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"value": "NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSA 1. REPORTING ENTITY Hybrid Software Group PLC (the \"Company\") and its subsidiaries (together the \"Group\") is a leading developer of software solutions for pre- press, printing and packaging conversion. It is also a leading supplier of drive electronics for industrial inkjet printing. The Company is a public limited company, registered in England and Wales, domiciled in the United Kingdom and is quoted on Euronext in Brussels. The Company's registered office address is 2030, Cambourne Business Park, Cambourne, Cambridge, CB23 6DW. 2. BASIS OF PREPARATION Statement of compliance These consolidated financial statements have been prepared in accordance withUK-adopted international accounting standards and International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. These consolidated financial statements were authorised for issue by the Company \u2019s Board of Directors on 11 April 2023. As defined in article 4 of the Transparency Directive (2004/109/EC), the official version of the annual financial report is the ESEF version. Basis of measurement These consolidated financial statements have been prepared on the historical cost basis . Non-current assets are stated at the lower of amortis ed cost and fair value less disposal costs when applicable. The methods used to measure fair value are discussed in Note 4 \u2018Determination of fair values\u2019. Functional and presentation currency The amounts included in the financial statements for each of the Group\u2019s entities are measured using their respective functional currency, which is then translated to euro using appropriate exchange rates. The functional currency is determined for each of the Group\u2019s entities based on the primary economic environment in which each of the Group\u2019s entitiesoperates and the primary currency used for transactions in those entities. The functional currency for each of the entities in the Group is shown in the table below. Company name Functional currency Hybrid Software Group PLC Euro (EUR) Global Graphics (UK) Limited Pound sterling (GBP) Global Graphics Software Limited Pound sterling (GBP) Global Graphics Software Incorporated United States dollar (USD) Global Graphics Kabushiki Kaisha Japanese yen (JPY) Global Graphics EBT Limited Pound sterling (GBP) Meteor Inkjet Limited Pound sterling (GBP) Xitron, LLC United States dollar (USD) HYBRID Software Group S.\u00e0 r.l. Euro (EUR) eXplio NV Euro (EUR) HYBRID Software Development NV Euro (EUR) HYBRID Integration LLC United States dollar (USD) HYBRID Software NV Euro (EUR) HYBRID Software China Co. Limited Chinese yuan (CNY) HYBRID Software GmbH Euro (EUR) HYBRID Software Italy SRL Euro (EUR) HYBRID Software France SAS Euro (EUR) HYBRID Software UK Limited Pound sterling (GBP) HYBRID Software Australia Pty Limited Australian dollar (AUD) HYRBID Software Iberia S.L.U. Euro (EUR) ColorLogic GmbH Euro (EUR) The se consolidated financial statements are presented in euros and all information which is presented in the following notes has been rounded to the nearest thousand, unless otherwise specified. U se of accounting estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements is included in Note 5 \u2018Critical accounting estimates and judgements\u2019. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 2. BASIS OF PREPARATION (CONTINUED) Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and positionare set out in the strategic report. The Directors\u2019 report further describes the financial position of the Group; its cash flows an d liquidity position; the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financi al instruments; and its exposure to credit risk and liquidity risk. As a result of multiple fac tors playing out at the same time - the war in Ukraine, the COVID-19 pandemic still affecting mainly Asian countries, rising inflation, energy and input prices, supply chain disruptions leading to various shortages - there is more uncertainty across the global economy. Meteor Inkjet was severely impacted in the first half year due to the availability of components but has recovered since. The impact of the multitude of current economic headwinds did not prevent the other group components from growing their aggregate revenue, albeit new business revenue was deemed subpar for the Global Graphics Software and HYBRID Software CGU\u2019s. For the Global Graphics Softwa re CGU this was mainly driven by the absence of significant software development sales and multiyear contract renewals. The HYBRID Software CGU \u2019s new business development is prone to availability of capital expenditure budgets amongst its prospects and customers. Certainly in Europe and especially Ge rmany, the company experienced capital budgets being frozen in response to economic adversity which occurred during the year. The Group has considerable financial resources, together with long -standing relationships with customers through its licence and support sales model. The Group\u2019s forecasts and projections, taking account of potential and realistic changes in trading performance, and also including worst case, severe, yet plausible downside scenarios, continue to indicate that the Group is ab le to operate within the level of existing cash resources. T he Directors have considered the impact of a significant reduction in sales against forecasts, which may arise if the economic conditions further worsen in the company\u2019s main markets, being the U nited States, Europe & Asia. This impact has been considered against a backdrop of rising employment and operating costs due to inflation and increases in cost of living. The Directors have prepared Group cash flow forecasts for a period of at least 12months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Group will have sufficient funds to meet its liabilities as they fall due for that period. The Group is diversified i n terms of products, customers and geographies served. Any reductions in revenue in one segment have generally been offset by increased revenue in another segment. Across the Group, there have been no contract cancellations and to the D irectors\u2019 knowledgenone of the Group\u2019s significant customers have failed. Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as th ey fall due for at least 12 months from the date of approval of these fina ncial statements and therefore have prepared these financial statements on a going concern basis. Alternative performance measures The Strategic Report includes IFRS revenue and profit, constant exchange rate (\u201cCER\u201d) revenue, adjusted profit and EBITDA. See page 30 for further details. CER revenue eliminates the impact of currency movements when comparing the current year to the comparative year. The current year is restated at the comparative year\u2019s actual exchange rates. Adjusted profit, in management\u2019s view, reflects the underlying operating performance of the business and provides a more meaningful comparison of how the business is managed and measured from year to year by adjusting for non-recurring or uncontrollable factors which affect the IFRS reported amounts. EBITDA is also reported as an alternative measure of profit and is calculated by adding back interest, tax, depreciation andamortisation to net profit. EBITDA is a common measure used by investors and analysts to comparatively evaluate the financial performance of companies. The Board believes that evaluating the Group\u2019s ongoing results may not be as useful if it is limited to reviewing only IFRS f inancial measures, particularly because management uses adjusted financial information to evaluate its ongoing operations, for internal planning and forecasting purposes and for the measurement of performance related bonuses. The Board does not suggest that inv estors should consider these adjusted financial results in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. The Board presents EBITDA and adjusted financial results when reporting its financial results to prov ide investors with additional tools to evaluate the Group\u2019s results in a manner that focuses on what the Board believes to be its underlying business operations. The Board believes that the inclusion of adjusted financial results provides consistency and comparability with past reports. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
BASIS OF PREPARATION (CONTINUED)
Parent Company financial statements
The parent Company financial statements present information about the Company as a separate e
ntity and not about its group. The Company
has elected to prepare its parent company financial statements in accordance with FRS 101. These are presented on pages
113 to 120.
3. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies
applied in the presentation of these consolidated financial statements are set out below. These policies have
been consistently applied to all the years presented
.
There are no other new or amended interpretations
or standards effective for the financial year commencing 1 January 2022 that have had a
material impact on the Group.
Subsidiaries are all entities controlled by the Group. The financial statements of subsidiaries are included in the consolida
ted financial
statements from the date that control commences until the date that control ceases.
Transactions eliminated on consolidation
-company balances and transactions, and any unrealised income and expenses arising from inter-company transactions, are eliminated
in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but
only to the extent
that there is no evidence of impairment.
Business combinations are
accounted for using the acquisition method as at the acquisition date, which is the date on which control is
transferred to the Group.
For business combinations with acquisition dates on or after 1 January 2022, the Group has determined whether a particular se
t of activities
by assessing whether the set of assets and activities acquired includes, at a minimum, an input and substantive
the acquired set has the ability to produce outputs. The Group has an option to apply a \u2018concentration test\u2019 that permits
a simplified assessment of whether an acquired set of activities and assets is not a busines
s. This election can be applied on a transaction by
transaction basis. The optional concentration test is met if substantially all of the fair value of the gross assets acquired
is concentrated in a
single identified asset or group of similar identifiable
assets.
Foreign currency translation
Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates
at the dates of the
transactions. Monetary assets and liabili
ties denominated in foreign currencies at the reporting date are retranslated to the functional currency
at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised co
st in the functional
ncy at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency
translated at the exchange rate at the end of the year.
-monetary assets and liabilities that are measured at fair value in a foreign currency are retranslated to the functional currency at the
exchange rate at the date that the fair value was determined. Non
-monetary items that are measured based on historical cost in a foreign
currency are translated using the exch
ange rate at the date of the transaction. Foreign currency differences arising on retranslation are
generally recognised in profit or loss.
Translation of financial statements of foreign operations
The assets and liabilities of foreign operations, includi
ng goodwill and fair value adjustments arising on acquisition, are translated to euro at
exchange rates at the reporting date. The income and expenses of foreign operations are translated
on a monthly basis to euro at average
for each month. Foreign currency differences are recognised in other comprehensive income and presented in the foreign
currency translation reserve in equity.
-derivative financial instruments
-derivative financial instruments comprise trade and other receivables, other current assets, cash, trade payables, and other liabilities.
-derivative financial instruments are recognised initially at fair value plus any directly attributable transaction costs. After initial recognition,
-derivative financial instruments are measured at amortised cost using the effective interest method, less any impairment losses.
Derivative financial instruments
The Group only uses derivative financial instruments (notably foreign currency forward and option cont
racts) to manage exposure to foreign
exchange risk. In accordance with guidelines established by the board, the Group does not permit the use of derivative financ
ial instruments
for speculative purposes.
Derivative financial instruments are
initially recognised at fair value at the date the derivative contract is entered into and are subsequently re-
measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the income statement imm
ediately. At 31
mber 2022 the Group had no derivative financial instrument contracts in place (2021: none).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Property, plant and equipment
Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment in value.
Ongoing repairs and
maintenance are expensed as incurred.
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost,
less estimated residual value, of each asset on a straight
-line basis over its expected economic useful life. Depreciation is recognised within
operating expenses within the consolidated income statement.
The estimated useful lives fo
r the current and comparative years of significant items of property, plant and equipment are as follows:
\u2022 leasehold improvements 3 to 10 years, or the remaining lease term
\u2022 computer equipment and office equipment 3 to 5 years
\u2022 motor vehicles 5 years
-of-use assets
-of-use assets are stated at cost, net of depreciation, any provision for impairment in value and any remeasurement of the associated
Depreciation is provided on all right-of-use assets, at rates calculated to write off the cost, less estimated residual value, of each
-line basis over the earlier of its expected useful life or the term of the lease. Depreciation is recognised within operating
expenses within the consolidated income statement.
The Group only acts as a lessor in the context of sub
-lease arrangements. When the Group is an intermediate lessor, it accounts for its
interests in the head lease and the sub
-lease separately. It assesses the lease classification of a sub-lease as being either a finance lease or
an operating lease with reference to the right
-of-use asset arising from the head lease, not with reference to the underlying asset. To classify
-lease, an overall assessment is made as to whether the lease transfers to the lessee substantially all of the risks and rewards of
ownership incidental to ownership of the right
-of-use asset. If this is the case, then the lease is a finance lease; if not, then it is an operating
lease. As part of this assessment, t
he Group considers certain indicators such as whether the lease is for the major part of the economic life
The group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as
selling, general and administrative expenses within the consolidated income statement.
Goodwill and intangible assets
The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an
acquisition is measured
as the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchan
ge of control. For
3 (revised) became effective, costs directly attributable to the acquisition are also included. Identifiable assets
acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair va
lues at the acquisition
date. The excess of the cost of acquisition over the f
air value of the Group's share of the identifiable net assets acquired is recorded as
goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired,
thus giving rise to negative goodwill
the difference is recognised directly in the income statement within other income. Goodwill is stated at cost less any
accumulated impairment losses. Goodwill is allocated to cash
-generating units for the purposes of impairment testing. Goodwill is not amortised
but is tested annually for impairment or more frequently if facts and circumstances warrant a review. Gains and losses on the
disposal of an
entity include the carrying amount of goodwill relating to the entity, if any.
assets
Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amo
rtisation and
any accumulated impairment losses.
The amortisation of patents is included in cost of sales, the amortisation charge for software technology
and driver electronics is included in research and development expenses and amortisation charges related to any other intangi
ble assets
acquired through business combinations are included in selling, general and administrativ
e expenses.
-how, patents and patent applications
-how, as well as patent and patent applications are carried at historical cost (which was estimated to be their fair value on
purchase date by the Group) less accumulated amortisation. Amortisation is calculated over their useful estimated lives from respective
acquisition dates, as follows:
\u2022 trademarks 10 years
\u2022 patents and patent applications 3 to 10 years
\u2022 know-how 1 year
relationships
relationships are carried at historical cost (which was estimated to be their fair value on the acquisition date by the Group) less
accumulated amortisation.
Amortisation is calculated over the estimated useful lives of the respective relationships, over periods ranging from
to ten years from respective acquisition dates.
Computer software technology
Computer software technology is capitalised on the basis of the costs
directly incurred to acquire and bring to use the specific software. These
costs are amortised over their estimated useful lives from respective acquisition dates over periods ranging from three to
twelve years. Costs
associated with maintaining existing computer software technology an
d programmes are recognised as an expense when incurred.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Goodwill and intangible assets
(continued)
Driver electronics technolog
y is capitalised on the basis of the costs incurred to acquire and bring to use the specific technology. These costs
are amortised over their estimated useful lives from respective acquisition dates, currently a period of five years. Costs as
sociated with
maintaining the existing driver
electronics are recognised as an expense when incurred.
Capitalised development costs
Direct costs incurred on development projects relating to the design and testing of new or improved products and technology a
re recognised
as intangible assets when all of the following criteria are met:
\u2022 it is technically feasible to complete the intangible asset so that it will be available for use;
\u2022 management intends to complete the intangible asset, and use or sell it;
\u2022 the Group has the ability to use or sell the intangible asset;
\u2022 it can be demonstrated how the intangible asset will generate probable future economic benefits;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available;
and
\u2022 the expenditure attributable to the intangible asset during its development may be reliably measured.
Capitalised development costs recognised as intangible assets are amortised from the point the asset is ready for use on
a straight-line basis
over its estimated useful life
, over periods ranging from three (Printing Software segment) to twelve (Enterprise Software segment) years.
Printing Software technology has
existed for a longer period of time than Enterprise Software technology, therefore any development costs
are deemed to have a shorter useful life
. The amortisation charge is included in research and development expenses in the income statement.
Other development expenditures that do not meet these cr
iteria are recognised as an expense when incurred.
-current assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether
there is any
indication that those assets ha
ve suffered any impairment. If any such indication exists, the recoverable amount of the asset (being the higher
of fair value less costs to sell and value in use) is estimated in order to determine the extent of any impairment. Any impai
rment loss is
gnised as an expense in the income statement in the period in which it was identified. An impairment loss is reversed if the reversal can
be related objectively to an event occurring after the impairment loss was recognised through the income statement.
mpairment of financial assets
and contract assets are assessed at each reporting date to determine whether there is any objective evidence that it is
When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating
expected credit losses, the Group considers reasonable and supportable information that is relevant and available without und
ue cost or effort.
This includes both quantitative and qualitative informa
tion and analysis, based on the Group\u2019s historical experience and informed credit
assessment, that includes forward
-looking information.
The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days pa
st due. A financial asset i s
impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flow
s of that asset.
An impairment loss in respect of a financial asset measured at amortised cost is calc
ulated as the difference between the carrying amount,
and the present value of the estimated future cash flows discounted at the original effective interest rate.
-financial assets
The carrying amounts of the
Group\u2019s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine
whether there is any indication of impairment. If such indication exists, then the asset\u2019s recoverable amount is estimated.
The recoverable amount of an
asset or a cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing
value in use, the estimated future cash flows are discounted to their present value using a pre
-tax discount rate that reflects current marke t
assessments of the time value of money and the risks specific to the asset.
For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash infl
ows fro m
continuing use that are largely indep
endent of the cash inflows of other assets or group of assets (\"cash-generating unit\"). An impairment loss
is recognised if the carrying amount of an asset or a cash
-generating unit exceeds its estimated recoverable amount. Impairment losses
recognised in respect of cash
-generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generatin g
units and then, to reduce the carrying amount of the other assets i
n the unit on a pro rata basis. An impairment loss in respect of goodwill is
not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date f
or any indications
that the loss had decreased or no longer exists. An impairment loss is reversed if
there has been a change in the estimates used to determine
the recoverable amount, but only to the extent that the carrying amount of the asset does not exceed the carrying amount that
would hav e
been determined, net of depreciation or amortisation, had n
o impairment loss been recognised.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Inventories are stated at the lower of cost and net realisable value. The cost of inventories is based
on the first-in, first-out principle, and
includes expenditures incurred in acquiring the inventories and other costs incurred in bringing them to their existing locat
ion and condition.
Net realisable value is the estimated selling price in the ordinary c
ourse of business, less estimated costs expected to be incurred to complete
Trade receivables are recognised initially at fair value and subsequently held at amortised cost using the effective interest
rate method, less
on for impairment. Trade receivables are first assessed individually for impairment, or collectively where the receivables are not
individually significant. Where there is no objective evidence of impairment for an individual receivable, it is included in
a group of receivables
with similar credit risk characteristics and these are collectively assessed for impairment. Movements in the provision for d
oubtful debts are
statement of comprehensive income within selling, general and administrative expenses.
Cash comprises cash in hand and deposits held at call with banks at each reporting date.
Ordinary shares, which are the only class of shares issued by the Company, are classified as equity.
Incremental costs directly attributable to
the issue of new ordinary shares (whether they are resulting from the exercise of share options or
the acquisition of a business) are recognised
as a deduction from equity, net of any tax effects.
share capital recognised in equity is repurchased, the consideration paid, including directly attributable costs, net of any tax effects, is
recognised as a deduction from equity.
When treasury shares are sold or reissued subsequently, the amount received is recognised as an
Any resulting surplus over the purchase price is transferred to share premium and any deficit is transferred to retained
accrued liabilities are recognised initially at fair value and are subsequently measured at amortised cost, using the effective
interest method. Trade payables and
accrued liabilities with a short duration are not discounted, as the carrying amount is a reasonable
approximation of fair value.
ee benefits
Contributions to the Group\u2019s defined contribution pension schemes and employees\u2019 personal pension plans are charged to the in
come
as employee benefit expenses when they are due. The Group has no further payment obligation once the contributions have been
As a result of the acquisition of ColorLogic GmbH (see
Note 34 \u2018Acquisitions\u2019) a pension liability and an associated asset have been acquired.
does not qualify as a plan asset and it is included as \u201cFinancial assets not classified as cash or cash equivalent\u201d in
inancial assets in the Consolidated Statement of Financial Position (see Note 18 \u2018Financial assets\u2019). The pension obligation is for a one-time
or the value of the associated asset, whichever is the higher and is included in accrued liabilities in the Consolidated Statement of
inancial Position. Any fair value adjustments to the financial asset or the accrued liability is adjusted through the Consolidated Statement of
omprehensive Income.
Termination benefits are recognised as an expense when the Group is demonstrably comm
itted, without realistic possibility of withdrawal, to
a formal, detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits
as a result of an
offer made to encourage voluntary redundancy. Termination
benefits for voluntary redundancies are recognised as an expense if the Group
has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can
be measured
-term employee benefits
-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A
liability is recognised for the amount to be paid under short
-term cash bonus or commission plans if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be me
asured reliably.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
-based payments
The Group operates equity
-settled, share-based compensation plans, consisting of a share option plan and share grant plans, which allow
employees to acquire shares of the Company. The fair value of the options and
shares granted is recognised as an employee expense, with
a corresponding increase in equity, and is measured at grant date and spread over the period during which the employees becom
e
unconditionally entitled to the options or shares. The fair value of th
e options granted is measured using an appropriate valuation model, taking
into account the terms and conditions upon which the options were granted. At each reporting date, the amount recognised as a
n expense is
adjusted to reflect the actual number of sh
are options or shares for which the related service and non-market conditions are met. The proceeds
received, net of any directly attributable transaction costs, are credited to share capital for the par value of the shares i
ssued and to share
the balance, when the share options are exercised.
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can
be estimated reliably,
and it is probable that an outflow of economi
c benefits will be required to settle the obligation. Provisions are determined by discounting the
expected future cash flows at a pre
-tax rate that reflects current market assessments of the time value of money and the risks specific to the
provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has
either commenced or has been announced publicly. Future operating costs are not provided for.
ftware
licenses its software to equipment manufacturers through multi-year license and distribution agreements, or direct to end
by a mix of perpetual and subscription-based licences.
-year license and distribution agreements generally provide for the periodic payment of licence royalties, the unit value of which has been
contractually agreed at the outset of the agreement, and
which is typically based upon either the volume sold by the customer or the sale value
of those products into which the Group\u2019s software has been integrated.
These agreements also include specific provisions with respect to the
delivery of maintenance and
after-sale support services over the duration of the agreement. Such services are rendered against the payment
of a fixed fee, which has been contractually agreed at the outset of the
agreement and is typically charged on the anniversary date of the
ent. These agreements may also provide for the delivery of engineering services to ensure a seamless integration of the Group\u2019s
software into the customer\u2019s products.
End user licences are typically accompanied by annual support and maintenance agreements
, which are usually renewed annually by
customers. The annual support and maintenance agreements provide technical support
and bug fixes.
Fees from arrangements involving licen
ces, after-sale customer support, and other related services such as training, are allocated to the
performance obligations identified in the contract.
The stand-alone selling price of each of the elements of the arrangement is typically
the contract or the price charged when the same element is sold separately. Where there is no stand-alone selling price, a
estimation of the total licence value is performed to identify the stand-alone price.
The Group\u2019s performance obligations under software contracts with customers are to deliver a
distribution licence, deliver a master copy of
the software, at times provide licen
ce keys to enable the use of software and to provide ongoing support and maintenance services. The Group
also provides engineering and consulting services under some contrac
ts to enhance functionality or assist with integration.
Revenues from software licen
ces or non-refundable minimum royalty agreements are recognised upon satisfaction of all the following criteria:
\u2022 signing of the license agreement
\u2022 no additional significant production, modification or customisation of the software is required
\u2022 performance obligations are complete
\u2022 the fee is fixed or determinable
from perpetual licences relating to software are recognised in the period in which the delivery to the end-customer takes place and based
-usage reports, at which point there is no further performance obligation of the Group. Revenue from time-limited licences to use
the software is recognised rateably over the period of the licen
ce only if there is an ongoing performance obligation for that licence on the
e licence period. If there are no ongoing performance obligations, the licence revenue is recognised when the Group's
obligation to deliver the software has been fulfilled. All licence fees are non-refundable.
oftware support and maintenance revenue is recognised over the duration of the support and maintenance period. Engineering and
consultancy services revenue is recognised upon satisfaction of the relevant performance obligation where the customer substa
ntially obtains
the benefit of the engineering or consultancy work and usually makes a payment for those services rendered.
Amounts received in advance
of the related services being performed are included in deferred revenue and recognised in revenue based on hours de
livered only when the
-refundable and are generally on payment terms of 30 days from date of invoice. For long-term engineering services, payments
will be due on the achievement of the performance obligation.
License agreements may have extended payment terms and support and
maintenance is payable in advance of the period of coverage.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(continued)
The Group\u2019s performance obligations with respect to physical goods (principally the Printhead solutions segment) is to delive
r a finished
product to a customer. Control of the goods transfers to the customer at the point of despatch and r
evenue is recognised at that point in time.
Payment for physical goods is generally received in advance of despatch and is non
-refundable. If any item is found to be faulty it will eithe r
be returned by the customer for repair or replaced with a new item.
Contract assets and contract liabilities
Contract assets and liabilities will arise from scheduled payments specified in the contracts when measured against the recog
nition of revenu e
under the respective performance obligations.
sales
sales includes the costs of goods sold and services rendered. This includes finished goods, product packaging, royalties paid to third
parties, excess and obsolete inventory, amortisation
of patents acquired through acquisition, amortisation of purchased software, and
costs associated with the direct manufacturing and shipping of the Group\u2019s products or rendering of services provided.
Tax expense comprises current and deferred tax.
Current tax is recognised in profit or loss except to the extent that it relates to items
recognised directly in equity or in other
comprehensive income. Current tax is the expected tax payable on the taxable income for the year,
using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previ
ous tax years.
ecognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for taxable temporary
differences arising on the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neit
her accounting nor taxable
profit, or differences relating to investments in subsidiaries to the extent that they will probabl
y not reverse in the foreseeable future. Deferred
tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on the laws tha
t have been
enacted or substantively enacted by the reporting date.
A deferred tax asset is recognised only to the extent that it is probable that future
taxable profits will be available against which the asset can be utilised.
Deferred tax assets are reviewed at each reporting date and are
reduced to the extent that it is no longer p
robable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset if
there is a legally enforceable right to offset current tax liabilities and assets, they relate to income taxes levied by the
same tax authority on
same taxable entity, and they have similar maturities.
The Group presents basic and diluted earnings per share (\"EPS\") data for its ordinary shares.
Basic EPS is calculated by dividing the profit or
loss attributable to ordinary shareho
lders of the Company by the weighted average number of ordinary shares outstanding during the reporting
Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the effects of all potential
nary shares.
Operating segments are reported in a manner consistent with the inte
rnal reporting provided to the chief operating decision-maker. The Group\u2019s
-maker has been identified as the Group\u2019s Chief Executive Officer.
Government grants are recognised where there is reasonable assurance that the grant will be
received, and all attached conditions will be
complied with. All such grants relate to expense items. The grant is recognised a
s other income on a systematic basis over the periods that
the related costs, for which it is intended to compensate, are expensed.
The grant income is disclosed in Other Income in the Consolidated
Statement of Comprehensive Income.
Effect of interpretations and amendments to existing and new standards
For the purposes of the preparation of these consolidated financial statements, the Grou
p has applied all standards and interpretations that
are effective for accounting periods beginning on or after 1
January 2022.
New standards which were not adopted by the
Group in 2022
A number of new standards and
amendments to standards are effective for annual periods beginning on or after 1 January 2023 and earlier
application is permitted; however, the Group has not early adopted the following new or amended standards in preparing these
consolidated
for the year ended 31 December 2022 and they are not expected to have a significant impact on the Group\u2019s consolidated
:
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) New standards which were not adopted by the Group in 2022 (continued) \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) 4. DETERMINATION OF FAIR VALUES Several of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Other intangible assets The fair value of other intangible assets which were acquired in business combinations is based on either the discounted cash flows expected to be derived from the use of these intangible assets, or the average of the discounted cash flows and the total replacement cost of these intangible assets. Non -derivative financial instruments The carrying values less impairment provision of trade and other receivables, current tax assets, other current assets, cash, trade payables, current tax liabilities, accrued liabilities, are assumed to approximate their fair values at each of the balance sheet dates presented herein. Share -based payments The fair value of share options which are granted are valued by using a Black-Scholes valuation model. Measurement inputs include the share price on the measurement date, the exercise price of the share option, the expected volatility, the weighted average expected life of the option, the expected absence of dividends, and a risk -free interest rate (based on government bonds). Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value of the options. 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of financial information in conformity with IFRS requires the Directors to make critical accounting estimates and judgements that affect the application of policies and reported amounts of assets and liabilities, income and expenses. An assessment of the impact of these estimates and judgements on the financial statements is set out below. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information is available. Estimates Identification and valuation of separately identifiable intangibles related to acquisitions Where a business combination is considered significant, the Group commissions and relies upon independent valuation reports to identify and value the intangible assets related to that acquisition. For less significant business combinations, internal estimates to calculate a discount rate are determined by the Directors to apply a consistent approach with previous acquisitions. The key assumptions in relation to this estimate for the iC3D acquisition were the discount rate, forecast revenue and forecast EBITDA margin. Assessing whether goodwill and acquisition- related intangibles have been impaired The Group tests annually whether the goodwill has been impaired and assesses acquisition-related intangible assets for indicators of impairment by reference to expected future generation of cash from the relevant intangible assets. In estimating the cash flow, the Directors make estimates, based on forecasts, about the amount of future profits from the relevant products that will be generated and the timing of when these will be realised. See Note 17 \u2018Goodwill\u2019 for further details. Deferred tax recognition Deferred tax assets are reviewed at each reporting date and are recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The Directors make estimates about future sales and expenses, and the timing of their realisation, to derive an estimate of the future profits. The Directors have recognised an amount that they expect to recover in the foreseeable future of \u20ac2.07 million (2021: \u20ac2.24 million) and if there was a reduction in this period by 2 years the impact would be to reduce the asset by \u20ac0.82 million (2021: \u20ac0.33 million). See Note 19 \u2018Tax\u2019 for further details. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED) Estimates (continued) Provisions for obsolete inventory Inventory items are reviewed at each reporting date for possible obsolescence. Estimates are made in respect of the future demand and net realisable value of items that are deemed to be slow moving. The estimates of demand are based on a variety of factors, including the number of customers for that have purchased that item and historical transactions. As at 31 December the total gross inventory balance is \u20ac3,913,000 (2021: \u20ac2,308,000) and the provision against slow moving and obsolete inventory is \u20ac265 ,000 (2021: \u20ac225,000). Judgements Assessing whether development costs meet the criteria for capitalisation The point at which development costs meet the criteria for capitalisation is critically dependent on management \u2019s judgement of the point at which technical feasibility is demonstrable , that the asset will probably generate future economic benefit, the intention to complete the asset and that the expenditure can be reliably measured. Further more, the useful economic lives of capitalised development costs are based on management\u2019s knowledge of the life cycle of the Group\u2019s products and technology. The carrying value of development assets also depends on management \u2019s ability to demonstrate the future economic benefits they will deliver. This judgement requires assumptions about factors outside the business \u2019s control such as medium-term economic conditions, technological developments, and market changes. The Directors have made a judgement tha t \u20ac3,981,000 (2021: \u20ac3,396,000) has been capitalised as eligible, qualifying expenditure for the purposes of IAS 38. A movement of 10.0% in this judgement would result in a material misstatement. There is judgement in determining whether development activity constitutes a substantial enhancement to the underlying assets, and in quantifying the time spen t on these substantial enhancement s. The Group utilise a timesheet tracking system to monitor the nature of development being undertaken and the time spent on this activity. A llocation of value to performance obligations in contracts with customers The Group enters into contracts with customers, some of which include multiple performance obligations. The allocation of the transaction price to the performance obligations is subject to management\u2019s judgement of the performance obligations that are both explicit and implied in the contract and the subsequent stand-alone selling price of each of those performance obligations. 6. OPERATING SEGMENTS Identification of reportable segments Management has determined the operating segments based on the reports reviewed by the Group\u2019s Chief Executive Off icer (\u201cCEO\u201d) that are used for deciding how to allocate resources and also in assessing both operating and financial performance of each segment. T he Group\u2019s CEO is considered as the Group\u2019s chief operating decision maker (\u201cCODM\u201d ). The Group\u2019s segments are: \u2022 Enterprise Software, for enterprise workflow software used primarily for the production of labels & packaging (includes iC3D, see Note 34 \u2018Acquisitions\u2019); \u2022 Printhead Solutions, for electronics and software developed for industrial inkjet printing; \u2022 Printing Software, for digital printing and colour management software; and \u2022 Group, for group related expenses that are not allocated to another segment. Measurement of the operating segments\u2019 profit is assessed against revenue forecasts and expense budgets, excluding non -operating IFRS items such as the amortisation of intangible assets acquired through acquisition. The following tables provide information on revenue, operating profit, interest, depreciation and amortisation and tax as reported to the CODM for each of the Group\u2019s operating segments for the years ended 31 December 2021 and 31 December 2022. The Group has disclosed these amounts for each reportable segment because they are regularly provided to the CODM or are required to be disclosed by IFRS 8. Assets and liabilities by segment are not regularly reported to the CODM, hence are not disclosed within this note. Inter- segment revenues are included in cost of sales for the reciprocal segment and are eliminated on consolidation. Unallocated amounts relate to expenses incurred by the Group\u2019s parent company (HYBRID Software Group PLC) and exchange gains and losses that are not attributable to a particular operating segment. Segment EBITDA is calculated by adding back interest, depreciation, amortisation and tax to segment operating profit/(loss) after tax. The operating segments are unchanged from the previous year, with the exception of the addition of iC3D into the Enterprise Software segment, following the acquisition in the year. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
OPERATING SEGMENTS (CONTINUED)
Year ended 31 December 2022:
Revenue from external customers 15,262 8,657 22,774 - 46,693
Segment operating profit/(loss) after tax
Included in the operating profit/(loss) after tax are:
Interest expense (73) (26) (311) (15) (425)
Depreciation and amortisation
The Printing Software segment EBTIDA in the year ended 31 December 2022 includes the gain on disposal of IPv4 addresses of \u20ac3,297,000
(2021: \u20acnil). See Note 9 \u2018Other Income\u2019 for further details.
Year ended 31 December 2021:
Printing
Printhead
Enterprise
Revenue from external customers
Segment operating profit/(loss) after tax
Included in the operating profit/(loss) after tax are:
Interest expense (87) (31) (342) (6) (466)
Depreciation and amortisation
Reconciliation of reportable segments\u2019 operating profit after tax to consolidated profit after tax:
Segment total operating profit after tax
Amortisation of acquired intangible assets
Tax effect of above-mentioned items
Consolidated profit after tax
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
7. REVENUE
oftware segment
its software directly to end users as a standalone software licence and directly to equipment manufacturers through
year license and distribution agreements, some of which provide for the periodic payment of license royalties, the unit value of which has
been contractually agreed at the outset of the agreement, and which is typically based upon either the
volume sold by the customer or the
sale value of those products into which the Group\u2019s software has been integrated.
These multi-year agreements also include specific provisions
with respect to the delivery of maintenance and after
-sale support services over the duration of the agreement. Such services are rendered
against the payment of a fixed fee, which has been contractually agreed at the outset of the agreement and
is typically charged on the
anniversary date of the agreement. These agreements may also provide for the delivery of engineering services to ensure a seamless
integration of the Group\u2019s software into the customer\u2019s products.
Through its
RTI-RIPS.COM brand, the Printing Software segment also has revenue from related printing hardware and consumables sales.
Solutions segment
Driver electronics and accompanying software are
initially sold as a development kit to a new customer. Once the customer has completed
their design process and their product is put into
production, they will typically issue a purchase order for a quantity of products and will draw-
down from that order as they require the inventory.
Enterprise
Software segment
nterprise workflow software is licensed primarily to end users by way of a perpetual software licence. Accompanying training and
implementation services are often sold
with the licences and customers increasingly purchase ongoing after-sale support services. Training
services are rendered against the payment of a fixed fee, which has been contractually agreed in advance. On-going
support and maintenance agreements are annual agreements that renew automatically unless cancelled by the customer within the terms of
the cancellation provisions.
An analysis of external sales by revenue type, primary geographical market and timing of recognition is shown below. The table also
provides
a reconciliation of disaggregated revenue with the Group\u2019s reportable segments.
Maintenance and after-sale support
Services
Printer hardware and consumables
Other items
Primary geographical markets
Europe, excluding United Kingdom
Timing of revenue recognition
Recognised at a point in time
Recognised over time
Revenue recognised over time is for performance obligations that are performed over time and include maintenance and after
-sale support,
some services and some licence royalties that are not perpetual licences. All other revenue is recognised as a point in time.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
REVENUE (CONTINUED)
For continuing operations, the ten largest customers represented
29.9% (2021: 42.3%) of the Group\u2019s revenue, the five largest customers
5% (2021: 35.1%) of the Group\u2019s revenue and the single largest customer represented 9.8% (2021: 13.94%) of the Group\u2019s
There was no customer (2021: 1) during the year that represented 10% or more of total revenue. Revenue from that customer totalled
nil million (2021: 1 customer in the Printhead Solutions segment totalling \u20ac6.74 million).
North & South America geographical market, \u20ac18.13 million of revenue was generated in the United States of America (2021:
6.98 million).
During the year a customer in the
Printing Software segment exercised an option in their contract, which extended the term of the contract
1.65 million of revenue being recognised in the year. In 2021 a different customer exercised an option in their contract which
70 million of revenue being recognised in that year.
The following table shows revenue expected to be recognised in the future related to performance obligations that are unsatisfied (or partially
unsatisfied) as at 31 December 20
22.
The Group applies the practical expedient in paragraph 63 of IFRS 15 and does not adjust the promised amount of consideration
for the effects
of a significant financing component for contracts where payments are due within one year.
following table provides information about receivables, accrued revenue and contract liabilities from contracts with customers.
Trade receivables (see notes 20 and 22)
Accrued revenue (see notes 20 and 22)
Contract liabilities (see note 28)
The movement in the Group\u2019s provision for impairment of trade receivables and accrued revenue was \u20ac202,000 (2021: \u20ac119,000).
Revenue recognised in the year that was included in the contract liability balance at the beginning of the year was \u20ac1.
05 million (2021: \u20ac1.55
8. OTHER OPERATING EXPENSES
Other operating expenses incurred during the year were:
Acquisition related expenses (see note 34)
Total other operating expenses
9. OTHER INCOME
Fair value adjustment to contingent consideration (see note 27)
Gain on disposal of IPv4 addresses
On 25 July 2022 the Group completed the sale of a range of IPv4 addresses that were no longer in use
and had an historic acquisition cost of
. The pre-tax proceeds after commissions were \u20ac3.30 million, which have been received in full.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
10. EXPENSES BY NATURE
Employee benefit expense (see note 13)
Depreciation expenses (see note 15 and 26)
Capitalisation of R&D expenses (see note 16)
Amortisation of intangible assets (see note 16)
Other operating expenses, net of other operating income
Total operating expenses, net of other operating income
11. SERVICES PROVIDED BY THE GROUP\u2019S AUDITOR
For the audit of Parent and Consolidated Financial Statements
For the audit of the prior year Parent and Consolidated Financial Statements
For other services provided:
- audit of financial statements of subsidiaries of the company
Total fees payable to the Group\u2019s auditor and its associates
12. REMUNERATION OF DIRECTORS
The aggregate amount of remuneration (all salary, fees and bonuses, sums paid by way of expense allowance and money value of other non
-
receivable by Directors for the year was \u20ac1,225,000 (2021: \u20ac1,507,000).
gains made by Directors during the year on the exercise of share options was \u20acnil (2021: \u20acnil).
The Group only operates defined contribution pension schemes
for the Directors. During the year, for two Directors (2021: two), \u20ac27,000
21: \u20ac36,000) of pension contributions were paid.
Further information is available in the
Directors\u2019 remuneration report on pages 55 to 62.
13. EMPLOYEE INFORMATION
The average number of people, including executive
Directors, employed by the Group during the year was:
Sales, maintenance and support
General and administrative
Total average number of people employed
Employee benefit expenses were made up of:
Social security contributions
Medical insurance contributions
Pension contributions to defined contribution plans
Share-based payments (see note 30)
Other employee related expenses
Total employee benefit expenses
employee benefit expenses, \u20ac1,243,000 (2021: \u20ac984,000) was recognised in cost of sales and \u20ac26,343,000 (2021: \u20ac25,499,000)
was recognised in operating expenses
within Selling, general and administrative expenses and Research and development expenses.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 14. FINANCE INCOME AND FINANCE EXPENSES In thousands of euros 2022 2021 Interest income 23 1 Finance income on net investment in leases 20 2 Total interest income 43 3 Forgiveness of government-backed COVID support loans in the United States - 867 Total finance income 43 870 Interest expense (29) (17) Interest expense on loan from related undertaking (see note 32) (245) (286) Interest on lease liabilities (see note 26) (150) (163) Total finance expenses (424) (466) Net finance (expenses)/income (381) 404 Net finance expense, net of loan forgivenes s of \u20ac513,000 (2021: \u20ac463,000) has been disclosed within cash generated from operating activities in the consolidated statement of cash flows. 15. PROPERTY, PLANT AND EQUIPMENT In thousands of euros Leasehold improvements Computer equipment Office equipment Motor vehicles Total Cost At 31 December 2020 719 1,715 968 - 3,402 Additions 224 280 379 371 1,254 Additions \u2013 business combinations (see note 34) 26 36 118 187 367 Disposals - (170) (27) (75) (272) Effect of movement in exchange rates 56 122 77 - 255 At 31 December 2021 1,025 1,983 1,515 483 5,006 Additions 35 230 177 363 805 Additions \u2013 business combinations (see note 34) - 16 - - 16 Disposals - (9) (117) (72) (198) Effect of movement in exchange rates (46) (78) (65) (9) (198) At 31 December 2022 1,014 2,142 1,510 765 5,431 Depreciation At 31 December 2020 652 1,325 851 - 2,828 Charge for the year 61 235 191 83 570 Disposals - (169) (27) (65) (261) Effect of movement in exchange rates 49 92 66 - 207 At 31 December 2021 762 1,483 1,081 18 3,344 Charge for the year 84 278 232 144 738 Disposals - (6) (111) (72) (189) Effect of movement in exchange rates (39) (68) (55) (2) (164) At 31 December 2022 807 1,687 1,147 88 3,729 Net book value At 31 December 2021 263 500 434 465 1,662 At 31 December 2022 207 455 363 677 1,702 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 16. OTHER INTANGIBLE ASSETS In thousands of euros Software technology Customer relation- ships Patents Trade- marks Know-how Driver electronics Total Cost At 31 December 2020 40,314 13,710 2,689 575 764 3,055 61,107 Additions \u2013 purchased 77 - - - - - 77 Additions \u2013 internally developed 2,963 - - - - 433 3,396 Additions \u2013 business combinations (see note 34) 36,701 6,758 - - 210 - 43,669 Effect of movement in exchange rates 3,034 1,008 190 42 58 224 4,556 At 31 December 2021 83,089 21,476 2,879 617 1,032 3,712 112,805 Additions \u2013 purchased 75 - - - - - 75 Additions \u2013 internally developed 3,349 - - - - 632 3,981 Additions \u2013 business combinations (see note 34) 1,458 - - - 378 - 1,836 Effect of movement in exchange rates (2,020) (694) (144) (31) (6) (211) (3,106) At 31 December 2022 85,951 20,782 2,735 586 1,404 4,133 115,591 At 31 December 2020 37,633 13,530 2,537 575 764 2,494 57,533 Charge for the year 4,289 807 10 - 35 648 5,789 Effect of movement in exchange rates 2,796 996 188 42 58 198 4,278 At 31 December 2021 44,718 15,333 2,735 617 857 3,340 67,600 Charge for the year 5,512 908 10 - 458 223 7,111 Effect of movement in exchange rates (2,025) (705) (137) (31) (6) (175) (3,079) At 31 December 2022 48,205 15,536 2,608 586 1,309 3,388 71,632 Net book value At 31 December 2021 38,371 6,143 144 - 175 372 45,205 At 31 December 2022 37,746 5,246 127 - 95 745 43,959 On 1 December 2022, the Group acquired the intellectual property of Quadraxis Technology (\u201cQuadraxis\u201d) from Quadraxis Technology (\u201c Quadraxis Technology\u201d) for \u20ac75,000. This acquisition strengthens Hybrid Software Group\u2019s offering in 3D and additive manufacturing solutions. The Group plans to integrate Quadraxis software into its extensive portfolio which includes other 3D applications such as iC3D and Met3D. The amortisation of patents is included in cost of sales, the amortisation charge for software technology and driver electronics is included in research and development expenses and amortisation charges related to any other intangible assets acquired through business combinations are included in selling, general and administrative expenses. The amortisation charge is recognised in the following line items in the consolidated statement of comprehensive income: In thousands of euros 2022 2021 Cost of sales 10 10 Selling, general and administrative expenses 1,366 842 Research and development expenses 5,735 4,937 Total amortisation charge 7,111 5,789 Intangible assets that are subject to amortisation are reviewed annually for indicators of impairment or whenever events or changes in accounting estimates indicate that the carrying amount may not be recoverable. If an indicator of impairment is identified, a full impairment review is performed with the calculations being based on the discounted cash flows over the remaining period of amortisation of the capitalised development expense and use the same discount rate and exchange rates that were used for the impairment review of Goodwill (see Note 17 \u2018Goodwill\u2019 ). These intangible assets are also allocated to a CGU containing goodwill and are tested annually for impairment as part of the goodwill impairme nt review (see Note 17 \u2018Goodwill\u2019). There was no significant change during the year to the indicators that were used at 31 December 2021 to identify the requirement to impair any of these intangible assets. It was concluded that no impairment was required for the year ended 31 December 2022 (2021: \u20acnil). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
OTHER INTANGIBLE ASSETS (CONTINUED)
For individual intangible assets material to the financial statements, the following table shows the remaining amortisation p
eriods and the
Remaining amortisation period
Total software technology
17. GOODWILL
Additions \u2013 business combinations (see note 34)
Effect of movement in exchange rates
Additions \u2013 business combinations (see note 34)
Effect of movement in exchange rates
Amortisation or impairment
Effect of movement in exchange rates
Effect of movement in exchange rates
The Group is required to test annually whether goodwill and other intangible assets with indefinite useful lives have suffere
d any impairment
during the year in accordance with the policy set out in
Note 3 \u2018Significant accounting policies\u2019.
located to cash-generating units (CGUs) for the purposes of impairment testing. The CGUs identified were Global Graphics
Meteor Inkjet, Xitron, HYBRID Software and ColorLogic. HYBRID Software and ColorLogic were new in the year ended 31 December
the acquisitions of HYBRID Software Group S.\u00e0 r.l. and ColorLogic GmbH.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
GOODWILL (CONTINUED)
The table below shows the allocation of goodwill to the CGUs.
Xitron 1,857 1,740
The recoverable amount of the CGUs has been determined using an estimate of their value in use as at 31 December 202
2. These calculations
employed cash flow projections based on financial forecasts approved by management covering a
five-year period ending 31 December 2027
and then into perpetuity using a terminal growth rate
. The financial forecasts are most sensitive to changes in the customer base and associated
revenues and to changes in staff costs.
Revenues were forecasted based on historical trends and anticipated growth. Staffing levels were
reviewed against the additional revenue and an average increase in staff costs was applied to account for future potential pay increases that
could be awarded to employees.
Projected cash flows were converted into euros based on the rates used for preparing the Group\u2019s budget for the year ending 31 December
2022.
The exchange rates were determined with reference to market forecasts and were 1.1764 euros for 1 pound sterling, 1.0000 US dollars
for 1 euro, and 140 Japanese yen for 1 euro.
Management considers
that the use of a five-year forecast and then into perpetuity is justified because the core of the products and technology
CGUs have been generating revenue for between 10 and 25 years. The Group\u2019s technology has evolved to meet the changing
requirements of the industries in which it
operates, and it continues to do so. Combining acquisitions with the continual shift to digital printing
and manufacturers looking to differentiate their products, new opportunities continue to be created for the Group and its products.
Key assumptions
The following key assumptions have been adopted in the calculations.
Global Graphics Software CGU
\u2022 The pre-tax discount rate used was 14.83% (2021: 14.11%);
\u2022 Revenue growth rates used in the estimation process are consistent with the approved budget for 2023, outlook for periods between
2024 to 2027 was projected at 5.0%;
\u2022 Gross margin was reduced to 89% compared to recent actual gross margins (2021: 98%), mainly due to increased intercompany
sourcing of software components;
\u2022 The staff costs growth rate used was 1% (2021: 5%); and
\u2022 The terminal growth rate used was 2% (2021: 0%).
\u2022 The pre-tax discount rate used was 15.06% (2021: 14.11%);
\u2022 Revenue growth rates used in the estimation process are consistent with the approved budget for 2023, outlook for periods between
2024 to 2027 was projected at 6.2%;
\u2022 Gross margin was aligned to recent actual gross margins of 58% (2021: 58%);
\u2022 The staff costs growth rate used was 4.5% (2021: 5%); and
\u2022 The terminal growth rate used was 0% (2021: 0%).
\u2022 The pre-tax discount rate used was 15.45% (2021: 15.66%);
\u2022 Revenue growth rates used in the estimation process are consistent with the approved budget for 2023, outlook for periods between
2024 to 2027 was projected at 5.0%;
\u2022 Gross margin was reduced to 63% compared to recent actual gross margins (2021: 66.9%);
\u2022 The staff costs growth rate used was 5.3% (2021: 5%); and
\u2022 The terminal growth rate used was 0% (2021: 0%).
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 17. GOODWILL (CONTINUED) ColorLogic CGU \u2022 The pre-tax discount rate used was 14.30% (2021: 14.38%); \u2022 Revenue growth rates used in the estimation process are consistent with the approved budget for 2023, outlook for periods between 2024 to 2027 was projected at 5.0%; \u2022 Gross margin was reduced to 83% compared to recent actual gross margins (2021: 86.1%); \u2022 The staff costs growth rate used was 5% (2021: 5%); and \u2022 The terminal growth rate used was 0% (2021: 0%). Sensitivity to changes in assumptions Global Graphics Software CGU For the Global Graphics Software CGU m anagement has identified that a reasonably possible change in key assumptions could cause the carrying amount to match the recoverable amount. The following table shows the amount by which these assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount. The Directors believe there were no reasonably possible changes in the other key assumptions that could cause impairment. Change required for carrying amount to equal recoverable 2022 Revenue growth rate (94bps) Discount rate 356bps HYBRID Software CGU For the HYBRID Software CGU management has identified that a reasonably possible change in key assumptions could cause the carrying amount to match the recoverable amount. The following table shows the amount by which these assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount. The Directors believe there were no reasonably possible changes in the other key assumptions that could cause impairment. Change required for carrying amount to equal recoverable 2022 Revenue growth rate (61bps) EBITDA margin (230bps) Discount rate 201bps ColorLogic CGU For the ColorLogic CGU management has identified that a reasonably possible change in key assumptions could cause the carrying amount to match the recoverable amount. The following table shows the amount by which these assumptions would need to change individually for the estimated recoverable amount to be equal to the carrying amount. The Directors believe there were no reasonably possible changes in the other key assumptions that could cause impairment. Change required for carrying amount to equal recoverable 2022 Revenue growth rate (232bps) Discount rate 831bps Meteor Inkjet and Xitron CGU\u2019s For the Meteor Inkjet and Xitron CGUs, no reasonable change in assumptions would cause a material impairment and therefore no sensitivity analysis has been disclosed. As a result of these projections, no impairment was required for goodwill for the year ended 31 December 2022 (2021: \u20ac nil). 18. FINANCIAL ASSETS Financial assets measured at amortised cost. In thousands of euros 2022 2021 Rent and other deposits 49 50 Financial assets not classified as cash or cash equivalent 726 863 Non-current finance lease receivables (see note 26) 180 22 Total financial assets 955 935 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 19. TAX Corporation tax Analysis of the tax (charge) / credit in the year: In thousands of euros 2022 2021 Current tax Current year charge (1,579) (657) Withholding tax (8) - Total current tax (1,587) (657) Deferred tax Arising from the capitalisation and amortisation of development expenses (269) (264) Impact of rate change - (107) Recognition of previously unrecognised tax losses 199 970 Origination and reversal of temporary differences 1,122 407 Total deferred tax 1,052 1,006 Total tax (charge) / credit (535) 349 The tax (charge) / credit for the year differs from that calculated by applying the standard rate of corporation tax of the Company to profit or loss before taxation. The differences are as follows: In thousands of euros 2022 2021 Profit before tax 1,835 4,565 Expected tax expense at the Company's tax rate of 19% (2021: 19%) (349) (867) Effect of differences in tax rates in foreign jurisdictions (527) (373) Effect of share-based payments - (3) Effect of expenses not deductible and items not taxable 8 327 Deferred tax not recognised (984) (509) Impact of rate change - 204 Effect of R&D enhanced expenditure 674 605 Effect of withholding tax (8) (5) Recognition of previously unrecognised tax asset 651 970 Total tax (charge) / credit recognised (535) 349 An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. Deferred tax The Group had recognised deferred tax as follows: In thousands of euros 2022 2021 Deferred tax assets Capital allowances 1,677 1,529 Unused tax losses 1,109 1,227 Total recognised deferred tax assets before set-off 2,786 2,756 Deferred tax set-off (717) (520) Net deferred tax assets 2,069 2,236 Deferred tax liabilities Capitalised development expenses 834 571 As a result of business combinations 8,547 9,595 Total recognised deferred tax liabilities before set-off 9,381 10,166 Deferred tax set-off (717) (520) Net deferred tax liabilities 8,664 9,646 Deferred tax assets are recognised for tax losses available for carrying forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. On 24 May 2021 the UK tax rate increase from 19% to 25% from 1 April 2023 was substantively enacted. This will have a consequential effect on the group\u2019s future tax charge, but no estimates of the potential effect have been made. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 19. TAX (CONTINUED) The deferred tax asset at 31 December 2022 has been calculated based on the rates expected to be in force at the time of utilisation. Th e deferred tax liability at 31 December 2022 has been recognised as a result of acquisitions in different tax jurisdictions at the rates prevailing i n those jurisdictions. The rates range from 17% to 30%. Deferred tax assets on trading losses of \u20ac21.25 million (2021: \u20ac17.50 million) and fixed asset temporary differences of \u20ac13.79 million (2021 : \u20ac14.40 million) have not been recognised. The movement in deferred tax is as follows: 20. TRADE AND OTHER RECEIVABLES DUE AFTER MORE THAN ONE YEAR In thousands of euros 2022 2021 Trade receivables 54 216 Accrued revenue 3,664 3,466 Total trade and other receivables due after more than one year 3,718 3,682 Under some licensing arrangements, the Group recognises revenue at the commencement of the contract and payments become due during the term of the agreement. 21. INVENTORIES In thousands of euros 2022 2021 Finished goods 2,174 1,930 Components 1,739 378 Total inventories 3,913 2,308 22. TRADE AND OTHER RECEIVABLES In thousands of euros 2022 2021 Trade receivables 6,509 6,834 Accrued revenue 4,720 3,715 Deferred consideration receivable - 500 Allowance for doubtful debts (336) (134) Total trade and other receivables 10,893 10,915 Trade receivables less than 90 days past due are not considered impaired. The ageing analysis of total trade receivables is as follows: In thousands of euros 2022 2021 Under 90 days 6,213 6,283 Over 90 days and provided for 336 134 Over 90 days but not provided for 14 633 Total trade receivables 6,563 7,050 Impairment losses during the year were \u20ac 9,000 (2021: \u20acnil). In thousands of euros 2022 2021 Deferred tax assets Balance as at 1 January 2,756 959 Amounts credited to profit & loss 199 315 As a result of business combinations (see note 34) - 1,430 Foreign currency translation differences recognised in other comprehensive income (169) 52 Total recognised deferred tax assets before set-off as at 31 December 2,786 2,756 Deferred tax liabilities Balance as at 1 January 10,166 740 Amounts credited to profit & loss (853) (691) As a result of business combinations (see note 34) - 10,035 Foreign currency translation differences recognised in other comprehensive income 68 82 Total recognised deferred tax liabilities before set-off as at 31 December 9,381 10,166 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 22. TRADE AND OTHER RECEIVABLES (CONTINUED) Movements in the Group's provision for impairment of trade receivables are as follows: In thousands of euros 2022 2021 At 1 January 134 15 Charge during the year 202 119 At 31 December 336 134 The Directors have considered the nature of the customers, the historic levels of bad debts and the payment profile of customer contracts in reaching the value of the expected credit losses above. See Note 31 \u2018Financial risk management\u2019 for further disclosure regarding the credit quality of the Group \u2019s trade debtors. 23. OTHER CURRENT ASSETS In thousands of euros 2022 2021 VAT receivable 294 254 Current finance lease receivables (see note 26) 85 25 Other items 46 18 Total other current assets 425 297 24. CASH AND CASH EQUIVALENTS In thousands of euros 2022 2021 Cash at bank and in hand 6,317 9,234 Total cash and cash equivalents 6,317 9,234 25. CAPITAL AND RESERVES Ordinary shares of \u20ac0.40 allotted, called up and fully paid: 2022 2021 In thousands of euros, except number of shares Number Value Number Valu e As at 1 January 32,909,737 13,164 11,835,707 4,73 4 Issued in business combination (see note 34) - - 21,074,030 8,43 0 As at 31 December 32,909,737 13,164 32,909,737 13,16 4 Share premium: In thousands of euros 2022 2021 As at 31 December 1,979 1,979 Merger reserve: T he acquisition of HYBRID Software Group S.\u00e0 r.l. (\u201cHYBRID Software\u201d) (see Note 34 \u2018Acquisitions\u2019) was a common control transaction due to the fact that both the Company and HYBRID Software were under the same parent company control. In accordance with section 612 of the Companies Act 2006, the premium over the par value of the consideration shares issued in exchange for 100% of the issued share capital of HYBRID Software has been credited to a merger reserve instead of share premium. The premium over par value is calculated as follows: In thousands of euros Contractual consideration (see note 34) 80,000 Fair value adjustment for consideration shares (4,555) Acquisition date market value of new shares issued as consideration (see note 34) 75,445 Par value of 21,074,030 shares issued (8,430) Premium over par value credited to merger reserve 67,015 In thousands of euros 2022 2021 As at 31 December 67,015 67,015 The fair value adjustment for the consideration shares is an adjustment to reflect the acquisition date fair value of the sha res (see Note 34 \u2018Acquisitions\u2019). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
CAPITAL AND RESERVES (CONTINUED)
reasury shares:
The Company's investment in its own shares in treasury is as follows:
In thousands of euros, except number of shares
Disbursement of shares to employees
26. LEASES
lessee
The Group leases office facilities
and motor vehicles. The office leases typically run for a period of 6 years with an option to renew the lease
and motor vehicle leases typically run for 3 years. Lease payments are agreed at the inception of the lease and at any
renewal.
-of-use assets
Land and
Motor
Balance at 31 December 2020
Additions \u2013 business combinations (see note 34)
Depreciation charge for the year
Effect of movement in exchange rates
Balance at 31 December 2021
Depreciation charge for the year
Effect of movement in exchange rates
Balance at 31 December 2022
-of-use assets are depreciated on a straight-line basis over the remaining term of the rental agreement. As at the date of these
financial statements, the remaining terms range from
6 months to 7 years. Remeasurements are the result of an extension to the term of an
It is expected that as a lease matures it will either be extended or replaced by a new lease on similar terms
. There are no variable lease
payments, all lease payments are for fixed amounts agreed at the outset of the lease.
Amounts recognised in the Consolidated Statement of Comprehensive Income:
Interest on lease liabilities
Expenses relating to short-term leases
Total recognised in profit or loss
-term lease is a lease that, at the commencement date, has a lease term of 12 months or less. The Group has elected to apply the
recognition exemption under paragraph 5 of IFRS 16 and recognise the associated payments in profit or loss.
The short-term leases are leases
for office space with a duration of 12 months or less.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
6. LEASES (CONTINUED)
Cash out flow for leases:
Total cash outflow for leases
Maturity analysis of contractual undiscounted cash flows for
lease payments:
Total undiscounted lease liabilities at 31 December
\u2013 finance leases
The Group has cancellable leases, as intermediate lessor, of motor vehicles.
The terms of these leases vary. The following amounts are
recognised in the Consolidated Statement of Com
prehensive Income:
Income received from subleasing right-of-use assets
Finance income on net investment in leases
Total amount recognised in profit or loss
Future minimum lease payments
receivable for motor vehicles under cancellable finance leases are set out below:
Total undiscounted lease payments receivable
Net investment in the lease
Non-current (see note 18)
Total finance lease receivable
27. OTHER LIABILITIES
Financial liabilities measured at fair value.
Unsecured loan from related party (see note 32)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
1. FINANCIAL RISK MANAGEMENT (CONTINUED)
The Group had the following current assets and liabilities denominated in
currencies:
Japanese
Canadian
Chinese
Australian
Trade and other receivables
Trade and other receivables
The Group had the following non
-current assets and liabilities denominated in currencies:
Japanese
Canadian
Chinese
Trade and other receivables
Trade and other receivables
The average and year end exchange rates applied during the year
to convert currencies to Euros are as follows:
If sales and results for the year had be
en converted using the exchange rates prevailing in the prior year, the Group\u2019s 2022 sales would have
by approximately \u20ac1.39 million and the operating profit for the year would have increased by approximately \u20ac0.04 million.
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet
its contractual obligations.
The Group is mainly exposed to credit risk from sales to customers.
It is Group policy to assess the credit risk of new customers before entering
contracts and to have a frequent and proactive collections process. Historically, bad debts across the Group have been
extremely low and full
payment in advance by some customers helps to reduce the overall risk. Credit risk also arises from cash deposits held at banks. At
-end, the Group\u2019s cash deposits were held with major banks such as HSBC (UK and United States), Sumitomo Mitsui Banking
(Japan), KBC Bank (Europe) and The PNC Financial Services Group (United States).
The Group\u2019s exposure to credit risk is limited to the carrying amount of financial assets recognised at the balance sheet dat
e. These are
Note 22 \u2018Trade and other receivables\u2019 and Note 24 \u2018Cash and cash equivalents\u2019. The Group\u2019s management considers that
all the above financial assets that are not impaired at the balance sheet date under review are of good credit quality, inclu
ding those that are
NOTES TO THE CONSOLIDATED FINANCIAL STAT
EMENTS (CONTINUED)
FINANCIAL RISK MANAGEMENT (CONTINUED)
The exposure to credit risk for trade receivables by type of counterparty was as follows:
22, the ten largest accounts receivable represented 24.2% (2021: 26.7%) of the Group\u2019s accounts receivables and the
single largest accounts receivable
represented 5.9% (2021: 5.3%) of the Group's accounts receivables.
The Group measures the loss allowance for trade receivables at an amount equal to lifetime expected credit losses. The expect
ed credit losses
on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and adjusted for factors tha t
are specific to the debtor and general economic conditions of the industry in which the Group operates.
The Group has recognised a loss allowance of \u20ac
336,000 (2021: \u20ac134,000) against trade receivables. The loss allowance applies to debt over
days and relates to a small number of customers where none of the debt is expected to be recovered through normal trading. A provision
is made against trade receivables until such time as the Group believes the amount to be irrecoverable, after which the trade receivable
balance is written off.
The Directors consider that the carrying amount of trade and other receivables approximates their fair value.
Liquidity risk arises from th
e Group\u2019s management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due. The board reviews an annual 12
-month financial projection and the CFO and CEO review cash balances and cash
flow forecasts regularly. At the balance sheet date liquidity risk was considered to be low, given the fact that the Group is
expected to be cash
generative and cash and cash equivalents are thought to be at acceptable levels. While the board considers
there to be no current need for
additional borrowing facilities, it continually monitors the Group\u2019s cash requirements.
The Group's financial liabilities have contractual maturities as summarised below:
The Group has no variable interest rate debt, therefore the Group currently has no interest rate risk.
risk
The Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern to provide returns for
shareholders, maintain investor, creditor and market confidence, and sustain future development of the business.
There were no changes in
approach to capital risk management during the year ended 31 December 2022.
Less cash and cash equivalents
Capital to overall financing ratio
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
ACQUISITIONS (CONTINUED)
Software Group S.\u00e0 r.l.
On 12 January 2021, the Group acquired the entire issued share capital of HYBRID Software Group S.\u00e0 r.l.
(\u201cHYBRID Software\u201d) from Congra
Software S.\u00e0 r.l. (\u201cCongra\u201d).
acquisition was a common control transaction due to the fact that both the Company and HYBRID Software were under the same parent
(see Note 32 \u2018Related parties\u2019). An independent valuation report was commissioned by the Directors to enable them to
negotiate the contractual acquisition price of \u20ac80 million.
The consideration was satisfied in full by issuing 21,074,030 ordinary shares in the
The number of shares was calculated by reference to a trailing 30 trading-day volume weighted average price of the
Company\u2019s shares as traded on Euronext Brussels.
Founded in 2007, headquartered in Luxembourg and with subsidiaries in Belgium, Germany, Italy, France, the UK and the USA, HY
BRID
Software is a software development company foc
used on innovative productivity tools for the graphic arts industry, predominantly print service
providers and converters in the labels and packaging segments.
HYBRID Software\u2019s workflow software, editing software, and integration
products offer a unique s
et of advantages that include native PDF workflows, vendor-independent solutions based on industry standards,
scalable technology and low total cost of ownership. These products are used worldwide by customers in all areas of pre
-press and printing,
ing labels and packaging, folding cartons, corrugated, wide format and digital printing.
This acquisition is strategically important for the Group because HYBRID Software has a large end
-user customer base supported by a
worldwide sales and service organi
sation in the growing labels and packaging market and brings enterprise software technology and solutions
The acquisition allows the Group to further develop its digital print strategy with a more complete offering of products to open up
markets and potential customers. The Group is an important partner to the industry\u2019s leading manufacturers and HYBRID Software adds
to this capability, making a very compelling proposition in the market.
The acquisition date fair value of the consideration was made up of:
Acquisition date market value of new shares issued as consideration
Directors have considered the facts concerning a potential marketability discount and the relevant criteria in IFRS 13 and concluded that
a fair value adjustment for marketability is not appropriate in this situation.
This judgement is highly sensitive; a 0.5% discount would equate
to a discount of \u20ac377,000 and a material reduction in the goodwill at the acquisition date.
The identifiable assets acquired and liabilities assumed were:
Property, plant and equipment
Trade and other receivables
Cash and cash equivalents
Total identifiable net (liabilities)/assets acquired
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
4. ACQUISITIONS (CONTINUED)
Acquisition of HYBRID Software Group S.\u00e0 r.l. (continued)
The trade receivables comprised of contractual amounts due, all of which was expected to be collected at the date of acquisit
ion.
The intangible assets recognised have been valued as follows:
The average of the present value of cashflows from operating activities in relation to owned technology over a 12
year period (using a discount rate of 9%, an historical profit % level, an assumption that revenue will grow year-on-
year during the valuation period and an obsolescence factor) and an estimate of the replacement cost (based on
estimates of the number of employees and man years required to design and develop the software).
relationships
The present value of cashflows from operating activities in relation to customer relationships existing at acquisition
date over an 8 year period, using a discount rate of 9%, an historical profit % level and an historical annual attrition
rate of those relationships.
Goodwill was recognised as a result of the acquisition as follows:
Total consideration payable
Fair value of identifiable net assets
goodwill represents the ability to develop new technology, opportunities expected from access to potential new customers, any value of
intangible assets into perpetuity over their limited useful lives and the assembled workforce that does not meet separate
recognition criteria.
None of the goodwill recognised is expected to be deductible for tax purposes.
year, the Group incurred acquisition-related costs of \u20ac43,000 in respect of this acquisition, which have been included in 'Other
enses\u2019 in the consolidated statement of comprehensive income.
89,000 were incurred in the year ended 31 December 2021, related to the issue of the new shares were recognised directly in
The costs incurred are in respect of a prospectus that is required to admit the new shares to trading on Euronext. Further
36,000 were incurred in the year ended 31 December 2022 when the prospectus was published.
For the period from acquisition to 31 December 2021, the revenues and the profit before tax generated by this acquisition
were \u20ac20,739,000
6,481,000 respectively.
If the acquisition had taken effect at the beginning of the reporting
period in which the acquisition occurred (1 January 2021), on a pro forma
basis, revenue of the combined Group for the year ended 31 December 2021 would have been increased by \u20ac
644,000 and profit before tax
would have increased by \u20ac
201,000.
ColorLogic GmbH
2021, the Group acquired the entire issued share capital of ColorLogic GmbH (\u201cColorLogic\u201d), a company with its registered
office in Rheine, Germany.
2, ColorLogic has developed an extensive portfolio of colour profiling and conversion software. Its products are sold worldwide
to both end users with demanding requirements for colour quality, as well as to Original Equipment Manufacturers (OEMs) of pr
inting
This acquisition is strategic
ally important for the Group because ColorLogic has long been respected as an industry leader in extended gamut
colour management, and their tools provide the perfect combination of speed and quality for these demanding applications.
fair value of the consideration was made up of:
The consideration is payable in instalments; \u20ac3,
224,000 was paid on closing and \u20ac1,157,000 will be paid in 5 equal instalments on the
anniversary of the closing date
, starting in October 2022.
A condition of the acquisition was that the seller
, using a portion of the consideration received on closing, would procure \u20ac500,000 of the
Company\u2019s shares from
an existing shareholder, Congra Software S.\u00e0 r.l. (\u201cCongra\u201d). That condition was fulfilled by the seller and they acquired
shares of the Company from Congra on 21 January 2022. Under the terms of the acquisition, the seller requires the agreement of
the Company to sell, transfer or otherwise dispose of any of those shares
for a period of 12 months after the acquisition date of those shares.
NOTES TO THE CONSOLIDATED FINANCIAL STA
TEMENTS (CONTINUED)
4. ACQUISITIONS (CONTINUED)
Acquisition of ColorLogic GmbH (continued)
The identifiable assets acquired and liabilities assumed were:
Fair value
Property, plant and equipment
Trade and other receivables
Cash and cash equivalents
Total identifiable net assets acquired
The trade receivables comprised of contractual amounts due, all of which was expected to be
collected at the date of acquisition.
The intangible assets recognised have been valued as follows:
The present value of cashflows from operating activities in relation to owned technology over a 10 year period,
using a discount rate of 11.43%, an historical profit % level and an assumption that revenue will grow year-on-year
during the valuation period.
relationships
The present value of cashflows from operating activities in relation to established long-term contracts existing at
acquisition date over a 10 year period, using a discount rate of 11.43%, an historical profit % level and an
assumption that revenue will conservatively grow year-on-year during the valuation period.
Goodwill was recognised as a result of the acquisition as follows:
Total consideration payable
Fair value of identifiable net assets
The goodwill represents the ability to develop new
technology, opportunities expected from access to potential new customers, any value of
intangible assets into perpetuity over their limited useful lives and the assembled workforce that does not meet separate rec
ognition criteria.
ognised is expected to be deductible for tax purposes.
During the year, the Group incurred
acquisition-related costs of \u20ac135,000 in respect of this acquisition, which have been included in 'Other
operating expenses\u2019 in the consolidated statement of
comprehensive income.
For the period from acquisition to 31 December 2021, the revenues and the loss before tax generated by this acquisition were
immaterial in
the context of the Group\u2019s revenues and profit before tax.
If the acquisition had taken effect at the beginning of the reporting period in which the acquisition occurred (1 January 202
1), on a pro forma
revenue of the combined Group for the year ended 31 December 2021 would have been increased by \u20ac1,288,000 and profit before tax
would have increased by \u20ac
388,000.
HYBRID Iberia, S.L.U.
21 December 2021, the Group acquired the entire issued share capital of HYBRID Iberia, S.L.U. (\u201cHYBRID Iberia\u201d) a company with its
Barcelona, Spain.
YBRID Iberia is a reseller of the Group\u2019s products and has many customer relationships in Spain.
allows the Group to expand its distribution channel geographically under its own control and benefit from the existing
relationships that have been built up over the years.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
4. ACQUISITIONS (CONTINUED)
YBRID Iberia, S.L.U. (continued)
The acquisition date fair value o
f the consideration was made up of:
Pre-existing relationship
cash consideration is payable in instalments; \u20ac135,000 was paid on closing and \u20ac40,000 will be payable in instalments over the next five
. The pre-existing relationship was a trade payable owed to the Group by HYBRID Iberia.
The identifiable assets acquired and liabilities assumed were:
Property, plant and equipment
Trade and other receivables
Cash and cash equivalents
Total identifiable net assets acquired
The trade receivables comprised of contractual amounts due, all of which was expected to be collected at the date of acquisit
ion.
The intangible assets recognised have
been valued as follows:
The present value of cashflows resulting from sales to existing customers at acquisition date over a 7 year period,
using an historical profit % level and an assumption attrition of those customers during the valuation period.
Goodwill was recognised as a result of the acquisition as follows:
Total consideration payable
Fair value of identifiable net assets
During the year, the Group incurred
acquisition-related costs of \u20ac2,000 in respect of this acquisition, which have been included in 'Other
operating expenses\u2019 in the consolidated
statement of comprehensive income.
For the period from acquisition to 31 December 2021, the revenues and the loss before tax generated by this acquisition were
immaterial in
the context of the Group\u2019s revenues and profit before tax.
d taken effect at the beginning of the reporting period in which the acquisition occurred (1 January 2021), on a pro forma
basis, revenue of the combined Group for the year ended 31 December 2021 would have been increased by \u20ac
434,000 and profit before tax
decreased by \u20ac17,000.
Cash flows from investing activities
Acquisition, net of cash acquired per the consolidated statement of cash flows:
Net cash
HYBRID Software Group S.\u00e0 r.l.
Total acquisition, net of cash acquired
2. BASIS OF PREPARATION
These consolidated financial statements have been prepared in accordance with
UK-adopted international accounting standards and
International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union.
These consolidated financial statements were authorised for issue by the Company
\u2019s Board of Directors on 11 April 2023.
As defined in article 4 of the Transparency Directive (2004/109/EC), the official version of the annual financial report is the ESEF version.
Basis of measurement
These consolidated financial statements have been prepared on the historical cost basis
. Non-current assets are stated at the lower of
ed cost and fair value less disposal costs when applicable. The methods used to measure fair value are discussed in Note 4
\u2018Determination of fair values\u2019.
Functional and presentation currency
The amounts included in the financial statements for each of the Group\u2019s entities are measured using their respective functional currency,
which is then translated to euro using appropriate exchange rates.
The functional currency is determined for each of the Group\u2019s entities based
on the primary economic environment in which each of the Group\u2019s entities
operates and the primary currency used for transactions in those
entities. The functional currency for each of the entities in the Group is shown in the table below.
Hybrid Software Group PLC
Global Graphics (UK) Limited
Global Graphics Software Limited
Global Graphics Software Incorporated
United States dollar (USD)
Global Graphics Kabushiki Kaisha
Global Graphics EBT Limited
United States dollar (USD)
HYBRID Software Group S.\u00e0 r.l.
HYBRID Software Development NV
United States dollar (USD)
HYBRID Software China Co. Limited
HYBRID Software Italy SRL
HYBRID Software France SAS
HYBRID Software UK Limited
HYBRID Software Australia Pty Limited
HYRBID Software Iberia S.L.U.
se consolidated financial statements are presented in euros and all information which is presented in the following notes has been rounded
to the nearest thousand, unless otherwise specified.
U
se of accounting estimates
The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimates are revised and in any future periods affected.
Information about critical judgements in applying accounting policies that
have the most significant effect
on the amounts recognised in the consolidated financial statements is included in Note 5 \u2018Critical accounting
estimates and judgements\u2019.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)
BASIS OF PREPARATION (CONTINUED)
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position
are set out in the
strategic report. The Directors\u2019 report further describes the financial position of the Group; its cash flows an
d liquidity position; the Group\u2019s
objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financi
al instruments; and its
exposure to credit risk and liquidity risk.
As a result of multiple fac
tors playing out at the same time - the war in Ukraine, the COVID-19 pandemic still affecting mainly Asian countries,
rising inflation, energy and input prices, supply chain disruptions leading to various shortages
- there is more uncertainty across the global
Meteor Inkjet was severely impacted in the first half year due to the availability of components but has recovered since. The impact
the multitude of current economic headwinds did not prevent the other group components from growing their aggregate revenue, albeit new
business revenue was deemed subpar for the Global Graphics Software and HYBRID Software CGU\u2019s. For the Global Graphics Softwa
re
CGU this was mainly driven by the absence of significant software development sales
and multiyear contract renewals. The HYBRID Software
\u2019s new business development is prone to availability of capital expenditure budgets amongst its prospects and customers. Certainly in
rmany, the company experienced capital budgets being frozen in response to economic adversity which occurred
The Group has considerable financial resources, together with long
-standing relationships with customers through its licence and support
sales model. The Group\u2019s forecasts and projections, taking account of potential and realistic changes in trading performance,
and also including
worst case, severe, yet plausible downside scenarios, continue to indicate that the Group is ab
le to operate within the level of existing cash
he Directors have considered the impact of a significant reduction in sales against forecasts, which may arise if the economic conditions
further worsen in the company\u2019s main markets, being the U
nited States, Europe & Asia. This impact has been considered against a backdrop
employment and operating costs due to inflation and increases in cost of living. The Directors have prepared Group cash flow forecasts
for a period of at least 12
months from the date of approval of these financial statements which indicate that, taking account of reasonably
possible downsides, the Group will have sufficient funds to meet its liabilities as they fall due for that period.
The Group is diversified i
n terms of products, customers and geographies served. Any reductions in revenue in one segment have generally
been offset by increased revenue in another segment. Across the Group, there have been no contract cancellations and to the D
irectors\u2019
none of the Group\u2019s significant customers have failed.
Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as th
ey fall due for at least
12 months from the date of approval of these fina
ncial statements and therefore have prepared these financial statements on a going concern
Alternative performance measures
The Strategic Report includes IFRS
revenue and profit, constant exchange rate (\u201cCER\u201d) revenue, adjusted profit and EBITDA. See page 30
CER revenue eliminates the impact of currency movements when comparing the current year to the comparative year.
The current year is
restated at the comparative year\u2019s actual exchange rates.
Adjusted profit, in management\u2019s view, reflects the underlying
operating performance of the business and provides a more meaningful
comparison of how the business is managed and measured
from year to year by adjusting for non-recurring or uncontrollable factors which
affect the IFRS reported amounts.
EBITDA is also reported as an alternative measure of profit and is calculated by adding back interest, tax, depreciation and
amortisation to net
EBITDA is a common measure used by investors and analysts to comparatively evaluate the financial performance of companies.
The Board believes that evaluating the Group\u2019s ongoing results may not be as useful if it is limited to reviewing only IFRS f
inancial measures,
particularly because management uses adjusted financial information to evaluate its ongoing operations, for internal planning
and forecasting
purposes and for the measurement of performance related bonuses.
The Board does not suggest that inv
estors should consider these adjusted financial results in isolation from, or as a substitute for, financial
information prepared in accordance with IFRS.
The Board presents EBITDA and adjusted financial results when reporting its financial results
ide investors with additional tools to evaluate the Group\u2019s results in a manner that focuses on what the Board believes to be its underlying
The Board believes that the inclusion of adjusted financial results provides consistency and comparability with past
2. BASIS OF PREPARATION (CONTINUED) Parent Company financial statements The parent Company financial statements present information about the Company as a separate e ntity and not about its group. The Company has elected to prepare its parent company financial statements in accordance with FRS 101. These are presented on pages 113 to 120. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "Statement of compliance These consolidated financial statements have been prepared in accordance with UK-adopted international accounting standards and International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union. These consolidated financial statements were authorised for issue by the Company \u2019s Board of Directors on 11 April 2023. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "These consolidated financial statements were authorised for issue by the Company \u2019s Board of Directors on 11 April 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "Functional and presentation currency The amounts included in the financial statements for each of the Group\u2019s entities are measured using their respective functional currency, which is then translated to euro using appropriate exchange rates. The functional currency is determined for each of the Group\u2019s entities based on the primary economic environment in which each of the Group\u2019s entities operates and the primary currency used for transactions in those entities. The functional currency for each of the entities in the Group is shown in the table below. Company name Functional currency Hybrid Software Group PLC Euro (EUR) Global Graphics (UK) Limited Pound sterling (GBP) Global Graphics Software Limited Pound sterling (GBP) Global Graphics Software Incorporated United States dollar (USD) Global Graphics Kabushiki Kaisha Japanese yen (JPY) Global Graphics EBT Limited Pound sterling (GBP) Meteor Inkjet Limited Pound sterling (GBP) Xitron, LLC United States dollar (USD) HYBRID Software Group S.\u00e0 r.l. Euro (EUR) eXplio NV Euro (EUR) HYBRID Software Development NV Euro (EUR) HYBRID Integration LLC United States dollar (USD) HYBRID Software NV Euro (EUR) HYBRID Software China Co. Limited Chinese yuan (CNY) HYBRID Software GmbH Euro (EUR) HYBRID Software Italy SRL Euro (EUR) HYBRID Software France SAS Euro (EUR) HYBRID Software UK Limited Pound sterling (GBP) HYBRID Software Australia Pty Limited Australian dollar (AUD) HYRBID Software Iberia S.L.U. Euro (EUR) ColorLogic GmbH Euro (EUR) The se consolidated financial statements are presented in euros and all information which is presented in the following notes has been rounded to the nearest thousand, unless otherwise specified. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "U se of accounting estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the consolidated financial statements is included in Note 5 \u2018Critical accounting estimates and judgements\u2019. 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of financial information in conformity with IFRS requires the Directors to make critical accounting estimates and judgements that affect the application of policies and reported amounts of assets and liabilities, income and expenses. An assessment of the impact of these estimates and judgements on the financial statements is set out below. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information is available. Estimates Identification and valuation of separately identifiable intangibles related to acquisitions Where a business combination is considered significant, the Group commissions and relies upon independent valuation reports to identify and value the intangible assets related to that acquisition. For less significant business combinations, internal estimates to calculate a discount rate are determined by the Directors to apply a consistent approach with previous acquisitions. The key assumptions in relation to this estimate for the iC3D acquisition were the discount rate, forecast revenue and forecast EBITDA margin. Assessing whether goodwill and acquisition- related intangibles have been impaired The Group tests annually whether the goodwill has been impaired and assesses acquisition-related intangible assets for indicators of impairment by reference to expected future generation of cash from the relevant intangible assets. In estimating the cash flow, the Directors make estimates, based on forecasts, about the amount of future profits from the relevant products that will be generated and the timing of when these will be realised. See Note 17 \u2018Goodwill\u2019 for further details. Deferred tax recognition Deferred tax assets are reviewed at each reporting date and are recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The Directors make estimates about future sales and expenses, and the timing of their realisation, to derive an estimate of the future profits. The Directors have recognised an amount that they expect to recover in the foreseeable future of \u20ac2.07 million (2021: \u20ac2.24 million) and if there was a reduction in this period by 2 years the impact would be to reduce the asset by \u20ac0.82 million (2021: \u20ac0.33 million). See Note 19 \u2018Tax\u2019 for further details. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED) Estimates (continued) Provisions for obsolete inventory Inventory items are reviewed at each reporting date for possible obsolescence. Estimates are made in respect of the future demand and net realisable value of items that are deemed to be slow moving. The estimates of demand are based on a variety of factors, including the number of customers for that have purchased that item and historical transactions. As at 31 December the total gross inventory balance is \u20ac3,913,000 (2021: \u20ac2,308,000) and the provision against slow moving and obsolete inventory is \u20ac265 ,000 (2021: \u20ac225,000). Judgements Assessing whether development costs meet the criteria for capitalisation The point at which development costs meet the criteria for capitalisation is critically dependent on management \u2019s judgement of the point at which technical feasibility is demonstrable , that the asset will probably generate future economic benefit, the intention to complete the asset and that the expenditure can be reliably measured. Further more, the useful economic lives of capitalised development costs are based on management\u2019s knowledge of the life cycle of the Group\u2019s products and technology. The carrying value of development assets also depends on management \u2019s ability to demonstrate the future economic benefits they will deliver. This judgement requires assumptions about factors outside the business \u2019s control such as medium-term economic conditions, technological developments, and market changes. The Directors have made a judgement tha t \u20ac3,981,000 (2021: \u20ac3,396,000) has been capitalised as eligible, qualifying expenditure for the purposes of IAS 38. A movement of 10.0% in this judgement would result in a material misstatement. There is judgement in determining whether development activity constitutes a substantial enhancement to the underlying assets, and in quantifying the time spen t on these substantial enhancement s. The Group utilise a timesheet tracking system to monitor the nature of development being undertaken and the time spent on this activity. A llocation of value to performance obligations in contracts with customers The Group enters into contracts with customers, some of which include multiple performance obligations. The allocation of the transaction price to the performance obligations is subject to management\u2019s judgement of the performance obligations that are both explicit and implied in the contract and the subsequent stand-alone selling price of each of those performance obligations. ",
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"fact-369": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position are set out in the strategic report. The Directors\u2019 report further describes the financial position of the Group; its cash flows an d liquidity position; the Group\u2019s objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financi al instruments; and its exposure to credit risk and liquidity risk. As a result of multiple fac tors playing out at the same time - the war in Ukraine, the COVID-19 pandemic still affecting mainly Asian countries, rising inflation, energy and input prices, supply chain disruptions leading to various shortages - there is more uncertainty across the global economy. Meteor Inkjet was severely impacted in the first half year due to the availability of components but has recovered since. The impact of the multitude of current economic headwinds did not prevent the other group components from growing their aggregate revenue, albeit new business revenue was deemed subpar for the Global Graphics Software and HYBRID Software CGU\u2019s. For the Global Graphics Softwa re CGU this was mainly driven by the absence of significant software development sales and multiyear contract renewals. The HYBRID Software CGU \u2019s new business development is prone to availability of capital expenditure budgets amongst its prospects and customers. Certainly in Europe and especially Ge rmany, the company experienced capital budgets being frozen in response to economic adversity which occurred during the year. The Group has considerable financial resources, together with long -standing relationships with customers through its licence and support sales model. The Group\u2019s forecasts and projections, taking account of potential and realistic changes in trading performance, and also including worst case, severe, yet plausible downside scenarios, continue to indicate that the Group is ab le to operate within the level of existing cash resources. T he Directors have considered the impact of a significant reduction in sales against forecasts, which may arise if the economic conditions further worsen in the company\u2019s main markets, being the U nited States, Europe & Asia. This impact has been considered against a backdrop of rising employment and operating costs due to inflation and increases in cost of living. The Directors have prepared Group cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the Group will have sufficient funds to meet its liabilities as they fall due for that period. The Group is diversified i n terms of products, customers and geographies served. Any reductions in revenue in one segment have generally been offset by increased revenue in another segment. Across the Group, there have been no contract cancellations and to the D irectors\u2019 knowledge none of the Group\u2019s significant customers have failed. Consequently, the Directors are confident that the Group will have sufficient funds to continue to meet its liabilities as th ey fall due for at least 12 months from the date of approval of these fina ncial statements and therefore have prepared these financial statements on a going concern basis. ",
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"fact-314": {
"value": "3. SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the presentation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented . There are no other new or amended interpretations or standards effective for the financial year commencing 1 January 2022 that have had a material impact on the Group. Basis of consolidation Subsidiaries Subsidiaries are all entities controlled by the Group. The financial statements of subsidiaries are included in the consolida ted financial statements from the date that control commences until the date that control ceases. Transactions eliminated on consolidation Inter -company balances and transactions, and any unrealised income and expenses arising from inter-company transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For business combinations with acquisition dates on or after 1 January 2022, the Group has determined whether a particular se t of activities and assets is a business by assessing whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2018concentration test\u2019 that permits a simplified assessment of whether an acquired set of activities and assets is not a busines s. This election can be applied on a transaction by transaction basis. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identified asset or group of similar identifiable assets. Foreign currency translation Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabili ties denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised co st in the functional curre ncy at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non -monetary assets and liabilities that are measured at fair value in a foreign currency are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non -monetary items that are measured based on historical cost in a foreign currency are translated using the exch ange rate at the date of the transaction. Foreign currency differences arising on retranslation are generally recognised in profit or loss. Translation of financial statements of foreign operations The assets and liabilities of foreign operations, includi ng goodwill and fair value adjustments arising on acquisition, are translated to euro at exchange rates at the reporting date. The income and expenses of foreign operations are translated on a monthly basis to euro at average exchange rates for each month. Foreign currency differences are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity. Financial instruments Non -derivative financial instruments Non -derivative financial instruments comprise trade and other receivables, other current assets, cash, trade payables, and other liabilities. Non -derivative financial instruments are recognised initially at fair value plus any directly attributable transaction costs. After initial recognition, non -derivative financial instruments are measured at amortised cost using the effective interest method, less any impairment losses. Derivative financial instruments The Group only uses derivative financial instruments (notably foreign currency forward and option cont racts) to manage exposure to foreign exchange risk. In accordance with guidelines established by the board, the Group does not permit the use of derivative financ ial instruments for speculative purposes. Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently re- measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the income statement imm ediately. At 31 Dece mber 2022 the Group had no derivative financial instrument contracts in place (2021: none). NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Property, plant and equipment Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment in value. Ongoing repairs and maintenance are expensed as incurred. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight -line basis over its expected economic useful life. Depreciation is recognised within operating expenses within the consolidated income statement. The estimated useful lives fo r the current and comparative years of significant items of property, plant and equipment are as follows: \u2022 leasehold improvements 3 to 10 years, or the remaining lease term \u2022 computer equipment and office equipment 3 to 5 years \u2022 motor vehicles 5 years Right -of-use assets Right -of-use assets are stated at cost, net of depreciation, any provision for impairment in value and any remeasurement of the associated lease liability. Depreciation is provided on all right-of-use assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight -line basis over the earlier of its expected useful life or the term of the lease. Depreciation is recognised within operating expenses within the consolidated income statement. Group as lessor The Group only acts as a lessor in the context of sub -lease arrangements. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub -lease separately. It assesses the lease classification of a sub-lease as being either a finance lease or an operating lease with reference to the right -of-use asset arising from the head lease, not with reference to the underlying asset. To classify each sub -lease, an overall assessment is made as to whether the lease transfers to the lessee substantially all of the risks and rewards of ownership incidental to ownership of the right -of-use asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, t he Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. The group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of selling, general and administrative expenses within the consolidated income statement. Goodwill and intangible assets Goodwill The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchan ge of control. For acquisitions before IFRS 3 (revised) became effective, costs directly attributable to the acquisition are also included. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair va lues at the acquisition date. The excess of the cost of acquisition over the f air value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, thus giving rise to negative goodwill (a bargain purchase), the difference is recognised directly in the income statement within other income. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash -generating units for the purposes of impairment testing. Goodwill is not amortised but is tested annually for impairment or more frequently if facts and circumstances warrant a review. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity, if any. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amo rtisation and any accumulated impairment losses. The amortisation of patents is included in cost of sales, the amortisation charge for software technology and driver electronics is included in research and development expenses and amortisation charges related to any other intangi ble assets acquired through business combinations are included in selling, general and administrativ e expenses. Trademarks, know -how, patents and patent applications Trademarks, know -how, as well as patent and patent applications are carried at historical cost (which was estimated to be their fair value on the purchase date by the Group) less accumulated amortisation. Amortisation is calculated over their useful estimated lives from respective acquisition dates, as follows: \u2022 trademarks 10 years \u2022 patents and patent applications 3 to 10 years \u2022 know-how 1 year Customer relationships Customer relationships are carried at historical cost (which was estimated to be their fair value on the acquisition date by the Group) less accumulated amortisation. Amortisation is calculated over the estimated useful lives of the respective relationships, over periods ranging from five to ten years from respective acquisition dates. Computer software technology Computer software technology is capitalised on the basis of the costs directly incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives from respective acquisition dates over periods ranging from three to twelve years. Costs associated with maintaining existing computer software technology an d programmes are recognised as an expense when incurred. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Goodwill and intangible assets (continued) Driver electronics Driver electronics technolog y is capitalised on the basis of the costs incurred to acquire and bring to use the specific technology. These costs are amortised over their estimated useful lives from respective acquisition dates, currently a period of five years. Costs as sociated with maintaining the existing driver electronics are recognised as an expense when incurred. Capitalised development costs Direct costs incurred on development projects relating to the design and testing of new or improved products and technology a re recognised as intangible assets when all of the following criteria are met: \u2022 it is technically feasible to complete the intangible asset so that it will be available for use; \u2022 management intends to complete the intangible asset, and use or sell it; \u2022 the Group has the ability to use or sell the intangible asset; \u2022 it can be demonstrated how the intangible asset will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and \u2022 the expenditure attributable to the intangible asset during its development may be reliably measured. Capitalised development costs recognised as intangible assets are amortised from the point the asset is ready for use on a straight-line basis over its estimated useful life , over periods ranging from three (Printing Software segment) to twelve (Enterprise Software segment) years. Printing Software technology has existed for a longer period of time than Enterprise Software technology, therefore any development costs are deemed to have a shorter useful life . The amortisation charge is included in research and development expenses in the income statement. Other development expenditures that do not meet these cr iteria are recognised as an expense when incurred. Impairment of non -current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets ha ve suffered any impairment. If any such indication exists, the recoverable amount of the asset (being the higher of fair value less costs to sell and value in use) is estimated in order to determine the extent of any impairment. Any impai rment loss is reco gnised as an expense in the income statement in the period in which it was identified. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised through the income statement. I mpairment of financial assets Financial assets and contract assets are assessed at each reporting date to determine whether there is any objective evidence that it is impaired. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without und ue cost or effort. This includes both quantitative and qualitative informa tion and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward -looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days pa st due. A financial asset i s impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flow s of that asset. An impairment loss in respect of a financial asset measured at amortised cost is calc ulated as the difference between the carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Impairment of non -financial assets The carrying amounts of the Group\u2019s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or a cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current marke t assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash infl ows fro m continuing use that are largely indep endent of the cash inflows of other assets or group of assets (\"cash-generating unit\"). An impairment loss is recognised if the carrying amount of an asset or a cash -generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash -generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generatin g units and then, to reduce the carrying amount of the other assets i n the unit on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date f or any indications that the loss had decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount, but only to the extent that the carrying amount of the asset does not exceed the carrying amount that would hav e been determined, net of depreciation or amortisation, had n o impairment loss been recognised. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Inventories Inventories are stated at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditures incurred in acquiring the inventories and other costs incurred in bringing them to their existing locat ion and condition. Net realisable value is the estimated selling price in the ordinary c ourse of business, less estimated costs expected to be incurred to complete the sale. Trade receivables Trade receivables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method, less provisi on for impairment. Trade receivables are first assessed individually for impairment, or collectively where the receivables are not individually significant. Where there is no objective evidence of impairment for an individual receivable, it is included in a group of receivables with similar credit risk characteristics and these are collectively assessed for impairment. Movements in the provision for d oubtful debts are recorded in the statement of comprehensive income within selling, general and administrative expenses. Cash Cash comprises cash in hand and deposits held at call with banks at each reporting date. Share capital Ordinary shares Ordinary shares, which are the only class of shares issued by the Company, are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares (whether they are resulting from the exercise of share options or the acquisition of a business) are recognised as a deduction from equity, net of any tax effects. Own share repurchases When share capital recognised in equity is repurchased, the consideration paid, including directly attributable costs, net of any tax effects, is recognised as a deduction from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity. Any resulting surplus over the purchase price is transferred to share premium and any deficit is transferred to retained earnings. Current liabilities Trade payables and accrued liabilities are recognised initially at fair value and are subsequently measured at amortised cost, using the effective interest method. Trade payables and accrued liabilities with a short duration are not discounted, as the carrying amount is a reasonable approximation of fair value. Employ ee benefits Pension obligations Contributions to the Group\u2019s defined contribution pension schemes and employees\u2019 personal pension plans are charged to the in come statement as employee benefit expenses when they are due. The Group has no further payment obligation once the contributions have been paid. As a result of the acquisition of ColorLogic GmbH (see Note 34 \u2018Acquisitions\u2019) a pension liability and an associated asset have been acquired. The associated asset does not qualify as a plan asset and it is included as \u201cFinancial assets not classified as cash or cash equivalent\u201d in f inancial assets in the Consolidated Statement of Financial Position (see Note 18 \u2018Financial assets\u2019). The pension obligation is for a one-time amount or the value of the associated asset, whichever is the higher and is included in accrued liabilities in the Consolidated Statement of F inancial Position. Any fair value adjustments to the financial asset or the accrued liability is adjusted through the Consolidated Statement of C omprehensive Income. Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably comm itted, without realistic possibility of withdrawal, to a formal, detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be measured reliably. Other short -term employee benefits Short -term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount to be paid under short -term cash bonus or commission plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be me asured reliably. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Share -based payments The Group operates equity -settled, share-based compensation plans, consisting of a share option plan and share grant plans, which allow employees to acquire shares of the Company. The fair value of the options and shares granted is recognised as an employee expense, with a corresponding increase in equity, and is measured at grant date and spread over the period during which the employees becom e unconditionally entitled to the options or shares. The fair value of th e options granted is measured using an appropriate valuation model, taking into account the terms and conditions upon which the options were granted. At each reporting date, the amount recognised as a n expense is adjusted to reflect the actual number of sh are options or shares for which the related service and non-market conditions are met. The proceeds received, net of any directly attributable transaction costs, are credited to share capital for the par value of the shares i ssued and to share premium for the balance, when the share options are exercised. Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economi c benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre -tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. Revenue recognition So ftware The Group typically licenses its software to equipment manufacturers through multi-year license and distribution agreements, or direct to end users by a mix of perpetual and subscription-based licences. Multi -year license and distribution agreements generally provide for the periodic payment of licence royalties, the unit value of which has been contractually agreed at the outset of the agreement, and which is typically based upon either the volume sold by the customer or the sale value of those products into which the Group\u2019s software has been integrated. These agreements also include specific provisions with respect to the delivery of maintenance and after-sale support services over the duration of the agreement. Such services are rendered against the payment of a fixed fee, which has been contractually agreed at the outset of the agreement and is typically charged on the anniversary date of the agreem ent. These agreements may also provide for the delivery of engineering services to ensure a seamless integration of the Group\u2019s software into the customer\u2019s products. End user licences are typically accompanied by annual support and maintenance agreements , which are usually renewed annually by customers. The annual support and maintenance agreements provide technical support and bug fixes. Fees from arrangements involving licen ces, after-sale customer support, and other related services such as training, are allocated to the performance obligations identified in the contract. The stand-alone selling price of each of the elements of the arrangement is typically established by the contract or the price charged when the same element is sold separately. Where there is no stand-alone selling price, a percentage estimation of the total licence value is performed to identify the stand-alone price. The Group\u2019s performance obligations under software contracts with customers are to deliver a distribution licence, deliver a master copy of the software, at times provide licen ce keys to enable the use of software and to provide ongoing support and maintenance services. The Group also provides engineering and consulting services under some contrac ts to enhance functionality or assist with integration. Revenues from software licen ces or non-refundable minimum royalty agreements are recognised upon satisfaction of all the following criteria: \u2022 signing of the license agreement \u2022 no additional significant production, modification or customisation of the software is required \u2022 performance obligations are complete \u2022 the fee is fixed or determinable Fees from perpetual licences relating to software are recognised in the period in which the delivery to the end-customer takes place and based on customer -usage reports, at which point there is no further performance obligation of the Group. Revenue from time-limited licences to use the software is recognised rateably over the period of the licen ce only if there is an ongoing performance obligation for that licence on the Group during th e licence period. If there are no ongoing performance obligations, the licence revenue is recognised when the Group's performance obligation to deliver the software has been fulfilled. All licence fees are non-refundable. S oftware support and maintenance revenue is recognised over the duration of the support and maintenance period. Engineering and consultancy services revenue is recognised upon satisfaction of the relevant performance obligation where the customer substa ntially obtains the benefit of the engineering or consultancy work and usually makes a payment for those services rendered. Amounts received in advance of the related services being performed are included in deferred revenue and recognised in revenue based on hours de livered only when the services are provided. Fees are non -refundable and are generally on payment terms of 30 days from date of invoice. For long-term engineering services, payments will be due on the achievement of the performance obligation. License agreements may have extended payment terms and support and maintenance is payable in advance of the period of coverage. 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Revenue recognition (continued) Physical goods The Group\u2019s performance obligations with respect to physical goods (principally the Printhead solutions segment) is to delive r a finished product to a customer. Control of the goods transfers to the customer at the point of despatch and r evenue is recognised at that point in time. Payment for physical goods is generally received in advance of despatch and is non -refundable. If any item is found to be faulty it will eithe r be returned by the customer for repair or replaced with a new item. Contract assets and contract liabilities Contract assets and liabilities will arise from scheduled payments specified in the contracts when measured against the recog nition of revenu e under the respective performance obligations. Cost of sales Cost of sales includes the costs of goods sold and services rendered. This includes finished goods, product packaging, royalties paid to third parties, excess and obsolete inventory, amortisation of patents acquired through acquisition, amortisation of purchased software, and employee costs associated with the direct manufacturing and shipping of the Group\u2019s products or rendering of services provided. Tax Tax expense comprises current and deferred tax. Current tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previ ous tax years. Deferred tax is r ecognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neit her accounting nor taxable profit, or differences relating to investments in subsidiaries to the extent that they will probabl y not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on the laws tha t have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer p robable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, they relate to income taxes levied by the same tax authority on the same taxable entity, and they have similar maturities. Earnings per share The Group presents basic and diluted earnings per share (\"EPS\") data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareho lders of the Company by the weighted average number of ordinary shares outstanding during the reporting period. Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the effects of all potential dilutive ordi nary shares. Operating segments Operating segments are reported in a manner consistent with the inte rnal reporting provided to the chief operating decision-maker. The Group\u2019s chief operating decision -maker has been identified as the Group\u2019s Chief Executive Officer. Government grants Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. All such grants relate to expense items. The grant is recognised a s other income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. The grant income is disclosed in Other Income in the Consolidated Statement of Comprehensive Income. Effect of interpretations and amendments to existing and new standards For the purposes of the preparation of these consolidated financial statements, the Grou p has applied all standards and interpretations that are effective for accounting periods beginning on or after 1 January 2022. New standards which were not adopted by the Group in 2022 A number of new standards and amendments to standards are effective for annual periods beginning on or after 1 January 2023 and earlier application is permitted; however, the Group has not early adopted the following new or amended standards in preparing these consolidated financial statements for the year ended 31 December 2022 and they are not expected to have a significant impact on the Group\u2019s consolidated financial statements :3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) New standards which were not adopted by the Group in 2022 (continued) \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2022 Definition of Accounting Estimates (Amendments to IAS 8) ",
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},
"fact-317": {
"value": "Basis of consolidation Subsidiaries Subsidiaries are all entities controlled by the Group. The financial statements of subsidiaries are included in the consolida ted financial statements from the date that control commences until the date that control ceases. Transactions eliminated on consolidation Inter -company balances and transactions, and any unrealised income and expenses arising from inter-company transactions, are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-318": {
"value": "Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. For business combinations with acquisition dates on or after 1 January 2022, the Group has determined whether a particular se t of activities and assets is a business by assessing whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u2018concentration test\u2019 that permits a simplified assessment of whether an acquired set of activities and assets is not a busines s. This election can be applied on a transaction by transaction basis. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identified asset or group of similar identifiable assets. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-319": {
"value": "Foreign currency translation Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at the dates of the transactions. Monetary assets and liabili ties denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortised co st in the functional curre ncy at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non -monetary assets and liabilities that are measured at fair value in a foreign currency are retranslated to the functional currency at the exchange rate at the date that the fair value was determined. Non -monetary items that are measured based on historical cost in a foreign currency are translated using the exch ange rate at the date of the transaction. Foreign currency differences arising on retranslation are generally recognised in profit or loss. Translation of financial statements of foreign operations The assets and liabilities of foreign operations, includi ng goodwill and fair value adjustments arising on acquisition, are translated to euro at exchange rates at the reporting date. The income and expenses of foreign operations are translated on a monthly basis to euro at average exchange rates for each month. Foreign currency differences are recognised in other comprehensive income and presented in the foreign currency translation reserve in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-320": {
"value": "Financial instruments Non -derivative financial instruments Non -derivative financial instruments comprise trade and other receivables, other current assets, cash, trade payables, and other liabilities. Non -derivative financial instruments are recognised initially at fair value plus any directly attributable transaction costs. After initial recognition, non -derivative financial instruments are measured at amortised cost using the effective interest method, less any impairment losses. Derivative financial instruments The Group only uses derivative financial instruments (notably foreign currency forward and option cont racts) to manage exposure to foreign exchange risk. In accordance with guidelines established by the board, the Group does not permit the use of derivative financ ial instruments for speculative purposes. Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently re- measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the income statement imm ediately. At 31 Dece mber 2022 the Group had no derivative financial instrument contracts in place (2021: none). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "Derivative financial instruments The Group only uses derivative financial instruments (notably foreign currency forward and option cont racts) to manage exposure to foreign exchange risk. In accordance with guidelines established by the board, the Group does not permit the use of derivative financ ial instruments for speculative purposes. Derivative financial instruments are initially recognised at fair value at the date the derivative contract is entered into and are subsequently re- measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the income statement imm ediately. At 31 Dece mber 2022 the Group had no derivative financial instrument contracts in place (2021: none). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment in value. Ongoing repairs and maintenance are expensed as incurred. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight -line basis over its expected economic useful life. Depreciation is recognised within operating expenses within the consolidated income statement. The estimated useful lives fo r the current and comparative years of significant items of property, plant and equipment are as follows: \u2022 leasehold improvements 3 to 10 years, or the remaining lease term \u2022 computer equipment and office equipment 3 to 5 years \u2022 motor vehicles 5 years Right -of-use assets Right -of-use assets are stated at cost, net of depreciation, any provision for impairment in value and any remeasurement of the associated lease liability. Depreciation is provided on all right-of-use assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight -line basis over the earlier of its expected useful life or the term of the lease. Depreciation is recognised within operating expenses within the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-322": {
"value": "Property, plant and equipment Property, plant and equipment are stated at cost, net of depreciation and any provision for impairment in value. Ongoing repairs and maintenance are expensed as incurred. Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight -line basis over its expected economic useful life. Depreciation is recognised within operating expenses within the consolidated income statement. The estimated useful lives fo r the current and comparative years of significant items of property, plant and equipment are as follows: \u2022 leasehold improvements 3 to 10 years, or the remaining lease term \u2022 computer equipment and office equipment 3 to 5 years \u2022 motor vehicles 5 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-323": {
"value": "Right -of-use assets Right -of-use assets are stated at cost, net of depreciation, any provision for impairment in value and any remeasurement of the associated lease liability. Depreciation is provided on all right-of-use assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight -line basis over the earlier of its expected useful life or the term of the lease. Depreciation is recognised within operating expenses within the consolidated income statement. Group as lessor The Group only acts as a lessor in the context of sub -lease arrangements. When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sub -lease separately. It assesses the lease classification of a sub-lease as being either a finance lease or an operating lease with reference to the right -of-use asset arising from the head lease, not with reference to the underlying asset. To classify each sub -lease, an overall assessment is made as to whether the lease transfers to the lessee substantially all of the risks and rewards of ownership incidental to ownership of the right -of-use asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, t he Group considers certain indicators such as whether the lease is for the major part of the economic life of the asset. The group recognises lease payments received under operating leases as income on a straight-line basis over the lease term as part of selling, general and administrative expenses within the consolidated income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-321": {
"value": "Goodwill and intangible assets Goodwill The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchan ge of control. For acquisitions before IFRS 3 (revised) became effective, costs directly attributable to the acquisition are also included. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair va lues at the acquisition date. The excess of the cost of acquisition over the f air value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, thus giving rise to negative goodwill (a bargain purchase), the difference is recognised directly in the income statement within other income. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash -generating units for the purposes of impairment testing. Goodwill is not amortised but is tested annually for impairment or more frequently if facts and circumstances warrant a review. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity, if any. Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amo rtisation and any accumulated impairment losses. The amortisation of patents is included in cost of sales, the amortisation charge for software technology and driver electronics is included in research and development expenses and amortisation charges related to any other intangi ble assets acquired through business combinations are included in selling, general and administrativ e expenses. Trademarks, know -how, patents and patent applications Trademarks, know -how, as well as patent and patent applications are carried at historical cost (which was estimated to be their fair value on the purchase date by the Group) less accumulated amortisation. Amortisation is calculated over their useful estimated lives from respective acquisition dates, as follows: \u2022 trademarks 10 years \u2022 patents and patent applications 3 to 10 years \u2022 know-how 1 year Customer relationships Customer relationships are carried at historical cost (which was estimated to be their fair value on the acquisition date by the Group) less accumulated amortisation. Amortisation is calculated over the estimated useful lives of the respective relationships, over periods ranging from five to ten years from respective acquisition dates. Computer software technology Computer software technology is capitalised on the basis of the costs directly incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives from respective acquisition dates over periods ranging from three to twelve years. Costs associated with maintaining existing computer software technology an d programmes are recognised as an expense when incurred. Goodwill and intangible assets (continued) Driver electronics Driver electronics technolog y is capitalised on the basis of the costs incurred to acquire and bring to use the specific technology. These costs are amortised over their estimated useful lives from respective acquisition dates, currently a period of five years. Costs as sociated with maintaining the existing driver electronics are recognised as an expense when incurred. Capitalised development costs Direct costs incurred on development projects relating to the design and testing of new or improved products and technology a re recognised as intangible assets when all of the following criteria are met: \u2022 it is technically feasible to complete the intangible asset so that it will be available for use; \u2022 management intends to complete the intangible asset, and use or sell it; \u2022 the Group has the ability to use or sell the intangible asset; \u2022 it can be demonstrated how the intangible asset will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and \u2022 the expenditure attributable to the intangible asset during its development may be reliably measured. Capitalised development costs recognised as intangible assets are amortised from the point the asset is ready for use on a straight-line basis over its estimated useful life , over periods ranging from three (Printing Software segment) to twelve (Enterprise Software segment) years. Printing Software technology has existed for a longer period of time than Enterprise Software technology, therefore any development costs are deemed to have a shorter useful life . The amortisation charge is included in research and development expenses in the income statement. Other development expenditures that do not meet these cr iteria are recognised as an expense when incurred. Impairment of non -current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets ha ve suffered any impairment. If any such indication exists, the recoverable amount of the asset (being the higher of fair value less costs to sell and value in use) is estimated in order to determine the extent of any impairment. Any impai rment loss is reco gnised as an expense in the income statement in the period in which it was identified. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised through the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "Goodwill The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets acquired, equity instruments issued and liabilities incurred or assumed at the date of exchan ge of control. For acquisitions before IFRS 3 (revised) became effective, costs directly attributable to the acquisition are also included. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair va lues at the acquisition date. The excess of the cost of acquisition over the f air value of the Group's share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, thus giving rise to negative goodwill (a bargain purchase), the difference is recognised directly in the income statement within other income. Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash -generating units for the purposes of impairment testing. Goodwill is not amortised but is tested annually for impairment or more frequently if facts and circumstances warrant a review. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity, if any. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "Other intangible assets Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated amo rtisation and any accumulated impairment losses. The amortisation of patents is included in cost of sales, the amortisation charge for software technology and driver electronics is included in research and development expenses and amortisation charges related to any other intangi ble assets acquired through business combinations are included in selling, general and administrativ e expenses. Trademarks, know -how, patents and patent applications Trademarks, know -how, as well as patent and patent applications are carried at historical cost (which was estimated to be their fair value on the purchase date by the Group) less accumulated amortisation. Amortisation is calculated over their useful estimated lives from respective acquisition dates, as follows: \u2022 trademarks 10 years \u2022 patents and patent applications 3 to 10 years \u2022 know-how 1 year Customer relationships Customer relationships are carried at historical cost (which was estimated to be their fair value on the acquisition date by the Group) less accumulated amortisation. Amortisation is calculated over the estimated useful lives of the respective relationships, over periods ranging from five to ten years from respective acquisition dates. Computer software technology Computer software technology is capitalised on the basis of the costs directly incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives from respective acquisition dates over periods ranging from three to twelve years. Costs associated with maintaining existing computer software technology an d programmes are recognised as an expense when incurred. Driver electronics Driver electronics technolog y is capitalised on the basis of the costs incurred to acquire and bring to use the specific technology. These costs are amortised over their estimated useful lives from respective acquisition dates, currently a period of five years. Costs as sociated with maintaining the existing driver electronics are recognised as an expense when incurred. Capitalised development costs Direct costs incurred on development projects relating to the design and testing of new or improved products and technology a re recognised as intangible assets when all of the following criteria are met: \u2022 it is technically feasible to complete the intangible asset so that it will be available for use; \u2022 management intends to complete the intangible asset, and use or sell it; \u2022 the Group has the ability to use or sell the intangible asset; \u2022 it can be demonstrated how the intangible asset will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and \u2022 the expenditure attributable to the intangible asset during its development may be reliably measured. Capitalised development costs recognised as intangible assets are amortised from the point the asset is ready for use on a straight-line basis over its estimated useful life , over periods ranging from three (Printing Software segment) to twelve (Enterprise Software segment) years. Printing Software technology has existed for a longer period of time than Enterprise Software technology, therefore any development costs are deemed to have a shorter useful life . The amortisation charge is included in research and development expenses in the income statement. Other development expenditures that do not meet these cr iteria are recognised as an expense when incurred. Impairment of non -current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets ha ve suffered any impairment. If any such indication exists, the recoverable amount of the asset (being the higher of fair value less costs to sell and value in use) is estimated in order to determine the extent of any impairment. Any impai rment loss is reco gnised as an expense in the income statement in the period in which it was identified. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognised through the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Capitalised development costs Direct costs incurred on development projects relating to the design and testing of new or improved products and technology a re recognised as intangible assets when all of the following criteria are met: \u2022 it is technically feasible to complete the intangible asset so that it will be available for use; \u2022 management intends to complete the intangible asset, and use or sell it; \u2022 the Group has the ability to use or sell the intangible asset; \u2022 it can be demonstrated how the intangible asset will generate probable future economic benefits; \u2022 adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and \u2022 the expenditure attributable to the intangible asset during its development may be reliably measured. Capitalised development costs recognised as intangible assets are amortised from the point the asset is ready for use on a straight-line basis over its estimated useful life , over periods ranging from three (Printing Software segment) to twelve (Enterprise Software segment) years. Printing Software technology has existed for a longer period of time than Enterprise Software technology, therefore any development costs are deemed to have a shorter useful life . The amortisation charge is included in research and development expenses in the income statement. Other development expenditures that do not meet these cr iteria are recognised as an expense when incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-328": {
"value": "I mpairment of financial assets Financial assets and contract assets are assessed at each reporting date to determine whether there is any objective evidence that it is impaired. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without und ue cost or effort. This includes both quantitative and qualitative informa tion and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward -looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days pa st due. A financial asset i impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flow s of that asset. An impairment loss in respect of a financial asset measured at amortised cost is calc ulated as the difference between the carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "I mpairment of financial assets Financial assets and contract assets are assessed at each reporting date to determine whether there is any objective evidence that it is impaired. When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating expected credit losses, the Group considers reasonable and supportable information that is relevant and available without und ue cost or effort. This includes both quantitative and qualitative informa tion and analysis, based on the Group\u2019s historical experience and informed credit assessment, that includes forward -looking information. The Group assumes that the credit risk on a financial asset has increased significantly if it is more than 90 days pa st due. A financial asset i impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flow s of that asset. An impairment loss in respect of a financial asset measured at amortised cost is calc ulated as the difference between the carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. Impairment of non -financial assets The carrying amounts of the Group\u2019s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or a cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current marke assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash infl ows fro continuing use that are largely indep endent of the cash inflows of other assets or group of assets (\"cash-generating unit\"). An impairment loss is recognised if the carrying amount of an asset or a cash -generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash -generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generatin units and then, to reduce the carrying amount of the other assets i n the unit on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date f or any indications that the loss had decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount, but only to the extent that the carrying amount of the asset does not exceed the carrying amount that would hav been determined, net of depreciation or amortisation, had n o impairment loss been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-329": {
"value": "Impairment of non -financial assets The carrying amounts of the Group\u2019s non-financial assets, other than deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, then the asset\u2019s recoverable amount is estimated. The recoverable amount of an asset or a cash-generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre -tax discount rate that reflects current marke t assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the smallest group of assets that generates cash infl ows fro m continuing use that are largely indep endent of the cash inflows of other assets or group of assets (\"cash-generating unit\"). An impairment loss is recognised if the carrying amount of an asset or a cash -generating unit exceeds its estimated recoverable amount. Impairment losses recognised in respect of cash -generating units are allocated first to reduce the carrying amount of any goodwill allocated to cash-generatin g units and then, to reduce the carrying amount of the other assets i n the unit on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date f or any indications that the loss had decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount, but only to the extent that the carrying amount of the asset does not exceed the carrying amount that would hav e been determined, net of depreciation or amortisation, had n o impairment loss been recognised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-324": {
"value": "Inventories Inventories are stated at the lower of cost and net realisable value. The cost of inventories is based on the first-in, first-out principle, and includes expenditures incurred in acquiring the inventories and other costs incurred in bringing them to their existing locat ion and condition. Net realisable value is the estimated selling price in the ordinary c ourse of business, less estimated costs expected to be incurred to complete the sale. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-325": {
"value": "Trade receivables Trade receivables are recognised initially at fair value and subsequently held at amortised cost using the effective interest rate method, less provisi on for impairment. Trade receivables are first assessed individually for impairment, or collectively where the receivables are not individually significant. Where there is no objective evidence of impairment for an individual receivable, it is included in a group of receivables with similar credit risk characteristics and these are collectively assessed for impairment. Movements in the provision for d oubtful debts are recorded in the statement of comprehensive income within selling, general and administrative expenses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-326": {
"value": "Cash Cash comprises cash in hand and deposits held at call with banks at each reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-327": {
"value": "Share capital Ordinary shares Ordinary shares, which are the only class of shares issued by the Company, are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares (whether they are resulting from the exercise of share options or the acquisition of a business) are recognised as a deduction from equity, net of any tax effects. Own share repurchases When share capital recognised in equity is repurchased, the consideration paid, including directly attributable costs, net of any tax effects, is recognised as a deduction from equity. When treasury shares are sold or reissued subsequently, the amount received is recognised as an increase in equity. Any resulting surplus over the purchase price is transferred to share premium and any deficit is transferred to retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "Current liabilities Trade payables and accrued liabilities are recognised initially at fair value and are subsequently measured at amortised cost, using the effective interest method. Trade payables and accrued liabilities with a short duration are not discounted, as the carrying amount is a reasonable approximation of fair value. Employ ee benefits Pension obligations Contributions to the Group\u2019s defined contribution pension schemes and employees\u2019 personal pension plans are charged to the in come statement as employee benefit expenses when they are due. The Group has no further payment obligation once the contributions have been paid. As a result of the acquisition of ColorLogic GmbH (see Note 34 \u2018Acquisitions\u2019) a pension liability and an associated asset have been acquired. The associated asset does not qualify as a plan asset and it is included as \u201cFinancial assets not classified as cash or cash equivalent\u201d in f inancial assets in the Consolidated Statement of Financial Position (see Note 18 \u2018Financial assets\u2019). The pension obligation is for a one-time amount or the value of the associated asset, whichever is the higher and is included in accrued liabilities in the Consolidated Statement of F inancial Position. Any fair value adjustments to the financial asset or the accrued liability is adjusted through the Consolidated Statement of C omprehensive Income. Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably comm itted, without realistic possibility of withdrawal, to a formal, detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be measured reliably. Other short -term employee benefits Short -term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount to be paid under short -term cash bonus or commission plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be me asured reliably. Share -based payments The Group operates equity -settled, share-based compensation plans, consisting of a share option plan and share grant plans, which allow employees to acquire shares of the Company. The fair value of the options and shares granted is recognised as an employee expense, with a corresponding increase in equity, and is measured at grant date and spread over the period during which the employees becom e unconditionally entitled to the options or shares. The fair value of th e options granted is measured using an appropriate valuation model, taking into account the terms and conditions upon which the options were granted. At each reporting date, the amount recognised as a n expense is adjusted to reflect the actual number of sh are options or shares for which the related service and non-market conditions are met. The proceeds received, net of any directly attributable transaction costs, are credited to share capital for the par value of the shares i ssued and to share premium for the balance, when the share options are exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "Termination benefits Termination benefits are recognised as an expense when the Group is demonstrably comm itted, without realistic possibility of withdrawal, to a formal, detailed plan to either terminate employment before the normal retirement date, or to provide termination benefits as a result of an offer made to encourage voluntary redundancy. Termination benefits for voluntary redundancies are recognised as an expense if the Group has made an offer of voluntary redundancy, it is probable that the offer will be accepted, and the number of acceptances can be measured reliably. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "Share -based payments The Group operates equity -settled, share-based compensation plans, consisting of a share option plan and share grant plans, which allow employees to acquire shares of the Company. The fair value of the options and shares granted is recognised as an employee expense, with a corresponding increase in equity, and is measured at grant date and spread over the period during which the employees becom e unconditionally entitled to the options or shares. The fair value of th e options granted is measured using an appropriate valuation model, taking into account the terms and conditions upon which the options were granted. At each reporting date, the amount recognised as a n expense is adjusted to reflect the actual number of sh are options or shares for which the related service and non-market conditions are met. The proceeds received, net of any directly attributable transaction costs, are credited to share capital for the par value of the shares i ssued and to share premium for the balance, when the share options are exercised. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economi c benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre -tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economi c benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre -tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. A provision for restructuring is recognised when the Group has approved a detailed and formal restructuring plan, and the restructuring has either commenced or has been announced publicly. Future operating costs are not provided for. Revenue recognition So ftware The Group typically licenses its software to equipment manufacturers through multi-year license and distribution agreements, or direct to end users by a mix of perpetual and subscription-based licences. Multi -year license and distribution agreements generally provide for the periodic payment of licence royalties, the unit value of which has been contractually agreed at the outset of the agreement, and which is typically based upon either the volume sold by the customer or the sale value of those products into which the Group\u2019s software has been integrated. These agreements also include specific provisions with respect to the delivery of maintenance and after-sale support services over the duration of the agreement. Such services are rendered against the payment of a fixed fee, which has been contractually agreed at the outset of the agreement and is typically charged on the anniversary date of the agreem ent. These agreements may also provide for the delivery of engineering services to ensure a seamless integration of the Group\u2019s software into the customer\u2019s products. End user licences are typically accompanied by annual support and maintenance agreements , which are usually renewed annually by customers. The annual support and maintenance agreements provide technical support and bug fixes. Fees from arrangements involving licen ces, after-sale customer support, and other related services such as training, are allocated to the performance obligations identified in the contract. The stand-alone selling price of each of the elements of the arrangement is typically established by the contract or the price charged when the same element is sold separately. Where there is no stand-alone selling price, a percentage estimation of the total licence value is performed to identify the stand-alone price. The Group\u2019s performance obligations under software contracts with customers are to deliver a distribution licence, deliver a master copy of the software, at times provide licen ce keys to enable the use of software and to provide ongoing support and maintenance services. The Group also provides engineering and consulting services under some contrac ts to enhance functionality or assist with integration. Revenues from software licen ces or non-refundable minimum royalty agreements are recognised upon satisfaction of all the following criteria: \u2022 signing of the license agreement \u2022 no additional significant production, modification or customisation of the software is required \u2022 performance obligations are complete \u2022 the fee is fixed or determinable Fees from perpetual licences relating to software are recognised in the period in which the delivery to the end-customer takes place and based on customer -usage reports, at which point there is no further performance obligation of the Group. Revenue from time-limited licences to use the software is recognised rateably over the period of the licen ce only if there is an ongoing performance obligation for that licence on the Group during th e licence period. If there are no ongoing performance obligations, the licence revenue is recognised when the Group's performance obligation to deliver the software has been fulfilled. All licence fees are non-refundable. S oftware support and maintenance revenue is recognised over the duration of the support and maintenance period. Engineering and consultancy services revenue is recognised upon satisfaction of the relevant performance obligation where the customer substa ntially obtains the benefit of the engineering or consultancy work and usually makes a payment for those services rendered. Amounts received in advance of the related services being performed are included in deferred revenue and recognised in revenue based on hours de livered only when the services are provided. Fees are non -refundable and are generally on payment terms of 30 days from date of invoice. For long-term engineering services, payments will be due on the achievement of the performance obligation. License agreements may have extended payment terms and support and maintenance is payable in advance of the period of coverage. Revenue recognition (continued) Physical goods The Group\u2019s performance obligations with respect to physical goods (principally the Printhead solutions segment) is to delive r a finished product to a customer. Control of the goods transfers to the customer at the point of despatch and r evenue is recognised at that point in time. Payment for physical goods is generally received in advance of despatch and is non -refundable. If any item is found to be faulty it will eithe be returned by the customer for repair or replaced with a new item. Contract assets and contract liabilities Contract assets and liabilities will arise from scheduled payments specified in the contracts when measured against the recog nition of revenu under the respective performance obligations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "Cost of sales Cost of sales includes the costs of goods sold and services rendered. This includes finished goods, product packaging, royalties paid to third parties, excess and obsolete inventory, amortisation of patents acquired through acquisition, amortisation of purchased software, and employee costs associated with the direct manufacturing and shipping of the Group\u2019s products or rendering of services provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "Tax Tax expense comprises current and deferred tax. Current tax is recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previ ous tax years. Deferred tax is r ecognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neit her accounting nor taxable profit, or differences relating to investments in subsidiaries to the extent that they will probabl y not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on the laws tha t have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer p robable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, they relate to income taxes levied by the same tax authority on the same taxable entity, and they have similar maturities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "Deferred tax is r ecognised using the balance sheet liability method on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for taxable temporary differences arising on the initial recognition of goodwill, the initial recognition of assets or liabilities that affect neit her accounting nor taxable profit, or differences relating to investments in subsidiaries to the extent that they will probabl y not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to apply to temporary differences when they reverse, based on the laws tha t have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer p robable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, they relate to income taxes levied by the same tax authority on the same taxable entity, and they have similar maturities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "Earnings per share The Group presents basic and diluted earnings per share (\"EPS\") data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareho lders of the Company by the weighted average number of ordinary shares outstanding during the reporting period. Diluted EPS is determined by adjusting the weighted average number of ordinary shares outstanding for the effects of all potential dilutive ordi nary shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "Operating segments Operating segments are reported in a manner consistent with the inte rnal reporting provided to the chief operating decision-maker. The Group\u2019s chief operating decision -maker has been identified as the Group\u2019s Chief Executive Officer. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "Government grants Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. All such grants relate to expense items. The grant is recognised a s other income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed. The grant income is disclosed in Other Income in the Consolidated Statement of Comprehensive Income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-336": {
"value": "Effect of interpretations and amendments to existing and new standards For the purposes of the preparation of these consolidated financial statements, the Grou p has applied all standards and interpretations that are effective for accounting periods beginning on or after 1 January 2022. New standards which were not adopted by the Group in 2022 A number of new standards and amendments to standards are effective for annual periods beginning on or after 1 January 2023 and earlier application is permitted; however, the Group has not early adopted the following new or amended standards in preparing these consolidated financial statements for the year ended 31 December 2022 and they are not expected to have a significant impact on the Group\u2019s consolidated financial statements : New standards which were not adopted by the Group in 2022 (continued) \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts \u2022 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) \u2022 Definition of Accounting Estimates (Amendments to IAS 8)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "4. DETERMINATION OF FAIR VALUES Several of the Group\u2019s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and/or disclosure purposes based on the following methods. Where applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Other intangible assets The fair value of other intangible assets which were acquired in business combinations is based on either the discounted cash flows expected to be derived from the use of these intangible assets, or the average of the discounted cash flows and the total replacement cost of these intangible assets. Non -derivative financial instruments The carrying values less impairment provision of trade and other receivables, current tax assets, other current assets, cash, trade payables, current tax liabilities, accrued liabilities, are assumed to approximate their fair values at each of the balance sheet dates presented herein. Share -based payments The fair value of share options which are granted are valued by using a Black-Scholes valuation model. Measurement inputs include the share price on the measurement date, the exercise price of the share option, the expected volatility, the weighted average expected life of the option, the expected absence of dividends, and a risk -free interest rate (based on government bonds). Service and non-market performance conditions attached to the transactions are not taken into account in determining fair value of the options. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of financial information in conformity with IFRS requires the Directors to make critical accounting estimates and judgements that affect the application of policies and reported amounts of assets and liabilities, income and expenses. An assessment of the impact of these estimates and judgements on the financial statements is set out below. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates and any subsequent changes are accounted for with an effect on income at the time such updated information is available. Estimates Identification and valuation of separately identifiable intangibles related to acquisitions Where a business combination is considered significant, the Group commissions and relies upon independent valuation reports to identify and value the intangible assets related to that acquisition. For less significant business combinations, internal estimates to calculate a discount rate are determined by the Directors to apply a consistent approach with previous acquisitions. The key assumptions in relation to this estimate for the iC3D acquisition were the discount rate, forecast revenue and forecast EBITDA margin. Assessing whether goodwill and acquisition- related intangibles have been impaired The Group tests annually whether the goodwill has been impaired and assesses acquisition-related intangible assets for indicators of impairment by reference to expected future generation of cash from the relevant intangible assets. In estimating the cash flow, the Directors make estimates, based on forecasts, about the amount of future profits from the relevant products that will be generated and the timing of when these will be realised. See Note 17 \u2018Goodwill\u2019 for further details. Deferred tax recognition Deferred tax assets are reviewed at each reporting date and are recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. The Directors make estimates about future sales and expenses, and the timing of their realisation, to derive an estimate of the future profits. The Directors have recognised an amount that they expect to recover in the foreseeable future of \u20ac2.07 million (2021: \u20ac2.24 million) and if there was a reduction in this period by 2 years the impact would be to reduce the asset by \u20ac0.82 million (2021: \u20ac0.33 million). See Note 19 \u2018Tax\u2019 for further details. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED) 5. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS (CONTINUED) Estimates (continued) Provisions for obsolete inventory Inventory items are reviewed at each reporting date for possible obsolescence. Estimates are made in respect of the future demand and net realisable value of items that are deemed to be slow moving. The estimates of demand are based on a variety of factors, including the number of customers for that have purchased that item and historical transactions. As at 31 December the total gross inventory balance is \u20ac3,913,000 (2021: \u20ac2,308,000) and the provision against slow moving and obsolete inventory is \u20ac265 ,000 (2021: \u20ac225,000). Judgements Assessing whether development costs meet the criteria for capitalisation The point at which development costs meet the criteria for capitalisation is critically dependent on management \u2019s judgement of the point at which technical feasibility is demonstrable , that the asset will probably generate future economic benefit, the intention to complete the asset and that the expenditure can be reliably measured. Further more, the useful economic lives of capitalised development costs are based on management\u2019s knowledge of the life cycle of the Group\u2019s products and technology. The carrying value of development assets also depends on management \u2019s ability to demonstrate the future economic benefits they will deliver. This judgement requires assumptions about factors outside the business \u2019s control such as medium-term economic conditions, technological developments, and market changes. The Directors have made a judgement tha t \u20ac3,981,000 (2021: \u20ac3,396,000) has been capitalised as eligible, qualifying expenditure for the purposes of IAS 38. A movement of 10.0% in this judgement would result in a material misstatement. There is judgement in determining whether development activity constitutes a substantial enhancement to the underlying assets, and in quantifying the time spen t on these substantial enhancement s. The Group utilise a timesheet tracking system to monitor the nature of development being undertaken and the time spent on this activity. A llocation of value to performance obligations in contracts with customers The Group enters into contracts with customers, some of which include multiple performance obligations. The allocation of the transaction price to the performance obligations is subject to management\u2019s judgement of the performance obligations that are both explicit and implied in the contract and the subsequent stand-alone selling price of each of those performance obligations. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800ZFW446QIHAB654",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-339": {
"value": "6. OPERATING SEGMENTS
Identification of reportable segments
Management has determined the operating segments based on the reports reviewed by the Group\u2019s Chief Executive Off
icer (\u201cCEO\u201d) that are
used for deciding how to allocate resources and also in assessing both operating and financial performance of each segment. T
he Group\u2019s
CEO is considered as the Group\u2019s chief operating decision maker (\u201cCODM\u201d
).
The Group\u2019s segments are:
\u2022 Enterprise Software, for enterprise workflow software used primarily for the production of labels & packaging (includes iC3D, see Note
34 \u2018Acquisitions\u2019);
\u2022 Printhead Solutions, for electronics and software developed for industrial inkjet printing;
\u2022 Printing Software, for digital printing and colour management software; and
\u2022 Group, for group related expenses that are not allocated to another segment.
Measurement of the operating segments\u2019 profit is assessed against revenue forecasts and expense budgets, excluding non
-operating IFRS
items such as the amortisation of intangible assets acquired through acquisition.
The following tables provide information on
revenue, operating profit, interest, depreciation and amortisation and tax as reported to the CODM
Group\u2019s operating segments for the years ended 31 December 2021 and 31 December 2022. The Group has disclosed these
amounts for each reportable segment because they are regularly provided to the CODM or are required to be disclosed by IFRS 8.
Assets
and liabilities by segment are not regularly reported to the CODM, hence are not disclosed within this note.
Inter-
segment revenues are included in cost of sales for the reciprocal segment and are eliminated on consolidation. Unallocated amounts
incurred by the Group\u2019s parent company (HYBRID Software Group PLC) and exchange gains and losses that are not
attributable to a particular operating segment.
Segment EBITDA is calculated by adding back interest, depreciation, amortisation and tax to segment operating profit/(loss) after tax.
The operating segments are unchanged from the previous year, with the exception of the addition of iC3D into the Enterprise Software
segment, following the acquisition in the year.
TAX
Analysis of the tax (charge) / credit in the year:
(8) -
Arising from the capitalisation and amortisation of development expenses
- (107)
Recognition of previously unrecognised tax losses
Origination and reversal of temporary differences
Total tax (charge) / credit
credit for the year differs from that calculated by applying the standard rate of corporation tax of the Company to profit or
loss before taxation. The differences are as follows:
Expected tax expense at the Company's tax rate of 19% (2021: 19%)
Effect of differences in tax rates in foreign jurisdictions
Effect of share-based payments
Effect of expenses not deductible and items not taxable
Deferred tax not recognised
(984) (509)
Effect of R&D enhanced expenditure
Effect of withholding tax
(8) (5)
Recognition of previously unrecognised tax asset
Total tax (charge) / credit recognised
An increase in the UK corporation tax rate from 19% to 25% (effective 1 April 2023) was substantively enacted on 24 May 2021.
Deferred tax
The Group had recognised deferred tax as follows:
1,677 1,529
Total recognised deferred tax assets before set-off
Capitalised development expenses
As a result of business combinations
8,547 9,595
Total recognised deferred tax liabilities before set-off
Net deferred tax liabilities
Deferred tax assets are recognised for tax losses available for carrying forward to the extent that the realisation of the related tax benefit
through future taxable profits is probable.
Deferred tax is measured at the tax rates that are expected to apply to temporary differences when
they reverse, based on the laws that have been enacted or substantively enacted by the reporting date.
On 24 May 2021 the UK tax rate
increase from 19% to 25% from 1 April 2023
was substantively enacted. This will have a consequential effect on the group\u2019s future tax charge,
but no estimates of the potential effect have been made.