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"value": "The yearly 2022 audit fees for the statutory accounts of the Company were set at \u20ac125,756 (plus VAT and out of pocket expenses) (\u20ac117,200 in 2021). The audit fees for the Group and statutory audit of the Company\u2019s subsidiaries and affiliates in 2022 amount to \u20ac1,509,208 (\u20ac1,397,795 in 2021).Non-audit fees (for the Company, subsidiaries and affiliates) paid or accrued in 2022 amount to \u20ac502,521 (\u20ac187,116 in 2021) and include: \u2022 Audit-related fees (assurance services for the Company, its subsidiaries and affiliates) \u20ac243,122 (\u20ac168,055 in 2021);\u2022 Tax advisory, other advisory and compliance services \u20ac259,399 (\u20ac19,061 in 2021).Going concern disclosureThe Board of Directors having taken into account:a. the Company\u2019s financial position;b. the risks facing the Company that could impact on its business model and capital adequacy; andc. the fact that no material uncertainties are identified to the Company\u2019s ability to continue as a going concern in the foreseeable future and in any event over a period of at least twelve months from the date of approval of the Financial Statementsstates that they consider it appropriate for the Company to continue to adopt the going concern basis in preparing its Financial Statements and that no material uncertainties are identified to the Company's ability to continue to adopt the going concern basis in preparing its Financial Statements in the foreseeable future and in any event over a period of at least twelve months from the date of approval of the Financial Statements for the fiscal year 2022.Viability statementThe Board of Directors have assessed the prospects of the Company having regard on its current position and the major risks facing the Company over a period of five years, which was considered as appropriate to draw conclusions. The Board of Directors have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the period of their assessment.1. Corporate information and summary of significant accounting policiesTITAN Cement International S.A.(the Company or TCI) is a soci\u00e9t\u00e9 anonyme incorporated under the laws of Belgium. The Company\u2019s corporate registration number is 0699.936.657 and its registered address isRue de la Loi 23, 7th floor, box 4, 1040 Brussels,Belgium,while it has established a place of business in the Republic of Cyprus in the address Andrea Zakou 12 & Michail Paridi str, MC Building, 2404 Egkomi, Nicosia, Cyprus.The Company\u2019s shares are traded on Euronext Brussels, with a parallel listing on Athens Stock exchange and Euronext Paris.The Company and its subsidiaries (collectively the Group) are engaged in the production, trade and distribution of a wide range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash.The Group operates primarily in Greece, the Balkans, Egypt, Turkey, the USA and Brazil.Information on the Group\u2019s structure is provided in note 16.These consolidated financial statements were authorized for issue by the Board of Directors on 30 March 2023.Summary of significant accounting policiesThe principal accounting policies adopted in the preparation of these financial statements are set out below:1.1 Basis of preparationThese consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and interpretations (IFRIC) issued by the IFRS Interpretations Committee.The preparation of financial statements, in conformity with IFRS, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in significant accounting estimates and judgments in note 2. They have also been prepared on historical cost basis, except for investment properties, certain financial assets and liabilities (including derivative instruments) and plan assets of defined benefit pension plans measured at fair value. The official language of these consolidated financial statements is French. They are presented in euros, all values are rounded to the nearest thousand (\u20ac000), except when otherwise indicated, and the financial period is the calendar year starting on 1 January 2022 and ending on 31 December 2022. In addition, they have been prepared with the same accounting policies of the prior financial year, except for the application of the IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d and the new or revised standards, amendments and/or interpretations that are mandatory for the periods beginning on or after 1 January 2022.1.1.1 Application of IAS 29 - Hyperinflation in TurkeyThe Turkish economy is considered as hyperinflationary from June 2022. As a result, IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied to the Group subsidiaries (Adocim Cimento Beton Sanayi ve Ticaret A.S. and Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S.), whose functional currency is the Turkish Lira, and they prepare financial statements based on a historical cost approach. IAS 29 requires to report the results of the Group\u2019s operations in Turkey, as if these were highly inflationary as of 1 January 2022. Specifically, IAS 29 requires: \u2022 Adjustment of historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial recognition to the end of the reporting date; \u2022 Non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of the reporting period;\u2022 Adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and \u2022 Recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted for inflation and then translated into euros. Prior year comparatives have not been restated for hyperinflation in the consolidated financial statements. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its opening balance on 01.01.2022 was recognised in equity. Any difference from the ongoing application of re-translation to closing exchange rates and hyperinflation adjustments will be recognised in other comprehensive income. In the consolidated income statement ended on 31.12.2022, the Group recognized a total gain on net monetary position of \u20ac26.3 mil. in net finance cost.On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price index published by TurkStat (TUIK). The conversion coefficient was 1,128.45 and 686.95 on 31.12.2022 and 31.12.2021 respectively.1.1.2 The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union:Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). The package of amendments includes narrow-scope amendments to three Standards as well as the Board\u2019s Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards.\u2022 Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.\u2022 Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.\u2022 Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The amendments extend, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. In particular, the amendment permits a lessee to apply the practical expedient regarding COVID-19-related rent concessions to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022 (rather than only payments originally due on or before 30 June 2021). The amendment is effective for annual reporting periods beginning on or after 1 April 2021 (earlier application permitted, including in financial statements not yet authorised for issue at the date the amendment is issued).1.1.3 The following new amendments have been issued, is not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union:Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The IAS 1 amendment requires companies to disclose their material accounting policy information rather than their significant accounting policies. Further, the amendment to IAS 1 clarifies that immaterial accounting policy information need not be disclosed. To support this amendment, the Board also amended IFRS Practice Statement 2, \u2018Making Materiality Judgements\u2019, to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023).The amendment to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019, clarifies how companies should distinguish changesin accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023).The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The main change in the amendments is an exemption from the initial recognition exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Early adoption is permitted.1.1.4 The following new standards and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2022 and have not been endorsed by the European Union:Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They:\u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should affect the classification of a liability;\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.\u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, affect the corresponding liability\u2019s classification.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognised when they occur as these relate to the right of use terminated and not the right of use retained.1.2 Consolidation1.2.1 SubsidiariesThe consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including special purpose entities) over which the Group has control.The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the income statement.Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the amount recognized for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired the gain is recognised in profit or loss (note 1.6).Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.The subsidiaries\u2019 financial statements are prepared as of the same reporting date and using the same accounting policies as the parent company. Intra-group transactions, balances and unrealised gains/losses on transactions between group companies are eliminated.1.2.2 Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the share-holders of the parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.1.2.3 Disposal of subsidiariesWhen the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.1.2.4 Joint arrangementsInvestments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of consolidation.Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interestin the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent company.1.2.5 AssociatesAssociates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses) identified on acquisition.Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or constructive obligations or made payments on behalf of the associates.If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to \u201cshare of profit/(loss) of associates and joint ventures\u201d in the income statement.Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.The financial statements of the associates are prepared as of the same reporting date with the parent company.1.3 Foreign currency translationFunctional and presentation currencyItems included in the financial statements of each entity in the Group are measured in the functional currency, which is the currency of the primary economic environment in which each Group entity operates. The consolidated financial statements are presented in Euros.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates (i.e. spot rates) prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised under finance function in the account \u201cgain/(loss) from foreign exchange differences\u201d of the income statement, except when deferred in other comprehensive income as qualifying net investment hedges. When the related investment is disposed of, the cumulative amount is reclassified to profit or loss.Exchange differences arising from intragroup long term loans and receivables that are designated as part of a reporting entity's net investment in a foreign operation shall be recognised in profit or loss in the separate financial statements of the reporting entity, or, of the individual financial statements of the foreign operation, as appropriate. In the consolidated financial statements such exchange differences shall be recognized in other comprehensive income and included in \u201ccurrency translation differences reserve on transactions designated as part of net investment in foreign operation\u201d in other reserves. Where settlement of these intragroup long term loans and receivables is planned or is likely to occur in the foreseeable future, then these transactions cease to form part of the net investment in the foreign operation.The exchange differences arising up to that date are recognized in other comprehensive income and after that date, they are recognized in profit or loss. On disposal of the net investment in a foreign operation, the accumulated in other reserves exchange differences are reclassified from equity to profit or loss.Translation differences on non-monetary financial assets and liabilities, such as equity investments held at fair value are included in the income statement. Translation differences on non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income.Group companiesThe financial statements of all Group entities (none of which operate in a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet.\u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates, excluding foreign entities in hyperinflationary economies (note 1.1.1).\u2022 All exchange differences resulting from the above are recognised in other comprehensive income and subsequently included in \u201cforeign currency translation reserve\u201d.\u2022 On the disposal of a foreign operation (partly or fully disposed), the cumulative exchange differences relating to that particular foreign operation, recognized in the \u201cforeign currency translation reserve\u201d within equity, are recognised in the income statement as part of the gain or loss on sale. On the partial disposal of a foreign subsidiary, the proportionate share of the cumulative amount is re-attributed to the non-controlling interest in that operation.On consolidation, exchange differences arising from the translation of borrowings designated as hedges of investments in foreign entities, are taken to other comprehensive income and included under \u201ccurrency translation differences on derivative hedging position\u201d in other reserves.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive income.1.4 Property, plant and equipmentProperty, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land (excluding land improvements and quarries), which is shown at cost less impairment losses.Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to the extent that they have been recognised as a provision (refer to note 1.20). Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever is the sooner.Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsLand on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned quarries is recognised as operating cost in profit or loss as incurred.The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer to note 1.8 - Impairment of non-financial assets other than Goodwill).An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in profit or loss.Interest costs on borrowings specifically used to finance the construction of PPE are capitalised during the construction period if recognition criteria are met (refer to note 1.29).1.5 Investment propertiesInvestment property is property held for long-term rental yields or for capital appreciation or both and that is not occupied by any of the subsidiaries of the Group. Owner-occupied properties are held for production and administrative purposes. This distinguishes owner-occupied property from investment property.Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs (refer to 1.29).After initial recognition investment property is carried at fair value. Fair value reflects market conditions at the reporting date and is determined internally on an annual basis by management or external valuators. The best evidence of fair value is provided by current prices in an active market for similar property in the same location and condition and subject to the same lease terms and other conditions (comparable transactions). When such identical conditions are not present, the Group takes account of, and makes allowances for, differences from the comparable properties in location, nature and condition of the property or in contractual terms of leases and other contracts relating to the property.A gain or loss arising from a change in the fair value of investment property is recognized in the period in which it arises in the income statement within \u201cother income\u201d or \u201cother expense\u201d as appropriate.Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property.Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within the gain or loss from fair value adjustment on investment property. Investment properties are derecognised when they have been disposed.If an investment property becomes owner-occupied, it is reclassified as PPE. Its fair value at the date of reclassification becomes its deemed cost for subsequent accounting purposes.If an item of owner-occupied property becomes an investment property because its use has changed, IAS 16 is applied up to the date of transfer, since investment property is measured at fair value. The property is fair valued at the date of transfer and any revaluation gain or loss, being the difference between fair value and the previous carrying amount, is accounted for as a revaluation surplus or deficit in equity in accordance with IAS 16. Revaluation surplus is recognized directly in equity through other comprehensive income, unless there was an impairment loss recognized for the same property in prior years. In this case, the surplus up to the extent of this impairment loss is recognized in profit or loss and any further increase is recognized directly in equity through other comprehensive income. Any revaluation deficit is recognized in profit or loss.1.6 Goodwill and intangible assets (other than goodwill)1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.1.6.2 Intangible assets (other than goodwill)Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.The Group\u2019s intangible assets have a finite useful life.Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.Acquired computer software programs and licenses are capitalised on the basis of costs incurred to acquire and bring to use the specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or maintaining computer software programs are recognised as an expense as incurred.The amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 yearsGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.1.7 Deferred stripping costsStripping costs comprise the removal of overburden and other waste products. Stripping costs incurred in the development of a quarry before production commences are capitalised as follows:Where such costs are incurred on quarry land that is owned by the Group, these are included within the carrying amount of the related quarry, under PPE and subsequently depreciated over the life of the quarry on a units-of-production basis. Where such costs are incurred on non-owned quarries, these are included under \u2018Development expenditure\u2019 under Intangible assets and amortised over the shorter of the contract term and the estimated life of the quarry reserve.1.8 Impairment of non-financial assets other than GoodwillAssets that have an indefinite useful life (land not related to quarries) are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised, as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. An asset\u2019s recoverable amount is the higher of an asset or cash generating units (CGU) fair value less costs of sell and its value-in-use.1.9 Leases1.9.1 LesseesLeases are recognized as a right-of-use (ROU) asset and a corresponding lease liability at the date at which the leased asset is available for use. Each lease payment is allocated between the lease liability and interest, which is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The ROU asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term. In this case, the lessee depreciates the ROU asset over the useful life of the underlying asset.The Group presents ROU assets that do not meet the definition of investment property in the account \u201cproperty, plant and equipment\u201d, in the same line item as it presents underlying assets of the same nature that it owns. ROU assets that meet the definition of investment property are presented with investment property.The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment with similar terms and condition.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease liabilities include the net present value of the following lease payments:\u2022 Fixed payments (including in-substance fixed payments)\u2022 Variable lease payments that are based on an index or a rate\u2022 Amounts expected to be payable by the lessee under residual value guarantees\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease if the lessee will exercise that optionThe ROU asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain re-measurements of the lease liability. When ROU asset meets the definition of investment property is initially measured at cost, and subsequently measured at fair value, in accordance with the Group\u2019s accounting policy.The initial measurement of the ROU asset is comprised by:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commencement date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsFor short term leases and certain leases of low value assets, the Group has elected not to recognise ROU assets and lease liabilities. It recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.For leases that contain both lease and non-lease components, the Group chose not to separate them, except for terminals in which non-lease components are separated from lease components.1.9.2 LessorsLeases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as operating leases. Operating leases of PPE are recognized according to their nature in the statement of financial position.Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.Contingent rents are recognised as revenue in the period in which they are earned.Leases in which the Group transfers substantially all the risks and benefits of ownership of an asset are classified as finance leases. The Group presents a receivable at an amount equal to the net investment in the lease. The net investment of a lease agreement is the gross investment, discounted at the interest rate implicit in the lease.1.10 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity), but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.Appropriate allowance is made for damaged, obsolete and slow moving items. Write-downs to net realisable value and inventory losses are expensed in cost of sales in the period in which the write-downs or losses occur.1.11 Trade receivablesTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non- current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional and subsequently measured at amortised cost using the effective interest method, less loss allowance.1.12 Cash and cash equivalentsIn the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they exist. Bank overdrafts are included within borrowings in current liabilities in the balance sheet. The components of cash and cash equivalents have a negligible risk of change in value.1.13 Share capitalAny excess of the fair value of the consideration received over the par value of the shares issued is recognized as \u201cshare premium\u201d in shareholders\u2019 equity. Incremental external costs directly attributable to the issue of new shares or share options are shown in equity as a deduction, net of tax, from the proceeds.Where the Company or its subsidiaries purchases the Company\u2019s own equity share capital (treasury shares), the consideration paid including any attributable incremental external costs net of income taxes is deducted from total shareholders\u2019 equity until they are cancelled or sold. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributed incremental transaction costs and the related income tax effect, is included in shareholders\u2019 equity.1.14 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are carried at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date.1.15 Current and deferred income taxesThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is recognised using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint arrangements and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realised or the related deferred income tax liability is settled.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.1.16 Employee benefits1.16.1 Pension and other retirement obligationsThe Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets.The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.Past service costs are recognized in profit or loss on the earlier of:\u2022 The date of the plan amendment or curtailment, and\u2022 The date that the Group recognizes restructuring-related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation:Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements under other operating expenses/incomeNet interest expense or income under finance expensesRe-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.1.16.2 Termination benefitsTermination benefits are payable when employment is terminated by the group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.The Group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. The obligating event is the termination and not the service. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.1.16.3 Profit sharing and bonus plansA liability for employee benefits in the form of profit sharing and bonus plans is recognised in other provisions when the following conditions are met:there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements; orpast practice has created a valid expectation by employees that they will receive a bonus/ profit sharing and the amount can be determined before the time of issuing the financial statements.1.16.4 Share-based paymentsShare-based compensation benefits are provided to members of senior management via Group share schemes that cover several subsidiaries.Equity-settled transactionsThe fair value of options granted under the Share Option Programs is recognised as an employee benefits expense in the Income Statement, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (for example, an entity\u2019s share price);\u2022 Excluding the impact if any service and non-market performance vesting conditions (for example profitability, sales growth targets and remaining an employee of the entity over a specified time period); and\u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save)The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Share options are exercised at given prices, which are normally at a discount of the share\u2019s market price at grant dates. When the options are exercised, either the Company issues new shares, or the Group settles the awards with existing treasury shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium reserve.Cash-settled transactionsThe fair value of the awards granted to employees for nil consideration under the Long-term Incentive Plans is measured initially and at each reporting date up to and including the settlement date, at the fair value of the liability with changes in fair value recognised as employee benefits expense in the Income Statement. At each reporting date, the Group revises its estimation of the number of the awards that they will vest and it recognises the impact of the revised estimates in the Income Statement.1.17 Government grantsGovernment grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.1.18 CO\u2082 Emission rightsEmission rights are accounted for under the net liability method. Allocated allowances that are granted free of charge are recognised as an intangible asset at cost, which is nil. Emission rights purchased in excess of those required to cover shortages are recognised as an intangible asset, at cost. To the extent that emissions generated to date exceed the volume of allowances held, the Group recognizes a liability. If emissions do not exceed allowances held, there is no obligation to purchase additional allowances and, therefore, no liability to provide for additional emission allowances required. The Group has chosen to measure the net liability on the basis of the period for which the irrevocable right to the cumulative emissions rights have been received. Proceeds from the sale of granted emission rights are recorded as a reduction to cost of sales.1.19 Provisions and contingenciesProvisions represent liabilities of uncertain timing or amount and are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presenting in the income statement net of any reimbursement.Provisions are not recognized for future operating losses. The Group recognises a provision for onerous contracts when the economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognised in the period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the Group are not provided for in advance.Where the effect of the time value of money is material, provisions is measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognised on the statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic benefits is probable. A contingent asset is not recognised, because it might result in the recognition of income that is never realized. When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognised. Contingent assets and liabilities are initially recognised and subsequently measured as provisions do. 1.20 Site restoration, quarry rehabilitation and environmental costsCompanies within the Group are generally required to restore the land used for quarries and processing sites at the end of their producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies. Provisions for environmental restoration are recognised when the Group has a present legal or constructive obligation as a result of past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs of these obligations is complex and requires management to use judgment.The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation liabilities provided for reflect the information available to management at the time of determination of the liability and are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available.Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows. Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless they arise from changes in accounting estimates of valuation.1.21 RevenueThroughout these consolidated financial statements, the term \"sales\" has been used for \"revenue\".Revenue is the amount of consideration expected to be received in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (value-added tax, other sales taxes etc.).Revenue is recognized when (or as) a performance obligation is satisfied by transferring the control of a promised good or service to the customer. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. Control is transferred over time or at a point in time.Revenue from the sale of goods is recognised when control of the good is transferred to the customer, usually upon delivery and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. The main products of the Groupare cement, clinker, ready-mix, fly ash and other cementitious products.Revenue arising from services is recognised in the accounting period in which the services are rendered, and it is measured using either output methods or input methods, depending on the nature of service provided.A receivable is recognized when there is an unconditional right to consideration for the performance obligations to the customer that are satisfiedA contract asset is recognized when the performance obligation to the customer is satisfied before the customers pays or before payment is due, usually when goods or services are transferred to the customer before the Group has a right to invoice.A contract liability is recognized when there is an obligation to transfer goods or services to a customer for which the Group has received consideration from the customer (prepayments) or there is an unconditional right to receive consideration before the Group transfers a good or a service (deferred income). The contract liability is derecognized when the promise is fulfilled and revenue is recorded in the profit or loss statement.1.22 Dividend distributionDividend to the Company\u2019s shareholders is recognized in the financial statements in the period in which the Board of Directors\u2019 proposed dividend is ratified at the Shareholders\u2019 Annual General Meeting.1.23 Segment informationSegment information is presented on the same basis as the internal information provided to the chief operating decision maker. The chief operating decision maker is the person (or the group of persons) that allocates resources to and assesses the operating results of the segments.For management purposes, the Group is structured in five operating segments: Greece and Western Europe, North America, South Eastern Europe, Eastern Mediterranean and Joint Ventures. Each region has a regional Chief Executive Officer (CEO) who reports to the Group's CEO. In addition, the Finance Department is organized also by region for effective financial controlling and performance monitoring.1.24 Financial assetsClassification and measurementThe Group classifies its financial assets in the following measurement categories:\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss) and, \u2022 Those to be measured at amortised cost.The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Transaction costs of financial assets carried at fair value through profit or loss are expenses. Trade receivables are initially measured at their transaction price.Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.Under IFRS 9, debt financial instruments are subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). The classification is based on two criteria: a) the business model for managing the assets and b) whether the instruments\u2019 contractual cash flows represent \u201csolely payments of principal and interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).The new classification and measurement of the Group\u2019s debt financial assets are, as follows:I. Debt instruments at amortised cost for financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI criterion. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on de-recognition is recognised directly in the income statement.II. Debt instruments at FVOCI, with gains or losses recycled to profit or loss on de-recognition. Financial assets in this category are debt instruments that meet the SPPI criterion and are held within a business model both to collect cash flows and to sell. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate method.III. Financial assets at FVPL comprise derivative instruments and equity instruments, which the Group had not irrevocably elected, at initial recognition or transition, to classify at FVOCI. This category would also include debt instruments whose cash flow characteristics fail the SPPI criterion or are not held within a business model whose objective is eitherto collect contractual cash flows, or to both collect contractual cash flows and sell. A gain or loss on financial assets that subsequently measures at FVPL is recognized in income statement.Other financial assets are classified and subsequently measured, as follows:IV. Equity instruments at FVOCI, with no recycling of gains or losses to profit or loss on de-recognition. This category only includes equity instruments, which the Group intends to hold for the foreseeable future and which the Group (or the Company) has irrevocably elected to so classify upon initial recognition or transition. Equity instruments at FVOCI are not subject to any impairment accounting. Dividends from such investments continue to be recognised in profit or loss, when the right to receive the payment is established, unless they represent a recovery of part of the cost of the investment.V. Financial assets designated as measured at FVPL at initial recognition that would otherwise be measured subsequently at amortized cost or at FVOCI. Such a designation canonly be made, if it eliminates or significantly reduces an \u201caccounting mismatch\u201d that would otherwise arise.1.25 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset recognised amounts, and there is an intention to settle on the net basis the liability or realise the asset and settle the liability simultaneously. The legally enforceable right to offset should not depend on future events but it should apply in the ordinary course of business. However, it should be allowed for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.1.26 Impairment of financial assetsThe Group records an allowance for expected credit losses (ECLs) for all financial assets not held at FVPL.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset\u2019s original effective interest rate.For contract assets, trade receivables and lease receivables, the Group have applied the standard\u2019s simplified approach and have calculated ECLs based on lifetime expected credit losses.For other financial assets, the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.1.28 De-recognition of financial assets and liabilities1.28.1 Financial assetsA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized when:\u2022 the rights to receive cash flows from the asset have expired;\u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or\u2022 the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset. A respective liability is also recognized.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.1.28.2 Financial liabilitiesA financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Where 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 a de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of income.1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.1.30 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.1.31 Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/lossesGains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.2. Significant accounting estimates and judgmentsThe preparation of the financial statements requires management to make estimations and judgments that affect the reported disclosures. They are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In addition, they form the basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will, seldom equal the related actual results by definition. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:2.1 Impairment of goodwillImpairment tests for goodwill use the recoverable amounts of cash-generating units that are determined based on value-in-use calculations. These calculations require the use of estimates, which mainly relate to future earnings and discount rates.The Group considers the assumptions used in the impairment test of goodwill for Turkish subsidiaries to have significant risk, due to high levels of inflation and economic uncertainty in Turkey (note 13).Moreover, the closely examines the recoverable amount of goodwill allocated to the subsidiaries in Bulgaria to be sensitive to the operating margin and discount rate used in the impairment test of goodwill (note 13).2.2 Impairment of joint venturesThe determination of the recoverable amount for each joint venture requires significant judgments in respect of assumptions about the future results of the business and the discount rates applied to future cash flow forecasts. As political instability in Brazil increases, the Group considers the assumptions used in the impairment test of the carrying amount of the investment for Brazilian joint ventures to have risk (note 15.2).3. Operating segment informationFor management information purposes, the Group is structured in five operating segments: Greece and Western Europe, North America, South Eastern EuropeEastern Mediterranean and Joint Ventures. Each operating segment is a set of countries. The aggregation of countries is based mainly on geographic positionEach region has a regional Chief Executive Officer (CEO) who is a member of the Group Executive Committee and reports to the Group's CEO. In addition, the Group\u2019s finance department is organized by region for effective financial control and performance monitoring.Management monitors the operating results of its business units separately for the purpose of making decisions, allocating resources and assessing performance. Segment performance is evaluated based on earnings before interest, taxes, depreciation, amortization & impairment (EBITDA). EBITDA calculation includes the operating profit plus depreciation, amortization and impairment of tangible and intangible assets and amortization of government grands.Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2022Greece and South Western North Eastern Eastern EuropeAmericaEuropeMediterranean TotalSales 402,985 1,314,294 385,894 267,237 2,370,410Inter-segment sales -76,557 - - -11,646 -88,203Sales to external customers 326,428 1,314,294 385,894 255,591 2,282,207Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 28,494 188,186 94,958 19,564 331,202Depreciation, amortization and impairment of tangible and intangible assets -23,387 -84,915 -25,347 -19,923 -153,572Operating profit before impairment losses on goodwill 5,107 103,271 69,611 -359 177,630ASSETSProperty, plant & equipment 306,493 762,952 288,532 306,497 1,664,474Intangible assets and goodwill 35,576 238,610 60,229 30,292 364,707Other non-current assets 28,445 20,811 10,011 723 59,990Current assets 236,423 339,782 130,714 105,302 812,221Total assets of segments excluding joint ventures 606,937 1,362,155 489,486 442,814 2,901,392Investment in joint ventures (note 15.2)92,907Total assets 2,994,299LIABILITIESNon-current liabilities 357,356 490,274 70,332 78,215 996,177Current liabilities 142,170 292,779 66,196 72,703 573,848Total liabilities 499,526 783,053 136,528 150,918 1,570,025Capital expenditures (note 11, 12, 14) 42,724 156,528 28,293 14,348 241,893Impairment of property, plant and equipment (note 11) - -496 -737 - -1,233Impairment of Goodwill (note 13) - - - -21,799 -21,799Allowance for doubtful debtors (note 20) 335 -3,504 -298 -507 -3,974Investment in associates (note 15) 3,459 - 4,046 - 7,505Non-qualified deferred compensation plans (note 17, 25) - 2,715 - - 2,715Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 355,354 1,001,541 357,459 336,666 2,051,020Summarized financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 15.2. Capital expenditures consist of additions of property, plant and equipment and intangible assets. Impairment charges are included in the income statement. Sales refer to the sale of goods and services. There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.Information by business activitiesn(all amounts in Euro thousands)For the year ended 31 December 2022EReady mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,358,836 912,663 10,708 2,282,207The cement activity includes cement and cementitious materials. The business activities that are common to all segments of the Group are the production and trade of cement, ready-mix concrete, aggregates and transportation services. Greece and Western Europe segment is also engaged in the production and trade of dry mortars. North America segment includes the production and trade of building blocks and the processing of fly ash. Finally, South Eastern Europe and Eastern Mediterranean segments are engaged in the processing of alternative fuels.Other activities include, among others, transportation services. None of these activities have the prerequisite magnitude to be presented separately.At Group level, \"Sales\" is derived from a set of customers none of which separately represents greater than or equal to 10%.Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2021Greece and Western South Eastern Eastern Europe North AmericaEuropeMediterranean TotalSales 333,515 983,590 290,613 172,800 1,780,518Inter-segment sales -65,885 - -10 - -65,895Sales to external customers 267,630 983,590 290,603 172,800 1,714,623Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 23,558 157,962 81,926 11,763 275,209Depreciation, amortization and impairment of tangible and intangible assets -22,173 -69,969 -25,467 -18,872 -136,481Operating profit before impairment losses on goodwill 1,385 87,993 56,460 -7,110 138,728ASSETSProperty, plant & equipment 289,177 656,036 279,592 320,577 1,545,382Intangible assets and goodwill 34,559 224,355 60,110 44,406 363,430Other non-current assets 28,375 15,220 9,728 943 54,266Current assets 197,290 237,698 117,716 81,296 634,000Total assets of segments excluding joint ventures 549,401 1,133,309 467,146 447,222 2,597,078Investment in joint ventures (note 15.2) 81,563Total assets 2,678,641LIABILITIESNon-current liabilities 237,052 458,840 77,914 127,123 900,929Current liabilities 132,875 185,244 69,171 53,536 440,826Total liabilities 369,927 644,084 147,085 180,659 1,341,755Capital expenditures (note 11, 12, 14) 24,601 79,562 15,369 6,512 126,044Allowance for doubtful debtors (note 20) -456 -777 -370 -119 -1,722Investment in associates (note 15) 3,398 - 3,792 - 7,190Non-qualified deferred compensation plans (note 17, 25) - 3,307 - - 3,307Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 330,757 880,370 347,984 364,922 1,924,033Summarised financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 15.2.Capital expenditures consist of additions of property, plant and equipment, intangible assets and investment property. Impairment charges are included in the income statement.Sales refer to the sale of goods and services. There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.Information by business activities(all amounts in Euro thousands)For the year ended 31 December 2021Ready mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,011,199 692,751 10,673 1,714,623Reconciliation of profitNet finance costs, and other income/loss are not allocated to individual segments as the underlying instruments are managed on a Group basis.(all amounts in Euro thousands)2022 2021Operating profit before impairment losses on goodwill177,630 138,728\u0399mpairment losses on goodwill-21,799 -Operating profit155,831 138,728Finance income7,567 4,255Finance expenses-41,969 -37,835Loss from foreign exchange differences-12,416 -73Gain on net monetary position in hyperinflationary economies26,307 -Share of profit of associates (note 15.1)1,226 585Share of profit of joint ventures (note 15.2)650 2,706Profit before taxes 137,196 108,3664. Other income and expensesOther operating income and expenses(all amounts in Euro thousands)2022 2021Scrap sales 936 48Income from services 1,317 1,215Rental income 2,825 2,550Gains on disposal of PPE, intangible assets and investment property (note 11, 29)188 5,747Fair value gain from investment property (note 12) 509 333Other income 2,283 835Other income total8,058 10,728Restructuring cost -1,111 -255Various recurrent taxes - fees -81 -354Other expenses -974 -222Other expenses total-2,166 -831The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments.5. Expenses by nature(all amounts in Euro thousands)2022 2021Staff costs and related expenses (note 7) -374,647 -328,879Raw materials and consumables used -635,631 -481,338Energy cost -479,790 -279,296Changes in inventory of finished goods and work in progress 18,444 20,309Distribution expenses -235,978 -194,204Third party fees -151,950 -136,410Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 11, 14, 27) -153,572 -136,481Other expenses -93,371 -47,771Total expenses by nature -2,106,495 -1,584,070Included in:Cost of sales -1,889,522 -1,403,728Administrative expenses -188,319 -153,951Selling and marketing expenses -28,654 -26,391-2,106,495 -1,584,070The above expenses include the amount of \u20ac8.8 million (2021: \u20ac8.8 million) that is relating to research and development activities, aimed at advancing innovation within the context of climate change mitigation and sustainable construction. In 2022, the global price increases in fuels, electricity and freights resulted in higher costs across the Group, especially in raw materials, energy and distribution expenses. A reclassification between the distribution expenses and other expenses has been made in 2021 for comparative purposes.6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). 7. Staff costs(all amounts in Euro thousands)2022 2021Wages, salaries and related expenses 332,758 294,606Social security costs 30,343 27,615Share-based payment expense (note 24) 3,692 2,829Fair value of share options granted to directors and employees (note 29) - 886Other post retirement and termination benefits - defined benefit plans (note 25) 9,150 3,384Total staff costs375,943 329,320The average number of Group employees for the fiscal year 2022 was 5,411 (2021: 5,352). 8. Income tax expense(all amounts in Euro thousands)2022 2021Current tax 17,172 11,717Deferred tax (note 18) 6,467 2,612Non deductible taxes and differences from tax audit 3,076 2,48226,715 16,811Tax ReconciliationThe profit before tax of the Group companies is taxed at the applicable rate corresponding to the country in which each company is domiciled. The local income tax rates vary, thus resulting in corresponding tax rate differentials. A weighted average tax rate is determined by taking tax rate differentials into account.The following table provides the reconciliation of prima facie tax payable to income tax expense: (all amounts in Euro thousands)2022 2021Profit before tax137,196 108,366Impairment of goodwill -21,799 -Profit before tax and impairment of goodwill 158,995 108,366Tax calculated at the parent company tax rate of 12.5% (2021 : 12,5%) 17,150 13,546Effect of different tax rates in the countries that the Group operates 10,386 5,695Tax calculated at weighted average tax rate of 17.3% (2021: 17,8%) 27,536 19,241Tax adjustments in respect of:Income not subject to tax -3,417 -2,226Expenses not deductible for tax purposes 3,755 4,969Effect of (recognized)/de-recognized deferred tax asset on tax carryforward losses -600 1,898Tax incentives -4,094 -3,521Effect of change in tax rate - 127Utilization of prior years unrecognized losses 513 -120Base Erosion and Anti-Abuse Tax - 527Tax on loss from disposal of treasury shares - -6,174Change in recognition of net operating loss carryforwards 867 -46Other 2,155 2,136Effective tax charge 26,715 16,811Deferred tax assets are recognized for the carryforwards of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilized.On 31 December 2022, certain Group entities had tax carry forward losses of \u20ac91.4 million (2021: \u20ac127.4 million). These entities have recognized deferred tax assets amounting to \u20ac19.7 million (2021: 22.4 million), attributable to losses amounting to \u20ac86.1 million (2021: \u20ac93.2 million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved business plans (note 18). For the remaining \u20ac5.3 million tax carry forward losses, no deferred tax asset has been recognized, since they did not meet the recognition criteria according to IAS 12. Tax carry forward losses amounting to \u20ac4.5 million expire up to 2024 , \u20ac0,1 million expire up to 2025 and \u20ac0.7 million expire up 2026. 9. Earnings per shareBasic earnings per share are calculated by dividing the net profit attributable to shareholders for the year by the weighted average number of shares in issue during the year, excluding shares purchased by the Group and held as treasury shares.(all amounts in Euro thousands unless otherwise stated)2022 2021Net profit for the year attributable to equity holders of the parent 109,655 91,923Weighted average number of ordinary shares in issue 71,735,065 74,795,239Basic earnings per ordinary share (in \u20ac)1.5286 1.2290Diluted EPS are calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Options granted to employees under the Group\u2019s plans 2014 and 2017 (note 24) are considered to be potential ordinary shares.(all amounts in Euro thousands unless otherwise stated)2022 2021Net profit for the year attributable to equity holders of the parent 109,655 91,923Weighted average number of ordinary shares for diluted earnings per share 71,735,065 74,795,239Share options and awards 52,640 294,514Total weighted average number of shares in issue for diluted earnings per share 71,787,705 75,089,753Diluted earnings per ordinary share (in \u20ac) 1.5275 1.224210. Dividends and return of capitalFor the year ended 31.12.2022Proposed dividends not recognised at the end of the reporting periodThe Board of Directors will propose to the Annual General Assembly of Shareholders, scheduled to take place on 11 May 2023, the distribution of dividend \u20ac0.60 (60 cents) per share. Return of capital paidFollowing the authorization granted to the Board of Directors by the Extraordinary Meeting of the Company's Shareholders on 13 May 2019, the Board of Directors of Titan Cement International SA decided on the 16th of March 2022 the return of capital of \u20ac0.50 (50 cents) per share to all the Shareholders of the Company on record on 28th of April 2022.For the year ended 31.12.2021Return of capital paidFollowing the authorization granted to the Board of Directors by the Extraordinary Meeting of the company\u2019s Shareholders on the 13th of May 2019, the Board of Directors of Titan Cement International SA decided on the 22nd of March 2021 the return of capital of \u20ac0.40 (40 cents) per share to all the Shareholders of the Company on record on the 29th of April 2021.11. Property, plant and equipment(all amounts in Euro thousands)Year ended 31 December 2021Office furniture, Plant & fixtures and Assets under Land Quarries Buildingsequipment Motor vehiclesequipmentconstruction TotalOpening balance 232,721 118,706 190,926 796,272 55,472 11,130 71,983 1,477,210Additions 60 6,178 101 2,399 380 769 90,077 99,964Interest capitalization - - - - - - 461 461Disposals (NBV) -824 - -138 -217 -110 -1 -178 -1,468Reclassification of assets from/to other PPE categories 283 - 2,283 58,473 18,906 3,605 -78,155 5,395Transfers from/to other accounts 1 -471 54 477 - -12 -3,724 -3,675Depreciation charge (note 29) -3,249 -10,975 -10,817 -72,946 -14,682 -3,848 - -116,517Exchange differences 13,080 8,007 -4,553 3,177 3,541 66 5,876 29,194Ending balance 242,072 121,445 177,856 787,635 63,507 11,709 86,340 1,490,564Right of use assets Opening balance 12,035 - 18,216 11,073 10,687 22 - 52,033Additions 272 - 5,184 10,884 2,606 - - 18,946Disposals (NBV) - - -43 -67 -88 - - -198Reclassification of assets from ROU's to PPE - - - -1,257 -4,138 - - -5,395Depreciation charge (note 29, 33) -1,459 - -4,869 -4,501 -3,116 -19 - -13,964Exchange differences 923 - 932 1,136 405 - - 3,396Ending balance 11,771 - 19,420 17,268 6,356 3 - 54,818At 31 December 2021Cost 323,716 239,047 457,687 2,005,400 292,025 59,930 86,877 3,464,682Accumulated depreciation -64,375 -117,602 -259,472 -1,194,052 -222,162 -48,206 - -1,905,869Accumulated losses of impairment of PPE -5,498 - -939 -6,445 - -12 -537 -13,431Net book value 253,843 121,445 197,276 804,903 69,863 11,712 86,340 1,545,382(all amounts in Euro thousands)Year ended 31 December 2022Office furniture, Plant & fixtures and Assets under Land Quarries Buildingsequipment Motor vehiclesequipmentconstruction TotalOpening balance 242,072 121,445 177,856 787,635 63,507 11,709 86,340 1,490,564Additions 2,110 6,878 274 4,209 584 1,223 189,641 204,919Hyperinflation adjustments 4,063 - 25,099 65,810 60 119 557 95,708Interest capitalization - - 143 37 - - - 180Disposals (NBV) -612 -5 - -1,026 -459 -56 -1,929 -4,087Reclassification of assets from/to other PPE categories 1,479 2,883 13,777 83,156 39,797 -2,611 -138,481 -Transfers from/to other accounts 478 527 - -713 - 321 -905 -292Depreciation charge (note 29) -3,005 -12,568 -11,170 -78,649 -19,716 -108 - -125,216Impairment of PPE (note 29) -638 -496 -99 - - - - -1,233Exchange differences -7,136 5,673 -15,362 -53,144 3,044 -89 1,270 -65,744Ending balance 238,811 124,337 190,518 807,315 86,817 10,508 136,493 1,594,799Right of use assets Opening balance 11,771 - 19,420 17,268 6,356 3 - 54,818Additions 347 - 10,224 351 18,658 - - 29,580Disposals (NBV) - - -6 - -1,097 - - -1,103Reclassification of assets from/to other ROU's categories - - - -16,777 16,777 - - -Depreciation charge (note 29, 33) -1,618 - -4,559 -211 -8,881 -2 - -15,271Exchange differences 748 - - -1 904 - - 1,651Ending balance 11,248 - 25,079 630 32,717 1 - 69,675At 31 December 2022Cost 328,136 261,070 490,356 2,085,624 360,318 61,524 136,493 3,723,521Accumulated depreciation -72,390 -136,233 -273,721 -1,271,234 -240,784 -51,003 - -2,045,365Accumulated losses of impairment of PPE -5,687 -500 -1,038 -6,445 - -12 - -13,682Net book value 250,059 124,337 215,597 807,945 119,534 10,509 136,493 1,664,474During 2022, the Group invested in energy saving projects allowing higher use of lower cost alternative fuels, improved cement production efficiencies through digital technology, expanded warehouse capacity to accommodate larger production volumes, optimized logistics, and reduced carbon footprint mainly in the USA and EU. The aforementioned projects accounted for 56% of the total CapEx in 2022.During 2022, the Group received \u20ac5,748 thousand (2021: \u20ac8,694 thousand) from the disposal of tangible intangible assets and investment property with total net book value of \u20ac5,560 thousand (2021: \u20ac2,947 thousand). Thus, the Group recognized \u20ac188 thousand gains (2021: \u20ac5,747 thousand gains) on disposal of PPE in the consolidated income statement (note 4, 29). In 2022, the Group recorded impairment losses of \u20ac1,233 thousand, that were presented in the cost of sales in the consolidated income statement. Specifically, the amount of \u20ac638 thousand was recorded for a plot of land, \u20ac496 thousand for quarries and \u20ac99 thousand for buildings. On the Turkish subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. assets, there are mortgages of \u20ac27.5 million, securing bank credit facilities. As at 31.12.2022, the balance of these credit facilities amounted to \u20ac8.3 million.12. Investment propertyProperty that is leased among Group subsidiaries is not included in investment property but in property, plant and equipment in the Group statement of financial position. Investment property is measured at fair value by external, independent, certified evaluators, members of the institute of the certified evaluators and certified from the European Group of Valuers' Associations (TEGoVA) & RICS (Royal Institution of Chartered Surveyors).(all amounts in Euro thousands)2022 2021Opening balance 10,980 11,720Disposals - -1,043Net gain from measurement at fair value (note 4) 509 575Transfer to assets held for sale - -238Transfer to property, plant and equipment -259 -38Exchange differences 10 4Ending balance 11,240 10,980In December 2021, the Group subsidiary in Greece, Titan Cement S.A., sold the majority of its land plots located in Elefsina-Attika at a selling price of \u20ac7.1 million, resulting in a gain of \u20ac6.1 million. A small part of the land plots with a carrying amount of \u20ac238 thousand was classified as forest area by the Forest State Office, thus delaying the completion of its sale in 2021. Accordingly, this part of land was designated as an asset held for sale in 2021 statement of financial position. In 2022, the land was sold at the pre-agreed price of \u20ac500 thousand, resulting in a gain of \u20ac262 thousand.(all amounts in Euro thousands)2022 2021Rental income derived from investment property 467 426Direct operating expenses (including repair and maintenance) that did not generate rental income -34 -73Net profit arising from investment properties carried at fair value 509 333Investment property is measured at fair value on a yearly basis. The fair value measurement of the investment property of the Group has been mainly conducted in accordance with the comparative method or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The investment properties are leased to tenants under operating leases with rentals payable monthly, quarterly or yearly. Lease payments for some contracts include Consumer Price Index (CPI) increases, but there are no other variable lease payments that depend on an index or rate.Minimum lease payments receivable on leases of investment properties are as follows:(all amounts in Euro thousands)2022 2021Within one year 477 522Between 1 and 2 years 337 415Between 2 and 3 years 270 334Between 3 and 4 years 254 246Between 4 and 5 years 170 228Later than five years 242 5741,750 2,31813. Goodwill(all amounts in Euro thousands)Initial goodwill Goodwill impairment Total goodwillBalance at 1 January 2021 332,652 -64,639 268,013Exchange differences 1,207 2,766 3,973Balance at 31 December 2021 333,859 -61,873 271,986Balance at 1 January 2022 333,859 -61,873 271,986Hyperinflation adjustments 25,605 -1,491 24,114Impairment (note 29) - -21,799 -21,799Exchange differences 18,325 -11,792 6,533Balance at 31 December 2022 377,789 -96,955 280,834Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.Sensitivity of recoverable amountsOn 31.12.2022, the Group analyzed the sensitivities of the recoverable amounts to the reasonably change in key assumptions. For all CGUs (excluding Turkey) the sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their recoverable amount. With respect to Bulgaria, additional sensitivity analyses have been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.-Increase in the Discount rate by: 2.1%-Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4%.14. Intangible assets(all amounts in Euro thousands)Customer Computer Other intangible Assets under Licences Trademarksrelationshipssoftwareassetsconstruction TotalBalance at 1 January 2021 35,871 14,045 3,798 3,559 3,741 23,265 84,279Additions 6 - - 157 198 6,773 7,134Disposals (NBV) (note 29) - - - - -238 - -238Reclassification of assets from/to other intangible assets categories 411 - - 5,827 345 -6,583 -Transfers from other accounts - - - 18,435 47 -16,242 2,240Amortization charge (note 29) -1,146 -877 -1,659 -1,991 -532 - -6,205Exchange differences 1,701 1,044 228 -21 121 1,161 4,234Balance at 31 December 2021 36,843 14,212 2,367 25,966 3,682 8,374 91,444Balance at 1 January 2022 36,843 14,212 2,367 25,966 3,682 8,374 91,444Additions 33 - - 3,290 139 3,932 7,394Disposals (NBV) (note 29) - - - - -12 -112 -124Hyperinflation adjustments 18 - - 3 - - 21Reclassification of assets from/to other intangible assets categories 33 - - 945 783 -1,761 -Transfers from other accounts - - - 127 28 41 196Other reclassifications - - - - -646 -22 -668Amortization charge (note 29) -1,058 -796 -1,597 -4,200 -362 - -8,013Exchange differences -7,423 609 -275 1,205 -423 -70 -6,377Balance at 31 December 2022 28,446 14,025 495 27,336 3,189 10,382 83,87315. Investments in associates, joint ventures and subsidiaries15.1 Investment in associatesThe Group financial statements incorporate the following companies with the equity method of consolidation:a) Karierni Materiali Plovdiv AD with ownership percentage 48.711% (31.12.2021: 48.711%), Karierni Materiali AD with ownership percentage 48.764% (31.12.2021: 48.764%). The aforementioned companies are based in Bulgaria and operate in the aggregates business.b) Ecorecovery S.A. with ownership percentage 48% (31.12.20221: 48%). Ecorecovery is based in Greece and it processes, manages and trades solid waste for the production of alternative fuels.c) ASH Venture LLC with ownership percentage 33% (31.12.2021: 33%), which is based in USA and beneficiates, markets and sells fly ash. The carrying value of the investment in the Ash Venture on 31.12.2022 is nil, as its activities have been completed and in 2023 the associate will be dissolved.None of the aforementioned companies is listed on a public exchange market.Based on their contribution in its profit before taxes, the Group decided that each one of the aforementioned associates is individually immaterial and thus it discloses in aggregate its interests in these associates as follows:(all amounts in Euro thousands)2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 17,320 17,686Current assets 6,796 6,377Total assets 24,116 24,063Non-current liabilities 1,841 1,663Current liabilities 6,373 6,864Total liabilities 8,214 8,527Equity 15,902 15,536Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 17,295 15,233Profit/(loss) after taxes 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Total comprehensive income/(loss) for the year net of tax 2,545 -6,394Reconciliation to carrying amounts:Opening net assets 1 January 15,536 24,627Profit/(loss) for the year 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Share capital increase - -700Dividends paid -2,200 -1,839Foreign exchange differences 21 235Restructuring - -393Closing net assets 31 December 15,902 15,536Adjustments due to unrecognized fair value gain on assets contributed to associate - -4,318Accumulated depreciation adjustments related to unrecognized fair value - 4,318Group's carrying amount of the investment after adjustments 7,505 7,19015.2 Investments in joint venturesOn 31 December 2022, the Group incorporated in its financial statements the following joint ventures with the equity method of consolidation:a) Companhia Industrial De Cimento Apodi with ownership percentage 50% (31.12.2021: 50%). Apodi is based in Brazil and operates in the production of cement.b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda with ownership percentage 50% (31.12.2021: 50%). The Apodi Distribui\u00e7\u00e3o e Logistica Ltda is a trading company based in Brazil.None of the aforementioned companies is listed on a public exchange market.Summarised financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of the investment in consolidated financial statements are set out below:Companhia Industrial De Cimento Apodi - (all amounts in Euro thousands)Consolidated *20222021Summarized statement of financial position as at 31 DecemberNon-current assets 158,478 124,251Other current assets 42,995 42,544Cash and cash equivalents 15,537 6,213Total assets 217,010 173,008Long-term borrowings 49,436 59,009Other non-current liabilities 765 689Short-term borrowings 52,220 21,192Other current liabilities 40,422 27,991Total liabilities 142,843 108,881Equity 74,167 64,127Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 115,854 83,845Depreciation, amortization and impairments of assets -10,008 -8,363Finance income 1,580 623Finance expense -13,398 -7,364Profit after taxes 1,300 5,411Total comprehensive profit for the year net of tax 1,300 5,411Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 21,096 19,524Reconciliation to carrying amounts:Opening net assets 1 January 64,127 58,201Profit for the year 1,300 5,411Foreign exchange differences 8,740 515Closing net assets 31 December 74,167 64,127Group's share in % 5 0 % 5 0 %Group's share in '000 \u20ac 37,084 32,064Goodwill 55,823 49,499Carrying amount of the investment as at 31 of December 92,907 81,563* Consolidated figures before elimination with the broader GroupOn 31.12.2022, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount, which has been determined based on value-in-use calculations with a discount rate of 16.5% and a perpetual growth rate of 3.3%, exceeds the carrying value. Additional sensitivity analysis has been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.- Increase in the Discount rate by 2.5%.- Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4.6%.15.3 Subsidiaries with significant percentage of non-controlling interestsOn 31.12.2022, the Group non-controlling interest was \u20ac29.7million (2021: \u20ac15.3 million) of which \u20ac22.6 million (2021: \u20ac10.4 million) derived from Adocim Cimento Beton Sanayi ve Ticaret A.S., \u20ac2.5 million (2021: \u20ac0.7 million) from Alexandria Portland Cement Co. S.A.E., \u20ac3.6 million (2021: \u20ac3.0 million) from Usje Cementarnica AD and \u20ac1.1 million (2021: \u20ac1.1 million) from Cement Plus LTD.The Turkish economy is considered as hyperinflationary from June 2022 (note 1.1.1). The following table summarizes the financial information of subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. in which the non-controlling interests held significant portion (note 16). (all amounts in Euro thousands)Adocim Cimento Beton Sanayi ve Ticaret A.S.* 2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 125,223 58,567Current assets 35,199 15,791Total assets 160,422 74,358Non-current liabilities 28,343 14,459Current liabilities 41,644 18,416Total liabilities 69,987 32,875Equity 90,435 41,483Attributable to:Equity holders of the parent 67,830 31,112Non-controlling interests (25%) 22,605 10,371Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales68,072 39,292Loss after taxes -902 -5,805Other comprehensive income/ (loss) for the year 22,528 -29,290Total comprehensive income/(loss) for the year net of tax 21,626 -35,095Total comprehensive income/(loss) attributable to non-controlling interests 5,406 -8,773Summarized cash flow information Cash flows from operating activities 7,734 20Cash flows from investing activities -9,294 -2,958Cash flows from financing activities 3,584 2,084Net increase/(decrease) in cash and cash equivalents2,024 -854Cash and cash equivalents at beginning of the period 73 874Effects of exchange rate changes -110 53Cash and cash equivalents at end of the year1,987 73* Figures before elimination with the broader Group16. Principal subsidiaries, associates and joint ventures2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodTitan Cement International S.A. Belgium Investment holding company Parent company Parent company\u03a4itan Cement Company S.A Greece Cement producer 100.000 - 100.000 -(4)Aitolika Quarries S.A. Greece Quarries & aggregates - 83.594 - 63.723(2)Albacem S.A. Greece Trading company - - - 100.000Provision of technical and (1)Business Park Titan Elefsinas S.A. Greecebusiness services - 100.000 - -Interbeton Construction Materials S.A. Greece Ready mix & aggregates - 100.000 - 100.000Intertitan Trading International S.A. Greece Trading company - 100.000 - 100.000Gournon Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Quarries of Tagaradon Community S.A. Greece Quarries & aggregates - 67.587 - 67.587Vahou Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Sigma Beton S.A. Greece Quarries & aggregates - 100.000 - 100.000Titan Atlantic Cement Industrial & Commercial S.A. Greece Investment holding company - 100.000 - 100.000Titan Cement International Trading S.A. Greece Trading company - 100.000 - 100.000Brazcem Participacoes S.A. Brazil Investment holding company - 100.000 - 100.000Double W & Co OOD Bulgaria Port - 99.989 - 99.989Granitoid AD Bulgaria Trading company - 99.760 - 99.760Gravel & Sand PIT AD Bulgaria Quarries & aggregates - 99.989 - 99.989(2)Trojan Cem EOOD Bulgaria Trading company - - - 95.000Zlatna Panega Cement AD Bulgaria Cement producer - 99.989 - 99.989Green Alternative Energy Assets EAD Bulgaria Alternative fuels - 100.000 - 100.000Cementi ANTEA SRL Italy Trading company - 100.000 - 100.000Cementi Crotone S.R.L. Italy Import & distribution of Cement - 100.000 - 100.000Fintitan SRL Italy Import & distribution of cement - 100.000 - 100.000Separation Technologies Canada Ltd Canada Processing of fly ash - 100.000 - 100.000Alexandria Development Co.Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Eastmed Investments Limited Cyprus Investment holding company - 100.000 - 100.000Alvacim Ltd Cyprus Investment holding company - 100.000 - 100.000(3)East Cement Trade Ltd Cyprus Investment holding company - - - 100.000Feronia Holding Ltd Cyprus Investment holding company - 100.000 - 100.000Iapetos Ltd Cyprus Investment holding company - 100.000 - 100.000(3)KOCEM Limited Cyprus Investment holding company - - - 100.000Rea Cement Investments Limited Cyprus Investment holding company - 100.000 - 100.000Themis Holdings Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Cement Cyprus Limited Cyprus Investment holding company - 100.000 - 100.000Tithys Holdings Limited Cyprus Investment holding company 100.000 - 100.000 -Alexandria Portland Cement Co. S.A.E Egypt Cement producer - 99.605 - 99.605Beni Suef Cement Co.S.A.E. Egypt Cement producer - 100.000 - 100.000GAEA -Green Alternative Energy Assets Egypt Alternative fuels - 99.996 - 99.996Titan Beton & Aggregate Egypt LLC Egypt Quarries & aggregates - 99.611 - 99.611Sharr Beteiligungs GmbH Germany Investment holding company - 100.000 - 100.000Marshall Arresa Marine CoIslandsShipping - 100.000 - 100.000Adocim Marmara Cimento Beton Sanayi ve Ticaret Processing and trading of A.S. Turkeycement - 100.000 - 100.000Adocim Cimento Beton Sanayi ve Ticaret A.S. Turkey Cement producer - 75.000 - 75.000Titan Cement U.K. Ltd U.K. Import & distribution of cement - 100.000 - 100.000Titan Global Finance PLC U.K. Financial services 100.000 - 100.000 -Carolinas Cement Company LLC U.S.A. Own/develop real estate - 100.000 - 100.000(1)CemAI Inc. U.S.A. Preventing maintenance - 100.000 - -Essex Cement Co. LLC U.S.A. Trading company - 100.000 - 100.000Markfield America LLC U.S.A. Insurance company - 100.000 - 100.000Massey Sand and Rock Co U.S.A. Quarries & aggregates - 100.000 - 100.000Mechanicsville Concrete LLC U.S.A. Ready mix - 100.000 - 100.000Metro Redi-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Miami Valley Ready Mix of Florida LLC U.S.A. Ready mix - 100.000 - 100.000(*) Percentage of investment represents both percentage of shareholding and percentage of control2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodPennsuco Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000Norfapeake Terminal LLC U.S.A. Trading company - 100.000 - 100.000Roanoke Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000S&W Ready Mix Concrete Co. Inc. U.S.A. Ready mix - 100.000 - 100.000S&W Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000Separation Technologies LLC U.S.A. Processing of fly ash - 100.000 - 100.000(1)Silver Sand Transportation LLC U.S.A. Transportation - 100.000 - 0.000Standard Concrete LLC U.S.A. Trading company - 100.000 - 100.000ST Mid-Atlantic LLC U.S.A. Processing of fly ash - 100.000 - 100.000Sales of fly ash processing ST Equipment & Technology LLC U.S.A.equipment - 100.000 - 100.000ST Equipment & Technology Trading Company LLC U.S.A. Trading company - 100.000 - 100.000Summit Ready-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Titan Florida LLC U.S.A. Cement producer - 100.000 - 100.000Titan Mid-Atlantic Aggregates LLC U.S.A. Quarries & aggregates - 100.000 - 100.000Titan Virginia Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000\u03a4itan \u0391merica LLC U.S.A. Investment holding company - 100.000 - 100.000Trusa Realty LLC U.S.A. Real estate brokerage - 100.000 - 100.000Cementara Kosjeric AD Serbia Cement producer - 100.000 - 100.000(3)Stari Silo Company DOO Serbia Trading company - - - 100.000TCK Montenegro DOO Montenegro Trading company - 100.000 - 100.000North Esha Material DOOELMacedoniaQuarries & aggregates - 100.000 - 100.000North (2)GAEA Zelena Alternative Enerjia DOOELMacedonia Alternative fuels - - - 100.000North ID Kompani DOOELMacedonia Trading company - 95.000 - 95.000North Renting and leasing of machines, MILLCO-PCM DOOELMacedoniaequipment and material goods - 100.000 - 100.000North Opalit DOOELMacedonia Quarries & aggregates - 95.000 - 95.000North Rudmak DOOELMacedonia Trading company - 100.000 - 100.000North Usje Cementarnica ADMacedonia Cement producer - 95.000 - 95.000North (2)Vesa DOOLMacedonia Trading company - - - 100.000Cement Plus LTD Kosovo Trading company - 64.999 - 64.999Esha Material LLC Kosovo Quarries & aggregates - 100.000 - 100.000Kosovo Construction Materials L.L.C. Kosovo Quarries & aggregates - 100.000 - 100.000Sharrcem SH.P.K. Kosovo Cement producer - 100.000 - 100.000Alba Cemento Italia, SHPK Albania Trading company - 100.000 - 100.000Antea Cement SHA Albania Cement producer - 100.000 - 100.000GAEA Enerjia Alternative e Gjelber Sh.p.k. Albania Alternative fuels - 100.000 - 100.000Colombus Properties B.V. Holland Investment holding company - 100.000 - 100.000Salentijn Properties1 B.V. Holland Investment holding company - 100.000 - 100.000Titan Cement Netherlands BV Holland Investment holding company - 100.000 - 100.000Equity consolidation methodCompanhia Industrial De Cimento Apodi S.A. Brazil Cement producer - 50.000 - 50.000Apodi Concretos Ltda Brazil Ready mix - 50.000 - 50.000Apodi Distribui\u00e7\u00e3o e Logistica Ltda Brazil Trading company - 50.000 - 50.000ASH Venture LLC U.S.A. Processing of fly ash - 33.000 - 33.000Engineering design services for Ecorecovery S.A. Greecesolid and liquid waste facilities - 48.000 - 48.000Karierni Materiali Plovdiv AD Bulgaria Quarries & aggregates - 48.711 - 48.711Karierni Materiali AD Bulgaria Quarries & aggregates - 48.764 - 48.764(*) Percentage of investment represents both percentage of shareholding and percentage of controlSignificant Group structure changes1) Silver Sand Transportation LLC was created in 2022 as a subsidiary of Titan Florida LLC in U.S.. Furthermore, Titan Cement Netherlands B.V. corporated in the Netherlands, established a subsidiary in U.S., the CemAI Inc.. The Group's subsidiaries Titan Cement Company S.A. and Interbeton Construction Materials S.A., in Greece, formed a new subsidiary named Business Park Titan Elefsinas S.A.. The Group incorporated all the above-mentioned subsidiaries, in its financial statements, with the full method of consolidation.2) The Group's subsidiaries Albacem S.A., Trojan Cem EODD, Vesa DOOL and GAEA Zelena Alternative Enerjia DOOEL were liquidated in 2022.3) In February 2022, the Group's subsidiaries in Cyprus, East Cement Trade Ltd and KOCEM Limited merged with Alexandria Development Limited. In addition, the Group's subsidiary Stari Silo Company DOO in Serbia merged in September 2022 with Cementara Kosjeric AD.4) Change in ownership percentage of Aitolika Quarries S.A.17. Other non-current assets(all amounts in Euro thousands)2022 2021Utility deposits 2,807 5,197Excess benefit plan assets (note 25) 2,715 3,307Other non-current assets 14,411 10,05219,933 18,55618. Deferred income taxesDeferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that apply to the countries in which the companies of the Group operate. (all amounts in Euro thousands)2022 2021Deferred tax assets to be recovered:after more than 12 months -73,517 -81,271within 12 months -16,188 -14,877Deferred tax liabilities to be used:after more than 12 months 210,166 197,215within 12 months 3,922 3,670Deferred tax liability (net) 124,383 104,737The movement in the deferred income tax account after set-offs is as follows:(all amounts in Euro thousands)2022 2021Opening balance, net deferred liability 104,737 89,614Income statement charge (note 8) 6,467 2,612Tax charged to equity through other comprehensive income 2,853 1,118Hyperinflation adjustment 16,829 -Tax charged to equity -80 9,610Deferred tax adjustment on revaluation reserves - 213Exchange differences -6,423 1,570Ending balance, net deferred liability 124,383 104,737(all amounts in Euro thousands)2022 2021Analysis of deferred tax liabilities (before set - offs)Property, plant and equipment 137,088 128,972Mineral deposits 17,330 17,624Intangible assets 46,140 45,350Unrealized foreign exchange differences 9,089 4,959Inventories 551 -Other non-current receivables 1,447 1,649Receivables and prepayments 870 1,026Trade and other payables 76 113Prepaid expenses 2,122 1,624Other -625 -432214,088 200,885Analysis of deferred tax assets (before set - offs)Property, plant and equipment-840 -630Intangible assets -78 -78Investments & other non-current receivables -1,444 -3,099Treasury Shares -2,020 -1,940Unrealized foreign exchange differences -5,731 -10,773Inventories -2,952 -2,675Post-employment and termination benefits -4,057 -4,460Receivables and prepayments -7,016 -6,513Tax losses carried forward (note 8) -19,739 -22,402Interest expense tax carried forward -4,020 -4,421Deferred income -552 -701Long-term debt/lease obligations -16,166 -12,527Provisions and accrued expenses -21,905 -23,683Trade and other payables -109 -128Other -3,076 -2,118-89,705 -96,148Net deferred tax liability 124,383 104,737Deferred tax assets (after set - offs) 5,730 8,867Deferred tax liabilities (after set - offs) 130,113 113,604Net deferred tax liability 124,383 104,737Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to January 1 , Debit/(Credit) to equity through Hyperinflation Exchange December 31 , 2022 Debit to equitynet profitstatement OCIadjustmentsdifferences2022Deferred tax liabilities (before set - offs) Property, plant and equipment 128,972 - 9,151 - 16,251 -17,286 137,088Mineral deposits 17,624 - -1,467 - - 1,173 17,330Intangible assets 45,350 - -1,728 - - 2,518 46,140Unrealized foreign exchange differences 4,959 - 4,041 - - 89 9,089Inventories - - - - 578 -27 551Other non-current receivables 1,649 - -202 - - - 1,447Receivables and prepayments 1,026 - -156 - - - 870Trade and other payables 113 - -37 - - - 76Prepaid expenses 1,624 - 421 - - 77 2,122Other -432 - -207 - - 14 -625200,885 - 9,816 - 16,829 -13,442 214,088Deferred tax assets (before set - offs)Property, plant and equipment -630 - -301.000 - - 91.000 -840Intangible assets -78 - - - - - -78Investments & other non-current receivables -3,099 - 1,674 - - -19 -1,444Treasury Shares -1,940 -80 - - - - -2,020Unrealized foreign exchange differences -10,773 - 1,969 2,471 - 602 -5,731Inventories -2,675 - -226 - - -51 -2,952Post-employment and termination benefits -4,460 - 110 382 - -89 -4,057Receivables and prepayments -6,513 - -418 - - -85 -7,016Tax losses carried forward (note 8) -22,402 - -3,470 - - 6,133 -19,739Interest expense tax carried forward -4,421 - 401 - - - -4,020Deferred income -701 - 205 - - -56 -552Long-term debt/lease obligations -12,527 - -3,061 - - -578 -16,166Provisions and accrued expenses -23,683 - 683 - - 1,095 -21,905Trade and other payables -128 - 19 - - - -109Other -2,118 - -934 - - -24 -3,076-96,148 -80 -3,349 2,853 - 7,019 -89,705Net deferred tax liability 104,737 -80 6,467 2,853 16,829 -6,423 124,383Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to Debit/(Credit) to equity through Exchange December 31 , January 1 , 2021 Debit to equitynet profitstatement OCIdifferences2021Deferred tax liabilities (before set - offs)Property, plant and equipment 131,467 213 -2,594 -263 149 128,972Mineral deposits 17,223 - -993 - 1,394 17,624Intangible assets 38,952 - 3,255 - 3,143 45,350Unrealized foreign exchange differences 2,596 - 2,056 - 307 4,959Other non-current receivables - - 1,649 - - 1,649Receivables and prepayments 351 - 675 - - 1,026Trade and other payables - - 113 - - 113Prepaid expenses 1,468 - 33 - 123 1,624Other 120 - -575 - 23 -432192,177 213 3,619 -263 5,139 200,885Deferred tax assets (before set - offs)Property, plant and equipment -145 - -467 - -18 -630Intangible assets -78 - - - - -78Investments & other non-current receivables -1,068 - -2,021 - -10 -3,099Treasury Shares -11,550 9,610 - - - -1,940Unrealized foreign exchange differences -13,442 - 2,461 1,009 -801 -10,773Inventories -3,029 - 442 - -88 -2,675Post-employment and termination benefits -4,743 - -21 372 -68 -4,460Receivables and prepayments -6,155 - -286 - -72 -6,513Tax losses carried forward (note 8) -21,782 - -547 - -73 -22,402Interest expense tax carried forward -3,769 - -652 - - -4,421Deferred income -930 - 294 - -65 -701Long-term debt/lease obligations -10,675 - -958 - -894 -12,527Provisions and accrued expenses -23,509 - 1,258 - -1,432 -23,683Trade and other payables -87 - -41 - - -128Other -1,601 - -469 - -48 -2,118-102,563 9,610 -1,007 1,381 -3,569 -96,148Net deferred tax liability 89,614 9,823 2,612 1,118 1,570 104,737In 2021, certain reclassifications were made, between deferred tax assets and liabilities, for purposes of comparison with 2022. These reclassifications had no effect on the net deferred tax liability balance. 19. Inventories(all amounts in Euro thousands)2022 2021InventoriesRaw materials-maintenance stores 262,706 213,465Finished goods 143,247 101,299Provision for obsolete inventories -11,281 -9,633394,672 305,131Analysis of provision for impairment of inventoriesBalance at 1 January 9,633 12,067Charge for the year (note 29) 4,140 606Unused amounts reversed (note 29) -1,564 -2,773Utilized -913 -180Reclassification from/to PPE 153 -184Exchange differences -168 97Balance at 31 December 11,281 9,633The Group's subsidiaries have not pledged their inventories as collateral.In 2022, the increase in inventories of raw materials and finished goods was mostly affected by the increase in energy and shipping freight costs.20. Receivables and prepayments(all amounts in Euro thousands)2022 2021Trade receivables 162,371 130,025Cheques receivables 38,313 24,708Allowance for doubtful debtors -26,724 -26,286Total trade receivables 173,960 128,447Creditors advances 7,215 4,478V.A.T. and other tax receivables 22,113 19,788Prepayments 16,152 16,774Notes receivable 48,935 43,204Receivables from authorities 11,320 13,292Other receivables 17,439 13,082Allowance for doubtful debtors -2,305 -2,721Total other receivables 120,869 107,897294,829 236,344Trade receivables are non-interest bearing and are normally settled in 30-170 days.The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated Special Purpose Entity (SPE). Specifically, TALLC entered into an accounts receivable sale agreement with an unrelated SPE in 2014, whereby trade accounts receivable sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end of 2022 amounted to \u20ac32,472 thousand (31.12.2021: \u20ac29,449 thousand) (note 30).Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement. The balances of trade receivables and impairments are as follows:(all amounts in Euro thousands)Expected credit loss rate Trade receivables ImpairmentsAs at 31 December 2022Current 0.7 % 91,248 621More than 30 days past due 1.4 % 64,447 877More than 60 days past due 6.2 % 10,617 659More than 120 days past due 71.5 % 34,372 24,567200,684 26,724As at 31 December 2021Current 2.0 % 65,695 1,299More than 30 days past due 2.9 % 47,632 1,385More than 60 days past due 5.7 % 7,723 437More than 120 days past due 68.8 % 33,683 23,165154,733 26,286To measure the expected credit losses for trade receivables per region, the Group excludes balances that are past due more than five years, as these balances do not fairly represent current market conditions. Consequently, the balances presented in the tables below are adjusted by the amount of \u20ac16.1 million on 31.12.2022 and \u20ac17.1 million on 31.12.2021 compared with the balances in the tables above.(all amounts in Euro thousands)Trade receivables ImpairmentsAs at 31 December 2022Greece and Western Europe 83,534 3,518North America 53,703 3,684South Eastern Europe 19,095 2,355Eastern Mediterranean 28,266 1,081184,598 10,638As at 31 December 2021Greece and Western Europe 61,898 3,971North America 43,850 2,654South Eastern Europe 15,972 1,723Eastern Mediterranean 15,919 844137,639 9,192Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.21. Cash and cash equivalents(all amounts in Euro thousands)2022 2021Cash in hand 69 59Cash at bank and short-term bank deposits 105,634 79,823105,703 79,882Short-term bank deposits comprise primarily of current accounts and time deposits. The effective interest rates on these short-term bank deposits are based on floating rates and are negotiated on a case by case basis.22. Share capital and premium (all amounts are shown in Euro thousands unless otherwise stated)Ordinary shares Share premium TotalNumber of shares \u20ac'000 \u20ac'000 Number of shares \u20ac'000Shares issued and fully paidBalance at 1 January 2021 82,447,868 1,159,348 5,974 82,447,868 1,165,322Cancellation of treasury shares -4,122,393 - - -4,122,393 -Balance at 31 December 2021 78,325,475 1,159,348 5,974 78,325,475 1,165,322Capital reduction - -200,000 - - -200,000Balance at 31 December 2022 78,325,475 959,348 5,974 78,325,475 965,322Treasury shares Number of shares \u20ac'000Balance at 1 January 2021 5,512,502 124,120Cancellation of treasury shares-4,122,393 -92,820Treasury shares purchased230,141 3,230Treasury shares sold-123,101 -2,757Balance at 31 December 2021 1,497,149 31,773Treasury shares purchased1,947,721 23,814Treasury shares sold-80,833 -1,386Balance at 31 December 2022 3,364,037 54,201The average ordinary shares stock price of Titan Cement International S.A. for the period 1.1.2022-31.12.2022 was \u20ac12.25 (1.1.2.2021-31.12.2021: \u20ac15.44). The closing stock price on 31 December 2022 was \u20ac12.0 (31.12.2021: \u20ac13.26).Share buy-back: The Group completed the program that began in October 2021 and initiated two additional share buy-back programs in April and August 2022. Each program was for \u20ac10 million and a duration of up to six months.In implementation of these programs, during the period from 1 January 2022 until 31 December 2022, the Company acquired directly 361,354 own shares and indirectly through its subsidiary Titan Cement Company S.A. 1,586,367 shares, representing 0.46% and 2.03% respectively of the share capital of the Company. The total value of these transactions amounted to \u20ac23,814 thousand. On 31.12.2022 the Company holds 773,527 own shares representing 0.99% of the Company\u2019s share capital and Titan Cement Company S.A. (Titan S.A.), a direct subsidiary of the Company, holds 2,590,510 shares of the Company, representing 3.31 % of the Company\u2019s voting rights.Titan S.A., a direct subsidiary of the Company, sold in 2022 to Titan Group employees, in implementation of existing stock option plans, 80,833 shares of the Company, representing approximately 0.10% of the share capital of the Company, for a total amount of \u20ac808,330 (i.e.\u20ac10/Company share).23. Other reserves(all amounts in Euro thousands)Currency Tax translation exempt Hedging differences Re- reserves reserve on Foreign Non- organization under Actuarial from derivative Hyperinflcurrency Legal Distributable Distributable reserve Contingency special Revaluation differences cash flow hedging ation translation Total other reservereservereserve(note 22)reserveslawsreservereservehedgespositionreservereservereservesRestated balance at 1 January 2021 101,263 88,870 180,337 -1,188,374 274,202 25,595 67,145 -711 -36 41,115 - -464,898 -875,492Other comprehensive income - - - - - - 493 863 1,645 - - 18,701 21,702Cancellation of treasury shares - -65,318 - - - - - - - - - - -65,318Distribution of reserves (note 10) - - -30,780 - - - - - - - - - -30,780Deferred tax on treasury shares held by subsidiary - - - - - - -9,610 - - - - - -9,610Deferred tax adjustment on revaluation reserves (note 18) - - - - - - -213 - - - - - -213Acquisition of non-controlling interest 32 - - - - - 301 - - - - -319 14Transfer (to)/from retained earnings 6,883 - -422 - -212,560 5,869 -9,051 - - - - - -209,281Transfer among reserves - 51 -51 - 6,456 -4,226 50 - - - - - 2,280Balance at 31 December 2021 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Hyperinflation restatement - - - - - - - - - - 35,699 - 35,699Restated Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 35,699 -446,516 -1,130,999Other comprehensive income - - - - - - - 1,441 25,010 - 36,122 -73,977 -11,404Distribution of reserves (note 10) - - -38,108 - - - - - - - - - -38,108Deferred tax on treasury shares held by subsidiary - - - - - - 80 - - - - - 80Capital reduction/transfer to distributable reserves - - 200,000 - - - - - - - - - 200,000Transfer from/(to) retained earnings 50,592 - 74,243 - -14,388 8,421 -2,413 - - - - - 116,455Transfer from share options - - - - 2,166 - - - - - - - 2,166Transfer among reserves - 21,860 -21,860 - - - - - - - - - -Balance at 31 December 2022 158,770 45,463 363,359 -1,188,374 55,876 35,659 46,782 1,593 26,619 41,115 71,821 -520,493 -861,810Certain Group companies are obliged according to the applicable commercial law to retain a percentage of their annual net profits as legal reserve. This reserve cannot be distributed during the operational life of the Group companies.The \"Contingency Reserves\" include, among others, reserves formed by certain Group subsidiaries by applying developmental laws. These reserves have exhausted their tax liability or have been permanently exempted from taxation, so there is no additional tax charge for the Group and the Company from their distribution. The \"Tax Exempt Reserves under Special Laws\", according to the tax legislation, are exempt from income tax, provided that they are not distributed to the shareholders. The distribution of the remaining aforementioned reserves can be carried out after the approval of the shareholders at the Annual General Meeting and the payment of the applicable tax. Depending on whether they are capitalized or distributed, some of these reserves have different tax charge. The Group has no intention to distribute the remaining amount of these reserves and consequently, has not calculated the income tax that would arise from such distribution.The \"distributable reserve\" was created by reducing the TCI's share capital and transferring from retained earnings. This reserve may be distributed in the future subject to the approval of the relevant competent body. Under the requirements of the Belgian Law, the \"Non-Distributable reserve\" represents a reserve equivalent to the value of the treasury shares held by Titan Cement International S.A. and its subsidiary Titan Cement Company S.A. The \"Revaluation Reserves\" include, among others, \u20ac46.9 million (2021: \u20ac48.2 million) as the fair value of tangible and intangible assets that the Group had in Egypt through its participation in the joint venture Lafarge-Titan Egyptian Investments Ltd, until it fully acquired the joint venture and \u20ac2.0 million (2021: \u20ac2.0 million) deferred tax on treasury shares held by Titan Cement Company S.A.The \"Actuarial Differences Reserve\" records the re-measurement gains and losses (actuarial gains and losses) arising from the actuarial studies performed by the Group's subsidiaries for various benefit, pension or other retirement schemes (note 25). The \"Foreign Currency Translation Reserve\" is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. Moreover, it includes the currency translation differences reserve on transactions designated as part of net investment in foreign operations. During the last quarter of 2016, the Group's subsidiary in Egypt, Alexandria Portland Cement Co. S.A.E. (APCC) renewed the \u20ac76.9 million loan it entered into with its parent company in 2010. According to its accounting policy, the Group recognizes in its consolidated financial statements the aforementioned intergroup loan as part of the net investment in the Egyptian operation. On 31 December 2022, this reserve has a debit balance of \u20ac26.3 million (2021: \u20ac26.0 million).The \"Currency Translation Differences on Derivative Hedging Position Reserve\" illustrates the exchange differences arising from the translation into euro of loans in foreign currency, which have been designated as net investment hedges for certain Group subsidiaries abroad. It also illustrates the exchange differences arising from the valuation of financial instruments used as cash flow hedges for transactions in foreign currencies. 24. Share-based paymentsShare options and other share-based awards are granted to members of senior management. Movements in the number of share options and awards outstanding are as follows:2021 plan 2020 plan 2017 scheme 2014 schemeBalance at 1 January 2021 - 500,520 1,059,415 170,357Granted 41,790 365,840 - -Exercised - - -82,166 -40,935Non vested - - -244,211 -Cancelled - -6,420 -17,445 -5,340Balance at 31 December 2021 41,790 859,940 715,593 124,082Granted 64,856 518,525 - -Exercised - - -38,253 -42,580Non vested - - -383,399 -Cancelled - -21,800 -10,995 -81,502Balance at 31 December 2022 106,646 1,356,665 282,946 -Share options and awards outstanding at the end of the year have the following terms:2021 plan 2020 plan 2017 scheme2014 schemeExercise price\u20ac 0 \u20ac 0 \u20ac 10 \u20ac 102022 2021 2022 2021 2022 2021 2021Expiration date2022 - - - - - - 124,0822023 - - 242,755 249,115 58,586 62,447 -2024 41,790 41,790 419,070 429,970 73,787 90,252 -2025 64,856 - 435,578 180,855 150,573 562,894 -2026 - - 259,262 - - -106,646 41,790 1,356,665 859,940 282,946 715,593 124,0822014 ProgrammeOn 20 June 2014, the General Meeting of TITAN Cement Company S.A. approved the introduction of a three-year (2014-2016) Stock Option Programme. According to this Programme, the Board of Directors can grant option up to 1,000,000 ordinary shares at a sale price \u20ac10.00 per share. Beneficiaries of the Stock Option Plan were the executive members of the Board of Directors of TITAN Cement Company S.A., the managers and the employees with the same rank in affiliated companies inside and outside Greece, as well as a limited number of additional employees who stand out on a continuous basis for their good performance and have a high potential for advancement.The vesting period of the stock options that were granted in 2014, 2015 and 2016 was three years. Therefore, the relevant option rights became mature in December of 2016, 2017 and 2018 respectively, provided that the beneficiaries were still employees of the Group. After the completion of the three-year vesting period, the final option rights number, which the beneficiaries would be entitled to exercise, should be determined by the Board of Directors of TITAN Cement Company S.A. within the first four months of 2017, 2018 and 2019 respectively and depends:a) By 50% on the average three year Return on Average Capital Employed (ROACE) compared to the target of each year period, as this will be determined by the Board of Directors before granting the relevant option rights.b) By 50% on the overall performance of TITAN Cement Company S.A. common share compared to the average overall performance of the shares of predefined international cement producing companies.The Beneficiaries shall be entitled to exercise their stock option rights, either in whole or in part, within the first five working days of each month, paying the relevant amounts until the expiration date of their stock options, i.e. until December of the third year after these stock options have been vested. The fair value of the options granted was:\u2022 In 2014, \u20ac7.39 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac25.32, the employee forfeiture rate 9.2%, the volatility of the share price estimated at 47.2%, the dividend yield of 0.376% and the yield of the 3 year EU Benchmark (Deutsche Bund) Government bond yield rate of 0.083%,\u2022 In 2015, \u20ac4.14 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac19.55, the employee forfeiture rate 9.2%, the volatility of the share price estimated at 40.61%, the dividend yield of 0.59% and the yield of the 1 year EURIBOR rate of 0.166% and \u2022 In 2016, \u20ac5.17 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac20.38, the employee forfeiture rate 9.2%, the volatility of the share price estimated at 42.80%, the dividend yield of 0.87% and the yield of the 1 year EURIBOR rate of -0.15%.2017 ProgrammeOn 12 May 2017, the General Meeting of TITAN Cement Company S.A. approved the introduction of the current three-year Stock Option Programme. According to this Programme, the Board of Directors can grant option up to 1,000,000 ordinary shares of the Company at a sale price equal to \u20ac10.00 per share. Beneficiaries of the Stock Option Plan are the executive members of the Board of Directors, the managers and the senior employees of the Company and its affiliated companies inside and outside Greece. The vesting period of the stock options that were granted in 2017, 2018 and 2019 shall be three years. Therefore, the relevant option rights shall become mature in December of 2019, 2020 and 2021 respectively, provided that the beneficiaries are still employees of the Group. After the completion of the three-year vesting period, the final option rights number that the beneficiaries will be entitled to exercise will be determined within the first four months of 2020, 2021 and 2022 respectively and depend:a) by 50% on the average three year Return on Average Capital Employed (ROACE) of the Group against the target for each three-year period andb) by 50% on the overall performance of TITAN stock compared to the average performance of the shares of the predefined international cement producing companies.The Beneficiaries shall be entitled to exercise their stock option rights, either in whole or in part, within the first five working days of each month, paying the relevant amounts until the expiration date of their stock options, i.e. until December of the third year after these stock options have been vested.The fair value of the options granted was:\u2022 In 2017, \u20ac6.6 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac25.8, the employee forfeiture rate 4.5%, the volatility of the share price estimated at 42.82%, the dividend yield of 0.9% and the yield of the 1 year EURIBOR rate of -0.127%,\u2022 In 2018, \u20ac5.99 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac21.00, the employee forfeiture rate 2.5%, the volatility of the share price estimated at 42.71%, the dividend yield of 0.86% and the yield of the 1 year EURIBOR rate of -0.184% and\u2022 In 2019, \u20ac4.13 per option, determined using the Binomial Method and the Monte Carlo Simulation model. The significant inputs used were the share price at the grant date of \u20ac 17.72, the employee forfeiture rate 2.7%, the volatility of the share price estimated at 40.49%, the dividend yield of 0.92% and the yield of the 1 year EURIBOR rate of -0.175%.The Extraordinary General Meeting of Shareholders of the new Parent Company Titan Cement International S.A. approved on May 13, 2019, subject to Completion of the share exchange Tender Offer between Titan Cement International SA and TITAN Cement Company S.A., the amendment of the existing stock option plans, namely to replace the stock options on Titan Cement Company S.A. shares by stock options on shares of Titan Cement International, without otherwise amending the terms and conditions of the plans. Titan Cement Company still has the obligation to settle the share-based payment transaction.The Group accounts for the two plans (2014 and 2017) as an equity-settled transactions settled in shares of TCI owned by its subsidiary Titan Cement Company S.A.. During 2022, the cash received from the exercise of stock options amounted to \u20ac808 thousand (2021: \u20ac1,231 thousand) and the loss caused by this transaction and recognized in equity amounted to \u20ac578 thousand (2021: \u20ac1,526 thousand).2020 PlanOn 13 May 2019, the Extraordinary General Meeting of TCI approved a new long-term incentive plan. One year after, on 14 May 2021, the Annual General Meeting of TCI included it in the Remuneration Policy.Participants of the plan are the executive members of the Board of Directors of TCI, the executives of TCI, as well as executives, in other companies of Titan Cement Group. The awards may also be granted selectively to a limited number of employees who stand out on a continuous basis for their outstanding performance and high potential for development.Under the plan, participants are granted awards for nil consideration in the form of a conditional grant of TCI shadow shares in April (or later) of each year. The awards have no dividend or voting rights. The number of the shadow shares granted to each participant is determined by the award amount and the value of the shadow share. The value of the shadow share is equal to the average TCI share closing price on Euronext Brussels during the last seven trading days of March of the grant year. The vesting period of the awards is as follows:a) 50% at the completion of a three-year period and b) 50% at the completion of a four-year periodThe awards vest at the designated dates, provided that the participants are still working in TCI or in any other employer company of the Group, or are still serving as an executive Director in the Board of Directors of TCI.2021 Deferred Compensation PlanOn 22 March 2021, the Board of Directors of TCI a Deferred Compensation Plan (\u201cDCP 2021\u201d) aiming at further aligning the Senior Executives\u2019 long-term interests with those of shareholders. The DCP 2021 substitutes 20% of the long-term incentive plan of the eligible executives.Under the plan, participants are granted awards for nil consideration in the form of a conditional grant of TCI shadow shares in April (or later) of each year. The awards have no dividend or voting rights. The number of the shadow shares granted to each participant is determined by the award amount and the value of the shadow share. The value of the shadow share is equal to the average TCI share closing price on Euronext Brussels during the last seven trading days of March of the grant year. The vesting period of the awards is at the completion of a three-year period. The awards vest at the designated dates, provided that the participants are still working in TCI or in any other employer company of the Group, or are still serving as an executive Director in the Board of Directors of TCI. After the completion of the three-year vesting period, the final number of shadow shares that will vest depends on two criteria, both of which contribute equally (50%) to it. In case of over achievement, the DCP 2021 is capped at 160% of target. The two criteria are the following:a) Sustainability KPI: a 3-year CO\u2082 target supporting the decarbonization priority of the Group; reduction of net direct CO\u2082 emissions/t cementitious product and b) The comparison of the Total Shareholder Return (TSR) performance to the average total performance of the share of a Peer Group IndexThe peer group which formulates the index is the following (as set by the Board of Directors and may be changed, if required): 1) Lafarge-Holcim, 2) Heidelberg, 3) Cemex, 4) Cementir, 5) CRH, 6) Buzzi, 7) Argos and 8) Vicat.For both plans (2020 and 2021), participants may select to receive their vested awards in TCI shares, or in contributions to a fund, or in cash. As the fair value of the cash alternative is the same as the share alternative, the Group accounts for the plan as a cash-settled transaction by recognizing a liability for the fair value of the services it receives from the participants. The fair value of the awards of both plans (2020 and 2021) was calculated based on the closing price of the TCI share at the year end, which was \u20ac12.00 in Brussels (2021: \u20ac13.26), adjusted for future dividend payments and the forfeiture rate. The calculation of the unforfeited awards resulted in the recognition of an expense of \u20ac3.7 million in 2022 (2021: \u20ac2.8 million) against a liability, which had a carrying amount of \u20ac7.9 million at the year end (31.12.2021: \u20ac4.2 million).25. Retirement and termination benefit obligationsGreeceOn May 24, 2021, the IFRS Interpretations Committee (IFRIC) published its Agenda Decision, Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) and concluded that an entity\u2019s obligation increases until the date when future service by the employee will lead to no material amounts of further benefits (note 1). In accordance with the aforementioned decision, the application of the basic principles of IAS 19 in Greece has been changed and the calculations have been adjusted to recognize retirement obligations for the last 16 years of service until retirement. Until the issuance of the IFRIC Decision, entities applied IAS 19 distributing the benefits defined by the respective law 2112/1920, and its amendment 4093/2012. The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the liabilities arising from such obligations are actuarially valued by an independent firm of actuaries. The last actuarial valuation was undertaken in December 2022. The principal actuarial assumptions used were as follows:- discount rate of 0.6% as of 31/12/2021 with time weighted average duration 8.19 years according to the market conditions as of 31/12/2021, and discount rate of 3.3% as of 31/12/2022 with time weighted average duration 7.37 years according to the market conditions as of 31/12/2022,- future salary increases of 2.2% (2021: 1.7%),- the average turnover rate for permanent employees aged up to 45 years is 1% for both voluntary resignation and dismissal, for employees aged 46-50 years it is 1% for voluntary resignation and 0% for dismissal and over 51 years it is 0% for both voluntary resignation and dismissal.USAThe Group's U.S. subsidiaries operate defined benefit plans and other post-retirement benefit plans. The method of accounting for the latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.All of the Group's U.S. subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and Medicare eligibility.On 31 December 2022 the plan assets of the Group's subsidiaries in the US have invested approximately 57% (2021: 56%) in equity instruments quoted in US and international stock markets and 43% (2021: 44%) in fixed investments (US and international bonds). The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the U.S. was 5.13% (2021: 2.56%).Non-qualified deferred compensation planThis plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's U.S. subsidiary created an irrevocable trust to facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from 0% to 20% of eligible compensation for the applicable plan year. On 31 December 2022 and 2021, plan assets totaled \u20ac2,715 thousand and \u20ac3,307 thousand, respectively, and are classified as other non current assets in the accompanying consolidated statement of financial position (note 3, 17). There were no costs for the plan for the year ended 31 December 2022 or 2021. The amounts relating to defined benefit pension plans and other post retirement and termination benefits (defined benefit plans) recognized in the statement of comprehensive income in the account other expenses are as follows:(all amounts in Euro thousands)2022 2021Current service cost 1,955 1,805Interest cost 495 441Provision of past service cost for the following year due to the voluntary resignation plans 5,019 102Interest income -310 -2557,159 2,093Additional post retirement and termination benefits paid out, not provided for 1,224 1,138Post retirement and termination benefits paid out, not provided for due to the voluntary resignation plans 767 1539,150 3,384Amounts recognized in profit before interest, taxes, depreciation, amortization and impairment 8,965 3,198Amounts recognized in finance cost (note 6) 185 186Amounts recognized in the income statement 9,150 3,384Actuarial losses recognized in \u03bfther comprehensive income -1,823 -1,240Amount charged to statement of total comprehensive income 7,327 2,144Present value of the liability at the end of the period 32,528 37,231Minus fair value of US plans assets -12,311 -15,16820,217 22,063Change in the present value of the defined benefit obligation (all amounts in Euro thousands)2022 2021Opening balance 22,063 22,824Total expense 9,150 3,384Re-measurement losses recognized immediately in \u03bfther comprehensive income -1,823 -1,240Exchange differences 216 261Benefits paid during the year -9,389 -3,166Ending balance 20,217 22,063Changes in the fair value of US plan assets:(all amounts in Euro thousands)2022 2021Fair value of plan assets at the beginning of the period 15,168 12,915Expected return -2,054 1,209Company contributions 64 501Administrative expenses -160 -168Benefits paid -1,672 -363Exchange difference 965 1,074Fair value of plan assets at the end of the period 12,311 15,168A quantitative sensitivity analysis for significant assumptions is shown below:(all amounts in Euro thousands)Year ended 31 December 2022 Year ended 31 December 2021Assumptions1.0% increase 1.0% decrease 1.0% increase 1.0% decreaseImpact on the net defined benefit obligation:Discount rate -1,628 1,878 -1,691 1,930Salary 473 -443 555 -518Health care costs 65 -58 89 -78Impact on the current service costs:Discount rate -81 91 -80 90Salary 112 -101 110 -99Healthcare costs 2 -2 2 -2The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The following payments are expected payments to be made in the future years out of the undiscounted defined benefit plan obligation:(all amounts in Euro thousands)2022 2021Not later than 1 year 4,629 4,451Later than 1 year and not later than 5 years 8,764 8,865Later than 5 years and not later than 10 years 9,423 8,671Beyond 10 years 17,023 17,821Total expected payments 39,839 39,808The components of actuarial losses that re-calculated and recognized immediately in the other comprehensive income for the years ended December 31, 2022 and 2021 are as follows:(all amounts in Euro thousands)2022 2021Due to experience 168 157Due to assumptions (financial) -4,049 -541Due to assumptions (demographic) -306 98Re-measurement losses on DBO -4,187 -286Re-measurement gains on plan assets 2,364 -954Re-measurement losses for the period -1,823 -1,24026. Provisions(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2022cationsfor the yearreversedof discount Utilizeddifferences2022Provisions for restorations a 30,388 -170 2,089 -6,852 1,296 -394 1,224 27,581Insurance reserves b 17,291 - 39,583 - - -37,855 1,030 20,049Provisions for other taxes c 5,284 -432 772 - - -1,536 -1,267 2,821Litigation provisions d 1,882 - 9 -1,079 - -11 -596 205Other provisions e 13,467 432 8,142 -757 - -4,400 -837 16,04768,312 -170 50,595 -8,688 1,296 -44,196 -446 66,703(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2021cationsfor the yearreversedof discount Utilizeddifferences2021Provisions for restorations a 29,689 -1,541 2,305 -1,524 501 -480 1,438 30,388Insurance reserves b 15,106 - 27,561 -1,342 - -25,113 1,079 17,291Provisions for other taxes c 3,391 - 2,041 -178 - -258 288 5,284Litigation provisions d 416 - 1,858 -324 - -80 12 1,882Other provisions e 13,638 - 6,340 -3,277 - -3,682 448 13,46762,240 -1,541 40,105 -6,645 501 -29,613 3,265 68,312(all amounts in Euro thousands)2022 2021Non-current provisions 52,209 56,001Current provisions 14,494 12,31166,703 68,312a. Provisions for restorations are the present value of the estimated costs to reclaim quarry sites and other similar post-closure obligations.. It is expected that the amount of restoration provisions will be used over the next 1 to 50 years.b. Insurance reserves represent the expected cost of claims payments related to risk and workers' compensation claims, in addition to sponsored health insurance costs. In 2022, the Group has elected to present separately additions and utilizations settled during the year. As a result, prior year movements have been adjusted accordingly for comparative purposes. This presentation has had no impact on the opening and closing balances of the insurance reserves.c. Provision of other taxes represents future obligations for taxes such as stamp duties, sales tax, employee payroll tax etc. It is expected that this amount will be fully utilized in the next five years. d. Litigation provisions have been established with respect to claims made against certain companies in the Group by third parties. These claims concern labor compensations, labor cases for previous years' benefits and dues and claims for shares revaluation. It is expected that this amount will be utilized mainly in the next twelve months. e. Other provisions are comprised of amounts relating to risks none of which are individually material to the Group. It is expected that the remaining amounts will be used over the next 1 to 20 years.27. Other non-current liabilities and non-current contract liabilities(all amounts in Euro thousands)2022 2021Government grants 3,284 3,488Liability of long-term incentive plan 7,915 4,223Other non-current liabilities 1,960 5,13813,159 12,849Analysis of Government grants:Non - current 3,284 3,488Current (note 28) 69 693,353 3,557Opening balance 3,557 3,762Amortization (note 29) -204 -205Ending balance 3,353 3,557Government grants relating to capital expenditures are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that the expense is matched to the income received.(all amounts in Euro thousands)2022 2021Deferred Income 1,328 1,692Non-current contract liabilities 1,328 1,69228. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).29. Cash generated from operations(all amounts in Euro thousands)2022 2021Profit after taxes 110,481 91,555Adjustments for:Taxes (note 8) 26,715 16,811Depreciation (note 11) 144,484 130,481Amortization of intangibles (note 14) 8,059 6,205Amortization of government grants received (note 27) -204 -205Impairment of assets (note 11, 13) 23,032 -Net profit on disposals of tangible and intangible assets (note 4) -188 -5,747Provision for impairment of debtors charged to income statement (note 20) 3,974 1,722Cost of inventory obsolescence (note 19) 2,576 -2,167Provision for restoration (note 26a) -3,467 1,282Provision for litigation (note 26d) -1,070 1,534Other provisions (note 26e) 9,113 4,169Provision for retirement and termination benefit obligations (note 25) 7,159 2,093Increase of investment property (note 4) -509 -333Finance income (note 6) -1,345 -1,176Interest expense and related expenses (note 6) 40,488 37,148Losses on financial instruments (note 6) 13,415 22,379Gains from foreign exchange differences (note 6) -7,221 -25,385Losses/(gains) on derivatives 1,861 -3,220Share stock options (note 7) - 886Share in gain of associates and joint ventures (note 15) -1,876 -3,291Hyperinflation adjustments-22,917 -Changes in working capital:Increase in inventories -99,858 -44,848Increase in trade and other receivables -71,509 -52,643Decrease/(increase) in operating long-term receivables and payables 733 -258Increase in trade payables 78,723 53,771Cash generated from operations 260,649 230,763In the cash flow statement, proceeds from the disposals of tangible and intangible assets, and investment property are as follows:Net book amount 5,560 2,947Net gains on disposals (note 4) 188 5,747Net proceeds from disposals 5,748 8,694Operating free cash flow calculation: Cash generated from operations 260,649 230,763Minus payments for intangible assets, property, plant and equipment -241,893 -126,044Operating free cash flow 18,756 104,71930. Contingencies and commitmentsContingent Liabilities (all amounts in Euro thousands)2022 2021Bank guarantee letters 21,657 17,14221,657 17,142A.Privatization cases1.In 2011, two former employees of Beni Suef Cement Company SAE (BSCC) filed an action before the Cairo Administrative Court, seeking the nullification of the privatization of BSCC that took place in 1999, when BSCC was sold to Financiere Lafarge after a public auction, before being subsequently acquired by Titan Group. The Administrative Court of Cairo rejected in 2014 the plaintiffs' claim in connection with BSCC's privatization, however ruled that BSCC was under the obligation to re-instate all employees, the employment of whom had been terminated, including employees who had left BSCC in the framework of voluntary staff reduction programs. Both the plaintiffs and BSCC have appealed the ruling issued by the first instance Court before the Supreme Administrative Court, which on 19 January 2015 suspended the case until the Supreme Constitutional Court of Egypt issues a final ruling on the constitutionality of Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of BSCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.2.In June 2013 another action was filed before the Administrative Court of Cairo, seeking, as in the above case, the nullification of BSCC's privatization. The Administrative Court of Cairo issued on 25 June 2015 a first instance ruling referring the case to the Investment Circuit no. 7, which subsequently referred the case to the commissioners' panel where no hearing date has been scheduled until now. The view of BSCC's lawyers is that the action is devoid of any legal or factual ground.3.In 2012, an ex-employee of Alexandria Portland Cement Company SAE (APCC) brought an action before the Administrative Court of Alexandria against the President of the Republic of Egypt, the Prime Minister, the Minister of Investments, the Minister of Industry, the Governor of Alexandria, the Manager of the Mines and Salinas Project in Alexandria and the Manager of the Mines and Quarries Department in Alexandria (but not against APCC), seeking the nullification of the privatization of APCC through its sale in 1999 to Blue Circle Cement Group, before APCC was subsequently acquired by Titan Group. The claim was suspended by the Administrative Court of Alexandria initially till the Supreme Constitutional Court of Egypt rules on the constitutionality of the above Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.4.In May 2013, a new action was filed by three ex-employees of APCC seeking, as in the above case, the nullification of the sale of APCC to Blue Circle Cement Group. The case has been repeatedly adjourned and, as in the above cases, no judgment will be handed down from the competent Administrative Court until the Supreme Constitutional Court of Egypt decides on the constitutionality of Law no. 32/ 2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.Note: On February 26, 2023, the Administrative Court of Cairo released three rulings in the cases under points 2, 3 and 4 hereinabove, thereby rejecting the claimants\u2019 actions and holding in favor of the validity of the privatization sales of BSCC and APCC. The full text of the Court rulings has not been issued yet. In any case, these rulings are subject to appeal before the High Administrative Supreme Court. However, the companies\u2019 lawyers consider that such appeals would have limited chances of success, following the issuance of the Constitutional court\u2019s decision mentioned herein above.B.Other cases1. In 2007, BSCC obtained the license for the construction of a second production line at the company's plant in Beni Suef through a bidding process run by the Egyptian Trading and Industrial Authority (IDA) for a license fee of EGP 134.5 million. IDA subsequently unilaterally raised the license fee to EGP 251 million. In October 2008 BSCC filed a case before the Administrative Court challenging the price increase and requesting the license price to be set at EGP 500, or, alternatively, that the price be set at EGP 134.5 million, as had been originally determined through the bidding process. The Administrative Court dismissed BSCC's action and BSCC filed an appeal before the High Administrative Court in June 2018. Until today, no appeal hearing has been scheduled.BSCC has also lodged an action against IDA requesting the calculation of the payable interest, which is accruing on the EGP 251 million fee that IDA is claiming, on the basis of the legal interest of 4% per annum and not on the basis of the CBE interest (varying from 9% to 19%} as calculated by IDA.In June 2018, BSCC and IDA entered into an agreement, pursuant to which BSCC paid to IDA the amount of EGP 251 million for the value of the license plus the amount of EGP 24.9 million as down payment for interest, calculated on the basis of the CBE interest. Moreover, BSCC has already fully paid in 2018 and 2019 the remaining amount of interest amounting to EGP 240.3 million, under the express agreement that, in case the Egyptian Courts accept the appeal of BSCC on the value of the license and/or the action of BSCC on the calculation of the payable interest, IDA will pay back to BSCC the relevant amounts. The view of BSCC's lawyers is that there is high probability that the High Administrative Court will adopt the price of EGP 134.5 million for the license. Likewise, the view of BSCC's lawyers is that there is very high probability that BSCC's action on the calculation of the payable interest will be accepted by the Court.BSCC recorded an increase of intangible assets amounted to EGP 251 million, in order to recognize the license claimed by IDA. In 2019, recognised additionally as capital expenditure the amount of EGP 166.6 million, that represented interest asked by IDA. The total amount recognised in intangible assets as license for the construction of a second production line at the company's plant is EGP 417.6 million and the total amount of interest expenses, that it was charged in 2018 income statement, amounted to EGP 98.7 million.Contingent tax assets and liabilitiesDuring 2022, the Group's subsidiary in Kosovo, Sharrcem SH.P.K. (Sharrcem), has filed before the Administrative Court of Pristina an appeal against the tax authorities seeking the annulment of an act made in relation to its tax declarations of 2016 and 2017. Sharrcem's management together with the external legal experts engaged, have assessed the case as highly likely to be ruled in Sharrcem\u2019s favor, in which case the claimed amount of \u20ac456 thousand will be reimbursed to Sharrcem. The financial years, referred to in note 37, have not been audited by the tax authorities and therefore the tax obligations of the Company and its subsidiaries for those years have not yet been finalized.Contingent assets(all amounts in Euro thousands)2022 2021Bank guarantee letters for securing trade receivables (note 20) 25,418 22,350Other collaterals against trade receivables (note 20) 7,054 7,09932,472 29,449Collaterals against other receivables 2,358 4,44234,830 33,891Commitments Capital commitments Capital commitments contracted for at the balance sheet date but not recognized in the financial statements are as follows: (all amounts in Euro thousands)2022 2021Property, plant and equipment 5,197 713Purchase commitments (all amounts in Euro thousands)2022 20211,286 1,026In addition to the aforementioned purchase commitments, the Group's subsidiary in USA, Titan America LLC (TALLC), has entered into various contracts to purchase raw materials and manufacturing supplies. Specifically, TALLC entered into a multi-year agreement to purchase construction aggregates in Florida at prevailing market prices. Moreover, TALLC has entered into a take-or-pay natural gas agreement with a local utility that requires TALLC to pay the utility $11,6 million over a maximum period of 6 years beginning November 1, 2020. This agreement requires minimum cumulative payments equal to $1,935 thousand per contract year until the full contract has been met. As of November 2022, TALLC had met the minimum cumulative payment requirement. On 31.12.2022, TALLC had paid \u20ac5,116 thousand (31.12.2021: \u20ac2,141 thousand) cumulatively under the agreement.In conjunction with the aforementioned take-or-pay natural gas agreement, TALLC also entered into capacity supply agreements with a natural gas marketer annually since 2020. On 31.12.2022, there are 3,040,000 MMBtus of committed capacity remaining through October 2023. Pricing under the capacity contract is based on the front-month Florida Gas Transmission Zone 3 natural gas price settlements, plus a variable basis component.31. Related party transactionsThe Group may enter into various transactions with related parties. During 2022 and 2021, the Group did not record material transactions with related parties. Directors2022 2021Executive members on the Board of Directors 6 6Non-executive members on the Board of Directors 10 9Key management compensation2022 2021Short-term employee benefits 6,822 5,864Share-based payments 1,342 1,418Post-employment benefits 283 2648,447 7,546In 2022, the Group replaced the information for share-based payments by providing the expenses incurred by the Group, rather than the benefit to be received by the key management. The comparative figures were adjusted accordingly. 32. Borrowings(all amounts in Euro thousands)2022 2021CurrentBank borrowings 32,736 30,997Bank borrowings in non euro currency 83,227 52,517Interest payable 6,533 5,728122,496 89,242Non-currentBank borrowings 65,618 30,863Bank borrowings in non euro currency 42,208 14,241Debentures 596,995 596,357704,821 641,461Total borrowings 827,317 730,703Maturity of non-current borrowings:2022 2021Between 1 and 2 years 358,456 4,517Between 2 and 3 years 62,825 357,455Between 3 and 4 years 28,895 1,774Between 4 and 5 years 254,645 27,967Over 5 years - 249,748704,821 641,461In July 2022, Titan Cement Company S.A. issued a bond purchase agreement of principal amount up to \u20ac120 million divided into 120 bearer bonds for a three-year period. The Greek bank, which is acting as paying agent and bondholder agent, holds \u20ac60 million bonds and the remaining \u20ac60 million are held by Titan Global Finance Plc.The weighted average effective interest rates that affect the Income Statement are as follows:2022 2021Borrowings (\u20ac) 2.51 % 2.59 %Borrowings (USD) 3 . 7 5 % 2.88 %Borrowings (LEK) 3.39 % 3.31 %Borrowings (EGP) 15.37 % 10.75 %Borrowings (TRY) 22.77 % 20.38 %The Group has the following undrawn borrowing facilities(all amounts in Euro thousands)2022 2021Floating rate: - Expiring within one year 120,551 167,314 - Expiring beyond one year 209,443 188,87633. LeasesGroup as a lesseeThe Group has various lease contracts for offices, terminals, machinery, vehicles, computer hardware and other equipment. Rental contracts are typically made for fixed periods of 1 to 30 years, but may have extension or termination options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. There are leases with fixed increases and others where the increase is based on changes in price indices.The consolidated statement of financial position includes the following balances related to lease contracts:Balances of right-of-use assets (note 11)(all amounts in Euro thousands)2022 2021Land 11,248 11,771Buildings 25,079 19,420Plant & equipment 630 17,268Motor vehicle 32,717 6,356Office furniture, fixtures and equipment 1 369,675 54,818Balances of lease liabilities(all amounts in Euro thousands)2022 2021Long-term lease liabilities 58,777 46,004Short-term lease liabilities 16,870 16,37875,647 62,382The maturity analysis of lease liabilities is disclosed in note 35.The following amounts that related to leases are recognized in the consolidated income statement:(all amounts in Euro thousands)2022 2021Depreciation charge of ROU assets (note 11) 15,271 13,964Interest expense (included in finance cost) 2,847 2,528Expense relating to short-term leases 13,580 11,667Expense relating to low-value leases that are not shown as short-term leases 506 285Expenses relating to variable lease payments not included in lease liabilities 1,156 887The total cash outflow for the leases in 2022 was \u20ac34,125 thousand (2021: \u20ac31,676 thousand).Expenses relating to short-term leases and total cash outflow for leases have been adjusted in 2021 for comparative purposes. The adjustments had no impact on the primary consolidated financial statements.Extension and termination optionsIn determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise extension options and the extension options are only included in the lease term if the lease is reasonably certain to be extended. Extension option which are reasonably certain to be exercised mainly concern assets which are of strategic importance for the operations of the Group and are not easily replaceable, without incurring significant relocation costs and disruption of the business such as terminals, ready-mix sites and heavy equipment. The assessment of reasonably certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and is within the control of the lessee.On 31.12.2022, the undiscounted potential future cash flows of \u20ac30,170 thousand (31.12.2021: \u20ac34,333 thousand) were not included in the lease liability, as it is not reasonably certain that the leases will be extended. The timing of these payments would be as follows:(all amounts in Euro thousands)2022 2021Within 10 years7,833 4,884From 10 to 20 years18,506 19,921In more than 20 years3,831 9,52830,170 34,333Discount rateThe lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for the leases in the Group, the lessee's incremental borrowing rate (IBR) is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms and conditions. In order to determine IBR, the Group usually uses third party financing that it is received by the individual lessee and makes adjustments to reflect changes in financing conditions, since third party financing was received. Also, it makes judgements specific to the lease, such as term, country, currency and security.34. Changes in liabilities arising from financing activities(all amounts in Euro thousands)Long-term Short-term Derivatives* and borrowingsborrowings Lease liabilitiesinterim settlements TotalYear ended 31 December 2021Opening balance 628,172 205,656 57,015 -2,534 888,309Cash flows from financing activities 12,653 -152,177 -16,309 -19,441 -175,274Acquisition of leases - - 17,973 - 17,973Changes in fair value - - - 22,379 22,379Transfer among financial liabilities -322 322 - - -Charged in the finance expenses 1,758 35,841 - - 37,599Cash flow hedge - - - -1,370 -1,370Currency translation differences on transactions designated as part of net investment in foreign operation -4,557 -1,150 - - -5,707Exchange differences 3,757 750 3,703 -23 8,187Ending balance 641,461 89,242 62,382 -989 792,096Year ended 31 December 2022Opening balance 641,461 89,242 62,382 -989 792,096Cash flows from financing activities 68,356 -7,201 -16,036 11,322 56,441Acquisition of leases - - 27,432 - 27,432Changes in fair value - - - 13,415 13,415Charged in the finance expenses 1,231 38,646 - - 39,877Cash flow hedge - - - -24,484 -24,484Currency translation differences on transactions designated as part of net investment in foreign operation 8,913 - - - 8,913Exchange differences -15,140 1,809 1,869 360 -11,102Ending balance 704,821 122,496 75,647 -376 902,588* Derivatives of financing activities35. Financial risk management objectives and policiesFinancial Risk FactorsThe Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior management oversees the management of these risks.The Group's senior management is supported by the Group finance, the treasury and the risk committee that advise on risks and the appropriate risk governance framework for the Group. The risk committee provides assurance to the Group's senior management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams and treasury that have the appropriate skills, experience and supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume in achieving its strategic objectives.The Group has the following derivative financial instruments in the following line items in the statement of financial position:(all amounts in Euro thousands)31/12/2022 31/12/2021Non-current assetsInterest rate swap - cash flow hedges - 2,488Interest rate swap - trading derivatives 3,479 -3,479 2,488Current assetsForward freight agreements - trading derivatives - 1,715Forwards - trading derivatives 3,601 -3,601 1,715Non-current liabilitiesCross currency swaps - trading derivatives 12,103 6,18512,103 6,185Current liabilitiesNatural gas forwards - cash flow hedges 2,747 1,084Energy swap - trading derivatives 458 27Bunkering swap - trading derivatives 1 -Forward freight agreements - trading derivatives 1,481 -Forwards - trading derivatives - 3,290Cross currency swaps - trading derivatives 4,957 4,3419,644 8,742Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. However, where derivatives do not meet the hedge accounting criteria, or the Group chooses not to designate a hedging relationship between a derivative and a hedged item, they are classified as trading derivatives for accounting purposes and are accounted for at fair value through profit or loss.The next table shows the gross amounts of the aforementioned derivative financial instruments in relation with their interim settlement, that is received or paid, as they are presenting in the statements of financial position as at 31.12.2022 and 31.12.2021, in order to summarize the total net position of the Group.(all amounts in Euro thousands)Net position - Asset /(Liability) Interim settlement of Fair value of derivativesderivatives Net balanceBalance at 31 December 2022Forwards - expired in 2023 3,601 -2,822 779Energy swap - expired in 2023 -458 - -458Natural gas forwards - expired in 2023 -2,747 1,670 -1,077Forward freight agreements - expired in 2023 -1,481 2,548 1,067Bunkering swap - expired in 2023 -1 1 -Cross currency swaps - expired in 2024 -17,060 19,375 2,315Interest rate swaps - expired in 2025 3,479 -3,450 29-14,667 17,322 2,655Balance at 31 December 2021Forwards - expired in 2022 -3,290 3,754 464Energy swap - expired in 2022 -27 - -27Natural gas forwards - expired in 2022 -1,084 - -1,084Forward freight agreements - expired in 2022 1,715 794 2,509Interest rate swap - expired in 2023 2,488 -1,070 1,418Cross currency swaps - expired in 2024 -10,526 10,716 190-10,724 14,194 3,470a) Market riskMarket risk comprises three main types of risk: currency risk, price risk, such as commodity risk and interest rate risk.Currency riskThe Group operates internationally and is exposed to foreign exchange risk (FX). Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group entity and international investments. Currency risks are managed using natural hedges, FX derivatives/swaps and FX forwards. Borrowings denominated in the same currency as the assets that are being financed and these create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk. However, part of the financing of Group activities in the USA, Albania and other countries in which Group's subsidiaries are operating is in different currencies (i.e. Euro) than their functional ones. Their refinancing in local currencies, along with FX hedging transactions, are examined at regular intervals.The table below shows the financing of Group activities in Euro for Group subsidiaries with functional currencies of:(all amounts expressed in Euro thousands)2022 2021USD 272,800 302,800LEK 46,725 49,923TRY 12,322 5,190MKD 4,500 -EGP 27,921 -The total borrowing exposure of \u20ac272.8 million in USA is hedged with derivatives that are classified as trading.Specifically, in August 2018, Titan America LLC (TALLC) entered into cross currency interest rate swap agreements (CCSs) that expire in November 2024. The derivatives hedge the interest payments and the foreign currency exposure created by the \u20ac150 million 7-year, fixed rate loan that TALLC borrowed from TGF in December 2017. During 2022, these CCSs resulted in a loss of \u20ac8.2 million that was recording in the \"loss from foreign exchange differences\" and a gain of \u20ac2.7 million that was recording in the \"finance income\" of the consolidated income statement.Moreover, TALLC entered into various short-term forward contracts during the year 2022, in order to hedge foreign currency risk arising from financial liabilities in Euro. Particularly, TALLC has roll-overed the hedges of EUR/USD forward contracts of \u20ac122.8 million loan agreements (2021: \u20ac152.8 million) with maturities in April and June of 2023. During 2022, these contracts resulted in a total loss of \u20ac11.4 million that was recording in the account of \"loss from foreign exchange differences\" in the consolidated income statement.In 2022, the aggregate net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac12.4 million (2021: \u20ac73 thousand) and they are analyzed further into net exchange gains of \u20ac7.2 million (2021: gains of \u20ac25.4 million) and fair value losses on derivatives of \u20ac19.6 million (2021: losses of \u20ac25.5 million) (note 6).Also, the Group recognized exchange losses on translation of foreign operations of \u20ac18.7 million in the consolidated statement of comprehensive income, mainly due to euro depreciation against US dollars (gain of \u20ac27.0 million), Brazilian real (gain of \u20ac10.7 million) and Albanian LEK (gain of \u20ac4.6 million), in addition with euro appreciation against Egyptian pound (loss of \u20ac81.1 million) and Turkish lira (loss of \u20ac25.5 million). Furthermore, a gain of \u20ac46.1 million was recognized in exchange (losses)/gains on translation of foreign operations in other comprehensive income, as a result of the indexation of Turkish subsidiaries' equity due to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies (note 1).The exchange gains on translation of foreign operations for the prior year amounted to \u20ac6.6 million and they were mainly due to euro depreciation against US dollar (gain of \u20ac37.2 million), Egyptian pound (gain of \u20ac10.1 million) and Albanian LEK (gain of \u20ac1.7 million), in addition with euro appreciation against Turkish lira (loss of \u20ac43.6 million). Sensitivity analysis in foreign exchange rate changes The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the US\u0391 Dollar, Serbian Dinar, Egyptian Pound, British Pound, Turkish Lira, Albanian Lek and Brazilian Real floating exchange rates, with all other variables held constant.The calculation of \"Effect on Profit before tax\" is based on year average FX rates and the calculation of \"Effect on Equity\" is based on year end FX rate changes.(all amounts in Euro thousands)Increase/ Decrease of Effect on Profit Before Foreign CurrencyEffect on equityForeign Currency vs. \u20acTax5% 4,176 30,097USD-5% -3,778 -27,2305% 1,194 1,726RSD-5% -1,080 -1,5625% -422 8,793EGP-5% 381 -7,9565% 138 519Year ended 31 December 2022GBP-5% -125 -4705% 48 5,472TRY-5% -44 -4,9505% 761 4,970ALL-5% -689 -4,4975% 34 6,937BRL-5% -31 -6,2765% 3,694 25,400USD-5% -3,342 -22,9815% 1,024 1,424RSD-5% -926 -1,2885% -562 13,824EGP-5% 508 -12,5075% 152 434Year ended 31 December 2021GBP-5% -137 -3935% -399 2,464TRY-5% 361 -2,2305% 522 4,080ALL-5% -472 -3,6925% 139 6,078BRL-5% -126 -5,499Price riskThe Group is exposed to the price volatility of electricity, fuel costs, freight rates or other transportation costs, and the cost of raw materials that constitute the most important elements of the Group\u2019s cost base. During 2022, the Group entered into the following derivatives in order to hedge its exposure price to changes of natural gas, coal, electricity and freights:1) In 2021 and 2022, Titan America LLC (TALLC) entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2022. The total notional amount of the swap contract was 2,790,000 MMBtus and its termination date was on 28.11.2022. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas and the swap contracts. During 2022, TALLC reclassified the amount of \u20ac5.8 million (2021: \u20ac1.7 million for a related relationship) associated with the monthly settlements from cash flow hedge reserve to cost of sales, while it recognized no ineffectiveness in the income statement.2) In 2022, TALLC entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2023. The total notional amount of the swap contracts was 2,940,000 MMBtus and their final termination date is 28.11.2023. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas during 2023 and the swap contracts. Due to coincidence of economic terms, no ineffectiveness is anticipated in this hedge relationship and none was recognized in the consolidated income statement during 2022. Furthermore, no amount related to this relationship reclassified to the income statement in 2022. On 31.12.2022, TALLC, and consequently the Group, recognized a fair value loss of \u20ac2.1 million in equity as a 'hedging reserve from cash flow hedges\". 3) In 2022, TALLC entered into a series of bunkering swaps (marine fuel oil 0.5% FOB Barge Rotterdam) in order to fix a portion of marine oil costs during 2023. The total notional amount of the swaps is 2,400 Mt, the final termination date is 30.9.2023 and the derivative is classified as trading. On 31.12.2022, the recognized loss of \u20ac1 thousand was included in the \"cost of sales\" of the consolidated income statement.4) Zlatna Panega Cement AD entered into a energy swap agreement in December 2021 in order to fix a portion of (API2) coal cost. The derivative, which was classified as trading, expired in November 2022 and during the year a gain amounted to \u20ac1.1 million (2021: loss of \u20ac0,03 million) was recognized in the \"cost of sales\" of the consolidated income statement. 5) Antea Cement SH.A, Sharrcem SH. P.K.and Cementarnica Usje AD Skopje entered into energy swap agreements in December 2022 in order to fix a portion of electricity cost (Hungarian Baseload Power / Argus) for the second and third quarter of 2023. The derivatives were classified as trading and at the end of December they recorded a total loss of \u20ac0.5 million that was also recognized in the \"cost of sales\" of the consolidated income statement. 6) Arresa Marine Co entered into various forwards freight agreements (FFAs) during 2022 and various expirations dates in 2022 and 2023 in order to partially hedge price fluctuations of freight cost. The FFAs were classified as trading derivatives and their total loss during 2022 of \u20ac2.5 million (2021: gain of \u20ac3.2 million) was recognized in the \"cost of sales\" of the consolidated income statement.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates.The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements. Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the Group\u2019s borrowings.On 31 December 2022, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross currency swaps and interest rate swaps, stood at 87%/13% (31 December 2021: 88%/12%). Interest rate trends and the duration of the Group\u2019s financing needs are monitored on a forward looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt are taken on an ad-hoc basis. In June 2021, Titan Global Finance (TGF) entered into a forward starting interest rate swap (IRS) agreement in order to partially hedge the risk of the increased future mid swap rate from a highly probable future debt issuance. At the inception of the agreement, TGF designated a cash flow hedge relationship between the IRS and the highly probable future debt issuance by formal documentation. The forward starting fixed-for-floating EURIBOR-based 5-year interest rate swap with a notional amount of \u20ac250 million and forward period up to October 2023 is designated as the hedging instrument for a 100% hedge of the future interest payments arising from the highly probable forecasted debt issuance in 2023. Due to coincidence of economic terms, no ineffectiveness is anticipated in the aforementioned hedge relationship. The only potential sources of inefficiency that could result are due to changes in the credit risk of the counterparties, or, in case, the hedged forecast transaction does not (or is no longer expected to) occur in the amounts, tenor or at the date anticipated that are not expected. During 2022, TGF terminated the forward starting IRS and succeeded to lock in a total gain of \u20ac29 million that will be recycled to the income statements over the five years offsetting the actual interest payments of the future fixed-rate debt of \u20ac250 million. The gain that was recognized in the current year's consolidated statement of other comprehensive income for the aforementioned derivative was \u20ac26.5 million (2021: \u20ac2.5 million).In May 2022, considering the high inflation and the increasing interest rates in U.S.A. market, Titan America LLC (TALLC) entered into a fixed to floating interest rate swaps (IRSs) to hedge the risk of the increased floating interest rates of its short-term dollar debt and to protect the future fluctuations in finance expense. The fixed-for-floating IRS with a notional amount of USD 100 million hedges the daily compounded SOFR on a quarterly basis for a 3-year period. On 31.12.2022, the fair value IRSs resulted in a gain of \u20ac3.5 million that was recording in the account of \"finance income\" in the consolidated income statement.The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the sensitivity analysis table below:Sensitivity analysis of Group's borrowings due to interest rate changes(all amounts in Euro thousands)Interest rate Effect on profit before variationtax(+/-) (-/+)EUR 1 . 0 % 911USD 1 . 0 % -EGP 1 . 0 % 50Year ended 31 December 2022ALL 1 . 0 % 203TRY 1 . 0 % 10BGN 1 . 0 % 9EUR 1 . 0 % 283USD 1 . 0 % 337Year ended 31 December 2021EGP 1 . 0 % -ALL 1 . 0 % 248TRY 1 . 0 % 54Note: Table above excludes the positive impact of interest received from deposits.b) Liquidity riskThe Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as the management of liquid assets.The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2022 & 2021 based on contractual undiscounted payments.(all amounts in Euro thousands)Year ended at December 31 2022< 1 month 1 to 6 months 6 to 12 months 1 to 5 years >5years TotalBorrowings 7,181 46,279 85,411 758,355 - 897,226Lease liabilities (note 33) 1,291 6,674 7,841 42,179 25,626 83,611Derivative financial instruments - - 4,687 17,060 - 21,747Payables from interim settlement of derivatives - 2,822 - 3,450 - 6,272Other non-current liabilities - - - 1,960 - 1,960Trade and other payables 208,287 153,103 4,541 - - 365,931216,759 208,878 102,480 823,004 25,626 1,376,747Year ended at December 31 2021Borrowings 10,130 54,373 40,988 443,470 256,875 805,836Lease liabilities (note 33) 1,245 7,687 6,754 34,069 22,078 71,833Derivative financial instruments 1,398 1,893 5,451 6,185 - 14,927Payables from interim settlement of derivatives - - - 1,070 - 1,070Other non-current liabilities - - - 5,138 - 5,138Trade and other payables 177,289 91,258 16,729 - - 285,276190,062 155,211 69,922 489,932 278,953 1,184,080c) Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its operations and maximize shareholder value.The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between total liabilities and total equity as well as net debt and earnings before interest, taxes, depreciation, amortization and impairment (EBITDA). Titan's policy is to maintain leverage ratios in line with an investment grade profile. The Group includes within net debt, interest bearing loans, borrowings and lease liabilities, less cash and cash equivalents.(all amounts in Euro thousands)2022 2021Long-term borrowings (note 32) 704,821 641,461Long-term lease liabilities (note 33) 58,777 46,004Short-term borrowings (note 32) 122,496 89,242Short-term lease liabilities (note 33) 16,870 16,378Debt 902,964 793,085Less: cash and cash equivalents (note 21) 105,703 79,882Net Debt 797,261 713,203Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 331,202 275,209Total liabilities 1,570,025 1,341,755Total equity 1,424,274 1,336,88636. Financial instruments and fair value measurementSet out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments. (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.(all amounts in Euro thousands)Fair valueFair value hierarchy2022 2021Assets Investment property 11,240 10,980 Level 3Other financial assets at fair value through profit and loss 1,640 260 Level 3Derivative financial instruments 7,080 4,203 Level 2Receivables from interim settlement of derivatives 23,594 15,264 Level 2LiabilitiesLong-term borrowings 567,796 614,391 Level 2Long-term borrowings 107,731 45,287 Level 3Short-term borrowings 122,496 89,242 Level 3Derivative financial instruments 21,747 14,927 Level 2Payables from interim settlement of derivatives 6,272 1,070 Level 2There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during 2022.The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:For long and short term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Specifically, they are used quoted market prices, or dealer quotes for the specific or similar instruments.For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-current borrowings in level 3 are based on discounted cash flows using a borrowing rate that is prevailed in current market condition.Level 2 derivative financial instruments comprise fx forwards, cross currency interest rate swaps, interest rate swaps, natural gas forwards, forward freight agreement, electricity swap, marine oil swaps and energy swaps. \u03a4he Group use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active market, d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market, e) Coal API2 cif ARA (Argus /McCloskey) future prices that are quoted in the active market, f) Hungarian Baseload Power (Argus European Electricity) future prices that are quoted in the active market and g) marine fuel oil 0.5% fob Barge Rotterdam (Platts) future prices that are quoted in the active market.Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.37. Fiscal years unaudited by tax authorities(1)\u03a4itan Cement Company S.A 2017-2022 Stari Silo Company DOO 2008-2022(1)Albacem S.A. 2017-2022 Cementara Kosjeric AD 2017-2022(1)Interbeton Construction Materials S.A. 2017-2022 TCK Montenegro DOO 2007-2022(1)Intertitan Trading International S.A. 2017-2022 Double W & Co OOD 2018-2022(1)Vahou Quarries S.A. 2017-2022 Granitoid AD 2007-2022(1)Gournon Quarries S.A. 2017-2022 Gravel & Sand PIT AD 2005-2022(1)Quarries of Tagaradon Community S.A. 2017-2022 Zlatna Panega Beton EOOD 2008-2016(1)Aitolika Quarries S.A. 2017-2022 Zlatna Panega Cement AD 2010-2022(1)Sigma Beton S.A. 2017-2022 Titan Investment EAD 2017-2019(1)Titan Atlantic Cement Industrial and Commercial S.A. 2017-2022 Cement Plus LTD 2014-2022(1)Titan Cement International Trading S.A. 2017-2022 Rudmak DOOEL 2006-2022Titan Cement International S.A. 2019-2022 Esha Material LLC 2016-2022Aemos Cement Ltd 2012-2018 Esha Material DOOEL 2016-2022Alvacim Ltd 2015-2022 ID Kompani DOOEL 2015-2022Iapetos Ltd 2014-2022 Opalit DOOEL 2019-2022Themis Holdings Ltd 2019-2022 Usje Cementarnica AD 2020-2022Feronia Holding Ltd 2019-2022 Titan Cement Netherlands BV 2010-2022Vesa DOOL 2006-2022 Alba Cemento Italia, SHPK 2017-2022Trojan Cem EOOD 2010-2022 Antea Cement SHA 2020-2022(2)Titan Global Finance PLC 2021-2022 Sharr Beteiligungs GmbH 2014-2022Salentijn Properties1 B.V. 2007-2022 Kosovo Construction Materials L.L.C. 2010-2022Titan Cement Cyprus Limited 2017-2022 Sharrcem SH.P.K. 2017-2022KOCEM Limited 2019-2022 Alexandria Development Co.Ltd 2019-2022Fintitan SRL 2015-2022 Alexandria Portland Cement Co. S.A.E 2019-2022Cementi Crotone S.R.L. 2015-2022 Beni Suef Cement Co.S.A.E. 2019-2022Cementi ANTEA SRL 2017-2022 East Cement Trade Ltd 2019-2022Colombus Properties B.V. 2010-2022 Titan Beton & Aggregate Egypt LLC 2015-2022Brazcem Participacoes S.A. 2016-2022 Titan Eastmed Investments Ltd 2019-2022Adocim Cimento Beton Sanayi ve Ticaret A.S. 2022 Green Alternative Energy Assets EAD 2012-2022Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S. 2022 GAEA Zelena Alternative Enerjia DOOEL 2013-2022Aeas Netherlands B.V. 2010-2020 GAEA Enerjia Alternative e Gjelber Sh.p.k. 2017-2022Titan Cement U.K. Ltd 2015-2022 GAEA -Green Alternative Energy Assets 2016-2022(3)\u03a4itan \u0391merica LLC 2019-2022(4)Arresa Marine Co -Separation Technologies Canada Ltd 2018-2022 Tithys Holdings Limited 2020-2022MILLCO-PCM DOOEL 2016-2022 Rea Cement Investments Limited 2021-2022(1) For the fiscal years 2017-2021 Certified Auditors Accountants tax audited the above companies and issued tax certificates without qualifications, according to the article 65A, par. 1 of L. 4174/2013.(2) As per UK tax legislation, HMRC could address any enquiry only for the years 2021 \u2013 2022 which remain open to enquiry without the need for a discovery assessment.(3) Companies operating in the U.S.A. are incorporated in the Titan America LLC subgroup (note 16).(4) Under special tax status.38. Events after the reporting periodIn early 2023, the Group took a participation in \u00abAegean Perlites\u00bb, a company operating perlite and pozzolan quarries on the Greek island of Yali, thereby gaining direct access to a key raw material which will allow the enlargement of the Group\u2019s offering of low-carbon cementitious products and securing the long term pozzolan sourcing needs of the Group.",
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"value": "The yearly 2022 audit fees for the statutory accounts of the Company were set at \u20ac125,756 (plus VAT and out of pocket expenses) (\u20ac117,200 in 2021). The audit fees for the Group and statutory audit of the Company\u2019s subsidiaries and affiliates in 2022 amount to \u20ac1,509,208 (\u20ac1,397,795 in 2021).Non-audit fees (for the Company, subsidiaries and affiliates) paid or accrued in 2022 amount to \u20ac502,521 (\u20ac187,116 in 2021) and include: \u2022 Audit-related fees (assurance services for the Company, its subsidiaries and affiliates) \u20ac243,122 (\u20ac168,055 in 2021);\u2022 Tax advisory, other advisory and compliance services \u20ac259,399 (\u20ac19,061 in 2021).",
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"pp-value-4-2": {
"value": "1. Corporate information and summary of significant accounting policiesTITAN Cement International S.A.(the Company or TCI) is a soci\u00e9t\u00e9 anonyme incorporated under the laws of Belgium. The Company\u2019s corporate registration number is 0699.936.657 and its registered address isRue de la Loi 23, 7th floor, box 4, 1040 Brussels,Belgium,while it has established a place of business in the Republic of Cyprus in the address Andrea Zakou 12 & Michail Paridi str, MC Building, 2404 Egkomi, Nicosia, Cyprus.The Company\u2019s shares are traded on Euronext Brussels, with a parallel listing on Athens Stock exchange and Euronext Paris.The Company and its subsidiaries (collectively the Group) are engaged in the production, trade and distribution of a wide range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash.The Group operates primarily in Greece, the Balkans, Egypt, Turkey, the USA and Brazil.Information on the Group\u2019s structure is provided in note 16.These consolidated financial statements were authorized for issue by the Board of Directors on 30 March 2023.Summary of significant accounting policiesThe principal accounting policies adopted in the preparation of these financial statements are set out below:The official language of these consolidated financial statements is French. They are presented in euros, all values are rounded to the nearest thousand (\u20ac000), except when otherwise indicated, and the financial period is the calendar year starting on 1 January 2022 and ending on 31 December 2022.Functional and presentation currencyItems included in the financial statements of each entity in the Group are measured in the functional currency, which is the currency of the primary economic environment in which each Group entity operates. The consolidated financial statements are presented in Euros.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"pp-value-4-3": {
"value": "1. Corporate information and summary of significant accounting policiesTITAN Cement International S.A.(the Company or TCI) is a soci\u00e9t\u00e9 anonyme incorporated under the laws of Belgium. The Company\u2019s corporate registration number is 0699.936.657 and its registered address isRue de la Loi 23, 7th floor, box 4, 1040 Brussels,Belgium,while it has established a place of business in the Republic of Cyprus in the address Andrea Zakou 12 & Michail Paridi str, MC Building, 2404 Egkomi, Nicosia, Cyprus.The Company\u2019s shares are traded on Euronext Brussels, with a parallel listing on Athens Stock exchange and Euronext Paris.The Company and its subsidiaries (collectively the Group) are engaged in the production, trade and distribution of a wide range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash.The Group operates primarily in Greece, the Balkans, Egypt, Turkey, the USA and Brazil.Information on the Group\u2019s structure is provided in note 16.These consolidated financial statements were authorized for issue by the Board of Directors on 30 March 2023.Summary of significant accounting policiesThe principal accounting policies adopted in the preparation of these financial statements are set out below:1.1 Basis of preparationThese consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and interpretations (IFRIC) issued by the IFRS Interpretations Committee.The preparation of financial statements, in conformity with IFRS, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in significant accounting estimates and judgments in note 2. They have also been prepared on historical cost basis, except for investment properties, certain financial assets and liabilities (including derivative instruments) and plan assets of defined benefit pension plans measured at fair value. The official language of these consolidated financial statements is French. They are presented in euros, all values are rounded to the nearest thousand (\u20ac000), except when otherwise indicated, and the financial period is the calendar year starting on 1 January 2022 and ending on 31 December 2022. In addition, they have been prepared with the same accounting policies of the prior financial year, except for the application of the IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d and the new or revised standards, amendments and/or interpretations that are mandatory for the periods beginning on or after 1 January 2022.1.1.1 Application of IAS 29 - Hyperinflation in TurkeyThe Turkish economy is considered as hyperinflationary from June 2022. As a result, IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied to the Group subsidiaries (Adocim Cimento Beton Sanayi ve Ticaret A.S. and Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S.), whose functional currency is the Turkish Lira, and they prepare financial statements based on a historical cost approach. IAS 29 requires to report the results of the Group\u2019s operations in Turkey, as if these were highly inflationary as of 1 January 2022. Specifically, IAS 29 requires: \u2022 Adjustment of historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial recognition to the end of the reporting date; \u2022 Non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of the reporting period;\u2022 Adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and \u2022 Recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted for inflation and then translated into euros. Prior year comparatives have not been restated for hyperinflation in the consolidated financial statements. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its opening balance on 01.01.2022 was recognised in equity. Any difference from the ongoing application of re-translation to closing exchange rates and hyperinflation adjustments will be recognised in other comprehensive income. In the consolidated income statement ended on 31.12.2022, the Group recognized a total gain on net monetary position of \u20ac26.3 mil. in net finance cost.On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price index published by TurkStat (TUIK). The conversion coefficient was 1,128.45 and 686.95 on 31.12.2022 and 31.12.2021 respectively.1.1.2 The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union:Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). The package of amendments includes narrow-scope amendments to three Standards as well as the Board\u2019s Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards.\u2022 Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.\u2022 Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.\u2022 Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The amendments extend, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. In particular, the amendment permits a lessee to apply the practical expedient regarding COVID-19-related rent concessions to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022 (rather than only payments originally due on or before 30 June 2021). The amendment is effective for annual reporting periods beginning on or after 1 April 2021 (earlier application permitted, including in financial statements not yet authorised for issue at the date the amendment is issued).1.1.3 The following new amendments have been issued, is not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union:Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The IAS 1 amendment requires companies to disclose their material accounting policy information rather than their significant accounting policies. Further, the amendment to IAS 1 clarifies that immaterial accounting policy information need not be disclosed. To support this amendment, the Board also amended IFRS Practice Statement 2, \u2018Making Materiality Judgements\u2019, to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023).The amendment to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019, clarifies how companies should distinguish changesin accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023).The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The main change in the amendments is an exemption from the initial recognition exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Early adoption is permitted.1.1.4 The following new standards and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2022 and have not been endorsed by the European Union:Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They:\u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should affect the classification of a liability;\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.\u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, affect the corresponding liability\u2019s classification.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognised when they occur as these relate to the right of use terminated and not the right of use retained.1.2 Consolidation1.2.1 SubsidiariesThe consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including special purpose entities) over which the Group has control.The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the income statement.Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the amount recognized for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired the gain is recognised in profit or loss (note 1.6).Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.The subsidiaries\u2019 financial statements are prepared as of the same reporting date and using the same accounting policies as the parent company. Intra-group transactions, balances and unrealised gains/losses on transactions between group companies are eliminated.1.2.2 Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the share-holders of the parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.1.2.3 Disposal of subsidiariesWhen the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.1.2.4 Joint arrangementsInvestments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of consolidation.Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interestin the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent company.1.2.5 AssociatesAssociates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses) identified on acquisition.Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or constructive obligations or made payments on behalf of the associates.If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to \u201cshare of profit/(loss) of associates and joint ventures\u201d in the income statement.Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.The financial statements of the associates are prepared as of the same reporting date with the parent company.1.3 Foreign currency translationFunctional and presentation currencyItems included in the financial statements of each entity in the Group are measured in the functional currency, which is the currency of the primary economic environment in which each Group entity operates. The consolidated financial statements are presented in Euros.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates (i.e. spot rates) prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised under finance function in the account \u201cgain/(loss) from foreign exchange differences\u201d of the income statement, except when deferred in other comprehensive income as qualifying net investment hedges. When the related investment is disposed of, the cumulative amount is reclassified to profit or loss.Exchange differences arising from intragroup long term loans and receivables that are designated as part of a reporting entity's net investment in a foreign operation shall be recognised in profit or loss in the separate financial statements of the reporting entity, or, of the individual financial statements of the foreign operation, as appropriate. In the consolidated financial statements such exchange differences shall be recognized in other comprehensive income and included in \u201ccurrency translation differences reserve on transactions designated as part of net investment in foreign operation\u201d in other reserves. Where settlement of these intragroup long term loans and receivables is planned or is likely to occur in the foreseeable future, then these transactions cease to form part of the net investment in the foreign operation.The exchange differences arising up to that date are recognized in other comprehensive income and after that date, they are recognized in profit or loss. On disposal of the net investment in a foreign operation, the accumulated in other reserves exchange differences are reclassified from equity to profit or loss.Translation differences on non-monetary financial assets and liabilities, such as equity investments held at fair value are included in the income statement. Translation differences on non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income.Group companiesThe financial statements of all Group entities (none of which operate in a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet.\u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates, excluding foreign entities in hyperinflationary economies (note 1.1.1).\u2022 All exchange differences resulting from the above are recognised in other comprehensive income and subsequently included in \u201cforeign currency translation reserve\u201d.\u2022 On the disposal of a foreign operation (partly or fully disposed), the cumulative exchange differences relating to that particular foreign operation, recognized in the \u201cforeign currency translation reserve\u201d within equity, are recognised in the income statement as part of the gain or loss on sale. On the partial disposal of a foreign subsidiary, the proportionate share of the cumulative amount is re-attributed to the non-controlling interest in that operation.On consolidation, exchange differences arising from the translation of borrowings designated as hedges of investments in foreign entities, are taken to other comprehensive income and included under \u201ccurrency translation differences on derivative hedging position\u201d in other reserves.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive income.1.4 Property, plant and equipmentProperty, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land (excluding land improvements and quarries), which is shown at cost less impairment losses.Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to the extent that they have been recognised as a provision (refer to note 1.20). Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever is the sooner.Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsLand on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned quarries is recognised as operating cost in profit or loss as incurred.The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer to note 1.8 - Impairment of non-financial assets other than Goodwill).An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in profit or loss.Interest costs on borrowings specifically used to finance the construction of PPE are capitalised during the construction period if recognition criteria are met (refer to note 1.29).1.5 Investment propertiesInvestment property is property held for long-term rental yields or for capital appreciation or both and that is not occupied by any of the subsidiaries of the Group. Owner-occupied properties are held for production and administrative purposes. This distinguishes owner-occupied property from investment property.Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs (refer to 1.29).After initial recognition investment property is carried at fair value. Fair value reflects market conditions at the reporting date and is determined internally on an annual basis by management or external valuators. The best evidence of fair value is provided by current prices in an active market for similar property in the same location and condition and subject to the same lease terms and other conditions (comparable transactions). When such identical conditions are not present, the Group takes account of, and makes allowances for, differences from the comparable properties in location, nature and condition of the property or in contractual terms of leases and other contracts relating to the property.A gain or loss arising from a change in the fair value of investment property is recognized in the period in which it arises in the income statement within \u201cother income\u201d or \u201cother expense\u201d as appropriate.Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property.Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within the gain or loss from fair value adjustment on investment property. Investment properties are derecognised when they have been disposed.If an investment property becomes owner-occupied, it is reclassified as PPE. Its fair value at the date of reclassification becomes its deemed cost for subsequent accounting purposes.If an item of owner-occupied property becomes an investment property because its use has changed, IAS 16 is applied up to the date of transfer, since investment property is measured at fair value. The property is fair valued at the date of transfer and any revaluation gain or loss, being the difference between fair value and the previous carrying amount, is accounted for as a revaluation surplus or deficit in equity in accordance with IAS 16. Revaluation surplus is recognized directly in equity through other comprehensive income, unless there was an impairment loss recognized for the same property in prior years. In this case, the surplus up to the extent of this impairment loss is recognized in profit or loss and any further increase is recognized directly in equity through other comprehensive income. Any revaluation deficit is recognized in profit or loss.1.6 Goodwill and intangible assets (other than goodwill)1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.1.6.2 Intangible assets (other than goodwill)Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.The Group\u2019s intangible assets have a finite useful life.Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.Acquired computer software programs and licenses are capitalised on the basis of costs incurred to acquire and bring to use the specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or maintaining computer software programs are recognised as an expense as incurred.The amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 yearsGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.1.7 Deferred stripping costsStripping costs comprise the removal of overburden and other waste products. Stripping costs incurred in the development of a quarry before production commences are capitalised as follows:Where such costs are incurred on quarry land that is owned by the Group, these are included within the carrying amount of the related quarry, under PPE and subsequently depreciated over the life of the quarry on a units-of-production basis. Where such costs are incurred on non-owned quarries, these are included under \u2018Development expenditure\u2019 under Intangible assets and amortised over the shorter of the contract term and the estimated life of the quarry reserve.1.8 Impairment of non-financial assets other than GoodwillAssets that have an indefinite useful life (land not related to quarries) are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised, as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. An asset\u2019s recoverable amount is the higher of an asset or cash generating units (CGU) fair value less costs of sell and its value-in-use.1.9 Leases1.9.1 LesseesLeases are recognized as a right-of-use (ROU) asset and a corresponding lease liability at the date at which the leased asset is available for use. Each lease payment is allocated between the lease liability and interest, which is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The ROU asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term. In this case, the lessee depreciates the ROU asset over the useful life of the underlying asset.The Group presents ROU assets that do not meet the definition of investment property in the account \u201cproperty, plant and equipment\u201d, in the same line item as it presents underlying assets of the same nature that it owns. ROU assets that meet the definition of investment property are presented with investment property.The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment with similar terms and condition.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease liabilities include the net present value of the following lease payments:\u2022 Fixed payments (including in-substance fixed payments)\u2022 Variable lease payments that are based on an index or a rate\u2022 Amounts expected to be payable by the lessee under residual value guarantees\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease if the lessee will exercise that optionThe ROU asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain re-measurements of the lease liability. When ROU asset meets the definition of investment property is initially measured at cost, and subsequently measured at fair value, in accordance with the Group\u2019s accounting policy.The initial measurement of the ROU asset is comprised by:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commencement date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsFor short term leases and certain leases of low value assets, the Group has elected not to recognise ROU assets and lease liabilities. It recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.For leases that contain both lease and non-lease components, the Group chose not to separate them, except for terminals in which non-lease components are separated from lease components.1.9.2 LessorsLeases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as operating leases. Operating leases of PPE are recognized according to their nature in the statement of financial position.Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.Contingent rents are recognised as revenue in the period in which they are earned.Leases in which the Group transfers substantially all the risks and benefits of ownership of an asset are classified as finance leases. The Group presents a receivable at an amount equal to the net investment in the lease. The net investment of a lease agreement is the gross investment, discounted at the interest rate implicit in the lease.1.10 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity), but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.Appropriate allowance is made for damaged, obsolete and slow moving items. Write-downs to net realisable value and inventory losses are expensed in cost of sales in the period in which the write-downs or losses occur.1.11 Trade receivablesTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non- current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional and subsequently measured at amortised cost using the effective interest method, less loss allowance.1.12 Cash and cash equivalentsIn the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they exist. Bank overdrafts are included within borrowings in current liabilities in the balance sheet. The components of cash and cash equivalents have a negligible risk of change in value.1.13 Share capitalAny excess of the fair value of the consideration received over the par value of the shares issued is recognized as \u201cshare premium\u201d in shareholders\u2019 equity. Incremental external costs directly attributable to the issue of new shares or share options are shown in equity as a deduction, net of tax, from the proceeds.Where the Company or its subsidiaries purchases the Company\u2019s own equity share capital (treasury shares), the consideration paid including any attributable incremental external costs net of income taxes is deducted from total shareholders\u2019 equity until they are cancelled or sold. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributed incremental transaction costs and the related income tax effect, is included in shareholders\u2019 equity.1.14 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are carried at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date.1.15 Current and deferred income taxesThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is recognised using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint arrangements and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realised or the related deferred income tax liability is settled.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.1.16 Employee benefits1.16.1 Pension and other retirement obligationsThe Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets.The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.Past service costs are recognized in profit or loss on the earlier of:\u2022 The date of the plan amendment or curtailment, and\u2022 The date that the Group recognizes restructuring-related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation:Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements under other operating expenses/incomeNet interest expense or income under finance expensesRe-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.1.16.2 Termination benefitsTermination benefits are payable when employment is terminated by the group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.The Group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. The obligating event is the termination and not the service. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.1.16.3 Profit sharing and bonus plansA liability for employee benefits in the form of profit sharing and bonus plans is recognised in other provisions when the following conditions are met:there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements; orpast practice has created a valid expectation by employees that they will receive a bonus/ profit sharing and the amount can be determined before the time of issuing the financial statements.1.16.4 Share-based paymentsShare-based compensation benefits are provided to members of senior management via Group share schemes that cover several subsidiaries.Equity-settled transactionsThe fair value of options granted under the Share Option Programs is recognised as an employee benefits expense in the Income Statement, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (for example, an entity\u2019s share price);\u2022 Excluding the impact if any service and non-market performance vesting conditions (for example profitability, sales growth targets and remaining an employee of the entity over a specified time period); and\u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save)The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Share options are exercised at given prices, which are normally at a discount of the share\u2019s market price at grant dates. When the options are exercised, either the Company issues new shares, or the Group settles the awards with existing treasury shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium reserve.Cash-settled transactionsThe fair value of the awards granted to employees for nil consideration under the Long-term Incentive Plans is measured initially and at each reporting date up to and including the settlement date, at the fair value of the liability with changes in fair value recognised as employee benefits expense in the Income Statement. At each reporting date, the Group revises its estimation of the number of the awards that they will vest and it recognises the impact of the revised estimates in the Income Statement.1.17 Government grantsGovernment grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.1.18 CO\u2082 Emission rightsEmission rights are accounted for under the net liability method. Allocated allowances that are granted free of charge are recognised as an intangible asset at cost, which is nil. Emission rights purchased in excess of those required to cover shortages are recognised as an intangible asset, at cost. To the extent that emissions generated to date exceed the volume of allowances held, the Group recognizes a liability. If emissions do not exceed allowances held, there is no obligation to purchase additional allowances and, therefore, no liability to provide for additional emission allowances required. The Group has chosen to measure the net liability on the basis of the period for which the irrevocable right to the cumulative emissions rights have been received. Proceeds from the sale of granted emission rights are recorded as a reduction to cost of sales.1.19 Provisions and contingenciesProvisions represent liabilities of uncertain timing or amount and are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presenting in the income statement net of any reimbursement.Provisions are not recognized for future operating losses. The Group recognises a provision for onerous contracts when the economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognised in the period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the Group are not provided for in advance.Where the effect of the time value of money is material, provisions is measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognised on the statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic benefits is probable. A contingent asset is not recognised, because it might result in the recognition of income that is never realized. When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognised. Contingent assets and liabilities are initially recognised and subsequently measured as provisions do. 1.20 Site restoration, quarry rehabilitation and environmental costsCompanies within the Group are generally required to restore the land used for quarries and processing sites at the end of their producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies. Provisions for environmental restoration are recognised when the Group has a present legal or constructive obligation as a result of past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs of these obligations is complex and requires management to use judgment.The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation liabilities provided for reflect the information available to management at the time of determination of the liability and are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available.Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows. Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless they arise from changes in accounting estimates of valuation.1.21 RevenueThroughout these consolidated financial statements, the term \"sales\" has been used for \"revenue\".Revenue is the amount of consideration expected to be received in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (value-added tax, other sales taxes etc.).Revenue is recognized when (or as) a performance obligation is satisfied by transferring the control of a promised good or service to the customer. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. Control is transferred over time or at a point in time.Revenue from the sale of goods is recognised when control of the good is transferred to the customer, usually upon delivery and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. The main products of the Groupare cement, clinker, ready-mix, fly ash and other cementitious products.Revenue arising from services is recognised in the accounting period in which the services are rendered, and it is measured using either output methods or input methods, depending on the nature of service provided.A receivable is recognized when there is an unconditional right to consideration for the performance obligations to the customer that are satisfiedA contract asset is recognized when the performance obligation to the customer is satisfied before the customers pays or before payment is due, usually when goods or services are transferred to the customer before the Group has a right to invoice.A contract liability is recognized when there is an obligation to transfer goods or services to a customer for which the Group has received consideration from the customer (prepayments) or there is an unconditional right to receive consideration before the Group transfers a good or a service (deferred income). The contract liability is derecognized when the promise is fulfilled and revenue is recorded in the profit or loss statement.1.22 Dividend distributionDividend to the Company\u2019s shareholders is recognized in the financial statements in the period in which the Board of Directors\u2019 proposed dividend is ratified at the Shareholders\u2019 Annual General Meeting.1.23 Segment informationSegment information is presented on the same basis as the internal information provided to the chief operating decision maker. The chief operating decision maker is the person (or the group of persons) that allocates resources to and assesses the operating results of the segments.For management purposes, the Group is structured in five operating segments: Greece and Western Europe, North America, South Eastern Europe, Eastern Mediterranean and Joint Ventures. Each region has a regional Chief Executive Officer (CEO) who reports to the Group's CEO. In addition, the Finance Department is organized also by region for effective financial controlling and performance monitoring.1.24 Financial assetsClassification and measurementThe Group classifies its financial assets in the following measurement categories:\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss) and, \u2022 Those to be measured at amortised cost.The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Transaction costs of financial assets carried at fair value through profit or loss are expenses. Trade receivables are initially measured at their transaction price.Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.Under IFRS 9, debt financial instruments are subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). The classification is based on two criteria: a) the business model for managing the assets and b) whether the instruments\u2019 contractual cash flows represent \u201csolely payments of principal and interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).The new classification and measurement of the Group\u2019s debt financial assets are, as follows:I. Debt instruments at amortised cost for financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI criterion. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on de-recognition is recognised directly in the income statement.II. Debt instruments at FVOCI, with gains or losses recycled to profit or loss on de-recognition. Financial assets in this category are debt instruments that meet the SPPI criterion and are held within a business model both to collect cash flows and to sell. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate method.III. Financial assets at FVPL comprise derivative instruments and equity instruments, which the Group had not irrevocably elected, at initial recognition or transition, to classify at FVOCI. This category would also include debt instruments whose cash flow characteristics fail the SPPI criterion or are not held within a business model whose objective is eitherto collect contractual cash flows, or to both collect contractual cash flows and sell. A gain or loss on financial assets that subsequently measures at FVPL is recognized in income statement.Other financial assets are classified and subsequently measured, as follows:IV. Equity instruments at FVOCI, with no recycling of gains or losses to profit or loss on de-recognition. This category only includes equity instruments, which the Group intends to hold for the foreseeable future and which the Group (or the Company) has irrevocably elected to so classify upon initial recognition or transition. Equity instruments at FVOCI are not subject to any impairment accounting. Dividends from such investments continue to be recognised in profit or loss, when the right to receive the payment is established, unless they represent a recovery of part of the cost of the investment.V. Financial assets designated as measured at FVPL at initial recognition that would otherwise be measured subsequently at amortized cost or at FVOCI. Such a designation canonly be made, if it eliminates or significantly reduces an \u201caccounting mismatch\u201d that would otherwise arise.1.25 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset recognised amounts, and there is an intention to settle on the net basis the liability or realise the asset and settle the liability simultaneously. The legally enforceable right to offset should not depend on future events but it should apply in the ordinary course of business. However, it should be allowed for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.1.26 Impairment of financial assetsThe Group records an allowance for expected credit losses (ECLs) for all financial assets not held at FVPL.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset\u2019s original effective interest rate.For contract assets, trade receivables and lease receivables, the Group have applied the standard\u2019s simplified approach and have calculated ECLs based on lifetime expected credit losses.For other financial assets, the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.1.28 De-recognition of financial assets and liabilities1.28.1 Financial assetsA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized when:\u2022 the rights to receive cash flows from the asset have expired;\u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or\u2022 the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset. A respective liability is also recognized.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.1.28.2 Financial liabilitiesA financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Where 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 a de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of income.1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.1.30 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.1.31 Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/lossesGains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.2. Significant accounting estimates and judgmentsThe preparation of the financial statements requires management to make estimations and judgments that affect the reported disclosures. They are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In addition, they form the basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will, seldom equal the related actual results by definition. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:2.1 Impairment of goodwillImpairment tests for goodwill use the recoverable amounts of cash-generating units that are determined based on value-in-use calculations. These calculations require the use of estimates, which mainly relate to future earnings and discount rates.The Group considers the assumptions used in the impairment test of goodwill for Turkish subsidiaries to have significant risk, due to high levels of inflation and economic uncertainty in Turkey (note 13).Moreover, the closely examines the recoverable amount of goodwill allocated to the subsidiaries in Bulgaria to be sensitive to the operating margin and discount rate used in the impairment test of goodwill (note 13).2.2 Impairment of joint venturesThe determination of the recoverable amount for each joint venture requires significant judgments in respect of assumptions about the future results of the business and the discount rates applied to future cash flow forecasts. As political instability in Brazil increases, the Group considers the assumptions used in the impairment test of the carrying amount of the investment for Brazilian joint ventures to have risk (note 15.2).",
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"value": "TITAN Cement International S.A.",
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"value": "TITAN Cement International S.A.",
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"value": "soci\u00e9t\u00e9 anonyme ",
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"value": "Rue de la Loi 23, 7th floor, box 4, 1040 Brussels,Belgium,",
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"f31257": {
"value": "Belgium,",
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"f31258": {
"value": "Belgium,",
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"pp-value-16-3": {
"value": "Andrea Zakou 12 & Michail Paridi str, MC Building, 2404 Egkomi, Nicosia, Cyprus.",
"dimensions": {
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"language": "en",
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"pp-value-20-3": {
"value": "The Company and its subsidiaries (collectively the Group) are engaged in the production, trade and distribution of a wide range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-25-3": {
"value": "These consolidated financial statements were authorized for issue by the Board of Directors on 30 March 2023.",
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"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "These consolidated financial statements were authorized for issue by the Board of Directors on 30 March 2023.38. Events after the reporting periodIn early 2023, the Group took a participation in \u00abAegean Perlites\u00bb, a company operating perlite and pozzolan quarries on the Greek island of Yali, thereby gaining direct access to a key raw material which will allow the enlargement of the Group\u2019s offering of low-carbon cementitious products and securing the long term pozzolan sourcing needs of the Group.",
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"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "1.1 Basis of preparationThese consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and interpretations (IFRIC) issued by the IFRS Interpretations Committee.The preparation of financial statements, in conformity with IFRS, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in significant accounting estimates and judgments in note 2. They have also been prepared on historical cost basis, except for investment properties, certain financial assets and liabilities (including derivative instruments) and plan assets of defined benefit pension plans measured at fair value. The official language of these consolidated financial statements is French. They are presented in euros, all values are rounded to the nearest thousand (\u20ac000), except when otherwise indicated, and the financial period is the calendar year starting on 1 January 2022 and ending on 31 December 2022. In addition, they have been prepared with the same accounting policies of the prior financial year, except for the application of the IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d and the new or revised standards, amendments and/or interpretations that are mandatory for the periods beginning on or after 1 January 2022.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-28-4": {
"value": "These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union and interpretations (IFRIC) issued by the IFRS Interpretations Committee.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-32-2": {
"value": "1.1.1 Application of IAS 29 - Hyperinflation in TurkeyThe Turkish economy is considered as hyperinflationary from June 2022. As a result, IAS 29 \u201cFinancial Reporting in Hyperinflationary Economies\u201d has been applied to the Group subsidiaries (Adocim Cimento Beton Sanayi ve Ticaret A.S. and Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S.), whose functional currency is the Turkish Lira, and they prepare financial statements based on a historical cost approach. IAS 29 requires to report the results of the Group\u2019s operations in Turkey, as if these were highly inflationary as of 1 January 2022. Specifically, IAS 29 requires: \u2022 Adjustment of historical cost of the non-monetary assets and liabilities for the change in purchasing power caused by inflation from the date of initial recognition to the end of the reporting date; \u2022 Non-adjustment of the monetary assets and liabilities, as they are already expressed in the measuring unit current at the end of the reporting period;\u2022 Adjustment of the income statement for inflation and its translation with the closing exchange rate instead of an average rate; and \u2022 Recognition of gain or loss on net monetary position in profit or loss in order to reflect the impact of inflation and exchange rate movement on holding monetary assets and liabilities in local currency. The financial statements of Group subsidiaries, whose functional currency is the currency of a hyperinflationary economy, are adjusted for inflation and then translated into euros. Prior year comparatives have not been restated for hyperinflation in the consolidated financial statements. The difference between the closing balance of Group\u2019s equity on 31.12.2021 and its opening balance on 01.01.2022 was recognised in equity. Any difference from the ongoing application of re-translation to closing exchange rates and hyperinflation adjustments will be recognised in other comprehensive income. In the consolidated income statement ended on 31.12.2022, the Group recognized a total gain on net monetary position of \u20ac26.3 mil. in net finance cost.On the application of IAS 29, the Group used the conversion coefficient derived from the consumer price index published by TurkStat (TUIK). The conversion coefficient was 1,128.45 and 686.95 on 31.12.2022 and 31.12.2021 respectively.",
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"concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-34-2": {
"value": "1.1.2 The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union:Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). The package of amendments includes narrow-scope amendments to three Standards as well as the Board\u2019s Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards.\u2022 Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.\u2022 Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.\u2022 Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The amendments extend, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. In particular, the amendment permits a lessee to apply the practical expedient regarding COVID-19-related rent concessions to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022 (rather than only payments originally due on or before 30 June 2021). The amendment is effective for annual reporting periods beginning on or after 1 April 2021 (earlier application permitted, including in financial statements not yet authorised for issue at the date the amendment is issued).1.1.3 The following new amendments have been issued, is not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union:Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The IAS 1 amendment requires companies to disclose their material accounting policy information rather than their significant accounting policies. Further, the amendment to IAS 1 clarifies that immaterial accounting policy information need not be disclosed. To support this amendment, the Board also amended IFRS Practice Statement 2, \u2018Making Materiality Judgements\u2019, to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023).The amendment to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019, clarifies how companies should distinguish changesin accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023).The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The main change in the amendments is an exemption from the initial recognition exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Early adoption is permitted.1.1.4 The following new standards and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2022 and have not been endorsed by the European Union:Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They:\u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should affect the classification of a liability;\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.\u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, affect the corresponding liability\u2019s classification.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognised when they occur as these relate to the right of use terminated and not the right of use retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "1.1.2 The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union:Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). The package of amendments includes narrow-scope amendments to three Standards as well as the Board\u2019s Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards.\u2022 Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.\u2022 Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.\u2022 Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The amendments extend, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. In particular, the amendment permits a lessee to apply the practical expedient regarding COVID-19-related rent concessions to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022 (rather than only payments originally due on or before 30 June 2021). The amendment is effective for annual reporting periods beginning on or after 1 April 2021 (earlier application permitted, including in financial statements not yet authorised for issue at the date the amendment is issued).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-4": {
"value": "1.1.2 The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union:Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). The package of amendments includes narrow-scope amendments to three Standards as well as the Board\u2019s Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards.\u2022 Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.\u2022 Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.\u2022 Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The amendments extend, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. In particular, the amendment permits a lessee to apply the practical expedient regarding COVID-19-related rent concessions to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022 (rather than only payments originally due on or before 30 June 2021). The amendment is effective for annual reporting periods beginning on or after 1 April 2021 (earlier application permitted, including in financial statements not yet authorised for issue at the date the amendment is issued).1.1.3 The following new amendments have been issued, is not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union:Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The IAS 1 amendment requires companies to disclose their material accounting policy information rather than their significant accounting policies. Further, the amendment to IAS 1 clarifies that immaterial accounting policy information need not be disclosed. To support this amendment, the Board also amended IFRS Practice Statement 2, \u2018Making Materiality Judgements\u2019, to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023).The amendment to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019, clarifies how companies should distinguish changesin accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023).The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The main change in the amendments is an exemption from the initial recognition exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Early adoption is permitted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-34-5": {
"value": "1.1.2 The following new standards and amendments to standards are mandatory for the first time for the financial year beginning 1 January 2022 and have been endorsed by the European Union:Amendments to IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements (effective 1 January 2022). The package of amendments includes narrow-scope amendments to three Standards as well as the Board\u2019s Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards.\u2022 Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.\u2022 Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognise such sales proceeds and related cost in profit or loss.\u2022 Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.\u2022 Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.Amendment to IFRS 16 Leases Covid 19-Related Rent Concessions beyond 30 June 2021 (effective 01/04/2021), with early application permitted). The amendments extend, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a COVID-19-related rent concession is a lease modification. In particular, the amendment permits a lessee to apply the practical expedient regarding COVID-19-related rent concessions to rent concessions for which any reduction in lease payments affects only payments originally due on or before 30 June 2022 (rather than only payments originally due on or before 30 June 2021). The amendment is effective for annual reporting periods beginning on or after 1 April 2021 (earlier application permitted, including in financial statements not yet authorised for issue at the date the amendment is issued).1.1.3 The following new amendments have been issued, is not mandatory for the first time for the financial year beginning 1 January 2022 but have been endorsed by the European Union:Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (effective 1 January 2023). The amendments aim to improve accounting policy disclosures and to help users of the financial statements to distinguish between changes in accounting estimates and changes in accounting policies. The IAS 1 amendment requires companies to disclose their material accounting policy information rather than their significant accounting policies. Further, the amendment to IAS 1 clarifies that immaterial accounting policy information need not be disclosed. To support this amendment, the Board also amended IFRS Practice Statement 2, \u2018Making Materiality Judgements\u2019, to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (effective 1 January 2023).The amendment to IAS 8, \u2018Accounting Policies, Changes in Accounting Estimates and Errors\u2019, clarifies how companies should distinguish changesin accounting policies from changes in accounting estimates. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Earlier application is permitted (subject to any local endorsement process).Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (effective 1 January 2023).The amendments clarify how companies account for deferred tax on transactions such as leases and decommissioning obligations. The main change in the amendments is an exemption from the initial recognition exemption of IAS 12.15(b) and IAS 12.24. Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable temporary differences arise on initial recognition. The amendments are effective for annual reporting periods beginning on or after 1 January 2023. Early adoption is permitted.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-37-3": {
"value": "1.1.4 The following new standards and amendments have been issued, but are not mandatory for the first time for the financial year beginning 1 January 2022 and have not been endorsed by the European Union:Amendments to IAS 1 \u2018Presentation of Financial Statements: Classification of Liabilities as current or non-current\u2019 (effective 01/01/2024), affect only the presentation of liabilities in the statement of financial position \u2014 not the amount or timing of recognition of any asset, liability income or expenses, or the information that entities disclose about those items. They:\u2022 Clarify that the classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period and align the wording in all affected paragraphs to refer to the \"right\" to defer settlement by at least twelve months and make explicit that only rights in place \"at the end of the reporting period\" should affect the classification of a liability;\u2022 Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services.\u2022 Clarify how conditions with which an entity must comply within 12 months after the reporting period, such as covenants, affect the corresponding liability\u2019s classification.Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback (effective 1 January 2024). The amendments explain how an entity accounts for a sale and leaseback after the date of the transaction, specifically where some or all the lease payments are variable lease payments that do not depend on an index or rate. They state that, in subsequently measuring the lease liability, the seller-lessee determines \u2018lease payments\u2019 and \u2018revised lease payments\u2019 in a way that does not result in the seller-lessee recognising any amount of the gain or loss that relates to the right of use it retains. Any gains and losses relating to the full or partial termination of a lease continue to be recognised when they occur as these relate to the right of use terminated and not the right of use retained.",
"dimensions": {
"concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-38-2": {
"value": "1.2 Consolidation1.2.1 SubsidiariesThe consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including special purpose entities) over which the Group has control.The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the income statement.Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the amount recognized for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired the gain is recognised in profit or loss (note 1.6).Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.The subsidiaries\u2019 financial statements are prepared as of the same reporting date and using the same accounting policies as the parent company. Intra-group transactions, balances and unrealised gains/losses on transactions between group companies are eliminated.1.2.2 Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the share-holders of the parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.1.2.3 Disposal of subsidiariesWhen the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.1.2.4 Joint arrangementsInvestments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of consolidation.Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interestin the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent company.1.2.5 AssociatesAssociates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses) identified on acquisition.Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or constructive obligations or made payments on behalf of the associates.If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to \u201cshare of profit/(loss) of associates and joint ventures\u201d in the income statement.Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.The financial statements of the associates are prepared as of the same reporting date with the parent company.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-39-4": {
"value": "1.2.1 SubsidiariesThe consolidated financial statements comprise the financial statements of the Company and its subsidiaries. Subsidiaries are all entities (including special purpose entities) over which the Group has control.The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the income statement.Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the amount recognized for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired the gain is recognised in profit or loss (note 1.6).Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.The subsidiaries\u2019 financial statements are prepared as of the same reporting date and using the same accounting policies as the parent company. Intra-group transactions, balances and unrealised gains/losses on transactions between group companies are eliminated.1.2.2 Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the share-holders of the parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.1.2.3 Disposal of subsidiariesWhen the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-5": {
"value": "The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the income statement.Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the amount recognized for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired the gain is recognised in profit or loss (note 1.6).Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-41-6": {
"value": "The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.The Group uses the full acquisition method of accounting to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date.The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.If the business combination is achieved in stages, the acquisition date carrying value of the acquirer\u2019s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognized in the income statement.Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in profit or loss. Contingent consideration that is classified as equity is not re-measured, and its subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the amount recognized for non-controlling interest and the fair value of any other participation previously held in the subsidiary acquired the gain is recognised in profit or loss (note 1.6).Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments.1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-46-7": {
"value": "The Group recognises any non-controlling interest in the acquiree on an acquisition- by-acquisition basis either at fair value or at the non-controlling interest\u2019s proportionate share of the acquiree\u2019s net assets.1.2.2 Changes in ownership interests in subsidiaries without change of controlTransactions with non-controlling interests that do not result in loss of control are accounted for as transactions with the owners in their capacity as owners. The difference between consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.Any profit or loss and any item of the Statement of Other Comprehensive Income is allocated between the share-holders of the parent and the non-controlling interest, even if the allocation results in a deficit balance of the non-controlling interest.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-4": {
"value": "1.2.4 Joint arrangementsInvestments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of consolidation.Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interestin the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent company.1.2.5 AssociatesAssociates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses) identified on acquisition.Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or constructive obligations or made payments on behalf of the associates.If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to \u201cshare of profit/(loss) of associates and joint ventures\u201d in the income statement.Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.The financial statements of the associates are prepared as of the same reporting date with the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-52-5": {
"value": "1.2.4 Joint arrangementsInvestments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations each investor has rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangement and determined it to be a joint venture. Joint ventures are consolidated with the equity method of consolidation.Under the equity method of accounting, interests in joint ventures are initially recognized at cost and adjusted thereafter to recognize the Group\u2019s share of the post-acquisition profits or losses and movements in other comprehensive income. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long- term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognize further losses, unless it has incurred obligations or made payments on behalf of the joint ventures.Unrealized gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interestin the joint ventures. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of joint ventures have been adjusted where necessary to ensure consistency with the policies adopted by the Group. The financial statements of the joint venture are prepared as of the same reporting date with the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-54-5": {
"value": "1.2.5 AssociatesAssociates are entities over which the Group has significant influence (holds directly or indirectly 20% or more of the voting power of the entity) but which it does not control. Investments in associates are accounted for using the equity method of accounting and are initially recognised at cost. The Group\u2019s investment in associates includes goodwill (net of any cumulative impairments losses) identified on acquisition.Under the equity method the Group\u2019s share of the post-acquisition profits or losses is recognised in the income statement and its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognize further losses, unless the Group has incurred legal or constructive obligations or made payments on behalf of the associates.If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amount previously recognized in other comprehensive income is reclassified to profit or loss where appropriate.The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable amount of the associate and its carrying value and recognizes the amount adjacent to \u201cshare of profit/(loss) of associates and joint ventures\u201d in the income statement.Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognized in the Group\u2019s financial statements only to the extent of unrelated investor\u2019s interests in the associates. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group\u2019s interest in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.Accounting policies of associates have been adjusted where necessary to ensure consistency with the policies adopted by the Group.The financial statements of the associates are prepared as of the same reporting date with the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "1.3 Foreign currency translationFunctional and presentation currencyItems included in the financial statements of each entity in the Group are measured in the functional currency, which is the currency of the primary economic environment in which each Group entity operates. The consolidated financial statements are presented in Euros.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates (i.e. spot rates) prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised under finance function in the account \u201cgain/(loss) from foreign exchange differences\u201d of the income statement, except when deferred in other comprehensive income as qualifying net investment hedges. When the related investment is disposed of, the cumulative amount is reclassified to profit or loss.Exchange differences arising from intragroup long term loans and receivables that are designated as part of a reporting entity's net investment in a foreign operation shall be recognised in profit or loss in the separate financial statements of the reporting entity, or, of the individual financial statements of the foreign operation, as appropriate. In the consolidated financial statements such exchange differences shall be recognized in other comprehensive income and included in \u201ccurrency translation differences reserve on transactions designated as part of net investment in foreign operation\u201d in other reserves. Where settlement of these intragroup long term loans and receivables is planned or is likely to occur in the foreseeable future, then these transactions cease to form part of the net investment in the foreign operation.The exchange differences arising up to that date are recognized in other comprehensive income and after that date, they are recognized in profit or loss. On disposal of the net investment in a foreign operation, the accumulated in other reserves exchange differences are reclassified from equity to profit or loss.Translation differences on non-monetary financial assets and liabilities, such as equity investments held at fair value are included in the income statement. Translation differences on non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income.Group companiesThe financial statements of all Group entities (none of which operate in a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet.\u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates, excluding foreign entities in hyperinflationary economies (note 1.1.1).\u2022 All exchange differences resulting from the above are recognised in other comprehensive income and subsequently included in \u201cforeign currency translation reserve\u201d.\u2022 On the disposal of a foreign operation (partly or fully disposed), the cumulative exchange differences relating to that particular foreign operation, recognized in the \u201cforeign currency translation reserve\u201d within equity, are recognised in the income statement as part of the gain or loss on sale. On the partial disposal of a foreign subsidiary, the proportionate share of the cumulative amount is re-attributed to the non-controlling interest in that operation.On consolidation, exchange differences arising from the translation of borrowings designated as hedges of investments in foreign entities, are taken to other comprehensive income and included under \u201ccurrency translation differences on derivative hedging position\u201d in other reserves.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-55-4": {
"value": "1.3 Foreign currency translationFunctional and presentation currencyItems included in the financial statements of each entity in the Group are measured in the functional currency, which is the currency of the primary economic environment in which each Group entity operates. The consolidated financial statements are presented in Euros.Transactions and balancesForeign currency transactions are translated into the functional currency using the exchange rates (i.e. spot rates) prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised under finance function in the account \u201cgain/(loss) from foreign exchange differences\u201d of the income statement, except when deferred in other comprehensive income as qualifying net investment hedges. When the related investment is disposed of, the cumulative amount is reclassified to profit or loss.Exchange differences arising from intragroup long term loans and receivables that are designated as part of a reporting entity's net investment in a foreign operation shall be recognised in profit or loss in the separate financial statements of the reporting entity, or, of the individual financial statements of the foreign operation, as appropriate. In the consolidated financial statements such exchange differences shall be recognized in other comprehensive income and included in \u201ccurrency translation differences reserve on transactions designated as part of net investment in foreign operation\u201d in other reserves. Where settlement of these intragroup long term loans and receivables is planned or is likely to occur in the foreseeable future, then these transactions cease to form part of the net investment in the foreign operation.The exchange differences arising up to that date are recognized in other comprehensive income and after that date, they are recognized in profit or loss. On disposal of the net investment in a foreign operation, the accumulated in other reserves exchange differences are reclassified from equity to profit or loss.Translation differences on non-monetary financial assets and liabilities, such as equity investments held at fair value are included in the income statement. Translation differences on non-monetary financial assets, such as equities classified at fair value through other comprehensive income, are included in other comprehensive income.Group companiesThe financial statements of all Group entities (none of which operate in a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date of the balance sheet.\u2022 Income and expenses for each statement of profit or loss and statement of comprehensive income are translated at average exchange rates, excluding foreign entities in hyperinflationary economies (note 1.1.1).\u2022 All exchange differences resulting from the above are recognised in other comprehensive income and subsequently included in \u201cforeign currency translation reserve\u201d.\u2022 On the disposal of a foreign operation (partly or fully disposed), the cumulative exchange differences relating to that particular foreign operation, recognized in the \u201cforeign currency translation reserve\u201d within equity, are recognised in the income statement as part of the gain or loss on sale. On the partial disposal of a foreign subsidiary, the proportionate share of the cumulative amount is re-attributed to the non-controlling interest in that operation.On consolidation, exchange differences arising from the translation of borrowings designated as hedges of investments in foreign entities, are taken to other comprehensive income and included under \u201ccurrency translation differences on derivative hedging position\u201d in other reserves.Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Exchange differences arising are recognized in other comprehensive income.1.4 Property, plant and equipmentProperty, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land (excluding land improvements and quarries), which is shown at cost less impairment losses.Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to the extent that they have been recognised as a provision (refer to note 1.20). Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever is the sooner.Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsLand on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned quarries is recognised as operating cost in profit or loss as incurred.The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer to note 1.8 - Impairment of non-financial assets other than Goodwill).An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in profit or loss.Interest costs on borrowings specifically used to finance the construction of PPE are capitalised during the construction period if recognition criteria are met (refer to note 1.29).1.5 Investment propertiesInvestment property is property held for long-term rental yields or for capital appreciation or both and that is not occupied by any of the subsidiaries of the Group. Owner-occupied properties are held for production and administrative purposes. This distinguishes owner-occupied property from investment property.Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs (refer to 1.29).After initial recognition investment property is carried at fair value. Fair value reflects market conditions at the reporting date and is determined internally on an annual basis by management or external valuators. The best evidence of fair value is provided by current prices in an active market for similar property in the same location and condition and subject to the same lease terms and other conditions (comparable transactions). When such identical conditions are not present, the Group takes account of, and makes allowances for, differences from the comparable properties in location, nature and condition of the property or in contractual terms of leases and other contracts relating to the property.A gain or loss arising from a change in the fair value of investment property is recognized in the period in which it arises in the income statement within \u201cother income\u201d or \u201cother expense\u201d as appropriate.Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property.Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within the gain or loss from fair value adjustment on investment property. Investment properties are derecognised when they have been disposed.If an investment property becomes owner-occupied, it is reclassified as PPE. Its fair value at the date of reclassification becomes its deemed cost for subsequent accounting purposes.If an item of owner-occupied property becomes an investment property because its use has changed, IAS 16 is applied up to the date of transfer, since investment property is measured at fair value. The property is fair valued at the date of transfer and any revaluation gain or loss, being the difference between fair value and the previous carrying amount, is accounted for as a revaluation surplus or deficit in equity in accordance with IAS 16. Revaluation surplus is recognized directly in equity through other comprehensive income, unless there was an impairment loss recognized for the same property in prior years. In this case, the surplus up to the extent of this impairment loss is recognized in profit or loss and any further increase is recognized directly in equity through other comprehensive income. Any revaluation deficit is recognized in profit or loss.1.6 Goodwill and intangible assets (other than goodwill)1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.1.6.2 Intangible assets (other than goodwill)Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.The Group\u2019s intangible assets have a finite useful life.Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.Acquired computer software programs and licenses are capitalised on the basis of costs incurred to acquire and bring to use the specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or maintaining computer software programs are recognised as an expense as incurred.The amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 yearsGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.1.7 Deferred stripping costsStripping costs comprise the removal of overburden and other waste products. Stripping costs incurred in the development of a quarry before production commences are capitalised as follows:Where such costs are incurred on quarry land that is owned by the Group, these are included within the carrying amount of the related quarry, under PPE and subsequently depreciated over the life of the quarry on a units-of-production basis. Where such costs are incurred on non-owned quarries, these are included under \u2018Development expenditure\u2019 under Intangible assets and amortised over the shorter of the contract term and the estimated life of the quarry reserve.1.8 Impairment of non-financial assets other than GoodwillAssets that have an indefinite useful life (land not related to quarries) are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised, as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. An asset\u2019s recoverable amount is the higher of an asset or cash generating units (CGU) fair value less costs of sell and its value-in-use.1.9 Leases1.9.1 LesseesLeases are recognized as a right-of-use (ROU) asset and a corresponding lease liability at the date at which the leased asset is available for use. Each lease payment is allocated between the lease liability and interest, which is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The ROU asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term. In this case, the lessee depreciates the ROU asset over the useful life of the underlying asset.The Group presents ROU assets that do not meet the definition of investment property in the account \u201cproperty, plant and equipment\u201d, in the same line item as it presents underlying assets of the same nature that it owns. ROU assets that meet the definition of investment property are presented with investment property.The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment with similar terms and condition.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease liabilities include the net present value of the following lease payments:\u2022 Fixed payments (including in-substance fixed payments)\u2022 Variable lease payments that are based on an index or a rate\u2022 Amounts expected to be payable by the lessee under residual value guarantees\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease if the lessee will exercise that optionThe ROU asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain re-measurements of the lease liability. When ROU asset meets the definition of investment property is initially measured at cost, and subsequently measured at fair value, in accordance with the Group\u2019s accounting policy.The initial measurement of the ROU asset is comprised by:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commencement date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsFor short term leases and certain leases of low value assets, the Group has elected not to recognise ROU assets and lease liabilities. It recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.For leases that contain both lease and non-lease components, the Group chose not to separate them, except for terminals in which non-lease components are separated from lease components.1.9.2 LessorsLeases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as operating leases. Operating leases of PPE are recognized according to their nature in the statement of financial position.Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.Contingent rents are recognised as revenue in the period in which they are earned.Leases in which the Group transfers substantially all the risks and benefits of ownership of an asset are classified as finance leases. The Group presents a receivable at an amount equal to the net investment in the lease. The net investment of a lease agreement is the gross investment, discounted at the interest rate implicit in the lease.1.10 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity), but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.Appropriate allowance is made for damaged, obsolete and slow moving items. Write-downs to net realisable value and inventory losses are expensed in cost of sales in the period in which the write-downs or losses occur.1.11 Trade receivablesTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non- current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional and subsequently measured at amortised cost using the effective interest method, less loss allowance.1.15 Current and deferred income taxesThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is recognised using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint arrangements and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realised or the related deferred income tax liability is settled.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.1.16 Employee benefits1.16.1 Pension and other retirement obligationsThe Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets.The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.Past service costs are recognized in profit or loss on the earlier of:\u2022 The date of the plan amendment or curtailment, and\u2022 The date that the Group recognizes restructuring-related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation:Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements under other operating expenses/incomeNet interest expense or income under finance expensesRe-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.1.16.2 Termination benefitsTermination benefits are payable when employment is terminated by the group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.The Group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. The obligating event is the termination and not the service. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.1.16.3 Profit sharing and bonus plansA liability for employee benefits in the form of profit sharing and bonus plans is recognised in other provisions when the following conditions are met:there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements; orpast practice has created a valid expectation by employees that they will receive a bonus/ profit sharing and the amount can be determined before the time of issuing the financial statements.1.16.4 Share-based paymentsShare-based compensation benefits are provided to members of senior management via Group share schemes that cover several subsidiaries.Equity-settled transactionsThe fair value of options granted under the Share Option Programs is recognised as an employee benefits expense in the Income Statement, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (for example, an entity\u2019s share price);\u2022 Excluding the impact if any service and non-market performance vesting conditions (for example profitability, sales growth targets and remaining an employee of the entity over a specified time period); and\u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save)The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Share options are exercised at given prices, which are normally at a discount of the share\u2019s market price at grant dates. When the options are exercised, either the Company issues new shares, or the Group settles the awards with existing treasury shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium reserve.Cash-settled transactionsThe fair value of the awards granted to employees for nil consideration under the Long-term Incentive Plans is measured initially and at each reporting date up to and including the settlement date, at the fair value of the liability with changes in fair value recognised as employee benefits expense in the Income Statement. At each reporting date, the Group revises its estimation of the number of the awards that they will vest and it recognises the impact of the revised estimates in the Income Statement.1.19 Provisions and contingenciesProvisions represent liabilities of uncertain timing or amount and are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presenting in the income statement net of any reimbursement.Provisions are not recognized for future operating losses. The Group recognises a provision for onerous contracts when the economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognised in the period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the Group are not provided for in advance.Where the effect of the time value of money is material, provisions is measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognised on the statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic benefits is probable. A contingent asset is not recognised, because it might result in the recognition of income that is never realized. When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognised. Contingent assets and liabilities are initially recognised and subsequently measured as provisions do. 1.20 Site restoration, quarry rehabilitation and environmental costsCompanies within the Group are generally required to restore the land used for quarries and processing sites at the end of their producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies. Provisions for environmental restoration are recognised when the Group has a present legal or constructive obligation as a result of past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs of these obligations is complex and requires management to use judgment.The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation liabilities provided for reflect the information available to management at the time of determination of the liability and are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available.Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows. Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless they arise from changes in accounting estimates of valuation.1.26 Impairment of financial assetsThe Group records an allowance for expected credit losses (ECLs) for all financial assets not held at FVPL.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset\u2019s original effective interest rate.For contract assets, trade receivables and lease receivables, the Group have applied the standard\u2019s simplified approach and have calculated ECLs based on lifetime expected credit losses.For other financial assets, the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.1.31 Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/lossesGains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.",
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"pp-value-56-6": {
"value": "Functional and presentation currencyItems included in the financial statements of each entity in the Group are measured in the functional currency, which is the currency of the primary economic environment in which each Group entity operates. The consolidated financial statements are presented in Euros.",
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"value": "1.4 Property, plant and equipmentProperty, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land (excluding land improvements and quarries), which is shown at cost less impairment losses.Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to the extent that they have been recognised as a provision (refer to note 1.20). Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever is the sooner.Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsLand on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned quarries is recognised as operating cost in profit or loss as incurred.The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer to note 1.8 - Impairment of non-financial assets other than Goodwill).An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in profit or loss.Interest costs on borrowings specifically used to finance the construction of PPE are capitalised during the construction period if recognition criteria are met (refer to note 1.29).11. Property, plant and equipment(all amounts in Euro thousands)Year ended 31 December 2021Office furniture, Plant & fixtures and Assets under Land Quarries Buildingsequipment Motor vehiclesequipmentconstruction TotalOpening balance 232,721 118,706 190,926 796,272 55,472 11,130 71,983 1,477,210Additions 60 6,178 101 2,399 380 769 90,077 99,964Interest capitalization - - - - - - 461 461Disposals (NBV) -824 - -138 -217 -110 -1 -178 -1,468Reclassification of assets from/to other PPE categories 283 - 2,283 58,473 18,906 3,605 -78,155 5,395Transfers from/to other accounts 1 -471 54 477 - -12 -3,724 -3,675Depreciation charge (note 29) -3,249 -10,975 -10,817 -72,946 -14,682 -3,848 - -116,517Exchange differences 13,080 8,007 -4,553 3,177 3,541 66 5,876 29,194Ending balance 242,072 121,445 177,856 787,635 63,507 11,709 86,340 1,490,564Right of use assets Opening balance 12,035 - 18,216 11,073 10,687 22 - 52,033Additions 272 - 5,184 10,884 2,606 - - 18,946Disposals (NBV) - - -43 -67 -88 - - -198Reclassification of assets from ROU's to PPE - - - -1,257 -4,138 - - -5,395Depreciation charge (note 29, 33) -1,459 - -4,869 -4,501 -3,116 -19 - -13,964Exchange differences 923 - 932 1,136 405 - - 3,396Ending balance 11,771 - 19,420 17,268 6,356 3 - 54,818At 31 December 2021Cost 323,716 239,047 457,687 2,005,400 292,025 59,930 86,877 3,464,682Accumulated depreciation -64,375 -117,602 -259,472 -1,194,052 -222,162 -48,206 - -1,905,869Accumulated losses of impairment of PPE -5,498 - -939 -6,445 - -12 -537 -13,431Net book value 253,843 121,445 197,276 804,903 69,863 11,712 86,340 1,545,382(all amounts in Euro thousands)Year ended 31 December 2022Office furniture, Plant & fixtures and Assets under Land Quarries Buildingsequipment Motor vehiclesequipmentconstruction TotalOpening balance 242,072 121,445 177,856 787,635 63,507 11,709 86,340 1,490,564Additions 2,110 6,878 274 4,209 584 1,223 189,641 204,919Hyperinflation adjustments 4,063 - 25,099 65,810 60 119 557 95,708Interest capitalization - - 143 37 - - - 180Disposals (NBV) -612 -5 - -1,026 -459 -56 -1,929 -4,087Reclassification of assets from/to other PPE categories 1,479 2,883 13,777 83,156 39,797 -2,611 -138,481 -Transfers from/to other accounts 478 527 - -713 - 321 -905 -292Depreciation charge (note 29) -3,005 -12,568 -11,170 -78,649 -19,716 -108 - -125,216Impairment of PPE (note 29) -638 -496 -99 - - - - -1,233Exchange differences -7,136 5,673 -15,362 -53,144 3,044 -89 1,270 -65,744Ending balance 238,811 124,337 190,518 807,315 86,817 10,508 136,493 1,594,799Right of use assets Opening balance 11,771 - 19,420 17,268 6,356 3 - 54,818Additions 347 - 10,224 351 18,658 - - 29,580Disposals (NBV) - - -6 - -1,097 - - -1,103Reclassification of assets from/to other ROU's categories - - - -16,777 16,777 - - -Depreciation charge (note 29, 33) -1,618 - -4,559 -211 -8,881 -2 - -15,271Exchange differences 748 - - -1 904 - - 1,651Ending balance 11,248 - 25,079 630 32,717 1 - 69,675At 31 December 2022Cost 328,136 261,070 490,356 2,085,624 360,318 61,524 136,493 3,723,521Accumulated depreciation -72,390 -136,233 -273,721 -1,271,234 -240,784 -51,003 - -2,045,365Accumulated losses of impairment of PPE -5,687 -500 -1,038 -6,445 - -12 - -13,682Net book value 250,059 124,337 215,597 807,945 119,534 10,509 136,493 1,664,474During 2022, the Group invested in energy saving projects allowing higher use of lower cost alternative fuels, improved cement production efficiencies through digital technology, expanded warehouse capacity to accommodate larger production volumes, optimized logistics, and reduced carbon footprint mainly in the USA and EU. The aforementioned projects accounted for 56% of the total CapEx in 2022.During 2022, the Group received \u20ac5,748 thousand (2021: \u20ac8,694 thousand) from the disposal of tangible intangible assets and investment property with total net book value of \u20ac5,560 thousand (2021: \u20ac2,947 thousand). Thus, the Group recognized \u20ac188 thousand gains (2021: \u20ac5,747 thousand gains) on disposal of PPE in the consolidated income statement (note 4, 29). In 2022, the Group recorded impairment losses of \u20ac1,233 thousand, that were presented in the cost of sales in the consolidated income statement. Specifically, the amount of \u20ac638 thousand was recorded for a plot of land, \u20ac496 thousand for quarries and \u20ac99 thousand for buildings. On the Turkish subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. assets, there are mortgages of \u20ac27.5 million, securing bank credit facilities. As at 31.12.2022, the balance of these credit facilities amounted to \u20ac8.3 million.",
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"pp-value-59-5": {
"value": "1.4 Property, plant and equipmentProperty, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land (excluding land improvements and quarries), which is shown at cost less impairment losses.Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to the extent that they have been recognised as a provision (refer to note 1.20). Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever is the sooner.Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsLand on which owned quarries are located is depreciated on a depletion basis. This depletion is recorded as the material extraction process advances based on the unit-of-production method. Other land is not depreciated. The cost of the exploration of non-owned quarries is recognised as operating cost in profit or loss as incurred.The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting date. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount (refer to note 1.8 - Impairment of non-financial assets other than Goodwill).An item of PPE and any significant part initially recognised is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in profit or loss.Interest costs on borrowings specifically used to finance the construction of PPE are capitalised during the construction period if recognition criteria are met (refer to note 1.29).",
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},
"pp-value-60-6": {
"value": "Property, plant and equipment (PPE) is stated at historical cost less accumulated depreciation and impairment losses, except for land (excluding land improvements and quarries), which is shown at cost less impairment losses.Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to the extent that they have been recognised as a provision (refer to note 1.20). Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever is the sooner.Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsIntangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.The amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 years",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-61-7": {
"value": "Cost includes expenditure that is directly attributable to the acquisition of the items and any environmental rehabilitation costs to the extent that they have been recognised as a provision (refer to note 1.20). Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement as incurred. Subsequent costs are depreciated over the remaining useful life of the related asset or to the date of the next major subsequent cost whichever is the sooner.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-3": {
"value": "Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsThe amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 years2. Significant accounting estimates and judgmentsThe preparation of the financial statements requires management to make estimations and judgments that affect the reported disclosures. They are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In addition, they form the basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will, seldom equal the related actual results by definition. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:2.1 Impairment of goodwillImpairment tests for goodwill use the recoverable amounts of cash-generating units that are determined based on value-in-use calculations. These calculations require the use of estimates, which mainly relate to future earnings and discount rates.The Group considers the assumptions used in the impairment test of goodwill for Turkish subsidiaries to have significant risk, due to high levels of inflation and economic uncertainty in Turkey (note 13).Moreover, the closely examines the recoverable amount of goodwill allocated to the subsidiaries in Bulgaria to be sensitive to the operating margin and discount rate used in the impairment test of goodwill (note 13).2.2 Impairment of joint venturesThe determination of the recoverable amount for each joint venture requires significant judgments in respect of assumptions about the future results of the business and the discount rates applied to future cash flow forecasts. As political instability in Brazil increases, the Group considers the assumptions used in the impairment test of the carrying amount of the investment for Brazilian joint ventures to have risk (note 15.2).Deferred tax assets are recognized for the carryforwards of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilized.On 31 December 2022, certain Group entities had tax carry forward losses of \u20ac91.4 million (2021: \u20ac127.4 million). These entities have recognized deferred tax assets amounting to \u20ac19.7 million (2021: 22.4 million), attributable to losses amounting to \u20ac86.1 million (2021: \u20ac93.2 million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved business plans (note 18). For the remaining \u20ac5.3 million tax carry forward losses, no deferred tax asset has been recognized, since they did not meet the recognition criteria according to IAS 12. Tax carry forward losses amounting to \u20ac4.5 million expire up to 2024 , \u20ac0,1 million expire up to 2025 and \u20ac0.7 million expire up 2026. Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-63-4": {
"value": "Depreciation, with the exception of quarries and land, is calculated using the straight-line method to allocate the cost of the assets to their residual values over their estimated useful lives as follows:Category of PPE Indicative useful livesBuildings Up to 50 yearsPlant and machinery Up to 40 yearsMotor vehicles 5 to 20 yearsOffice equipment furniture and fittings (including computer equipment and software integral to the 2 to 10 yearsoperation of the hardware)Minor value assets Up to 2 yearsThe amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 years2. Significant accounting estimates and judgmentsThe preparation of the financial statements requires management to make estimations and judgments that affect the reported disclosures. They are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In addition, they form the basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will, seldom equal the related actual results by definition. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:2.1 Impairment of goodwillImpairment tests for goodwill use the recoverable amounts of cash-generating units that are determined based on value-in-use calculations. These calculations require the use of estimates, which mainly relate to future earnings and discount rates.The Group considers the assumptions used in the impairment test of goodwill for Turkish subsidiaries to have significant risk, due to high levels of inflation and economic uncertainty in Turkey (note 13).Moreover, the closely examines the recoverable amount of goodwill allocated to the subsidiaries in Bulgaria to be sensitive to the operating margin and discount rate used in the impairment test of goodwill (note 13).2.2 Impairment of joint venturesThe determination of the recoverable amount for each joint venture requires significant judgments in respect of assumptions about the future results of the business and the discount rates applied to future cash flow forecasts. As political instability in Brazil increases, the Group considers the assumptions used in the impairment test of the carrying amount of the investment for Brazilian joint ventures to have risk (note 15.2).Deferred tax assets are recognized for the carryforwards of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilized.On 31 December 2022, certain Group entities had tax carry forward losses of \u20ac91.4 million (2021: \u20ac127.4 million). These entities have recognized deferred tax assets amounting to \u20ac19.7 million (2021: 22.4 million), attributable to losses amounting to \u20ac86.1 million (2021: \u20ac93.2 million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved business plans (note 18). For the remaining \u20ac5.3 million tax carry forward losses, no deferred tax asset has been recognized, since they did not meet the recognition criteria according to IAS 12. Tax carry forward losses amounting to \u20ac4.5 million expire up to 2024 , \u20ac0,1 million expire up to 2025 and \u20ac0.7 million expire up 2026. Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.On 31.12.2022, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount, which has been determined based on value-in-use calculations with a discount rate of 16.5% and a perpetual growth rate of 3.3%, exceeds the carrying value. Additional sensitivity analysis has been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.- Increase in the Discount rate by 2.5%.- Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4.6%.GreeceOn May 24, 2021, the IFRS Interpretations Committee (IFRIC) published its Agenda Decision, Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) and concluded that an entity\u2019s obligation increases until the date when future service by the employee will lead to no material amounts of further benefits (note 1). In accordance with the aforementioned decision, the application of the basic principles of IAS 19 in Greece has been changed and the calculations have been adjusted to recognize retirement obligations for the last 16 years of service until retirement. Until the issuance of the IFRIC Decision, entities applied IAS 19 distributing the benefits defined by the respective law 2112/1920, and its amendment 4093/2012. The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the liabilities arising from such obligations are actuarially valued by an independent firm of actuaries. The last actuarial valuation was undertaken in December 2022. The principal actuarial assumptions used were as follows:- discount rate of 0.6% as of 31/12/2021 with time weighted average duration 8.19 years according to the market conditions as of 31/12/2021, and discount rate of 3.3% as of 31/12/2022 with time weighted average duration 7.37 years according to the market conditions as of 31/12/2022,- future salary increases of 2.2% (2021: 1.7%),- the average turnover rate for permanent employees aged up to 45 years is 1% for both voluntary resignation and dismissal, for employees aged 46-50 years it is 1% for voluntary resignation and 0% for dismissal and over 51 years it is 0% for both voluntary resignation and dismissal.USAThe Group's U.S. subsidiaries operate defined benefit plans and other post-retirement benefit plans. The method of accounting for the latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.All of the Group's U.S. subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and Medicare eligibility.On 31 December 2022 the plan assets of the Group's subsidiaries in the US have invested approximately 57% (2021: 56%) in equity instruments quoted in US and international stock markets and 43% (2021: 44%) in fixed investments (US and international bonds). The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the U.S. was 5.13% (2021: 2.56%).Non-qualified deferred compensation planThis plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's U.S. subsidiary created an irrevocable trust to facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from 0% to 20% of eligible compensation for the applicable plan year. On 31 December 2022 and 2021, plan assets totaled \u20ac2,715 thousand and \u20ac3,307 thousand, respectively, and are classified as other non current assets in the accompanying consolidated statement of financial position (note 3, 17). There were no costs for the plan for the year ended 31 December 2022 or 2021. ",
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"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-65-4": {
"value": "1.5 Investment propertiesInvestment property is property held for long-term rental yields or for capital appreciation or both and that is not occupied by any of the subsidiaries of the Group. Owner-occupied properties are held for production and administrative purposes. This distinguishes owner-occupied property from investment property.Investment property is measured initially at cost, including related transaction costs and where applicable borrowing costs (refer to 1.29).After initial recognition investment property is carried at fair value. Fair value reflects market conditions at the reporting date and is determined internally on an annual basis by management or external valuators. The best evidence of fair value is provided by current prices in an active market for similar property in the same location and condition and subject to the same lease terms and other conditions (comparable transactions). When such identical conditions are not present, the Group takes account of, and makes allowances for, differences from the comparable properties in location, nature and condition of the property or in contractual terms of leases and other contracts relating to the property.A gain or loss arising from a change in the fair value of investment property is recognized in the period in which it arises in the income statement within \u201cother income\u201d or \u201cother expense\u201d as appropriate.Subsequent expenditure is capitalised to the asset\u2019s carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Group and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.The fair value of investment property does not reflect future capital expenditure that will improve or enhance the property and does not reflect the related future benefits from this future expenditure other than those a rational market participant would take into account when determining the value of the property.Where the Group disposes of a property at fair value in an arm\u2019s length transaction, the carrying value immediately prior to the sale is adjusted to the transaction price, and the adjustment is recorded in the income statement within the gain or loss from fair value adjustment on investment property. Investment properties are derecognised when they have been disposed.If an investment property becomes owner-occupied, it is reclassified as PPE. Its fair value at the date of reclassification becomes its deemed cost for subsequent accounting purposes.If an item of owner-occupied property becomes an investment property because its use has changed, IAS 16 is applied up to the date of transfer, since investment property is measured at fair value. The property is fair valued at the date of transfer and any revaluation gain or loss, being the difference between fair value and the previous carrying amount, is accounted for as a revaluation surplus or deficit in equity in accordance with IAS 16. Revaluation surplus is recognized directly in equity through other comprehensive income, unless there was an impairment loss recognized for the same property in prior years. In this case, the surplus up to the extent of this impairment loss is recognized in profit or loss and any further increase is recognized directly in equity through other comprehensive income. Any revaluation deficit is recognized in profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-66-2": {
"value": "After initial recognition investment property is carried at fair value. Fair value reflects market conditions at the reporting date and is determined internally on an annual basis by management or external valuators. The best evidence of fair value is provided by current prices in an active market for similar property in the same location and condition and subject to the same lease terms and other conditions (comparable transactions). When such identical conditions are not present, the Group takes account of, and makes allowances for, differences from the comparable properties in location, nature and condition of the property or in contractual terms of leases and other contracts relating to the property.12. Investment propertyProperty that is leased among Group subsidiaries is not included in investment property but in property, plant and equipment in the Group statement of financial position. Investment property is measured at fair value by external, independent, certified evaluators, members of the institute of the certified evaluators and certified from the European Group of Valuers' Associations (TEGoVA) & RICS (Royal Institution of Chartered Surveyors).(all amounts in Euro thousands)2022 2021Opening balance 10,980 11,720Disposals - -1,043Net gain from measurement at fair value (note 4) 509 575Transfer to assets held for sale - -238Transfer to property, plant and equipment -259 -38Exchange differences 10 4Ending balance 11,240 10,980In December 2021, the Group subsidiary in Greece, Titan Cement S.A., sold the majority of its land plots located in Elefsina-Attika at a selling price of \u20ac7.1 million, resulting in a gain of \u20ac6.1 million. A small part of the land plots with a carrying amount of \u20ac238 thousand was classified as forest area by the Forest State Office, thus delaying the completion of its sale in 2021. Accordingly, this part of land was designated as an asset held for sale in 2021 statement of financial position. In 2022, the land was sold at the pre-agreed price of \u20ac500 thousand, resulting in a gain of \u20ac262 thousand.(all amounts in Euro thousands)2022 2021Rental income derived from investment property 467 426Direct operating expenses (including repair and maintenance) that did not generate rental income -34 -73Net profit arising from investment properties carried at fair value 509 333Investment property is measured at fair value on a yearly basis. The fair value measurement of the investment property of the Group has been mainly conducted in accordance with the comparative method or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The investment properties are leased to tenants under operating leases with rentals payable monthly, quarterly or yearly. Lease payments for some contracts include Consumer Price Index (CPI) increases, but there are no other variable lease payments that depend on an index or rate.Minimum lease payments receivable on leases of investment properties are as follows:(all amounts in Euro thousands)2022 2021Within one year 477 522Between 1 and 2 years 337 415Between 2 and 3 years 270 334Between 3 and 4 years 254 246Between 4 and 5 years 170 228Later than five years 242 5741,750 2,318",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-4": {
"value": "1.6 Goodwill and intangible assets (other than goodwill)1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.1.6.2 Intangible assets (other than goodwill)Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.The Group\u2019s intangible assets have a finite useful life.Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.Acquired computer software programs and licenses are capitalised on the basis of costs incurred to acquire and bring to use the specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or maintaining computer software programs are recognised as an expense as incurred.The amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 yearsGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-69-5": {
"value": "1.6 Goodwill and intangible assets (other than goodwill)1.6.2 Intangible assets (other than goodwill)Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.The Group\u2019s intangible assets have a finite useful life.Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.Acquired computer software programs and licenses are capitalised on the basis of costs incurred to acquire and bring to use the specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or maintaining computer software programs are recognised as an expense as incurred.The amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 yearsGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-7": {
"value": "1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-8": {
"value": "1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.1.8 Impairment of non-financial assets other than GoodwillAssets that have an indefinite useful life (land not related to quarries) are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised, as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. An asset\u2019s recoverable amount is the higher of an asset or cash generating units (CGU) fair value less costs of sell and its value-in-use.1.26 Impairment of financial assetsThe Group records an allowance for expected credit losses (ECLs) for all financial assets not held at FVPL.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset\u2019s original effective interest rate.For contract assets, trade receivables and lease receivables, the Group have applied the standard\u2019s simplified approach and have calculated ECLs based on lifetime expected credit losses.For other financial assets, the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-70-9": {
"value": "1.6.1 GoodwillGoodwill arises on the acquisition of subsidiaries and represents the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed. If the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifiable assets acquired and liabilities assumed is smaller than the fair value of the net assets of the acquired subsidiary, the difference is recognized in the profit or loss. Goodwill represents the future economic benefits arising from assets that are not capable of being individually identified and separately recognized in a business combination.Goodwill is not amortized. After initial recognition, it is measured at cost less any accumulated impairment losses.For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each cash-generating-unit that is expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes.Impairment reviews are undertaken annually (even if there is no indication of impairment) or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of goodwill is compared to the recoverable amount, which is the higher of the value-in-use and the fair value less costs to sell. Any impairment is recognised immediately as an expense and is not subsequently reversed.Where goodwill has been allocated to a cash-generating-unit (CGU) and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.1.8 Impairment of non-financial assets other than GoodwillAssets that have an indefinite useful life (land not related to quarries) are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised, as an expense immediately, for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date. An asset\u2019s recoverable amount is the higher of an asset or cash generating units (CGU) fair value less costs of sell and its value-in-use.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-71-2": {
"value": "1.6.2 Intangible assets (other than goodwill)Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried at cost less any accumulated amortisation and accumulated impairment losses.The Group\u2019s intangible assets have a finite useful life.Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income statement as the expense category that is consistent with the function of the intangible assets.Acquired computer software programs and licenses are capitalised on the basis of costs incurred to acquire and bring to use the specific software when these are expected to generate economic benefits beyond one year. Costs associated with developing or maintaining computer software programs are recognised as an expense as incurred.The amortization methods used for the Group\u2019s intangibles are as follows:Category of intangible Indicative useful Amortization Method assetslivesPatents, trademarks and customer straight-line basis up to 20 yearsrelationshipsshorter of: the permit period and the estimated life of Licenses (mining straight-line basis / the underlying permits)depletion methodquarry unit-of-productionmethodDevelopment costs note 1.7 note 1.7(non-owned quarries)Computer software straight-line basis 3 to 10 yearsGains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in the income statement when the asset is derecognised.14. Intangible assets(all amounts in Euro thousands)Customer Computer Other intangible Assets under Licences Trademarksrelationshipssoftwareassetsconstruction TotalBalance at 1 January 2021 35,871 14,045 3,798 3,559 3,741 23,265 84,279Additions 6 - - 157 198 6,773 7,134Disposals (NBV) (note 29) - - - - -238 - -238Reclassification of assets from/to other intangible assets categories 411 - - 5,827 345 -6,583 -Transfers from other accounts - - - 18,435 47 -16,242 2,240Amortization charge (note 29) -1,146 -877 -1,659 -1,991 -532 - -6,205Exchange differences 1,701 1,044 228 -21 121 1,161 4,234Balance at 31 December 2021 36,843 14,212 2,367 25,966 3,682 8,374 91,444Balance at 1 January 2022 36,843 14,212 2,367 25,966 3,682 8,374 91,444Additions 33 - - 3,290 139 3,932 7,394Disposals (NBV) (note 29) - - - - -12 -112 -124Hyperinflation adjustments 18 - - 3 - - 21Reclassification of assets from/to other intangible assets categories 33 - - 945 783 -1,761 -Transfers from other accounts - - - 127 28 41 196Other reclassifications - - - - -646 -22 -668Amortization charge (note 29) -1,058 -796 -1,597 -4,200 -362 - -8,013Exchange differences -7,423 609 -275 1,205 -423 -70 -6,377Balance at 31 December 2022 28,446 14,025 495 27,336 3,189 10,382 83,873",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-4": {
"value": "1.7 Deferred stripping costsStripping costs comprise the removal of overburden and other waste products. Stripping costs incurred in the development of a quarry before production commences are capitalised as follows:Where such costs are incurred on quarry land that is owned by the Group, these are included within the carrying amount of the related quarry, under PPE and subsequently depreciated over the life of the quarry on a units-of-production basis. Where such costs are incurred on non-owned quarries, these are included under \u2018Development expenditure\u2019 under Intangible assets and amortised over the shorter of the contract term and the estimated life of the quarry reserve.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForStrippingCostsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-79-4": {
"value": "1.9 Leases1.9.1 LesseesLeases are recognized as a right-of-use (ROU) asset and a corresponding lease liability at the date at which the leased asset is available for use. Each lease payment is allocated between the lease liability and interest, which is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The ROU asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, unless there is a transfer of ownership or purchase option which is reasonably certain to be exercised at the end of the lease term. In this case, the lessee depreciates the ROU asset over the useful life of the underlying asset.The Group presents ROU assets that do not meet the definition of investment property in the account \u201cproperty, plant and equipment\u201d, in the same line item as it presents underlying assets of the same nature that it owns. ROU assets that meet the definition of investment property are presented with investment property.The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment with similar terms and condition.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease liabilities include the net present value of the following lease payments:\u2022 Fixed payments (including in-substance fixed payments)\u2022 Variable lease payments that are based on an index or a rate\u2022 Amounts expected to be payable by the lessee under residual value guarantees\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease if the lessee will exercise that optionThe ROU asset is initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and adjusted for certain re-measurements of the lease liability. When ROU asset meets the definition of investment property is initially measured at cost, and subsequently measured at fair value, in accordance with the Group\u2019s accounting policy.The initial measurement of the ROU asset is comprised by:\u2022 The amount of the initial measurement of lease liability\u2022 Any lease payments made at or before the commencement date less any lease incentives received\u2022 Any initial direct costs, and\u2022 Restoration costsFor short term leases and certain leases of low value assets, the Group has elected not to recognise ROU assets and lease liabilities. It recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.For leases that contain both lease and non-lease components, the Group chose not to separate them, except for terminals in which non-lease components are separated from lease components.1.9.2 LessorsLeases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as operating leases. Operating leases of PPE are recognized according to their nature in the statement of financial position.Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.Contingent rents are recognised as revenue in the period in which they are earned.Leases in which the Group transfers substantially all the risks and benefits of ownership of an asset are classified as finance leases. The Group presents a receivable at an amount equal to the net investment in the lease. The net investment of a lease agreement is the gross investment, discounted at the interest rate implicit in the lease.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-81-5": {
"value": "The lease liability is initially measured at the commencement date at the present value of the lease payments during the lease term that are not yet paid. It is discounted by using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate (IBR). The IBR is the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of a similar value in a similar economic environment with similar terms and condition.The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is re-measured when there is a modification that is not accounted for as a separate lease; a change in future lease payments arising from a change in an index or rate; a change in the estimate of the amount expected to be payable under a residual value guarantee; and if the Group changes its assessment of whether a purchase or extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease liabilities include the net present value of the following lease payments:\u2022 Fixed payments (including in-substance fixed payments)\u2022 Variable lease payments that are based on an index or a rate\u2022 Amounts expected to be payable by the lessee under residual value guarantees\u2022 The exercise price of a purchase option if the lessee is reasonably certain to exercise that option\u2022 Payments of penalties for terminating the lease if the lessee will exercise that option1.11 Trade receivablesTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non- current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional and subsequently measured at amortised cost using the effective interest method, less loss allowance.1.12 Cash and cash equivalentsIn the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they exist. Bank overdrafts are included within borrowings in current liabilities in the balance sheet. The components of cash and cash equivalents have a negligible risk of change in value.1.14 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are carried at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date.1.24 Financial assetsClassification and measurementThe Group classifies its financial assets in the following measurement categories:\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss) and, \u2022 Those to be measured at amortised cost.The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Transaction costs of financial assets carried at fair value through profit or loss are expenses. Trade receivables are initially measured at their transaction price.Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.Under IFRS 9, debt financial instruments are subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). The classification is based on two criteria: a) the business model for managing the assets and b) whether the instruments\u2019 contractual cash flows represent \u201csolely payments of principal and interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).The new classification and measurement of the Group\u2019s debt financial assets are, as follows:I. Debt instruments at amortised cost for financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI criterion. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on de-recognition is recognised directly in the income statement.II. Debt instruments at FVOCI, with gains or losses recycled to profit or loss on de-recognition. Financial assets in this category are debt instruments that meet the SPPI criterion and are held within a business model both to collect cash flows and to sell. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate method.III. Financial assets at FVPL comprise derivative instruments and equity instruments, which the Group had not irrevocably elected, at initial recognition or transition, to classify at FVOCI. This category would also include debt instruments whose cash flow characteristics fail the SPPI criterion or are not held within a business model whose objective is eitherto collect contractual cash flows, or to both collect contractual cash flows and sell. A gain or loss on financial assets that subsequently measures at FVPL is recognized in income statement.Other financial assets are classified and subsequently measured, as follows:IV. Equity instruments at FVOCI, with no recycling of gains or losses to profit or loss on de-recognition. This category only includes equity instruments, which the Group intends to hold for the foreseeable future and which the Group (or the Company) has irrevocably elected to so classify upon initial recognition or transition. Equity instruments at FVOCI are not subject to any impairment accounting. Dividends from such investments continue to be recognised in profit or loss, when the right to receive the payment is established, unless they represent a recovery of part of the cost of the investment.V. Financial assets designated as measured at FVPL at initial recognition that would otherwise be measured subsequently at amortized cost or at FVOCI. Such a designation canonly be made, if it eliminates or significantly reduces an \u201caccounting mismatch\u201d that would otherwise arise.1.25 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset recognised amounts, and there is an intention to settle on the net basis the liability or realise the asset and settle the liability simultaneously. The legally enforceable right to offset should not depend on future events but it should apply in the ordinary course of business. However, it should be allowed for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.1.26 Impairment of financial assetsThe Group records an allowance for expected credit losses (ECLs) for all financial assets not held at FVPL.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset\u2019s original effective interest rate.For contract assets, trade receivables and lease receivables, the Group have applied the standard\u2019s simplified approach and have calculated ECLs based on lifetime expected credit losses.For other financial assets, the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.1.28 De-recognition of financial assets and liabilities1.28.1 Financial assetsA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized when:\u2022 the rights to receive cash flows from the asset have expired;\u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or\u2022 the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset. A respective liability is also recognized.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.1.28.2 Financial liabilitiesA financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Where 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 a de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of income.1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.1.30 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-2": {
"value": "1.10 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity), but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.Appropriate allowance is made for damaged, obsolete and slow moving items. Write-downs to net realisable value and inventory losses are expensed in cost of sales in the period in which the write-downs or losses occur.19. Inventories(all amounts in Euro thousands)2022 2021InventoriesRaw materials-maintenance stores 262,706 213,465Finished goods 143,247 101,299Provision for obsolete inventories -11,281 -9,633394,672 305,131Analysis of provision for impairment of inventoriesBalance at 1 January 9,633 12,067Charge for the year (note 29) 4,140 606Unused amounts reversed (note 29) -1,564 -2,773Utilized -913 -180Reclassification from/to PPE 153 -184Exchange differences -168 97Balance at 31 December 11,281 9,633The Group's subsidiaries have not pledged their inventories as collateral.In 2022, the increase in inventories of raw materials and finished goods was mostly affected by the increase in energy and shipping freight costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-84-5": {
"value": "1.10 InventoriesInventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average cost method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity), but excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses.Appropriate allowance is made for damaged, obsolete and slow moving items. Write-downs to net realisable value and inventory losses are expensed in cost of sales in the period in which the write-downs or losses occur.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-5": {
"value": "1.11 Trade receivablesTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non- current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional and subsequently measured at amortised cost using the effective interest method, less loss allowance.1.12 Cash and cash equivalentsIn the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they exist. Bank overdrafts are included within borrowings in current liabilities in the balance sheet. The components of cash and cash equivalents have a negligible risk of change in value.1.24 Financial assetsClassification and measurementThe Group classifies its financial assets in the following measurement categories:\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss) and, \u2022 Those to be measured at amortised cost.The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Transaction costs of financial assets carried at fair value through profit or loss are expenses. Trade receivables are initially measured at their transaction price.Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.Under IFRS 9, debt financial instruments are subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). The classification is based on two criteria: a) the business model for managing the assets and b) whether the instruments\u2019 contractual cash flows represent \u201csolely payments of principal and interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).The new classification and measurement of the Group\u2019s debt financial assets are, as follows:I. Debt instruments at amortised cost for financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI criterion. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on de-recognition is recognised directly in the income statement.II. Debt instruments at FVOCI, with gains or losses recycled to profit or loss on de-recognition. Financial assets in this category are debt instruments that meet the SPPI criterion and are held within a business model both to collect cash flows and to sell. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate method.III. Financial assets at FVPL comprise derivative instruments and equity instruments, which the Group had not irrevocably elected, at initial recognition or transition, to classify at FVOCI. This category would also include debt instruments whose cash flow characteristics fail the SPPI criterion or are not held within a business model whose objective is eitherto collect contractual cash flows, or to both collect contractual cash flows and sell. A gain or loss on financial assets that subsequently measures at FVPL is recognized in income statement.Other financial assets are classified and subsequently measured, as follows:IV. Equity instruments at FVOCI, with no recycling of gains or losses to profit or loss on de-recognition. This category only includes equity instruments, which the Group intends to hold for the foreseeable future and which the Group (or the Company) has irrevocably elected to so classify upon initial recognition or transition. Equity instruments at FVOCI are not subject to any impairment accounting. Dividends from such investments continue to be recognised in profit or loss, when the right to receive the payment is established, unless they represent a recovery of part of the cost of the investment.V. Financial assets designated as measured at FVPL at initial recognition that would otherwise be measured subsequently at amortized cost or at FVOCI. Such a designation canonly be made, if it eliminates or significantly reduces an \u201caccounting mismatch\u201d that would otherwise arise.1.25 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset recognised amounts, and there is an intention to settle on the net basis the liability or realise the asset and settle the liability simultaneously. The legally enforceable right to offset should not depend on future events but it should apply in the ordinary course of business. However, it should be allowed for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.1.26 Impairment of financial assetsThe Group records an allowance for expected credit losses (ECLs) for all financial assets not held at FVPL.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset\u2019s original effective interest rate.For contract assets, trade receivables and lease receivables, the Group have applied the standard\u2019s simplified approach and have calculated ECLs based on lifetime expected credit losses.For other financial assets, the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.1.28 De-recognition of financial assets and liabilities1.28.1 Financial assetsA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized when:\u2022 the rights to receive cash flows from the asset have expired;\u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or\u2022 the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset. A respective liability is also recognized.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.1.28.2 Financial liabilitiesA financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Where 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 a de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-85-6": {
"value": "1.11 Trade receivablesTrade receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business. If collection is expected in one year or less (or in the normal operating cycle of the business if longer), they are classified as current assets. If not, they are presented as non- current assets. Trade receivables are recognised initially at the amount of consideration that is unconditional and subsequently measured at amortised cost using the effective interest method, less loss allowance.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-5": {
"value": "1.12 Cash and cash equivalentsIn the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they exist. Bank overdrafts are included within borrowings in current liabilities in the balance sheet. The components of cash and cash equivalents have a negligible risk of change in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-86-6": {
"value": "1.12 Cash and cash equivalentsIn the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with a maturity of normally three months or less from the date of acquisition, and bank overdrafts, if they exist. Bank overdrafts are included within borrowings in current liabilities in the balance sheet. The components of cash and cash equivalents have a negligible risk of change in value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-87-3": {
"value": "1.13 Share capitalAny excess of the fair value of the consideration received over the par value of the shares issued is recognized as \u201cshare premium\u201d in shareholders\u2019 equity. Incremental external costs directly attributable to the issue of new shares or share options are shown in equity as a deduction, net of tax, from the proceeds.Where the Company or its subsidiaries purchases the Company\u2019s own equity share capital (treasury shares), the consideration paid including any attributable incremental external costs net of income taxes is deducted from total shareholders\u2019 equity until they are cancelled or sold. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributed incremental transaction costs and the related income tax effect, is included in shareholders\u2019 equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-4": {
"value": "1.14 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are carried at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date.1.25 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset recognised amounts, and there is an intention to settle on the net basis the liability or realise the asset and settle the liability simultaneously. The legally enforceable right to offset should not depend on future events but it should apply in the ordinary course of business. However, it should be allowed for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.1.28 De-recognition of financial assets and liabilities1.28.1 Financial assetsA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized when:\u2022 the rights to receive cash flows from the asset have expired;\u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or\u2022 the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset. A respective liability is also recognized.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.1.28.2 Financial liabilitiesA financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Where 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 a de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of income.1.30 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-5": {
"value": "1.14 BorrowingsBorrowings are recognised initially at fair value, net of transaction costs incurred. In subsequent periods, borrowings are carried at amortised cost using the effective interest method. Any difference between proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.Fees paid on the establishment of loan facilities are recognized as transactions costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a prepayment for liquidity services and amortised over the period of the facility to which it relates.Borrowings are classified as current liabilities unless the Group entity has an unconditional right to defer settlement for at least 12 months after the balance sheet date.1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-4": {
"value": "1.15 Current and deferred income taxesThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.Current income tax is calculated on the basis of the tax laws enacted or substantively enacted at the reporting date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.Deferred income tax is recognised using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint arrangements and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realised or the related deferred income tax liability is settled.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-89-5": {
"value": "1.15 Current and deferred income taxesThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.Deferred income tax is recognised using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for.Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilized.Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, joint arrangements and associates, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realised or the related deferred income tax liability is settled.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-4": {
"value": "1.16 Employee benefits1.16.1 Pension and other retirement obligationsThe Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets.The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.Past service costs are recognized in profit or loss on the earlier of:\u2022 The date of the plan amendment or curtailment, and\u2022 The date that the Group recognizes restructuring-related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation:Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements under other operating expenses/incomeNet interest expense or income under finance expensesRe-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.1.16.2 Termination benefitsTermination benefits are payable when employment is terminated by the group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.The Group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. The obligating event is the termination and not the service. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.1.16.3 Profit sharing and bonus plansA liability for employee benefits in the form of profit sharing and bonus plans is recognised in other provisions when the following conditions are met:there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements; orpast practice has created a valid expectation by employees that they will receive a bonus/ profit sharing and the amount can be determined before the time of issuing the financial statements.1.19 Provisions and contingenciesProvisions represent liabilities of uncertain timing or amount and are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presenting in the income statement net of any reimbursement.Provisions are not recognized for future operating losses. The Group recognises a provision for onerous contracts when the economic benefits to be derived from a contract are less than the unavoidable costs of meeting the obligations under the contract.Restructuring provisions comprise lease termination penalties and employee termination payments, and are recognised in the period in which the Group becomes legally or constructively committed to payment. Costs related to the ongoing activities of the Group are not provided for in advance.Where the effect of the time value of money is material, provisions is measured at the present value of the expenditure expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due the passage of time is recognized as a finance expense.Possible obligations and present obligations which do not meet the recognition criteria of a provision are not recognised on the statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic benefits is probable. A contingent asset is not recognised, because it might result in the recognition of income that is never realized. When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognised. Contingent assets and liabilities are initially recognised and subsequently measured as provisions do. 1.20 Site restoration, quarry rehabilitation and environmental costsCompanies within the Group are generally required to restore the land used for quarries and processing sites at the end of their producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies. Provisions for environmental restoration are recognised when the Group has a present legal or constructive obligation as a result of past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs of these obligations is complex and requires management to use judgment.The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation liabilities provided for reflect the information available to management at the time of determination of the liability and are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available.Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows. Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless they arise from changes in accounting estimates of valuation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-5": {
"value": "1.16 Employee benefits1.16.1 Pension and other retirement obligationsThe Group operates various pension and other retirement schemes, including both defined benefit and defined contribution pension plans in accordance with the local conditions and practices in the countries in which it operates. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. A defined benefit plan is a pension plan that is not a defined contribution plan.Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present value of the defined benefit obligation at the reporting date less the fair value of plan assets.The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used.Past service costs are recognized in profit or loss on the earlier of:\u2022 The date of the plan amendment or curtailment, and\u2022 The date that the Group recognizes restructuring-related costsNet interest is calculated by applying the discount rate to the net defined benefit liability or asset. The Group recognizes the following changes in the net defined benefit obligation:Service costs comprising current service costs, past-service costs, gains and losses on curtailments and non-routine settlements under other operating expenses/incomeNet interest expense or income under finance expensesRe-measurements, comprising of the actuarial gains and losses, the effect of the asset ceiling, excluding net interest (not applicable to the Group) and the return on plan assets (excluding net interest), are recognized immediately in the statement of financial position with a corresponding debit or credit to retained earnings through other comprehensive income (OCI) in the period in which they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. Once the contributions have been paid, the Group has no further payment obligations.The regular contributions constitute net periodic costs for the year in which they are due and as such are included in staff costs.1.16.2 Termination benefitsTermination benefits are payable when employment is terminated by the group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.The Group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. The obligating event is the termination and not the service. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.1.16.3 Profit sharing and bonus plansA liability for employee benefits in the form of profit sharing and bonus plans is recognised in other provisions when the following conditions are met:there is a formal plan and the amounts to be paid are determined before the time of issuing the financial statements; orpast practice has created a valid expectation by employees that they will receive a bonus/ profit sharing and the amount can be determined before the time of issuing the financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-94-6": {
"value": "1.16.2 Termination benefitsTermination benefits are payable when employment is terminated by the group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.The Group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. The obligating event is the termination and not the service. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-96-4": {
"value": "1.16.4 Share-based paymentsShare-based compensation benefits are provided to members of senior management via Group share schemes that cover several subsidiaries.Equity-settled transactionsThe fair value of options granted under the Share Option Programs is recognised as an employee benefits expense in the Income Statement, with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options granted:\u2022 Including any market performance conditions (for example, an entity\u2019s share price);\u2022 Excluding the impact if any service and non-market performance vesting conditions (for example profitability, sales growth targets and remaining an employee of the entity over a specified time period); and\u2022 Including the impact of any non-vesting conditions (for example, the requirement for employees to save)The total expense is recognised over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Share options are exercised at given prices, which are normally at a discount of the share\u2019s market price at grant dates. When the options are exercised, either the Company issues new shares, or the Group settles the awards with existing treasury shares. The proceeds received net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium reserve.Cash-settled transactionsThe fair value of the awards granted to employees for nil consideration under the Long-term Incentive Plans is measured initially and at each reporting date up to and including the settlement date, at the fair value of the liability with changes in fair value recognised as employee benefits expense in the Income Statement. At each reporting date, the Group revises its estimation of the number of the awards that they will vest and it recognises the impact of the revised estimates in the Income Statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-2": {
"value": "1.17 Government grantsGovernment grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.27. Other non-current liabilities and non-current contract liabilities(all amounts in Euro thousands)2022 2021Government grants 3,284 3,488Liability of long-term incentive plan 7,915 4,223Other non-current liabilities 1,960 5,13813,159 12,849Analysis of Government grants:Non - current 3,284 3,488Current (note 28) 69 693,353 3,557Opening balance 3,557 3,762Amortization (note 29) -204 -205Ending balance 3,353 3,557Government grants relating to capital expenditures are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that the expense is matched to the income received.(all amounts in Euro thousands)2022 2021Deferred Income 1,328 1,692Non-current contract liabilities 1,328 1,692",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-98-4": {
"value": "1.17 Government grantsGovernment grants are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Group will comply with all attached conditions.Government grants are recognized in profit or loss on a systematic basis over the periods in which the Group recognizes as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Group should purchase, construct or otherwise acquire non-current assets are recognized as deferred revenue in the statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful lives of the related assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-99-3": {
"value": "1.18 CO\u2082 Emission rightsEmission rights are accounted for under the net liability method. Allocated allowances that are granted free of charge are recognised as an intangible asset at cost, which is nil. Emission rights purchased in excess of those required to cover shortages are recognised as an intangible asset, at cost. To the extent that emissions generated to date exceed the volume of allowances held, the Group recognizes a liability. If emissions do not exceed allowances held, there is no obligation to purchase additional allowances and, therefore, no liability to provide for additional emission allowances required. The Group has chosen to measure the net liability on the basis of the period for which the irrevocable right to the cumulative emissions rights have been received. Proceeds from the sale of granted emission rights are recorded as a reduction to cost of sales.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-100-5": {
"value": "1.19 Provisions and contingenciesPossible obligations and present obligations which do not meet the recognition criteria of a provision are not recognised on the statement of financial position, but are disclosed as contingent liabilities. Contingent liabilities are current obligations arising from past events that might, but will probably not, require an outflow of resources embodying economic benefits, or the obligations cannot be reliably estimated. Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of economic benefits to a reporting entity. Contingent assets are disclosed only when an inflow of economic benefits is probable. A contingent asset is not recognised, because it might result in the recognition of income that is never realized. When it becomes virtually certain that an inflow of economic benefits will arise, then the asset should be recognised. Contingent assets and liabilities are initially recognised and subsequently measured as provisions do. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-5": {
"value": "1.20 Site restoration, quarry rehabilitation and environmental costsCompanies within the Group are generally required to restore the land used for quarries and processing sites at the end of their producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies. Provisions for environmental restoration are recognised when the Group has a present legal or constructive obligation as a result of past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs of these obligations is complex and requires management to use judgment.The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation liabilities provided for reflect the information available to management at the time of determination of the liability and are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available.Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows. Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless they arise from changes in accounting estimates of valuation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-104-6": {
"value": "1.20 Site restoration, quarry rehabilitation and environmental costsCompanies within the Group are generally required to restore the land used for quarries and processing sites at the end of their producing lives to a condition acceptable to the relevant authorities and consistent with the Group\u2019s environmental policies. Provisions for environmental restoration are recognised when the Group has a present legal or constructive obligation as a result of past events and, it is probable that an outflow of resources will be required to settle the obligation and the amount has been reliably estimated.Provisions associated with environmental damage represent the estimated future cost of remediation. Estimating the future costs of these obligations is complex and requires management to use judgment.The estimation of these costs is based on an evaluation of currently available facts with respect to each individual site and considers factors such as existing technology, currently enacted laws and regulations and prior experience in remediation of sites. Inherent uncertainties exist in such evaluations primarily due to unknown conditions, changing governmental regulations and legal standards regarding liability, the protracted length of the clean-up periods and evolving technologies. The environmental and remediation liabilities provided for reflect the information available to management at the time of determination of the liability and are adjusted periodically as remediation efforts progress or as additional technical or legal information becomes available.Estimated costs associated with such rehabilitation activities are measured at the present value of future cash outflows expected to be incurred. When the effect of the passage of time is not significant, the provision is calculated based on undiscounted cash flows. Where a closure and environmental obligation arises from quarry/mine development activities or relate to the decommissioning PPE the provision can be capitalized as part of the cost of the associated asset (intangible or tangible). The capitalized cost is depreciated over the useful life of the asset and any change in the net present value of the expected liability is included in finance costs, unless they arise from changes in accounting estimates of valuation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-105-3": {
"value": "1.21 RevenueThroughout these consolidated financial statements, the term \"sales\" has been used for \"revenue\".Revenue is the amount of consideration expected to be received in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties (value-added tax, other sales taxes etc.).Revenue is recognized when (or as) a performance obligation is satisfied by transferring the control of a promised good or service to the customer. A customer obtains control of a good or service if it has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. Control is transferred over time or at a point in time.Revenue from the sale of goods is recognised when control of the good is transferred to the customer, usually upon delivery and there is no unfulfilled obligation that could affect the customer\u2019s acceptance of the products. The main products of the Groupare cement, clinker, ready-mix, fly ash and other cementitious products.Revenue arising from services is recognised in the accounting period in which the services are rendered, and it is measured using either output methods or input methods, depending on the nature of service provided.A receivable is recognized when there is an unconditional right to consideration for the performance obligations to the customer that are satisfiedA contract asset is recognized when the performance obligation to the customer is satisfied before the customers pays or before payment is due, usually when goods or services are transferred to the customer before the Group has a right to invoice.A contract liability is recognized when there is an obligation to transfer goods or services to a customer for which the Group has received consideration from the customer (prepayments) or there is an unconditional right to receive consideration before the Group transfers a good or a service (deferred income). The contract liability is derecognized when the promise is fulfilled and revenue is recorded in the profit or loss statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-107-3": {
"value": "1.22 Dividend distributionDividend to the Company\u2019s shareholders is recognized in the financial statements in the period in which the Board of Directors\u2019 proposed dividend is ratified at the Shareholders\u2019 Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-108-3": {
"value": "1.23 Segment informationSegment information is presented on the same basis as the internal information provided to the chief operating decision maker. The chief operating decision maker is the person (or the group of persons) that allocates resources to and assesses the operating results of the segments.For management purposes, the Group is structured in five operating segments: Greece and Western Europe, North America, South Eastern Europe, Eastern Mediterranean and Joint Ventures. Each region has a regional Chief Executive Officer (CEO) who reports to the Group's CEO. In addition, the Finance Department is organized also by region for effective financial controlling and performance monitoring.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-109-5": {
"value": "1.24 Financial assetsClassification and measurementThe Group classifies its financial assets in the following measurement categories:\u2022 Those to be measured subsequently at fair value (either through OCI or through profit or loss) and, \u2022 Those to be measured at amortised cost.The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of the cash flows.The Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Transaction costs of financial assets carried at fair value through profit or loss are expenses. Trade receivables are initially measured at their transaction price.Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and interest.Under IFRS 9, debt financial instruments are subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVPL). The classification is based on two criteria: a) the business model for managing the assets and b) whether the instruments\u2019 contractual cash flows represent \u201csolely payments of principal and interest\u201d on the principal amount outstanding (the \u2018SPPI criterion\u2019).The new classification and measurement of the Group\u2019s debt financial assets are, as follows:I. Debt instruments at amortised cost for financial assets that are held within a business model with the objective to hold the financial assets in order to collect contractual cash flows that meet the SPPI criterion. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on de-recognition is recognised directly in the income statement.II. Debt instruments at FVOCI, with gains or losses recycled to profit or loss on de-recognition. Financial assets in this category are debt instruments that meet the SPPI criterion and are held within a business model both to collect cash flows and to sell. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue and foreign exchange gains or losses which are recognised in profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate method.III. Financial assets at FVPL comprise derivative instruments and equity instruments, which the Group had not irrevocably elected, at initial recognition or transition, to classify at FVOCI. This category would also include debt instruments whose cash flow characteristics fail the SPPI criterion or are not held within a business model whose objective is eitherto collect contractual cash flows, or to both collect contractual cash flows and sell. A gain or loss on financial assets that subsequently measures at FVPL is recognized in income statement.Other financial assets are classified and subsequently measured, as follows:IV. Equity instruments at FVOCI, with no recycling of gains or losses to profit or loss on de-recognition. This category only includes equity instruments, which the Group intends to hold for the foreseeable future and which the Group (or the Company) has irrevocably elected to so classify upon initial recognition or transition. Equity instruments at FVOCI are not subject to any impairment accounting. Dividends from such investments continue to be recognised in profit or loss, when the right to receive the payment is established, unless they represent a recovery of part of the cost of the investment.V. Financial assets designated as measured at FVPL at initial recognition that would otherwise be measured subsequently at amortized cost or at FVOCI. Such a designation canonly be made, if it eliminates or significantly reduces an \u201caccounting mismatch\u201d that would otherwise arise.1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-111-6": {
"value": "1.25 Offsetting financial instrumentsFinancial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset recognised amounts, and there is an intention to settle on the net basis the liability or realise the asset and settle the liability simultaneously. The legally enforceable right to offset should not depend on future events but it should apply in the ordinary course of business. However, it should be allowed for the related amounts to be set off in certain circumstances, such as bankruptcy or the termination of a contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-112-7": {
"value": "1.26 Impairment of financial assetsThe Group records an allowance for expected credit losses (ECLs) for all financial assets not held at FVPL.ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive. The shortfall is then discounted at an approximation to the asset\u2019s original effective interest rate.For contract assets, trade receivables and lease receivables, the Group have applied the standard\u2019s simplified approach and have calculated ECLs based on lifetime expected credit losses.For other financial assets, the ECL is based on the 12-month ECL. The 12-month ECL is the portion of lifetime ECLs that results from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since origination, the allowance will be based on the lifetime ECL.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-7": {
"value": "1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-8": {
"value": "1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-113-9": {
"value": "1.27 Derivative financial instruments and hedging activitiesInitially, derivatives are recognized at fair value at commencement date and subsequently, they are re-measured at their fair valueat each reporting date. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognized in other comprehensive income (OCI) and later is reclassified to profit or loss when the hedge item affects profit or loss.For the purpose of hedge accounting, hedges are classified as:\u2022 Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment\u2022 Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognized asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognized firm commitment\u2022 Hedges of a net investment in a foreign operationAt the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined). A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:\u2022 There is \u201can economic relationship\u201d between the hedged item and the hedging instrument.\u2022 The effect of credit risk does not \u201cdominate the value changes\u201d that result from that economic relationship\u2022 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item.The full fair value of a hedging derivative is classified as a non- current asset or liability when the remaining hedged item is more than 12 months and as a current asset or liability when the remaining maturity of the hedged item is less than 12 months.Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:1.27.1 Fair value hedgesChanges in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The gain or loss relating both to the effective and ineffective portion of interest rate swaps hedging fixed rate borrowings is recognized in the income statement within \u201cFinance income/expense\u201d1.27.2 Cash flow hedgesThe effective portion of gains or losses from measuring cash flow hedging instruments is recognized in OCI and accumulated in reserves, in the account \u201chedging reserve from cash flow hedges\u201d. The gain or loss relating to the ineffective portion is recognized immediately in the income statement within \u201cFinance income/expenses\u201d.Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in profit or loss. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to profit or loss.1.27.3 Net investment hedgeHedges of net investments in foreign entities are accounted for similarly to cash flow hedges. Where the hedging instrument is a derivative, any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in currency translation differences on derivative hedging position in other reserves. The gain or loss relating to the ineffective portion is recognised immediately in other income/expenses in the income statement. However, where the hedging instrument is not a derivative (for example, a foreign currency borrowing), all foreign exchange gains or losses arising on the translation of a borrowing that hedges such an investment (including any ineffective portion of the hedge) are recognized in equity in \u201ctranslation differences on derivative hedging position\u201d in \u201cother reserves\u201d.Gains or losses accumulated in equity are included in the income statement when the foreign operation is (partially or fully) disposed of. The Group\u2019s \u201cother reserves\u201d include gains that have resulted from such hedging activities carried out in the past.Derivatives that are not part of a hedging relationship Any gains or losses arising from changes in the fair value of financial instruments that are not part of a hedging relationship are included in finance income / (expenses), gain / (loss) from foreign exchange differences and cost of sales in the income statement for the period in which they arise, depending on their nature.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-121-6": {
"value": "1.28 De-recognition of financial assets and liabilities1.28.1 Financial assetsA financial asset (or, where applicable a part of a financial asset or part of a group of similar financial assets) is derecognized when:\u2022 the rights to receive cash flows from the asset have expired;\u2022 the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u201cpass-through\u201d arrangement; or\u2022 the Group has transferred its rights to receive cash flows from the asset and either (a) has transferred substantially all the risks and rewards of the assets, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.Where the Group has transferred its rights to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group\u2019s continuing involvement in the asset. A respective liability is also recognized.Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.1.28.2 Financial liabilitiesA financial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. Where 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 a de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the consolidated statement of income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-6": {
"value": "1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-7": {
"value": "1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-8": {
"value": "1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-122-9": {
"value": "1.29 Borrowing costsBorrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of the respective assets until such as the asset is substantially ready for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. All other borrowing costs are expensed in the profit of loss in the period in which they are occurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-123-5": {
"value": "1.30 Trade payablesTrade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-124-4": {
"value": "1.31 Gains/losses on disposal of non-current assets, restructuring costs and other significant gains/lossesGains/losses on disposal of non-current assets, restructuring costs and other significant gains/losses are disclosed separately in the financial statements where it is necessary to do so to provide further understanding of the financial performance of the group. They are material items of income or expense that have been shown separately due to the significance of their nature or amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-4": {
"value": "2. Significant accounting estimates and judgmentsThe preparation of the financial statements requires management to make estimations and judgments that affect the reported disclosures. They are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In addition, they form the basis for making judgments about the carrying value of assets and liabilities that are not readily available from other sources. The resulting accounting estimates will, seldom equal the related actual results by definition. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:2.1 Impairment of goodwillImpairment tests for goodwill use the recoverable amounts of cash-generating units that are determined based on value-in-use calculations. These calculations require the use of estimates, which mainly relate to future earnings and discount rates.The Group considers the assumptions used in the impairment test of goodwill for Turkish subsidiaries to have significant risk, due to high levels of inflation and economic uncertainty in Turkey (note 13).Moreover, the closely examines the recoverable amount of goodwill allocated to the subsidiaries in Bulgaria to be sensitive to the operating margin and discount rate used in the impairment test of goodwill (note 13).2.2 Impairment of joint venturesThe determination of the recoverable amount for each joint venture requires significant judgments in respect of assumptions about the future results of the business and the discount rates applied to future cash flow forecasts. As political instability in Brazil increases, the Group considers the assumptions used in the impairment test of the carrying amount of the investment for Brazilian joint ventures to have risk (note 15.2).(all amounts in Euro thousands)2022 2021Profit before tax137,196 108,366Impairment of goodwill -21,799 -Profit before tax and impairment of goodwill 158,995 108,366Tax calculated at the parent company tax rate of 12.5% (2021 : 12,5%) 17,150 13,546Effect of different tax rates in the countries that the Group operates 10,386 5,695Tax calculated at weighted average tax rate of 17.3% (2021: 17,8%) 27,536 19,241Tax adjustments in respect of:Income not subject to tax -3,417 -2,226Expenses not deductible for tax purposes 3,755 4,969Effect of (recognized)/de-recognized deferred tax asset on tax carryforward losses -600 1,898Tax incentives -4,094 -3,521Effect of change in tax rate - 127Utilization of prior years unrecognized losses 513 -120Base Erosion and Anti-Abuse Tax - 527Tax on loss from disposal of treasury shares - -6,174Change in recognition of net operating loss carryforwards 867 -46Other 2,155 2,136Effective tax charge 26,715 16,811Deferred tax assets are recognized for the carryforwards of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilized.11. Property, plant and equipment(all amounts in Euro thousands)Year ended 31 December 2021Office furniture, Plant & fixtures and Assets under Land Quarries Buildingsequipment Motor vehiclesequipmentconstruction TotalOpening balance 232,721 118,706 190,926 796,272 55,472 11,130 71,983 1,477,210Additions 60 6,178 101 2,399 380 769 90,077 99,964Interest capitalization - - - - - - 461 461Disposals (NBV) -824 - -138 -217 -110 -1 -178 -1,468Reclassification of assets from/to other PPE categories 283 - 2,283 58,473 18,906 3,605 -78,155 5,395Transfers from/to other accounts 1 -471 54 477 - -12 -3,724 -3,675Depreciation charge (note 29) -3,249 -10,975 -10,817 -72,946 -14,682 -3,848 - -116,517Exchange differences 13,080 8,007 -4,553 3,177 3,541 66 5,876 29,194Ending balance 242,072 121,445 177,856 787,635 63,507 11,709 86,340 1,490,564Right of use assets Opening balance 12,035 - 18,216 11,073 10,687 22 - 52,033Additions 272 - 5,184 10,884 2,606 - - 18,946Disposals (NBV) - - -43 -67 -88 - - -198Reclassification of assets from ROU's to PPE - - - -1,257 -4,138 - - -5,395Depreciation charge (note 29, 33) -1,459 - -4,869 -4,501 -3,116 -19 - -13,964Exchange differences 923 - 932 1,136 405 - - 3,396Ending balance 11,771 - 19,420 17,268 6,356 3 - 54,818At 31 December 2021Cost 323,716 239,047 457,687 2,005,400 292,025 59,930 86,877 3,464,682Accumulated depreciation -64,375 -117,602 -259,472 -1,194,052 -222,162 -48,206 - -1,905,869Accumulated losses of impairment of PPE -5,498 - -939 -6,445 - -12 -537 -13,431Net book value 253,843 121,445 197,276 804,903 69,863 11,712 86,340 1,545,382(all amounts in Euro thousands)Year ended 31 December 2022Office furniture, Plant & fixtures and Assets under Land Quarries Buildingsequipment Motor vehiclesequipmentconstruction TotalOpening balance 242,072 121,445 177,856 787,635 63,507 11,709 86,340 1,490,564Additions 2,110 6,878 274 4,209 584 1,223 189,641 204,919Hyperinflation adjustments 4,063 - 25,099 65,810 60 119 557 95,708Interest capitalization - - 143 37 - - - 180Disposals (NBV) -612 -5 - -1,026 -459 -56 -1,929 -4,087Reclassification of assets from/to other PPE categories 1,479 2,883 13,777 83,156 39,797 -2,611 -138,481 -Transfers from/to other accounts 478 527 - -713 - 321 -905 -292Depreciation charge (note 29) -3,005 -12,568 -11,170 -78,649 -19,716 -108 - -125,216Impairment of PPE (note 29) -638 -496 -99 - - - - -1,233Exchange differences -7,136 5,673 -15,362 -53,144 3,044 -89 1,270 -65,744Ending balance 238,811 124,337 190,518 807,315 86,817 10,508 136,493 1,594,799Right of use assets Opening balance 11,771 - 19,420 17,268 6,356 3 - 54,818Additions 347 - 10,224 351 18,658 - - 29,580Disposals (NBV) - - -6 - -1,097 - - -1,103Reclassification of assets from/to other ROU's categories - - - -16,777 16,777 - - -Depreciation charge (note 29, 33) -1,618 - -4,559 -211 -8,881 -2 - -15,271Exchange differences 748 - - -1 904 - - 1,651Ending balance 11,248 - 25,079 630 32,717 1 - 69,675At 31 December 2022Cost 328,136 261,070 490,356 2,085,624 360,318 61,524 136,493 3,723,521Accumulated depreciation -72,390 -136,233 -273,721 -1,271,234 -240,784 -51,003 - -2,045,365Accumulated losses of impairment of PPE -5,687 -500 -1,038 -6,445 - -12 - -13,682Net book value 250,059 124,337 215,597 807,945 119,534 10,509 136,493 1,664,474During 2022, the Group invested in energy saving projects allowing higher use of lower cost alternative fuels, improved cement production efficiencies through digital technology, expanded warehouse capacity to accommodate larger production volumes, optimized logistics, and reduced carbon footprint mainly in the USA and EU. The aforementioned projects accounted for 56% of the total CapEx in 2022.During 2022, the Group received \u20ac5,748 thousand (2021: \u20ac8,694 thousand) from the disposal of tangible intangible assets and investment property with total net book value of \u20ac5,560 thousand (2021: \u20ac2,947 thousand). Thus, the Group recognized \u20ac188 thousand gains (2021: \u20ac5,747 thousand gains) on disposal of PPE in the consolidated income statement (note 4, 29). In 2022, the Group recorded impairment losses of \u20ac1,233 thousand, that were presented in the cost of sales in the consolidated income statement. Specifically, the amount of \u20ac638 thousand was recorded for a plot of land, \u20ac496 thousand for quarries and \u20ac99 thousand for buildings. On the Turkish subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. assets, there are mortgages of \u20ac27.5 million, securing bank credit facilities. As at 31.12.2022, the balance of these credit facilities amounted to \u20ac8.3 million.13. Goodwill(all amounts in Euro thousands)Initial goodwill Goodwill impairment Total goodwillBalance at 1 January 2021 332,652 -64,639 268,013Exchange differences 1,207 2,766 3,973Balance at 31 December 2021 333,859 -61,873 271,986Balance at 1 January 2022 333,859 -61,873 271,986Hyperinflation adjustments 25,605 -1,491 24,114Impairment (note 29) - -21,799 -21,799Exchange differences 18,325 -11,792 6,533Balance at 31 December 2022 377,789 -96,955 280,834Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.Sensitivity of recoverable amountsOn 31.12.2022, the Group analyzed the sensitivities of the recoverable amounts to the reasonably change in key assumptions. For all CGUs (excluding Turkey) the sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their recoverable amount. With respect to Bulgaria, additional sensitivity analyses have been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.-Increase in the Discount rate by: 2.1%-Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4%.14. Intangible assets(all amounts in Euro thousands)Customer Computer Other intangible Assets under Licences Trademarksrelationshipssoftwareassetsconstruction TotalBalance at 1 January 2021 35,871 14,045 3,798 3,559 3,741 23,265 84,279Additions 6 - - 157 198 6,773 7,134Disposals (NBV) (note 29) - - - - -238 - -238Reclassification of assets from/to other intangible assets categories 411 - - 5,827 345 -6,583 -Transfers from other accounts - - - 18,435 47 -16,242 2,240Amortization charge (note 29) -1,146 -877 -1,659 -1,991 -532 - -6,205Exchange differences 1,701 1,044 228 -21 121 1,161 4,234Balance at 31 December 2021 36,843 14,212 2,367 25,966 3,682 8,374 91,444Balance at 1 January 2022 36,843 14,212 2,367 25,966 3,682 8,374 91,444Additions 33 - - 3,290 139 3,932 7,394Disposals (NBV) (note 29) - - - - -12 -112 -124Hyperinflation adjustments 18 - - 3 - - 21Reclassification of assets from/to other intangible assets categories 33 - - 945 783 -1,761 -Transfers from other accounts - - - 127 28 41 196Other reclassifications - - - - -646 -22 -668Amortization charge (note 29) -1,058 -796 -1,597 -4,200 -362 - -8,013Exchange differences -7,423 609 -275 1,205 -423 -70 -6,377Balance at 31 December 2022 28,446 14,025 495 27,336 3,189 10,382 83,87315.2 Investments in joint venturesOn 31 December 2022, the Group incorporated in its financial statements the following joint ventures with the equity method of consolidation:a) Companhia Industrial De Cimento Apodi with ownership percentage 50% (31.12.2021: 50%). Apodi is based in Brazil and operates in the production of cement.b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda with ownership percentage 50% (31.12.2021: 50%). The Apodi Distribui\u00e7\u00e3o e Logistica Ltda is a trading company based in Brazil.None of the aforementioned companies is listed on a public exchange market.Summarised financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of the investment in consolidated financial statements are set out below:Companhia Industrial De Cimento Apodi - (all amounts in Euro thousands)Consolidated *20222021Summarized statement of financial position as at 31 DecemberNon-current assets 158,478 124,251Other current assets 42,995 42,544Cash and cash equivalents 15,537 6,213Total assets 217,010 173,008Long-term borrowings 49,436 59,009Other non-current liabilities 765 689Short-term borrowings 52,220 21,192Other current liabilities 40,422 27,991Total liabilities 142,843 108,881Equity 74,167 64,127Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 115,854 83,845Depreciation, amortization and impairments of assets -10,008 -8,363Finance income 1,580 623Finance expense -13,398 -7,364Profit after taxes 1,300 5,411Total comprehensive profit for the year net of tax 1,300 5,411Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 21,096 19,524Reconciliation to carrying amounts:Opening net assets 1 January 64,127 58,201Profit for the year 1,300 5,411Foreign exchange differences 8,740 515Closing net assets 31 December 74,167 64,127Group's share in % 5 0 % 5 0 %Group's share in '000 \u20ac 37,084 32,064Goodwill 55,823 49,499Carrying amount of the investment as at 31 of December 92,907 81,563* Consolidated figures before elimination with the broader GroupOn 31.12.2022, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount, which has been determined based on value-in-use calculations with a discount rate of 16.5% and a perpetual growth rate of 3.3%, exceeds the carrying value. Additional sensitivity analysis has been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.- Increase in the Discount rate by 2.5%.- Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4.6%.18. Deferred income taxesDeferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that apply to the countries in which the companies of the Group operate. (all amounts in Euro thousands)2022 2021Deferred tax assets to be recovered:after more than 12 months -73,517 -81,271within 12 months -16,188 -14,877Deferred tax liabilities to be used:after more than 12 months 210,166 197,215within 12 months 3,922 3,670Deferred tax liability (net) 124,383 104,737The movement in the deferred income tax account after set-offs is as follows:(all amounts in Euro thousands)2022 2021Opening balance, net deferred liability 104,737 89,614Income statement charge (note 8) 6,467 2,612Tax charged to equity through other comprehensive income 2,853 1,118Hyperinflation adjustment 16,829 -Tax charged to equity -80 9,610Deferred tax adjustment on revaluation reserves - 213Exchange differences -6,423 1,570Ending balance, net deferred liability 124,383 104,737(all amounts in Euro thousands)2022 2021Analysis of deferred tax liabilities (before set - offs)Property, plant and equipment 137,088 128,972Mineral deposits 17,330 17,624Intangible assets 46,140 45,350Unrealized foreign exchange differences 9,089 4,959Inventories 551 -Other non-current receivables 1,447 1,649Receivables and prepayments 870 1,026Trade and other payables 76 113Prepaid expenses 2,122 1,624Other -625 -432214,088 200,885Analysis of deferred tax assets (before set - offs)Property, plant and equipment-840 -630Intangible assets -78 -78Investments & other non-current receivables -1,444 -3,099Treasury Shares -2,020 -1,940Unrealized foreign exchange differences -5,731 -10,773Inventories -2,952 -2,675Post-employment and termination benefits -4,057 -4,460Receivables and prepayments -7,016 -6,513Tax losses carried forward (note 8) -19,739 -22,402Interest expense tax carried forward -4,020 -4,421Deferred income -552 -701Long-term debt/lease obligations -16,166 -12,527Provisions and accrued expenses -21,905 -23,683Trade and other payables -109 -128Other -3,076 -2,118-89,705 -96,148Net deferred tax liability 124,383 104,737Deferred tax assets (after set - offs) 5,730 8,867Deferred tax liabilities (after set - offs) 130,113 113,604Net deferred tax liability 124,383 104,737Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to January 1 , Debit/(Credit) to equity through Hyperinflation Exchange December 31 , 2022 Debit to equitynet profitstatement OCIadjustmentsdifferences2022Deferred tax liabilities (before set - offs) Property, plant and equipment 128,972 - 9,151 - 16,251 -17,286 137,088Mineral deposits 17,624 - -1,467 - - 1,173 17,330Intangible assets 45,350 - -1,728 - - 2,518 46,140Unrealized foreign exchange differences 4,959 - 4,041 - - 89 9,089Inventories - - - - 578 -27 551Other non-current receivables 1,649 - -202 - - - 1,447Receivables and prepayments 1,026 - -156 - - - 870Trade and other payables 113 - -37 - - - 76Prepaid expenses 1,624 - 421 - - 77 2,122Other -432 - -207 - - 14 -625200,885 - 9,816 - 16,829 -13,442 214,088Deferred tax assets (before set - offs)Property, plant and equipment -630 - -301.000 - - 91.000 -840Intangible assets -78 - - - - - -78Investments & other non-current receivables -3,099 - 1,674 - - -19 -1,444Treasury Shares -1,940 -80 - - - - -2,020Unrealized foreign exchange differences -10,773 - 1,969 2,471 - 602 -5,731Inventories -2,675 - -226 - - -51 -2,952Post-employment and termination benefits -4,460 - 110 382 - -89 -4,057Receivables and prepayments -6,513 - -418 - - -85 -7,016Tax losses carried forward (note 8) -22,402 - -3,470 - - 6,133 -19,739Interest expense tax carried forward -4,421 - 401 - - - -4,020Deferred income -701 - 205 - - -56 -552Long-term debt/lease obligations -12,527 - -3,061 - - -578 -16,166Provisions and accrued expenses -23,683 - 683 - - 1,095 -21,905Trade and other payables -128 - 19 - - - -109Other -2,118 - -934 - - -24 -3,076-96,148 -80 -3,349 2,853 - 7,019 -89,705Net deferred tax liability 104,737 -80 6,467 2,853 16,829 -6,423 124,383Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to Debit/(Credit) to equity through Exchange December 31 , January 1 , 2021 Debit to equitynet profitstatement OCIdifferences2021Deferred tax liabilities (before set - offs)Property, plant and equipment 131,467 213 -2,594 -263 149 128,972Mineral deposits 17,223 - -993 - 1,394 17,624Intangible assets 38,952 - 3,255 - 3,143 45,350Unrealized foreign exchange differences 2,596 - 2,056 - 307 4,959Other non-current receivables - - 1,649 - - 1,649Receivables and prepayments 351 - 675 - - 1,026Trade and other payables - - 113 - - 113Prepaid expenses 1,468 - 33 - 123 1,624Other 120 - -575 - 23 -432192,177 213 3,619 -263 5,139 200,885Deferred tax assets (before set - offs)Property, plant and equipment -145 - -467 - -18 -630Intangible assets -78 - - - - -78Investments & other non-current receivables -1,068 - -2,021 - -10 -3,099Treasury Shares -11,550 9,610 - - - -1,940Unrealized foreign exchange differences -13,442 - 2,461 1,009 -801 -10,773Inventories -3,029 - 442 - -88 -2,675Post-employment and termination benefits -4,743 - -21 372 -68 -4,460Receivables and prepayments -6,155 - -286 - -72 -6,513Tax losses carried forward (note 8) -21,782 - -547 - -73 -22,402Interest expense tax carried forward -3,769 - -652 - - -4,421Deferred income -930 - 294 - -65 -701Long-term debt/lease obligations -10,675 - -958 - -894 -12,527Provisions and accrued expenses -23,509 - 1,258 - -1,432 -23,683Trade and other payables -87 - -41 - - -128Other -1,601 - -469 - -48 -2,118-102,563 9,610 -1,007 1,381 -3,569 -96,148Net deferred tax liability 89,614 9,823 2,612 1,118 1,570 104,737In 2021, certain reclassifications were made, between deferred tax assets and liabilities, for purposes of comparison with 2022. These reclassifications had no effect on the net deferred tax liability balance. 25. Retirement and termination benefit obligationsGreeceOn May 24, 2021, the IFRS Interpretations Committee (IFRIC) published its Agenda Decision, Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) and concluded that an entity\u2019s obligation increases until the date when future service by the employee will lead to no material amounts of further benefits (note 1). In accordance with the aforementioned decision, the application of the basic principles of IAS 19 in Greece has been changed and the calculations have been adjusted to recognize retirement obligations for the last 16 years of service until retirement. Until the issuance of the IFRIC Decision, entities applied IAS 19 distributing the benefits defined by the respective law 2112/1920, and its amendment 4093/2012. The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the liabilities arising from such obligations are actuarially valued by an independent firm of actuaries. The last actuarial valuation was undertaken in December 2022. The principal actuarial assumptions used were as follows:- discount rate of 0.6% as of 31/12/2021 with time weighted average duration 8.19 years according to the market conditions as of 31/12/2021, and discount rate of 3.3% as of 31/12/2022 with time weighted average duration 7.37 years according to the market conditions as of 31/12/2022,- future salary increases of 2.2% (2021: 1.7%),- the average turnover rate for permanent employees aged up to 45 years is 1% for both voluntary resignation and dismissal, for employees aged 46-50 years it is 1% for voluntary resignation and 0% for dismissal and over 51 years it is 0% for both voluntary resignation and dismissal.USAThe Group's U.S. subsidiaries operate defined benefit plans and other post-retirement benefit plans. The method of accounting for the latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.All of the Group's U.S. subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and Medicare eligibility.On 31 December 2022 the plan assets of the Group's subsidiaries in the US have invested approximately 57% (2021: 56%) in equity instruments quoted in US and international stock markets and 43% (2021: 44%) in fixed investments (US and international bonds). The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the U.S. was 5.13% (2021: 2.56%).Non-qualified deferred compensation planThis plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's U.S. subsidiary created an irrevocable trust to facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from 0% to 20% of eligible compensation for the applicable plan year. On 31 December 2022 and 2021, plan assets totaled \u20ac2,715 thousand and \u20ac3,307 thousand, respectively, and are classified as other non current assets in the accompanying consolidated statement of financial position (note 3, 17). There were no costs for the plan for the year ended 31 December 2022 or 2021. The amounts relating to defined benefit pension plans and other post retirement and termination benefits (defined benefit plans) recognized in the statement of comprehensive income in the account other expenses are as follows:(all amounts in Euro thousands)2022 2021Current service cost 1,955 1,805Interest cost 495 441Provision of past service cost for the following year due to the voluntary resignation plans 5,019 102Interest income -310 -2557,159 2,093Additional post retirement and termination benefits paid out, not provided for 1,224 1,138Post retirement and termination benefits paid out, not provided for due to the voluntary resignation plans 767 1539,150 3,384Amounts recognized in profit before interest, taxes, depreciation, amortization and impairment 8,965 3,198Amounts recognized in finance cost (note 6) 185 186Amounts recognized in the income statement 9,150 3,384Actuarial losses recognized in \u03bfther comprehensive income -1,823 -1,240Amount charged to statement of total comprehensive income 7,327 2,144Present value of the liability at the end of the period 32,528 37,231Minus fair value of US plans assets -12,311 -15,16820,217 22,063Change in the present value of the defined benefit obligation (all amounts in Euro thousands)2022 2021Opening balance 22,063 22,824Total expense 9,150 3,384Re-measurement losses recognized immediately in \u03bfther comprehensive income -1,823 -1,240Exchange differences 216 261Benefits paid during the year -9,389 -3,166Ending balance 20,217 22,063Changes in the fair value of US plan assets:(all amounts in Euro thousands)2022 2021Fair value of plan assets at the beginning of the period 15,168 12,915Expected return -2,054 1,209Company contributions 64 501Administrative expenses -160 -168Benefits paid -1,672 -363Exchange difference 965 1,074Fair value of plan assets at the end of the period 12,311 15,168A quantitative sensitivity analysis for significant assumptions is shown below:(all amounts in Euro thousands)Year ended 31 December 2022 Year ended 31 December 2021Assumptions1.0% increase 1.0% decrease 1.0% increase 1.0% decreaseImpact on the net defined benefit obligation:Discount rate -1,628 1,878 -1,691 1,930Salary 473 -443 555 -518Health care costs 65 -58 89 -78Impact on the current service costs:Discount rate -81 91 -80 90Salary 112 -101 110 -99Healthcare costs 2 -2 2 -2The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The following payments are expected payments to be made in the future years out of the undiscounted defined benefit plan obligation:(all amounts in Euro thousands)2022 2021Not later than 1 year 4,629 4,451Later than 1 year and not later than 5 years 8,764 8,865Later than 5 years and not later than 10 years 9,423 8,671Beyond 10 years 17,023 17,821Total expected payments 39,839 39,808The components of actuarial losses that re-calculated and recognized immediately in the other comprehensive income for the years ended December 31, 2022 and 2021 are as follows:(all amounts in Euro thousands)2022 2021Due to experience 168 157Due to assumptions (financial) -4,049 -541Due to assumptions (demographic) -306 98Re-measurement losses on DBO -4,187 -286Re-measurement gains on plan assets 2,364 -954Re-measurement losses for the period -1,823 -1,24026. Provisions(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2022cationsfor the yearreversedof discount Utilizeddifferences2022Provisions for restorations a 30,388 -170 2,089 -6,852 1,296 -394 1,224 27,581Insurance reserves b 17,291 - 39,583 - - -37,855 1,030 20,049Provisions for other taxes c 5,284 -432 772 - - -1,536 -1,267 2,821Litigation provisions d 1,882 - 9 -1,079 - -11 -596 205Other provisions e 13,467 432 8,142 -757 - -4,400 -837 16,04768,312 -170 50,595 -8,688 1,296 -44,196 -446 66,703(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2021cationsfor the yearreversedof discount Utilizeddifferences2021Provisions for restorations a 29,689 -1,541 2,305 -1,524 501 -480 1,438 30,388Insurance reserves b 15,106 - 27,561 -1,342 - -25,113 1,079 17,291Provisions for other taxes c 3,391 - 2,041 -178 - -258 288 5,284Litigation provisions d 416 - 1,858 -324 - -80 12 1,882Other provisions e 13,638 - 6,340 -3,277 - -3,682 448 13,46762,240 -1,541 40,105 -6,645 501 -29,613 3,265 68,312(all amounts in Euro thousands)2022 2021Non-current provisions 52,209 56,001Current provisions 14,494 12,31166,703 68,312a. Provisions for restorations are the present value of the estimated costs to reclaim quarry sites and other similar post-closure obligations.. It is expected that the amount of restoration provisions will be used over the next 1 to 50 years.b. Insurance reserves represent the expected cost of claims payments related to risk and workers' compensation claims, in addition to sponsored health insurance costs. In 2022, the Group has elected to present separately additions and utilizations settled during the year. As a result, prior year movements have been adjusted accordingly for comparative purposes. This presentation has had no impact on the opening and closing balances of the insurance reserves.c. Provision of other taxes represents future obligations for taxes such as stamp duties, sales tax, employee payroll tax etc. It is expected that this amount will be fully utilized in the next five years. d. Litigation provisions have been established with respect to claims made against certain companies in the Group by third parties. These claims concern labor compensations, labor cases for previous years' benefits and dues and claims for shares revaluation. It is expected that this amount will be utilized mainly in the next twelve months. e. Other provisions are comprised of amounts relating to risks none of which are individually material to the Group. It is expected that the remaining amounts will be used over the next 1 to 20 years.",
"dimensions": {
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-126-2": {
"value": "3. Operating segment informationFor management information purposes, the Group is structured in five operating segments: Greece and Western Europe, North America, South Eastern EuropeEastern Mediterranean and Joint Ventures. Each operating segment is a set of countries. The aggregation of countries is based mainly on geographic positionEach region has a regional Chief Executive Officer (CEO) who is a member of the Group Executive Committee and reports to the Group's CEO. In addition, the Group\u2019s finance department is organized by region for effective financial control and performance monitoring.Management monitors the operating results of its business units separately for the purpose of making decisions, allocating resources and assessing performance. Segment performance is evaluated based on earnings before interest, taxes, depreciation, amortization & impairment (EBITDA). EBITDA calculation includes the operating profit plus depreciation, amortization and impairment of tangible and intangible assets and amortization of government grands.Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2022Greece and South Western North Eastern Eastern EuropeAmericaEuropeMediterranean TotalSales 402,985 1,314,294 385,894 267,237 2,370,410Inter-segment sales -76,557 - - -11,646 -88,203Sales to external customers 326,428 1,314,294 385,894 255,591 2,282,207Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 28,494 188,186 94,958 19,564 331,202Depreciation, amortization and impairment of tangible and intangible assets -23,387 -84,915 -25,347 -19,923 -153,572Operating profit before impairment losses on goodwill 5,107 103,271 69,611 -359 177,630ASSETSProperty, plant & equipment 306,493 762,952 288,532 306,497 1,664,474Intangible assets and goodwill 35,576 238,610 60,229 30,292 364,707Other non-current assets 28,445 20,811 10,011 723 59,990Current assets 236,423 339,782 130,714 105,302 812,221Total assets of segments excluding joint ventures 606,937 1,362,155 489,486 442,814 2,901,392Investment in joint ventures (note 15.2)92,907Total assets 2,994,299LIABILITIESNon-current liabilities 357,356 490,274 70,332 78,215 996,177Current liabilities 142,170 292,779 66,196 72,703 573,848Total liabilities 499,526 783,053 136,528 150,918 1,570,025Capital expenditures (note 11, 12, 14) 42,724 156,528 28,293 14,348 241,893Impairment of property, plant and equipment (note 11) - -496 -737 - -1,233Impairment of Goodwill (note 13) - - - -21,799 -21,799Allowance for doubtful debtors (note 20) 335 -3,504 -298 -507 -3,974Investment in associates (note 15) 3,459 - 4,046 - 7,505Non-qualified deferred compensation plans (note 17, 25) - 2,715 - - 2,715Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 355,354 1,001,541 357,459 336,666 2,051,020Summarized financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 15.2. Capital expenditures consist of additions of property, plant and equipment and intangible assets. Impairment charges are included in the income statement. Sales refer to the sale of goods and services. There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.Information by business activitiesn(all amounts in Euro thousands)For the year ended 31 December 2022EReady mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,358,836 912,663 10,708 2,282,207The cement activity includes cement and cementitious materials. The business activities that are common to all segments of the Group are the production and trade of cement, ready-mix concrete, aggregates and transportation services. Greece and Western Europe segment is also engaged in the production and trade of dry mortars. North America segment includes the production and trade of building blocks and the processing of fly ash. Finally, South Eastern Europe and Eastern Mediterranean segments are engaged in the processing of alternative fuels.Other activities include, among others, transportation services. None of these activities have the prerequisite magnitude to be presented separately.At Group level, \"Sales\" is derived from a set of customers none of which separately represents greater than or equal to 10%.Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2021Greece and Western South Eastern Eastern Europe North AmericaEuropeMediterranean TotalSales 333,515 983,590 290,613 172,800 1,780,518Inter-segment sales -65,885 - -10 - -65,895Sales to external customers 267,630 983,590 290,603 172,800 1,714,623Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 23,558 157,962 81,926 11,763 275,209Depreciation, amortization and impairment of tangible and intangible assets -22,173 -69,969 -25,467 -18,872 -136,481Operating profit before impairment losses on goodwill 1,385 87,993 56,460 -7,110 138,728ASSETSProperty, plant & equipment 289,177 656,036 279,592 320,577 1,545,382Intangible assets and goodwill 34,559 224,355 60,110 44,406 363,430Other non-current assets 28,375 15,220 9,728 943 54,266Current assets 197,290 237,698 117,716 81,296 634,000Total assets of segments excluding joint ventures 549,401 1,133,309 467,146 447,222 2,597,078Investment in joint ventures (note 15.2) 81,563Total assets 2,678,641LIABILITIESNon-current liabilities 237,052 458,840 77,914 127,123 900,929Current liabilities 132,875 185,244 69,171 53,536 440,826Total liabilities 369,927 644,084 147,085 180,659 1,341,755Capital expenditures (note 11, 12, 14) 24,601 79,562 15,369 6,512 126,044Allowance for doubtful debtors (note 20) -456 -777 -370 -119 -1,722Investment in associates (note 15) 3,398 - 3,792 - 7,190Non-qualified deferred compensation plans (note 17, 25) - 3,307 - - 3,307Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 330,757 880,370 347,984 364,922 1,924,033Summarised financial information of the joint ventures, based on their IFRS financial statements, is disclosed in note 15.2.Capital expenditures consist of additions of property, plant and equipment, intangible assets and investment property. Impairment charges are included in the income statement.Sales refer to the sale of goods and services. There are sales between operating segments. Total assets and capital expenditures are presented in the operating segment of the company that owns the assets.Information by business activities(all amounts in Euro thousands)For the year ended 31 December 2021Ready mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,011,199 692,751 10,673 1,714,623Reconciliation of profitNet finance costs, and other income/loss are not allocated to individual segments as the underlying instruments are managed on a Group basis.(all amounts in Euro thousands)2022 2021Operating profit before impairment losses on goodwill177,630 138,728\u0399mpairment losses on goodwill-21,799 -Operating profit155,831 138,728Finance income7,567 4,255Finance expenses-41,969 -37,835Loss from foreign exchange differences-12,416 -73Gain on net monetary position in hyperinflationary economies26,307 -Share of profit of associates (note 15.1)1,226 585Share of profit of joint ventures (note 15.2)650 2,706Profit before taxes 137,196 108,366",
"dimensions": {
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"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-127-3": {
"value": "Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2022Greece and South Western North Eastern Eastern EuropeAmericaEuropeMediterranean TotalSales 402,985 1,314,294 385,894 267,237 2,370,410Inter-segment sales -76,557 - - -11,646 -88,203Sales to external customers 326,428 1,314,294 385,894 255,591 2,282,207Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 28,494 188,186 94,958 19,564 331,202Depreciation, amortization and impairment of tangible and intangible assets -23,387 -84,915 -25,347 -19,923 -153,572Operating profit before impairment losses on goodwill 5,107 103,271 69,611 -359 177,630ASSETSProperty, plant & equipment 306,493 762,952 288,532 306,497 1,664,474Intangible assets and goodwill 35,576 238,610 60,229 30,292 364,707Other non-current assets 28,445 20,811 10,011 723 59,990Current assets 236,423 339,782 130,714 105,302 812,221Total assets of segments excluding joint ventures 606,937 1,362,155 489,486 442,814 2,901,392Investment in joint ventures (note 15.2)92,907Total assets 2,994,299LIABILITIESNon-current liabilities 357,356 490,274 70,332 78,215 996,177Current liabilities 142,170 292,779 66,196 72,703 573,848Total liabilities 499,526 783,053 136,528 150,918 1,570,025Capital expenditures (note 11, 12, 14) 42,724 156,528 28,293 14,348 241,893Impairment of property, plant and equipment (note 11) - -496 -737 - -1,233Impairment of Goodwill (note 13) - - - -21,799 -21,799Allowance for doubtful debtors (note 20) 335 -3,504 -298 -507 -3,974Investment in associates (note 15) 3,459 - 4,046 - 7,505Non-qualified deferred compensation plans (note 17, 25) - 2,715 - - 2,715Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 355,354 1,001,541 357,459 336,666 2,051,020Information by business activitiesn(all amounts in Euro thousands)For the year ended 31 December 2022EReady mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,358,836 912,663 10,708 2,282,207Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2021Greece and Western South Eastern Eastern Europe North AmericaEuropeMediterranean TotalSales 333,515 983,590 290,613 172,800 1,780,518Inter-segment sales -65,885 - -10 - -65,895Sales to external customers 267,630 983,590 290,603 172,800 1,714,623Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 23,558 157,962 81,926 11,763 275,209Depreciation, amortization and impairment of tangible and intangible assets -22,173 -69,969 -25,467 -18,872 -136,481Operating profit before impairment losses on goodwill 1,385 87,993 56,460 -7,110 138,728ASSETSProperty, plant & equipment 289,177 656,036 279,592 320,577 1,545,382Intangible assets and goodwill 34,559 224,355 60,110 44,406 363,430Other non-current assets 28,375 15,220 9,728 943 54,266Current assets 197,290 237,698 117,716 81,296 634,000Total assets of segments excluding joint ventures 549,401 1,133,309 467,146 447,222 2,597,078Investment in joint ventures (note 15.2) 81,563Total assets 2,678,641LIABILITIESNon-current liabilities 237,052 458,840 77,914 127,123 900,929Current liabilities 132,875 185,244 69,171 53,536 440,826Total liabilities 369,927 644,084 147,085 180,659 1,341,755Capital expenditures (note 11, 12, 14) 24,601 79,562 15,369 6,512 126,044Allowance for doubtful debtors (note 20) -456 -777 -370 -119 -1,722Investment in associates (note 15) 3,398 - 3,792 - 7,190Non-qualified deferred compensation plans (note 17, 25) - 3,307 - - 3,307Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 330,757 880,370 347,984 364,922 1,924,033Information by business activities(all amounts in Euro thousands)For the year ended 31 December 2021Ready mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,011,199 692,751 10,673 1,714,623",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-127-4": {
"value": "Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2022Greece and South Western North Eastern Eastern EuropeAmericaEuropeMediterranean TotalSales 402,985 1,314,294 385,894 267,237 2,370,410Inter-segment sales -76,557 - - -11,646 -88,203Sales to external customers 326,428 1,314,294 385,894 255,591 2,282,207Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 28,494 188,186 94,958 19,564 331,202Depreciation, amortization and impairment of tangible and intangible assets -23,387 -84,915 -25,347 -19,923 -153,572Operating profit before impairment losses on goodwill 5,107 103,271 69,611 -359 177,630ASSETSProperty, plant & equipment 306,493 762,952 288,532 306,497 1,664,474Intangible assets and goodwill 35,576 238,610 60,229 30,292 364,707Other non-current assets 28,445 20,811 10,011 723 59,990Current assets 236,423 339,782 130,714 105,302 812,221Total assets of segments excluding joint ventures 606,937 1,362,155 489,486 442,814 2,901,392Investment in joint ventures (note 15.2)92,907Total assets 2,994,299LIABILITIESNon-current liabilities 357,356 490,274 70,332 78,215 996,177Current liabilities 142,170 292,779 66,196 72,703 573,848Total liabilities 499,526 783,053 136,528 150,918 1,570,025Capital expenditures (note 11, 12, 14) 42,724 156,528 28,293 14,348 241,893Impairment of property, plant and equipment (note 11) - -496 -737 - -1,233Impairment of Goodwill (note 13) - - - -21,799 -21,799Allowance for doubtful debtors (note 20) 335 -3,504 -298 -507 -3,974Investment in associates (note 15) 3,459 - 4,046 - 7,505Non-qualified deferred compensation plans (note 17, 25) - 2,715 - - 2,715Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 355,354 1,001,541 357,459 336,666 2,051,020Information by business activitiesn(all amounts in Euro thousands)For the year ended 31 December 2022EReady mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,358,836 912,663 10,708 2,282,207Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2021Greece and Western South Eastern Eastern Europe North AmericaEuropeMediterranean TotalSales 333,515 983,590 290,613 172,800 1,780,518Inter-segment sales -65,885 - -10 - -65,895Sales to external customers 267,630 983,590 290,603 172,800 1,714,623Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 23,558 157,962 81,926 11,763 275,209Depreciation, amortization and impairment of tangible and intangible assets -22,173 -69,969 -25,467 -18,872 -136,481Operating profit before impairment losses on goodwill 1,385 87,993 56,460 -7,110 138,728ASSETSProperty, plant & equipment 289,177 656,036 279,592 320,577 1,545,382Intangible assets and goodwill 34,559 224,355 60,110 44,406 363,430Other non-current assets 28,375 15,220 9,728 943 54,266Current assets 197,290 237,698 117,716 81,296 634,000Total assets of segments excluding joint ventures 549,401 1,133,309 467,146 447,222 2,597,078Investment in joint ventures (note 15.2) 81,563Total assets 2,678,641LIABILITIESNon-current liabilities 237,052 458,840 77,914 127,123 900,929Current liabilities 132,875 185,244 69,171 53,536 440,826Total liabilities 369,927 644,084 147,085 180,659 1,341,755Capital expenditures (note 11, 12, 14) 24,601 79,562 15,369 6,512 126,044Allowance for doubtful debtors (note 20) -456 -777 -370 -119 -1,722Investment in associates (note 15) 3,398 - 3,792 - 7,190Non-qualified deferred compensation plans (note 17, 25) - 3,307 - - 3,307Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 330,757 880,370 347,984 364,922 1,924,033Information by business activities(all amounts in Euro thousands)For the year ended 31 December 2021Ready mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,011,199 692,751 10,673 1,714,62327. Other non-current liabilities and non-current contract liabilities(all amounts in Euro thousands)2022 2021Government grants 3,284 3,488Liability of long-term incentive plan 7,915 4,223Other non-current liabilities 1,960 5,13813,159 12,849Analysis of Government grants:Non - current 3,284 3,488Current (note 28) 69 693,353 3,557Opening balance 3,557 3,762Amortization (note 29) -204 -205Ending balance 3,353 3,557Government grants relating to capital expenditures are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that the expense is matched to the income received.(all amounts in Euro thousands)2022 2021Deferred Income 1,328 1,692Non-current contract liabilities 1,328 1,69228. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).",
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"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-127-5": {
"value": "Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2022Greece and South Western North Eastern Eastern EuropeAmericaEuropeMediterranean TotalSales 402,985 1,314,294 385,894 267,237 2,370,410Inter-segment sales -76,557 - - -11,646 -88,203Sales to external customers 326,428 1,314,294 385,894 255,591 2,282,207Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 28,494 188,186 94,958 19,564 331,202Depreciation, amortization and impairment of tangible and intangible assets -23,387 -84,915 -25,347 -19,923 -153,572Operating profit before impairment losses on goodwill 5,107 103,271 69,611 -359 177,630ASSETSProperty, plant & equipment 306,493 762,952 288,532 306,497 1,664,474Intangible assets and goodwill 35,576 238,610 60,229 30,292 364,707Other non-current assets 28,445 20,811 10,011 723 59,990Current assets 236,423 339,782 130,714 105,302 812,221Total assets of segments excluding joint ventures 606,937 1,362,155 489,486 442,814 2,901,392Investment in joint ventures (note 15.2)92,907Total assets 2,994,299LIABILITIESNon-current liabilities 357,356 490,274 70,332 78,215 996,177Current liabilities 142,170 292,779 66,196 72,703 573,848Total liabilities 499,526 783,053 136,528 150,918 1,570,025Capital expenditures (note 11, 12, 14) 42,724 156,528 28,293 14,348 241,893Impairment of property, plant and equipment (note 11) - -496 -737 - -1,233Impairment of Goodwill (note 13) - - - -21,799 -21,799Allowance for doubtful debtors (note 20) 335 -3,504 -298 -507 -3,974Investment in associates (note 15) 3,459 - 4,046 - 7,505Non-qualified deferred compensation plans (note 17, 25) - 2,715 - - 2,715Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 355,354 1,001,541 357,459 336,666 2,051,020Information by business activitiesn(all amounts in Euro thousands)For the year ended 31 December 2022EReady mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,358,836 912,663 10,708 2,282,207Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2021Greece and Western South Eastern Eastern Europe North AmericaEuropeMediterranean TotalSales 333,515 983,590 290,613 172,800 1,780,518Inter-segment sales -65,885 - -10 - -65,895Sales to external customers 267,630 983,590 290,603 172,800 1,714,623Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 23,558 157,962 81,926 11,763 275,209Depreciation, amortization and impairment of tangible and intangible assets -22,173 -69,969 -25,467 -18,872 -136,481Operating profit before impairment losses on goodwill 1,385 87,993 56,460 -7,110 138,728ASSETSProperty, plant & equipment 289,177 656,036 279,592 320,577 1,545,382Intangible assets and goodwill 34,559 224,355 60,110 44,406 363,430Other non-current assets 28,375 15,220 9,728 943 54,266Current assets 197,290 237,698 117,716 81,296 634,000Total assets of segments excluding joint ventures 549,401 1,133,309 467,146 447,222 2,597,078Investment in joint ventures (note 15.2) 81,563Total assets 2,678,641LIABILITIESNon-current liabilities 237,052 458,840 77,914 127,123 900,929Current liabilities 132,875 185,244 69,171 53,536 440,826Total liabilities 369,927 644,084 147,085 180,659 1,341,755Capital expenditures (note 11, 12, 14) 24,601 79,562 15,369 6,512 126,044Allowance for doubtful debtors (note 20) -456 -777 -370 -119 -1,722Investment in associates (note 15) 3,398 - 3,792 - 7,190Non-qualified deferred compensation plans (note 17, 25) - 3,307 - - 3,307Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 330,757 880,370 347,984 364,922 1,924,033Information by business activities(all amounts in Euro thousands)For the year ended 31 December 2021Ready mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,011,199 692,751 10,673 1,714,6234. Other income and expensesOther operating income and expenses(all amounts in Euro thousands)2022 2021Scrap sales 936 48Income from services 1,317 1,215Rental income 2,825 2,550Gains on disposal of PPE, intangible assets and investment property (note 11, 29)188 5,747Fair value gain from investment property (note 12) 509 333Other income 2,283 835Other income total8,058 10,728Restructuring cost -1,111 -255Various recurrent taxes - fees -81 -354Other expenses -974 -222Other expenses total-2,166 -831The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments.5. Expenses by nature(all amounts in Euro thousands)2022 2021Staff costs and related expenses (note 7) -374,647 -328,879Raw materials and consumables used -635,631 -481,338Energy cost -479,790 -279,296Changes in inventory of finished goods and work in progress 18,444 20,309Distribution expenses -235,978 -194,204Third party fees -151,950 -136,410Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 11, 14, 27) -153,572 -136,481Other expenses -93,371 -47,771Total expenses by nature -2,106,495 -1,584,070Included in:Cost of sales -1,889,522 -1,403,728Administrative expenses -188,319 -153,951Selling and marketing expenses -28,654 -26,391-2,106,495 -1,584,070The above expenses include the amount of \u20ac8.8 million (2021: \u20ac8.8 million) that is relating to research and development activities, aimed at advancing innovation within the context of climate change mitigation and sustainable construction. In 2022, the global price increases in fuels, electricity and freights resulted in higher costs across the Group, especially in raw materials, energy and distribution expenses. A reclassification between the distribution expenses and other expenses has been made in 2021 for comparative purposes.6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). 7. Staff costs(all amounts in Euro thousands)2022 2021Wages, salaries and related expenses 332,758 294,606Social security costs 30,343 27,615Share-based payment expense (note 24) 3,692 2,829Fair value of share options granted to directors and employees (note 29) - 886Other post retirement and termination benefits - defined benefit plans (note 25) 9,150 3,384Total staff costs375,943 329,3208. Income tax expense(all amounts in Euro thousands)2022 2021Current tax 17,172 11,717Deferred tax (note 18) 6,467 2,612Non deductible taxes and differences from tax audit 3,076 2,48226,715 16,811Tax ReconciliationThe profit before tax of the Group companies is taxed at the applicable rate corresponding to the country in which each company is domiciled. The local income tax rates vary, thus resulting in corresponding tax rate differentials. A weighted average tax rate is determined by taking tax rate differentials into account.The following table provides the reconciliation of prima facie tax payable to income tax expense: (all amounts in Euro thousands)2022 2021Profit before tax137,196 108,366Impairment of goodwill -21,799 -Profit before tax and impairment of goodwill 158,995 108,366Tax calculated at the parent company tax rate of 12.5% (2021 : 12,5%) 17,150 13,546Effect of different tax rates in the countries that the Group operates 10,386 5,695Tax calculated at weighted average tax rate of 17.3% (2021: 17,8%) 27,536 19,241Tax adjustments in respect of:Income not subject to tax -3,417 -2,226Expenses not deductible for tax purposes 3,755 4,969Effect of (recognized)/de-recognized deferred tax asset on tax carryforward losses -600 1,898Tax incentives -4,094 -3,521Effect of change in tax rate - 127Utilization of prior years unrecognized losses 513 -120Base Erosion and Anti-Abuse Tax - 527Tax on loss from disposal of treasury shares - -6,174Change in recognition of net operating loss carryforwards 867 -46Other 2,155 2,136Effective tax charge 26,715 16,811Deferred tax assets are recognized for the carryforwards of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilized.On 31 December 2022, certain Group entities had tax carry forward losses of \u20ac91.4 million (2021: \u20ac127.4 million). These entities have recognized deferred tax assets amounting to \u20ac19.7 million (2021: 22.4 million), attributable to losses amounting to \u20ac86.1 million (2021: \u20ac93.2 million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved business plans (note 18). For the remaining \u20ac5.3 million tax carry forward losses, no deferred tax asset has been recognized, since they did not meet the recognition criteria according to IAS 12. Tax carry forward losses amounting to \u20ac4.5 million expire up to 2024 , \u20ac0,1 million expire up to 2025 and \u20ac0.7 million expire up 2026. Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.",
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"value": "Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2022Greece and South Western North Eastern Eastern EuropeAmericaEuropeMediterranean TotalSales 402,985 1,314,294 385,894 267,237 2,370,410Inter-segment sales -76,557 - - -11,646 -88,203Sales to external customers 326,428 1,314,294 385,894 255,591 2,282,207Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 28,494 188,186 94,958 19,564 331,202Depreciation, amortization and impairment of tangible and intangible assets -23,387 -84,915 -25,347 -19,923 -153,572Operating profit before impairment losses on goodwill 5,107 103,271 69,611 -359 177,630ASSETSProperty, plant & equipment 306,493 762,952 288,532 306,497 1,664,474Intangible assets and goodwill 35,576 238,610 60,229 30,292 364,707Other non-current assets 28,445 20,811 10,011 723 59,990Current assets 236,423 339,782 130,714 105,302 812,221Total assets of segments excluding joint ventures 606,937 1,362,155 489,486 442,814 2,901,392Investment in joint ventures (note 15.2)92,907Total assets 2,994,299LIABILITIESNon-current liabilities 357,356 490,274 70,332 78,215 996,177Current liabilities 142,170 292,779 66,196 72,703 573,848Total liabilities 499,526 783,053 136,528 150,918 1,570,025Capital expenditures (note 11, 12, 14) 42,724 156,528 28,293 14,348 241,893Impairment of property, plant and equipment (note 11) - -496 -737 - -1,233Impairment of Goodwill (note 13) - - - -21,799 -21,799Allowance for doubtful debtors (note 20) 335 -3,504 -298 -507 -3,974Investment in associates (note 15) 3,459 - 4,046 - 7,505Non-qualified deferred compensation plans (note 17, 25) - 2,715 - - 2,715Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 355,354 1,001,541 357,459 336,666 2,051,020Information by business activitiesn(all amounts in Euro thousands)For the year ended 31 December 2022EReady mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,358,836 912,663 10,708 2,282,207Information by operating segment(all amounts in Euro thousands)For the year ended 31 December 2021Greece and Western South Eastern Eastern Europe North AmericaEuropeMediterranean TotalSales 333,515 983,590 290,613 172,800 1,780,518Inter-segment sales -65,885 - -10 - -65,895Sales to external customers 267,630 983,590 290,603 172,800 1,714,623Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 23,558 157,962 81,926 11,763 275,209Depreciation, amortization and impairment of tangible and intangible assets -22,173 -69,969 -25,467 -18,872 -136,481Operating profit before impairment losses on goodwill 1,385 87,993 56,460 -7,110 138,728ASSETSProperty, plant & equipment 289,177 656,036 279,592 320,577 1,545,382Intangible assets and goodwill 34,559 224,355 60,110 44,406 363,430Other non-current assets 28,375 15,220 9,728 943 54,266Current assets 197,290 237,698 117,716 81,296 634,000Total assets of segments excluding joint ventures 549,401 1,133,309 467,146 447,222 2,597,078Investment in joint ventures (note 15.2) 81,563Total assets 2,678,641LIABILITIESNon-current liabilities 237,052 458,840 77,914 127,123 900,929Current liabilities 132,875 185,244 69,171 53,536 440,826Total liabilities 369,927 644,084 147,085 180,659 1,341,755Capital expenditures (note 11, 12, 14) 24,601 79,562 15,369 6,512 126,044Allowance for doubtful debtors (note 20) -456 -777 -370 -119 -1,722Investment in associates (note 15) 3,398 - 3,792 - 7,190Non-qualified deferred compensation plans (note 17, 25) - 3,307 - - 3,307Non-current assets excluding financial instruments, deferred tax assets and post employment benefit assets 330,757 880,370 347,984 364,922 1,924,033Information by business activities(all amounts in Euro thousands)For the year ended 31 December 2021Ready mix concrete, aggregates and Cementbuilding blocks Other activities TotalSales 1,011,199 692,751 10,673 1,714,6234. Other income and expensesOther operating income and expenses(all amounts in Euro thousands)2022 2021Scrap sales 936 48Income from services 1,317 1,215Rental income 2,825 2,550Gains on disposal of PPE, intangible assets and investment property (note 11, 29)188 5,747Fair value gain from investment property (note 12) 509 333Other income 2,283 835Other income total8,058 10,728Restructuring cost -1,111 -255Various recurrent taxes - fees -81 -354Other expenses -974 -222Other expenses total-2,166 -831The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments.5. Expenses by nature(all amounts in Euro thousands)2022 2021Staff costs and related expenses (note 7) -374,647 -328,879Raw materials and consumables used -635,631 -481,338Energy cost -479,790 -279,296Changes in inventory of finished goods and work in progress 18,444 20,309Distribution expenses -235,978 -194,204Third party fees -151,950 -136,410Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 11, 14, 27) -153,572 -136,481Other expenses -93,371 -47,771Total expenses by nature -2,106,495 -1,584,070Included in:Cost of sales -1,889,522 -1,403,728Administrative expenses -188,319 -153,951Selling and marketing expenses -28,654 -26,391-2,106,495 -1,584,070The above expenses include the amount of \u20ac8.8 million (2021: \u20ac8.8 million) that is relating to research and development activities, aimed at advancing innovation within the context of climate change mitigation and sustainable construction. In 2022, the global price increases in fuels, electricity and freights resulted in higher costs across the Group, especially in raw materials, energy and distribution expenses. A reclassification between the distribution expenses and other expenses has been made in 2021 for comparative purposes.Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.",
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"value": "4. Other income and expensesOther operating income and expenses(all amounts in Euro thousands)2022 2021Scrap sales 936 48Income from services 1,317 1,215Rental income 2,825 2,550Gains on disposal of PPE, intangible assets and investment property (note 11, 29)188 5,747Fair value gain from investment property (note 12) 509 333Other income 2,283 835Other income total8,058 10,728Restructuring cost -1,111 -255Various recurrent taxes - fees -81 -354Other expenses -974 -222Other expenses total-2,166 -831The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments.",
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"value": "4. Other income and expensesOther operating income and expenses(all amounts in Euro thousands)2022 2021Scrap sales 936 48Income from services 1,317 1,215Rental income 2,825 2,550Gains on disposal of PPE, intangible assets and investment property (note 11, 29)188 5,747Fair value gain from investment property (note 12) 509 333Other income 2,283 835Other income total8,058 10,728Restructuring cost -1,111 -255Various recurrent taxes - fees -81 -354Other expenses -974 -222Other expenses total-2,166 -831The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments.",
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"pp-value-135-6": {
"value": "4. Other income and expensesOther operating income and expenses(all amounts in Euro thousands)2022 2021Scrap sales 936 48Income from services 1,317 1,215Rental income 2,825 2,550Gains on disposal of PPE, intangible assets and investment property (note 11, 29)188 5,747Fair value gain from investment property (note 12) 509 333Other income 2,283 835Other income total8,058 10,728Restructuring cost -1,111 -255Various recurrent taxes - fees -81 -354Other expenses -974 -222Other expenses total-2,166 -831The restructuring cost is related to voluntary retirement incentive programs in all Group operating segments.",
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"value": "5. Expenses by nature(all amounts in Euro thousands)2022 2021Staff costs and related expenses (note 7) -374,647 -328,879Raw materials and consumables used -635,631 -481,338Energy cost -479,790 -279,296Changes in inventory of finished goods and work in progress 18,444 20,309Distribution expenses -235,978 -194,204Third party fees -151,950 -136,410Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 11, 14, 27) -153,572 -136,481Other expenses -93,371 -47,771Total expenses by nature -2,106,495 -1,584,070Included in:Cost of sales -1,889,522 -1,403,728Administrative expenses -188,319 -153,951Selling and marketing expenses -28,654 -26,391-2,106,495 -1,584,070The above expenses include the amount of \u20ac8.8 million (2021: \u20ac8.8 million) that is relating to research and development activities, aimed at advancing innovation within the context of climate change mitigation and sustainable construction. In 2022, the global price increases in fuels, electricity and freights resulted in higher costs across the Group, especially in raw materials, energy and distribution expenses. A reclassification between the distribution expenses and other expenses has been made in 2021 for comparative purposes.7. Staff costs(all amounts in Euro thousands)2022 2021Wages, salaries and related expenses 332,758 294,606Social security costs 30,343 27,615Share-based payment expense (note 24) 3,692 2,829Fair value of share options granted to directors and employees (note 29) - 886Other post retirement and termination benefits - defined benefit plans (note 25) 9,150 3,384Total staff costs375,943 329,320The average number of Group employees for the fiscal year 2022 was 5,411 (2021: 5,352). ",
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},
"pp-value-136-5": {
"value": "5. Expenses by nature(all amounts in Euro thousands)2022 2021Staff costs and related expenses (note 7) -374,647 -328,879Raw materials and consumables used -635,631 -481,338Energy cost -479,790 -279,296Changes in inventory of finished goods and work in progress 18,444 20,309Distribution expenses -235,978 -194,204Third party fees -151,950 -136,410Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 11, 14, 27) -153,572 -136,481Other expenses -93,371 -47,771Total expenses by nature -2,106,495 -1,584,070Included in:Cost of sales -1,889,522 -1,403,728Administrative expenses -188,319 -153,951Selling and marketing expenses -28,654 -26,391-2,106,495 -1,584,070The above expenses include the amount of \u20ac8.8 million (2021: \u20ac8.8 million) that is relating to research and development activities, aimed at advancing innovation within the context of climate change mitigation and sustainable construction. In 2022, the global price increases in fuels, electricity and freights resulted in higher costs across the Group, especially in raw materials, energy and distribution expenses. A reclassification between the distribution expenses and other expenses has been made in 2021 for comparative purposes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-136-6": {
"value": "5. Expenses by nature(all amounts in Euro thousands)2022 2021Staff costs and related expenses (note 7) -374,647 -328,879Raw materials and consumables used -635,631 -481,338Energy cost -479,790 -279,296Changes in inventory of finished goods and work in progress 18,444 20,309Distribution expenses -235,978 -194,204Third party fees -151,950 -136,410Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 11, 14, 27) -153,572 -136,481Other expenses -93,371 -47,771Total expenses by nature -2,106,495 -1,584,070Included in:Cost of sales -1,889,522 -1,403,728Administrative expenses -188,319 -153,951Selling and marketing expenses -28,654 -26,391-2,106,495 -1,584,070The above expenses include the amount of \u20ac8.8 million (2021: \u20ac8.8 million) that is relating to research and development activities, aimed at advancing innovation within the context of climate change mitigation and sustainable construction. In 2022, the global price increases in fuels, electricity and freights resulted in higher costs across the Group, especially in raw materials, energy and distribution expenses. A reclassification between the distribution expenses and other expenses has been made in 2021 for comparative purposes.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-137-7": {
"value": "(all amounts in Euro thousands)2022 2021Staff costs and related expenses (note 7) -374,647 -328,879Raw materials and consumables used -635,631 -481,338Energy cost -479,790 -279,296Changes in inventory of finished goods and work in progress 18,444 20,309Distribution expenses -235,978 -194,204Third party fees -151,950 -136,410Depreciation, amortization and impairment of tangible, intangible assets and government grants (note 11, 14, 27) -153,572 -136,481Other expenses -93,371 -47,771Total expenses by nature -2,106,495 -1,584,070Included in:Cost of sales -1,889,522 -1,403,728Administrative expenses -188,319 -153,951Selling and marketing expenses -28,654 -26,391-2,106,495 -1,584,070",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-3": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-4": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-5": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-6": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-7": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-8": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-139-9": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). 17. Other non-current assets(all amounts in Euro thousands)2022 2021Utility deposits 2,807 5,197Excess benefit plan assets (note 25) 2,715 3,307Other non-current assets 14,411 10,05219,933 18,55620. Receivables and prepayments(all amounts in Euro thousands)2022 2021Trade receivables 162,371 130,025Cheques receivables 38,313 24,708Allowance for doubtful debtors -26,724 -26,286Total trade receivables 173,960 128,447Creditors advances 7,215 4,478V.A.T. and other tax receivables 22,113 19,788Prepayments 16,152 16,774Notes receivable 48,935 43,204Receivables from authorities 11,320 13,292Other receivables 17,439 13,082Allowance for doubtful debtors -2,305 -2,721Total other receivables 120,869 107,897294,829 236,344Trade receivables are non-interest bearing and are normally settled in 30-170 days.The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated Special Purpose Entity (SPE). Specifically, TALLC entered into an accounts receivable sale agreement with an unrelated SPE in 2014, whereby trade accounts receivable sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end of 2022 amounted to \u20ac32,472 thousand (31.12.2021: \u20ac29,449 thousand) (note 30).Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement. The balances of trade receivables and impairments are as follows:(all amounts in Euro thousands)Expected credit loss rate Trade receivables ImpairmentsAs at 31 December 2022Current 0.7 % 91,248 621More than 30 days past due 1.4 % 64,447 877More than 60 days past due 6.2 % 10,617 659More than 120 days past due 71.5 % 34,372 24,567200,684 26,724As at 31 December 2021Current 2.0 % 65,695 1,299More than 30 days past due 2.9 % 47,632 1,385More than 60 days past due 5.7 % 7,723 437More than 120 days past due 68.8 % 33,683 23,165154,733 26,286To measure the expected credit losses for trade receivables per region, the Group excludes balances that are past due more than five years, as these balances do not fairly represent current market conditions. Consequently, the balances presented in the tables below are adjusted by the amount of \u20ac16.1 million on 31.12.2022 and \u20ac17.1 million on 31.12.2021 compared with the balances in the tables above.(all amounts in Euro thousands)Trade receivables ImpairmentsAs at 31 December 2022Greece and Western Europe 83,534 3,518North America 53,703 3,684South Eastern Europe 19,095 2,355Eastern Mediterranean 28,266 1,081184,598 10,638As at 31 December 2021Greece and Western Europe 61,898 3,971North America 43,850 2,654South Eastern Europe 15,972 1,723Eastern Mediterranean 15,919 844137,639 9,192Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.21. Cash and cash equivalents(all amounts in Euro thousands)2022 2021Cash in hand 69 59Cash at bank and short-term bank deposits 105,634 79,823105,703 79,882Short-term bank deposits comprise primarily of current accounts and time deposits. The effective interest rates on these short-term bank deposits are based on floating rates and are negotiated on a case by case basis.27. Other non-current liabilities and non-current contract liabilities(all amounts in Euro thousands)2022 2021Government grants 3,284 3,488Liability of long-term incentive plan 7,915 4,223Other non-current liabilities 1,960 5,13813,159 12,849Analysis of Government grants:Non - current 3,284 3,488Current (note 28) 69 693,353 3,557Opening balance 3,557 3,762Amortization (note 29) -204 -205Ending balance 3,353 3,557Government grants relating to capital expenditures are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that the expense is matched to the income received.(all amounts in Euro thousands)2022 2021Deferred Income 1,328 1,692Non-current contract liabilities 1,328 1,69228. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).32. Borrowings(all amounts in Euro thousands)2022 2021CurrentBank borrowings 32,736 30,997Bank borrowings in non euro currency 83,227 52,517Interest payable 6,533 5,728122,496 89,242Non-currentBank borrowings 65,618 30,863Bank borrowings in non euro currency 42,208 14,241Debentures 596,995 596,357704,821 641,461Total borrowings 827,317 730,703Maturity of non-current borrowings:2022 2021Between 1 and 2 years 358,456 4,517Between 2 and 3 years 62,825 357,455Between 3 and 4 years 28,895 1,774Between 4 and 5 years 254,645 27,967Over 5 years - 249,748704,821 641,461In July 2022, Titan Cement Company S.A. issued a bond purchase agreement of principal amount up to \u20ac120 million divided into 120 bearer bonds for a three-year period. The Greek bank, which is acting as paying agent and bondholder agent, holds \u20ac60 million bonds and the remaining \u20ac60 million are held by Titan Global Finance Plc.The weighted average effective interest rates that affect the Income Statement are as follows:2022 2021Borrowings (\u20ac) 2.51 % 2.59 %Borrowings (USD) 3 . 7 5 % 2.88 %Borrowings (LEK) 3.39 % 3.31 %Borrowings (EGP) 15.37 % 10.75 %Borrowings (TRY) 22.77 % 20.38 %The Group has the following undrawn borrowing facilities(all amounts in Euro thousands)2022 2021Floating rate: - Expiring within one year 120,551 167,314 - Expiring beyond one year 209,443 188,876Balances of lease liabilities(all amounts in Euro thousands)2022 2021Long-term lease liabilities 58,777 46,004Short-term lease liabilities 16,870 16,37875,647 62,382The maturity analysis of lease liabilities is disclosed in note 35.The following amounts that related to leases are recognized in the consolidated income statement:(all amounts in Euro thousands)2022 2021Depreciation charge of ROU assets (note 11) 15,271 13,964Interest expense (included in finance cost) 2,847 2,528Expense relating to short-term leases 13,580 11,667Expense relating to low-value leases that are not shown as short-term leases 506 285Expenses relating to variable lease payments not included in lease liabilities 1,156 887The total cash outflow for the leases in 2022 was \u20ac34,125 thousand (2021: \u20ac31,676 thousand).Expenses relating to short-term leases and total cash outflow for leases have been adjusted in 2021 for comparative purposes. The adjustments had no impact on the primary consolidated financial statements.34. Changes in liabilities arising from financing activities(all amounts in Euro thousands)Long-term Short-term Derivatives* and borrowingsborrowings Lease liabilitiesinterim settlements TotalYear ended 31 December 2021Opening balance 628,172 205,656 57,015 -2,534 888,309Cash flows from financing activities 12,653 -152,177 -16,309 -19,441 -175,274Acquisition of leases - - 17,973 - 17,973Changes in fair value - - - 22,379 22,379Transfer among financial liabilities -322 322 - - -Charged in the finance expenses 1,758 35,841 - - 37,599Cash flow hedge - - - -1,370 -1,370Currency translation differences on transactions designated as part of net investment in foreign operation -4,557 -1,150 - - -5,707Exchange differences 3,757 750 3,703 -23 8,187Ending balance 641,461 89,242 62,382 -989 792,096Year ended 31 December 2022Opening balance 641,461 89,242 62,382 -989 792,096Cash flows from financing activities 68,356 -7,201 -16,036 11,322 56,441Acquisition of leases - - 27,432 - 27,432Changes in fair value - - - 13,415 13,415Charged in the finance expenses 1,231 38,646 - - 39,877Cash flow hedge - - - -24,484 -24,484Currency translation differences on transactions designated as part of net investment in foreign operation 8,913 - - - 8,913Exchange differences -15,140 1,809 1,869 360 -11,102Ending balance 704,821 122,496 75,647 -376 902,588* Derivatives of financing activities35. Financial risk management objectives and policiesFinancial Risk FactorsThe Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior management oversees the management of these risks.The Group's senior management is supported by the Group finance, the treasury and the risk committee that advise on risks and the appropriate risk governance framework for the Group. The risk committee provides assurance to the Group's senior management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams and treasury that have the appropriate skills, experience and supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume in achieving its strategic objectives.The Group has the following derivative financial instruments in the following line items in the statement of financial position:(all amounts in Euro thousands)31/12/2022 31/12/2021Non-current assetsInterest rate swap - cash flow hedges - 2,488Interest rate swap - trading derivatives 3,479 -3,479 2,488Current assetsForward freight agreements - trading derivatives - 1,715Forwards - trading derivatives 3,601 -3,601 1,715Non-current liabilitiesCross currency swaps - trading derivatives 12,103 6,18512,103 6,185Current liabilitiesNatural gas forwards - cash flow hedges 2,747 1,084Energy swap - trading derivatives 458 27Bunkering swap - trading derivatives 1 -Forward freight agreements - trading derivatives 1,481 -Forwards - trading derivatives - 3,290Cross currency swaps - trading derivatives 4,957 4,3419,644 8,742Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. However, where derivatives do not meet the hedge accounting criteria, or the Group chooses not to designate a hedging relationship between a derivative and a hedged item, they are classified as trading derivatives for accounting purposes and are accounted for at fair value through profit or loss.The next table shows the gross amounts of the aforementioned derivative financial instruments in relation with their interim settlement, that is received or paid, as they are presenting in the statements of financial position as at 31.12.2022 and 31.12.2021, in order to summarize the total net position of the Group.(all amounts in Euro thousands)Net position - Asset /(Liability) Interim settlement of Fair value of derivativesderivatives Net balanceBalance at 31 December 2022Forwards - expired in 2023 3,601 -2,822 779Energy swap - expired in 2023 -458 - -458Natural gas forwards - expired in 2023 -2,747 1,670 -1,077Forward freight agreements - expired in 2023 -1,481 2,548 1,067Bunkering swap - expired in 2023 -1 1 -Cross currency swaps - expired in 2024 -17,060 19,375 2,315Interest rate swaps - expired in 2025 3,479 -3,450 29-14,667 17,322 2,655Balance at 31 December 2021Forwards - expired in 2022 -3,290 3,754 464Energy swap - expired in 2022 -27 - -27Natural gas forwards - expired in 2022 -1,084 - -1,084Forward freight agreements - expired in 2022 1,715 794 2,509Interest rate swap - expired in 2023 2,488 -1,070 1,418Cross currency swaps - expired in 2024 -10,526 10,716 190-10,724 14,194 3,470a) Market riskMarket risk comprises three main types of risk: currency risk, price risk, such as commodity risk and interest rate risk.Currency riskThe Group operates internationally and is exposed to foreign exchange risk (FX). Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group entity and international investments. Currency risks are managed using natural hedges, FX derivatives/swaps and FX forwards. Borrowings denominated in the same currency as the assets that are being financed and these create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk. However, part of the financing of Group activities in the USA, Albania and other countries in which Group's subsidiaries are operating is in different currencies (i.e. Euro) than their functional ones. Their refinancing in local currencies, along with FX hedging transactions, are examined at regular intervals.The table below shows the financing of Group activities in Euro for Group subsidiaries with functional currencies of:(all amounts expressed in Euro thousands)2022 2021USD 272,800 302,800LEK 46,725 49,923TRY 12,322 5,190MKD 4,500 -EGP 27,921 -The total borrowing exposure of \u20ac272.8 million in USA is hedged with derivatives that are classified as trading.Specifically, in August 2018, Titan America LLC (TALLC) entered into cross currency interest rate swap agreements (CCSs) that expire in November 2024. The derivatives hedge the interest payments and the foreign currency exposure created by the \u20ac150 million 7-year, fixed rate loan that TALLC borrowed from TGF in December 2017. During 2022, these CCSs resulted in a loss of \u20ac8.2 million that was recording in the \"loss from foreign exchange differences\" and a gain of \u20ac2.7 million that was recording in the \"finance income\" of the consolidated income statement.Moreover, TALLC entered into various short-term forward contracts during the year 2022, in order to hedge foreign currency risk arising from financial liabilities in Euro. Particularly, TALLC has roll-overed the hedges of EUR/USD forward contracts of \u20ac122.8 million loan agreements (2021: \u20ac152.8 million) with maturities in April and June of 2023. During 2022, these contracts resulted in a total loss of \u20ac11.4 million that was recording in the account of \"loss from foreign exchange differences\" in the consolidated income statement.In 2022, the aggregate net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac12.4 million (2021: \u20ac73 thousand) and they are analyzed further into net exchange gains of \u20ac7.2 million (2021: gains of \u20ac25.4 million) and fair value losses on derivatives of \u20ac19.6 million (2021: losses of \u20ac25.5 million) (note 6).Also, the Group recognized exchange losses on translation of foreign operations of \u20ac18.7 million in the consolidated statement of comprehensive income, mainly due to euro depreciation against US dollars (gain of \u20ac27.0 million), Brazilian real (gain of \u20ac10.7 million) and Albanian LEK (gain of \u20ac4.6 million), in addition with euro appreciation against Egyptian pound (loss of \u20ac81.1 million) and Turkish lira (loss of \u20ac25.5 million). Furthermore, a gain of \u20ac46.1 million was recognized in exchange (losses)/gains on translation of foreign operations in other comprehensive income, as a result of the indexation of Turkish subsidiaries' equity due to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies (note 1).The exchange gains on translation of foreign operations for the prior year amounted to \u20ac6.6 million and they were mainly due to euro depreciation against US dollar (gain of \u20ac37.2 million), Egyptian pound (gain of \u20ac10.1 million) and Albanian LEK (gain of \u20ac1.7 million), in addition with euro appreciation against Turkish lira (loss of \u20ac43.6 million). Sensitivity analysis in foreign exchange rate changes The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the US\u0391 Dollar, Serbian Dinar, Egyptian Pound, British Pound, Turkish Lira, Albanian Lek and Brazilian Real floating exchange rates, with all other variables held constant.The calculation of \"Effect on Profit before tax\" is based on year average FX rates and the calculation of \"Effect on Equity\" is based on year end FX rate changes.(all amounts in Euro thousands)Increase/ Decrease of Effect on Profit Before Foreign CurrencyEffect on equityForeign Currency vs. \u20acTax5% 4,176 30,097USD-5% -3,778 -27,2305% 1,194 1,726RSD-5% -1,080 -1,5625% -422 8,793EGP-5% 381 -7,9565% 138 519Year ended 31 December 2022GBP-5% -125 -4705% 48 5,472TRY-5% -44 -4,9505% 761 4,970ALL-5% -689 -4,4975% 34 6,937BRL-5% -31 -6,2765% 3,694 25,400USD-5% -3,342 -22,9815% 1,024 1,424RSD-5% -926 -1,2885% -562 13,824EGP-5% 508 -12,5075% 152 434Year ended 31 December 2021GBP-5% -137 -3935% -399 2,464TRY-5% 361 -2,2305% 522 4,080ALL-5% -472 -3,6925% 139 6,078BRL-5% -126 -5,499Price riskThe Group is exposed to the price volatility of electricity, fuel costs, freight rates or other transportation costs, and the cost of raw materials that constitute the most important elements of the Group\u2019s cost base. During 2022, the Group entered into the following derivatives in order to hedge its exposure price to changes of natural gas, coal, electricity and freights:1) In 2021 and 2022, Titan America LLC (TALLC) entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2022. The total notional amount of the swap contract was 2,790,000 MMBtus and its termination date was on 28.11.2022. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas and the swap contracts. During 2022, TALLC reclassified the amount of \u20ac5.8 million (2021: \u20ac1.7 million for a related relationship) associated with the monthly settlements from cash flow hedge reserve to cost of sales, while it recognized no ineffectiveness in the income statement.2) In 2022, TALLC entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2023. The total notional amount of the swap contracts was 2,940,000 MMBtus and their final termination date is 28.11.2023. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas during 2023 and the swap contracts. Due to coincidence of economic terms, no ineffectiveness is anticipated in this hedge relationship and none was recognized in the consolidated income statement during 2022. Furthermore, no amount related to this relationship reclassified to the income statement in 2022. On 31.12.2022, TALLC, and consequently the Group, recognized a fair value loss of \u20ac2.1 million in equity as a 'hedging reserve from cash flow hedges\". 3) In 2022, TALLC entered into a series of bunkering swaps (marine fuel oil 0.5% FOB Barge Rotterdam) in order to fix a portion of marine oil costs during 2023. The total notional amount of the swaps is 2,400 Mt, the final termination date is 30.9.2023 and the derivative is classified as trading. On 31.12.2022, the recognized loss of \u20ac1 thousand was included in the \"cost of sales\" of the consolidated income statement.4) Zlatna Panega Cement AD entered into a energy swap agreement in December 2021 in order to fix a portion of (API2) coal cost. The derivative, which was classified as trading, expired in November 2022 and during the year a gain amounted to \u20ac1.1 million (2021: loss of \u20ac0,03 million) was recognized in the \"cost of sales\" of the consolidated income statement. 5) Antea Cement SH.A, Sharrcem SH. P.K.and Cementarnica Usje AD Skopje entered into energy swap agreements in December 2022 in order to fix a portion of electricity cost (Hungarian Baseload Power / Argus) for the second and third quarter of 2023. The derivatives were classified as trading and at the end of December they recorded a total loss of \u20ac0.5 million that was also recognized in the \"cost of sales\" of the consolidated income statement. 6) Arresa Marine Co entered into various forwards freight agreements (FFAs) during 2022 and various expirations dates in 2022 and 2023 in order to partially hedge price fluctuations of freight cost. The FFAs were classified as trading derivatives and their total loss during 2022 of \u20ac2.5 million (2021: gain of \u20ac3.2 million) was recognized in the \"cost of sales\" of the consolidated income statement.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates.The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements. Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the Group\u2019s borrowings.On 31 December 2022, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross currency swaps and interest rate swaps, stood at 87%/13% (31 December 2021: 88%/12%). Interest rate trends and the duration of the Group\u2019s financing needs are monitored on a forward looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt are taken on an ad-hoc basis. In June 2021, Titan Global Finance (TGF) entered into a forward starting interest rate swap (IRS) agreement in order to partially hedge the risk of the increased future mid swap rate from a highly probable future debt issuance. At the inception of the agreement, TGF designated a cash flow hedge relationship between the IRS and the highly probable future debt issuance by formal documentation. The forward starting fixed-for-floating EURIBOR-based 5-year interest rate swap with a notional amount of \u20ac250 million and forward period up to October 2023 is designated as the hedging instrument for a 100% hedge of the future interest payments arising from the highly probable forecasted debt issuance in 2023. Due to coincidence of economic terms, no ineffectiveness is anticipated in the aforementioned hedge relationship. The only potential sources of inefficiency that could result are due to changes in the credit risk of the counterparties, or, in case, the hedged forecast transaction does not (or is no longer expected to) occur in the amounts, tenor or at the date anticipated that are not expected. During 2022, TGF terminated the forward starting IRS and succeeded to lock in a total gain of \u20ac29 million that will be recycled to the income statements over the five years offsetting the actual interest payments of the future fixed-rate debt of \u20ac250 million. The gain that was recognized in the current year's consolidated statement of other comprehensive income for the aforementioned derivative was \u20ac26.5 million (2021: \u20ac2.5 million).In May 2022, considering the high inflation and the increasing interest rates in U.S.A. market, Titan America LLC (TALLC) entered into a fixed to floating interest rate swaps (IRSs) to hedge the risk of the increased floating interest rates of its short-term dollar debt and to protect the future fluctuations in finance expense. The fixed-for-floating IRS with a notional amount of USD 100 million hedges the daily compounded SOFR on a quarterly basis for a 3-year period. On 31.12.2022, the fair value IRSs resulted in a gain of \u20ac3.5 million that was recording in the account of \"finance income\" in the consolidated income statement.The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the sensitivity analysis table below:Sensitivity analysis of Group's borrowings due to interest rate changes(all amounts in Euro thousands)Interest rate Effect on profit before variationtax(+/-) (-/+)EUR 1 . 0 % 911USD 1 . 0 % -EGP 1 . 0 % 50Year ended 31 December 2022ALL 1 . 0 % 203TRY 1 . 0 % 10BGN 1 . 0 % 9EUR 1 . 0 % 283USD 1 . 0 % 337Year ended 31 December 2021EGP 1 . 0 % -ALL 1 . 0 % 248TRY 1 . 0 % 54Note: Table above excludes the positive impact of interest received from deposits.b) Liquidity riskThe Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as the management of liquid assets.The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2022 & 2021 based on contractual undiscounted payments.(all amounts in Euro thousands)Year ended at December 31 2022< 1 month 1 to 6 months 6 to 12 months 1 to 5 years >5years TotalBorrowings 7,181 46,279 85,411 758,355 - 897,226Lease liabilities (note 33) 1,291 6,674 7,841 42,179 25,626 83,611Derivative financial instruments - - 4,687 17,060 - 21,747Payables from interim settlement of derivatives - 2,822 - 3,450 - 6,272Other non-current liabilities - - - 1,960 - 1,960Trade and other payables 208,287 153,103 4,541 - - 365,931216,759 208,878 102,480 823,004 25,626 1,376,747Year ended at December 31 2021Borrowings 10,130 54,373 40,988 443,470 256,875 805,836Lease liabilities (note 33) 1,245 7,687 6,754 34,069 22,078 71,833Derivative financial instruments 1,398 1,893 5,451 6,185 - 14,927Payables from interim settlement of derivatives - - - 1,070 - 1,070Other non-current liabilities - - - 5,138 - 5,138Trade and other payables 177,289 91,258 16,729 - - 285,276190,062 155,211 69,922 489,932 278,953 1,184,080c) Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its operations and maximize shareholder value.The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between total liabilities and total equity as well as net debt and earnings before interest, taxes, depreciation, amortization and impairment (EBITDA). Titan's policy is to maintain leverage ratios in line with an investment grade profile. The Group includes within net debt, interest bearing loans, borrowings and lease liabilities, less cash and cash equivalents.(all amounts in Euro thousands)2022 2021Long-term borrowings (note 32) 704,821 641,461Long-term lease liabilities (note 33) 58,777 46,004Short-term borrowings (note 32) 122,496 89,242Short-term lease liabilities (note 33) 16,870 16,378Debt 902,964 793,085Less: cash and cash equivalents (note 21) 105,703 79,882Net Debt 797,261 713,203Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 331,202 275,209Total liabilities 1,570,025 1,341,755Total equity 1,424,274 1,336,88636. Financial instruments and fair value measurementSet out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments. (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.(all amounts in Euro thousands)Fair valueFair value hierarchy2022 2021Assets Investment property 11,240 10,980 Level 3Other financial assets at fair value through profit and loss 1,640 260 Level 3Derivative financial instruments 7,080 4,203 Level 2Receivables from interim settlement of derivatives 23,594 15,264 Level 2LiabilitiesLong-term borrowings 567,796 614,391 Level 2Long-term borrowings 107,731 45,287 Level 3Short-term borrowings 122,496 89,242 Level 3Derivative financial instruments 21,747 14,927 Level 2Payables from interim settlement of derivatives 6,272 1,070 Level 2There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during 2022.The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:For long and short term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Specifically, they are used quoted market prices, or dealer quotes for the specific or similar instruments.For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-current borrowings in level 3 are based on discounted cash flows using a borrowing rate that is prevailed in current market condition.Level 2 derivative financial instruments comprise fx forwards, cross currency interest rate swaps, interest rate swaps, natural gas forwards, forward freight agreement, electricity swap, marine oil swaps and energy swaps. \u03a4he Group use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active market, d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market, e) Coal API2 cif ARA (Argus /McCloskey) future prices that are quoted in the active market, f) Hungarian Baseload Power (Argus European Electricity) future prices that are quoted in the active market and g) marine fuel oil 0.5% fob Barge Rotterdam (Platts) future prices that are quoted in the active market.Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
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"pp-value-139-10": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). (all amounts in Euro thousands)Currency Tax translation exempt Hedging differences Re- reserves reserve on Foreign Non- organization under Actuarial from derivative Hyperinflcurrency Legal Distributable Distributable reserve Contingency special Revaluation differences cash flow hedging ation translation Total other reservereservereserve(note 22)reserveslawsreservereservehedgespositionreservereservereservesRestated balance at 1 January 2021 101,263 88,870 180,337 -1,188,374 274,202 25,595 67,145 -711 -36 41,115 - -464,898 -875,492Other comprehensive income - - - - - - 493 863 1,645 - - 18,701 21,702Cancellation of treasury shares - -65,318 - - - - - - - - - - -65,318Distribution of reserves (note 10) - - -30,780 - - - - - - - - - -30,780Deferred tax on treasury shares held by subsidiary - - - - - - -9,610 - - - - - -9,610Deferred tax adjustment on revaluation reserves (note 18) - - - - - - -213 - - - - - -213Acquisition of non-controlling interest 32 - - - - - 301 - - - - -319 14Transfer (to)/from retained earnings 6,883 - -422 - -212,560 5,869 -9,051 - - - - - -209,281Transfer among reserves - 51 -51 - 6,456 -4,226 50 - - - - - 2,280Balance at 31 December 2021 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Hyperinflation restatement - - - - - - - - - - 35,699 - 35,699Restated Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 35,699 -446,516 -1,130,999Other comprehensive income - - - - - - - 1,441 25,010 - 36,122 -73,977 -11,404Distribution of reserves (note 10) - - -38,108 - - - - - - - - - -38,108Deferred tax on treasury shares held by subsidiary - - - - - - 80 - - - - - 80Capital reduction/transfer to distributable reserves - - 200,000 - - - - - - - - - 200,000Transfer from/(to) retained earnings 50,592 - 74,243 - -14,388 8,421 -2,413 - - - - - 116,455Transfer from share options - - - - 2,166 - - - - - - - 2,166Transfer among reserves - 21,860 -21,860 - - - - - - - - - -Balance at 31 December 2022 158,770 45,463 363,359 -1,188,374 55,876 35,659 46,782 1,593 26,619 41,115 71,821 -520,493 -861,810The \"Foreign Currency Translation Reserve\" is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. Moreover, it includes the currency translation differences reserve on transactions designated as part of net investment in foreign operations. During the last quarter of 2016, the Group's subsidiary in Egypt, Alexandria Portland Cement Co. S.A.E. (APCC) renewed the \u20ac76.9 million loan it entered into with its parent company in 2010. According to its accounting policy, the Group recognizes in its consolidated financial statements the aforementioned intergroup loan as part of the net investment in the Egyptian operation. On 31 December 2022, this reserve has a debit balance of \u20ac26.3 million (2021: \u20ac26.0 million).The \"Currency Translation Differences on Derivative Hedging Position Reserve\" illustrates the exchange differences arising from the translation into euro of loans in foreign currency, which have been designated as net investment hedges for certain Group subsidiaries abroad. It also illustrates the exchange differences arising from the valuation of financial instruments used as cash flow hedges for transactions in foreign currencies. ",
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"pp-value-139-11": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). 36. Financial instruments and fair value measurementSet out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments. (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.(all amounts in Euro thousands)Fair valueFair value hierarchy2022 2021Assets Investment property 11,240 10,980 Level 3Other financial assets at fair value through profit and loss 1,640 260 Level 3Derivative financial instruments 7,080 4,203 Level 2Receivables from interim settlement of derivatives 23,594 15,264 Level 2LiabilitiesLong-term borrowings 567,796 614,391 Level 2Long-term borrowings 107,731 45,287 Level 3Short-term borrowings 122,496 89,242 Level 3Derivative financial instruments 21,747 14,927 Level 2Payables from interim settlement of derivatives 6,272 1,070 Level 2There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during 2022.The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:For long and short term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Specifically, they are used quoted market prices, or dealer quotes for the specific or similar instruments.For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-current borrowings in level 3 are based on discounted cash flows using a borrowing rate that is prevailed in current market condition.Level 2 derivative financial instruments comprise fx forwards, cross currency interest rate swaps, interest rate swaps, natural gas forwards, forward freight agreement, electricity swap, marine oil swaps and energy swaps. \u03a4he Group use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active market, d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market, e) Coal API2 cif ARA (Argus /McCloskey) future prices that are quoted in the active market, f) Hungarian Baseload Power (Argus European Electricity) future prices that are quoted in the active market and g) marine fuel oil 0.5% fob Barge Rotterdam (Platts) future prices that are quoted in the active market.Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
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"pp-value-139-12": {
"value": "6. Net finance costs and foreign exchange differences(all amounts in Euro thousands)2022 2021i) Finance incomeInterest income and related income 1,345 1,176Fair value gains on derivatives (note 35) 6,222 3,079Finance income 7,567 4,255ii) Finance expensesInterest expense and related expenses -37,641 -34,620Finance costs of actuarial studies (note 25) -185 -186Unwinding of discount of rehabilitation and other provisions (note 26) -1,296 -501Interest expense on lease liabilities -2,847 -2,528Finance expense -41,969 -37,835iii) Loss from foreign exchange differencesNet exchange gains 7,221 25,385Fair value losses on derivatives (note 35) -19,637 -25,458Losses from foreign exchange differences -12,416 -73iv) Gain on net monetary position in hyperinflationary economiesGain on net monetary position in hyperinflationary economies 26,307 -Losses from foreign exchange differences incorporate mainly the effects of changes in foreign exchange rates of intragroup loans and the fair value of derivatives that hedge the volatility of foreign currencies associated with these intragroup loans (note 35a). ",
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"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-140-4": {
"value": "7. Staff costs(all amounts in Euro thousands)2022 2021Wages, salaries and related expenses 332,758 294,606Social security costs 30,343 27,615Share-based payment expense (note 24) 3,692 2,829Fair value of share options granted to directors and employees (note 29) - 886Other post retirement and termination benefits - defined benefit plans (note 25) 9,150 3,384Total staff costs375,943 329,320The average number of Group employees for the fiscal year 2022 was 5,411 (2021: 5,352). 25. Retirement and termination benefit obligationsGreeceOn May 24, 2021, the IFRS Interpretations Committee (IFRIC) published its Agenda Decision, Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) and concluded that an entity\u2019s obligation increases until the date when future service by the employee will lead to no material amounts of further benefits (note 1). In accordance with the aforementioned decision, the application of the basic principles of IAS 19 in Greece has been changed and the calculations have been adjusted to recognize retirement obligations for the last 16 years of service until retirement. Until the issuance of the IFRIC Decision, entities applied IAS 19 distributing the benefits defined by the respective law 2112/1920, and its amendment 4093/2012. The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the liabilities arising from such obligations are actuarially valued by an independent firm of actuaries. The last actuarial valuation was undertaken in December 2022. The principal actuarial assumptions used were as follows:- discount rate of 0.6% as of 31/12/2021 with time weighted average duration 8.19 years according to the market conditions as of 31/12/2021, and discount rate of 3.3% as of 31/12/2022 with time weighted average duration 7.37 years according to the market conditions as of 31/12/2022,- future salary increases of 2.2% (2021: 1.7%),- the average turnover rate for permanent employees aged up to 45 years is 1% for both voluntary resignation and dismissal, for employees aged 46-50 years it is 1% for voluntary resignation and 0% for dismissal and over 51 years it is 0% for both voluntary resignation and dismissal.USAThe Group's U.S. subsidiaries operate defined benefit plans and other post-retirement benefit plans. The method of accounting for the latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.All of the Group's U.S. subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and Medicare eligibility.On 31 December 2022 the plan assets of the Group's subsidiaries in the US have invested approximately 57% (2021: 56%) in equity instruments quoted in US and international stock markets and 43% (2021: 44%) in fixed investments (US and international bonds). The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the U.S. was 5.13% (2021: 2.56%).Non-qualified deferred compensation planThis plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's U.S. subsidiary created an irrevocable trust to facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from 0% to 20% of eligible compensation for the applicable plan year. On 31 December 2022 and 2021, plan assets totaled \u20ac2,715 thousand and \u20ac3,307 thousand, respectively, and are classified as other non current assets in the accompanying consolidated statement of financial position (note 3, 17). There were no costs for the plan for the year ended 31 December 2022 or 2021. The amounts relating to defined benefit pension plans and other post retirement and termination benefits (defined benefit plans) recognized in the statement of comprehensive income in the account other expenses are as follows:(all amounts in Euro thousands)2022 2021Current service cost 1,955 1,805Interest cost 495 441Provision of past service cost for the following year due to the voluntary resignation plans 5,019 102Interest income -310 -2557,159 2,093Additional post retirement and termination benefits paid out, not provided for 1,224 1,138Post retirement and termination benefits paid out, not provided for due to the voluntary resignation plans 767 1539,150 3,384Amounts recognized in profit before interest, taxes, depreciation, amortization and impairment 8,965 3,198Amounts recognized in finance cost (note 6) 185 186Amounts recognized in the income statement 9,150 3,384Actuarial losses recognized in \u03bfther comprehensive income -1,823 -1,240Amount charged to statement of total comprehensive income 7,327 2,144Present value of the liability at the end of the period 32,528 37,231Minus fair value of US plans assets -12,311 -15,16820,217 22,063Change in the present value of the defined benefit obligation (all amounts in Euro thousands)2022 2021Opening balance 22,063 22,824Total expense 9,150 3,384Re-measurement losses recognized immediately in \u03bfther comprehensive income -1,823 -1,240Exchange differences 216 261Benefits paid during the year -9,389 -3,166Ending balance 20,217 22,063Changes in the fair value of US plan assets:(all amounts in Euro thousands)2022 2021Fair value of plan assets at the beginning of the period 15,168 12,915Expected return -2,054 1,209Company contributions 64 501Administrative expenses -160 -168Benefits paid -1,672 -363Exchange difference 965 1,074Fair value of plan assets at the end of the period 12,311 15,168A quantitative sensitivity analysis for significant assumptions is shown below:(all amounts in Euro thousands)Year ended 31 December 2022 Year ended 31 December 2021Assumptions1.0% increase 1.0% decrease 1.0% increase 1.0% decreaseImpact on the net defined benefit obligation:Discount rate -1,628 1,878 -1,691 1,930Salary 473 -443 555 -518Health care costs 65 -58 89 -78Impact on the current service costs:Discount rate -81 91 -80 90Salary 112 -101 110 -99Healthcare costs 2 -2 2 -2The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The following payments are expected payments to be made in the future years out of the undiscounted defined benefit plan obligation:(all amounts in Euro thousands)2022 2021Not later than 1 year 4,629 4,451Later than 1 year and not later than 5 years 8,764 8,865Later than 5 years and not later than 10 years 9,423 8,671Beyond 10 years 17,023 17,821Total expected payments 39,839 39,808The components of actuarial losses that re-calculated and recognized immediately in the other comprehensive income for the years ended December 31, 2022 and 2021 are as follows:(all amounts in Euro thousands)2022 2021Due to experience 168 157Due to assumptions (financial) -4,049 -541Due to assumptions (demographic) -306 98Re-measurement losses on DBO -4,187 -286Re-measurement gains on plan assets 2,364 -954Re-measurement losses for the period -1,823 -1,240",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f41546": {
"value": "The average number of Group employees for the fiscal year 2022 was 5,411 (2021: 5,352). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-142-3": {
"value": "8. Income tax expense(all amounts in Euro thousands)2022 2021Current tax 17,172 11,717Deferred tax (note 18) 6,467 2,612Non deductible taxes and differences from tax audit 3,076 2,48226,715 16,811Tax ReconciliationThe profit before tax of the Group companies is taxed at the applicable rate corresponding to the country in which each company is domiciled. The local income tax rates vary, thus resulting in corresponding tax rate differentials. A weighted average tax rate is determined by taking tax rate differentials into account.The following table provides the reconciliation of prima facie tax payable to income tax expense: (all amounts in Euro thousands)2022 2021Profit before tax137,196 108,366Impairment of goodwill -21,799 -Profit before tax and impairment of goodwill 158,995 108,366Tax calculated at the parent company tax rate of 12.5% (2021 : 12,5%) 17,150 13,546Effect of different tax rates in the countries that the Group operates 10,386 5,695Tax calculated at weighted average tax rate of 17.3% (2021: 17,8%) 27,536 19,241Tax adjustments in respect of:Income not subject to tax -3,417 -2,226Expenses not deductible for tax purposes 3,755 4,969Effect of (recognized)/de-recognized deferred tax asset on tax carryforward losses -600 1,898Tax incentives -4,094 -3,521Effect of change in tax rate - 127Utilization of prior years unrecognized losses 513 -120Base Erosion and Anti-Abuse Tax - 527Tax on loss from disposal of treasury shares - -6,174Change in recognition of net operating loss carryforwards 867 -46Other 2,155 2,136Effective tax charge 26,715 16,811Deferred tax assets are recognized for the carryforwards of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilized.On 31 December 2022, certain Group entities had tax carry forward losses of \u20ac91.4 million (2021: \u20ac127.4 million). These entities have recognized deferred tax assets amounting to \u20ac19.7 million (2021: 22.4 million), attributable to losses amounting to \u20ac86.1 million (2021: \u20ac93.2 million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved business plans (note 18). For the remaining \u20ac5.3 million tax carry forward losses, no deferred tax asset has been recognized, since they did not meet the recognition criteria according to IAS 12. Tax carry forward losses amounting to \u20ac4.5 million expire up to 2024 , \u20ac0,1 million expire up to 2025 and \u20ac0.7 million expire up 2026. 18. Deferred income taxesDeferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that apply to the countries in which the companies of the Group operate. (all amounts in Euro thousands)2022 2021Deferred tax assets to be recovered:after more than 12 months -73,517 -81,271within 12 months -16,188 -14,877Deferred tax liabilities to be used:after more than 12 months 210,166 197,215within 12 months 3,922 3,670Deferred tax liability (net) 124,383 104,737The movement in the deferred income tax account after set-offs is as follows:(all amounts in Euro thousands)2022 2021Opening balance, net deferred liability 104,737 89,614Income statement charge (note 8) 6,467 2,612Tax charged to equity through other comprehensive income 2,853 1,118Hyperinflation adjustment 16,829 -Tax charged to equity -80 9,610Deferred tax adjustment on revaluation reserves - 213Exchange differences -6,423 1,570Ending balance, net deferred liability 124,383 104,737(all amounts in Euro thousands)2022 2021Analysis of deferred tax liabilities (before set - offs)Property, plant and equipment 137,088 128,972Mineral deposits 17,330 17,624Intangible assets 46,140 45,350Unrealized foreign exchange differences 9,089 4,959Inventories 551 -Other non-current receivables 1,447 1,649Receivables and prepayments 870 1,026Trade and other payables 76 113Prepaid expenses 2,122 1,624Other -625 -432214,088 200,885Analysis of deferred tax assets (before set - offs)Property, plant and equipment-840 -630Intangible assets -78 -78Investments & other non-current receivables -1,444 -3,099Treasury Shares -2,020 -1,940Unrealized foreign exchange differences -5,731 -10,773Inventories -2,952 -2,675Post-employment and termination benefits -4,057 -4,460Receivables and prepayments -7,016 -6,513Tax losses carried forward (note 8) -19,739 -22,402Interest expense tax carried forward -4,020 -4,421Deferred income -552 -701Long-term debt/lease obligations -16,166 -12,527Provisions and accrued expenses -21,905 -23,683Trade and other payables -109 -128Other -3,076 -2,118-89,705 -96,148Net deferred tax liability 124,383 104,737Deferred tax assets (after set - offs) 5,730 8,867Deferred tax liabilities (after set - offs) 130,113 113,604Net deferred tax liability 124,383 104,737Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to January 1 , Debit/(Credit) to equity through Hyperinflation Exchange December 31 , 2022 Debit to equitynet profitstatement OCIadjustmentsdifferences2022Deferred tax liabilities (before set - offs) Property, plant and equipment 128,972 - 9,151 - 16,251 -17,286 137,088Mineral deposits 17,624 - -1,467 - - 1,173 17,330Intangible assets 45,350 - -1,728 - - 2,518 46,140Unrealized foreign exchange differences 4,959 - 4,041 - - 89 9,089Inventories - - - - 578 -27 551Other non-current receivables 1,649 - -202 - - - 1,447Receivables and prepayments 1,026 - -156 - - - 870Trade and other payables 113 - -37 - - - 76Prepaid expenses 1,624 - 421 - - 77 2,122Other -432 - -207 - - 14 -625200,885 - 9,816 - 16,829 -13,442 214,088Deferred tax assets (before set - offs)Property, plant and equipment -630 - -301.000 - - 91.000 -840Intangible assets -78 - - - - - -78Investments & other non-current receivables -3,099 - 1,674 - - -19 -1,444Treasury Shares -1,940 -80 - - - - -2,020Unrealized foreign exchange differences -10,773 - 1,969 2,471 - 602 -5,731Inventories -2,675 - -226 - - -51 -2,952Post-employment and termination benefits -4,460 - 110 382 - -89 -4,057Receivables and prepayments -6,513 - -418 - - -85 -7,016Tax losses carried forward (note 8) -22,402 - -3,470 - - 6,133 -19,739Interest expense tax carried forward -4,421 - 401 - - - -4,020Deferred income -701 - 205 - - -56 -552Long-term debt/lease obligations -12,527 - -3,061 - - -578 -16,166Provisions and accrued expenses -23,683 - 683 - - 1,095 -21,905Trade and other payables -128 - 19 - - - -109Other -2,118 - -934 - - -24 -3,076-96,148 -80 -3,349 2,853 - 7,019 -89,705Net deferred tax liability 104,737 -80 6,467 2,853 16,829 -6,423 124,383Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to Debit/(Credit) to equity through Exchange December 31 , January 1 , 2021 Debit to equitynet profitstatement OCIdifferences2021Deferred tax liabilities (before set - offs)Property, plant and equipment 131,467 213 -2,594 -263 149 128,972Mineral deposits 17,223 - -993 - 1,394 17,624Intangible assets 38,952 - 3,255 - 3,143 45,350Unrealized foreign exchange differences 2,596 - 2,056 - 307 4,959Other non-current receivables - - 1,649 - - 1,649Receivables and prepayments 351 - 675 - - 1,026Trade and other payables - - 113 - - 113Prepaid expenses 1,468 - 33 - 123 1,624Other 120 - -575 - 23 -432192,177 213 3,619 -263 5,139 200,885Deferred tax assets (before set - offs)Property, plant and equipment -145 - -467 - -18 -630Intangible assets -78 - - - - -78Investments & other non-current receivables -1,068 - -2,021 - -10 -3,099Treasury Shares -11,550 9,610 - - - -1,940Unrealized foreign exchange differences -13,442 - 2,461 1,009 -801 -10,773Inventories -3,029 - 442 - -88 -2,675Post-employment and termination benefits -4,743 - -21 372 -68 -4,460Receivables and prepayments -6,155 - -286 - -72 -6,513Tax losses carried forward (note 8) -21,782 - -547 - -73 -22,402Interest expense tax carried forward -3,769 - -652 - - -4,421Deferred income -930 - 294 - -65 -701Long-term debt/lease obligations -10,675 - -958 - -894 -12,527Provisions and accrued expenses -23,509 - 1,258 - -1,432 -23,683Trade and other payables -87 - -41 - - -128Other -1,601 - -469 - -48 -2,118-102,563 9,610 -1,007 1,381 -3,569 -96,148Net deferred tax liability 89,614 9,823 2,612 1,118 1,570 104,737In 2021, certain reclassifications were made, between deferred tax assets and liabilities, for purposes of comparison with 2022. These reclassifications had no effect on the net deferred tax liability balance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-142-4": {
"value": "8. Income tax expense(all amounts in Euro thousands)2022 2021Current tax 17,172 11,717Deferred tax (note 18) 6,467 2,612Non deductible taxes and differences from tax audit 3,076 2,48226,715 16,811Tax ReconciliationThe profit before tax of the Group companies is taxed at the applicable rate corresponding to the country in which each company is domiciled. The local income tax rates vary, thus resulting in corresponding tax rate differentials. A weighted average tax rate is determined by taking tax rate differentials into account.The following table provides the reconciliation of prima facie tax payable to income tax expense: (all amounts in Euro thousands)2022 2021Profit before tax137,196 108,366Impairment of goodwill -21,799 -Profit before tax and impairment of goodwill 158,995 108,366Tax calculated at the parent company tax rate of 12.5% (2021 : 12,5%) 17,150 13,546Effect of different tax rates in the countries that the Group operates 10,386 5,695Tax calculated at weighted average tax rate of 17.3% (2021: 17,8%) 27,536 19,241Tax adjustments in respect of:Income not subject to tax -3,417 -2,226Expenses not deductible for tax purposes 3,755 4,969Effect of (recognized)/de-recognized deferred tax asset on tax carryforward losses -600 1,898Tax incentives -4,094 -3,521Effect of change in tax rate - 127Utilization of prior years unrecognized losses 513 -120Base Erosion and Anti-Abuse Tax - 527Tax on loss from disposal of treasury shares - -6,174Change in recognition of net operating loss carryforwards 867 -46Other 2,155 2,136Effective tax charge 26,715 16,811Deferred tax assets are recognized for the carryforwards of unused tax losses to the extent that it is probable that future taxable profit will be available against which the losses can be utilized.On 31 December 2022, certain Group entities had tax carry forward losses of \u20ac91.4 million (2021: \u20ac127.4 million). These entities have recognized deferred tax assets amounting to \u20ac19.7 million (2021: 22.4 million), attributable to losses amounting to \u20ac86.1 million (2021: \u20ac93.2 million), as these deferred tax assets will be recoverable using the estimated future taxable income based on approved business plans (note 18). For the remaining \u20ac5.3 million tax carry forward losses, no deferred tax asset has been recognized, since they did not meet the recognition criteria according to IAS 12. Tax carry forward losses amounting to \u20ac4.5 million expire up to 2024 , \u20ac0,1 million expire up to 2025 and \u20ac0.7 million expire up 2026. 18. Deferred income taxesDeferred income taxes are calculated in full on temporary differences under the liability method using the principal tax rates that apply to the countries in which the companies of the Group operate. (all amounts in Euro thousands)2022 2021Deferred tax assets to be recovered:after more than 12 months -73,517 -81,271within 12 months -16,188 -14,877Deferred tax liabilities to be used:after more than 12 months 210,166 197,215within 12 months 3,922 3,670Deferred tax liability (net) 124,383 104,737The movement in the deferred income tax account after set-offs is as follows:(all amounts in Euro thousands)2022 2021Opening balance, net deferred liability 104,737 89,614Income statement charge (note 8) 6,467 2,612Tax charged to equity through other comprehensive income 2,853 1,118Hyperinflation adjustment 16,829 -Tax charged to equity -80 9,610Deferred tax adjustment on revaluation reserves - 213Exchange differences -6,423 1,570Ending balance, net deferred liability 124,383 104,737(all amounts in Euro thousands)2022 2021Analysis of deferred tax liabilities (before set - offs)Property, plant and equipment 137,088 128,972Mineral deposits 17,330 17,624Intangible assets 46,140 45,350Unrealized foreign exchange differences 9,089 4,959Inventories 551 -Other non-current receivables 1,447 1,649Receivables and prepayments 870 1,026Trade and other payables 76 113Prepaid expenses 2,122 1,624Other -625 -432214,088 200,885Analysis of deferred tax assets (before set - offs)Property, plant and equipment-840 -630Intangible assets -78 -78Investments & other non-current receivables -1,444 -3,099Treasury Shares -2,020 -1,940Unrealized foreign exchange differences -5,731 -10,773Inventories -2,952 -2,675Post-employment and termination benefits -4,057 -4,460Receivables and prepayments -7,016 -6,513Tax losses carried forward (note 8) -19,739 -22,402Interest expense tax carried forward -4,020 -4,421Deferred income -552 -701Long-term debt/lease obligations -16,166 -12,527Provisions and accrued expenses -21,905 -23,683Trade and other payables -109 -128Other -3,076 -2,118-89,705 -96,148Net deferred tax liability 124,383 104,737Deferred tax assets (after set - offs) 5,730 8,867Deferred tax liabilities (after set - offs) 130,113 113,604Net deferred tax liability 124,383 104,737Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority.The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to January 1 , Debit/(Credit) to equity through Hyperinflation Exchange December 31 , 2022 Debit to equitynet profitstatement OCIadjustmentsdifferences2022Deferred tax liabilities (before set - offs) Property, plant and equipment 128,972 - 9,151 - 16,251 -17,286 137,088Mineral deposits 17,624 - -1,467 - - 1,173 17,330Intangible assets 45,350 - -1,728 - - 2,518 46,140Unrealized foreign exchange differences 4,959 - 4,041 - - 89 9,089Inventories - - - - 578 -27 551Other non-current receivables 1,649 - -202 - - - 1,447Receivables and prepayments 1,026 - -156 - - - 870Trade and other payables 113 - -37 - - - 76Prepaid expenses 1,624 - 421 - - 77 2,122Other -432 - -207 - - 14 -625200,885 - 9,816 - 16,829 -13,442 214,088Deferred tax assets (before set - offs)Property, plant and equipment -630 - -301.000 - - 91.000 -840Intangible assets -78 - - - - - -78Investments & other non-current receivables -3,099 - 1,674 - - -19 -1,444Treasury Shares -1,940 -80 - - - - -2,020Unrealized foreign exchange differences -10,773 - 1,969 2,471 - 602 -5,731Inventories -2,675 - -226 - - -51 -2,952Post-employment and termination benefits -4,460 - 110 382 - -89 -4,057Receivables and prepayments -6,513 - -418 - - -85 -7,016Tax losses carried forward (note 8) -22,402 - -3,470 - - 6,133 -19,739Interest expense tax carried forward -4,421 - 401 - - - -4,020Deferred income -701 - 205 - - -56 -552Long-term debt/lease obligations -12,527 - -3,061 - - -578 -16,166Provisions and accrued expenses -23,683 - 683 - - 1,095 -21,905Trade and other payables -128 - 19 - - - -109Other -2,118 - -934 - - -24 -3,076-96,148 -80 -3,349 2,853 - 7,019 -89,705Net deferred tax liability 104,737 -80 6,467 2,853 16,829 -6,423 124,383Deferred income tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The movement in deferred tax assets and liabilities (prior to offsetting balances within the same tax jurisdiction) during the prior year is as follows:(all amounts in Euro thousands)Debit/(Credit) to Debit/(Credit) to equity through Exchange December 31 , January 1 , 2021 Debit to equitynet profitstatement OCIdifferences2021Deferred tax liabilities (before set - offs)Property, plant and equipment 131,467 213 -2,594 -263 149 128,972Mineral deposits 17,223 - -993 - 1,394 17,624Intangible assets 38,952 - 3,255 - 3,143 45,350Unrealized foreign exchange differences 2,596 - 2,056 - 307 4,959Other non-current receivables - - 1,649 - - 1,649Receivables and prepayments 351 - 675 - - 1,026Trade and other payables - - 113 - - 113Prepaid expenses 1,468 - 33 - 123 1,624Other 120 - -575 - 23 -432192,177 213 3,619 -263 5,139 200,885Deferred tax assets (before set - offs)Property, plant and equipment -145 - -467 - -18 -630Intangible assets -78 - - - - -78Investments & other non-current receivables -1,068 - -2,021 - -10 -3,099Treasury Shares -11,550 9,610 - - - -1,940Unrealized foreign exchange differences -13,442 - 2,461 1,009 -801 -10,773Inventories -3,029 - 442 - -88 -2,675Post-employment and termination benefits -4,743 - -21 372 -68 -4,460Receivables and prepayments -6,155 - -286 - -72 -6,513Tax losses carried forward (note 8) -21,782 - -547 - -73 -22,402Interest expense tax carried forward -3,769 - -652 - - -4,421Deferred income -930 - 294 - -65 -701Long-term debt/lease obligations -10,675 - -958 - -894 -12,527Provisions and accrued expenses -23,509 - 1,258 - -1,432 -23,683Trade and other payables -87 - -41 - - -128Other -1,601 - -469 - -48 -2,118-102,563 9,610 -1,007 1,381 -3,569 -96,148Net deferred tax liability 89,614 9,823 2,612 1,118 1,570 104,737In 2021, certain reclassifications were made, between deferred tax assets and liabilities, for purposes of comparison with 2022. These reclassifications had no effect on the net deferred tax liability balance. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-146-2": {
"value": "9. Earnings per shareBasic earnings per share are calculated by dividing the net profit attributable to shareholders for the year by the weighted average number of shares in issue during the year, excluding shares purchased by the Group and held as treasury shares.(all amounts in Euro thousands unless otherwise stated)2022 2021Net profit for the year attributable to equity holders of the parent 109,655 91,923Weighted average number of ordinary shares in issue 71,735,065 74,795,239Basic earnings per ordinary share (in \u20ac)1.5286 1.2290Diluted EPS are calculated by dividing the profit attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares. Options granted to employees under the Group\u2019s plans 2014 and 2017 (note 24) are considered to be potential ordinary shares.(all amounts in Euro thousands unless otherwise stated)2022 2021Net profit for the year attributable to equity holders of the parent 109,655 91,923Weighted average number of ordinary shares for diluted earnings per share 71,735,065 74,795,239Share options and awards 52,640 294,514Total weighted average number of shares in issue for diluted earnings per share 71,787,705 75,089,753Diluted earnings per ordinary share (in \u20ac) 1.5275 1.2242",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-147-2": {
"value": "10. Dividends and return of capitalFor the year ended 31.12.2022Proposed dividends not recognised at the end of the reporting periodThe Board of Directors will propose to the Annual General Assembly of Shareholders, scheduled to take place on 11 May 2023, the distribution of dividend \u20ac0.60 (60 cents) per share. Return of capital paidFollowing the authorization granted to the Board of Directors by the Extraordinary Meeting of the Company's Shareholders on 13 May 2019, the Board of Directors of Titan Cement International SA decided on the 16th of March 2022 the return of capital of \u20ac0.50 (50 cents) per share to all the Shareholders of the Company on record on 28th of April 2022.For the year ended 31.12.2021Return of capital paidFollowing the authorization granted to the Board of Directors by the Extraordinary Meeting of the company\u2019s Shareholders on the 13th of May 2019, the Board of Directors of Titan Cement International SA decided on the 22nd of March 2021 the return of capital of \u20ac0.40 (40 cents) per share to all the Shareholders of the Company on record on the 29th of April 2021.",
"dimensions": {
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"pp-value-151-4": {
"value": "In 2022, the Group recorded impairment losses of \u20ac1,233 thousand, that were presented in the cost of sales in the consolidated income statement. Specifically, the amount of \u20ac638 thousand was recorded for a plot of land, \u20ac496 thousand for quarries and \u20ac99 thousand for buildings. Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-152-4": {
"value": "On the Turkish subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. assets, there are mortgages of \u20ac27.5 million, securing bank credit facilities. As at 31.12.2022, the balance of these credit facilities amounted to \u20ac8.3 million.The Group's subsidiaries have not pledged their inventories as collateral.Contingent assets(all amounts in Euro thousands)2022 2021Bank guarantee letters for securing trade receivables (note 20) 25,418 22,350Other collaterals against trade receivables (note 20) 7,054 7,09932,472 29,449Collaterals against other receivables 2,358 4,44234,830 33,891",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-154-3": {
"value": "The investment properties are leased to tenants under operating leases with rentals payable monthly, quarterly or yearly. Lease payments for some contracts include Consumer Price Index (CPI) increases, but there are no other variable lease payments that depend on an index or rate.Minimum lease payments receivable on leases of investment properties are as follows:(all amounts in Euro thousands)2022 2021Within one year 477 522Between 1 and 2 years 337 415Between 2 and 3 years 270 334Between 3 and 4 years 254 246Between 4 and 5 years 170 228Later than five years 242 5741,750 2,31833. LeasesGroup as a lesseeThe Group has various lease contracts for offices, terminals, machinery, vehicles, computer hardware and other equipment. Rental contracts are typically made for fixed periods of 1 to 30 years, but may have extension or termination options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. There are leases with fixed increases and others where the increase is based on changes in price indices.The consolidated statement of financial position includes the following balances related to lease contracts:Balances of right-of-use assets (note 11)(all amounts in Euro thousands)2022 2021Land 11,248 11,771Buildings 25,079 19,420Plant & equipment 630 17,268Motor vehicle 32,717 6,356Office furniture, fixtures and equipment 1 369,675 54,818Balances of lease liabilities(all amounts in Euro thousands)2022 2021Long-term lease liabilities 58,777 46,004Short-term lease liabilities 16,870 16,37875,647 62,382The maturity analysis of lease liabilities is disclosed in note 35.The following amounts that related to leases are recognized in the consolidated income statement:(all amounts in Euro thousands)2022 2021Depreciation charge of ROU assets (note 11) 15,271 13,964Interest expense (included in finance cost) 2,847 2,528Expense relating to short-term leases 13,580 11,667Expense relating to low-value leases that are not shown as short-term leases 506 285Expenses relating to variable lease payments not included in lease liabilities 1,156 887The total cash outflow for the leases in 2022 was \u20ac34,125 thousand (2021: \u20ac31,676 thousand).Expenses relating to short-term leases and total cash outflow for leases have been adjusted in 2021 for comparative purposes. The adjustments had no impact on the primary consolidated financial statements.Extension and termination optionsIn determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise extension options and the extension options are only included in the lease term if the lease is reasonably certain to be extended. Extension option which are reasonably certain to be exercised mainly concern assets which are of strategic importance for the operations of the Group and are not easily replaceable, without incurring significant relocation costs and disruption of the business such as terminals, ready-mix sites and heavy equipment. The assessment of reasonably certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and is within the control of the lessee.On 31.12.2022, the undiscounted potential future cash flows of \u20ac30,170 thousand (31.12.2021: \u20ac34,333 thousand) were not included in the lease liability, as it is not reasonably certain that the leases will be extended. The timing of these payments would be as follows:(all amounts in Euro thousands)2022 2021Within 10 years7,833 4,884From 10 to 20 years18,506 19,921In more than 20 years3,831 9,52830,170 34,333Discount rateThe lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for the leases in the Group, the lessee's incremental borrowing rate (IBR) is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms and conditions. In order to determine IBR, the Group usually uses third party financing that it is received by the individual lessee and makes adjustments to reflect changes in financing conditions, since third party financing was received. Also, it makes judgements specific to the lease, such as term, country, currency and security.(all amounts in Euro thousands)Year ended at December 31 2022< 1 month 1 to 6 months 6 to 12 months 1 to 5 years >5years TotalBorrowings 7,181 46,279 85,411 758,355 - 897,226Lease liabilities (note 33) 1,291 6,674 7,841 42,179 25,626 83,611Derivative financial instruments - - 4,687 17,060 - 21,747Payables from interim settlement of derivatives - 2,822 - 3,450 - 6,272Other non-current liabilities - - - 1,960 - 1,960Trade and other payables 208,287 153,103 4,541 - - 365,931216,759 208,878 102,480 823,004 25,626 1,376,747Year ended at December 31 2021Borrowings 10,130 54,373 40,988 443,470 256,875 805,836Lease liabilities (note 33) 1,245 7,687 6,754 34,069 22,078 71,833Derivative financial instruments 1,398 1,893 5,451 6,185 - 14,927Payables from interim settlement of derivatives - - - 1,070 - 1,070Other non-current liabilities - - - 5,138 - 5,138Trade and other payables 177,289 91,258 16,729 - - 285,276190,062 155,211 69,922 489,932 278,953 1,184,080",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-155-3": {
"value": "13. Goodwill(all amounts in Euro thousands)Initial goodwill Goodwill impairment Total goodwillBalance at 1 January 2021 332,652 -64,639 268,013Exchange differences 1,207 2,766 3,973Balance at 31 December 2021 333,859 -61,873 271,986Balance at 1 January 2022 333,859 -61,873 271,986Hyperinflation adjustments 25,605 -1,491 24,114Impairment (note 29) - -21,799 -21,799Exchange differences 18,325 -11,792 6,533Balance at 31 December 2022 377,789 -96,955 280,834Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.Sensitivity of recoverable amountsOn 31.12.2022, the Group analyzed the sensitivities of the recoverable amounts to the reasonably change in key assumptions. For all CGUs (excluding Turkey) the sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their recoverable amount. With respect to Bulgaria, additional sensitivity analyses have been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.-Increase in the Discount rate by: 2.1%-Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4%.14. Intangible assets(all amounts in Euro thousands)Customer Computer Other intangible Assets under Licences Trademarksrelationshipssoftwareassetsconstruction TotalBalance at 1 January 2021 35,871 14,045 3,798 3,559 3,741 23,265 84,279Additions 6 - - 157 198 6,773 7,134Disposals (NBV) (note 29) - - - - -238 - -238Reclassification of assets from/to other intangible assets categories 411 - - 5,827 345 -6,583 -Transfers from other accounts - - - 18,435 47 -16,242 2,240Amortization charge (note 29) -1,146 -877 -1,659 -1,991 -532 - -6,205Exchange differences 1,701 1,044 228 -21 121 1,161 4,234Balance at 31 December 2021 36,843 14,212 2,367 25,966 3,682 8,374 91,444Balance at 1 January 2022 36,843 14,212 2,367 25,966 3,682 8,374 91,444Additions 33 - - 3,290 139 3,932 7,394Disposals (NBV) (note 29) - - - - -12 -112 -124Hyperinflation adjustments 18 - - 3 - - 21Reclassification of assets from/to other intangible assets categories 33 - - 945 783 -1,761 -Transfers from other accounts - - - 127 28 41 196Other reclassifications - - - - -646 -22 -668Amortization charge (note 29) -1,058 -796 -1,597 -4,200 -362 - -8,013Exchange differences -7,423 609 -275 1,205 -423 -70 -6,377Balance at 31 December 2022 28,446 14,025 495 27,336 3,189 10,382 83,873",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-155-4": {
"value": "13. Goodwill(all amounts in Euro thousands)Initial goodwill Goodwill impairment Total goodwillBalance at 1 January 2021 332,652 -64,639 268,013Exchange differences 1,207 2,766 3,973Balance at 31 December 2021 333,859 -61,873 271,986Balance at 1 January 2022 333,859 -61,873 271,986Hyperinflation adjustments 25,605 -1,491 24,114Impairment (note 29) - -21,799 -21,799Exchange differences 18,325 -11,792 6,533Balance at 31 December 2022 377,789 -96,955 280,834Impairment testing of goodwill Key assumptionsGroup cash-generating-units (CGUs) are defined generally as a country or group area on the basis of the sales and management structure. The recoverable amount of all CGUs has been determined based on value-in-use calculations. These calculations use post-tax cash flow projections based on financial budgets approved by management covering generally a five-year period. Forecasts rely on a combination of internal and external factors that influence each CGU operations, such as the macroeconomic environment and sustainability matters. Furthermore, in specific circumstances, when recent results of a CGU do not reflect historical performance and most external economic variables provide confidence that a reasonably determinable improvement is expected in the mid-term, management uses cash flow projections over a period up to 10 years, to reflect sufficiently the cyclical nature of the industry. Sales volumes: Volume assumptions are provided by local management and reflect its best estimates taking into consideration: past performance, local market growth estimates, infrastructure projects, etc. Sales volume growth rates are also based on published industry research and take into account demographic trends including population growth, household formation, and economic output (among other factors) in the countries where the Group operates.Selling prices and cost: Price assumptions are provided by local management and reflect its best estimates. Factors that have been taken into consideration are: historical trends, inflation, brand loyalty, growth rate of the regional economy, competition, production cost increases, etc.Input cost evolution, mainly consisting of thermal and electrical energy, transportation costs, and raw material costs, are determined by forecasted projections provided by international agencies and institutions. Furthermore, actions for mitigating supply chain disruption and the curtailment of the group\u2019s environmental footprint are factored-in.Terminal value and Perpetual growth rates:Terminal value cash flows are based on the long-term growth expectations for the industry in the country of operation. It is calculated based on sustainable sales volumes, capacity utilization, EBITDA margin and CapEx, to reflect sustainable cash flows in perpetuity. Perpetuity Growth rates are in line with the nominal economic growth. Rates are reasonably compared to long-term inflation expectations, adjusted for per capita consumption expectations and capacity utilization. Inputs that have been taken into consideration are estimates from international agencies\u2019 or banks\u2019 forecasts.Discount rates:Discount rates are according to post tax weighted average cost of capital (WACC) for each CGUs, deriving from Group\u2019s current market risk assessment, applicable local tax rates and local currency risk free rates. Key assumptions used for value in use calculations in respect of goodwill 2022Carrying amount of (all amounts in Euro thousands)goodwill Perpetual Growth rates Discount ratesNorth America 205,058 2%-3% 7.9 %Bulgaria 45,440 1.9 % 10.2 %Turkey 13,152 12.5 % 2 7 %Other 17,184 1%-2.6% 7.7%-10.7%Total 280,834Key assumptions used for value in use calculations in respect of goodwill 2021(all amounts in Euro thousands)Carrying amount of goodwill Perpetual Growth rates Discount ratesNorth America193,113 2%-3% 5 . 6 %Bulgaria 45,440 1.5 % 4.7%Turkey16,294 11 % 24.7%Other17,139 0.8%-1.4% 5.2%-7.1%Total271,986Turkey is facing an acute macroeconomic crisis exacerbated by the current international environment. Against this backdrop, domestic cement volumes have declined as government projects are slowing down and overall investment activity declined. However, real estate investment remains a perceived safe outlet for capital, thereby supporting building activity. Exports provide a stable outlet for the country and in the course of the period, the Group completed and launched operations at its purpose-built new cement export terminal in the Black Sea port of Samsun, which successfully started shipping low-alkali cement to the USA. Prices continue to increase to address the inflation of costs. As of last June, the Group applied IAS 29 for hyperinflation for its operations in Turkey. The rapid deterioration of the economic environment and record levels of hyperinflation will affect construction activity, posing some uncertainty for the comingyear. As a result, the carrying amount exceeding the recoverable amount, resulting in an impairment loss of \u20ac21.8 million for 2022.Sensitivity of recoverable amountsOn 31.12.2022, the Group analyzed the sensitivities of the recoverable amounts to the reasonably change in key assumptions. For all CGUs (excluding Turkey) the sensitivity analysis did not present a situation in which the carrying value of the CGU would exceed their recoverable amount. With respect to Bulgaria, additional sensitivity analyses have been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.-Increase in the Discount rate by: 2.1%-Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4%.",
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"pp-value-161-2": {
"value": "15. Investments in associates, joint ventures and subsidiaries15.1 Investment in associatesThe Group financial statements incorporate the following companies with the equity method of consolidation:a) Karierni Materiali Plovdiv AD with ownership percentage 48.711% (31.12.2021: 48.711%), Karierni Materiali AD with ownership percentage 48.764% (31.12.2021: 48.764%). The aforementioned companies are based in Bulgaria and operate in the aggregates business.b) Ecorecovery S.A. with ownership percentage 48% (31.12.20221: 48%). Ecorecovery is based in Greece and it processes, manages and trades solid waste for the production of alternative fuels.c) ASH Venture LLC with ownership percentage 33% (31.12.2021: 33%), which is based in USA and beneficiates, markets and sells fly ash. The carrying value of the investment in the Ash Venture on 31.12.2022 is nil, as its activities have been completed and in 2023 the associate will be dissolved.None of the aforementioned companies is listed on a public exchange market.Based on their contribution in its profit before taxes, the Group decided that each one of the aforementioned associates is individually immaterial and thus it discloses in aggregate its interests in these associates as follows:(all amounts in Euro thousands)2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 17,320 17,686Current assets 6,796 6,377Total assets 24,116 24,063Non-current liabilities 1,841 1,663Current liabilities 6,373 6,864Total liabilities 8,214 8,527Equity 15,902 15,536Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 17,295 15,233Profit/(loss) after taxes 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Total comprehensive income/(loss) for the year net of tax 2,545 -6,394Reconciliation to carrying amounts:Opening net assets 1 January 15,536 24,627Profit/(loss) for the year 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Share capital increase - -700Dividends paid -2,200 -1,839Foreign exchange differences 21 235Restructuring - -393Closing net assets 31 December 15,902 15,536Adjustments due to unrecognized fair value gain on assets contributed to associate - -4,318Accumulated depreciation adjustments related to unrecognized fair value - 4,318Group's carrying amount of the investment after adjustments 7,505 7,19016. Principal subsidiaries, associates and joint ventures2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodTitan Cement International S.A. Belgium Investment holding company Parent company Parent company\u03a4itan Cement Company S.A Greece Cement producer 100.000 - 100.000 -(4)Aitolika Quarries S.A. Greece Quarries & aggregates - 83.594 - 63.723(2)Albacem S.A. Greece Trading company - - - 100.000Provision of technical and (1)Business Park Titan Elefsinas S.A. Greecebusiness services - 100.000 - -Interbeton Construction Materials S.A. Greece Ready mix & aggregates - 100.000 - 100.000Intertitan Trading International S.A. Greece Trading company - 100.000 - 100.000Gournon Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Quarries of Tagaradon Community S.A. Greece Quarries & aggregates - 67.587 - 67.587Vahou Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Sigma Beton S.A. Greece Quarries & aggregates - 100.000 - 100.000Titan Atlantic Cement Industrial & Commercial S.A. Greece Investment holding company - 100.000 - 100.000Titan Cement International Trading S.A. Greece Trading company - 100.000 - 100.000Brazcem Participacoes S.A. Brazil Investment holding company - 100.000 - 100.000Double W & Co OOD Bulgaria Port - 99.989 - 99.989Granitoid AD Bulgaria Trading company - 99.760 - 99.760Gravel & Sand PIT AD Bulgaria Quarries & aggregates - 99.989 - 99.989(2)Trojan Cem EOOD Bulgaria Trading company - - - 95.000Zlatna Panega Cement AD Bulgaria Cement producer - 99.989 - 99.989Green Alternative Energy Assets EAD Bulgaria Alternative fuels - 100.000 - 100.000Cementi ANTEA SRL Italy Trading company - 100.000 - 100.000Cementi Crotone S.R.L. Italy Import & distribution of Cement - 100.000 - 100.000Fintitan SRL Italy Import & distribution of cement - 100.000 - 100.000Separation Technologies Canada Ltd Canada Processing of fly ash - 100.000 - 100.000Alexandria Development Co.Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Eastmed Investments Limited Cyprus Investment holding company - 100.000 - 100.000Alvacim Ltd Cyprus Investment holding company - 100.000 - 100.000(3)East Cement Trade Ltd Cyprus Investment holding company - - - 100.000Feronia Holding Ltd Cyprus Investment holding company - 100.000 - 100.000Iapetos Ltd Cyprus Investment holding company - 100.000 - 100.000(3)KOCEM Limited Cyprus Investment holding company - - - 100.000Rea Cement Investments Limited Cyprus Investment holding company - 100.000 - 100.000Themis Holdings Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Cement Cyprus Limited Cyprus Investment holding company - 100.000 - 100.000Tithys Holdings Limited Cyprus Investment holding company 100.000 - 100.000 -Alexandria Portland Cement Co. S.A.E Egypt Cement producer - 99.605 - 99.605Beni Suef Cement Co.S.A.E. Egypt Cement producer - 100.000 - 100.000GAEA -Green Alternative Energy Assets Egypt Alternative fuels - 99.996 - 99.996Titan Beton & Aggregate Egypt LLC Egypt Quarries & aggregates - 99.611 - 99.611Sharr Beteiligungs GmbH Germany Investment holding company - 100.000 - 100.000Marshall Arresa Marine CoIslandsShipping - 100.000 - 100.000Adocim Marmara Cimento Beton Sanayi ve Ticaret Processing and trading of A.S. Turkeycement - 100.000 - 100.000Adocim Cimento Beton Sanayi ve Ticaret A.S. Turkey Cement producer - 75.000 - 75.000Titan Cement U.K. Ltd U.K. Import & distribution of cement - 100.000 - 100.000Titan Global Finance PLC U.K. Financial services 100.000 - 100.000 -Carolinas Cement Company LLC U.S.A. Own/develop real estate - 100.000 - 100.000(1)CemAI Inc. U.S.A. Preventing maintenance - 100.000 - -Essex Cement Co. LLC U.S.A. Trading company - 100.000 - 100.000Markfield America LLC U.S.A. Insurance company - 100.000 - 100.000Massey Sand and Rock Co U.S.A. Quarries & aggregates - 100.000 - 100.000Mechanicsville Concrete LLC U.S.A. Ready mix - 100.000 - 100.000Metro Redi-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Miami Valley Ready Mix of Florida LLC U.S.A. Ready mix - 100.000 - 100.000(*) Percentage of investment represents both percentage of shareholding and percentage of control2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodPennsuco Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000Norfapeake Terminal LLC U.S.A. Trading company - 100.000 - 100.000Roanoke Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000S&W Ready Mix Concrete Co. Inc. U.S.A. Ready mix - 100.000 - 100.000S&W Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000Separation Technologies LLC U.S.A. Processing of fly ash - 100.000 - 100.000(1)Silver Sand Transportation LLC U.S.A. Transportation - 100.000 - 0.000Standard Concrete LLC U.S.A. Trading company - 100.000 - 100.000ST Mid-Atlantic LLC U.S.A. Processing of fly ash - 100.000 - 100.000Sales of fly ash processing ST Equipment & Technology LLC U.S.A.equipment - 100.000 - 100.000ST Equipment & Technology Trading Company LLC U.S.A. Trading company - 100.000 - 100.000Summit Ready-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Titan Florida LLC U.S.A. Cement producer - 100.000 - 100.000Titan Mid-Atlantic Aggregates LLC U.S.A. Quarries & aggregates - 100.000 - 100.000Titan Virginia Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000\u03a4itan \u0391merica LLC U.S.A. Investment holding company - 100.000 - 100.000Trusa Realty LLC U.S.A. Real estate brokerage - 100.000 - 100.000Cementara Kosjeric AD Serbia Cement producer - 100.000 - 100.000(3)Stari Silo Company DOO Serbia Trading company - - - 100.000TCK Montenegro DOO Montenegro Trading company - 100.000 - 100.000North Esha Material DOOELMacedoniaQuarries & aggregates - 100.000 - 100.000North (2)GAEA Zelena Alternative Enerjia DOOELMacedonia Alternative fuels - - - 100.000North ID Kompani DOOELMacedonia Trading company - 95.000 - 95.000North Renting and leasing of machines, MILLCO-PCM DOOELMacedoniaequipment and material goods - 100.000 - 100.000North Opalit DOOELMacedonia Quarries & aggregates - 95.000 - 95.000North Rudmak DOOELMacedonia Trading company - 100.000 - 100.000North Usje Cementarnica ADMacedonia Cement producer - 95.000 - 95.000North (2)Vesa DOOLMacedonia Trading company - - - 100.000Cement Plus LTD Kosovo Trading company - 64.999 - 64.999Esha Material LLC Kosovo Quarries & aggregates - 100.000 - 100.000Kosovo Construction Materials L.L.C. Kosovo Quarries & aggregates - 100.000 - 100.000Sharrcem SH.P.K. Kosovo Cement producer - 100.000 - 100.000Alba Cemento Italia, SHPK Albania Trading company - 100.000 - 100.000Antea Cement SHA Albania Cement producer - 100.000 - 100.000GAEA Enerjia Alternative e Gjelber Sh.p.k. Albania Alternative fuels - 100.000 - 100.000Colombus Properties B.V. Holland Investment holding company - 100.000 - 100.000Salentijn Properties1 B.V. Holland Investment holding company - 100.000 - 100.000Titan Cement Netherlands BV Holland Investment holding company - 100.000 - 100.000Equity consolidation methodCompanhia Industrial De Cimento Apodi S.A. Brazil Cement producer - 50.000 - 50.000Apodi Concretos Ltda Brazil Ready mix - 50.000 - 50.000Apodi Distribui\u00e7\u00e3o e Logistica Ltda Brazil Trading company - 50.000 - 50.000ASH Venture LLC U.S.A. Processing of fly ash - 33.000 - 33.000Engineering design services for Ecorecovery S.A. Greecesolid and liquid waste facilities - 48.000 - 48.000Karierni Materiali Plovdiv AD Bulgaria Quarries & aggregates - 48.711 - 48.711Karierni Materiali AD Bulgaria Quarries & aggregates - 48.764 - 48.764(*) Percentage of investment represents both percentage of shareholding and percentage of controlSignificant Group structure changes1) Silver Sand Transportation LLC was created in 2022 as a subsidiary of Titan Florida LLC in U.S.. Furthermore, Titan Cement Netherlands B.V. corporated in the Netherlands, established a subsidiary in U.S., the CemAI Inc.. The Group's subsidiaries Titan Cement Company S.A. and Interbeton Construction Materials S.A., in Greece, formed a new subsidiary named Business Park Titan Elefsinas S.A.. The Group incorporated all the above-mentioned subsidiaries, in its financial statements, with the full method of consolidation.2) The Group's subsidiaries Albacem S.A., Trojan Cem EODD, Vesa DOOL and GAEA Zelena Alternative Enerjia DOOEL were liquidated in 2022.3) In February 2022, the Group's subsidiaries in Cyprus, East Cement Trade Ltd and KOCEM Limited merged with Alexandria Development Limited. In addition, the Group's subsidiary Stari Silo Company DOO in Serbia merged in September 2022 with Cementara Kosjeric AD.4) Change in ownership percentage of Aitolika Quarries S.A.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-161-3": {
"value": "15. Investments in associates, joint ventures and subsidiaries15.2 Investments in joint venturesOn 31 December 2022, the Group incorporated in its financial statements the following joint ventures with the equity method of consolidation:a) Companhia Industrial De Cimento Apodi with ownership percentage 50% (31.12.2021: 50%). Apodi is based in Brazil and operates in the production of cement.b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda with ownership percentage 50% (31.12.2021: 50%). The Apodi Distribui\u00e7\u00e3o e Logistica Ltda is a trading company based in Brazil.None of the aforementioned companies is listed on a public exchange market.Summarised financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of the investment in consolidated financial statements are set out below:Companhia Industrial De Cimento Apodi - (all amounts in Euro thousands)Consolidated *20222021Summarized statement of financial position as at 31 DecemberNon-current assets 158,478 124,251Other current assets 42,995 42,544Cash and cash equivalents 15,537 6,213Total assets 217,010 173,008Long-term borrowings 49,436 59,009Other non-current liabilities 765 689Short-term borrowings 52,220 21,192Other current liabilities 40,422 27,991Total liabilities 142,843 108,881Equity 74,167 64,127Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 115,854 83,845Depreciation, amortization and impairments of assets -10,008 -8,363Finance income 1,580 623Finance expense -13,398 -7,364Profit after taxes 1,300 5,411Total comprehensive profit for the year net of tax 1,300 5,411Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 21,096 19,524Reconciliation to carrying amounts:Opening net assets 1 January 64,127 58,201Profit for the year 1,300 5,411Foreign exchange differences 8,740 515Closing net assets 31 December 74,167 64,127Group's share in % 5 0 % 5 0 %Group's share in '000 \u20ac 37,084 32,064Goodwill 55,823 49,499Carrying amount of the investment as at 31 of December 92,907 81,563* Consolidated figures before elimination with the broader GroupOn 31.12.2022, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount, which has been determined based on value-in-use calculations with a discount rate of 16.5% and a perpetual growth rate of 3.3%, exceeds the carrying value. Additional sensitivity analysis has been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.- Increase in the Discount rate by 2.5%.- Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4.6%.16. Principal subsidiaries, associates and joint ventures2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodTitan Cement International S.A. Belgium Investment holding company Parent company Parent company\u03a4itan Cement Company S.A Greece Cement producer 100.000 - 100.000 -(4)Aitolika Quarries S.A. Greece Quarries & aggregates - 83.594 - 63.723(2)Albacem S.A. Greece Trading company - - - 100.000Provision of technical and (1)Business Park Titan Elefsinas S.A. Greecebusiness services - 100.000 - -Interbeton Construction Materials S.A. Greece Ready mix & aggregates - 100.000 - 100.000Intertitan Trading International S.A. Greece Trading company - 100.000 - 100.000Gournon Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Quarries of Tagaradon Community S.A. Greece Quarries & aggregates - 67.587 - 67.587Vahou Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Sigma Beton S.A. Greece Quarries & aggregates - 100.000 - 100.000Titan Atlantic Cement Industrial & Commercial S.A. Greece Investment holding company - 100.000 - 100.000Titan Cement International Trading S.A. Greece Trading company - 100.000 - 100.000Brazcem Participacoes S.A. Brazil Investment holding company - 100.000 - 100.000Double W & Co OOD Bulgaria Port - 99.989 - 99.989Granitoid AD Bulgaria Trading company - 99.760 - 99.760Gravel & Sand PIT AD Bulgaria Quarries & aggregates - 99.989 - 99.989(2)Trojan Cem EOOD Bulgaria Trading company - - - 95.000Zlatna Panega Cement AD Bulgaria Cement producer - 99.989 - 99.989Green Alternative Energy Assets EAD Bulgaria Alternative fuels - 100.000 - 100.000Cementi ANTEA SRL Italy Trading company - 100.000 - 100.000Cementi Crotone S.R.L. Italy Import & distribution of Cement - 100.000 - 100.000Fintitan SRL Italy Import & distribution of cement - 100.000 - 100.000Separation Technologies Canada Ltd Canada Processing of fly ash - 100.000 - 100.000Alexandria Development Co.Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Eastmed Investments Limited Cyprus Investment holding company - 100.000 - 100.000Alvacim Ltd Cyprus Investment holding company - 100.000 - 100.000(3)East Cement Trade Ltd Cyprus Investment holding company - - - 100.000Feronia Holding Ltd Cyprus Investment holding company - 100.000 - 100.000Iapetos Ltd Cyprus Investment holding company - 100.000 - 100.000(3)KOCEM Limited Cyprus Investment holding company - - - 100.000Rea Cement Investments Limited Cyprus Investment holding company - 100.000 - 100.000Themis Holdings Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Cement Cyprus Limited Cyprus Investment holding company - 100.000 - 100.000Tithys Holdings Limited Cyprus Investment holding company 100.000 - 100.000 -Alexandria Portland Cement Co. S.A.E Egypt Cement producer - 99.605 - 99.605Beni Suef Cement Co.S.A.E. Egypt Cement producer - 100.000 - 100.000GAEA -Green Alternative Energy Assets Egypt Alternative fuels - 99.996 - 99.996Titan Beton & Aggregate Egypt LLC Egypt Quarries & aggregates - 99.611 - 99.611Sharr Beteiligungs GmbH Germany Investment holding company - 100.000 - 100.000Marshall Arresa Marine CoIslandsShipping - 100.000 - 100.000Adocim Marmara Cimento Beton Sanayi ve Ticaret Processing and trading of A.S. Turkeycement - 100.000 - 100.000Adocim Cimento Beton Sanayi ve Ticaret A.S. Turkey Cement producer - 75.000 - 75.000Titan Cement U.K. Ltd U.K. Import & distribution of cement - 100.000 - 100.000Titan Global Finance PLC U.K. Financial services 100.000 - 100.000 -Carolinas Cement Company LLC U.S.A. Own/develop real estate - 100.000 - 100.000(1)CemAI Inc. U.S.A. Preventing maintenance - 100.000 - -Essex Cement Co. LLC U.S.A. Trading company - 100.000 - 100.000Markfield America LLC U.S.A. Insurance company - 100.000 - 100.000Massey Sand and Rock Co U.S.A. Quarries & aggregates - 100.000 - 100.000Mechanicsville Concrete LLC U.S.A. Ready mix - 100.000 - 100.000Metro Redi-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Miami Valley Ready Mix of Florida LLC U.S.A. Ready mix - 100.000 - 100.000(*) Percentage of investment represents both percentage of shareholding and percentage of control2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodPennsuco Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000Norfapeake Terminal LLC U.S.A. Trading company - 100.000 - 100.000Roanoke Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000S&W Ready Mix Concrete Co. Inc. U.S.A. Ready mix - 100.000 - 100.000S&W Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000Separation Technologies LLC U.S.A. Processing of fly ash - 100.000 - 100.000(1)Silver Sand Transportation LLC U.S.A. Transportation - 100.000 - 0.000Standard Concrete LLC U.S.A. Trading company - 100.000 - 100.000ST Mid-Atlantic LLC U.S.A. Processing of fly ash - 100.000 - 100.000Sales of fly ash processing ST Equipment & Technology LLC U.S.A.equipment - 100.000 - 100.000ST Equipment & Technology Trading Company LLC U.S.A. Trading company - 100.000 - 100.000Summit Ready-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Titan Florida LLC U.S.A. Cement producer - 100.000 - 100.000Titan Mid-Atlantic Aggregates LLC U.S.A. Quarries & aggregates - 100.000 - 100.000Titan Virginia Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000\u03a4itan \u0391merica LLC U.S.A. Investment holding company - 100.000 - 100.000Trusa Realty LLC U.S.A. Real estate brokerage - 100.000 - 100.000Cementara Kosjeric AD Serbia Cement producer - 100.000 - 100.000(3)Stari Silo Company DOO Serbia Trading company - - - 100.000TCK Montenegro DOO Montenegro Trading company - 100.000 - 100.000North Esha Material DOOELMacedoniaQuarries & aggregates - 100.000 - 100.000North (2)GAEA Zelena Alternative Enerjia DOOELMacedonia Alternative fuels - - - 100.000North ID Kompani DOOELMacedonia Trading company - 95.000 - 95.000North Renting and leasing of machines, MILLCO-PCM DOOELMacedoniaequipment and material goods - 100.000 - 100.000North Opalit DOOELMacedonia Quarries & aggregates - 95.000 - 95.000North Rudmak DOOELMacedonia Trading company - 100.000 - 100.000North Usje Cementarnica ADMacedonia Cement producer - 95.000 - 95.000North (2)Vesa DOOLMacedonia Trading company - - - 100.000Cement Plus LTD Kosovo Trading company - 64.999 - 64.999Esha Material LLC Kosovo Quarries & aggregates - 100.000 - 100.000Kosovo Construction Materials L.L.C. Kosovo Quarries & aggregates - 100.000 - 100.000Sharrcem SH.P.K. Kosovo Cement producer - 100.000 - 100.000Alba Cemento Italia, SHPK Albania Trading company - 100.000 - 100.000Antea Cement SHA Albania Cement producer - 100.000 - 100.000GAEA Enerjia Alternative e Gjelber Sh.p.k. Albania Alternative fuels - 100.000 - 100.000Colombus Properties B.V. Holland Investment holding company - 100.000 - 100.000Salentijn Properties1 B.V. Holland Investment holding company - 100.000 - 100.000Titan Cement Netherlands BV Holland Investment holding company - 100.000 - 100.000Equity consolidation methodCompanhia Industrial De Cimento Apodi S.A. Brazil Cement producer - 50.000 - 50.000Apodi Concretos Ltda Brazil Ready mix - 50.000 - 50.000Apodi Distribui\u00e7\u00e3o e Logistica Ltda Brazil Trading company - 50.000 - 50.000ASH Venture LLC U.S.A. Processing of fly ash - 33.000 - 33.000Engineering design services for Ecorecovery S.A. Greecesolid and liquid waste facilities - 48.000 - 48.000Karierni Materiali Plovdiv AD Bulgaria Quarries & aggregates - 48.711 - 48.711Karierni Materiali AD Bulgaria Quarries & aggregates - 48.764 - 48.764(*) Percentage of investment represents both percentage of shareholding and percentage of controlSignificant Group structure changes1) Silver Sand Transportation LLC was created in 2022 as a subsidiary of Titan Florida LLC in U.S.. Furthermore, Titan Cement Netherlands B.V. corporated in the Netherlands, established a subsidiary in U.S., the CemAI Inc.. The Group's subsidiaries Titan Cement Company S.A. and Interbeton Construction Materials S.A., in Greece, formed a new subsidiary named Business Park Titan Elefsinas S.A.. The Group incorporated all the above-mentioned subsidiaries, in its financial statements, with the full method of consolidation.2) The Group's subsidiaries Albacem S.A., Trojan Cem EODD, Vesa DOOL and GAEA Zelena Alternative Enerjia DOOEL were liquidated in 2022.3) In February 2022, the Group's subsidiaries in Cyprus, East Cement Trade Ltd and KOCEM Limited merged with Alexandria Development Limited. In addition, the Group's subsidiary Stari Silo Company DOO in Serbia merged in September 2022 with Cementara Kosjeric AD.4) Change in ownership percentage of Aitolika Quarries S.A.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-161-4": {
"value": "15. Investments in associates, joint ventures and subsidiaries15.3 Subsidiaries with significant percentage of non-controlling interestsOn 31.12.2022, the Group non-controlling interest was \u20ac29.7million (2021: \u20ac15.3 million) of which \u20ac22.6 million (2021: \u20ac10.4 million) derived from Adocim Cimento Beton Sanayi ve Ticaret A.S., \u20ac2.5 million (2021: \u20ac0.7 million) from Alexandria Portland Cement Co. S.A.E., \u20ac3.6 million (2021: \u20ac3.0 million) from Usje Cementarnica AD and \u20ac1.1 million (2021: \u20ac1.1 million) from Cement Plus LTD.The Turkish economy is considered as hyperinflationary from June 2022 (note 1.1.1). The following table summarizes the financial information of subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. in which the non-controlling interests held significant portion (note 16). (all amounts in Euro thousands)Adocim Cimento Beton Sanayi ve Ticaret A.S.* 2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 125,223 58,567Current assets 35,199 15,791Total assets 160,422 74,358Non-current liabilities 28,343 14,459Current liabilities 41,644 18,416Total liabilities 69,987 32,875Equity 90,435 41,483Attributable to:Equity holders of the parent 67,830 31,112Non-controlling interests (25%) 22,605 10,371Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales68,072 39,292Loss after taxes -902 -5,805Other comprehensive income/ (loss) for the year 22,528 -29,290Total comprehensive income/(loss) for the year net of tax 21,626 -35,095Total comprehensive income/(loss) attributable to non-controlling interests 5,406 -8,773Summarized cash flow information Cash flows from operating activities 7,734 20Cash flows from investing activities -9,294 -2,958Cash flows from financing activities 3,584 2,084Net increase/(decrease) in cash and cash equivalents2,024 -854Cash and cash equivalents at beginning of the period 73 874Effects of exchange rate changes -110 53Cash and cash equivalents at end of the year1,987 73* Figures before elimination with the broader Group16. Principal subsidiaries, associates and joint ventures2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodTitan Cement International S.A. Belgium Investment holding company Parent company Parent company\u03a4itan Cement Company S.A Greece Cement producer 100.000 - 100.000 -(4)Aitolika Quarries S.A. Greece Quarries & aggregates - 83.594 - 63.723(2)Albacem S.A. Greece Trading company - - - 100.000Provision of technical and (1)Business Park Titan Elefsinas S.A. Greecebusiness services - 100.000 - -Interbeton Construction Materials S.A. Greece Ready mix & aggregates - 100.000 - 100.000Intertitan Trading International S.A. Greece Trading company - 100.000 - 100.000Gournon Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Quarries of Tagaradon Community S.A. Greece Quarries & aggregates - 67.587 - 67.587Vahou Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Sigma Beton S.A. Greece Quarries & aggregates - 100.000 - 100.000Titan Atlantic Cement Industrial & Commercial S.A. Greece Investment holding company - 100.000 - 100.000Titan Cement International Trading S.A. Greece Trading company - 100.000 - 100.000Brazcem Participacoes S.A. Brazil Investment holding company - 100.000 - 100.000Double W & Co OOD Bulgaria Port - 99.989 - 99.989Granitoid AD Bulgaria Trading company - 99.760 - 99.760Gravel & Sand PIT AD Bulgaria Quarries & aggregates - 99.989 - 99.989(2)Trojan Cem EOOD Bulgaria Trading company - - - 95.000Zlatna Panega Cement AD Bulgaria Cement producer - 99.989 - 99.989Green Alternative Energy Assets EAD Bulgaria Alternative fuels - 100.000 - 100.000Cementi ANTEA SRL Italy Trading company - 100.000 - 100.000Cementi Crotone S.R.L. Italy Import & distribution of Cement - 100.000 - 100.000Fintitan SRL Italy Import & distribution of cement - 100.000 - 100.000Separation Technologies Canada Ltd Canada Processing of fly ash - 100.000 - 100.000Alexandria Development Co.Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Eastmed Investments Limited Cyprus Investment holding company - 100.000 - 100.000Alvacim Ltd Cyprus Investment holding company - 100.000 - 100.000(3)East Cement Trade Ltd Cyprus Investment holding company - - - 100.000Feronia Holding Ltd Cyprus Investment holding company - 100.000 - 100.000Iapetos Ltd Cyprus Investment holding company - 100.000 - 100.000(3)KOCEM Limited Cyprus Investment holding company - - - 100.000Rea Cement Investments Limited Cyprus Investment holding company - 100.000 - 100.000Themis Holdings Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Cement Cyprus Limited Cyprus Investment holding company - 100.000 - 100.000Tithys Holdings Limited Cyprus Investment holding company 100.000 - 100.000 -Alexandria Portland Cement Co. S.A.E Egypt Cement producer - 99.605 - 99.605Beni Suef Cement Co.S.A.E. Egypt Cement producer - 100.000 - 100.000GAEA -Green Alternative Energy Assets Egypt Alternative fuels - 99.996 - 99.996Titan Beton & Aggregate Egypt LLC Egypt Quarries & aggregates - 99.611 - 99.611Sharr Beteiligungs GmbH Germany Investment holding company - 100.000 - 100.000Marshall Arresa Marine CoIslandsShipping - 100.000 - 100.000Adocim Marmara Cimento Beton Sanayi ve Ticaret Processing and trading of A.S. Turkeycement - 100.000 - 100.000Adocim Cimento Beton Sanayi ve Ticaret A.S. Turkey Cement producer - 75.000 - 75.000Titan Cement U.K. Ltd U.K. Import & distribution of cement - 100.000 - 100.000Titan Global Finance PLC U.K. Financial services 100.000 - 100.000 -Carolinas Cement Company LLC U.S.A. Own/develop real estate - 100.000 - 100.000(1)CemAI Inc. U.S.A. Preventing maintenance - 100.000 - -Essex Cement Co. LLC U.S.A. Trading company - 100.000 - 100.000Markfield America LLC U.S.A. Insurance company - 100.000 - 100.000Massey Sand and Rock Co U.S.A. Quarries & aggregates - 100.000 - 100.000Mechanicsville Concrete LLC U.S.A. Ready mix - 100.000 - 100.000Metro Redi-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Miami Valley Ready Mix of Florida LLC U.S.A. Ready mix - 100.000 - 100.000(*) Percentage of investment represents both percentage of shareholding and percentage of control2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodPennsuco Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000Norfapeake Terminal LLC U.S.A. Trading company - 100.000 - 100.000Roanoke Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000S&W Ready Mix Concrete Co. Inc. U.S.A. Ready mix - 100.000 - 100.000S&W Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000Separation Technologies LLC U.S.A. Processing of fly ash - 100.000 - 100.000(1)Silver Sand Transportation LLC U.S.A. Transportation - 100.000 - 0.000Standard Concrete LLC U.S.A. Trading company - 100.000 - 100.000ST Mid-Atlantic LLC U.S.A. Processing of fly ash - 100.000 - 100.000Sales of fly ash processing ST Equipment & Technology LLC U.S.A.equipment - 100.000 - 100.000ST Equipment & Technology Trading Company LLC U.S.A. Trading company - 100.000 - 100.000Summit Ready-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Titan Florida LLC U.S.A. Cement producer - 100.000 - 100.000Titan Mid-Atlantic Aggregates LLC U.S.A. Quarries & aggregates - 100.000 - 100.000Titan Virginia Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000\u03a4itan \u0391merica LLC U.S.A. Investment holding company - 100.000 - 100.000Trusa Realty LLC U.S.A. Real estate brokerage - 100.000 - 100.000Cementara Kosjeric AD Serbia Cement producer - 100.000 - 100.000(3)Stari Silo Company DOO Serbia Trading company - - - 100.000TCK Montenegro DOO Montenegro Trading company - 100.000 - 100.000North Esha Material DOOELMacedoniaQuarries & aggregates - 100.000 - 100.000North (2)GAEA Zelena Alternative Enerjia DOOELMacedonia Alternative fuels - - - 100.000North ID Kompani DOOELMacedonia Trading company - 95.000 - 95.000North Renting and leasing of machines, MILLCO-PCM DOOELMacedoniaequipment and material goods - 100.000 - 100.000North Opalit DOOELMacedonia Quarries & aggregates - 95.000 - 95.000North Rudmak DOOELMacedonia Trading company - 100.000 - 100.000North Usje Cementarnica ADMacedonia Cement producer - 95.000 - 95.000North (2)Vesa DOOLMacedonia Trading company - - - 100.000Cement Plus LTD Kosovo Trading company - 64.999 - 64.999Esha Material LLC Kosovo Quarries & aggregates - 100.000 - 100.000Kosovo Construction Materials L.L.C. Kosovo Quarries & aggregates - 100.000 - 100.000Sharrcem SH.P.K. Kosovo Cement producer - 100.000 - 100.000Alba Cemento Italia, SHPK Albania Trading company - 100.000 - 100.000Antea Cement SHA Albania Cement producer - 100.000 - 100.000GAEA Enerjia Alternative e Gjelber Sh.p.k. Albania Alternative fuels - 100.000 - 100.000Colombus Properties B.V. Holland Investment holding company - 100.000 - 100.000Salentijn Properties1 B.V. Holland Investment holding company - 100.000 - 100.000Titan Cement Netherlands BV Holland Investment holding company - 100.000 - 100.000Equity consolidation methodCompanhia Industrial De Cimento Apodi S.A. Brazil Cement producer - 50.000 - 50.000Apodi Concretos Ltda Brazil Ready mix - 50.000 - 50.000Apodi Distribui\u00e7\u00e3o e Logistica Ltda Brazil Trading company - 50.000 - 50.000ASH Venture LLC U.S.A. Processing of fly ash - 33.000 - 33.000Engineering design services for Ecorecovery S.A. Greecesolid and liquid waste facilities - 48.000 - 48.000Karierni Materiali Plovdiv AD Bulgaria Quarries & aggregates - 48.711 - 48.711Karierni Materiali AD Bulgaria Quarries & aggregates - 48.764 - 48.764(*) Percentage of investment represents both percentage of shareholding and percentage of controlSignificant Group structure changes1) Silver Sand Transportation LLC was created in 2022 as a subsidiary of Titan Florida LLC in U.S.. Furthermore, Titan Cement Netherlands B.V. corporated in the Netherlands, established a subsidiary in U.S., the CemAI Inc.. The Group's subsidiaries Titan Cement Company S.A. and Interbeton Construction Materials S.A., in Greece, formed a new subsidiary named Business Park Titan Elefsinas S.A.. The Group incorporated all the above-mentioned subsidiaries, in its financial statements, with the full method of consolidation.2) The Group's subsidiaries Albacem S.A., Trojan Cem EODD, Vesa DOOL and GAEA Zelena Alternative Enerjia DOOEL were liquidated in 2022.3) In February 2022, the Group's subsidiaries in Cyprus, East Cement Trade Ltd and KOCEM Limited merged with Alexandria Development Limited. In addition, the Group's subsidiary Stari Silo Company DOO in Serbia merged in September 2022 with Cementara Kosjeric AD.4) Change in ownership percentage of Aitolika Quarries S.A.",
"dimensions": {
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},
"pp-value-161-5": {
"value": "15. Investments in associates, joint ventures and subsidiaries15.1 Investment in associatesThe Group financial statements incorporate the following companies with the equity method of consolidation:a) Karierni Materiali Plovdiv AD with ownership percentage 48.711% (31.12.2021: 48.711%), Karierni Materiali AD with ownership percentage 48.764% (31.12.2021: 48.764%). The aforementioned companies are based in Bulgaria and operate in the aggregates business.b) Ecorecovery S.A. with ownership percentage 48% (31.12.20221: 48%). Ecorecovery is based in Greece and it processes, manages and trades solid waste for the production of alternative fuels.c) ASH Venture LLC with ownership percentage 33% (31.12.2021: 33%), which is based in USA and beneficiates, markets and sells fly ash. The carrying value of the investment in the Ash Venture on 31.12.2022 is nil, as its activities have been completed and in 2023 the associate will be dissolved.None of the aforementioned companies is listed on a public exchange market.Based on their contribution in its profit before taxes, the Group decided that each one of the aforementioned associates is individually immaterial and thus it discloses in aggregate its interests in these associates as follows:(all amounts in Euro thousands)2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 17,320 17,686Current assets 6,796 6,377Total assets 24,116 24,063Non-current liabilities 1,841 1,663Current liabilities 6,373 6,864Total liabilities 8,214 8,527Equity 15,902 15,536Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 17,295 15,233Profit/(loss) after taxes 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Total comprehensive income/(loss) for the year net of tax 2,545 -6,394Reconciliation to carrying amounts:Opening net assets 1 January 15,536 24,627Profit/(loss) for the year 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Share capital increase - -700Dividends paid -2,200 -1,839Foreign exchange differences 21 235Restructuring - -393Closing net assets 31 December 15,902 15,536Adjustments due to unrecognized fair value gain on assets contributed to associate - -4,318Accumulated depreciation adjustments related to unrecognized fair value - 4,318Group's carrying amount of the investment after adjustments 7,505 7,19015.2 Investments in joint venturesOn 31 December 2022, the Group incorporated in its financial statements the following joint ventures with the equity method of consolidation:a) Companhia Industrial De Cimento Apodi with ownership percentage 50% (31.12.2021: 50%). Apodi is based in Brazil and operates in the production of cement.b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda with ownership percentage 50% (31.12.2021: 50%). The Apodi Distribui\u00e7\u00e3o e Logistica Ltda is a trading company based in Brazil.None of the aforementioned companies is listed on a public exchange market.Summarised financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of the investment in consolidated financial statements are set out below:Companhia Industrial De Cimento Apodi - (all amounts in Euro thousands)Consolidated *20222021Summarized statement of financial position as at 31 DecemberNon-current assets 158,478 124,251Other current assets 42,995 42,544Cash and cash equivalents 15,537 6,213Total assets 217,010 173,008Long-term borrowings 49,436 59,009Other non-current liabilities 765 689Short-term borrowings 52,220 21,192Other current liabilities 40,422 27,991Total liabilities 142,843 108,881Equity 74,167 64,127Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 115,854 83,845Depreciation, amortization and impairments of assets -10,008 -8,363Finance income 1,580 623Finance expense -13,398 -7,364Profit after taxes 1,300 5,411Total comprehensive profit for the year net of tax 1,300 5,411Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 21,096 19,524Reconciliation to carrying amounts:Opening net assets 1 January 64,127 58,201Profit for the year 1,300 5,411Foreign exchange differences 8,740 515Closing net assets 31 December 74,167 64,127Group's share in % 5 0 % 5 0 %Group's share in '000 \u20ac 37,084 32,064Goodwill 55,823 49,499Carrying amount of the investment as at 31 of December 92,907 81,563* Consolidated figures before elimination with the broader GroupOn 31.12.2022, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount, which has been determined based on value-in-use calculations with a discount rate of 16.5% and a perpetual growth rate of 3.3%, exceeds the carrying value. Additional sensitivity analysis has been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.- Increase in the Discount rate by 2.5%.- Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4.6%.15.3 Subsidiaries with significant percentage of non-controlling interestsOn 31.12.2022, the Group non-controlling interest was \u20ac29.7million (2021: \u20ac15.3 million) of which \u20ac22.6 million (2021: \u20ac10.4 million) derived from Adocim Cimento Beton Sanayi ve Ticaret A.S., \u20ac2.5 million (2021: \u20ac0.7 million) from Alexandria Portland Cement Co. S.A.E., \u20ac3.6 million (2021: \u20ac3.0 million) from Usje Cementarnica AD and \u20ac1.1 million (2021: \u20ac1.1 million) from Cement Plus LTD.The Turkish economy is considered as hyperinflationary from June 2022 (note 1.1.1). The following table summarizes the financial information of subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. in which the non-controlling interests held significant portion (note 16). (all amounts in Euro thousands)Adocim Cimento Beton Sanayi ve Ticaret A.S.* 2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 125,223 58,567Current assets 35,199 15,791Total assets 160,422 74,358Non-current liabilities 28,343 14,459Current liabilities 41,644 18,416Total liabilities 69,987 32,875Equity 90,435 41,483Attributable to:Equity holders of the parent 67,830 31,112Non-controlling interests (25%) 22,605 10,371Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales68,072 39,292Loss after taxes -902 -5,805Other comprehensive income/ (loss) for the year 22,528 -29,290Total comprehensive income/(loss) for the year net of tax 21,626 -35,095Total comprehensive income/(loss) attributable to non-controlling interests 5,406 -8,773Summarized cash flow information Cash flows from operating activities 7,734 20Cash flows from investing activities -9,294 -2,958Cash flows from financing activities 3,584 2,084Net increase/(decrease) in cash and cash equivalents2,024 -854Cash and cash equivalents at beginning of the period 73 874Effects of exchange rate changes -110 53Cash and cash equivalents at end of the year1,987 73* Figures before elimination with the broader Group16. Principal subsidiaries, associates and joint ventures2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodTitan Cement International S.A. Belgium Investment holding company Parent company Parent company\u03a4itan Cement Company S.A Greece Cement producer 100.000 - 100.000 -(4)Aitolika Quarries S.A. Greece Quarries & aggregates - 83.594 - 63.723(2)Albacem S.A. Greece Trading company - - - 100.000Provision of technical and (1)Business Park Titan Elefsinas S.A. Greecebusiness services - 100.000 - -Interbeton Construction Materials S.A. Greece Ready mix & aggregates - 100.000 - 100.000Intertitan Trading International S.A. Greece Trading company - 100.000 - 100.000Gournon Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Quarries of Tagaradon Community S.A. Greece Quarries & aggregates - 67.587 - 67.587Vahou Quarries S.A. Greece Quarries & aggregates - 100.000 - 100.000Sigma Beton S.A. Greece Quarries & aggregates - 100.000 - 100.000Titan Atlantic Cement Industrial & Commercial S.A. Greece Investment holding company - 100.000 - 100.000Titan Cement International Trading S.A. Greece Trading company - 100.000 - 100.000Brazcem Participacoes S.A. Brazil Investment holding company - 100.000 - 100.000Double W & Co OOD Bulgaria Port - 99.989 - 99.989Granitoid AD Bulgaria Trading company - 99.760 - 99.760Gravel & Sand PIT AD Bulgaria Quarries & aggregates - 99.989 - 99.989(2)Trojan Cem EOOD Bulgaria Trading company - - - 95.000Zlatna Panega Cement AD Bulgaria Cement producer - 99.989 - 99.989Green Alternative Energy Assets EAD Bulgaria Alternative fuels - 100.000 - 100.000Cementi ANTEA SRL Italy Trading company - 100.000 - 100.000Cementi Crotone S.R.L. Italy Import & distribution of Cement - 100.000 - 100.000Fintitan SRL Italy Import & distribution of cement - 100.000 - 100.000Separation Technologies Canada Ltd Canada Processing of fly ash - 100.000 - 100.000Alexandria Development Co.Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Eastmed Investments Limited Cyprus Investment holding company - 100.000 - 100.000Alvacim Ltd Cyprus Investment holding company - 100.000 - 100.000(3)East Cement Trade Ltd Cyprus Investment holding company - - - 100.000Feronia Holding Ltd Cyprus Investment holding company - 100.000 - 100.000Iapetos Ltd Cyprus Investment holding company - 100.000 - 100.000(3)KOCEM Limited Cyprus Investment holding company - - - 100.000Rea Cement Investments Limited Cyprus Investment holding company - 100.000 - 100.000Themis Holdings Ltd Cyprus Investment holding company - 100.000 - 100.000Titan Cement Cyprus Limited Cyprus Investment holding company - 100.000 - 100.000Tithys Holdings Limited Cyprus Investment holding company 100.000 - 100.000 -Alexandria Portland Cement Co. S.A.E Egypt Cement producer - 99.605 - 99.605Beni Suef Cement Co.S.A.E. Egypt Cement producer - 100.000 - 100.000GAEA -Green Alternative Energy Assets Egypt Alternative fuels - 99.996 - 99.996Titan Beton & Aggregate Egypt LLC Egypt Quarries & aggregates - 99.611 - 99.611Sharr Beteiligungs GmbH Germany Investment holding company - 100.000 - 100.000Marshall Arresa Marine CoIslandsShipping - 100.000 - 100.000Adocim Marmara Cimento Beton Sanayi ve Ticaret Processing and trading of A.S. Turkeycement - 100.000 - 100.000Adocim Cimento Beton Sanayi ve Ticaret A.S. Turkey Cement producer - 75.000 - 75.000Titan Cement U.K. Ltd U.K. Import & distribution of cement - 100.000 - 100.000Titan Global Finance PLC U.K. Financial services 100.000 - 100.000 -Carolinas Cement Company LLC U.S.A. Own/develop real estate - 100.000 - 100.000(1)CemAI Inc. U.S.A. Preventing maintenance - 100.000 - -Essex Cement Co. LLC U.S.A. Trading company - 100.000 - 100.000Markfield America LLC U.S.A. Insurance company - 100.000 - 100.000Massey Sand and Rock Co U.S.A. Quarries & aggregates - 100.000 - 100.000Mechanicsville Concrete LLC U.S.A. Ready mix - 100.000 - 100.000Metro Redi-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Miami Valley Ready Mix of Florida LLC U.S.A. Ready mix - 100.000 - 100.000(*) Percentage of investment represents both percentage of shareholding and percentage of control2022 2021% of investment (*) % of investment (*) Country of Subsidiary, associate and joint venture nameincorporation Nature of business Direct Indirect Direct Indirect Full consolidation methodPennsuco Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000Norfapeake Terminal LLC U.S.A. Trading company - 100.000 - 100.000Roanoke Cement Co. LLC U.S.A. Cement producer - 100.000 - 100.000S&W Ready Mix Concrete Co. Inc. U.S.A. Ready mix - 100.000 - 100.000S&W Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000Separation Technologies LLC U.S.A. Processing of fly ash - 100.000 - 100.000(1)Silver Sand Transportation LLC U.S.A. Transportation - 100.000 - 0.000Standard Concrete LLC U.S.A. Trading company - 100.000 - 100.000ST Mid-Atlantic LLC U.S.A. Processing of fly ash - 100.000 - 100.000Sales of fly ash processing ST Equipment & Technology LLC U.S.A.equipment - 100.000 - 100.000ST Equipment & Technology Trading Company LLC U.S.A. Trading company - 100.000 - 100.000Summit Ready-Mix LLC U.S.A. Ready mix - 100.000 - 100.000Titan Florida LLC U.S.A. Cement producer - 100.000 - 100.000Titan Mid-Atlantic Aggregates LLC U.S.A. Quarries & aggregates - 100.000 - 100.000Titan Virginia Ready Mix LLC U.S.A. Ready mix - 100.000 - 100.000\u03a4itan \u0391merica LLC U.S.A. Investment holding company - 100.000 - 100.000Trusa Realty LLC U.S.A. Real estate brokerage - 100.000 - 100.000Cementara Kosjeric AD Serbia Cement producer - 100.000 - 100.000(3)Stari Silo Company DOO Serbia Trading company - - - 100.000TCK Montenegro DOO Montenegro Trading company - 100.000 - 100.000North Esha Material DOOELMacedoniaQuarries & aggregates - 100.000 - 100.000North (2)GAEA Zelena Alternative Enerjia DOOELMacedonia Alternative fuels - - - 100.000North ID Kompani DOOELMacedonia Trading company - 95.000 - 95.000North Renting and leasing of machines, MILLCO-PCM DOOELMacedoniaequipment and material goods - 100.000 - 100.000North Opalit DOOELMacedonia Quarries & aggregates - 95.000 - 95.000North Rudmak DOOELMacedonia Trading company - 100.000 - 100.000North Usje Cementarnica ADMacedonia Cement producer - 95.000 - 95.000North (2)Vesa DOOLMacedonia Trading company - - - 100.000Cement Plus LTD Kosovo Trading company - 64.999 - 64.999Esha Material LLC Kosovo Quarries & aggregates - 100.000 - 100.000Kosovo Construction Materials L.L.C. Kosovo Quarries & aggregates - 100.000 - 100.000Sharrcem SH.P.K. Kosovo Cement producer - 100.000 - 100.000Alba Cemento Italia, SHPK Albania Trading company - 100.000 - 100.000Antea Cement SHA Albania Cement producer - 100.000 - 100.000GAEA Enerjia Alternative e Gjelber Sh.p.k. Albania Alternative fuels - 100.000 - 100.000Colombus Properties B.V. Holland Investment holding company - 100.000 - 100.000Salentijn Properties1 B.V. Holland Investment holding company - 100.000 - 100.000Titan Cement Netherlands BV Holland Investment holding company - 100.000 - 100.000Equity consolidation methodCompanhia Industrial De Cimento Apodi S.A. Brazil Cement producer - 50.000 - 50.000Apodi Concretos Ltda Brazil Ready mix - 50.000 - 50.000Apodi Distribui\u00e7\u00e3o e Logistica Ltda Brazil Trading company - 50.000 - 50.000ASH Venture LLC U.S.A. Processing of fly ash - 33.000 - 33.000Engineering design services for Ecorecovery S.A. Greecesolid and liquid waste facilities - 48.000 - 48.000Karierni Materiali Plovdiv AD Bulgaria Quarries & aggregates - 48.711 - 48.711Karierni Materiali AD Bulgaria Quarries & aggregates - 48.764 - 48.764(*) Percentage of investment represents both percentage of shareholding and percentage of controlSignificant Group structure changes1) Silver Sand Transportation LLC was created in 2022 as a subsidiary of Titan Florida LLC in U.S.. Furthermore, Titan Cement Netherlands B.V. corporated in the Netherlands, established a subsidiary in U.S., the CemAI Inc.. The Group's subsidiaries Titan Cement Company S.A. and Interbeton Construction Materials S.A., in Greece, formed a new subsidiary named Business Park Titan Elefsinas S.A.. The Group incorporated all the above-mentioned subsidiaries, in its financial statements, with the full method of consolidation.2) The Group's subsidiaries Albacem S.A., Trojan Cem EODD, Vesa DOOL and GAEA Zelena Alternative Enerjia DOOEL were liquidated in 2022.3) In February 2022, the Group's subsidiaries in Cyprus, East Cement Trade Ltd and KOCEM Limited merged with Alexandria Development Limited. In addition, the Group's subsidiary Stari Silo Company DOO in Serbia merged in September 2022 with Cementara Kosjeric AD.4) Change in ownership percentage of Aitolika Quarries S.A.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-162-4": {
"value": "15.1 Investment in associatesThe Group financial statements incorporate the following companies with the equity method of consolidation:a) Karierni Materiali Plovdiv AD with ownership percentage 48.711% (31.12.2021: 48.711%), Karierni Materiali AD with ownership percentage 48.764% (31.12.2021: 48.764%). The aforementioned companies are based in Bulgaria and operate in the aggregates business.b) Ecorecovery S.A. with ownership percentage 48% (31.12.20221: 48%). Ecorecovery is based in Greece and it processes, manages and trades solid waste for the production of alternative fuels.c) ASH Venture LLC with ownership percentage 33% (31.12.2021: 33%), which is based in USA and beneficiates, markets and sells fly ash. The carrying value of the investment in the Ash Venture on 31.12.2022 is nil, as its activities have been completed and in 2023 the associate will be dissolved.None of the aforementioned companies is listed on a public exchange market.Based on their contribution in its profit before taxes, the Group decided that each one of the aforementioned associates is individually immaterial and thus it discloses in aggregate its interests in these associates as follows:(all amounts in Euro thousands)2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 17,320 17,686Current assets 6,796 6,377Total assets 24,116 24,063Non-current liabilities 1,841 1,663Current liabilities 6,373 6,864Total liabilities 8,214 8,527Equity 15,902 15,536Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 17,295 15,233Profit/(loss) after taxes 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Total comprehensive income/(loss) for the year net of tax 2,545 -6,394Reconciliation to carrying amounts:Opening net assets 1 January 15,536 24,627Profit/(loss) for the year 2,519 -6,384Other comprehensive income/(loss) for the year 26 -10Share capital increase - -700Dividends paid -2,200 -1,839Foreign exchange differences 21 235Restructuring - -393Closing net assets 31 December 15,902 15,536Adjustments due to unrecognized fair value gain on assets contributed to associate - -4,318Accumulated depreciation adjustments related to unrecognized fair value - 4,318Group's carrying amount of the investment after adjustments 7,505 7,19015.2 Investments in joint venturesOn 31 December 2022, the Group incorporated in its financial statements the following joint ventures with the equity method of consolidation:a) Companhia Industrial De Cimento Apodi with ownership percentage 50% (31.12.2021: 50%). Apodi is based in Brazil and operates in the production of cement.b) Apodi Distribui\u00e7\u00e3o e Logistica Ltda with ownership percentage 50% (31.12.2021: 50%). The Apodi Distribui\u00e7\u00e3o e Logistica Ltda is a trading company based in Brazil.None of the aforementioned companies is listed on a public exchange market.Summarised financial information of the joint ventures, based on their IFRS financial statements, and reconciliation with carrying amount of the investment in consolidated financial statements are set out below:Companhia Industrial De Cimento Apodi - (all amounts in Euro thousands)Consolidated *20222021Summarized statement of financial position as at 31 DecemberNon-current assets 158,478 124,251Other current assets 42,995 42,544Cash and cash equivalents 15,537 6,213Total assets 217,010 173,008Long-term borrowings 49,436 59,009Other non-current liabilities 765 689Short-term borrowings 52,220 21,192Other current liabilities 40,422 27,991Total liabilities 142,843 108,881Equity 74,167 64,127Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales 115,854 83,845Depreciation, amortization and impairments of assets -10,008 -8,363Finance income 1,580 623Finance expense -13,398 -7,364Profit after taxes 1,300 5,411Total comprehensive profit for the year net of tax 1,300 5,411Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 21,096 19,524Reconciliation to carrying amounts:Opening net assets 1 January 64,127 58,201Profit for the year 1,300 5,411Foreign exchange differences 8,740 515Closing net assets 31 December 74,167 64,127Group's share in % 5 0 % 5 0 %Group's share in '000 \u20ac 37,084 32,064Goodwill 55,823 49,499Carrying amount of the investment as at 31 of December 92,907 81,563* Consolidated figures before elimination with the broader GroupOn 31.12.2022, the Group carried out an impairment test for the carrying value of the Brazilian CGU. The recoverable amount, which has been determined based on value-in-use calculations with a discount rate of 16.5% and a perpetual growth rate of 3.3%, exceeds the carrying value. Additional sensitivity analysis has been performed in order to assess the changes in the operational plan used for cash flow estimates or the discount rate, which would cause the carrying amount to be equal to the recoverable amount.- Increase in the Discount rate by 2.5%.- Decrease in the operating margin (EBITDA margin) for each year of planning as well as in the terminal value of around 4.6%.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-165-4": {
"value": "15.3 Subsidiaries with significant percentage of non-controlling interestsOn 31.12.2022, the Group non-controlling interest was \u20ac29.7million (2021: \u20ac15.3 million) of which \u20ac22.6 million (2021: \u20ac10.4 million) derived from Adocim Cimento Beton Sanayi ve Ticaret A.S., \u20ac2.5 million (2021: \u20ac0.7 million) from Alexandria Portland Cement Co. S.A.E., \u20ac3.6 million (2021: \u20ac3.0 million) from Usje Cementarnica AD and \u20ac1.1 million (2021: \u20ac1.1 million) from Cement Plus LTD.The Turkish economy is considered as hyperinflationary from June 2022 (note 1.1.1). The following table summarizes the financial information of subsidiary Adocim Cimento Beton Sanayi ve Ticaret A.S. in which the non-controlling interests held significant portion (note 16). (all amounts in Euro thousands)Adocim Cimento Beton Sanayi ve Ticaret A.S.* 2022 2021Summarized statement of financial position as at 31 DecemberNon-current assets 125,223 58,567Current assets 35,199 15,791Total assets 160,422 74,358Non-current liabilities 28,343 14,459Current liabilities 41,644 18,416Total liabilities 69,987 32,875Equity 90,435 41,483Attributable to:Equity holders of the parent 67,830 31,112Non-controlling interests (25%) 22,605 10,371Summarized income statement and statement of comprehensive income for the year ended 31 DecemberSales68,072 39,292Loss after taxes -902 -5,805Other comprehensive income/ (loss) for the year 22,528 -29,290Total comprehensive income/(loss) for the year net of tax 21,626 -35,095Total comprehensive income/(loss) attributable to non-controlling interests 5,406 -8,773Summarized cash flow information Cash flows from operating activities 7,734 20Cash flows from investing activities -9,294 -2,958Cash flows from financing activities 3,584 2,084Net increase/(decrease) in cash and cash equivalents2,024 -854Cash and cash equivalents at beginning of the period 73 874Effects of exchange rate changes -110 53Cash and cash equivalents at end of the year1,987 73* Figures before elimination with the broader Group",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-169-3": {
"value": "17. Other non-current assets(all amounts in Euro thousands)2022 2021Utility deposits 2,807 5,197Excess benefit plan assets (note 25) 2,715 3,307Other non-current assets 14,411 10,05219,933 18,556",
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"pp-value-169-4": {
"value": "17. Other non-current assets(all amounts in Euro thousands)2022 2021Utility deposits 2,807 5,197Excess benefit plan assets (note 25) 2,715 3,307Other non-current assets 14,411 10,05219,933 18,556",
"dimensions": {
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"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-177-3": {
"value": "20. Receivables and prepayments(all amounts in Euro thousands)2022 2021Trade receivables 162,371 130,025Cheques receivables 38,313 24,708Allowance for doubtful debtors -26,724 -26,286Total trade receivables 173,960 128,447Creditors advances 7,215 4,478V.A.T. and other tax receivables 22,113 19,788Prepayments 16,152 16,774Notes receivable 48,935 43,204Receivables from authorities 11,320 13,292Other receivables 17,439 13,082Allowance for doubtful debtors -2,305 -2,721Total other receivables 120,869 107,897294,829 236,344Trade receivables are non-interest bearing and are normally settled in 30-170 days.The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated Special Purpose Entity (SPE). Specifically, TALLC entered into an accounts receivable sale agreement with an unrelated SPE in 2014, whereby trade accounts receivable sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end of 2022 amounted to \u20ac32,472 thousand (31.12.2021: \u20ac29,449 thousand) (note 30).Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement. The balances of trade receivables and impairments are as follows:(all amounts in Euro thousands)Expected credit loss rate Trade receivables ImpairmentsAs at 31 December 2022Current 0.7 % 91,248 621More than 30 days past due 1.4 % 64,447 877More than 60 days past due 6.2 % 10,617 659More than 120 days past due 71.5 % 34,372 24,567200,684 26,724As at 31 December 2021Current 2.0 % 65,695 1,299More than 30 days past due 2.9 % 47,632 1,385More than 60 days past due 5.7 % 7,723 437More than 120 days past due 68.8 % 33,683 23,165154,733 26,286To measure the expected credit losses for trade receivables per region, the Group excludes balances that are past due more than five years, as these balances do not fairly represent current market conditions. Consequently, the balances presented in the tables below are adjusted by the amount of \u20ac16.1 million on 31.12.2022 and \u20ac17.1 million on 31.12.2021 compared with the balances in the tables above.(all amounts in Euro thousands)Trade receivables ImpairmentsAs at 31 December 2022Greece and Western Europe 83,534 3,518North America 53,703 3,684South Eastern Europe 19,095 2,355Eastern Mediterranean 28,266 1,081184,598 10,638As at 31 December 2021Greece and Western Europe 61,898 3,971North America 43,850 2,654South Eastern Europe 15,972 1,723Eastern Mediterranean 15,919 844137,639 9,192Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-177-4": {
"value": "20. Receivables and prepayments(all amounts in Euro thousands)2022 2021Trade receivables 162,371 130,025Cheques receivables 38,313 24,708Allowance for doubtful debtors -26,724 -26,286Total trade receivables 173,960 128,447Creditors advances 7,215 4,478V.A.T. and other tax receivables 22,113 19,788Prepayments 16,152 16,774Notes receivable 48,935 43,204Receivables from authorities 11,320 13,292Other receivables 17,439 13,082Allowance for doubtful debtors -2,305 -2,721Total other receivables 120,869 107,897294,829 236,344Trade receivables are non-interest bearing and are normally settled in 30-170 days.The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated Special Purpose Entity (SPE). Specifically, TALLC entered into an accounts receivable sale agreement with an unrelated SPE in 2014, whereby trade accounts receivable sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end of 2022 amounted to \u20ac32,472 thousand (31.12.2021: \u20ac29,449 thousand) (note 30).Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement. The balances of trade receivables and impairments are as follows:(all amounts in Euro thousands)Expected credit loss rate Trade receivables ImpairmentsAs at 31 December 2022Current 0.7 % 91,248 621More than 30 days past due 1.4 % 64,447 877More than 60 days past due 6.2 % 10,617 659More than 120 days past due 71.5 % 34,372 24,567200,684 26,724As at 31 December 2021Current 2.0 % 65,695 1,299More than 30 days past due 2.9 % 47,632 1,385More than 60 days past due 5.7 % 7,723 437More than 120 days past due 68.8 % 33,683 23,165154,733 26,286To measure the expected credit losses for trade receivables per region, the Group excludes balances that are past due more than five years, as these balances do not fairly represent current market conditions. Consequently, the balances presented in the tables below are adjusted by the amount of \u20ac16.1 million on 31.12.2022 and \u20ac17.1 million on 31.12.2021 compared with the balances in the tables above.(all amounts in Euro thousands)Trade receivables ImpairmentsAs at 31 December 2022Greece and Western Europe 83,534 3,518North America 53,703 3,684South Eastern Europe 19,095 2,355Eastern Mediterranean 28,266 1,081184,598 10,638As at 31 December 2021Greece and Western Europe 61,898 3,971North America 43,850 2,654South Eastern Europe 15,972 1,723Eastern Mediterranean 15,919 844137,639 9,192Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-177-5": {
"value": "20. Receivables and prepayments(all amounts in Euro thousands)2022 2021Trade receivables 162,371 130,025Cheques receivables 38,313 24,708Allowance for doubtful debtors -26,724 -26,286Total trade receivables 173,960 128,447Creditors advances 7,215 4,478V.A.T. and other tax receivables 22,113 19,788Prepayments 16,152 16,774Notes receivable 48,935 43,204Receivables from authorities 11,320 13,292Other receivables 17,439 13,082Allowance for doubtful debtors -2,305 -2,721Total other receivables 120,869 107,897294,829 236,344Trade receivables are non-interest bearing and are normally settled in 30-170 days.The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated Special Purpose Entity (SPE). Specifically, TALLC entered into an accounts receivable sale agreement with an unrelated SPE in 2014, whereby trade accounts receivable sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end of 2022 amounted to \u20ac32,472 thousand (31.12.2021: \u20ac29,449 thousand) (note 30).Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement. The balances of trade receivables and impairments are as follows:(all amounts in Euro thousands)Expected credit loss rate Trade receivables ImpairmentsAs at 31 December 2022Current 0.7 % 91,248 621More than 30 days past due 1.4 % 64,447 877More than 60 days past due 6.2 % 10,617 659More than 120 days past due 71.5 % 34,372 24,567200,684 26,724As at 31 December 2021Current 2.0 % 65,695 1,299More than 30 days past due 2.9 % 47,632 1,385More than 60 days past due 5.7 % 7,723 437More than 120 days past due 68.8 % 33,683 23,165154,733 26,286To measure the expected credit losses for trade receivables per region, the Group excludes balances that are past due more than five years, as these balances do not fairly represent current market conditions. Consequently, the balances presented in the tables below are adjusted by the amount of \u20ac16.1 million on 31.12.2022 and \u20ac17.1 million on 31.12.2021 compared with the balances in the tables above.(all amounts in Euro thousands)Trade receivables ImpairmentsAs at 31 December 2022Greece and Western Europe 83,534 3,518North America 53,703 3,684South Eastern Europe 19,095 2,355Eastern Mediterranean 28,266 1,081184,598 10,638As at 31 December 2021Greece and Western Europe 61,898 3,971North America 43,850 2,654South Eastern Europe 15,972 1,723Eastern Mediterranean 15,919 844137,639 9,192Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-177-6": {
"value": "20. Receivables and prepayments(all amounts in Euro thousands)2022 2021Trade receivables 162,371 130,025Cheques receivables 38,313 24,708Allowance for doubtful debtors -26,724 -26,286Total trade receivables 173,960 128,447Creditors advances 7,215 4,478V.A.T. and other tax receivables 22,113 19,788Prepayments 16,152 16,774Notes receivable 48,935 43,204Receivables from authorities 11,320 13,292Other receivables 17,439 13,082Allowance for doubtful debtors -2,305 -2,721Total other receivables 120,869 107,897294,829 236,344Trade receivables are non-interest bearing and are normally settled in 30-170 days.The balance of notes receivable refers mainly to the sales of trade accounts receivable by Titan America LLC (TALLC) to an unrelated Special Purpose Entity (SPE). Specifically, TALLC entered into an accounts receivable sale agreement with an unrelated SPE in 2014, whereby trade accounts receivable sold by TALLC to the SPE in exchange for cash and interest-bearing notes receivable.The Group applies the IFRS 9 simplified approach for measuring expected credit losses. The approach uses a lifetime expected loss allowance for all trade and other receivables. On that basis, an impairment analysis is performed at the end of the year, using provisional rates that are based on days past due for groupings of various customer segments with similar characteristics. The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable information that is available at the reporting date about past events, current conditions, forecasts of future economic conditions, in addition with specific information for individual receivables. In addition, the Group holds collaterals to secure trade receivables, which at the end of 2022 amounted to \u20ac32,472 thousand (31.12.2021: \u20ac29,449 thousand) (note 30).Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized in the income statement. The balances of trade receivables and impairments are as follows:(all amounts in Euro thousands)Expected credit loss rate Trade receivables ImpairmentsAs at 31 December 2022Current 0.7 % 91,248 621More than 30 days past due 1.4 % 64,447 877More than 60 days past due 6.2 % 10,617 659More than 120 days past due 71.5 % 34,372 24,567200,684 26,724As at 31 December 2021Current 2.0 % 65,695 1,299More than 30 days past due 2.9 % 47,632 1,385More than 60 days past due 5.7 % 7,723 437More than 120 days past due 68.8 % 33,683 23,165154,733 26,286To measure the expected credit losses for trade receivables per region, the Group excludes balances that are past due more than five years, as these balances do not fairly represent current market conditions. Consequently, the balances presented in the tables below are adjusted by the amount of \u20ac16.1 million on 31.12.2022 and \u20ac17.1 million on 31.12.2021 compared with the balances in the tables above.(all amounts in Euro thousands)Trade receivables ImpairmentsAs at 31 December 2022Greece and Western Europe 83,534 3,518North America 53,703 3,684South Eastern Europe 19,095 2,355Eastern Mediterranean 28,266 1,081184,598 10,638As at 31 December 2021Greece and Western Europe 61,898 3,971North America 43,850 2,654South Eastern Europe 15,972 1,723Eastern Mediterranean 15,919 844137,639 9,192Allowance for doubtful and other debtors analysis2022 2021Balance at 1 January 29,007 28,271Charge for the year (note 29) 4,947 2,412Unused amounts reversed (note 29) -973 -690Utilized -3,679 -1,141Reclassification from other receivables/payables -408 183Exchange differences 135 -28Balance at 31 December 29,029 29,007The individually impaired receivables mainly relate to wholesalers, which are in unexpectedly difficult economic situation. It was assessed that a portion of the receivables is expected to be recovered.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-178-7": {
"value": "(all amounts in Euro thousands)2022 2021Trade receivables 162,371 130,025Cheques receivables 38,313 24,708Allowance for doubtful debtors -26,724 -26,286Total trade receivables 173,960 128,447Creditors advances 7,215 4,478V.A.T. and other tax receivables 22,113 19,788Prepayments 16,152 16,774Notes receivable 48,935 43,204Receivables from authorities 11,320 13,292Other receivables 17,439 13,082Allowance for doubtful debtors -2,305 -2,721Total other receivables 120,869 107,897294,829 236,34428. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-182-3": {
"value": "21. Cash and cash equivalents(all amounts in Euro thousands)2022 2021Cash in hand 69 59Cash at bank and short-term bank deposits 105,634 79,823105,703 79,882Short-term bank deposits comprise primarily of current accounts and time deposits. The effective interest rates on these short-term bank deposits are based on floating rates and are negotiated on a case by case basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-2": {
"value": "22. Share capital and premium (all amounts are shown in Euro thousands unless otherwise stated)Ordinary shares Share premium TotalNumber of shares \u20ac'000 \u20ac'000 Number of shares \u20ac'000Shares issued and fully paidBalance at 1 January 2021 82,447,868 1,159,348 5,974 82,447,868 1,165,322Cancellation of treasury shares -4,122,393 - - -4,122,393 -Balance at 31 December 2021 78,325,475 1,159,348 5,974 78,325,475 1,165,322Capital reduction - -200,000 - - -200,000Balance at 31 December 2022 78,325,475 959,348 5,974 78,325,475 965,322Treasury shares Number of shares \u20ac'000Balance at 1 January 2021 5,512,502 124,120Cancellation of treasury shares-4,122,393 -92,820Treasury shares purchased230,141 3,230Treasury shares sold-123,101 -2,757Balance at 31 December 2021 1,497,149 31,773Treasury shares purchased1,947,721 23,814Treasury shares sold-80,833 -1,386Balance at 31 December 2022 3,364,037 54,201The average ordinary shares stock price of Titan Cement International S.A. for the period 1.1.2022-31.12.2022 was \u20ac12.25 (1.1.2.2021-31.12.2021: \u20ac15.44). The closing stock price on 31 December 2022 was \u20ac12.0 (31.12.2021: \u20ac13.26).Share buy-back: The Group completed the program that began in October 2021 and initiated two additional share buy-back programs in April and August 2022. Each program was for \u20ac10 million and a duration of up to six months.In implementation of these programs, during the period from 1 January 2022 until 31 December 2022, the Company acquired directly 361,354 own shares and indirectly through its subsidiary Titan Cement Company S.A. 1,586,367 shares, representing 0.46% and 2.03% respectively of the share capital of the Company. The total value of these transactions amounted to \u20ac23,814 thousand. On 31.12.2022 the Company holds 773,527 own shares representing 0.99% of the Company\u2019s share capital and Titan Cement Company S.A. (Titan S.A.), a direct subsidiary of the Company, holds 2,590,510 shares of the Company, representing 3.31 % of the Company\u2019s voting rights.Titan S.A., a direct subsidiary of the Company, sold in 2022 to Titan Group employees, in implementation of existing stock option plans, 80,833 shares of the Company, representing approximately 0.10% of the share capital of the Company, for a total amount of \u20ac808,330 (i.e.\u20ac10/Company share).23. Other reserves(all amounts in Euro thousands)Currency Tax translation exempt Hedging differences Re- reserves reserve on Foreign Non- organization under Actuarial from derivative Hyperinflcurrency Legal Distributable Distributable reserve Contingency special Revaluation differences cash flow hedging ation translation Total other reservereservereserve(note 22)reserveslawsreservereservehedgespositionreservereservereservesRestated balance at 1 January 2021 101,263 88,870 180,337 -1,188,374 274,202 25,595 67,145 -711 -36 41,115 - -464,898 -875,492Other comprehensive income - - - - - - 493 863 1,645 - - 18,701 21,702Cancellation of treasury shares - -65,318 - - - - - - - - - - -65,318Distribution of reserves (note 10) - - -30,780 - - - - - - - - - -30,780Deferred tax on treasury shares held by subsidiary - - - - - - -9,610 - - - - - -9,610Deferred tax adjustment on revaluation reserves (note 18) - - - - - - -213 - - - - - -213Acquisition of non-controlling interest 32 - - - - - 301 - - - - -319 14Transfer (to)/from retained earnings 6,883 - -422 - -212,560 5,869 -9,051 - - - - - -209,281Transfer among reserves - 51 -51 - 6,456 -4,226 50 - - - - - 2,280Balance at 31 December 2021 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Hyperinflation restatement - - - - - - - - - - 35,699 - 35,699Restated Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 35,699 -446,516 -1,130,999Other comprehensive income - - - - - - - 1,441 25,010 - 36,122 -73,977 -11,404Distribution of reserves (note 10) - - -38,108 - - - - - - - - - -38,108Deferred tax on treasury shares held by subsidiary - - - - - - 80 - - - - - 80Capital reduction/transfer to distributable reserves - - 200,000 - - - - - - - - - 200,000Transfer from/(to) retained earnings 50,592 - 74,243 - -14,388 8,421 -2,413 - - - - - 116,455Transfer from share options - - - - 2,166 - - - - - - - 2,166Transfer among reserves - 21,860 -21,860 - - - - - - - - - -Balance at 31 December 2022 158,770 45,463 363,359 -1,188,374 55,876 35,659 46,782 1,593 26,619 41,115 71,821 -520,493 -861,810Certain Group companies are obliged according to the applicable commercial law to retain a percentage of their annual net profits as legal reserve. This reserve cannot be distributed during the operational life of the Group companies.The \"Contingency Reserves\" include, among others, reserves formed by certain Group subsidiaries by applying developmental laws. These reserves have exhausted their tax liability or have been permanently exempted from taxation, so there is no additional tax charge for the Group and the Company from their distribution. The \"Tax Exempt Reserves under Special Laws\", according to the tax legislation, are exempt from income tax, provided that they are not distributed to the shareholders. The distribution of the remaining aforementioned reserves can be carried out after the approval of the shareholders at the Annual General Meeting and the payment of the applicable tax. Depending on whether they are capitalized or distributed, some of these reserves have different tax charge. The Group has no intention to distribute the remaining amount of these reserves and consequently, has not calculated the income tax that would arise from such distribution.The \"distributable reserve\" was created by reducing the TCI's share capital and transferring from retained earnings. This reserve may be distributed in the future subject to the approval of the relevant competent body. Under the requirements of the Belgian Law, the \"Non-Distributable reserve\" represents a reserve equivalent to the value of the treasury shares held by Titan Cement International S.A. and its subsidiary Titan Cement Company S.A. The \"Revaluation Reserves\" include, among others, \u20ac46.9 million (2021: \u20ac48.2 million) as the fair value of tangible and intangible assets that the Group had in Egypt through its participation in the joint venture Lafarge-Titan Egyptian Investments Ltd, until it fully acquired the joint venture and \u20ac2.0 million (2021: \u20ac2.0 million) deferred tax on treasury shares held by Titan Cement Company S.A.The \"Actuarial Differences Reserve\" records the re-measurement gains and losses (actuarial gains and losses) arising from the actuarial studies performed by the Group's subsidiaries for various benefit, pension or other retirement schemes (note 25). The \"Foreign Currency Translation Reserve\" is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. Moreover, it includes the currency translation differences reserve on transactions designated as part of net investment in foreign operations. During the last quarter of 2016, the Group's subsidiary in Egypt, Alexandria Portland Cement Co. S.A.E. (APCC) renewed the \u20ac76.9 million loan it entered into with its parent company in 2010. According to its accounting policy, the Group recognizes in its consolidated financial statements the aforementioned intergroup loan as part of the net investment in the Egyptian operation. On 31 December 2022, this reserve has a debit balance of \u20ac26.3 million (2021: \u20ac26.0 million).The \"Currency Translation Differences on Derivative Hedging Position Reserve\" illustrates the exchange differences arising from the translation into euro of loans in foreign currency, which have been designated as net investment hedges for certain Group subsidiaries abroad. It also illustrates the exchange differences arising from the valuation of financial instruments used as cash flow hedges for transactions in foreign currencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-3": {
"value": "22. Share capital and premium (all amounts are shown in Euro thousands unless otherwise stated)Ordinary shares Share premium TotalNumber of shares \u20ac'000 \u20ac'000 Number of shares \u20ac'000Shares issued and fully paidBalance at 1 January 2021 82,447,868 1,159,348 5,974 82,447,868 1,165,322Cancellation of treasury shares -4,122,393 - - -4,122,393 -Balance at 31 December 2021 78,325,475 1,159,348 5,974 78,325,475 1,165,322Capital reduction - -200,000 - - -200,000Balance at 31 December 2022 78,325,475 959,348 5,974 78,325,475 965,322Treasury shares Number of shares \u20ac'000Balance at 1 January 2021 5,512,502 124,120Cancellation of treasury shares-4,122,393 -92,820Treasury shares purchased230,141 3,230Treasury shares sold-123,101 -2,757Balance at 31 December 2021 1,497,149 31,773Treasury shares purchased1,947,721 23,814Treasury shares sold-80,833 -1,386Balance at 31 December 2022 3,364,037 54,201The average ordinary shares stock price of Titan Cement International S.A. for the period 1.1.2022-31.12.2022 was \u20ac12.25 (1.1.2.2021-31.12.2021: \u20ac15.44). The closing stock price on 31 December 2022 was \u20ac12.0 (31.12.2021: \u20ac13.26).Share buy-back: The Group completed the program that began in October 2021 and initiated two additional share buy-back programs in April and August 2022. Each program was for \u20ac10 million and a duration of up to six months.In implementation of these programs, during the period from 1 January 2022 until 31 December 2022, the Company acquired directly 361,354 own shares and indirectly through its subsidiary Titan Cement Company S.A. 1,586,367 shares, representing 0.46% and 2.03% respectively of the share capital of the Company. The total value of these transactions amounted to \u20ac23,814 thousand. On 31.12.2022 the Company holds 773,527 own shares representing 0.99% of the Company\u2019s share capital and Titan Cement Company S.A. (Titan S.A.), a direct subsidiary of the Company, holds 2,590,510 shares of the Company, representing 3.31 % of the Company\u2019s voting rights.Titan S.A., a direct subsidiary of the Company, sold in 2022 to Titan Group employees, in implementation of existing stock option plans, 80,833 shares of the Company, representing approximately 0.10% of the share capital of the Company, for a total amount of \u20ac808,330 (i.e.\u20ac10/Company share).(all amounts in Euro thousands)Currency Tax translation exempt Hedging differences Re- reserves reserve on Foreign Non- organization under Actuarial from derivative Hyperinflcurrency Legal Distributable Distributable reserve Contingency special Revaluation differences cash flow hedging ation translation Total other reservereservereserve(note 22)reserveslawsreservereservehedgespositionreservereservereservesRestated balance at 1 January 2021 101,263 88,870 180,337 -1,188,374 274,202 25,595 67,145 -711 -36 41,115 - -464,898 -875,492Other comprehensive income - - - - - - 493 863 1,645 - - 18,701 21,702Cancellation of treasury shares - -65,318 - - - - - - - - - - -65,318Distribution of reserves (note 10) - - -30,780 - - - - - - - - - -30,780Deferred tax on treasury shares held by subsidiary - - - - - - -9,610 - - - - - -9,610Deferred tax adjustment on revaluation reserves (note 18) - - - - - - -213 - - - - - -213Acquisition of non-controlling interest 32 - - - - - 301 - - - - -319 14Transfer (to)/from retained earnings 6,883 - -422 - -212,560 5,869 -9,051 - - - - - -209,281Transfer among reserves - 51 -51 - 6,456 -4,226 50 - - - - - 2,280Balance at 31 December 2021 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Hyperinflation restatement - - - - - - - - - - 35,699 - 35,699Restated Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 35,699 -446,516 -1,130,999Other comprehensive income - - - - - - - 1,441 25,010 - 36,122 -73,977 -11,404Distribution of reserves (note 10) - - -38,108 - - - - - - - - - -38,108Deferred tax on treasury shares held by subsidiary - - - - - - 80 - - - - - 80Capital reduction/transfer to distributable reserves - - 200,000 - - - - - - - - - 200,000Transfer from/(to) retained earnings 50,592 - 74,243 - -14,388 8,421 -2,413 - - - - - 116,455Transfer from share options - - - - 2,166 - - - - - - - 2,166Transfer among reserves - 21,860 -21,860 - - - - - - - - - -Balance at 31 December 2022 158,770 45,463 363,359 -1,188,374 55,876 35,659 46,782 1,593 26,619 41,115 71,821 -520,493 -861,810Under the requirements of the Belgian Law, the \"Non-Distributable reserve\" represents a reserve equivalent to the value of the treasury shares held by Titan Cement International S.A. and its subsidiary Titan Cement Company S.A. ",
"dimensions": {
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-183-4": {
"value": "22. Share capital and premium (all amounts are shown in Euro thousands unless otherwise stated)Ordinary shares Share premium TotalNumber of shares \u20ac'000 \u20ac'000 Number of shares \u20ac'000Shares issued and fully paidBalance at 1 January 2021 82,447,868 1,159,348 5,974 82,447,868 1,165,322Cancellation of treasury shares -4,122,393 - - -4,122,393 -Balance at 31 December 2021 78,325,475 1,159,348 5,974 78,325,475 1,165,322Capital reduction - -200,000 - - -200,000Balance at 31 December 2022 78,325,475 959,348 5,974 78,325,475 965,322Treasury shares Number of shares \u20ac'000Balance at 1 January 2021 5,512,502 124,120Cancellation of treasury shares-4,122,393 -92,820Treasury shares purchased230,141 3,230Treasury shares sold-123,101 -2,757Balance at 31 December 2021 1,497,149 31,773Treasury shares purchased1,947,721 23,814Treasury shares sold-80,833 -1,386Balance at 31 December 2022 3,364,037 54,201The average ordinary shares stock price of Titan Cement International S.A. for the period 1.1.2022-31.12.2022 was \u20ac12.25 (1.1.2.2021-31.12.2021: \u20ac15.44). The closing stock price on 31 December 2022 was \u20ac12.0 (31.12.2021: \u20ac13.26).Share buy-back: The Group completed the program that began in October 2021 and initiated two additional share buy-back programs in April and August 2022. Each program was for \u20ac10 million and a duration of up to six months.In implementation of these programs, during the period from 1 January 2022 until 31 December 2022, the Company acquired directly 361,354 own shares and indirectly through its subsidiary Titan Cement Company S.A. 1,586,367 shares, representing 0.46% and 2.03% respectively of the share capital of the Company. The total value of these transactions amounted to \u20ac23,814 thousand. On 31.12.2022 the Company holds 773,527 own shares representing 0.99% of the Company\u2019s share capital and Titan Cement Company S.A. (Titan S.A.), a direct subsidiary of the Company, holds 2,590,510 shares of the Company, representing 3.31 % of the Company\u2019s voting rights.Titan S.A., a direct subsidiary of the Company, sold in 2022 to Titan Group employees, in implementation of existing stock option plans, 80,833 shares of the Company, representing approximately 0.10% of the share capital of the Company, for a total amount of \u20ac808,330 (i.e.\u20ac10/Company share).",
"dimensions": {
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"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
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},
"pp-value-184-3": {
"value": "23. Other reserves(all amounts in Euro thousands)Currency Tax translation exempt Hedging differences Re- reserves reserve on Foreign Non- organization under Actuarial from derivative Hyperinflcurrency Legal Distributable Distributable reserve Contingency special Revaluation differences cash flow hedging ation translation Total other reservereservereserve(note 22)reserveslawsreservereservehedgespositionreservereservereservesRestated balance at 1 January 2021 101,263 88,870 180,337 -1,188,374 274,202 25,595 67,145 -711 -36 41,115 - -464,898 -875,492Other comprehensive income - - - - - - 493 863 1,645 - - 18,701 21,702Cancellation of treasury shares - -65,318 - - - - - - - - - - -65,318Distribution of reserves (note 10) - - -30,780 - - - - - - - - - -30,780Deferred tax on treasury shares held by subsidiary - - - - - - -9,610 - - - - - -9,610Deferred tax adjustment on revaluation reserves (note 18) - - - - - - -213 - - - - - -213Acquisition of non-controlling interest 32 - - - - - 301 - - - - -319 14Transfer (to)/from retained earnings 6,883 - -422 - -212,560 5,869 -9,051 - - - - - -209,281Transfer among reserves - 51 -51 - 6,456 -4,226 50 - - - - - 2,280Balance at 31 December 2021 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 - -446,516 -1,166,698Hyperinflation restatement - - - - - - - - - - 35,699 - 35,699Restated Balance at 1 January 2022 108,178 23,603 149,084 -1,188,374 68,098 27,238 49,115 152 1,609 41,115 35,699 -446,516 -1,130,999Other comprehensive income - - - - - - - 1,441 25,010 - 36,122 -73,977 -11,404Distribution of reserves (note 10) - - -38,108 - - - - - - - - - -38,108Deferred tax on treasury shares held by subsidiary - - - - - - 80 - - - - - 80Capital reduction/transfer to distributable reserves - - 200,000 - - - - - - - - - 200,000Transfer from/(to) retained earnings 50,592 - 74,243 - -14,388 8,421 -2,413 - - - - - 116,455Transfer from share options - - - - 2,166 - - - - - - - 2,166Transfer among reserves - 21,860 -21,860 - - - - - - - - - -Balance at 31 December 2022 158,770 45,463 363,359 -1,188,374 55,876 35,659 46,782 1,593 26,619 41,115 71,821 -520,493 -861,810Certain Group companies are obliged according to the applicable commercial law to retain a percentage of their annual net profits as legal reserve. This reserve cannot be distributed during the operational life of the Group companies.The \"Contingency Reserves\" include, among others, reserves formed by certain Group subsidiaries by applying developmental laws. These reserves have exhausted their tax liability or have been permanently exempted from taxation, so there is no additional tax charge for the Group and the Company from their distribution. The \"Tax Exempt Reserves under Special Laws\", according to the tax legislation, are exempt from income tax, provided that they are not distributed to the shareholders. The distribution of the remaining aforementioned reserves can be carried out after the approval of the shareholders at the Annual General Meeting and the payment of the applicable tax. Depending on whether they are capitalized or distributed, some of these reserves have different tax charge. The Group has no intention to distribute the remaining amount of these reserves and consequently, has not calculated the income tax that would arise from such distribution.The \"distributable reserve\" was created by reducing the TCI's share capital and transferring from retained earnings. This reserve may be distributed in the future subject to the approval of the relevant competent body. Under the requirements of the Belgian Law, the \"Non-Distributable reserve\" represents a reserve equivalent to the value of the treasury shares held by Titan Cement International S.A. and its subsidiary Titan Cement Company S.A. The \"Revaluation Reserves\" include, among others, \u20ac46.9 million (2021: \u20ac48.2 million) as the fair value of tangible and intangible assets that the Group had in Egypt through its participation in the joint venture Lafarge-Titan Egyptian Investments Ltd, until it fully acquired the joint venture and \u20ac2.0 million (2021: \u20ac2.0 million) deferred tax on treasury shares held by Titan Cement Company S.A.The \"Actuarial Differences Reserve\" records the re-measurement gains and losses (actuarial gains and losses) arising from the actuarial studies performed by the Group's subsidiaries for various benefit, pension or other retirement schemes (note 25). The \"Foreign Currency Translation Reserve\" is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. Moreover, it includes the currency translation differences reserve on transactions designated as part of net investment in foreign operations. During the last quarter of 2016, the Group's subsidiary in Egypt, Alexandria Portland Cement Co. S.A.E. (APCC) renewed the \u20ac76.9 million loan it entered into with its parent company in 2010. According to its accounting policy, the Group recognizes in its consolidated financial statements the aforementioned intergroup loan as part of the net investment in the Egyptian operation. On 31 December 2022, this reserve has a debit balance of \u20ac26.3 million (2021: \u20ac26.0 million).The \"Currency Translation Differences on Derivative Hedging Position Reserve\" illustrates the exchange differences arising from the translation into euro of loans in foreign currency, which have been designated as net investment hedges for certain Group subsidiaries abroad. It also illustrates the exchange differences arising from the valuation of financial instruments used as cash flow hedges for transactions in foreign currencies. ",
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"pp-value-190-2": {
"value": "24. Share-based paymentsShare options and other share-based awards are granted to members of senior management. Movements in the number of share options and awards outstanding are as follows:2021 plan 2020 plan 2017 scheme 2014 schemeBalance at 1 January 2021 - 500,520 1,059,415 170,357Granted 41,790 365,840 - -Exercised - - -82,166 -40,935Non vested - - -244,211 -Cancelled - -6,420 -17,445 -5,340Balance at 31 December 2021 41,790 859,940 715,593 124,082Granted 64,856 518,525 - -Exercised - - -38,253 -42,580Non vested - - -383,399 -Cancelled - -21,800 -10,995 -81,502Balance at 31 December 2022 106,646 1,356,665 282,946 -Share options and awards outstanding at the end of the year have the following terms:2021 plan 2020 plan 2017 scheme2014 schemeExercise price\u20ac 0 \u20ac 0 \u20ac 10 \u20ac 102022 2021 2022 2021 2022 2021 2021Expiration date2022 - - - - - - 124,0822023 - - 242,755 249,115 58,586 62,447 -2024 41,790 41,790 419,070 429,970 73,787 90,252 -2025 64,856 - 435,578 180,855 150,573 562,894 -2026 - - 259,262 - - -106,646 41,790 1,356,665 859,940 282,946 715,593 124,0822014 ProgrammeOn 20 June 2014, the General Meeting of TITAN Cement Company S.A. approved the introduction of a three-year (2014-2016) Stock Option Programme. According to this Programme, the Board of Directors can grant option up to 1,000,000 ordinary shares at a sale price \u20ac10.00 per share. Beneficiaries of the Stock Option Plan were the executive members of the Board of Directors of TITAN Cement Company S.A., the managers and the employees with the same rank in affiliated companies inside and outside Greece, as well as a limited number of additional employees who stand out on a continuous basis for their good performance and have a high potential for advancement.The vesting period of the stock options that were granted in 2014, 2015 and 2016 was three years. Therefore, the relevant option rights became mature in December of 2016, 2017 and 2018 respectively, provided that the beneficiaries were still employees of the Group. After the completion of the three-year vesting period, the final option rights number, which the beneficiaries would be entitled to exercise, should be determined by the Board of Directors of TITAN Cement Company S.A. within the first four months of 2017, 2018 and 2019 respectively and depends:a) By 50% on the average three year Return on Average Capital Employed (ROACE) compared to the target of each year period, as this will be determined by the Board of Directors before granting the relevant option rights.b) By 50% on the overall performance of TITAN Cement Company S.A. common share compared to the average overall performance of the shares of predefined international cement producing companies.The Beneficiaries shall be entitled to exercise their stock option rights, either in whole or in part, within the first five working days of each month, paying the relevant amounts until the expiration date of their stock options, i.e. until December of the third year after these stock options have been vested. The fair value of the options granted was:\u2022 In 2014, \u20ac7.39 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac25.32, the employee forfeiture rate 9.2%, the volatility of the share price estimated at 47.2%, the dividend yield of 0.376% and the yield of the 3 year EU Benchmark (Deutsche Bund) Government bond yield rate of 0.083%,\u2022 In 2015, \u20ac4.14 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac19.55, the employee forfeiture rate 9.2%, the volatility of the share price estimated at 40.61%, the dividend yield of 0.59% and the yield of the 1 year EURIBOR rate of 0.166% and \u2022 In 2016, \u20ac5.17 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac20.38, the employee forfeiture rate 9.2%, the volatility of the share price estimated at 42.80%, the dividend yield of 0.87% and the yield of the 1 year EURIBOR rate of -0.15%.2017 ProgrammeOn 12 May 2017, the General Meeting of TITAN Cement Company S.A. approved the introduction of the current three-year Stock Option Programme. According to this Programme, the Board of Directors can grant option up to 1,000,000 ordinary shares of the Company at a sale price equal to \u20ac10.00 per share. Beneficiaries of the Stock Option Plan are the executive members of the Board of Directors, the managers and the senior employees of the Company and its affiliated companies inside and outside Greece. The vesting period of the stock options that were granted in 2017, 2018 and 2019 shall be three years. Therefore, the relevant option rights shall become mature in December of 2019, 2020 and 2021 respectively, provided that the beneficiaries are still employees of the Group. After the completion of the three-year vesting period, the final option rights number that the beneficiaries will be entitled to exercise will be determined within the first four months of 2020, 2021 and 2022 respectively and depend:a) by 50% on the average three year Return on Average Capital Employed (ROACE) of the Group against the target for each three-year period andb) by 50% on the overall performance of TITAN stock compared to the average performance of the shares of the predefined international cement producing companies.The Beneficiaries shall be entitled to exercise their stock option rights, either in whole or in part, within the first five working days of each month, paying the relevant amounts until the expiration date of their stock options, i.e. until December of the third year after these stock options have been vested.The fair value of the options granted was:\u2022 In 2017, \u20ac6.6 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac25.8, the employee forfeiture rate 4.5%, the volatility of the share price estimated at 42.82%, the dividend yield of 0.9% and the yield of the 1 year EURIBOR rate of -0.127%,\u2022 In 2018, \u20ac5.99 per option, determined using the Binomial Method and the Monte Carlo Simulation valuation model. The significant inputs used in the aforementioned methodologies were the share price at grant date of \u20ac21.00, the employee forfeiture rate 2.5%, the volatility of the share price estimated at 42.71%, the dividend yield of 0.86% and the yield of the 1 year EURIBOR rate of -0.184% and\u2022 In 2019, \u20ac4.13 per option, determined using the Binomial Method and the Monte Carlo Simulation model. The significant inputs used were the share price at the grant date of \u20ac 17.72, the employee forfeiture rate 2.7%, the volatility of the share price estimated at 40.49%, the dividend yield of 0.92% and the yield of the 1 year EURIBOR rate of -0.175%.The Extraordinary General Meeting of Shareholders of the new Parent Company Titan Cement International S.A. approved on May 13, 2019, subject to Completion of the share exchange Tender Offer between Titan Cement International SA and TITAN Cement Company S.A., the amendment of the existing stock option plans, namely to replace the stock options on Titan Cement Company S.A. shares by stock options on shares of Titan Cement International, without otherwise amending the terms and conditions of the plans. Titan Cement Company still has the obligation to settle the share-based payment transaction.The Group accounts for the two plans (2014 and 2017) as an equity-settled transactions settled in shares of TCI owned by its subsidiary Titan Cement Company S.A.. During 2022, the cash received from the exercise of stock options amounted to \u20ac808 thousand (2021: \u20ac1,231 thousand) and the loss caused by this transaction and recognized in equity amounted to \u20ac578 thousand (2021: \u20ac1,526 thousand).2020 PlanOn 13 May 2019, the Extraordinary General Meeting of TCI approved a new long-term incentive plan. One year after, on 14 May 2021, the Annual General Meeting of TCI included it in the Remuneration Policy.Participants of the plan are the executive members of the Board of Directors of TCI, the executives of TCI, as well as executives, in other companies of Titan Cement Group. The awards may also be granted selectively to a limited number of employees who stand out on a continuous basis for their outstanding performance and high potential for development.Under the plan, participants are granted awards for nil consideration in the form of a conditional grant of TCI shadow shares in April (or later) of each year. The awards have no dividend or voting rights. The number of the shadow shares granted to each participant is determined by the award amount and the value of the shadow share. The value of the shadow share is equal to the average TCI share closing price on Euronext Brussels during the last seven trading days of March of the grant year. The vesting period of the awards is as follows:a) 50% at the completion of a three-year period and b) 50% at the completion of a four-year periodThe awards vest at the designated dates, provided that the participants are still working in TCI or in any other employer company of the Group, or are still serving as an executive Director in the Board of Directors of TCI.2021 Deferred Compensation PlanOn 22 March 2021, the Board of Directors of TCI a Deferred Compensation Plan (\u201cDCP 2021\u201d) aiming at further aligning the Senior Executives\u2019 long-term interests with those of shareholders. The DCP 2021 substitutes 20% of the long-term incentive plan of the eligible executives.Under the plan, participants are granted awards for nil consideration in the form of a conditional grant of TCI shadow shares in April (or later) of each year. The awards have no dividend or voting rights. The number of the shadow shares granted to each participant is determined by the award amount and the value of the shadow share. The value of the shadow share is equal to the average TCI share closing price on Euronext Brussels during the last seven trading days of March of the grant year. The vesting period of the awards is at the completion of a three-year period. The awards vest at the designated dates, provided that the participants are still working in TCI or in any other employer company of the Group, or are still serving as an executive Director in the Board of Directors of TCI. After the completion of the three-year vesting period, the final number of shadow shares that will vest depends on two criteria, both of which contribute equally (50%) to it. In case of over achievement, the DCP 2021 is capped at 160% of target. The two criteria are the following:a) Sustainability KPI: a 3-year CO\u2082 target supporting the decarbonization priority of the Group; reduction of net direct CO\u2082 emissions/t cementitious product and b) The comparison of the Total Shareholder Return (TSR) performance to the average total performance of the share of a Peer Group IndexThe peer group which formulates the index is the following (as set by the Board of Directors and may be changed, if required): 1) Lafarge-Holcim, 2) Heidelberg, 3) Cemex, 4) Cementir, 5) CRH, 6) Buzzi, 7) Argos and 8) Vicat.For both plans (2020 and 2021), participants may select to receive their vested awards in TCI shares, or in contributions to a fund, or in cash. As the fair value of the cash alternative is the same as the share alternative, the Group accounts for the plan as a cash-settled transaction by recognizing a liability for the fair value of the services it receives from the participants. The fair value of the awards of both plans (2020 and 2021) was calculated based on the closing price of the TCI share at the year end, which was \u20ac12.00 in Brussels (2021: \u20ac13.26), adjusted for future dividend payments and the forfeiture rate. The calculation of the unforfeited awards resulted in the recognition of an expense of \u20ac3.7 million in 2022 (2021: \u20ac2.8 million) against a liability, which had a carrying amount of \u20ac7.9 million at the year end (31.12.2021: \u20ac4.2 million).",
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"pp-value-193-4": {
"value": "25. Retirement and termination benefit obligationsGreeceOn May 24, 2021, the IFRS Interpretations Committee (IFRIC) published its Agenda Decision, Attributing Benefit to Periods of Service (IAS 19 Employee Benefits) and concluded that an entity\u2019s obligation increases until the date when future service by the employee will lead to no material amounts of further benefits (note 1). In accordance with the aforementioned decision, the application of the basic principles of IAS 19 in Greece has been changed and the calculations have been adjusted to recognize retirement obligations for the last 16 years of service until retirement. Until the issuance of the IFRIC Decision, entities applied IAS 19 distributing the benefits defined by the respective law 2112/1920, and its amendment 4093/2012. The Group grants retirement indemnities which exceed the legal requirements. These retirement indemnities are unfunded and the liabilities arising from such obligations are actuarially valued by an independent firm of actuaries. The last actuarial valuation was undertaken in December 2022. The principal actuarial assumptions used were as follows:- discount rate of 0.6% as of 31/12/2021 with time weighted average duration 8.19 years according to the market conditions as of 31/12/2021, and discount rate of 3.3% as of 31/12/2022 with time weighted average duration 7.37 years according to the market conditions as of 31/12/2022,- future salary increases of 2.2% (2021: 1.7%),- the average turnover rate for permanent employees aged up to 45 years is 1% for both voluntary resignation and dismissal, for employees aged 46-50 years it is 1% for voluntary resignation and 0% for dismissal and over 51 years it is 0% for both voluntary resignation and dismissal.USAThe Group's U.S. subsidiaries operate defined benefit plans and other post-retirement benefit plans. The method of accounting for the latter, as well as the valuation assumptions and the frequency of valuations are similar to those used for defined benefit plans.All of the Group's U.S. subsidiaries' defined benefit pension plans and all but one of its other post-retirement plans have been frozen as to new participants and credited service. One post-retirement benefit plan exists (for certain active and former employees) whereby eligible retirees receive benefits consisting primarily of assistance with medical insurance costs between the dates of early retirement and Medicare eligibility.On 31 December 2022 the plan assets of the Group's subsidiaries in the US have invested approximately 57% (2021: 56%) in equity instruments quoted in US and international stock markets and 43% (2021: 44%) in fixed investments (US and international bonds). The discount rate that has been adopted for the study of the pension plans of the Group's subsidiaries in the U.S. was 5.13% (2021: 2.56%).Non-qualified deferred compensation planThis plan is intended to constitute an unfunded plan of deferred compensation for a selected group of highly compensated employees under the Employee Income Security Act of 1974 (\"ERISA\"). For this purpose the Group's U.S. subsidiary created an irrevocable trust to facilitate the payment of deferred compensation to participants under this plan. Under this plan the participants are eligible to defer from 0% to 20% of eligible compensation for the applicable plan year. On 31 December 2022 and 2021, plan assets totaled \u20ac2,715 thousand and \u20ac3,307 thousand, respectively, and are classified as other non current assets in the accompanying consolidated statement of financial position (note 3, 17). There were no costs for the plan for the year ended 31 December 2022 or 2021. The amounts relating to defined benefit pension plans and other post retirement and termination benefits (defined benefit plans) recognized in the statement of comprehensive income in the account other expenses are as follows:(all amounts in Euro thousands)2022 2021Current service cost 1,955 1,805Interest cost 495 441Provision of past service cost for the following year due to the voluntary resignation plans 5,019 102Interest income -310 -2557,159 2,093Additional post retirement and termination benefits paid out, not provided for 1,224 1,138Post retirement and termination benefits paid out, not provided for due to the voluntary resignation plans 767 1539,150 3,384Amounts recognized in profit before interest, taxes, depreciation, amortization and impairment 8,965 3,198Amounts recognized in finance cost (note 6) 185 186Amounts recognized in the income statement 9,150 3,384Actuarial losses recognized in \u03bfther comprehensive income -1,823 -1,240Amount charged to statement of total comprehensive income 7,327 2,144Present value of the liability at the end of the period 32,528 37,231Minus fair value of US plans assets -12,311 -15,16820,217 22,063Change in the present value of the defined benefit obligation (all amounts in Euro thousands)2022 2021Opening balance 22,063 22,824Total expense 9,150 3,384Re-measurement losses recognized immediately in \u03bfther comprehensive income -1,823 -1,240Exchange differences 216 261Benefits paid during the year -9,389 -3,166Ending balance 20,217 22,063Changes in the fair value of US plan assets:(all amounts in Euro thousands)2022 2021Fair value of plan assets at the beginning of the period 15,168 12,915Expected return -2,054 1,209Company contributions 64 501Administrative expenses -160 -168Benefits paid -1,672 -363Exchange difference 965 1,074Fair value of plan assets at the end of the period 12,311 15,168A quantitative sensitivity analysis for significant assumptions is shown below:(all amounts in Euro thousands)Year ended 31 December 2022 Year ended 31 December 2021Assumptions1.0% increase 1.0% decrease 1.0% increase 1.0% decreaseImpact on the net defined benefit obligation:Discount rate -1,628 1,878 -1,691 1,930Salary 473 -443 555 -518Health care costs 65 -58 89 -78Impact on the current service costs:Discount rate -81 91 -80 90Salary 112 -101 110 -99Healthcare costs 2 -2 2 -2The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The following payments are expected payments to be made in the future years out of the undiscounted defined benefit plan obligation:(all amounts in Euro thousands)2022 2021Not later than 1 year 4,629 4,451Later than 1 year and not later than 5 years 8,764 8,865Later than 5 years and not later than 10 years 9,423 8,671Beyond 10 years 17,023 17,821Total expected payments 39,839 39,808The components of actuarial losses that re-calculated and recognized immediately in the other comprehensive income for the years ended December 31, 2022 and 2021 are as follows:(all amounts in Euro thousands)2022 2021Due to experience 168 157Due to assumptions (financial) -4,049 -541Due to assumptions (demographic) -306 98Re-measurement losses on DBO -4,187 -286Re-measurement gains on plan assets 2,364 -954Re-measurement losses for the period -1,823 -1,24026. Provisions(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2022cationsfor the yearreversedof discount Utilizeddifferences2022Provisions for restorations a 30,388 -170 2,089 -6,852 1,296 -394 1,224 27,581Insurance reserves b 17,291 - 39,583 - - -37,855 1,030 20,049Provisions for other taxes c 5,284 -432 772 - - -1,536 -1,267 2,821Litigation provisions d 1,882 - 9 -1,079 - -11 -596 205Other provisions e 13,467 432 8,142 -757 - -4,400 -837 16,04768,312 -170 50,595 -8,688 1,296 -44,196 -446 66,703(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2021cationsfor the yearreversedof discount Utilizeddifferences2021Provisions for restorations a 29,689 -1,541 2,305 -1,524 501 -480 1,438 30,388Insurance reserves b 15,106 - 27,561 -1,342 - -25,113 1,079 17,291Provisions for other taxes c 3,391 - 2,041 -178 - -258 288 5,284Litigation provisions d 416 - 1,858 -324 - -80 12 1,882Other provisions e 13,638 - 6,340 -3,277 - -3,682 448 13,46762,240 -1,541 40,105 -6,645 501 -29,613 3,265 68,312(all amounts in Euro thousands)2022 2021Non-current provisions 52,209 56,001Current provisions 14,494 12,31166,703 68,312a. Provisions for restorations are the present value of the estimated costs to reclaim quarry sites and other similar post-closure obligations.. It is expected that the amount of restoration provisions will be used over the next 1 to 50 years.b. Insurance reserves represent the expected cost of claims payments related to risk and workers' compensation claims, in addition to sponsored health insurance costs. In 2022, the Group has elected to present separately additions and utilizations settled during the year. As a result, prior year movements have been adjusted accordingly for comparative purposes. This presentation has had no impact on the opening and closing balances of the insurance reserves.c. Provision of other taxes represents future obligations for taxes such as stamp duties, sales tax, employee payroll tax etc. It is expected that this amount will be fully utilized in the next five years. d. Litigation provisions have been established with respect to claims made against certain companies in the Group by third parties. These claims concern labor compensations, labor cases for previous years' benefits and dues and claims for shares revaluation. It is expected that this amount will be utilized mainly in the next twelve months. e. Other provisions are comprised of amounts relating to risks none of which are individually material to the Group. It is expected that the remaining amounts will be used over the next 1 to 20 years.",
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"pp-value-197-4": {
"value": "26. Provisions(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2022cationsfor the yearreversedof discount Utilizeddifferences2022Provisions for restorations a 30,388 -170 2,089 -6,852 1,296 -394 1,224 27,581Insurance reserves b 17,291 - 39,583 - - -37,855 1,030 20,049Provisions for other taxes c 5,284 -432 772 - - -1,536 -1,267 2,821Litigation provisions d 1,882 - 9 -1,079 - -11 -596 205Other provisions e 13,467 432 8,142 -757 - -4,400 -837 16,04768,312 -170 50,595 -8,688 1,296 -44,196 -446 66,703(all amounts in Euro thousands)Unused January 1 Reclassifi-Additions amounts Unwinding Exchange 31 December 2021cationsfor the yearreversedof discount Utilizeddifferences2021Provisions for restorations a 29,689 -1,541 2,305 -1,524 501 -480 1,438 30,388Insurance reserves b 15,106 - 27,561 -1,342 - -25,113 1,079 17,291Provisions for other taxes c 3,391 - 2,041 -178 - -258 288 5,284Litigation provisions d 416 - 1,858 -324 - -80 12 1,882Other provisions e 13,638 - 6,340 -3,277 - -3,682 448 13,46762,240 -1,541 40,105 -6,645 501 -29,613 3,265 68,312(all amounts in Euro thousands)2022 2021Non-current provisions 52,209 56,001Current provisions 14,494 12,31166,703 68,312a. Provisions for restorations are the present value of the estimated costs to reclaim quarry sites and other similar post-closure obligations.. It is expected that the amount of restoration provisions will be used over the next 1 to 50 years.b. Insurance reserves represent the expected cost of claims payments related to risk and workers' compensation claims, in addition to sponsored health insurance costs. In 2022, the Group has elected to present separately additions and utilizations settled during the year. As a result, prior year movements have been adjusted accordingly for comparative purposes. This presentation has had no impact on the opening and closing balances of the insurance reserves.c. Provision of other taxes represents future obligations for taxes such as stamp duties, sales tax, employee payroll tax etc. It is expected that this amount will be fully utilized in the next five years. d. Litigation provisions have been established with respect to claims made against certain companies in the Group by third parties. These claims concern labor compensations, labor cases for previous years' benefits and dues and claims for shares revaluation. It is expected that this amount will be utilized mainly in the next twelve months. e. Other provisions are comprised of amounts relating to risks none of which are individually material to the Group. It is expected that the remaining amounts will be used over the next 1 to 20 years.30. Contingencies and commitmentsContingent Liabilities (all amounts in Euro thousands)2022 2021Bank guarantee letters 21,657 17,14221,657 17,142A.Privatization cases1.In 2011, two former employees of Beni Suef Cement Company SAE (BSCC) filed an action before the Cairo Administrative Court, seeking the nullification of the privatization of BSCC that took place in 1999, when BSCC was sold to Financiere Lafarge after a public auction, before being subsequently acquired by Titan Group. The Administrative Court of Cairo rejected in 2014 the plaintiffs' claim in connection with BSCC's privatization, however ruled that BSCC was under the obligation to re-instate all employees, the employment of whom had been terminated, including employees who had left BSCC in the framework of voluntary staff reduction programs. Both the plaintiffs and BSCC have appealed the ruling issued by the first instance Court before the Supreme Administrative Court, which on 19 January 2015 suspended the case until the Supreme Constitutional Court of Egypt issues a final ruling on the constitutionality of Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of BSCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.2.In June 2013 another action was filed before the Administrative Court of Cairo, seeking, as in the above case, the nullification of BSCC's privatization. The Administrative Court of Cairo issued on 25 June 2015 a first instance ruling referring the case to the Investment Circuit no. 7, which subsequently referred the case to the commissioners' panel where no hearing date has been scheduled until now. The view of BSCC's lawyers is that the action is devoid of any legal or factual ground.3.In 2012, an ex-employee of Alexandria Portland Cement Company SAE (APCC) brought an action before the Administrative Court of Alexandria against the President of the Republic of Egypt, the Prime Minister, the Minister of Investments, the Minister of Industry, the Governor of Alexandria, the Manager of the Mines and Salinas Project in Alexandria and the Manager of the Mines and Quarries Department in Alexandria (but not against APCC), seeking the nullification of the privatization of APCC through its sale in 1999 to Blue Circle Cement Group, before APCC was subsequently acquired by Titan Group. The claim was suspended by the Administrative Court of Alexandria initially till the Supreme Constitutional Court of Egypt rules on the constitutionality of the above Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.4.In May 2013, a new action was filed by three ex-employees of APCC seeking, as in the above case, the nullification of the sale of APCC to Blue Circle Cement Group. The case has been repeatedly adjourned and, as in the above cases, no judgment will be handed down from the competent Administrative Court until the Supreme Constitutional Court of Egypt decides on the constitutionality of Law no. 32/ 2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.Note: On February 26, 2023, the Administrative Court of Cairo released three rulings in the cases under points 2, 3 and 4 hereinabove, thereby rejecting the claimants\u2019 actions and holding in favor of the validity of the privatization sales of BSCC and APCC. The full text of the Court rulings has not been issued yet. In any case, these rulings are subject to appeal before the High Administrative Supreme Court. However, the companies\u2019 lawyers consider that such appeals would have limited chances of success, following the issuance of the Constitutional court\u2019s decision mentioned herein above.B.Other cases1. In 2007, BSCC obtained the license for the construction of a second production line at the company's plant in Beni Suef through a bidding process run by the Egyptian Trading and Industrial Authority (IDA) for a license fee of EGP 134.5 million. IDA subsequently unilaterally raised the license fee to EGP 251 million. In October 2008 BSCC filed a case before the Administrative Court challenging the price increase and requesting the license price to be set at EGP 500, or, alternatively, that the price be set at EGP 134.5 million, as had been originally determined through the bidding process. The Administrative Court dismissed BSCC's action and BSCC filed an appeal before the High Administrative Court in June 2018. Until today, no appeal hearing has been scheduled.BSCC has also lodged an action against IDA requesting the calculation of the payable interest, which is accruing on the EGP 251 million fee that IDA is claiming, on the basis of the legal interest of 4% per annum and not on the basis of the CBE interest (varying from 9% to 19%} as calculated by IDA.In June 2018, BSCC and IDA entered into an agreement, pursuant to which BSCC paid to IDA the amount of EGP 251 million for the value of the license plus the amount of EGP 24.9 million as down payment for interest, calculated on the basis of the CBE interest. Moreover, BSCC has already fully paid in 2018 and 2019 the remaining amount of interest amounting to EGP 240.3 million, under the express agreement that, in case the Egyptian Courts accept the appeal of BSCC on the value of the license and/or the action of BSCC on the calculation of the payable interest, IDA will pay back to BSCC the relevant amounts. The view of BSCC's lawyers is that there is high probability that the High Administrative Court will adopt the price of EGP 134.5 million for the license. Likewise, the view of BSCC's lawyers is that there is very high probability that BSCC's action on the calculation of the payable interest will be accepted by the Court.BSCC recorded an increase of intangible assets amounted to EGP 251 million, in order to recognize the license claimed by IDA. In 2019, recognised additionally as capital expenditure the amount of EGP 166.6 million, that represented interest asked by IDA. The total amount recognised in intangible assets as license for the construction of a second production line at the company's plant is EGP 417.6 million and the total amount of interest expenses, that it was charged in 2018 income statement, amounted to EGP 98.7 million.Contingent tax assets and liabilitiesDuring 2022, the Group's subsidiary in Kosovo, Sharrcem SH.P.K. (Sharrcem), has filed before the Administrative Court of Pristina an appeal against the tax authorities seeking the annulment of an act made in relation to its tax declarations of 2016 and 2017. Sharrcem's management together with the external legal experts engaged, have assessed the case as highly likely to be ruled in Sharrcem\u2019s favor, in which case the claimed amount of \u20ac456 thousand will be reimbursed to Sharrcem. The financial years, referred to in note 37, have not been audited by the tax authorities and therefore the tax obligations of the Company and its subsidiaries for those years have not yet been finalized.Contingent assets(all amounts in Euro thousands)2022 2021Bank guarantee letters for securing trade receivables (note 20) 25,418 22,350Other collaterals against trade receivables (note 20) 7,054 7,09932,472 29,449Collaterals against other receivables 2,358 4,44234,830 33,891Commitments Capital commitments Capital commitments contracted for at the balance sheet date but not recognized in the financial statements are as follows: (all amounts in Euro thousands)2022 2021Property, plant and equipment 5,197 713Purchase commitments (all amounts in Euro thousands)2022 20211,286 1,026In addition to the aforementioned purchase commitments, the Group's subsidiary in USA, Titan America LLC (TALLC), has entered into various contracts to purchase raw materials and manufacturing supplies. Specifically, TALLC entered into a multi-year agreement to purchase construction aggregates in Florida at prevailing market prices. Moreover, TALLC has entered into a take-or-pay natural gas agreement with a local utility that requires TALLC to pay the utility $11,6 million over a maximum period of 6 years beginning November 1, 2020. This agreement requires minimum cumulative payments equal to $1,935 thousand per contract year until the full contract has been met. As of November 2022, TALLC had met the minimum cumulative payment requirement. On 31.12.2022, TALLC had paid \u20ac5,116 thousand (31.12.2021: \u20ac2,141 thousand) cumulatively under the agreement.In conjunction with the aforementioned take-or-pay natural gas agreement, TALLC also entered into capacity supply agreements with a natural gas marketer annually since 2020. On 31.12.2022, there are 3,040,000 MMBtus of committed capacity remaining through October 2023. Pricing under the capacity contract is based on the front-month Florida Gas Transmission Zone 3 natural gas price settlements, plus a variable basis component.",
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"pp-value-198-5": {
"value": "27. Other non-current liabilities and non-current contract liabilities(all amounts in Euro thousands)2022 2021Government grants 3,284 3,488Liability of long-term incentive plan 7,915 4,223Other non-current liabilities 1,960 5,13813,159 12,849Analysis of Government grants:Non - current 3,284 3,488Current (note 28) 69 693,353 3,557Opening balance 3,557 3,762Amortization (note 29) -204 -205Ending balance 3,353 3,557Government grants relating to capital expenditures are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that the expense is matched to the income received.(all amounts in Euro thousands)2022 2021Deferred Income 1,328 1,692Non-current contract liabilities 1,328 1,692",
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"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
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"pp-value-198-6": {
"value": "27. Other non-current liabilities and non-current contract liabilities(all amounts in Euro thousands)2022 2021Government grants 3,284 3,488Liability of long-term incentive plan 7,915 4,223Other non-current liabilities 1,960 5,13813,159 12,849Analysis of Government grants:Non - current 3,284 3,488Current (note 28) 69 693,353 3,557Opening balance 3,557 3,762Amortization (note 29) -204 -205Ending balance 3,353 3,557Government grants relating to capital expenditures are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that the expense is matched to the income received.(all amounts in Euro thousands)2022 2021Deferred Income 1,328 1,692Non-current contract liabilities 1,328 1,692",
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"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-198-7": {
"value": "27. Other non-current liabilities and non-current contract liabilities(all amounts in Euro thousands)2022 2021Government grants 3,284 3,488Liability of long-term incentive plan 7,915 4,223Other non-current liabilities 1,960 5,13813,159 12,849Analysis of Government grants:Non - current 3,284 3,488Current (note 28) 69 693,353 3,557Opening balance 3,557 3,762Amortization (note 29) -204 -205Ending balance 3,353 3,557Government grants relating to capital expenditures are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred, so that the expense is matched to the income received.(all amounts in Euro thousands)2022 2021Deferred Income 1,328 1,692Non-current contract liabilities 1,328 1,69228. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).",
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"pp-value-199-6": {
"value": "28. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).",
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"pp-value-199-7": {
"value": "28. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).",
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"value": "28. Trade payables, other liabilities and current contract liabilities(all amounts in Euro thousands)2022 2021Trade payables 312,428 238,746Other payables 25,383 14,393Accrued expenses 27,947 31,832Social security3,1952,965Dividends payable 173 305Government grants (note 27) 69 69Other taxes 18,530 14,301Trade and other payables 387,725 302,611Other payables include liabilities relating to transportation of cement and raw materials, as well as employee benefit payables.Trade payables are non-interest bearing and are normally settled in 10-180 days. Other payables are non-interest bearing and have an average term of one month.(all amounts in Euro thousands)2022 2021Customer down payments/advances 12,236 8,681Deferred Income 1,698 1,317Current contract liabilities 13,934 9,998The amount of \u20ac6,599 thousand, which was included in the current contract liabilities balance at the beginning of 2022, is recognized as sales during the current fiscal year (related amount of 2021: \u20ac5,817 thousand).",
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"pp-value-200-2": {
"value": "29. Cash generated from operations(all amounts in Euro thousands)2022 2021Profit after taxes 110,481 91,555Adjustments for:Taxes (note 8) 26,715 16,811Depreciation (note 11) 144,484 130,481Amortization of intangibles (note 14) 8,059 6,205Amortization of government grants received (note 27) -204 -205Impairment of assets (note 11, 13) 23,032 -Net profit on disposals of tangible and intangible assets (note 4) -188 -5,747Provision for impairment of debtors charged to income statement (note 20) 3,974 1,722Cost of inventory obsolescence (note 19) 2,576 -2,167Provision for restoration (note 26a) -3,467 1,282Provision for litigation (note 26d) -1,070 1,534Other provisions (note 26e) 9,113 4,169Provision for retirement and termination benefit obligations (note 25) 7,159 2,093Increase of investment property (note 4) -509 -333Finance income (note 6) -1,345 -1,176Interest expense and related expenses (note 6) 40,488 37,148Losses on financial instruments (note 6) 13,415 22,379Gains from foreign exchange differences (note 6) -7,221 -25,385Losses/(gains) on derivatives 1,861 -3,220Share stock options (note 7) - 886Share in gain of associates and joint ventures (note 15) -1,876 -3,291Hyperinflation adjustments-22,917 -Changes in working capital:Increase in inventories -99,858 -44,848Increase in trade and other receivables -71,509 -52,643Decrease/(increase) in operating long-term receivables and payables 733 -258Increase in trade payables 78,723 53,771Cash generated from operations 260,649 230,763In the cash flow statement, proceeds from the disposals of tangible and intangible assets, and investment property are as follows:Net book amount 5,560 2,947Net gains on disposals (note 4) 188 5,747Net proceeds from disposals 5,748 8,694Operating free cash flow calculation: Cash generated from operations 260,649 230,763Minus payments for intangible assets, property, plant and equipment -241,893 -126,044Operating free cash flow 18,756 104,719",
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},
"pp-value-201-3": {
"value": "30. Contingencies and commitmentsContingent Liabilities (all amounts in Euro thousands)2022 2021Bank guarantee letters 21,657 17,14221,657 17,142A.Privatization cases1.In 2011, two former employees of Beni Suef Cement Company SAE (BSCC) filed an action before the Cairo Administrative Court, seeking the nullification of the privatization of BSCC that took place in 1999, when BSCC was sold to Financiere Lafarge after a public auction, before being subsequently acquired by Titan Group. The Administrative Court of Cairo rejected in 2014 the plaintiffs' claim in connection with BSCC's privatization, however ruled that BSCC was under the obligation to re-instate all employees, the employment of whom had been terminated, including employees who had left BSCC in the framework of voluntary staff reduction programs. Both the plaintiffs and BSCC have appealed the ruling issued by the first instance Court before the Supreme Administrative Court, which on 19 January 2015 suspended the case until the Supreme Constitutional Court of Egypt issues a final ruling on the constitutionality of Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of BSCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.2.In June 2013 another action was filed before the Administrative Court of Cairo, seeking, as in the above case, the nullification of BSCC's privatization. The Administrative Court of Cairo issued on 25 June 2015 a first instance ruling referring the case to the Investment Circuit no. 7, which subsequently referred the case to the commissioners' panel where no hearing date has been scheduled until now. The view of BSCC's lawyers is that the action is devoid of any legal or factual ground.3.In 2012, an ex-employee of Alexandria Portland Cement Company SAE (APCC) brought an action before the Administrative Court of Alexandria against the President of the Republic of Egypt, the Prime Minister, the Minister of Investments, the Minister of Industry, the Governor of Alexandria, the Manager of the Mines and Salinas Project in Alexandria and the Manager of the Mines and Quarries Department in Alexandria (but not against APCC), seeking the nullification of the privatization of APCC through its sale in 1999 to Blue Circle Cement Group, before APCC was subsequently acquired by Titan Group. The claim was suspended by the Administrative Court of Alexandria initially till the Supreme Constitutional Court of Egypt rules on the constitutionality of the above Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.4.In May 2013, a new action was filed by three ex-employees of APCC seeking, as in the above case, the nullification of the sale of APCC to Blue Circle Cement Group. The case has been repeatedly adjourned and, as in the above cases, no judgment will be handed down from the competent Administrative Court until the Supreme Constitutional Court of Egypt decides on the constitutionality of Law no. 32/ 2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.Note: On February 26, 2023, the Administrative Court of Cairo released three rulings in the cases under points 2, 3 and 4 hereinabove, thereby rejecting the claimants\u2019 actions and holding in favor of the validity of the privatization sales of BSCC and APCC. The full text of the Court rulings has not been issued yet. In any case, these rulings are subject to appeal before the High Administrative Supreme Court. However, the companies\u2019 lawyers consider that such appeals would have limited chances of success, following the issuance of the Constitutional court\u2019s decision mentioned herein above.B.Other cases1. In 2007, BSCC obtained the license for the construction of a second production line at the company's plant in Beni Suef through a bidding process run by the Egyptian Trading and Industrial Authority (IDA) for a license fee of EGP 134.5 million. IDA subsequently unilaterally raised the license fee to EGP 251 million. In October 2008 BSCC filed a case before the Administrative Court challenging the price increase and requesting the license price to be set at EGP 500, or, alternatively, that the price be set at EGP 134.5 million, as had been originally determined through the bidding process. The Administrative Court dismissed BSCC's action and BSCC filed an appeal before the High Administrative Court in June 2018. Until today, no appeal hearing has been scheduled.BSCC has also lodged an action against IDA requesting the calculation of the payable interest, which is accruing on the EGP 251 million fee that IDA is claiming, on the basis of the legal interest of 4% per annum and not on the basis of the CBE interest (varying from 9% to 19%} as calculated by IDA.In June 2018, BSCC and IDA entered into an agreement, pursuant to which BSCC paid to IDA the amount of EGP 251 million for the value of the license plus the amount of EGP 24.9 million as down payment for interest, calculated on the basis of the CBE interest. Moreover, BSCC has already fully paid in 2018 and 2019 the remaining amount of interest amounting to EGP 240.3 million, under the express agreement that, in case the Egyptian Courts accept the appeal of BSCC on the value of the license and/or the action of BSCC on the calculation of the payable interest, IDA will pay back to BSCC the relevant amounts. The view of BSCC's lawyers is that there is high probability that the High Administrative Court will adopt the price of EGP 134.5 million for the license. Likewise, the view of BSCC's lawyers is that there is very high probability that BSCC's action on the calculation of the payable interest will be accepted by the Court.BSCC recorded an increase of intangible assets amounted to EGP 251 million, in order to recognize the license claimed by IDA. In 2019, recognised additionally as capital expenditure the amount of EGP 166.6 million, that represented interest asked by IDA. The total amount recognised in intangible assets as license for the construction of a second production line at the company's plant is EGP 417.6 million and the total amount of interest expenses, that it was charged in 2018 income statement, amounted to EGP 98.7 million.Contingent tax assets and liabilitiesDuring 2022, the Group's subsidiary in Kosovo, Sharrcem SH.P.K. (Sharrcem), has filed before the Administrative Court of Pristina an appeal against the tax authorities seeking the annulment of an act made in relation to its tax declarations of 2016 and 2017. Sharrcem's management together with the external legal experts engaged, have assessed the case as highly likely to be ruled in Sharrcem\u2019s favor, in which case the claimed amount of \u20ac456 thousand will be reimbursed to Sharrcem. The financial years, referred to in note 37, have not been audited by the tax authorities and therefore the tax obligations of the Company and its subsidiaries for those years have not yet been finalized.Contingent assets(all amounts in Euro thousands)2022 2021Bank guarantee letters for securing trade receivables (note 20) 25,418 22,350Other collaterals against trade receivables (note 20) 7,054 7,09932,472 29,449Collaterals against other receivables 2,358 4,44234,830 33,891Commitments Capital commitments Capital commitments contracted for at the balance sheet date but not recognized in the financial statements are as follows: (all amounts in Euro thousands)2022 2021Property, plant and equipment 5,197 713Purchase commitments (all amounts in Euro thousands)2022 20211,286 1,026In addition to the aforementioned purchase commitments, the Group's subsidiary in USA, Titan America LLC (TALLC), has entered into various contracts to purchase raw materials and manufacturing supplies. Specifically, TALLC entered into a multi-year agreement to purchase construction aggregates in Florida at prevailing market prices. Moreover, TALLC has entered into a take-or-pay natural gas agreement with a local utility that requires TALLC to pay the utility $11,6 million over a maximum period of 6 years beginning November 1, 2020. This agreement requires minimum cumulative payments equal to $1,935 thousand per contract year until the full contract has been met. As of November 2022, TALLC had met the minimum cumulative payment requirement. On 31.12.2022, TALLC had paid \u20ac5,116 thousand (31.12.2021: \u20ac2,141 thousand) cumulatively under the agreement.In conjunction with the aforementioned take-or-pay natural gas agreement, TALLC also entered into capacity supply agreements with a natural gas marketer annually since 2020. On 31.12.2022, there are 3,040,000 MMBtus of committed capacity remaining through October 2023. Pricing under the capacity contract is based on the front-month Florida Gas Transmission Zone 3 natural gas price settlements, plus a variable basis component.",
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"value": "Contingent Liabilities (all amounts in Euro thousands)2022 2021Bank guarantee letters 21,657 17,14221,657 17,142A.Privatization cases1.In 2011, two former employees of Beni Suef Cement Company SAE (BSCC) filed an action before the Cairo Administrative Court, seeking the nullification of the privatization of BSCC that took place in 1999, when BSCC was sold to Financiere Lafarge after a public auction, before being subsequently acquired by Titan Group. The Administrative Court of Cairo rejected in 2014 the plaintiffs' claim in connection with BSCC's privatization, however ruled that BSCC was under the obligation to re-instate all employees, the employment of whom had been terminated, including employees who had left BSCC in the framework of voluntary staff reduction programs. Both the plaintiffs and BSCC have appealed the ruling issued by the first instance Court before the Supreme Administrative Court, which on 19 January 2015 suspended the case until the Supreme Constitutional Court of Egypt issues a final ruling on the constitutionality of Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of BSCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.2.In June 2013 another action was filed before the Administrative Court of Cairo, seeking, as in the above case, the nullification of BSCC's privatization. The Administrative Court of Cairo issued on 25 June 2015 a first instance ruling referring the case to the Investment Circuit no. 7, which subsequently referred the case to the commissioners' panel where no hearing date has been scheduled until now. The view of BSCC's lawyers is that the action is devoid of any legal or factual ground.3.In 2012, an ex-employee of Alexandria Portland Cement Company SAE (APCC) brought an action before the Administrative Court of Alexandria against the President of the Republic of Egypt, the Prime Minister, the Minister of Investments, the Minister of Industry, the Governor of Alexandria, the Manager of the Mines and Salinas Project in Alexandria and the Manager of the Mines and Quarries Department in Alexandria (but not against APCC), seeking the nullification of the privatization of APCC through its sale in 1999 to Blue Circle Cement Group, before APCC was subsequently acquired by Titan Group. The claim was suspended by the Administrative Court of Alexandria initially till the Supreme Constitutional Court of Egypt rules on the constitutionality of the above Law no. 32/2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.4.In May 2013, a new action was filed by three ex-employees of APCC seeking, as in the above case, the nullification of the sale of APCC to Blue Circle Cement Group. The case has been repeatedly adjourned and, as in the above cases, no judgment will be handed down from the competent Administrative Court until the Supreme Constitutional Court of Egypt decides on the constitutionality of Law no. 32/ 2014. In January 2023 the Constitutional Court released a ruling upholding the constitutionality of law no. 32/2014 and confirming that only the contracting parties or parties with a personal or real right in the subject matter of the contract have the legal capacity and interest to challenge state contracts. It is expected, according to said constitutionality ruling, that the appeal filed by the company's former employees and others will be rejected due to the lack of capacity. The view of APCC's lawyers is that the plaintiffs' action is devoid of any legal or factual ground.Note: On February 26, 2023, the Administrative Court of Cairo released three rulings in the cases under points 2, 3 and 4 hereinabove, thereby rejecting the claimants\u2019 actions and holding in favor of the validity of the privatization sales of BSCC and APCC. The full text of the Court rulings has not been issued yet. In any case, these rulings are subject to appeal before the High Administrative Supreme Court. However, the companies\u2019 lawyers consider that such appeals would have limited chances of success, following the issuance of the Constitutional court\u2019s decision mentioned herein above.B.Other cases1. In 2007, BSCC obtained the license for the construction of a second production line at the company's plant in Beni Suef through a bidding process run by the Egyptian Trading and Industrial Authority (IDA) for a license fee of EGP 134.5 million. IDA subsequently unilaterally raised the license fee to EGP 251 million. In October 2008 BSCC filed a case before the Administrative Court challenging the price increase and requesting the license price to be set at EGP 500, or, alternatively, that the price be set at EGP 134.5 million, as had been originally determined through the bidding process. The Administrative Court dismissed BSCC's action and BSCC filed an appeal before the High Administrative Court in June 2018. Until today, no appeal hearing has been scheduled.BSCC has also lodged an action against IDA requesting the calculation of the payable interest, which is accruing on the EGP 251 million fee that IDA is claiming, on the basis of the legal interest of 4% per annum and not on the basis of the CBE interest (varying from 9% to 19%} as calculated by IDA.In June 2018, BSCC and IDA entered into an agreement, pursuant to which BSCC paid to IDA the amount of EGP 251 million for the value of the license plus the amount of EGP 24.9 million as down payment for interest, calculated on the basis of the CBE interest. Moreover, BSCC has already fully paid in 2018 and 2019 the remaining amount of interest amounting to EGP 240.3 million, under the express agreement that, in case the Egyptian Courts accept the appeal of BSCC on the value of the license and/or the action of BSCC on the calculation of the payable interest, IDA will pay back to BSCC the relevant amounts. The view of BSCC's lawyers is that there is high probability that the High Administrative Court will adopt the price of EGP 134.5 million for the license. Likewise, the view of BSCC's lawyers is that there is very high probability that BSCC's action on the calculation of the payable interest will be accepted by the Court.BSCC recorded an increase of intangible assets amounted to EGP 251 million, in order to recognize the license claimed by IDA. In 2019, recognised additionally as capital expenditure the amount of EGP 166.6 million, that represented interest asked by IDA. The total amount recognised in intangible assets as license for the construction of a second production line at the company's plant is EGP 417.6 million and the total amount of interest expenses, that it was charged in 2018 income statement, amounted to EGP 98.7 million.Contingent tax assets and liabilitiesDuring 2022, the Group's subsidiary in Kosovo, Sharrcem SH.P.K. (Sharrcem), has filed before the Administrative Court of Pristina an appeal against the tax authorities seeking the annulment of an act made in relation to its tax declarations of 2016 and 2017. Sharrcem's management together with the external legal experts engaged, have assessed the case as highly likely to be ruled in Sharrcem\u2019s favor, in which case the claimed amount of \u20ac456 thousand will be reimbursed to Sharrcem. The financial years, referred to in note 37, have not been audited by the tax authorities and therefore the tax obligations of the Company and its subsidiaries for those years have not yet been finalized.Contingent assets(all amounts in Euro thousands)2022 2021Bank guarantee letters for securing trade receivables (note 20) 25,418 22,350Other collaterals against trade receivables (note 20) 7,054 7,09932,472 29,449Collaterals against other receivables 2,358 4,44234,830 33,891",
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"pp-value-206-4": {
"value": "Commitments Capital commitments Capital commitments contracted for at the balance sheet date but not recognized in the financial statements are as follows: (all amounts in Euro thousands)2022 2021Property, plant and equipment 5,197 713Purchase commitments (all amounts in Euro thousands)2022 20211,286 1,026In addition to the aforementioned purchase commitments, the Group's subsidiary in USA, Titan America LLC (TALLC), has entered into various contracts to purchase raw materials and manufacturing supplies. Specifically, TALLC entered into a multi-year agreement to purchase construction aggregates in Florida at prevailing market prices. Moreover, TALLC has entered into a take-or-pay natural gas agreement with a local utility that requires TALLC to pay the utility $11,6 million over a maximum period of 6 years beginning November 1, 2020. This agreement requires minimum cumulative payments equal to $1,935 thousand per contract year until the full contract has been met. As of November 2022, TALLC had met the minimum cumulative payment requirement. On 31.12.2022, TALLC had paid \u20ac5,116 thousand (31.12.2021: \u20ac2,141 thousand) cumulatively under the agreement.In conjunction with the aforementioned take-or-pay natural gas agreement, TALLC also entered into capacity supply agreements with a natural gas marketer annually since 2020. On 31.12.2022, there are 3,040,000 MMBtus of committed capacity remaining through October 2023. Pricing under the capacity contract is based on the front-month Florida Gas Transmission Zone 3 natural gas price settlements, plus a variable basis component.",
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"value": "31. Related party transactionsThe Group may enter into various transactions with related parties. During 2022 and 2021, the Group did not record material transactions with related parties. Directors2022 2021Executive members on the Board of Directors 6 6Non-executive members on the Board of Directors 10 9Key management compensation2022 2021Short-term employee benefits 6,822 5,864Share-based payments 1,342 1,418Post-employment benefits 283 2648,447 7,546In 2022, the Group replaced the information for share-based payments by providing the expenses incurred by the Group, rather than the benefit to be received by the key management. The comparative figures were adjusted accordingly. ",
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"pp-value-207-3": {
"value": "31. Related party transactionsThe Group may enter into various transactions with related parties. During 2022 and 2021, the Group did not record material transactions with related parties. Directors2022 2021Executive members on the Board of Directors 6 6Non-executive members on the Board of Directors 10 9Key management compensation2022 2021Short-term employee benefits 6,822 5,864Share-based payments 1,342 1,418Post-employment benefits 283 2648,447 7,546In 2022, the Group replaced the information for share-based payments by providing the expenses incurred by the Group, rather than the benefit to be received by the key management. The comparative figures were adjusted accordingly. ",
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"pp-value-208-3": {
"value": "32. Borrowings(all amounts in Euro thousands)2022 2021CurrentBank borrowings 32,736 30,997Bank borrowings in non euro currency 83,227 52,517Interest payable 6,533 5,728122,496 89,242Non-currentBank borrowings 65,618 30,863Bank borrowings in non euro currency 42,208 14,241Debentures 596,995 596,357704,821 641,461Total borrowings 827,317 730,703Maturity of non-current borrowings:2022 2021Between 1 and 2 years 358,456 4,517Between 2 and 3 years 62,825 357,455Between 3 and 4 years 28,895 1,774Between 4 and 5 years 254,645 27,967Over 5 years - 249,748704,821 641,461In July 2022, Titan Cement Company S.A. issued a bond purchase agreement of principal amount up to \u20ac120 million divided into 120 bearer bonds for a three-year period. The Greek bank, which is acting as paying agent and bondholder agent, holds \u20ac60 million bonds and the remaining \u20ac60 million are held by Titan Global Finance Plc.The weighted average effective interest rates that affect the Income Statement are as follows:2022 2021Borrowings (\u20ac) 2.51 % 2.59 %Borrowings (USD) 3 . 7 5 % 2.88 %Borrowings (LEK) 3.39 % 3.31 %Borrowings (EGP) 15.37 % 10.75 %Borrowings (TRY) 22.77 % 20.38 %The Group has the following undrawn borrowing facilities(all amounts in Euro thousands)2022 2021Floating rate: - Expiring within one year 120,551 167,314 - Expiring beyond one year 209,443 188,876",
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"pp-value-209-4": {
"value": "(all amounts in Euro thousands)2022 2021CurrentBank borrowings 32,736 30,997Bank borrowings in non euro currency 83,227 52,517Interest payable 6,533 5,728122,496 89,242Non-currentBank borrowings 65,618 30,863Bank borrowings in non euro currency 42,208 14,241Debentures 596,995 596,357704,821 641,461Total borrowings 827,317 730,703Maturity of non-current borrowings:2022 2021Between 1 and 2 years 358,456 4,517Between 2 and 3 years 62,825 357,455Between 3 and 4 years 28,895 1,774Between 4 and 5 years 254,645 27,967Over 5 years - 249,748704,821 641,461",
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"pp-value-214-3": {
"value": "34. Changes in liabilities arising from financing activities(all amounts in Euro thousands)Long-term Short-term Derivatives* and borrowingsborrowings Lease liabilitiesinterim settlements TotalYear ended 31 December 2021Opening balance 628,172 205,656 57,015 -2,534 888,309Cash flows from financing activities 12,653 -152,177 -16,309 -19,441 -175,274Acquisition of leases - - 17,973 - 17,973Changes in fair value - - - 22,379 22,379Transfer among financial liabilities -322 322 - - -Charged in the finance expenses 1,758 35,841 - - 37,599Cash flow hedge - - - -1,370 -1,370Currency translation differences on transactions designated as part of net investment in foreign operation -4,557 -1,150 - - -5,707Exchange differences 3,757 750 3,703 -23 8,187Ending balance 641,461 89,242 62,382 -989 792,096Year ended 31 December 2022Opening balance 641,461 89,242 62,382 -989 792,096Cash flows from financing activities 68,356 -7,201 -16,036 11,322 56,441Acquisition of leases - - 27,432 - 27,432Changes in fair value - - - 13,415 13,415Charged in the finance expenses 1,231 38,646 - - 39,877Cash flow hedge - - - -24,484 -24,484Currency translation differences on transactions designated as part of net investment in foreign operation 8,913 - - - 8,913Exchange differences -15,140 1,809 1,869 360 -11,102Ending balance 704,821 122,496 75,647 -376 902,588* Derivatives of financing activities37. Fiscal years unaudited by tax authorities(1)\u03a4itan Cement Company S.A 2017-2022 Stari Silo Company DOO 2008-2022(1)Albacem S.A. 2017-2022 Cementara Kosjeric AD 2017-2022(1)Interbeton Construction Materials S.A. 2017-2022 TCK Montenegro DOO 2007-2022(1)Intertitan Trading International S.A. 2017-2022 Double W & Co OOD 2018-2022(1)Vahou Quarries S.A. 2017-2022 Granitoid AD 2007-2022(1)Gournon Quarries S.A. 2017-2022 Gravel & Sand PIT AD 2005-2022(1)Quarries of Tagaradon Community S.A. 2017-2022 Zlatna Panega Beton EOOD 2008-2016(1)Aitolika Quarries S.A. 2017-2022 Zlatna Panega Cement AD 2010-2022(1)Sigma Beton S.A. 2017-2022 Titan Investment EAD 2017-2019(1)Titan Atlantic Cement Industrial and Commercial S.A. 2017-2022 Cement Plus LTD 2014-2022(1)Titan Cement International Trading S.A. 2017-2022 Rudmak DOOEL 2006-2022Titan Cement International S.A. 2019-2022 Esha Material LLC 2016-2022Aemos Cement Ltd 2012-2018 Esha Material DOOEL 2016-2022Alvacim Ltd 2015-2022 ID Kompani DOOEL 2015-2022Iapetos Ltd 2014-2022 Opalit DOOEL 2019-2022Themis Holdings Ltd 2019-2022 Usje Cementarnica AD 2020-2022Feronia Holding Ltd 2019-2022 Titan Cement Netherlands BV 2010-2022Vesa DOOL 2006-2022 Alba Cemento Italia, SHPK 2017-2022Trojan Cem EOOD 2010-2022 Antea Cement SHA 2020-2022(2)Titan Global Finance PLC 2021-2022 Sharr Beteiligungs GmbH 2014-2022Salentijn Properties1 B.V. 2007-2022 Kosovo Construction Materials L.L.C. 2010-2022Titan Cement Cyprus Limited 2017-2022 Sharrcem SH.P.K. 2017-2022KOCEM Limited 2019-2022 Alexandria Development Co.Ltd 2019-2022Fintitan SRL 2015-2022 Alexandria Portland Cement Co. S.A.E 2019-2022Cementi Crotone S.R.L. 2015-2022 Beni Suef Cement Co.S.A.E. 2019-2022Cementi ANTEA SRL 2017-2022 East Cement Trade Ltd 2019-2022Colombus Properties B.V. 2010-2022 Titan Beton & Aggregate Egypt LLC 2015-2022Brazcem Participacoes S.A. 2016-2022 Titan Eastmed Investments Ltd 2019-2022Adocim Cimento Beton Sanayi ve Ticaret A.S. 2022 Green Alternative Energy Assets EAD 2012-2022Adocim Marmara Cimento Beton Sanayi ve Ticaret A.S. 2022 GAEA Zelena Alternative Enerjia DOOEL 2013-2022Aeas Netherlands B.V. 2010-2020 GAEA Enerjia Alternative e Gjelber Sh.p.k. 2017-2022Titan Cement U.K. Ltd 2015-2022 GAEA -Green Alternative Energy Assets 2016-2022(3)\u03a4itan \u0391merica LLC 2019-2022(4)Arresa Marine Co -Separation Technologies Canada Ltd 2018-2022 Tithys Holdings Limited 2020-2022MILLCO-PCM DOOEL 2016-2022 Rea Cement Investments Limited 2021-2022(1) For the fiscal years 2017-2021 Certified Auditors Accountants tax audited the above companies and issued tax certificates without qualifications, according to the article 65A, par. 1 of L. 4174/2013.(2) As per UK tax legislation, HMRC could address any enquiry only for the years 2021 \u2013 2022 which remain open to enquiry without the need for a discovery assessment.(3) Companies operating in the U.S.A. are incorporated in the Titan America LLC subgroup (note 16).(4) Under special tax status.",
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"value": "35. Financial risk management objectives and policiesFinancial Risk FactorsThe Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior management oversees the management of these risks.The Group's senior management is supported by the Group finance, the treasury and the risk committee that advise on risks and the appropriate risk governance framework for the Group. The risk committee provides assurance to the Group's senior management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams and treasury that have the appropriate skills, experience and supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume in achieving its strategic objectives.The Group has the following derivative financial instruments in the following line items in the statement of financial position:(all amounts in Euro thousands)31/12/2022 31/12/2021Non-current assetsInterest rate swap - cash flow hedges - 2,488Interest rate swap - trading derivatives 3,479 -3,479 2,488Current assetsForward freight agreements - trading derivatives - 1,715Forwards - trading derivatives 3,601 -3,601 1,715Non-current liabilitiesCross currency swaps - trading derivatives 12,103 6,18512,103 6,185Current liabilitiesNatural gas forwards - cash flow hedges 2,747 1,084Energy swap - trading derivatives 458 27Bunkering swap - trading derivatives 1 -Forward freight agreements - trading derivatives 1,481 -Forwards - trading derivatives - 3,290Cross currency swaps - trading derivatives 4,957 4,3419,644 8,742Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. However, where derivatives do not meet the hedge accounting criteria, or the Group chooses not to designate a hedging relationship between a derivative and a hedged item, they are classified as trading derivatives for accounting purposes and are accounted for at fair value through profit or loss.The next table shows the gross amounts of the aforementioned derivative financial instruments in relation with their interim settlement, that is received or paid, as they are presenting in the statements of financial position as at 31.12.2022 and 31.12.2021, in order to summarize the total net position of the Group.(all amounts in Euro thousands)Net position - Asset /(Liability) Interim settlement of Fair value of derivativesderivatives Net balanceBalance at 31 December 2022Forwards - expired in 2023 3,601 -2,822 779Energy swap - expired in 2023 -458 - -458Natural gas forwards - expired in 2023 -2,747 1,670 -1,077Forward freight agreements - expired in 2023 -1,481 2,548 1,067Bunkering swap - expired in 2023 -1 1 -Cross currency swaps - expired in 2024 -17,060 19,375 2,315Interest rate swaps - expired in 2025 3,479 -3,450 29-14,667 17,322 2,655Balance at 31 December 2021Forwards - expired in 2022 -3,290 3,754 464Energy swap - expired in 2022 -27 - -27Natural gas forwards - expired in 2022 -1,084 - -1,084Forward freight agreements - expired in 2022 1,715 794 2,509Interest rate swap - expired in 2023 2,488 -1,070 1,418Cross currency swaps - expired in 2024 -10,526 10,716 190-10,724 14,194 3,470a) Market riskMarket risk comprises three main types of risk: currency risk, price risk, such as commodity risk and interest rate risk.Currency riskThe Group operates internationally and is exposed to foreign exchange risk (FX). Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group entity and international investments. Currency risks are managed using natural hedges, FX derivatives/swaps and FX forwards. Borrowings denominated in the same currency as the assets that are being financed and these create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk. However, part of the financing of Group activities in the USA, Albania and other countries in which Group's subsidiaries are operating is in different currencies (i.e. Euro) than their functional ones. Their refinancing in local currencies, along with FX hedging transactions, are examined at regular intervals.The table below shows the financing of Group activities in Euro for Group subsidiaries with functional currencies of:(all amounts expressed in Euro thousands)2022 2021USD 272,800 302,800LEK 46,725 49,923TRY 12,322 5,190MKD 4,500 -EGP 27,921 -The total borrowing exposure of \u20ac272.8 million in USA is hedged with derivatives that are classified as trading.Specifically, in August 2018, Titan America LLC (TALLC) entered into cross currency interest rate swap agreements (CCSs) that expire in November 2024. The derivatives hedge the interest payments and the foreign currency exposure created by the \u20ac150 million 7-year, fixed rate loan that TALLC borrowed from TGF in December 2017. During 2022, these CCSs resulted in a loss of \u20ac8.2 million that was recording in the \"loss from foreign exchange differences\" and a gain of \u20ac2.7 million that was recording in the \"finance income\" of the consolidated income statement.Moreover, TALLC entered into various short-term forward contracts during the year 2022, in order to hedge foreign currency risk arising from financial liabilities in Euro. Particularly, TALLC has roll-overed the hedges of EUR/USD forward contracts of \u20ac122.8 million loan agreements (2021: \u20ac152.8 million) with maturities in April and June of 2023. During 2022, these contracts resulted in a total loss of \u20ac11.4 million that was recording in the account of \"loss from foreign exchange differences\" in the consolidated income statement.In 2022, the aggregate net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac12.4 million (2021: \u20ac73 thousand) and they are analyzed further into net exchange gains of \u20ac7.2 million (2021: gains of \u20ac25.4 million) and fair value losses on derivatives of \u20ac19.6 million (2021: losses of \u20ac25.5 million) (note 6).Also, the Group recognized exchange losses on translation of foreign operations of \u20ac18.7 million in the consolidated statement of comprehensive income, mainly due to euro depreciation against US dollars (gain of \u20ac27.0 million), Brazilian real (gain of \u20ac10.7 million) and Albanian LEK (gain of \u20ac4.6 million), in addition with euro appreciation against Egyptian pound (loss of \u20ac81.1 million) and Turkish lira (loss of \u20ac25.5 million). Furthermore, a gain of \u20ac46.1 million was recognized in exchange (losses)/gains on translation of foreign operations in other comprehensive income, as a result of the indexation of Turkish subsidiaries' equity due to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies (note 1).The exchange gains on translation of foreign operations for the prior year amounted to \u20ac6.6 million and they were mainly due to euro depreciation against US dollar (gain of \u20ac37.2 million), Egyptian pound (gain of \u20ac10.1 million) and Albanian LEK (gain of \u20ac1.7 million), in addition with euro appreciation against Turkish lira (loss of \u20ac43.6 million). Sensitivity analysis in foreign exchange rate changes The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the US\u0391 Dollar, Serbian Dinar, Egyptian Pound, British Pound, Turkish Lira, Albanian Lek and Brazilian Real floating exchange rates, with all other variables held constant.The calculation of \"Effect on Profit before tax\" is based on year average FX rates and the calculation of \"Effect on Equity\" is based on year end FX rate changes.(all amounts in Euro thousands)Increase/ Decrease of Effect on Profit Before Foreign CurrencyEffect on equityForeign Currency vs. \u20acTax5% 4,176 30,097USD-5% -3,778 -27,2305% 1,194 1,726RSD-5% -1,080 -1,5625% -422 8,793EGP-5% 381 -7,9565% 138 519Year ended 31 December 2022GBP-5% -125 -4705% 48 5,472TRY-5% -44 -4,9505% 761 4,970ALL-5% -689 -4,4975% 34 6,937BRL-5% -31 -6,2765% 3,694 25,400USD-5% -3,342 -22,9815% 1,024 1,424RSD-5% -926 -1,2885% -562 13,824EGP-5% 508 -12,5075% 152 434Year ended 31 December 2021GBP-5% -137 -3935% -399 2,464TRY-5% 361 -2,2305% 522 4,080ALL-5% -472 -3,6925% 139 6,078BRL-5% -126 -5,499Price riskThe Group is exposed to the price volatility of electricity, fuel costs, freight rates or other transportation costs, and the cost of raw materials that constitute the most important elements of the Group\u2019s cost base. During 2022, the Group entered into the following derivatives in order to hedge its exposure price to changes of natural gas, coal, electricity and freights:1) In 2021 and 2022, Titan America LLC (TALLC) entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2022. The total notional amount of the swap contract was 2,790,000 MMBtus and its termination date was on 28.11.2022. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas and the swap contracts. During 2022, TALLC reclassified the amount of \u20ac5.8 million (2021: \u20ac1.7 million for a related relationship) associated with the monthly settlements from cash flow hedge reserve to cost of sales, while it recognized no ineffectiveness in the income statement.2) In 2022, TALLC entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2023. The total notional amount of the swap contracts was 2,940,000 MMBtus and their final termination date is 28.11.2023. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas during 2023 and the swap contracts. Due to coincidence of economic terms, no ineffectiveness is anticipated in this hedge relationship and none was recognized in the consolidated income statement during 2022. Furthermore, no amount related to this relationship reclassified to the income statement in 2022. On 31.12.2022, TALLC, and consequently the Group, recognized a fair value loss of \u20ac2.1 million in equity as a 'hedging reserve from cash flow hedges\". 3) In 2022, TALLC entered into a series of bunkering swaps (marine fuel oil 0.5% FOB Barge Rotterdam) in order to fix a portion of marine oil costs during 2023. The total notional amount of the swaps is 2,400 Mt, the final termination date is 30.9.2023 and the derivative is classified as trading. On 31.12.2022, the recognized loss of \u20ac1 thousand was included in the \"cost of sales\" of the consolidated income statement.4) Zlatna Panega Cement AD entered into a energy swap agreement in December 2021 in order to fix a portion of (API2) coal cost. The derivative, which was classified as trading, expired in November 2022 and during the year a gain amounted to \u20ac1.1 million (2021: loss of \u20ac0,03 million) was recognized in the \"cost of sales\" of the consolidated income statement. 5) Antea Cement SH.A, Sharrcem SH. P.K.and Cementarnica Usje AD Skopje entered into energy swap agreements in December 2022 in order to fix a portion of electricity cost (Hungarian Baseload Power / Argus) for the second and third quarter of 2023. The derivatives were classified as trading and at the end of December they recorded a total loss of \u20ac0.5 million that was also recognized in the \"cost of sales\" of the consolidated income statement. 6) Arresa Marine Co entered into various forwards freight agreements (FFAs) during 2022 and various expirations dates in 2022 and 2023 in order to partially hedge price fluctuations of freight cost. The FFAs were classified as trading derivatives and their total loss during 2022 of \u20ac2.5 million (2021: gain of \u20ac3.2 million) was recognized in the \"cost of sales\" of the consolidated income statement.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates.The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements. Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the Group\u2019s borrowings.On 31 December 2022, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross currency swaps and interest rate swaps, stood at 87%/13% (31 December 2021: 88%/12%). Interest rate trends and the duration of the Group\u2019s financing needs are monitored on a forward looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt are taken on an ad-hoc basis. In June 2021, Titan Global Finance (TGF) entered into a forward starting interest rate swap (IRS) agreement in order to partially hedge the risk of the increased future mid swap rate from a highly probable future debt issuance. At the inception of the agreement, TGF designated a cash flow hedge relationship between the IRS and the highly probable future debt issuance by formal documentation. The forward starting fixed-for-floating EURIBOR-based 5-year interest rate swap with a notional amount of \u20ac250 million and forward period up to October 2023 is designated as the hedging instrument for a 100% hedge of the future interest payments arising from the highly probable forecasted debt issuance in 2023. Due to coincidence of economic terms, no ineffectiveness is anticipated in the aforementioned hedge relationship. The only potential sources of inefficiency that could result are due to changes in the credit risk of the counterparties, or, in case, the hedged forecast transaction does not (or is no longer expected to) occur in the amounts, tenor or at the date anticipated that are not expected. During 2022, TGF terminated the forward starting IRS and succeeded to lock in a total gain of \u20ac29 million that will be recycled to the income statements over the five years offsetting the actual interest payments of the future fixed-rate debt of \u20ac250 million. The gain that was recognized in the current year's consolidated statement of other comprehensive income for the aforementioned derivative was \u20ac26.5 million (2021: \u20ac2.5 million).In May 2022, considering the high inflation and the increasing interest rates in U.S.A. market, Titan America LLC (TALLC) entered into a fixed to floating interest rate swaps (IRSs) to hedge the risk of the increased floating interest rates of its short-term dollar debt and to protect the future fluctuations in finance expense. The fixed-for-floating IRS with a notional amount of USD 100 million hedges the daily compounded SOFR on a quarterly basis for a 3-year period. On 31.12.2022, the fair value IRSs resulted in a gain of \u20ac3.5 million that was recording in the account of \"finance income\" in the consolidated income statement.The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the sensitivity analysis table below:Sensitivity analysis of Group's borrowings due to interest rate changes(all amounts in Euro thousands)Interest rate Effect on profit before variationtax(+/-) (-/+)EUR 1 . 0 % 911USD 1 . 0 % -EGP 1 . 0 % 50Year ended 31 December 2022ALL 1 . 0 % 203TRY 1 . 0 % 10BGN 1 . 0 % 9EUR 1 . 0 % 283USD 1 . 0 % 337Year ended 31 December 2021EGP 1 . 0 % -ALL 1 . 0 % 248TRY 1 . 0 % 54Note: Table above excludes the positive impact of interest received from deposits.b) Liquidity riskThe Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as the management of liquid assets.The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2022 & 2021 based on contractual undiscounted payments.(all amounts in Euro thousands)Year ended at December 31 2022< 1 month 1 to 6 months 6 to 12 months 1 to 5 years >5years TotalBorrowings 7,181 46,279 85,411 758,355 - 897,226Lease liabilities (note 33) 1,291 6,674 7,841 42,179 25,626 83,611Derivative financial instruments - - 4,687 17,060 - 21,747Payables from interim settlement of derivatives - 2,822 - 3,450 - 6,272Other non-current liabilities - - - 1,960 - 1,960Trade and other payables 208,287 153,103 4,541 - - 365,931216,759 208,878 102,480 823,004 25,626 1,376,747Year ended at December 31 2021Borrowings 10,130 54,373 40,988 443,470 256,875 805,836Lease liabilities (note 33) 1,245 7,687 6,754 34,069 22,078 71,833Derivative financial instruments 1,398 1,893 5,451 6,185 - 14,927Payables from interim settlement of derivatives - - - 1,070 - 1,070Other non-current liabilities - - - 5,138 - 5,138Trade and other payables 177,289 91,258 16,729 - - 285,276190,062 155,211 69,922 489,932 278,953 1,184,080c) Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its operations and maximize shareholder value.The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between total liabilities and total equity as well as net debt and earnings before interest, taxes, depreciation, amortization and impairment (EBITDA). Titan's policy is to maintain leverage ratios in line with an investment grade profile. The Group includes within net debt, interest bearing loans, borrowings and lease liabilities, less cash and cash equivalents.(all amounts in Euro thousands)2022 2021Long-term borrowings (note 32) 704,821 641,461Long-term lease liabilities (note 33) 58,777 46,004Short-term borrowings (note 32) 122,496 89,242Short-term lease liabilities (note 33) 16,870 16,378Debt 902,964 793,085Less: cash and cash equivalents (note 21) 105,703 79,882Net Debt 797,261 713,203Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 331,202 275,209Total liabilities 1,570,025 1,341,755Total equity 1,424,274 1,336,886",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-215-4": {
"value": "35. Financial risk management objectives and policiesFinancial Risk FactorsThe Group, by nature of its business and geographical positioning, is exposed to market, credit and liquidity risk. The Group's senior management oversees the management of these risks.The Group's senior management is supported by the Group finance, the treasury and the risk committee that advise on risks and the appropriate risk governance framework for the Group. The risk committee provides assurance to the Group's senior management that the Group's financial risk activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with the Group's policies and risk objectives. All derivative activities for risk management purposes are carried out by specialist teams and treasury that have the appropriate skills, experience and supervision. It is the Group's policy that no trading in derivatives for speculative purposes may be undertaken. The Board of Directors has overall responsibility for determining the nature and extent of the principal risks that the Group is willing to assume in achieving its strategic objectives.The Group has the following derivative financial instruments in the following line items in the statement of financial position:(all amounts in Euro thousands)31/12/2022 31/12/2021Non-current assetsInterest rate swap - cash flow hedges - 2,488Interest rate swap - trading derivatives 3,479 -3,479 2,488Current assetsForward freight agreements - trading derivatives - 1,715Forwards - trading derivatives 3,601 -3,601 1,715Non-current liabilitiesCross currency swaps - trading derivatives 12,103 6,18512,103 6,185Current liabilitiesNatural gas forwards - cash flow hedges 2,747 1,084Energy swap - trading derivatives 458 27Bunkering swap - trading derivatives 1 -Forward freight agreements - trading derivatives 1,481 -Forwards - trading derivatives - 3,290Cross currency swaps - trading derivatives 4,957 4,3419,644 8,742Where all relevant criteria are met, hedge accounting is applied to remove the accounting mismatch between the hedging instrument and the hedged item. However, where derivatives do not meet the hedge accounting criteria, or the Group chooses not to designate a hedging relationship between a derivative and a hedged item, they are classified as trading derivatives for accounting purposes and are accounted for at fair value through profit or loss.The next table shows the gross amounts of the aforementioned derivative financial instruments in relation with their interim settlement, that is received or paid, as they are presenting in the statements of financial position as at 31.12.2022 and 31.12.2021, in order to summarize the total net position of the Group.(all amounts in Euro thousands)Net position - Asset /(Liability) Interim settlement of Fair value of derivativesderivatives Net balanceBalance at 31 December 2022Forwards - expired in 2023 3,601 -2,822 779Energy swap - expired in 2023 -458 - -458Natural gas forwards - expired in 2023 -2,747 1,670 -1,077Forward freight agreements - expired in 2023 -1,481 2,548 1,067Bunkering swap - expired in 2023 -1 1 -Cross currency swaps - expired in 2024 -17,060 19,375 2,315Interest rate swaps - expired in 2025 3,479 -3,450 29-14,667 17,322 2,655Balance at 31 December 2021Forwards - expired in 2022 -3,290 3,754 464Energy swap - expired in 2022 -27 - -27Natural gas forwards - expired in 2022 -1,084 - -1,084Forward freight agreements - expired in 2022 1,715 794 2,509Interest rate swap - expired in 2023 2,488 -1,070 1,418Cross currency swaps - expired in 2024 -10,526 10,716 190-10,724 14,194 3,470a) Market riskMarket risk comprises three main types of risk: currency risk, price risk, such as commodity risk and interest rate risk.Currency riskThe Group operates internationally and is exposed to foreign exchange risk (FX). Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group entity and international investments. Currency risks are managed using natural hedges, FX derivatives/swaps and FX forwards. Borrowings denominated in the same currency as the assets that are being financed and these create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk. However, part of the financing of Group activities in the USA, Albania and other countries in which Group's subsidiaries are operating is in different currencies (i.e. Euro) than their functional ones. Their refinancing in local currencies, along with FX hedging transactions, are examined at regular intervals.The table below shows the financing of Group activities in Euro for Group subsidiaries with functional currencies of:(all amounts expressed in Euro thousands)2022 2021USD 272,800 302,800LEK 46,725 49,923TRY 12,322 5,190MKD 4,500 -EGP 27,921 -The total borrowing exposure of \u20ac272.8 million in USA is hedged with derivatives that are classified as trading.Specifically, in August 2018, Titan America LLC (TALLC) entered into cross currency interest rate swap agreements (CCSs) that expire in November 2024. The derivatives hedge the interest payments and the foreign currency exposure created by the \u20ac150 million 7-year, fixed rate loan that TALLC borrowed from TGF in December 2017. During 2022, these CCSs resulted in a loss of \u20ac8.2 million that was recording in the \"loss from foreign exchange differences\" and a gain of \u20ac2.7 million that was recording in the \"finance income\" of the consolidated income statement.Moreover, TALLC entered into various short-term forward contracts during the year 2022, in order to hedge foreign currency risk arising from financial liabilities in Euro. Particularly, TALLC has roll-overed the hedges of EUR/USD forward contracts of \u20ac122.8 million loan agreements (2021: \u20ac152.8 million) with maturities in April and June of 2023. During 2022, these contracts resulted in a total loss of \u20ac11.4 million that was recording in the account of \"loss from foreign exchange differences\" in the consolidated income statement.In 2022, the aggregate net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac12.4 million (2021: \u20ac73 thousand) and they are analyzed further into net exchange gains of \u20ac7.2 million (2021: gains of \u20ac25.4 million) and fair value losses on derivatives of \u20ac19.6 million (2021: losses of \u20ac25.5 million) (note 6).Also, the Group recognized exchange losses on translation of foreign operations of \u20ac18.7 million in the consolidated statement of comprehensive income, mainly due to euro depreciation against US dollars (gain of \u20ac27.0 million), Brazilian real (gain of \u20ac10.7 million) and Albanian LEK (gain of \u20ac4.6 million), in addition with euro appreciation against Egyptian pound (loss of \u20ac81.1 million) and Turkish lira (loss of \u20ac25.5 million). Furthermore, a gain of \u20ac46.1 million was recognized in exchange (losses)/gains on translation of foreign operations in other comprehensive income, as a result of the indexation of Turkish subsidiaries' equity due to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies (note 1).The exchange gains on translation of foreign operations for the prior year amounted to \u20ac6.6 million and they were mainly due to euro depreciation against US dollar (gain of \u20ac37.2 million), Egyptian pound (gain of \u20ac10.1 million) and Albanian LEK (gain of \u20ac1.7 million), in addition with euro appreciation against Turkish lira (loss of \u20ac43.6 million). Sensitivity analysis in foreign exchange rate changes The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the US\u0391 Dollar, Serbian Dinar, Egyptian Pound, British Pound, Turkish Lira, Albanian Lek and Brazilian Real floating exchange rates, with all other variables held constant.The calculation of \"Effect on Profit before tax\" is based on year average FX rates and the calculation of \"Effect on Equity\" is based on year end FX rate changes.(all amounts in Euro thousands)Increase/ Decrease of Effect on Profit Before Foreign CurrencyEffect on equityForeign Currency vs. \u20acTax5% 4,176 30,097USD-5% -3,778 -27,2305% 1,194 1,726RSD-5% -1,080 -1,5625% -422 8,793EGP-5% 381 -7,9565% 138 519Year ended 31 December 2022GBP-5% -125 -4705% 48 5,472TRY-5% -44 -4,9505% 761 4,970ALL-5% -689 -4,4975% 34 6,937BRL-5% -31 -6,2765% 3,694 25,400USD-5% -3,342 -22,9815% 1,024 1,424RSD-5% -926 -1,2885% -562 13,824EGP-5% 508 -12,5075% 152 434Year ended 31 December 2021GBP-5% -137 -3935% -399 2,464TRY-5% 361 -2,2305% 522 4,080ALL-5% -472 -3,6925% 139 6,078BRL-5% -126 -5,499Price riskThe Group is exposed to the price volatility of electricity, fuel costs, freight rates or other transportation costs, and the cost of raw materials that constitute the most important elements of the Group\u2019s cost base. During 2022, the Group entered into the following derivatives in order to hedge its exposure price to changes of natural gas, coal, electricity and freights:1) In 2021 and 2022, Titan America LLC (TALLC) entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2022. The total notional amount of the swap contract was 2,790,000 MMBtus and its termination date was on 28.11.2022. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas and the swap contracts. During 2022, TALLC reclassified the amount of \u20ac5.8 million (2021: \u20ac1.7 million for a related relationship) associated with the monthly settlements from cash flow hedge reserve to cost of sales, while it recognized no ineffectiveness in the income statement.2) In 2022, TALLC entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2023. The total notional amount of the swap contracts was 2,940,000 MMBtus and their final termination date is 28.11.2023. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas during 2023 and the swap contracts. Due to coincidence of economic terms, no ineffectiveness is anticipated in this hedge relationship and none was recognized in the consolidated income statement during 2022. Furthermore, no amount related to this relationship reclassified to the income statement in 2022. On 31.12.2022, TALLC, and consequently the Group, recognized a fair value loss of \u20ac2.1 million in equity as a 'hedging reserve from cash flow hedges\". 3) In 2022, TALLC entered into a series of bunkering swaps (marine fuel oil 0.5% FOB Barge Rotterdam) in order to fix a portion of marine oil costs during 2023. The total notional amount of the swaps is 2,400 Mt, the final termination date is 30.9.2023 and the derivative is classified as trading. On 31.12.2022, the recognized loss of \u20ac1 thousand was included in the \"cost of sales\" of the consolidated income statement.4) Zlatna Panega Cement AD entered into a energy swap agreement in December 2021 in order to fix a portion of (API2) coal cost. The derivative, which was classified as trading, expired in November 2022 and during the year a gain amounted to \u20ac1.1 million (2021: loss of \u20ac0,03 million) was recognized in the \"cost of sales\" of the consolidated income statement. 5) Antea Cement SH.A, Sharrcem SH. P.K.and Cementarnica Usje AD Skopje entered into energy swap agreements in December 2022 in order to fix a portion of electricity cost (Hungarian Baseload Power / Argus) for the second and third quarter of 2023. The derivatives were classified as trading and at the end of December they recorded a total loss of \u20ac0.5 million that was also recognized in the \"cost of sales\" of the consolidated income statement. 6) Arresa Marine Co entered into various forwards freight agreements (FFAs) during 2022 and various expirations dates in 2022 and 2023 in order to partially hedge price fluctuations of freight cost. The FFAs were classified as trading derivatives and their total loss during 2022 of \u20ac2.5 million (2021: gain of \u20ac3.2 million) was recognized in the \"cost of sales\" of the consolidated income statement.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates.The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements. Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the Group\u2019s borrowings.On 31 December 2022, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross currency swaps and interest rate swaps, stood at 87%/13% (31 December 2021: 88%/12%). Interest rate trends and the duration of the Group\u2019s financing needs are monitored on a forward looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt are taken on an ad-hoc basis. In June 2021, Titan Global Finance (TGF) entered into a forward starting interest rate swap (IRS) agreement in order to partially hedge the risk of the increased future mid swap rate from a highly probable future debt issuance. At the inception of the agreement, TGF designated a cash flow hedge relationship between the IRS and the highly probable future debt issuance by formal documentation. The forward starting fixed-for-floating EURIBOR-based 5-year interest rate swap with a notional amount of \u20ac250 million and forward period up to October 2023 is designated as the hedging instrument for a 100% hedge of the future interest payments arising from the highly probable forecasted debt issuance in 2023. Due to coincidence of economic terms, no ineffectiveness is anticipated in the aforementioned hedge relationship. The only potential sources of inefficiency that could result are due to changes in the credit risk of the counterparties, or, in case, the hedged forecast transaction does not (or is no longer expected to) occur in the amounts, tenor or at the date anticipated that are not expected. During 2022, TGF terminated the forward starting IRS and succeeded to lock in a total gain of \u20ac29 million that will be recycled to the income statements over the five years offsetting the actual interest payments of the future fixed-rate debt of \u20ac250 million. The gain that was recognized in the current year's consolidated statement of other comprehensive income for the aforementioned derivative was \u20ac26.5 million (2021: \u20ac2.5 million).In May 2022, considering the high inflation and the increasing interest rates in U.S.A. market, Titan America LLC (TALLC) entered into a fixed to floating interest rate swaps (IRSs) to hedge the risk of the increased floating interest rates of its short-term dollar debt and to protect the future fluctuations in finance expense. The fixed-for-floating IRS with a notional amount of USD 100 million hedges the daily compounded SOFR on a quarterly basis for a 3-year period. On 31.12.2022, the fair value IRSs resulted in a gain of \u20ac3.5 million that was recording in the account of \"finance income\" in the consolidated income statement.The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the sensitivity analysis table below:Sensitivity analysis of Group's borrowings due to interest rate changes(all amounts in Euro thousands)Interest rate Effect on profit before variationtax(+/-) (-/+)EUR 1 . 0 % 911USD 1 . 0 % -EGP 1 . 0 % 50Year ended 31 December 2022ALL 1 . 0 % 203TRY 1 . 0 % 10BGN 1 . 0 % 9EUR 1 . 0 % 283USD 1 . 0 % 337Year ended 31 December 2021EGP 1 . 0 % -ALL 1 . 0 % 248TRY 1 . 0 % 54Note: Table above excludes the positive impact of interest received from deposits.b) Liquidity riskThe Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as the management of liquid assets.The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2022 & 2021 based on contractual undiscounted payments.(all amounts in Euro thousands)Year ended at December 31 2022< 1 month 1 to 6 months 6 to 12 months 1 to 5 years >5years TotalBorrowings 7,181 46,279 85,411 758,355 - 897,226Lease liabilities (note 33) 1,291 6,674 7,841 42,179 25,626 83,611Derivative financial instruments - - 4,687 17,060 - 21,747Payables from interim settlement of derivatives - 2,822 - 3,450 - 6,272Other non-current liabilities - - - 1,960 - 1,960Trade and other payables 208,287 153,103 4,541 - - 365,931216,759 208,878 102,480 823,004 25,626 1,376,747Year ended at December 31 2021Borrowings 10,130 54,373 40,988 443,470 256,875 805,836Lease liabilities (note 33) 1,245 7,687 6,754 34,069 22,078 71,833Derivative financial instruments 1,398 1,893 5,451 6,185 - 14,927Payables from interim settlement of derivatives - - - 1,070 - 1,070Other non-current liabilities - - - 5,138 - 5,138Trade and other payables 177,289 91,258 16,729 - - 285,276190,062 155,211 69,922 489,932 278,953 1,184,08036. Financial instruments and fair value measurementSet out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments. (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.(all amounts in Euro thousands)Fair valueFair value hierarchy2022 2021Assets Investment property 11,240 10,980 Level 3Other financial assets at fair value through profit and loss 1,640 260 Level 3Derivative financial instruments 7,080 4,203 Level 2Receivables from interim settlement of derivatives 23,594 15,264 Level 2LiabilitiesLong-term borrowings 567,796 614,391 Level 2Long-term borrowings 107,731 45,287 Level 3Short-term borrowings 122,496 89,242 Level 3Derivative financial instruments 21,747 14,927 Level 2Payables from interim settlement of derivatives 6,272 1,070 Level 2There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during 2022.The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:For long and short term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Specifically, they are used quoted market prices, or dealer quotes for the specific or similar instruments.For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-current borrowings in level 3 are based on discounted cash flows using a borrowing rate that is prevailed in current market condition.Level 2 derivative financial instruments comprise fx forwards, cross currency interest rate swaps, interest rate swaps, natural gas forwards, forward freight agreement, electricity swap, marine oil swaps and energy swaps. \u03a4he Group use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active market, d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market, e) Coal API2 cif ARA (Argus /McCloskey) future prices that are quoted in the active market, f) Hungarian Baseload Power (Argus European Electricity) future prices that are quoted in the active market and g) marine fuel oil 0.5% fob Barge Rotterdam (Platts) future prices that are quoted in the active market.Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
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"pp-value-216-5": {
"value": "The Group has the following derivative financial instruments in the following line items in the statement of financial position:(all amounts in Euro thousands)31/12/2022 31/12/2021Non-current assetsInterest rate swap - cash flow hedges - 2,488Interest rate swap - trading derivatives 3,479 -3,479 2,488Current assetsForward freight agreements - trading derivatives - 1,715Forwards - trading derivatives 3,601 -3,601 1,715Non-current liabilitiesCross currency swaps - trading derivatives 12,103 6,18512,103 6,185Current liabilitiesNatural gas forwards - cash flow hedges 2,747 1,084Energy swap - trading derivatives 458 27Bunkering swap - trading derivatives 1 -Forward freight agreements - trading derivatives 1,481 -Forwards - trading derivatives - 3,290Cross currency swaps - trading derivatives 4,957 4,3419,644 8,742Specifically, in August 2018, Titan America LLC (TALLC) entered into cross currency interest rate swap agreements (CCSs) that expire in November 2024. The derivatives hedge the interest payments and the foreign currency exposure created by the \u20ac150 million 7-year, fixed rate loan that TALLC borrowed from TGF in December 2017. During 2022, these CCSs resulted in a loss of \u20ac8.2 million that was recording in the \"loss from foreign exchange differences\" and a gain of \u20ac2.7 million that was recording in the \"finance income\" of the consolidated income statement.Moreover, TALLC entered into various short-term forward contracts during the year 2022, in order to hedge foreign currency risk arising from financial liabilities in Euro. Particularly, TALLC has roll-overed the hedges of EUR/USD forward contracts of \u20ac122.8 million loan agreements (2021: \u20ac152.8 million) with maturities in April and June of 2023. During 2022, these contracts resulted in a total loss of \u20ac11.4 million that was recording in the account of \"loss from foreign exchange differences\" in the consolidated income statement.In 2022, the aggregate net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac12.4 million (2021: \u20ac73 thousand) and they are analyzed further into net exchange gains of \u20ac7.2 million (2021: gains of \u20ac25.4 million) and fair value losses on derivatives of \u20ac19.6 million (2021: losses of \u20ac25.5 million) (note 6).Also, the Group recognized exchange losses on translation of foreign operations of \u20ac18.7 million in the consolidated statement of comprehensive income, mainly due to euro depreciation against US dollars (gain of \u20ac27.0 million), Brazilian real (gain of \u20ac10.7 million) and Albanian LEK (gain of \u20ac4.6 million), in addition with euro appreciation against Egyptian pound (loss of \u20ac81.1 million) and Turkish lira (loss of \u20ac25.5 million). Furthermore, a gain of \u20ac46.1 million was recognized in exchange (losses)/gains on translation of foreign operations in other comprehensive income, as a result of the indexation of Turkish subsidiaries' equity due to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies (note 1).The exchange gains on translation of foreign operations for the prior year amounted to \u20ac6.6 million and they were mainly due to euro depreciation against US dollar (gain of \u20ac37.2 million), Egyptian pound (gain of \u20ac10.1 million) and Albanian LEK (gain of \u20ac1.7 million), in addition with euro appreciation against Turkish lira (loss of \u20ac43.6 million). (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
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"pp-value-218-5": {
"value": "a) Market riskMarket risk comprises three main types of risk: currency risk, price risk, such as commodity risk and interest rate risk.Currency riskThe Group operates internationally and is exposed to foreign exchange risk (FX). Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group entity and international investments. Currency risks are managed using natural hedges, FX derivatives/swaps and FX forwards. Borrowings denominated in the same currency as the assets that are being financed and these create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk. However, part of the financing of Group activities in the USA, Albania and other countries in which Group's subsidiaries are operating is in different currencies (i.e. Euro) than their functional ones. Their refinancing in local currencies, along with FX hedging transactions, are examined at regular intervals.The table below shows the financing of Group activities in Euro for Group subsidiaries with functional currencies of:(all amounts expressed in Euro thousands)2022 2021USD 272,800 302,800LEK 46,725 49,923TRY 12,322 5,190MKD 4,500 -EGP 27,921 -The total borrowing exposure of \u20ac272.8 million in USA is hedged with derivatives that are classified as trading.Specifically, in August 2018, Titan America LLC (TALLC) entered into cross currency interest rate swap agreements (CCSs) that expire in November 2024. The derivatives hedge the interest payments and the foreign currency exposure created by the \u20ac150 million 7-year, fixed rate loan that TALLC borrowed from TGF in December 2017. During 2022, these CCSs resulted in a loss of \u20ac8.2 million that was recording in the \"loss from foreign exchange differences\" and a gain of \u20ac2.7 million that was recording in the \"finance income\" of the consolidated income statement.Moreover, TALLC entered into various short-term forward contracts during the year 2022, in order to hedge foreign currency risk arising from financial liabilities in Euro. Particularly, TALLC has roll-overed the hedges of EUR/USD forward contracts of \u20ac122.8 million loan agreements (2021: \u20ac152.8 million) with maturities in April and June of 2023. During 2022, these contracts resulted in a total loss of \u20ac11.4 million that was recording in the account of \"loss from foreign exchange differences\" in the consolidated income statement.In 2022, the aggregate net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac12.4 million (2021: \u20ac73 thousand) and they are analyzed further into net exchange gains of \u20ac7.2 million (2021: gains of \u20ac25.4 million) and fair value losses on derivatives of \u20ac19.6 million (2021: losses of \u20ac25.5 million) (note 6).Also, the Group recognized exchange losses on translation of foreign operations of \u20ac18.7 million in the consolidated statement of comprehensive income, mainly due to euro depreciation against US dollars (gain of \u20ac27.0 million), Brazilian real (gain of \u20ac10.7 million) and Albanian LEK (gain of \u20ac4.6 million), in addition with euro appreciation against Egyptian pound (loss of \u20ac81.1 million) and Turkish lira (loss of \u20ac25.5 million). Furthermore, a gain of \u20ac46.1 million was recognized in exchange (losses)/gains on translation of foreign operations in other comprehensive income, as a result of the indexation of Turkish subsidiaries' equity due to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies (note 1).The exchange gains on translation of foreign operations for the prior year amounted to \u20ac6.6 million and they were mainly due to euro depreciation against US dollar (gain of \u20ac37.2 million), Egyptian pound (gain of \u20ac10.1 million) and Albanian LEK (gain of \u20ac1.7 million), in addition with euro appreciation against Turkish lira (loss of \u20ac43.6 million). Sensitivity analysis in foreign exchange rate changes The following table demonstrates the sensitivity of the Group\u2019s profit before tax and the Group\u2019s equity to reasonable changes in the US\u0391 Dollar, Serbian Dinar, Egyptian Pound, British Pound, Turkish Lira, Albanian Lek and Brazilian Real floating exchange rates, with all other variables held constant.The calculation of \"Effect on Profit before tax\" is based on year average FX rates and the calculation of \"Effect on Equity\" is based on year end FX rate changes.(all amounts in Euro thousands)Increase/ Decrease of Effect on Profit Before Foreign CurrencyEffect on equityForeign Currency vs. \u20acTax5% 4,176 30,097USD-5% -3,778 -27,2305% 1,194 1,726RSD-5% -1,080 -1,5625% -422 8,793EGP-5% 381 -7,9565% 138 519Year ended 31 December 2022GBP-5% -125 -4705% 48 5,472TRY-5% -44 -4,9505% 761 4,970ALL-5% -689 -4,4975% 34 6,937BRL-5% -31 -6,2765% 3,694 25,400USD-5% -3,342 -22,9815% 1,024 1,424RSD-5% -926 -1,2885% -562 13,824EGP-5% 508 -12,5075% 152 434Year ended 31 December 2021GBP-5% -137 -3935% -399 2,464TRY-5% 361 -2,2305% 522 4,080ALL-5% -472 -3,6925% 139 6,078BRL-5% -126 -5,499Price riskThe Group is exposed to the price volatility of electricity, fuel costs, freight rates or other transportation costs, and the cost of raw materials that constitute the most important elements of the Group\u2019s cost base. During 2022, the Group entered into the following derivatives in order to hedge its exposure price to changes of natural gas, coal, electricity and freights:1) In 2021 and 2022, Titan America LLC (TALLC) entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2022. The total notional amount of the swap contract was 2,790,000 MMBtus and its termination date was on 28.11.2022. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas and the swap contracts. During 2022, TALLC reclassified the amount of \u20ac5.8 million (2021: \u20ac1.7 million for a related relationship) associated with the monthly settlements from cash flow hedge reserve to cost of sales, while it recognized no ineffectiveness in the income statement.2) In 2022, TALLC entered into a series of natural gas swap transactions in order to fix a portion of the monthly NYMEX component of its natural gas costs during 2023. The total notional amount of the swap contracts was 2,940,000 MMBtus and their final termination date is 28.11.2023. TALLC designated a cash flow hedge relationship between the highly probable forecast monthly purchases of natural gas during 2023 and the swap contracts. Due to coincidence of economic terms, no ineffectiveness is anticipated in this hedge relationship and none was recognized in the consolidated income statement during 2022. Furthermore, no amount related to this relationship reclassified to the income statement in 2022. On 31.12.2022, TALLC, and consequently the Group, recognized a fair value loss of \u20ac2.1 million in equity as a 'hedging reserve from cash flow hedges\". 3) In 2022, TALLC entered into a series of bunkering swaps (marine fuel oil 0.5% FOB Barge Rotterdam) in order to fix a portion of marine oil costs during 2023. The total notional amount of the swaps is 2,400 Mt, the final termination date is 30.9.2023 and the derivative is classified as trading. On 31.12.2022, the recognized loss of \u20ac1 thousand was included in the \"cost of sales\" of the consolidated income statement.4) Zlatna Panega Cement AD entered into a energy swap agreement in December 2021 in order to fix a portion of (API2) coal cost. The derivative, which was classified as trading, expired in November 2022 and during the year a gain amounted to \u20ac1.1 million (2021: loss of \u20ac0,03 million) was recognized in the \"cost of sales\" of the consolidated income statement. 5) Antea Cement SH.A, Sharrcem SH. P.K.and Cementarnica Usje AD Skopje entered into energy swap agreements in December 2022 in order to fix a portion of electricity cost (Hungarian Baseload Power / Argus) for the second and third quarter of 2023. The derivatives were classified as trading and at the end of December they recorded a total loss of \u20ac0.5 million that was also recognized in the \"cost of sales\" of the consolidated income statement. 6) Arresa Marine Co entered into various forwards freight agreements (FFAs) during 2022 and various expirations dates in 2022 and 2023 in order to partially hedge price fluctuations of freight cost. The FFAs were classified as trading derivatives and their total loss during 2022 of \u20ac2.5 million (2021: gain of \u20ac3.2 million) was recognized in the \"cost of sales\" of the consolidated income statement.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates.The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. The ratio of fixed to floating rates of the Group\u2019s net borrowings is determined by market conditions, Group strategy and financing requirements. Occasionally interest rate derivatives may be used to mitigate the relevant risk and balance the mix of fixed and floating rates of the Group\u2019s borrowings.On 31 December 2022, the Group\u2019s ratio of fixed to floating interest rates, taking into account outstanding cross currency swaps and interest rate swaps, stood at 87%/13% (31 December 2021: 88%/12%). Interest rate trends and the duration of the Group\u2019s financing needs are monitored on a forward looking basis. Consequently, decisions about the duration and the mix between fixed and floating rate debt are taken on an ad-hoc basis. In June 2021, Titan Global Finance (TGF) entered into a forward starting interest rate swap (IRS) agreement in order to partially hedge the risk of the increased future mid swap rate from a highly probable future debt issuance. At the inception of the agreement, TGF designated a cash flow hedge relationship between the IRS and the highly probable future debt issuance by formal documentation. The forward starting fixed-for-floating EURIBOR-based 5-year interest rate swap with a notional amount of \u20ac250 million and forward period up to October 2023 is designated as the hedging instrument for a 100% hedge of the future interest payments arising from the highly probable forecasted debt issuance in 2023. Due to coincidence of economic terms, no ineffectiveness is anticipated in the aforementioned hedge relationship. The only potential sources of inefficiency that could result are due to changes in the credit risk of the counterparties, or, in case, the hedged forecast transaction does not (or is no longer expected to) occur in the amounts, tenor or at the date anticipated that are not expected. During 2022, TGF terminated the forward starting IRS and succeeded to lock in a total gain of \u20ac29 million that will be recycled to the income statements over the five years offsetting the actual interest payments of the future fixed-rate debt of \u20ac250 million. The gain that was recognized in the current year's consolidated statement of other comprehensive income for the aforementioned derivative was \u20ac26.5 million (2021: \u20ac2.5 million).In May 2022, considering the high inflation and the increasing interest rates in U.S.A. market, Titan America LLC (TALLC) entered into a fixed to floating interest rate swaps (IRSs) to hedge the risk of the increased floating interest rates of its short-term dollar debt and to protect the future fluctuations in finance expense. The fixed-for-floating IRS with a notional amount of USD 100 million hedges the daily compounded SOFR on a quarterly basis for a 3-year period. On 31.12.2022, the fair value IRSs resulted in a gain of \u20ac3.5 million that was recording in the account of \"finance income\" in the consolidated income statement.The impact of interest rate volatility is limited in the income statement and cash flow from operating activities of the Group, as shown in the sensitivity analysis table below:Sensitivity analysis of Group's borrowings due to interest rate changes(all amounts in Euro thousands)Interest rate Effect on profit before variationtax(+/-) (-/+)EUR 1 . 0 % 911USD 1 . 0 % -EGP 1 . 0 % 50Year ended 31 December 2022ALL 1 . 0 % 203TRY 1 . 0 % 10BGN 1 . 0 % 9EUR 1 . 0 % 283USD 1 . 0 % 337Year ended 31 December 2021EGP 1 . 0 % -ALL 1 . 0 % 248TRY 1 . 0 % 54Note: Table above excludes the positive impact of interest received from deposits.",
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"pp-value-219-6": {
"value": "The Group operates internationally and is exposed to foreign exchange risk (FX). Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities, mainly borrowings, denominated in a currency that is not the functional currency of the relevant Group entity and international investments. Currency risks are managed using natural hedges, FX derivatives/swaps and FX forwards. Borrowings denominated in the same currency as the assets that are being financed and these create a natural hedge for investments in foreign subsidiaries exposed to FX conversion risk. ",
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"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-221-7": {
"value": "Specifically, in August 2018, Titan America LLC (TALLC) entered into cross currency interest rate swap agreements (CCSs) that expire in November 2024. The derivatives hedge the interest payments and the foreign currency exposure created by the \u20ac150 million 7-year, fixed rate loan that TALLC borrowed from TGF in December 2017. During 2022, these CCSs resulted in a loss of \u20ac8.2 million that was recording in the \"loss from foreign exchange differences\" and a gain of \u20ac2.7 million that was recording in the \"finance income\" of the consolidated income statement.Moreover, TALLC entered into various short-term forward contracts during the year 2022, in order to hedge foreign currency risk arising from financial liabilities in Euro. Particularly, TALLC has roll-overed the hedges of EUR/USD forward contracts of \u20ac122.8 million loan agreements (2021: \u20ac152.8 million) with maturities in April and June of 2023. During 2022, these contracts resulted in a total loss of \u20ac11.4 million that was recording in the account of \"loss from foreign exchange differences\" in the consolidated income statement.In 2022, the aggregate net foreign exchange losses recognized in the consolidated income statement amounted to \u20ac12.4 million (2021: \u20ac73 thousand) and they are analyzed further into net exchange gains of \u20ac7.2 million (2021: gains of \u20ac25.4 million) and fair value losses on derivatives of \u20ac19.6 million (2021: losses of \u20ac25.5 million) (note 6).Also, the Group recognized exchange losses on translation of foreign operations of \u20ac18.7 million in the consolidated statement of comprehensive income, mainly due to euro depreciation against US dollars (gain of \u20ac27.0 million), Brazilian real (gain of \u20ac10.7 million) and Albanian LEK (gain of \u20ac4.6 million), in addition with euro appreciation against Egyptian pound (loss of \u20ac81.1 million) and Turkish lira (loss of \u20ac25.5 million). Furthermore, a gain of \u20ac46.1 million was recognized in exchange (losses)/gains on translation of foreign operations in other comprehensive income, as a result of the indexation of Turkish subsidiaries' equity due to the application of IAS 29 - Financial Reporting in Hyperinflationary Economies (note 1).The exchange gains on translation of foreign operations for the prior year amounted to \u20ac6.6 million and they were mainly due to euro depreciation against US dollar (gain of \u20ac37.2 million), Egyptian pound (gain of \u20ac10.1 million) and Albanian LEK (gain of \u20ac1.7 million), in addition with euro appreciation against Turkish lira (loss of \u20ac43.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-225-5": {
"value": "b) Liquidity riskThe Group, in addition to its operating cash flows, maintains sufficient cash and other liquid assets, as well as extensive committed credit lines with several international banks to ensure the fulfillment of its financial obligations. Group Treasury controls Group funding as well as the management of liquid assets.The table below summarizes the maturity profile of financial and lease liabilities at 31 December 2022 & 2021 based on contractual undiscounted payments.(all amounts in Euro thousands)Year ended at December 31 2022< 1 month 1 to 6 months 6 to 12 months 1 to 5 years >5years TotalBorrowings 7,181 46,279 85,411 758,355 - 897,226Lease liabilities (note 33) 1,291 6,674 7,841 42,179 25,626 83,611Derivative financial instruments - - 4,687 17,060 - 21,747Payables from interim settlement of derivatives - 2,822 - 3,450 - 6,272Other non-current liabilities - - - 1,960 - 1,960Trade and other payables 208,287 153,103 4,541 - - 365,931216,759 208,878 102,480 823,004 25,626 1,376,747Year ended at December 31 2021Borrowings 10,130 54,373 40,988 443,470 256,875 805,836Lease liabilities (note 33) 1,245 7,687 6,754 34,069 22,078 71,833Derivative financial instruments 1,398 1,893 5,451 6,185 - 14,927Payables from interim settlement of derivatives - - - 1,070 - 1,070Other non-current liabilities - - - 5,138 - 5,138Trade and other payables 177,289 91,258 16,729 - - 285,276190,062 155,211 69,922 489,932 278,953 1,184,080",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-227-4": {
"value": "c) Capital managementThe primary objective of the Group\u2019s capital management is to ensure that it maintains healthy capital ratios in order to support its operations and maximize shareholder value.The Group manages its capital structure conservatively with the leverage ratio, as this is shown from the relationship between total liabilities and total equity as well as net debt and earnings before interest, taxes, depreciation, amortization and impairment (EBITDA). Titan's policy is to maintain leverage ratios in line with an investment grade profile. The Group includes within net debt, interest bearing loans, borrowings and lease liabilities, less cash and cash equivalents.(all amounts in Euro thousands)2022 2021Long-term borrowings (note 32) 704,821 641,461Long-term lease liabilities (note 33) 58,777 46,004Short-term borrowings (note 32) 122,496 89,242Short-term lease liabilities (note 33) 16,870 16,378Debt 902,964 793,085Less: cash and cash equivalents (note 21) 105,703 79,882Net Debt 797,261 713,203Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) 331,202 275,209Total liabilities 1,570,025 1,341,755Total equity 1,424,274 1,336,886",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-228-5": {
"value": "36. Financial instruments and fair value measurementSet out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments. (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.(all amounts in Euro thousands)Fair valueFair value hierarchy2022 2021Assets Investment property 11,240 10,980 Level 3Other financial assets at fair value through profit and loss 1,640 260 Level 3Derivative financial instruments 7,080 4,203 Level 2Receivables from interim settlement of derivatives 23,594 15,264 Level 2LiabilitiesLong-term borrowings 567,796 614,391 Level 2Long-term borrowings 107,731 45,287 Level 3Short-term borrowings 122,496 89,242 Level 3Derivative financial instruments 21,747 14,927 Level 2Payables from interim settlement of derivatives 6,272 1,070 Level 2There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during 2022.The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:For long and short term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Specifically, they are used quoted market prices, or dealer quotes for the specific or similar instruments.For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-current borrowings in level 3 are based on discounted cash flows using a borrowing rate that is prevailed in current market condition.Level 2 derivative financial instruments comprise fx forwards, cross currency interest rate swaps, interest rate swaps, natural gas forwards, forward freight agreement, electricity swap, marine oil swaps and energy swaps. \u03a4he Group use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active market, d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market, e) Coal API2 cif ARA (Argus /McCloskey) future prices that are quoted in the active market, f) Hungarian Baseload Power (Argus European Electricity) future prices that are quoted in the active market and g) marine fuel oil 0.5% fob Barge Rotterdam (Platts) future prices that are quoted in the active market.Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-228-6": {
"value": "36. Financial instruments and fair value measurementSet out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments. (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.(all amounts in Euro thousands)Fair valueFair value hierarchy2022 2021Assets Investment property 11,240 10,980 Level 3Other financial assets at fair value through profit and loss 1,640 260 Level 3Derivative financial instruments 7,080 4,203 Level 2Receivables from interim settlement of derivatives 23,594 15,264 Level 2LiabilitiesLong-term borrowings 567,796 614,391 Level 2Long-term borrowings 107,731 45,287 Level 3Short-term borrowings 122,496 89,242 Level 3Derivative financial instruments 21,747 14,927 Level 2Payables from interim settlement of derivatives 6,272 1,070 Level 2There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during 2022.The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:For long and short term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Specifically, they are used quoted market prices, or dealer quotes for the specific or similar instruments.For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-current borrowings in level 3 are based on discounted cash flows using a borrowing rate that is prevailed in current market condition.Level 2 derivative financial instruments comprise fx forwards, cross currency interest rate swaps, interest rate swaps, natural gas forwards, forward freight agreement, electricity swap, marine oil swaps and energy swaps. \u03a4he Group use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active market, d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market, e) Coal API2 cif ARA (Argus /McCloskey) future prices that are quoted in the active market, f) Hungarian Baseload Power (Argus European Electricity) future prices that are quoted in the active market and g) marine fuel oil 0.5% fob Barge Rotterdam (Platts) future prices that are quoted in the active market.Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-228-7": {
"value": "36. Financial instruments and fair value measurementSet out below is a comparison by category of carrying amounts and fair values of the Group\u2019s financial instruments. (all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -The management assessed that the cash and cash equivalents, trade receivables, trade payables, bank overdrafts and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value hierarchyThe Group uses the following hierarchy for determining and disclosing the fair value of the assets and liabilities by valuation method:Level 1: based on quoted (unadjusted) prices in active markets for identical assets or liabilities.Level 2: based on valuation techniques whereby all inputs having a significant effect on the fair value are observable, either directly or indirectly and includes quoted prices for identical or similar assets or liabilities in markets that are not so much actively traded.Level 3: based on valuation techniques whereby all inputs having a significant effect on the fair value are not observable market data.The following table provides the fair value measurement hierarchy of the Group's assets and liabilities.(all amounts in Euro thousands)Fair valueFair value hierarchy2022 2021Assets Investment property 11,240 10,980 Level 3Other financial assets at fair value through profit and loss 1,640 260 Level 3Derivative financial instruments 7,080 4,203 Level 2Receivables from interim settlement of derivatives 23,594 15,264 Level 2LiabilitiesLong-term borrowings 567,796 614,391 Level 2Long-term borrowings 107,731 45,287 Level 3Short-term borrowings 122,496 89,242 Level 3Derivative financial instruments 21,747 14,927 Level 2Payables from interim settlement of derivatives 6,272 1,070 Level 2There were no transfers between level 1 and 2 fair value measurements during the period and no transfers into or out of level 3 fair value measurements during 2022.The fair value of level 3 investment property is estimated by the Group by external, independent, certified evaluators. The fair value measurement of the investment property has been mainly conducted in accordance with the comparative method, or the current market values of similar properties. The main factors that were taken into consideration, are the property location, the surface area, the local urban planning, the bordering road networks, the regional infrastructure, the property maintenance status and merchantability, the technical construction standards in the case of buildings and the impact of environmental issues if any.The fair value of the financial assets and liabilities is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than a forced liquidation or sale. The following methods and assumptions were used to estimate the fair values:For long and short term borrowings in level 2, the evaluation of their fair value is based on parameters such as interest rates, specific country risk factors, or price quotations at the reporting date. Specifically, they are used quoted market prices, or dealer quotes for the specific or similar instruments.For the majority of the borrowings in level 3, the fair values are not materially different from their carrying amounts, since the interest payable on those borrowings is either close to current market rates, or the borrowings are of a short-term nature. The fair values of non-current borrowings in level 3 are based on discounted cash flows using a borrowing rate that is prevailed in current market condition.Level 2 derivative financial instruments comprise fx forwards, cross currency interest rate swaps, interest rate swaps, natural gas forwards, forward freight agreement, electricity swap, marine oil swaps and energy swaps. \u03a4he Group use a variety of methods and make assumptions that are based on market conditions existing at each reporting date. The aforementioned contracts have been fair valued using: a) forward exchange rates that are quoted in the active market, b) forward interest rates extracted from observable yield curves, c) US Natural Gas Henry Hub futures prices that are quoted in the active market, d) Baltic Supramax 10TC 58kt Forward Freight prices that are quoted in the active market, e) Coal API2 cif ARA (Argus /McCloskey) future prices that are quoted in the active market, f) Hungarian Baseload Power (Argus European Electricity) future prices that are quoted in the active market and g) marine fuel oil 0.5% fob Barge Rotterdam (Platts) future prices that are quoted in the active market.Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-229-9": {
"value": "(all amounts in Euro thousands)Carrying amount Fair value2022 2021 2022 2021Financial assets At amortised costOther non-current financial assets 10,321 9,249 10,321 9,249Trade receivables 173,960 128,447 173,960 128,447Cash and cash equivalents 105,703 79,882 105,703 79,882Other current financial assets 63,706 52,860 63,706 52,860Fair value through other comprehensive incomeDerivative financial instruments - non current - 2,488 - 2,488Fair value through profit and lossDerivative financial instruments - non current 3,479 - 3,479 -Receivables from interim settlement of derivatives - non current 12,103 6,185 12,103 6,185Other non-current financial assets 1,610 230 1,610 230Derivative financial instruments - current 3,601 1,715 3,601 1,715Receivables from interim settlement of derivatives - current 11,491 9,079 11,491 9,079Other current financial assets 30 30 30 30Financial liabilitiesAt amortised cost Long term borrowings 704,821 641,461 675,527 659,678Other non-current financial liabilities 30 17 30 17Short term borrowings 122,496 89,242 122,496 89,242Other current financial liabilities 361,577 281,727 361,577 281,727Fair value through other comprehensive incomeDerivative financial instruments - current 2,747 1,084 2,747 1,084Fair value through profit and lossDerivative financial instruments - non current 12,103 6,185 12,103 6,185Payables from interim settlement of derivatives - non current 3,450 1,070 3,450 1,070Derivative financial instruments - current 6,897 7,658 6,897 7,658Payables from interim settlement of derivatives - current 2,822 - 2,822 -Level 3 other financial assets at fair value through profit and loss refer mainly to investments in foreign property funds and in decarbonization and electrification technology companies that transform renewable electricity into heat, in which the Group owns an insignificant percentage. Their valuation is made based on their financial statements.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800H2CDP9I374WH83",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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}
}