2.1
Basis of preparation of consolidated financial statements
The
consolidated
financial
statements
have
been
prepared
in
accordance
with
International
Financial
Reporting
Standards
(IFRS)
as
adopted
by the European Union.
All the figures are presented in thousands of Euros, except if explicitly indicated otherwise.
The consolidated financial statements have been prepared on a going concern basis
.
The consolidated financial statements were authorized for issue by the Board of Directors on 31 March 2023.
(b)
New and amended standards and interpretations
For
the
preparation
of
these
consolidated
financial
statements,
several
amendments
and
interpretations
apply
for
the
first
time
in
2022,
but
do
not
have
an
impact
on
the
consolidated
financial
statements
of
the
Group.
The
Group
has
not
early
adopted
any
standards,
interpretations
or
amendments that have been issued but are not yet effective.
Onerous Contracts
– Costs of Fulfilling a Contract – Amendments to IAS 37
An
onerous
contract
is
a
contract
under
which
the
unavoidable
of
meeting
the
obligations
under
the
contract
costs
(i.e.,
the
costs
that
the
Group
cannot
avoid
because
it
has
the
contract)
exceed
the
economic
benefits
expected
to
be
received
under
it.
The
amendments
specify
that
when
assessing
whether
a
contract
is
onerous
or
loss-making,
an
entity
needs
to
include
costs
that
relate
directly
to
a
contract
to
provide
goods
or
services
including
both
incremental
costs
(e.g.,
the
costs
of
direct
labour
and
materials)
and
an
allocation
of
costs
directly
related
to
contract
activities
(e.g.,
depreciation
of
equipment
used
to
fulfil
the
contract
and
costs
of
contract
management
and
supervision).
General
and
administrative
costs
do
not
relate
directly
to
a
contract
and
are
excluded
unless
they
are
explicitly
chargeable
to
the
counterparty
under
the
contract.
Reference to the Conceptual Framework – Amendments to IFRS 3
The
amendments
replace
a
reference
to
a
previous
version
of
the
IASB’s
Conceptual
Framework
with
a
reference
to
the
current
version
issued
in
March
2018
without
significantly
changing
its
requirements.
The
amendments
add
an
exception
to
the
recognition
principle
of
IFRS
3
Business
Combinations
to
avoid
the
issue
of
potential
‘day
2’
gains
or
losses
arising
for
liabilities
and
contingent
liabilities
that
would
be
within
the
scope
of
IAS
37
Provisions,
Contingent
Liabilities
and
Contingent
Assets
or
IFRIC
21
Levies,
if
incurred
separately.
The
exception
requires
entities
to
apply
the
criteria
in
IAS
37
or
IFRIC
21,
respectively,
instead
of
the
Conceptual
Framework,
to
determine
whether
a
present
obligation
exists
at
the
acquisition
date.
The
amendments
also
add
a
new
paragraph
to
IFRS
3
to
clarify
that
contingent
assets
do
not
qualify
for
recognition
at
the
acquisition
date.
In
accordance
with
the
transitional
provisions,
the
Group
applies
the
amendments
prospectively,
i.e.,
to
business
combinations
occurring
after
the
beginning
of
the
annual
reporting
period
in
which
it
first
applies
the
amendments
(the
date
of
initial
application).
These
amendments
had
no
impact
on
the
consolidated
financial
statements
of
the
Group
as
there
were
no
contingent
assets,
liabilities
or
contingent
liabilities within the scope of these amendments that arose during the period.
Property,
Plant
and
Equipment:
Proceeds
before
Intended
Use
–
Amendments
to
IAS
16
Leases
The
amendment
prohibits
entities
from
deducting
from
the
cost
of
an
item
of
property,
plant
and
equipment,
any
proceeds
of
the
sale
of
items
produced
while
bringing
that
asset
to
the
location
and
condition
necessary
for
it
to
be
capable
of
operating
in
the
manner
intended
by
management.
Instead,
an
entity
recognises
the
proceeds
from
selling
such
items,
and
the
costs
of
producing
those
items,
in
profit
or
loss.
In
accordance
with
the
transitional
provisions,
the
Group
applies
the
amendments
retrospectively
only
to
items
of
PP&E
made
available
for
use
on
or
after
the
beginning
of
the
earliest
period
presented
when
the
entity
first
applies
the
amendment
(the
date
of
initial
application).
These
amendments
had
no
impact
on
the
consolidated
financial
statements
of
the
Group
as
there
were
no
sales
of
such
items
produced
by
property,
plant
and
equipment
made
available
for
use
on
or
after
the
beginning of the earliest period presented.
Amendments
to
standards
issued
and
not
yet
effective :
Amendments
to
IAS
1 :
Classification
of
Liabilities
and
Current
or
Non-current,
Definition
of
Accounting
Estimates,
Disclosure
of
Accounting
Policies,
Deferred
Tax
related
to
Assets
and
Liabilities
arising
from
a
Single
Transaction.
These
standards are not expected to have an impact on the Group.
(c)
Basis of measurement
The
consolidated
financial
statements
have
been
prepared
on
a
historical
cost
basis
except
for
the
following
material
items
in
the
consolidated
statement of financial position, which are measured as indicated below at each reporting date:
•
Inventories at lower of cost or net realisable value;
•
Investment property is measured at fair value;
•
Derivative instruments are measured at fair value;
•
Non-derivative financial instruments at fair value through profit or loss are measured at fair value;
(d)
Functional and presentation currency
These
consolidated
financial
statements
are
presented
in
Euro
(EUR),
which
is
the
Company’s
functional
currency.
All
financial
information
presented
in
EUR
has
been
rounded
to
the
nearest
thousand,
except
when
otherwise
indicated.
The
functional
currencies
of
other
entities
within
the Group are listed in note 2.2(b).
(e)
Use of estimates and judgements
