

40.6

", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f132454": { "value": " Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-\u2018Financial instruments\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f132455": { "value": " Fair value information on assets and liabilities
Accounting policy
Fair value on financial assets and liabilities
For fair value information on financial assets and liabilities, please refer to note 6 i.-\u2018Financial instruments\u2019.
Fair value on biological assets
The Group\u2019s biological assets include grapes for champagne production, sugar cane plantations for rum production and agave for tequila/mezcal production, which are used as raw materials for the production of those spirits.
Grape vines remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. Immature vines are stated at accumulated cost. Capitalisation of costs ceases when the vines reach maturity. Depreciation commences when the grape vines are considered mature, which is when they produce their first commercially viable crop. Grapes growing on the plant are immediately classified as biological inventory since agricultural output covers a one-year period and the harvest is expected to occur in the second half of the year. Taking into account the biological and vegetative cycle, all the costs incurred in anticipation of the future harvest (service, products and other ancillary costs) are considered as inventory in current biological assets at the reporting date at a value that is in line with the fair value of the growing grapes based on available information on commodities markets.
Sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses up to the harvest, which occurs from February to June. At the harvest time, the agricultural output that covers a one-year period is classified as an inventory item at a value estimated based on the costs of infrastructure, land preparation and sugar cane cultivation, with reference to an active market for comparable plantation and similar output in terms of age and qualitative characteristics, if available.
Agave plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses. The vegetative cycle for the ripening of the agave fruit is approximately six years. During this period the agave plants have not yet matured to be used for distillation purposes but can theoretically be sold as medium-aged plants. Agave cannot be distinguished from planting and can only be harvested once. The value of the growing product is represented as biological inventory and the reported fair value is estimated on the basis of the costs of infrastructure, soil preparation and agave cultivation, in the absence of an active reference market for comparable plantations and similar productions in terms of age and qualitative characteristics.
The following biological assets are not measured at fair value and consequently are not represented in this disclosure section:
-grapevines and agave plantations which remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses,
-sugar cane plantations remain classified as fixed biological assets valued at cost, net of accumulated depreciation and accumulated impairment losses, up to the annual harvest.
Fair value measurement of current biological assets in inventory (agricultural produce: agave, grapes and sugar) is determined based on the sale price net of estimated sales costs, if available, or having as the main reference the total production costs in case the agricultural product is so peculiar that there is the absence of any active reference market for comparable plantation and similar output in terms of age and qualitative characteristics.
Disclosure
A summary of the financial and non-financial assets and liabilities measured at fair value is shown below. As complementary information, the fair value of the financial items measured at amortised costs based on the applicable business model is also included.

\u00a0

at 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

A) Items reported at fair value

194.9

149.9

of which assets

36.9

86.4

Other current financial asset

-

16.2

Current assets for hedging derivatives

1.6

1.7

Current assets for hedge derivatives, not in hedge accounting

1.0

-

Non-current assets for hedging derivatives

2.9

41.5

Other non-current financial assets

-

1.0

Other non-current assets (non-financial item)

16.3

18.8

Biological asset inventory (non-financial item)

15.1

7.1

of which liability

232.2

236.3

Current liabilities for hedging derivatives

0.1

-

Current liabilities for hedge derivatives, not in hedge accounting

0.2

-

Liabilities for put option and earn-out payments

231.8

236.3

B) Financial liabilities reported at amortised cost method

but for which fair value information is provided

2,192.9

1,698.4

of which liability

2,192.9

1,698.4

Loans due to banks

1,072.3

929.4

Bonds issued in 2017

149.0

147.1

Bonds issued in 2019

148.5

146.5

Bonds issued in 2020

504.4

475.4

Bonds issued in 2023

318.7

-

There were no changes in the Group\u2019s valuation processes, techniques and types of inputs used in the fair value measurements during the period regarding the fair value of a) financial and b) non-financial instruments. The valuation date for all items is 31 December 2023.
a) Financial instruments
Fair value of financial instruments:
\u00adfor financial assets and liabilities that are liquid or nearing maturity, it is assumed that the carrying amount equates to fair value; this assumption also applies to term deposits, securities that can be readily converted to cash, and variable-rate financial instruments;
\u00adfor the measurement of hedging instruments at fair value, the Group used valuation models based on market parameters;
\u00adthe fair value of non-current financial payables was obtained by discounting all future cash flows to present value under the conditions in effect at the end of the year.
Derivatives, valued using techniques based on market data, are mainly interest rate swaps and forward sales/purchases of foreign currencies to hedge both the fair value of the underlying instruments and cash flows.
The most commonly applied measurement methods include forward pricing and swap models, which use present value calculations. The models incorporate various inputs, including the non-performance risk rating of the counterparty, market volatility, spot and forward exchange rates and current and forward interest rates.
An analysis of financial instruments measured at fair value based on three different valuation levels is provided in the table below.
\u00adlevel 1: valuation for the financial assets in question was calculated using a methodology based on the NAV, which was obtained from specialised external sources;
\u00adlevel 2: valuation used for financial instruments measured at fair value was based on parameters such as exchange rates and interest rates, which are quoted on active markets or are observable on official yield curves;
\u00adlevel 3: valuation used for financial liabilities deriving from or connected to business combinations, where a portion of the consideration was determined as a condition subordinated to the company\u2019s performance acquired, based on contractually agreed indicators.

at 31 December 2023

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets reported at fair value

\u00a0

\u00a0

\u00a0

Current assets for hedging derivatives

-

1.6

-

Current assets for hedge derivatives, not in hedge accounting

-

1.0

-

Non-current assets for hedging derivatives

-

2.9

-

Other non-current assets

-

-

16.3

Biological asset inventory

-

-

15.1

Liabilities reported at fair value

\u00a0

\u00a0

\u00a0

Current liabilities for hedging derivatives

-

0.1

-

Current liabilities for hedge derivatives, not in hedge accounting

-

0.2

-

Liabilities for put option and earn-out payments

-

-

231.8

Financial liabilities at fair value

\u00a0

\u00a0

\u00a0

Loans due to banks

-

1,072.3

-

Bonds issued in 2017

-

149.0

-

Bonds issued in 2019

-

148.5

-

Bonds issued in 2020

-

504.4

-

Bonds issued in 2023

-

318.7

-

at 31 December 2022

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets reported at fair value

-

-

-

Other current financial asset

16.2

-

-

Current assets for hedging derivatives

-

1.7

-

Non-current assets for hedging derivatives

-

41.5

-

Other non-current financial assets

1.0

-

-

Other non-current assets

-

-

18.8

Biological asset inventory

-

-

7.1

Liabilities reported at fair value

\u00a0

\u00a0

\u00a0

Liabilities for put option and earn-out payments

-

-

236.3

Financial liabilities at fair value

\u00a0

\u00a0

\u00a0

Loans due to banks

-

929.4

-

Bonds issued in 2017

-

147.1

-

Bonds issued in 2019

-

146.5

-

Bonds issued in 2020

-

475.4

-

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31 December 2023 for financial instruments measured at fair value in the statement of financial position, and the significant unobservable inputs used.

type

valuation technique

Significant unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

Forward and option exchange contracts

\u00a0

The fair value is determined using quoted forward exchange rates at the reporting date based on high credit quality yield curves in the respective currencies. The models incorporate various inputs, including the counterparty's credit rating, market volatility, spot and forward exchange rates and current and forward interest rates.

Not applicable.

Not applicable.

Interest rate

swaps

The fair value of interest rate swaps agreements is calculated as the present value of the estimated future cash flows. Estimates of future floating-rate cash flows are based on quoted swap rates, futures prices and interbank borrowing rates. Estimated cash flows are discounted using a yield curve constructed from similar sources reflecting the applicable benchmark interbank rate used by market participants when pricing interest rate swaps. The fair value estimate is subject to a credit risk adjustment that reflects the credit risk of the Group and the counterparty; this is calculated based on credit spreads derived from current credit default swap or bond prices.

Not applicable.

Not applicable.

Contingent consideration and put or put/call agreements connected with business combination

The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

\u00a0

Wilderness Trail Distillery option

\u2013 expected contractually target business performances measured over a period of 9 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.9%.

Ancho Reyes and Montelobos option

\u2013 expected contractually target business performances measured over a period of 5 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.5%.

Trans Beverage Company Ltd.

\u2013 expected contractually target business performances measured over a period of 6 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.5%.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower); or

\u2013 the risk-adjusted discount rate was lower (higher) with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.

type

valuation technique

Significant unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

Variable payments in form of earn-out agreements

The valuation model considers the present value of expected payments.

\u00a0

CT Spirits Japan variable earn-out

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date

\u2013 risk-adjusted discount rate 3.5%.

Lallier group earn-out.

\u2013 company performance contractually envisaged with targets based on sales performances measured over a certain period until 2023 included.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower)

with related impact in financial liabilities affecting the expected cash out value and the statement of profit or loss.

Derivatives resulting from put/call agreement connected with equity investments and joint-ventures

The valuation model considers the present value of expected payments, discounted using a risk-adjusted discount rate.

\u00a0

Monkey Spirits, LLC

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date;

\u2013 risk-adjusted discount rate: 3.2%.

Spiritus Co Ltd.

\u2013 expected contractually target business performances measured over a period of 3 years from the acquisition date;

\u2013 risk-adjusted discount rate 3.5%.

The estimated fair value would increase (decrease) if:

\u2013 the expected contractually target business performances, was higher (lower); or

\u2013 the risk-adjusted discount rate was lower (higher)

with related impact in financial liabilities affecting the expected cash out value and Campari Group net equity.

Derivative resulting from granting put option for the purchase of a business

The valuation model considers the enterprise value of the business target to be acquired.

Beam Holding France S.A.S.

The purchase price for the transaction is US$1.32 billion (composed by a fix component of US$1.2 billion and an additional potential earn-out of maximum US$0.11 billion).

If the fair value of the target business were higher (lower) than the acquisition price, the estimated fair value would increase (decrease).

Since the Group granted the put option to the seller close to year end (14 December 2023) and within an arm-length negotiation under prevailing market conditions not limited only to the target\u2019s business performance, the fair value variation assessment as of 31 December 2023 can be deemed negligible even when considering potential fluctuations in the target's performance during the remaining days of 2023.

There were no transfers between fair value measurement levels during the period.
The following table shows a reconciliation from the opening balance to the closing balance of the periods for level 3 fair values.

\u20ac million

other non-current assets

liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures

level 3 fair values at 31 December 2022

18.8

236.3

- change in fair value included in profit or loss

(1.7)

(1.4)

- change in fair value included in Group net equity

-

8.5

- disposal

-

(3.4)

- additions

0.1

0.5

- exchange rate effect and other movements

(0.9)

(8.8)

level 3 fair values at 31 December 2023

16.3

231.8

\u20ac million

other non-current assets

liabilities for contingent considerations, put option and earn-out and derivatives over equity investments and joint-ventures

level 3 fair values at 31 December 2021

0.8

50.4

- change in fair value included in profit or loss

(0.2)

-

- change in fair value included in Group net equity

-

(6.6)

- additions

19.1

191.8

- exchange rate effect and other movements

(1.0)

0.6

level 3 fair values at 31 December 2022

18.8

236.3

For the level 3 fair value items, reasonably possible changes at the reporting date to one of the significant unobservable inputs, holding other inputs constant, would have been the following effects. The baseline is the contingent consideration recorded as put option liability in the consolidated financial statements at 31 December.

at 31 December 2023

profit or loss

group net equity

\u20ac million

(+) increase/(-) decrease

(+) increase/(-) decrease

liabilities for contingent considerations, put option and earn-out

\u00a0

\u00a0

risk adjusted discount rate +/-1% (+/-100 basis points)

0.1/-0.1

10.5/-11.3

expected contractually target business performances +/-10% (+/-1000 basis points)

-0.1/0.1

-17.8/+17.8

at 31 December 2022

profit or loss

group net equity

\u20ac million

(+) increase/(-) decrease

(+) increase/(-) decrease

liabilities for contingent considerations, put option and earn-out

\u00a0

\u00a0

risk adjusted discount rate +/-1% (+/-100 basis points)

-

0.9/-0.9

expected contractually target business performances +/-10% (+/-1000 basis points)

-

-20.0/+40.0

In light of the negligible amount of other non-current assets classified as level 3 fair value items (namely related to equity interests in third party investments) and derivatives over equity investments and joint-ventures, no sensitivity was detected as any reasonably possible changes at the balance sheet date of one of the significant unobservable inputs, keeping the other variables constant, would not have generated material effects either on the statement of profit or loss or on the group net equity.
Financial derivatives
A summary of financial derivatives implemented by the Group at 31 December 2023, broken down by hedging strategy, is shown below.
\u2022Derivatives used for fair value hedging
At 31 December 2023, certain Group subsidiaries have contracts for hedging payables and receivables in foreign currency in place that meet the requirements to be defined as fair value hedging instruments. These contracts were negotiated to match maturities with incoming and outgoing cash flows resulting from sales and purchases in individual currencies. At the reporting date the valuation of these contracts gave rise to the reporting of assets of \u20ac1.1 million and liabilities of \u20ac0.1 million (\u20ac1.3 million of assets and negligible amount of liabilities in 2022).
Gains and losses on the hedged and hedging instruments used in all the Group\u2019s fair value hedges, corresponding to the contracts mentioned above, are summarised below.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Gains on hedging instruments

0.9

0.1

Losses on hedging instruments

(0.1)

-

Total gains (losses) on hedging instruments

0.8

0.1

Gains on hedged items

0.2

-

Losses on hedged items

(2.0)

(1.4)

Total gains (losses) on hedging items

(1.8)

(1.4)

\u2022Derivatives used for cash flow hedging
The Group uses the following contracts to hedge its cash flows:
\u00adinterest rate swaps hedging the risk of interest rate fluctuations on future transactions relating to the stipulation of financial loans;
\u00adhedging of future sales and purchases in currencies other than the \u20ac and interest rates on future transactions.
The fair value variation of the hedging instruments during the year generated a negative impact in other comprehensive income of \u20ac19.7 million and \u20ac3.9 million in profit or loss related to the reversal of cash flow reserve associated with the pre-hedge derivative (compared with positive impact of \u20ac41.8 million and \u20ac4.5 million respectively in 2022).
At the reporting date, the valuation of these contracts gave rise to the reporting of assets of \u20ac2.9 million (\u20ac41.9 million of assets in 2022).
The table below shows when the aforementioned hedged cash flows are expected to be received (paid), at 31 December 2023. These cash flows concern both interest and currency derivatives and have not been discounted.
Since the company does not distinguish the outflow for positive and negative fair values of derivative contracts, the below cash outflows are presented net.

for the year ended 31 December 2023

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

0.5

11.7

12.2

Net cash flows

0.5

11.7

12.2

for the year ended 31 December 2022

within one year

1-5 years

total

\u00a0

\u20ac million

\u20ac million

\u20ac million

Cash inflows

15.2

30.6

45.8

Net cash flows

15.2

30.6

45.8

The overall changes in the cash flow hedge reserve and the associated deferred taxes are shown below.

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2022

35.9

(8.6)

27.3

profit or loss impact

(6.1)

1.5

(4.7)

net equity impact

(17.5)

4.2

(13.3)

at 31 December 2023

12.3

(2.9)

9.3

\u00a0

gross amount

tax effect

net amount

\u00a0

\u20ac million

\u20ac million

\u20ac million

at 31 December 2021

(10.4)

2.4

(7.9)

profit or loss impact

4.5

(1.1)

3.4

net equity impact

41.8

(10.0)

31.8

at 31 December 2022

35.9

(8.6)

27.3

\u2022Hedging derivatives not reported using hedge accounting
These instruments are mainly related to hedges of future purchases in currencies other than the \u20ac. At 31 December 2023, financial assets for \u20ac1.0 and financial liabilities of \u20ac0.2 million were recognised (at 31 December 2022 negligible amounts were reported for both financial assets and liabilities).
IBOR reform
With respect to the amendments to IFRS pertaining to phase 2 of the \u2018Interest Rate Benchmark Reform\u2019, the Group's impact was deemed negligible as of 31 December 2023, primarily associated with the transition away from Libor in US dollars. The newly introduced rates have since been seamlessly integrated into routine treasury management practices.
b) Non-financial instruments
Fair value of non-financial instruments:
The table below details the hierarchy of non-financial instruments measured at fair value, based on the valuation methods used:
\u00adlevel 1: the valuation methods use prices quoted on an active market for the assets and liabilities subject to valuation;
\u00adlevel 2: the valuation methods take into account inputs other than the quoted market prices in level 1, but only those that are observable on the market, either directly or indirectly;
\u00adlevel 3: the methods used take into account inputs that are not based on observable market data.

31 December 2023

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets valued at fair value

\u00a0

\u00a0

\u00a0

Third-party investment

\u00a0

-

16.3

Biological assets in inventory

\u00a0

-

15.1

31 December 2022

level 1

level 2

level 3

\u00a0

\u20ac million

\u20ac million

\u20ac million

Assets valued at fair value

\u00a0

\u00a0

\u00a0

Third-party investment

-

-

18.8

Biological assets in inventory

-

-

7.1

The following tables show the valuation techniques used in measuring level 2 and level 3 fair values at 31 December 2023 for non-financial instruments measured at fair value in the statement of financial position, and the significant unobservable inputs used.

type

valuation technique

significant

unobservable inputs

inter-relationship between significant unobservable inputs and fair value measurement

biological assets (inventory)

The fair value of agricultural products grown on the plant is determined by considering the market value of similar commodities and the biological/vegetative cycle which is based on all costs incurred in anticipation of the future harvest (service, products and other ancillary costs).

- actual cost of cultivation and preparation of the land and the plant per hectare

- estimated yields per hectare

- estimated market price for similar commodities.

The estimated fair value would increase (decrease) if:

\u2013 the estimated cost of cultivation and preparation of the land and plantation was higher (lower); or

- the estimated yield per hectare was higher (lower).

third-party investments

The valuation model considers investments in companies that are strategic investments for the Group for which the election has been to recognise changes in the related fair values through profit or loss. The fair value is defined based on the performance result of the companies based on the last Financial Statements available.

- business performance.

The estimated fair value would increase (decrease) if the business performances, was higher (lower).

All the biological products (agave, sugar cane and grapes) are classified as current inventory in consideration of their annual vegetative growing process, apart from agave which is classified as inventory even during the 6-year growing period in consideration of the vegetative characteristics of the product. The amount disclosed in the consolidated accounts at 31 December 2022 for sugar cane and grapes, was used in the production process during the year 2023 and the value reported in the Group statement of the financial position at 31 December 2023 represented the new value of agricultural products that are growing on the plants.
The following table shows a reconciliation from the opening and the closing balance for level 3 fair values as of 31 December 2023 and 2022 respectively.
In 2023, the change in fair value indicated referred to the harvests of agave and sugar cane carried out during the year.

\u20ac million

biological assets in inventory\u02bf\u00b9\u02be

at 31 December 2022

7.1

harvest and reclassification to raw materials

(1.2)

accretion

7.2

change in fair value included in profit or loss (cost of goods sold)

1.0

exchange rate differences

0.9

at 31 December 2023

15.1

(1) Please refer to note 5 iii-\u2018Inventories and biological assets.

\u20ac million

biological assets in inventory

at 31 December 2021

3.7

harvest and reclassification to raw materials

(0.1)

accretion

0.8

change in fair value included in profit or loss (cost of goods sold)

2.2

exchange rate differences

0.4

at 31 December 2022

7.1

In light of the negligible amount of biological assets in inventory classified as level 3 fair value items, no material sensitivity effect was detected as any reasonably possible changes at the balance sheet date of one of the significant unobservable inputs, keeping the other variables constant, would not have generated material effects either on the statement of profit or loss or on the inventory item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f137191": { "value": " Remuneration to the Parent Company\u2019s Board of Directors
Disclosure
The remuneration to the Parent Company\u2019s Board of Directors included in selling, general and administrative expenses was as follows.

\u00a0

for the years ended 31 December

\u00a0

2023

2022

\u00a0

\u20ac million

\u20ac million

Short-term fix and variable remuneration

7.9

7.0

Stock options(1)

3.0

3.2

Last mile long-term retention scheme(2)

10.0

10.0

Total

20.9

20.1

(1) The value shown above also includes the liability relating to the cancellation of plans granted to outgoing directors.
(2) Pursuant to the Remuneration Policy, a last mile incentive scheme with retention purpose to be potentially awarded to the current CEO has been approved by the Parent Company\u2019s corporate bodies and therefore implemented as illustrated in the Remuneration report in the \u2018Governance\u2018 section.
On the date of this report, a payable to directors of \u20ac33.8 million was recognised in the Group\u2019s accounts (at 31 December 2022 amounted to \u20ac23.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f137287": { "value": "
vii.Employees
Disclosure
The tables below indicate the average number of employees at the Group, broken down by business segment, category and region.

Business segment

2023

2022

Production

2,023

1,726

Sales and distribution

1,885

1,672

General

856

768

Total

4,764

4,166

Category

2023

2022

Managers

783

691

Office staff

2,869

2,513

Manual workers

1,112

962

Total

4,764

4,166

Region

2023

2022

Italy

1,147

990

Abroad

3,617

3,175

Total

4,764

4,166

At 31 December 2023, the average number of employees was 4,764, of which 1,147 were based in Italy and 3,617 around the world, mostly in the Americas. No Group employees are based in the Netherlands.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f137444": { "value": "
9.Subsequent events
i.Group significant events and corporate actions
Placement of new ordinary shares and senior unsecured convertible bonds
On 10 January 2024, Davide Campari-Milano N.V. successfully completed two financial transactions. Firstly, the Company placed new ordinary shares totalling approximately \u20ac650 million in gross proceeds through an accelerated bookbuilding offering at \u20ac9.33 per ordinary share. Secondly, it issued senior unsecured convertible bonds due in 2029 with an aggregate principal amount of \u20ac550 million, which are convertible into new and/or existing ordinary shares of the Company. These actions were undertaken in connection with exclusive negotiations initiated with Beam Suntory, Inc. on 14 December 2023, aimed at acquiring 100% ownership of the outstanding share capital of Courvoisier S.A.S., the owner of the Courvoisier brand. For further details, please consult the 'Significant events of the year' paragraph in the management board report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ED5AN2J56N6Z02", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }