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"scheme:259400T6ZDQIMDBGDN42", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF80MTIvZnJhZzphOThkODk1MDA4ZTM0YzYwOWJmMGYyNmYyZGMyYTlmMS90YWJsZToyMWZhNGYzYmQ2MTE0NmZmOTU5NDJjZjFhNThhODE0OC90YWJsZXJhbmdlOjIxZmE0ZjNiZDYxMTQ2ZmY5NTk0MmNmMWE1OGE4MTQ4XzM4LTMtMS0xLTE0MzQ2_9e5c1973-9a53-4862-bfa1-50c83ce53b07": { "value": "1867400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF80MTIvZnJhZzphOThkODk1MDA4ZTM0YzYwOWJmMGYyNmYyZGMyYTlmMS90YWJsZToyMWZhNGYzYmQ2MTE0NmZmOTU5NDJjZjFhNThhODE0OC90YWJsZXJhbmdlOjIxZmE0ZjNiZDYxMTQ2ZmY5NTk0MmNmMWE1OGE4MTQ4XzM5LTItMS0xLTE0MDEz_c738a4aa-c557-4613-8fc5-c3f23153ed46": { "value": "2280200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF80MTIvZnJhZzphOThkODk1MDA4ZTM0YzYwOWJmMGYyNmYyZGMyYTlmMS90YWJsZToyMWZhNGYzYmQ2MTE0NmZmOTU5NDJjZjFhNThhODE0OC90YWJsZXJhbmdlOjIxZmE0ZjNiZDYxMTQ2ZmY5NTk0MmNmMWE1OGE4MTQ4XzM5LTMtMS0xLTE0MzU0_da35aa5e-a896-4b71-9cf8-266c07e10b2a": { "value": "2174900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EquityAndLiabilities", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF80MjUvZnJhZzo4Yjc4YmVlNTYwMjQ0Mzc4ODAwZTZlZDAzODJhNmE2Yi90ZXh0cmVnaW9uOjhiNzhiZWU1NjAyNDQzNzg4MDBlNmVkMDM4MmE2YTZiXzI2Mzg4Mjc5MDY4MDIw_f088dc88-4e55-4082-8a66-5153f3829fcf": { "value": "
Consolidated statement of cash flows for the year
ended 31\u00a0December 2022
YEAR ENDED
Note
31 December 2022
31 December 2021
Cash flows from operating activities
Profit/loss for the period
6.6
35.4
Adjustments for:
\u00a0 Amortisation and depreciation
251.9
236.9
\u00a0 Net interest expense
43.5
39.6
\u00a0 Foreign exchange result
3.1
(1.1)
\u00a0 Result on debt modification and extension fees
-
6.5
\u00a0 Result on disposal of property, plant and equipment and intangibles
(0.9)
(2.0)
\u00a0 Impairment of non-financial assets
55.4
18.2
\u00a0 Share-based payments
3.5
0.1
\u00a0 Tax expense
20.9
22.5
\u00a0 Rent concessions
(2.0)
(10.9)
Loan forgiven
-
(2.7)
\u00a0 Other
(0.9)
0.2
Working capital changes:
22
\u00a0 Change in trade and other receivables and other assets
(25.2)
(7.2)
\u00a0 Change in inventories
(4.3)
(7.1)
\u00a0 Change in payables and other liabilities
46.0
38.6
\u00a0 Change in provisions and employee benefits
(9.2)
1.4
Cash generated from operations
388.4
368.4
Income tax paid
(25.9)
(11.5)
Net cash from operating activities
362.5
356.9
Cash flows from investing activities
Net cash outflows on acquisition
(1.1)
-
Proceeds from the sale of the business
0.1
1.5
Proceeds from the sale of property, plant and equipment, and
intangible assets
0.9
-
Purchase of property, plant and equipment
(128.0)
(88.8)
Purchase of intangible assets
(10.0)
(9.3)
Net cash from investing activities
(138.1)
(96.6)
Cash flows from financing activities
Proceeds from share transfers (employees options)
-
-
Proceeds from loans and borrowings
27
128.6
1.1
Repayment of loans and borrowings
27
(132.3)
(106.9)
Payments of lease liabilities including interests paid
(163.6)
(141.7)
Interest paid
27
(24.6)
(18.9)
Interest received
3.9
1.1
Dividends paid to non-controlling interest
24
(1.8)
(1.3)
Transactions with non-controlling interest
(2.3)
(3.8)
Net cash from financing activities
(192.1)
(270.4)
Net change in cash and cash equivalents
32.3
(10.1)
Effect of foreign exchange rate movements
(1.4)
4.0
Balance sheet change of cash and cash equivalents
30.9
(6.1)
Cash and cash equivalents, beginning of period
198.7
204.8
Cash and cash equivalents, end of period
22
229.6
198.7
ACTIVITY PERFORMED THROUGH OWN BRANDS
Brand
La Tagliatella
Blue Frog
Sushi Shop
Area of the activity
Spain, Portugal
China
France, Spain, Belgium,
Italy, Switzerland,
Luxembourg, UK
ACTIVITY WHERE AMREST IS A FRANCHISOR (OWN BRAND OR BASED ON MASTER-FRANCHISE AGREEMENTS)6)
Brand
Pizza Hut Express,
Delivery
La Tagliatella
Blue Frog
Bacoa 7)
Sushi Shop
Partner
Pizza Hut Europe
Limited, Yum
Restaurants
International
Holdings LLC, Pizza
Hut Europe S.a.r.l
Own brand
Own brand
Own brand
Own brand
Area covered by the
agreement
France, CEE
(Hungary, Czechia,
Poland, Slovakia,
Slovenia)
Spain
China
Spain
France, Belgium,
United Arab
Emirates, Saudi
Arabia, UK
Term of agreement
10 years with
possibility of
extension
10 years with
possibility of
extension
5 years with
possibility of
extension
up to 5 years
Franchise
agreements: from 3
years (corners) to 10
years with a limited
territorial exclusivity.
EADA - exclusivity for
specific territories
granted to up to 10
years.
Sushi Shop Belgique SA
Bruxelles, Belgium
Sushi Shop Group SAS
100.00%
October 2018
Sushi Shop Louise SA
Bruxelles, Belgium
Sushi Shop Belgique SA
100.00%
October 2018
Sushi Shop UK Pvt LTD
Charing, UK
Sushi Shop Group SAS
100.00%
October 2018
Sushi Shop Anvers SA
Bruxelles, Belgium
Sushi Shop Belgique SA
100.00%
October 2018
Sushi Shop Geneve SA
Geneva, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Lausanne SARL
Lasanne, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Madrid S.L.U.
Madrid, Spain
Sushi Shop Management SAS
100.00%
October 2018
Sushi Shop Milan SARL
Milan, Italy
Sushi Shop Management SAS
70.00%
October 2018
Vanray SRL
30.00%
Sushi Shop Zurich GMBH
Zurich, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Nyon SARL
Nyon, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Vevey SARL
Vevey, Switzerland
Sushi Shop Switzerland SA
100.00%
November 2019
Sushi Shop Fribourg SARL
Fribourg, Switzerland
Sushi Shop Switzerland SA
100.00%
November 2019
Sushi Shop Yverdon SARL
Yverdon, Switzerland
Sushi Shop Switzerland SA
100.00%
\u00a0
Novemner 2019
Sushi Shop Morges SARL
Moudon, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2020
Financial services and others for the Group
AmRest LLC
Wilmington, USA
AmRest Sp. z o.o.
100.00%
July 2008
AmRest Work Sp. z o.o.
Wroclaw, Poland
AmRest Sp. z o.o.
100.00%
March 2012
La Tagliatella International Kft 4
Budapest, Hungary
AmRest TAG S.L.U.
100.00%
November 2012
La Tagliatella SAS
Paris, France
AmRest TAG S.L.U.
100.00%
March 2014
AmRest Kaffee Sp. z o.o.
Wroclaw, Poland
AmRest Sp. z o.o.
100.00%
March 2016
AmRest Estate SAS
Paris, France
AmRest Opco SAS
100.00%
September 2017
AmRest Leasing SAS
Paris, France
AmRest Opco SAS
100.00%
September 2017
AmRest Franchise Sp. z o.o.
Wroc\u0142aw, Poland
AmRest Sp. z o.o.
100.00%
December 2018
AmRest Global S.L.U.
Madrid, Spain
AmRest Holdings SE
100.00%
September 2020
Supply services for restaurants operated by the Group
SCM Czech s.r.o.
Prague, Czechia
SCM Sp. z o.o.
90.00%
March 2007
Ondrej Razga
10.00%
SCM Sp. z o.o.
Warsaw, Poland
AmRest Sp. z o.o.
51.00%
October 2008
R&D Sp. z o.o.
33.80%
Beata Szafarczyk-Cylny
5.00%
Zbigniew Cylny
10.20%
During the year 2022, the Group has performed the impairment tests for its remaining Russian business and accounted
for EUR 52.9 million impairment loss as a result.
AmRest Group has entered on 6 December 2022 into a share purchase agreement with Almira OOO, for the sale of its
KFC restaurant business in Russia (the \"Transaction\"). The closing of the Transaction is subject to the approval by
competition authority in Russia, the consent by Yum! Brands Inc.- brand owner and to other regulatory authorizations that
may be applicable in Russia. The final terms of the Transaction are subject to certain external factors, including EUR/RUB
exchange rate.
The transaction would represent full disposal of AmRest business held in Russia. Russian market is a separate operating
segment reported in consolidated financial statements.
Detailed analysis of IFRS 5 \u201cNon-current assets held for sale and discontinued operations\u201d (\u201cIFRS 5\u201d) conditions was run
to assess if the conditions are met for Russian business to disclose as disposal group and discontinued operations as of
31 December 2022.
Such analysis requires high judgements and estimates. For an asset (or disposal group) to be classified as held for sale:
\u2022it must be available for immediate sale in its present condition, subject only to terms that are usual and customary for
sales of such assets (or disposal groups);
\u2022its sale must be highly probable; and
\u2022it must genuinely be sold, not abandoned.
Detailed analysis of all elements of the definition was performed, taking into account details of the Transaction as agreed
in the agreements, conditions that need to be satisfied prior finalization, current market situation including volatility of the
EUR/RUB exchange rates, legislative and regulatory environment in Russia.
In relation to the regulatory conditions, as of the date of these financial statements and in accordance with the published
minutes of the meeting of the sub-commission of the governmental Commission for Control over Foreign Investments in
the Russian Federation of December 12, 2022 (N\u00ba 116/1), a minimum 50% discount to fair value based on the external
valuation is expected to be applied for transactions subject to the Foreign Investment Condition followed by additional
10% tax (referred as exit tax) or deferred payments scheme (payment of the purchase price has to be made in
instalments during 1-2 years). Key performance indicators (KPI such as maintaining the number of employees, tax
revenues) for the acquirer with respect to the business to be purchased shall be also established.
When making decisions on the payment of dividends/profits, the following conditions must be taken into account: the
amount of paid profit is not more than 50% of the net profit for the previous year; results of a retrospective analysis of the
payment of profits for previous periods; willingness of shareholders to continue commercial activities in the Russian
Federation; the positions of the federal executive authorities and the Bank of Russia on the significance of the
organization's activities and the impact of its activities on the technological and industrial sovereignty of the Russian
Federation, the socio-economic development of the Russian Federation or the constituent entities of the Russian
Federation; establishment by federal executive authorities of quarterly KPIs for organizations; the possibility of paying
profit on a quarterly basis (subject to the achievement of established KPIs).
As disclosed in the Inside Information published on 6 December 2022, AmRest expects to receive a minimum of EUR 100
million for the Transaction. The final terms of the Transaction, which are subject to certain external factors, including
exchange rate, will be communicated if the Transaction is closed.
Without prejudice to the information disclosed in note 37, AmRest\u2019s management believes that in accordance with the
IFRS 5 conditions, the sale of Russian business cannot be considered as highly probable and, therefore, will not be
classified as assets/liabilities held for sale and operation of Russian business for year 2022 as discounted operations.
The following key aspects have been taken into consideration for reaching that conclusion: (i) unstable legal and
geopolitical situation in Russia, (ii) possibility of Russian government imposing additional conditions to those already in
place and described above, (iii) possibility of the Russian antitrust authorities not clearing the transaction, (iv) potential
restrictions that might be imposed by the EU authorities and/or other national governments in relation to any operation
related to Russia, and (v) current EUR-RUB exchange rate that does not guarantee the expected minimum sale price.
These aspects could also affect the fulfilment of the conditions precedent to which the transaction is subject.
As of 31 December 2022 the net assets of Russian operations presented in these consolidated financial statements
amount to EUR 64.7 million. Note 5 presents information for Russian segment.
The table below shows total split of net assets of Russian operations of the Group as of 31 December 2022. The
comparative figures for 31 December 2021 presented in second column reflect data reported in consolidated financial
statements for the year ended 31 December 2021, i.e., using forex exchange EUR/RUB as of 31 December 2021. For
illustrative purposes Group presents also, in the third column, the estimate of 31 December 2021 data in EUR if
31\u00a0December 2022 forex exchange rate was used at that time.
EUR millions
31 December 2022
31 December 2021
31 December 2021 at December
2022 forex rate
Non-current assets
119.4
151.9
171.4
Lease liabilities
80.4
75.8
85.5
Current assets
48.3
19.5
22.0
Other liabilities
22.6
16.4
18.5
Net assets
64.7
79.2
89.4
Segment
Description
Western Europe
Restaurant operations together with supply chain and franchise activity in:
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Spain \u2013 KFC, La Tagliatella, Sushi Shop,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0France \u2013 KFC, Pizza Hut, Sushi Shop,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Germany \u2013 Starbucks, KFC, Pizza Hut (until December 2022 when it was transferred
to other MFA operator)
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Portugal \u2013 La Tagliatella
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Belgium, Italy, Switzerland, Luxembourg, United Kingdom and other countries with
activities of Sushi Shop.
China
Blue Frog operations in China.
Russia
KFC operations in Russia and until May 2022 Pizza Hut restaurant operations and franchise
activity in Russia, Armenia and Azerbaijan (transferred to local operator in May 2022)
Other
Other support functions rendered by the subsidiaries for the Group such as e.g. Executive Team,
Controlling, Treasury, Investors Relations, Mergers & Acquisitions. Other also includes expenses
related to M&A transactions not finalised during the period, whereas expenses related to finalised
merger and acquisition are allocated to applicable segments. Additionally, Other includes non-
restaurant businesses performed by AmRest Holdings SE, SCM Sp. z o.o. and its subsidiaries and
other minor entities performing holding and/or financing services.
When analysing the results of particular business segments the Board of Directors draws attention primarily to EBITDA
reached, which is not an IFRS measure.
Segment measures and the reconciliation to profit/loss from operations for the year ended 31\u00a0December 2022 and for the
comparative year ended 31\u00a0December 2021 are presented below.
YEAR ENDED
31 December 2022
CEE
Western
Europe
Russia
China
Other
Total
Restaurant sales
1\u00a0133.3
756.5
295.1
82.4
-
2\u00a0267.3
Franchise and other sales
0.5
72.7
0.2
0.2
81.1
154.7
Inter-segment revenue
-
-
-
-
-
-
Segment revenue
1\u00a0133.8
829.2
295.3
82.6
81.1
2\u00a0422.0
EBITDA
215.0
107.5
58.6
15.6
(12.3)
384.4
Depreciation and amortisation
112.2
89.0
31.0
19.0
0.7
251.9
Net impairment losses on financial assets
0.2
2.0
0.3
-
-
2.5
Net impairment losses on other assets
(3.9)
2.9
55.7
0.4
0.3
55.4
Profit/loss from operations
106.5
13.6
(28.4)
(3.8)
(13.3)
74.6
Finance income and costs
(17.4)
(8.2)
(2.5)
(0.9)
(18.1)
(47.1)
Profit before tax
89.1
5.4
(30.9)
(4.7)
(31.4)
27.5
Capital investment
83.6
48.0
8.6
7.7
0.8
148.7
*Capital investment comprises additions and acquisition in property, plant and equipment and intangible assets.
YEAR ENDED
31 December 2021
CEE
Western
Europe
Russia
China
Other
Total
Restaurant sales
872.7
664.0
184.8
99.5
-
1\u00a0821.0
Franchise and other sales
0.4
56.9
0.4
0.7
37.6
96.0
Inter-segment revenue
-
-
-
-
-
-
Segment revenue
873.1
720.9
185.2
100.2
37.6
1\u00a0917.0
EBITDA
196.2
110.6
41.3
28.7
(17.7)
359.1
Depreciation and amortisation
108.8
84.3
25.9
17.3
0.6
236.9
Net impairment losses on financial assets
0.5
-
(0.1)
-
0.5
0.9
Net impairment losses on other assets
7.2
9.6
1.4
-
-
18.2
Profit/loss from operations
79.7
16.7
14.1
11.4
(18.8)
103.1
Finance income and costs
(13.7)
(7.2)
(2.1)
(0.9)
(21.3)
(45.2)
Profit before tax
66.0
9.5
12.0
10.5
(40.1)
57.9
Capital investment
50.7
38.8
9.6
4.2
0.5
103.8
*Capital investment comprises additions and acquisition in property, plant and equipment and intangible assets.
Information on geographical areas:
Significant geographical regions are disclosed below with their key characteristics:
YEAR ENDED
31 December 2022
31 December 2021
Revenue from external customers
Poland
580.2
462.5
Czechia
282.2
204.0
Spain
305.2
232.8
France
309.4
313.5
Russia
295.3
185.2
Germany
173.0
128.7
Hungary
151.7
122.2
China
82.6
100.2
31 December 2022
31 December 2021
Total of non-current assets other than financial instruments
and deferred tax assets
Poland
351.2
330.2
Czechia
153.1
146.3
Spain
421.2
383.9
France
422.3
412.9
Russia
116.8
149.8
Germany
122.6
129.9
Hungary
81.8
74.9
China
74.2
67.8
The segment information has been prepared in accordance with the accounting policies applied in these consolidated
financial statements.
Taking into account that the Group operates chains of own restaurants and additionally operates as franchisor (for own
brands) and master-franchisee (for some franchised brands), the Group does not have any single external customer with
the revenue on the level of 10% or more of total revenue earned by the Group.
6.\u00a0 Revenues
The Group operates chains of own restaurants under own brands as well as under franchise license agreements.
Additionally, the Group operates as franchisor (for own brands) and master-franchisee (for some franchised brand) and
develops chains of franchisee businesses, organizing marketing activities for the brands and supply chain. Consequently,
the Group analyses two streams of revenue:
- Restaurant sales,
- Franchise and other sales.
This is reflected in the format of Group\u2019s consolidated income statement. Details of revenues streams are also presented
in note 38d. Additional disaggregation by geographical market is included in the note 5.
Restaurant sales
Restaurant revenues are the most significant source of revenues representing over 94% of total revenues.
Group's customers are mainly individual guests, that are served in the restaurants, therefore the Groups\u2019 customer base
is widely spread. There are no significant concentrations of revenues risks. Payments for the restaurant sales are settled
generally immediately in cash or by credit, debit and other cards. There are no material credit risks related to this type of
operations.
7.\u00a0 Operating costs and losses
AmRest Group presents consolidated income statement using a classification based on function of expense method.
Historically consolidated income statement was prepared by function \u2013 since AmRest was quoted on the Warsaw Stock
Exchange in 2005, which is a common practice on Polish market. Group considers that analysis of restaurant expenses,
franchise and other expenses and information regarding result in the functional area provides more relevant information.
The table below presents an additional analysis of operating expenses by nature.
YEAR ENDED
31 December 2022
31 December 2021
Food, merchandise and other materials
805.9
580.4
Payroll
525.3
453.6
Social security and employee benefits
128.1
110.2
Royalties
118.4
89.9
Utilities
115.2
76.1
Marketing expenses
98.0
78.1
Delivery fees
91.3
81.0
Other external services
122.0
103.1
Occupancy cost
31.7
15.9
Depreciation of right-of-use assets
147.0
133.4
Depreciation of property, plant and equipment
92.9
91.6
YEAR ENDED
31 December 2022
31 December 2021
Amortisation of intangible assets
12.0
12.0
Other
21.0
17.2
Total cost by nature
2\u00a0308.8
1\u00a0842.5
10.\u00a0 Finance income
Finance income in years ended 31\u00a0December 2022 and 31\u00a0December 2021 represents mainly bank and other interests
received and net income from exchange differences for the year ended 31 December 2021.
11.\u00a0 Finance costs
YEAR ENDED
31 December 2022
31 December 2021
Interest expense
21.7
17.1
Interest expense on lease liability
25.7
23.7
Net cost from exchange differences
3.1
-
Net exchange differences on lease liability
3.5
-
Net exchange differences - other
(0.4)
-
Other
0.6
7.2
Total finance cost
51.1
48.0
In comparative data, other finance costs include mainly loss on debt modification in an amount of EUR 6.5 million.
12.\u00a0 Income taxes
YEAR ENDED
31 December 2022
31 December 2021
Current tax
(24.1)
(23.1)
Deferred income tax recognised in the income statement
3.2
0.6
Income tax recognised in the income statement
(20.9)
(22.5)
Deferred tax asset
Opening balance
45.7
37.6
Closing balance
44.5
45.7
Deferred tax liability
Opening balance
45.4
39.0
Closing balance
43.0
45.4
Change in deferred tax assets/liabilities
1.2
1.7
Temporary differences in the calculation of deferred tax relate to the following items:\u00a0
Asset
Liability
31 December 2022
31 December 2021
31 December 2022
31 December 2021
Property, plant and equipment and intangible assets
14.8
16.2
48.3
50.9
Leases
10.0
7.9
0.3
-
Trade and other receivables
0.3
1.5
-
0.4
Provisions and other liabilities
7.4
11.2
1.3
1.6
Tax losses carried forward
14.6
15.0
-
-
Other differences
5.8
2.3
1.5
0.9
52.9
54.1
51.4
53.8
The offset of tax
(8.4)
(8.4)
(8.4)
(8.4)
44.5
45.7
43.0
45.4
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The current financial
situation and strategic plans allow to consider the level of recognised assets and deferred tax assets to be reasonable.
Changes in deferred tax asset and liabilities are recognized as follow:
YEAR ENDED
31 December 2022
31 December 2021
Change in deferred tax assets/liabilities
1.2
1.7
of which:
Deferred taxes recognised in the income statement
3.2
0.6
Deferred taxes recognised in other comprehensive income \u2013 net
investment hedges
0.5
(0.3)
Deferred taxes recognised in equity -valuation of employee options
(1.1)
0.6
Exchange differences
(1.4)
0.8
The Group operates in various tax jurisdictions. Income taxes and deferred income taxes are measured using tax rates
enacted or substantively enacted at the reporting date in particular countries. Deferred tax assets and liabilities are
measured at the tax rates that are expected to apply in the year when the asset is or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Income tax on the Group\u2019s profit before tax differs from the theoretical amount which would be obtained if the weighted
average nominal tax rate applicable to consolidated companies were applied:
\u00a0
\u00a0
YEAR ENDED
\u00a0
\u00a0
31 December 2022
31 December 2021
Profit before tax
\u00a0
27.6
57.9
Income tax calculated according to domestic tax rates applicable to
income in particular countries*
\u00a0
1.6
8.1
Temporary differences on goodwill impairment for which no deferred
tax was recognized
\u00a0
10.4
-
Tax loss for the current period for which no deferred tax asset was
recognized
\u00a0
4.3
8.8
Permanent differences and changes in estimates
\u00a0
2.5
0.2
Effect of local tax reported as income tax
\u00a0
3.0
4.1
Change in tax rate
(1.0)
0.3
Effect of other differences
\u00a0
0.1
1.0
Corporate income tax in the income statement
20.9
22.5
Deferred taxes were not recognised for the following tax losses:
YEAR ENDED
31 December 2022
31 December 2021
Germany
116.3
107.6
France
54.2
52.3
Russia
14.1
11.3
Poland
10.8
16.7
Portugal
4.3
4.3
China
2.8
1.9
Austria
2.1
2.3
Romania
1.6
1.6
Other
4.7
3.1
210.9
201.1
The Group analyses recoverability of deferred taxes on tax losses based on the guidance in IAS 12. Group subsidiaries
analyses the periods in which tax losses can be utilised, whether there are sufficient taxable temporary differences
related to the same tax authority and tax jurisdiction, and if the entity will create taxable profits in the periods in which
unused tax losses can be utilised.
The Group analyses business plans and cash flows forecasts of subsidiaries in terms of recoverability of deferred tax
assets recognised. In particular, the Group performs goodwill impairment tests for whole businesses and balances of tax
losses for which deferred taxes were recognized are verified against projected tax cash outflows. In case unit has
projected negative results, deferred tax assets are reassessed in terms of recoverability.
In 2022 the Group reviewed the tax returns for prior periods prepared by the subsidiaries and it resulted in the updated
value of tax losses, for which no deferred tax has been recognized compared to the amounts presented in previous
financial statements. The total tax effect for the period ended 31\u00a0December 2022 of tax loss for the current period for
which no deferred tax asset was recognised amounted EUR 4.3 million and tax effect of EUR 0.8 million relates to
deferred taxes on tax losses recognized in prior years and derecognized in current year.
A tax authority may control the tax returns (if they have not already been controlled) of the Group companies from 3 to 5
years as of the date of their filing.
The table below presents tax rate by country applicable for the year 2022 and 2021.
Country
Income tax rates
Deferred income tax assets and liabilities
2022
2021
2022
2021
Spain
25.00%
25.00%
25.00%
25.00%
Poland
19.00%
19.00%
19.00%
19.00%
Czech
19.00%
19.00%
19.00%
19.00%
Hungary
9.00%
9.00%
9.00%
9.00%
Russia
20.00%
20.00%
20.00%
20.00%
Serbia
15.00%
15.00%
15.00%
15.00%
Country
Income tax rates
Deferred income tax assets and liabilities
2022
2021
2022
2021
Bulgaria
10.00%
10.00%
10.00%
10.00%
USA
35.00%
35.00%
35.00%
35.00%
Malta
35.00%
35.00%
35.00%
35.00%
Germany*
30.00%
30.00%
30.00%
30.00%
France**
25.00%
26.50%
25.00%
26.50%
Croatia
18.00%
18.00%
18.00%
18.00%
Hong Kong
17.00%
17.00%
17.00%
17.00%
China
25.00%
25.00%
25.00%
25.00%
Romania
16.00%
16.00%
16.00%
16.00%
Slovakia
21.00%
21.00%
21.00%
21.00%
Slovenia
19.00%
19.00%
19.00%
19.00%
Austria
25.00%
25.00%
25.00%
25.00%
Portugal
21.00%
21.00%
21.00%
21.00%
Belgium
21.00%
21.00%
21.00%
21.00%
* Deferred taxes in Germany were calculated using a tax rate of 30% which is the basic income tax rate in Germany of 15% and an additional
average trade tax of 15%.
** Deferred taxes in France presented at 31\u00a0December 2021 were calculated taking into account an approved plan of the progressive reduction
of the income tax rate from 26,5% in 2021 to 25.0% in 2022
13.\u00a0 Property, plant and equipment
The table below presents changes in the value of property, plant and equipment in 2022 and 2021:
2022
Leasehold
improvements,
land, buildings
Restaurants
equipment and
vehicles
Furniture and
other assets
Assets under
construction
Total
PPE as of 1 January
259.5
139.9
35.5
26.0
460.9
Acquisitions
-
-
0.3
0.3
0.6
Additions
8.2
18.9
2.7
108.3
138.1
Depreciation (note 7)
(42.3)
(37.5)
(13.1)
-
(92.9)
Impairment losses (note 9)
(1.3)
(2.7)
0.3
-
(3.7)
Disposals, liquidation and deconsolidation
(0.6)
(2.2)
(0.5)
-
(3.3)
Transfers
37.5
36.6
11.3
(86.1)
(0.7)
Exchange differences
2.3
0.4
0.3
(0.5)
2.5
PPE as of 31 December
263.3
153.4
36.8
48.0
501.5
Gross book value
644.9
414.3
110.3
48.6
1\u00a0218.1
Accumulated depreciation and impairments
(381.6)
(260.9)
(73.5)
(0.6)
(716.6)
Net book value
263.3
153.4
36.8
48.0
501.5
Due to the nature of the Group business the balance of the property, plant and equipment consists of assets in over 1.9
thousand restaurants. There are no individually significant assets.
Depreciation was charged as follows:
YEAR ENDED
31 December 2022
31 December 2021
Costs of restaurant operations
89.7
88.6
Franchise expenses and other
1.6
1.3
General and administrative expense
1.6
1.7
Total depreciation
92.9
91.6
Increasing the average useful lives of property, plant and equipment by 10% would lead to a decrease in depreciation for
the year ended 31\u00a0December 2022 by around EUR 9.5\u00a0million. Increasing the average useful lives of property, plant and
equipment by 10% would lead to a decrease in depreciation for the year ended 31\u00a0December 2021 by around EUR
9.4\u00a0million.
14.\u00a0 Leases
The Group leases over 1.9 thousand properties in order to operate brand restaurants. Lease terms are negotiated on an
individual basis and contain a wide range of different terms and conditions, depending on local lease practice and legal
framework. Additionally, in some countries, the Group leases cars, equipment, as well as properties for administration or
storage purposes and company flats.
The table below presents the reconciliation of the right-of-use assets and lease liabilities for years ended 31\u00a0December
2022 and 2021:
Right-of-use asset
Lease liabilities
2022
Restaurant
properties
Other
Total right-of-use asset
Total liabilities
As of 1 January
756.8
14.2
771.0
822.9
Additions \u2013 new contracts
50.0
7.8
57.8
57.5
Remeasurements and modifications
127.2
6.7
133.9
131.9
Depreciation (Note 7)
(138.7)
(8.3)
(147.0)
-
Impairment (Note 9)
(5.2)
-
(5.2)
-
Interest expense (Note 11)
-
-
-
25.7
Payments
-
-
-
(163.6)
Exchange differences
4.6
0.1
4.7
7.1
Disposals
(1.7)
(0.2)
(1.9)
(2.8)
As of 31 December
793.0
20.3
813.3
878.7
Right-of-use asset
Lease liabilities
2021
Restaurant
properties
Other
Total right-of-use asset
Total liabilities
As of 1 January
693.9
15.7
709.6
761.4
Additions \u2013 new contracts
57.8
2.3
60.1
59.8
Remeasurements and modifications
119.2
1.1
120.3
106.6
Depreciation (Note 7)
(128.4)
(5.0)
(133.4)
-
Impairment (Note 9)
3.0
-
3.0
-
Interest expense (Note 11)
-
-
-
23.7
Payments
-
-
-
(141.7)
Exchange differences
11.3
0.1
11.4
13.1
Disposals
-
-
-
-
As of 31 December
756.8
14.2
771.0
822.9
The following are the remaining contractual maturities of lease payments at the reporting date. The amounts are gross
and undiscounted and include contractual interest payments.
31 December 2022
31 December 2021
Up to 1 year
178.0
163.0
Between 1 and 3 years
277.3
254.9
Between 3 and 5 years
197.1
176.4
Between 5 and 10 years
242.2
218.7
More than 10 years
160.0
142.3
Total contractual lease payments
1\u00a0054.6
955.3
Future finance costs of leases
175.9
132.4
Total lease liabilities
878.7
822.9
Amortisation was charged as follows:
YEAR ENDED
31 December 2022
31 December 2021
Costs of restaurant operations
141.6
129.6
General and administrative expense
5.4
3.8
Total amortisation
147.0
133.4
The Group recognised in 2022 rent expense from short-term leases of EUR 0.8\u00a0million, leases of low-value assets of
EUR 5.8\u00a0million and variable lease payments of EUR 24.6\u00a0million (including negative amount of EUR 2.0\u00a0million
COVID-19-related rent concessions) for the year ended 31\u00a0December 2022. Impairment test procedures, assumptions
used and tests\u2019 results are disclosed in note 17.
Amounts recognised in statement of cash flows amounted to EUR 163.6\u00a0million presented in financing activity as
repayment of lease liability and EUR 31.2\u00a0million in operating activity as lease payments not included in the lease liability.
Total cash outflow for leases amounted to EUR 194.8\u00a0million in the year ended 31\u00a0December 2022.
In the comparable period, in 2021, the Group recognised rent expense from short-term leases of EUR 0.7\u00a0million, leases
of low-value assets of EUR 5\u00a0million and variable lease payments of EUR 10.1\u00a0million (including negative amount of EUR
10.9\u00a0million COVID-19-related rent concessions) for the year ended 31\u00a0December 2021. Impairment test procedures,
assumptions used and tests\u2019 results are disclosed in note 17.
In the comparable period, in 2021, amounts recognised in statement of cash flows amounted to EUR 141.7\u00a0million
presented as repayment of lease liability and EUR 15.8\u00a0million as lease payments not included in the lease liability. Total
cash outflow for leases amounted to EUR 157.5\u00a0million in the year ended 31\u00a0December 2021.
Additional information about lease payments and lease term
The Group\u2019s lease payments are often charged as a higher of fixed payment and turnover based payment. The Group
recognized the excess of turnover based rent as variable lease payments. Therefore the stores\u2019 revenue impacts on the
future variable lease payments. In the year ended 31\u00a0December 2022, the share of variable payments (excluding rent
concessions) amounted to 16% of fixed lease payments (2021: 15%).
The intention of the Group is to secure long-term property lease contracts, with flexibility that enables adjustments of
strategy and reaction on changing market conditions. Vast majority part of the Group\u2019s leases provides some extent of
flexibility, for example, the Group can adjust its exposure by exercising termination options, sublease options, extension
options or using pre-emption rights to go into a renewal agreement. Such rights are subject of individual negotiations with
lessors and do not deviate from standard market conditions.
The Group does annual revision of expiring lease contracts. The Group performs case-by-case analysis of the contracts,
adjusted to the latest store performance, up-to-date Group\u2019s strategy and market conditions. During this process, among
others, the Group decides whether to exercise, or not, the extension and termination options falling for the following year.
The decisions have impact on the assessment of the leases end date used in the measurement of lease liability.
COVID-19-related rent concessions
The Group has been negotiating rent concessions with its landlords for the majority of its store leases as a result of the
severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19-
related rent concessions consistently to eligible rent concessions relating to its store leases. The Group continued to
account for rent concessions relating to its other leases under other applicable guidance in IFRS 16 until the expiry of the
aforementioned practical expedient i.e. until 30 June 2022.
The amount recognised in profit or loss for the reporting period to reflect changes in lease payments arising from rent
concessions to which the Group has applied the practical expedient for COVID-19-related rent concessions is EUR 2.0
million (2021: 10.9 million).
15.\u00a0 Intangible assets
The table below presents changes in the value of intangible assets in 2022 and 2021:
2022
Own brands
Licenses for
franchise brands
Relations with
franchisees and
customers
Other intangible
assets
Total
IA as of 1 January
154.1
23.1
28.9
30.8
236.9
Additions
-
3.2
-
6.8
10.0
Amortisation (Note 7)
(0.3)
(3.7)
(3.1)
(4.9)
(12.0)
Impairment losses (Note 9)
-
0.1
-
0.8
0.9
Disposals and derecognition of assets
-
(0.1)
-
(0.2)
(0.3)
Transfers between categories
-
-
-
0.7
0.7
Exchange differences
-
0.3
-
(0.1)
0.2
IA as of 31 December
153.8
22.9
25.8
33.9
236.4
Gross book value
158.8
48.8
51.9
83.5
343.0
Accumulated amortisation and
impairments
(5.0)
(25.9)
(26.1)
(49.6)
(106.6)
Net book value
153.8
22.9
25.8
33.9
236.4
2021
Own brands
Licenses for
franchise brands
Relations with
franchisees and
customers
Other intangible
assets
Total
Gross book value
158.9
45.8
51.9
79.3
335.9
Accumulated amortisation and
impairments
(4.8)
(22.7)
(23.0)
(48.5)
(99.0)
Net book value
154.1
23.1
28.9
30.8
236.9
Other intangible assets cover mainly exclusivity rights in the amount of EUR 1.1million (EUR 2.4 million as of
31\u00a0December 2021), key monies in the amount of EUR 18.0 millions (EUR 18.1 millions as of 31\u00a0December 2021) and\u00a0
software.
16.\u00a0 Goodwill
Goodwill recognized on business combinations is allocated to the group of CGUs that is expected to benefit from the
synergies of the business combination.
The table below presents goodwill allocated to particular levels on which it is monitored by the Group. In all cases is not
higher than the operating segment level:
2022
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Sushi Shop (all markets)
140.5
0.5
-
-
141.0
Spain \u2013 La Tagiatella and KFC
90.9
-
-
-
90.9
Russia - KFC
33.1
-
(46.9)
13.8
-
China \u2013 Blue Frog
21.5
-
-
(0.4)
21.1
France - KFC
14.0
-
-
-
14.0
Germany - Starbucks
8.6
-
-
-
8.6
Hungary \u2013 KFC
3.4
-
-
(0.3)
3.1
Romania - SBX
2.5
-
-
-
2.5
Czechia \u2013 KFC
1.5
-
-
(0.1)
1.4
Poland \u2013 Other
0.6
-
-
-
0.6
Total
316.6
0.5
(46.9)
13.0
283.2
2021
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Sushi Shop (all markets)
140.5
-
-
-
140.5
Spain \u2013 La Tagiatella and KFC
90.9
-
-
-
90.9
Russia - KFC
30.8
-
-
2.3
33.1
China \u2013 Blue Frog
19.3
-
-
2.2
21.5
France - KFC
14.0
-
-
-
14.0
2021
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Germany - Starbucks
8.6
-
-
-
8.6
Hungary \u2013 KFC
3.4
-
-
-
3.4
Romania - SBX
2.6
-
-
(0.1)
2.5
Czechia \u2013 KFC
1.4
-
-
0.1
1.5
Poland \u2013 Other
0.6
-
-
-
0.6
Total
312.1
-
-
4.5
316.6
Impairment test procedures, assumptions used and tests\u2019 results are disclosed in note 17.
17.\u00a0 Impairment of non-current assets
Details of impairments losses recognised:
YEAR ENDED
Note
31 December 2022
31 December 2021
Net impairment of property, plant and equipment
13
3.7
18.1
Net impairment of intangible assets
15
(0.9)
3.0
Net impairment of right of use assets
14
5.2
(3.0)
Net impairment of goodwill
16
46.9
-
Net impairment losses of non- current non financial assets
54.9
18.1
period and corrected by local specifics and characteristics of a given restaurant. This reflects the specifics of Group\u2019s
operations, where business is conducted through multiple, individually small operating units.
In the event that the fair value less costs of sale is used as a reference, market references are used that take into
account, among others, location and updated market information.
Carrying amount of each CGU consists of carrying amount of above described assets of the restaurants. Value in use is
determined through the discounted cash flows analysis, without the base rental charge.
As presented below it can be observed that discount rates used for the impairment test have increased comparing to year
end 2021 tests. This is the effect of turbulences on the global market due to pandemic and increases in markets risk
premiums and/or risk-free rates. Discounts rates applied are shown in the table below.
Post-tax discount rate 31
December 2022
Implied pre-tax discount
rate
Pre-tax discount rate
30 June 2022
Pre-tax discount rate 31
December 2021
Spain
10.9%
14.6%
10.4%
8.6%
Germany
8.9%
12.7%
9.4%
7.2%
France
7.2%
9.6%
9.2%
7.1%
Details of impairments losses recognised per category of assets (property, plant and equipment, right of use assets,
intangible assets or goodwill) are presented in notes 13, 14, 15 and 16.
Recognized impairment losses do not relate to any individual significant items, but to numerous restaurants tested during
the year. This reflects the specifics of Group\u2019s operations, where business is conducted through multiple, individually
small operating units.
Summary of impairment tests results on the level of restaurants for the year ended 31\u00a0December 2022 is presented in the
table below:
YE 2022
Impairment loss
Impairment reversals
Net/Total
Number of units tested
459.0
Units with impairment/reversal recognised
131.0
164.0
Impairment of property, plant and equipment and intangible
assets
12.0
(11.7)
0.3
Impairment of right of use assets
1.8
(0.1)
1.7
Five highest individual impairment loss/ reversals totaled
3.2
(2.6)
Average impairment loss/ reversal per restaurant
0.2
(0.2)
Summary of impairment tests results on the level of restaurants for the year ended 31\u00a0December 2021 is presented in the
table below:
YE 2021
Impairment loss
Impairment reversals
Net/Total
Number of units tested
507.0
Units with impairment/reversal recognised
240.0
93.0
Impairment of property, plant and equipment and intangible
assets
23.5
(2.4)
21.1
Impairment of right of use assets
3.3
(6.3)
(3.0)
Five highest individual impairment loss/ reversals totaled
4.4
(4.5)
Average impairment loss/ reversal per restaurant
0.2
(0.2)
Business (goodwill) level tests
Goodwill and intangibles with undefined useful lives level
The Group performs impairment test for goodwill together with any intangible assets with indefinite useful lives, other
intangibles, property plant and equipment, right of use assets, as well any other non-current assets that operate on the
group of CGUs where goodwill is allocated.
For recoverable value calculations, the Group uses cash flow projections based on financial budgets that require
judgment and other estimates that include, among others, the operating result on sales and the discount and growth rates
at long term.
Mandatory impairment tests are performed at year ends.
Present value technique model (the income approach) is used by Group for the purpose of determining fair value. The
income approach converts future amounts (e.g. cash flows or income and expenses) to a single discounted amount. The
fair value reflects current market expectations about those future amounts. The income approach uses unobservable
inputs, as a result, the fair value measurement is generally classified as Level 3 in the fair value hierarchy.
The cash flows were derived from the most recent budgets, plans for next year and forecasts for the following four years.
The 5th year normalized projections are used to extrapolate cash flows into the future if the 5th year represents a steady
state in the development of the business. The adjustments may be necessary to reflect the expected development of the
business (normalization of cash flows). Growth rates do not exceed the long-term average growth rate for the products,
industries, or country or market in which the asset is used.
The recoverable amount is most sensitive to the discount rate used, growth rate used for extrapolation purposes and the
weighted average budgeted EBITDA margin. The weighted average budgeted EBITDA margin is calculated as an
average for the 5 years projection period i.e. without any impact of the residual value element. Budgeted revenues are
used as weights. Average restaurants sales growth refers to same-store-sales growth rates reflected in impairment
models.
The main input assumptions used in test performed as of year end 2022 are as follows:
YE 2022
Post-tax discount
rate
Implied pre-
tax discount
rate
Growth rate
for residual
value
Average
restaurant sales
growth 2023-2027
Weighted average
budgeted EBITDA
margin
Sushi Shop (all markets)
7.2%
8.8%
1.9%
28.0%
18.1%
Spain \u2013 KFC and TAG
10.9%
13.6%
2.1%
12.6%
22.3%
France \u2013 KFC
7.2%
8.7%
1.9%
4.2%
11.9%
Germany \u2013 Starbucks
8.9%
11.2%
2.4%
15.5%
19.3%
China \u2013 BF
8.9%
11.0%
2.0%
11.1%
24.4%
Romania \u2013 SBX
12.7%
14.3%
3.1%
14.4%
27.2%
Czechia \u2013 KFC
9.3%
10.9%
2.5%
9.6%
23.7%
Hungary \u2013 KFC
14.5%
15.6%
3.9%
10.5%
20.1%
ability to repay in an appreciating local currency remains in place, the Group considers it reasonable to make the
assumption that the country's equivalent credit rating would be in the default threshold \u201cC\u201d (no ability to pay in USD). This
scenario implies a country risk premium of 20.34% and a discount rate of 32.62% for Russia market.
Following key assumption were used when performing impairment test:
HY 2022
Post-tax discount
rate
Implied pre-tax
discount rate
Growth rate for
residual value
Weighted average
budgeted EBITDA
margin
Average total sales
growth
Russia \u2013 KFC
32.6%
38.7%
5.9%
21.2%
6.6%
The Group carried out a sensitivity analysis. For discount rate, growth rate, weighted average budgeted EBITDA margin,
a reasonable possible change was determined as 10% of the input data, applicable for particular unit. Consequently,
each impairment test has a different level of a reasonable change in inputs, which can be determined by multiplying the
base input data used in the impairment test as presented in table above by 10%.
Additionally, Group performed sensitivity analysis on the expected changes in sales revenues recognition. In that case
Group determines reasonable change individually for each business tested. Usually this is in a range of 3-5% decrease of
estimated sales revenues in each year of projection.
The following table presents what change in impairment loss would be accounted if respective input data were changed
by tested percentage, assuming remaining parameters remain stable.
Input/ change in input
(Increase)/ decrease in impairment loss (EUR
million)
Discount rate - in model (post-tax discount rate (32.6%))
-10% of base value
15.7
-5% of base value
7.4
+5% of base value
(6.6)
+10% of base value
(12.5)
Growth rate for residual value - in model (5.9%)
-10% of base value
(0.9)
-5% of base value
(0.4)
+5% of base value
0.4
+10% of base value
0.9
Weighted average budgeted EBITDA margin value - in model (21.2%)
-10% of base value
(22.2)
-5% of base value
(11.1)
+5% of base value
11.1
+10% of base value
22.2
Restaurant Sales
-5% in each year of projection
(10.7)
-3% in each year of projection
(6.4)
+3% in each year of projection
6.4
+5% in each year of projection
10.7
The following table shows the values to discount rate and growth rate under which recoverable amount in the model
would equal to carrying amount of tested unit (assuming remaining input in model unchanged).
Input value
Post tax discount rate
Growth rate
Applied in model
32.6%
5.9%
When carrying amount of CGU equals to recoverable amount
24.0%
21.2%
Comparative information for the goodwill impairment tests performed during year ended 31\u00a0December 2021
The main input assumptions used in test were as follows:
YE 2021
Post-tax discount
rate
Implied pre-
tax discount
rate
Growth rate
for residual
value
Average
restaurant sales
growth 2022-2026
Weighted average
budgeted EBITDA
margin
Sushi Shop (all markets)
5.3%
6.5%
1.3%
1.0%
20.9%
Spain \u2013 KFC and TAG
6.4%
8.0%
1.6%
2.9%
23.9%
France \u2013 KFC
5.3%
6.6%
1.3%
2.4%
13.4%
Germany \u2013 Starbucks
5.1%
6.2%
1.9%
9.5%
17.6%
Russia \u2013 KFC
9.6%
11.1%
3.8%
3.5%
20.6%
China \u2013 BF
6.2%
7.6%
1.9%
3.4%
25.2%
Romania \u2013 SBX
8.3%
9.2%
2.8%
3.0%
25.7%
Czechia \u2013 KFC
6.3%
7.3%
2.0%
2.8%
25.1%
Hungary \u2013 KFC
9.1%
9.6%
3.2%
3.3%
20.0%
19.\u00a0 Inventories
As of 31\u00a0December 2022 and 2021, inventories cover mainly food and packaging used in the restaurants, finished goods
and stocks in central kitchen for sale by La Tagliatella restaurants.
Due to the nature of its business and applicable Group standards, all inventories are treated as materials. Inventories are
presented at net value including write-downs.
20.\u00a0 Trade and other receivables
As of 31\u00a0December 2022 and 2021 the balances of trade and other receivables were as follows:
31 December 2022
31 December 2021
Trade receivables
44.2
37.3
Other tax receivables
27.2
22.1
Credit cards, coupons and food aggregators receivables
26.9
17.3
Loans and borrowings
1.7
1.3
Government grants
0.6
1.2
Other
1.7
1.6
Allowances for receivables (note 35)
(13.2)
(12.9)
89.1
67.9
Information about the impairment of trade receivables and the Group\u2019s exposure to credit risk, foreign currency risk and
interest rate risk can be found in note 35.
21.\u00a0 Other current assets
As of 31\u00a0December 2022 and 2021 the balances of other current assets consisted mainly of prepayments for utilities,
marketing and other services.
22.\u00a0 Cash and cash equivalents
Cash and cash equivalents as of 31\u00a0December 2022 and 31\u00a0December 2021 are presented in the table below:
31 December 2022
31 December 2021
Cash at bank
216.8
189.8
Cash in hand
12.8
8.9
229.6
198.7
Reconciliation of working capital changes as of 31\u00a0December 2022 and 31\u00a0December 2021 is presented in the table
below:
2022
Balance sheet
change
Change in
investment
receivables
Change in
investment
liabilities
Exchange
differences
Working capital
changes
Change in trade and other receivables
(21.2)
-
-
(1.5)
(22.7)
Change in inventories
(4.4)
-
-
0.1
(4.3)
Change in other assets
(2.7)
-
-
0.2
(2.5)
Change in payables and other liabilities
53.0
-
(10.1)
3.1
46.0
Change in other provisions and employee benefits
(10.3)
-
-
1.1
(9.2)
2021
Balance sheet
change
Change in
investment
receivables
Change in
investment
liabilities
Exchange
differences
Working capital
changes
Change in trade and other receivables
(7.5)
-
-
(0.4)
(7.9)
Change in inventories
(6.6)
-
-
(0.5)
(7.1)
Change in other assets
1.1
-
-
(0.4)
0.7
Change in payables and other liabilities
48.0
-
(5.6)
(3.8)
38.6
Change in other provisions and employee benefits
1.3
-
-
0.1
1.4
23.\u00a0 Equity
Share capital
Share capital consists of ordinary shares. All shares issued are subscribed and fully paid. The par value of each share is
0.1 EUR. There were no changes in share capital of the Company in year 2022.
As of 31\u00a0December 2022 and as of 31\u00a0December 2021 the Company has 219\u00a0554\u00a0183 shares issued.
Holders of ordinary shares are authorized to receive dividends and have voting rights at the Group\u2019s General
Shareholders\u2019 Meetings proportionate to their holdings.
There are no shares committed to be issued under options, employee share schemes and contracts for the sale of
shares.
To the best of AmRest\u2019s knowledge as of 31\u00a0December 2022 AmRest Holdings had the following shareholder structure:
Shareholder
Number of shares and votes at the
Shareholders\u2019 meeting
% of shares and votes at the
Shareholders\u2019 meeting
FCapital Dutch S.L.*
147\u00a0203\u00a0760
67.05%
Artal International S.C.A.
11\u00a0366\u00a0102
5.18%
Aviva OFE Aviva BZWBK SA
7\u00a0013\u00a0700
3.19%
Nationale-Nederlanden OFE
10\u00a0718\u00a0700
4.88%
Other Shareholders
43\u00a0251\u00a0921
19.70%
* FCapital Dutch S.L. is the subsidiary of Finaccess Capital, S.A. de C.V. Grupo Finaccess SAPI de CV is the direct majority shareholder of
Finaccess Capital, S.A. de C.V. and a subsidiary of Grupo Far-Luca, S.A. de C.V. The direct majority shareholder of Grupo Far-Luca, S.A. de
C.V., Mr. Carlos Fern\u00e1ndez Gonz\u00e1lez, is a member of AmRest\u2019s Board of Directors
On 15 July 2022, as a result of the merger by absorption between FCapital Dutch, S.L. (at that time named FCapital
Dutch, B.V.), as the absorbing company, and FCapital Lux S.\u00e0 r.l. (holding directly 56 509 547 AmRest shares), as the
absorbed company, the shareholding of FCapital Lux S.\u00e0 r.l. in AmRest Holdings SE became the property of FCapital
Dutch, S.L.
Likewise, FCapital Dutch, S.L. (formerly FCapital Dutch, B.V.) carried out the international transfer of its registered office,
without dissolution or loss of its legal personality, from its previous domicile located in Amsterdam (The Netherlands) to
Madrid (Spain), under a public deed executed on December 1, 2022 (effective date of the transfer of domicile), which was
registered in the Commercial Registry of Madrid on January 16, 2023.
Reserves
The structure of Reserves is as follows:
2022
Share
premium
Employee
options
unexercised
Employee
options
exercised
Treasury
shares
Hedges
valuation
Transactions
with NCI
Total
Reserves
As at 1 January
236.3
14.1
(40.7)
(4.0)
(9.5)
(30.6)
165.6
Net investment hedges
-
-
-
-
(2.9)
-
(2.9)
Income tax related to net investment hedges
-
-
-
-
0.5
-
0.5
Total comprehensive income
-
-
-
-
(2.4)
-
(2.4)
Transaction with non-controlling interests
-
-
-
-
-
(1.0)
(1.0)
Total transaction with non-controlling interests
-
-
-
-
-
(1.0)
(1.0)
Purchases of treasury shares
-
-
-
-
-
-
-
Share based payments
-
-
-
-
-
-
-
Value of disposed treasury shares
-
-
(0.3)
0.3
-
-
-
Employee stock option plan \u2013 proceeds from employees for transferred shares
-
-
-
-
-
-
-
Employee stock option plan \u2013 reclassification of exercised options
-
(3.0)
3.0
-
-
-
-
Employee stock option plan \u2013 change in unexercised options
-
5.5
(0.1)
-
-
-
5.4
Change of deferred tax related to unexercised employee benefits
-
(1.1)
-
-
-
-
(1.1)
Total share based payments
-
1.4
2.6
0.3
-
-
4.3
Total distributions and contributions
-
1.4
2.6
0.3
-
-
4.3
As at 31 December
236.3
15.5
(38.1)
(3.7)
(11.9)
(31.6)
166.5
2021
Share
premium
Employee
options
unexercised
Employee
options
exercised
Treasury
shares
Hedges
valuation
Transactions
with NCI
Total
Reserves
As at 1 January
236.3
13.9
(39.1)
(6.5)
(8.2)
(26.3)
170.1
Net investment hedges
-
-
-
-
(1.6)
-
(1.6)
Income tax related to net investment hedges
-
-
-
-
0.3
-
0.3
Total comprehensive income
-
-
-
-
(1.3)
-
(1.3)
Transaction with non-controlling interests
-
-
-
-
-
(4.3)
(4.3)
Total transaction with non-controlling interests
-
-
-
-
-
(4.3)
(4.3)
Purchases of treasury shares
-
-
-
-
-
-
-
Share based payments
-
-
-
-
-
-
-
Value of disposed treasury shares
-
-
(2.5)
2.5
-
-
-
Employee stock option plan \u2013 proceeds from employees for transferred shares
-
-
0.2
-
-
-
0.2
Employee stock option plan \u2013 reclassification of exercised options
-
(0.7)
0.7
-
-
-
-
Employee stock option plan \u2013 change in unexercised options
-
0.3
-
-
-
-
0.3
Change of deferred tax related to unexercised employee benefits
-
0.6
-
-
-
-
0.6
Total share based payments
-
0.2
(1.6)
2.5
-
-
1.1
Total distributions and contributions
-
0.2
(1.6)
2.5
-
-
1.1
As at 31 December
236.3
14.1
(40.7)
(4.0)
(9.5)
(30.6)
165.6
Share premium
This item reflects the surplus over the nominal value of the share capital increase and additional contributions to equity
without issue of shares made by shareholders prior to becoming a public entity. There were no transactions within share
premium in 2022.
Treasury shares
As of 31\u00a0December 2022 the Group had 341 645 treasury shares for a total purchase value of EUR 3.7 million, presented
as treasury shares within \u201cReserves\u201d under equity.
Transactions with NCI
This item reflects the impact of accounting for transactions with non-controlling interests (NCI).
The following key transactions were recognised in 2022:
Transactions with
NCI
Non-controlling
interest
Total Equity
Acquisition of non-controlling interests in AmRest d.o.o.
(1.0)
(1.3)
(2.3)
Dividends for non-controlling shareholders
-
(1.8)
(1.8)
Total transactions with non-controlling interests
(1.0)
(3.1)
(4.1)
The following key transactions were recognised in 2021:
Transactions with
NCI
Non-controlling
interest
Total Equity
Acquisition of non-controlling interests in Sushi Shop Group
(4.3)
0.3
(4.0)
Dividends for non-controlling shareholders
-
(1.3)
(1.3)
Share capital increase in Amrest Kavezo Kft
-
0.2
0.2
Total transactions with non-controlling interests
(4.3)
(0.8)
(5.1)
Hedges valuation
The Group is exposed to foreign currency risk associated with the investment in its foreign subsidiaries, which is
managed by applying net hedge investment strategies.
In 2018 AmRest Holdings assigned its PLN 280 million external borrowing as a hedging instrument in a net hedge for its
Polish subsidiaries. Following scheduled debt repayments, the net investment hedge has been decreased. As of\u00a0
31\u00a0December 2022 , the value of net investment hedge amounts to PLN 196 million (PLN 224 million as of\u00a0 31\u00a0December
2021).
AmRest Sp. z o.o., a Polish subsidiary, with PLN as functional currency, is a borrower of external EUR financing. The
bank loan has been hedging the net investment in its EUR subsidiaries until 31\u00a0December 2021 and throughout the
period ending 31\u00a0December 2022. Following scheduled repayments and an increase during 2022 in the financing of EUR
23 million regarding to the Tranche G of the syndicated bank loan, the net investment hedge as of 31\u00a0December 2022 is
EUR 177 million (176 million as of end of 2021).
Following a change in presentation currency of the Group from PLN to EUR, AmRest Sp. z o.o. remains exposed to the
foreign currency risk between the functional currency of its net investment in its EUR investments and its own functional
currency (PLN). These different functional currencies create a genuine economic exposure to changes in fair values in
the consolidated financial statements of the Group.
For all net investment hedges, exchange gains or losses arising from the translation of liabilities that are hedging net
investments are charged to equity in order to offset gains or losses on translation of the net investment in subsidiaries.
During the year ended 31\u00a0December 2022 and 2021 hedges were fully effective.
As of 31\u00a0December 2022 the accumulated value of currency revaluation recognised in reserve capital (resulting from net
investment hedges) amounted to EUR 2.9 million, and deferred tax concerning this revaluation EUR 0.5 million.
Translation reserves
The balance of translation reserves depends on the changes in the foreign exchange rates. This parameter is out of
control of Group.
Total change in translation reserves in year 2022 amounted to EUR 19.2 million. The most significant impact on that
balance had a change in Russian rouble in the amount of EUR 18.8 million, Polish zloty of EUR 2.9 million, Czech crown
of EUR 1.6 million and Hungarian forint of EUR (2.6) million. Total change in translation reserves in year 2021 amounted
to EUR 12.5 million. The most significant impact on that balance had a change in Russian rouble in the amount of EUR
5.1 million, Chinese renminbi of EUR 4.6 million and Czech crown of EUR 2.1 million.
Non-controlling interest
Key elements of non-controlling interests are presented in the table below:
31 December 2022
31 December 2021
AmRest Coffee Sp. z o.o.
0.3
(0.4)
SCM Sp. z o.o.
3.8
2.8
AmRest Coffee s.r.o.
4.9
3.9
AmRest K\u00e1v\u00e9z\u00f3 Kft
0.4
0.3
AmRest d.o.o.
-
1.1
SCM s.r.o.
1.9
1.0
Sushi Shop Milan Sarl
(0.2)
0.1
Non-controlling interests
11.1
8.8
24.\u00a0 Dividends paid and received
In the period covered by these consolidated financial statements the Group has paid a dividend to non-controlling interest
of SCM Sp. z o.o. and SCM Czech s.r.o. in total amount of EUR 1.8 million.
25.\u00a0 Non-controlling interests
At 31\u00a0December 2022 and 31\u00a0December 2021 the summarised financial information for each subsidiary that has non-controlling interests is as follows:
Summarised balance sheet
31 December 2022
AmRest Coffee
s.r.o.
AmRest K\u00e1v\u00e9z\u00f3 Kft
AmRest Coffee Sp.
z o. o.
SCM
Sp. z o.o.
SCM
s.r.o.
AmRest
d.o.o.*
Sushi Shop Milan
Sarl
Current assets
13.6
3.9
2.4
11.1
7.6
-
0.2
Current Liabilities
9.9
6.2
9.7
5.7
4.0
-
0.2
Total current net assets
3.7
(2.3)
(7.3)
5.4
3.6
-
-
Non-current assets
28.8
16.6
23.7
2.0
-
-
(0.4)
Non-current liabilities
16.0
11.0
14.4
0.4
-
-
0.1
Total non-current net assets
12.8
5.6
9.3
1.6
-
-
(0.5)
Net assets
16.5
3.3
2.0
7.0
3.6
-
(0.5)
31 December 2021
AmRest Coffee
s.r.o.
AmRest K\u00e1v\u00e9z\u00f3 Kft
AmRest Coffee Sp.
z o. o.
SCM
Sp. z o.o.
SCM
s.r.o.
AmRest
d.o.o.
Sushi Shop Group**
Current assets
6.8
3.8
1.3
7.3
4.2
1.2
0.4
Current Liabilities
7.5
4.4
8.8
3.1
2.6
1.7
0.1
Total current net assets
(0.7)
(0.6)
(7.5)
4.2
1.6
(0.5)
0.3
Non-current assets
30.6
15.0
23.7
1.6
-
7.5
0.8
Non-current liabilities
17.8
9.9
14.5
0.5
-
2.4
0.8
Total non-current net assets
12.9
5.1
9.2
1.2
-
5.1
-
Net assets
12.1
4.4
1.7
5.4
1.6
4.6
0.3
*Summarised income statement of AmRest d.o.o.\u00a0 for year 2022 is presented till acquisition of\u00a0 remaining non-controlling interests shares in September 2022.
** Non- controlling interest on Sushi Shop Group entities existed in 2022 for Sushi Shop Milan SARL.On 31 August 2021 Sushi Shop Luxembourg SARL has acquired 14% of shares of Sushi House SA and Sushi
Shop Belgique SA has acquired 45.20% of shares of Sushi Shop Louise SA. On this day Sushi Shop Luxembourg SARL and Sushi Shop Belgique SA have become sole shareholders of Sushi House SA and Sushi
Shop Louise SA accordingly. Summarised income statement of Sushi House SA and Sushi Shop Louise SA is presented till acquisition of non-controlling interests shares i.e. till 31 August 2021.
There are no significant restrictions on the possibility of access to the assets or their use and settlement of obligations for the subsidiaries having a non-controlling interest.
26.\u00a0 Earnings per share
As of 31\u00a0December 2022 and 2021 the Company has 219\u00a0554\u00a0183 shares issued.
Table below presents calculation of basic and diluted earnings per ordinary share for the year 2022 and 2021.
Basic EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year (including treasury shares, vested options under share based programs,
number of shares to be transferred as a consideration for acquisition).
Diluted EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year, adjusted by the weighted average number of ordinary shares that would
be issued on conversion of all dilutive potential ordinary shares into ordinary shares (unvested options for open share
based payments programs).
EPS calculation with the effect of share split
31 December
2022
31 December 2021
Net profit attributable to shareholders of the parent (EUR millions)
1.3
32.9
Weighted average number of ordinary shares for basic EPS (in thousands of shares)
219\u00a0269
219\u00a0352
Weighted average number of ordinary shares for diluted EPS (in thousands of shares)
219\u00a0269
219\u00a0852
Basic earnings per ordinary share (EUR)
0.01
0.15
Diluted earnings per ordinary share (EUR)
0.01
0.15
Reconciliation of weighted-average number of ordinary shares for basic EPS:
Weighted-average number of ordinary shares
in thousands of shares
31 December 2022
31 December 2021
Shares issued at the beginning of the period
219\u00a0554
219\u00a0554
Effect of treasury shares held
(357)
(497)
Effect of share options vested
72
295
Weighted average number of ordinary shares for basic EPS
219\u00a0269
219\u00a0352
Reconciliation of weighted-average number of ordinary shares for diluted EPS:
Weighted-average number of ordinary shares for diluted EPS
in thousands of shares
31 December 2022
31 December 2021
Weighted-average number of ordinary shares for basic EPS
219\u00a0269
219\u00a0352
Effect of share options unvested
-
500
Weighted average number of ordinary shares for diluted EPS
219\u00a0269
219\u00a0852
At 31\u00a0December 2022, 10\u00a0567 thousand of options were excluded from the diluted weighted-average number of ordinary
shares calculation because their effect would have been anti-dilutive. At 31\u00a0December 2021, there were 9\u00a0599 thousand
of options with anti-dilutive effect.
27.\u00a0 Borrowings
Long-term
31 December 2022
31 December 2021
Syndicated bank loans
497.3
466.2
SSD
35.5
35.5
Other bank loans
18.7
40.2
Total
551.5
541.9
Short-term
31 December 2022
31 December 2021
Syndicated bank loans
68.6
59.2
SSD
0.4
48.0
Other bank loans
33.2
15.5
Total
102.2
122.7
As of the end of the year 2022, bank loans and bond debt (SSD) amounted EUR 653.7 million, whereas at the end of\u00a0
year 2021 EUR 664.6 million.
Bank loans and bonds
Currency
Loans/Bonds
Effective interest rate
31 December 2022
31 December 2021
PLN
Syndicated bank loan
3M WIBOR+margin
87.1
105.6
EUR
Syndicated bank loan
3M EURIBOR+margin
478.9
419.8
EUR
Schuldscheinedarlehen
Bonds
6M EURIBOR/fixed +margin
35.9
83.5
EUR
Bank loans Germany
fixed
1.4
-
EUR
Bank loans France
fixed
30.1
30.2
EUR
Bank loans Spain
fixed
20.3
25.3
CZK
Bank loans Czech
Pribor + Margin
-
0.2
653.7
664.6
Syndicated bank loan
As at 31\u00a0December 2022 syndicated bank financing entered into in 2017, with further amendments, accounts for the
majority of AmRest debt. In December 2021 Group has signed an amendment to syndicated bank loan agreement
providing an extension the repayment of the loan.
During 2022, Group has signed an amendment to syndicated bank loan agreement ensuring the disbursement of tranche
G in the amount of EUR 100 million. On 27 September 2022, Group disposed the full amount of this credit line.
Additionally, the amount of syndicated bank loan has been increased by EUR 27 million from Tranche D and followed by
scheduled repayments in the amount of EUR 56 million in September 2022. During October, the Group repaid the
Tranche D in the amount of EUR 25 million.
The outstanding amount of syndicated bank loan as of 31\u00a0December 2022 is EUR 566 million.
Details of syndicated bank financing originated in 2017, with further amendments, as of 31\u00a0December 2022, are as
follows:
\u2022Signing date: 5 October 2017,
\u2022Final repayment date: 31 December 2024,
\u2022Joint Borrowers: AmRest Holdings SE, AmRest Sp. z o.o. and AmRest s.r.o (the \u201cBorrowers\u201d; AmRest Sp. z o.o. and
AmRest s.r.o are fully owned by AmRest Holdings SE),
\u2022Lenders: Bank Polska Kasa Opieki S.A., Powszechna Kasa Oszcz\u0119dno\u015bci Bank Polski S.A., ING Bank \u015al\u0105ski Polska
S.A. and \u010cesk\u00e1 spo\u0159itelna, a.s.
The available tranches, following repayments made in December 2021 and December 2022:
Tranche(*)
Maximum amount (million)
Date added
Purpose
A
EUR 175
October 2017
Refinancing of bank debt, general
corporate purposes
B
PLN 210
October 2017
C (fully repaid in Q1 2019)
CZK 0
October 2017
D
PLN 450
October 2017
E
PLN 196
June 2019
Refinancing of Polish bonds
F
EUR 133
October 2019
M&A, general corporate purposes
G
EUR 100
September 2022
General corporate purposes
* Approximate total amount: EUR 560m. For the tranche D base currency is PLN and optional currency is EUR.
\u2022Interest rates: Variable interest rates (3M Euribor/Wibor increased by a margin)\u00a0
\u2022Securities: submissions to execution from the Borrowers, guarantees from Group companies, pledge on shares of
Sushi Shop Group and AmRest SAS France. Additional information presented in note 28.
\u2022Uncommitted Tranche G in the amount of up to EUR 100m has been added to the financing.
\u2022Other information: AmRest is required to maintain certain ratios at agreed levels. In particular, net debt/adjusted
consolidated EBITDA is to be held below 3.5 and consolidated EBITDA/interest charge is to stay above 3.5. Both
ratios are calculated according to the definitions mentioned in the loan agreement. Additionally, the Group is obliged
to maintain the equity ratio (expressed as a percentage), calculated as total equity divided by the total assets, above
8%. As of the date of this report, AmRest is in compliance with the three financial covenants.
Two other sources of AmRest financing are:
\u2022Schuldscheinedarlehen (\u201cSSD\u201d \u2013 debt instrument under German law) issued by AmRest Holdings SE.
As of 31\u00a0December 2022, payables concerning SSD issued amount to EUR 35.9 million. During the year Group has
made repayments in amount of EUR 52.1 million.The table below presents all SSD issues and their maturities after
repayments done 2022:
Issue date
Amount (EUR million)
Interest rate
Maturity date
Purpose
7 April 2017
6.0
Fixed
5 April 2024
Refinancing, general
corporate purposes
3 July 2017
20.0
Fixed
3 July 2024
3 July 2017
9.5
Variable
3 July 2024
\u2022State supported loans taken on by Spanish and French subsidiaries in Q2 2020 and guaranteed by the governments.
In particular, Restauravia Food SL and Pastificio Service S.L.U. were granted EUR 22.5 million each and Sushi Shop
Restauration SAS received EUR 20 million and AmRest SAS Opco SAS EUR 10 million. As of 31\u00a0December 2022, EUR
17.6 milion is still available for drawing for the Spanish entities.
As of 31\u00a0December 2022, payables concerning State Supported Loans amount to EUR 50.4 million.
The effective interest rates are similar to the market rates for specific borrowings. Therefore, the fair value of the liabilities
presented in this note does not differ significantly from their carrying amounts.
State supported loans taken by the Group companies
Country
Entities
Effective
interest rate
State guarantee
Balance as at 31
December 2022
Available at 31
December 2022
Maturity
Spain
Restauravia Food SL,
Pastificio Food SL
Fixed
70%
20.3
17.6
3-4 years
France
Sushi Shop
Restauration SAS,
AmRest Opco SAS
Fixed
90%
30.1
0
1-4\u00a0 years
50.4
17.6
In January 2023 Group has signed the annex based on which the repayment of French EUR 10.0 million loans was
prolonged from year 2023. After the amendment, the loans will be repaid during the period 2023 to 2026.
The maturity of long- and short-term loans as of 31\u00a0December 2022 and 2021 is presented in the note 35.
The Group has the following unused, awarded credit limits as of 31\u00a0December 2022 and 31\u00a0December 2021:
31 December 2022
31 December 2021
-\u00a0 Syndicated bank loan
28.2
33.0
- Bank loan/Credit line Spain
17.6
17.7
-\u00a0 Bank loan/Credit line Poland
4.2
-
-\u00a0 Bank loan/Credit line Germany
4.6
-
-\u00a0 Bank loan/Credit line Czech
0.5
-
55.1
50.7
2021
Bank loans
SSD
Total
As of 1 January
668.4
102.4
770.8
Payment
(88.5)
(18.4)
(106.9)
Loan taken/ new contracts
1.1
-
1.1
Accrued interests
14.9
2.2
17.1
Payment of interests
(16.2)
(2.7)
(18.9)
Loan forgiven
(2.7)
-
(2.7)
Result on debt modification and extension fees
4.8
-
4.8
Exchange differences
(0.7)
-
(0.7)
As of 31 December
581.1
83.5
664.6
Grant date
Terms and conditions for
vesting of the options
The maximum term of
options
Option exercise price in
EUR
Method of settlement
April 30, 2012
1-5 years, 20% per annum
10 years
1.68
Equity or equity/cash*
April 30, 2013
1.94
Equity or equity/cash*
April 30, 2014
1.96
Equity or equity/cash*
December 9, 2015
3.14
Equity or equity/cash*
April 30, 2016
5.35
Equity
Plan 4 - SOP
May 30, 2017
3-5 years, 60% after 3rd
year, 20% after 4th and 5th
year
10 years
8.14
Equity
January 1, 2018
9.66
Equity
April 30, 2018
10.91
Equity
August 6, 2018
10.46
Equity
October 1, 2018
10.63
Equity
December 10, 2018
9.40
Equity
April 30, 2019
9.62
Equity
Plan 5 - MIP
March 15, 2017
3-5 years, 33% p.a.
10 years
10.51
Equity
September 13, 2017
10.97
Equity
March 3, 2018
10.43 - 10.88
Equity
October 1, 2018
14.54
Equity
March 26, 2019
10.23 - 14.49
Equity
May 13, 2019
12.10
Equity
Plan 6 - SOP
July 13, 2020
3-5 years, 60% after 3rd
year, 20% after 4th and 5th
year
10 years
4.99
Equity
October 1, 2020
5.78
Equity
Plan 7 - MIP
3-5 years, 33% p.a.
10 years
February 10, 2020
15.10
Equity
October 1, 2020
7.90
Equity
February 1, 2021
7.71
Equity
March 23, 2021
6.08
Equity
May 1, 2021
10.62
Equity
*For some options only the equity method is applicable, as some employees can decide upon the settlement method, as disclosed in Plan 2
description above.
Options vest when the terms and conditions relating to the period of employment are met. The plans do not provide any
additional market conditions for vesting of the options.
In the table below we present the number and weighted average of the exercise prices (WAEP) of, and movements in,
the options from all plans during the year ended 31\u00a0December 2022 and 2021:
Number of option 2022
WAEP in EUR
(before
indexation)
Plan 7
Plan 6
Plan 5
Plan 4
Plan 2
At the beginning of the period
8.63
2\u00a0400\u00a0000
2\u00a0913\u00a0620
1\u00a0600\u00a0000
5\u00a0799\u00a0400
545\u00a0752
Granted during the period
-
-
-
-
-
-
Exercised during the period
2.60
-
-
-
-
(39\u00a0450)
Expired during the period
9.87
-
-
(900\u00a0000)
(368\u00a0200)
(37\u00a0820)
Forfeited during the period
8.16
-
(470\u00a0620)
-
(724\u00a0100)
-
Outstanding at the end of the
period
8.56
2\u00a0400\u00a0000
2\u00a0443\u00a0000
700\u00a0000
4\u00a0707\u00a0100
468\u00a0482
- including exercisable as of
the end of the period
9.37
-
-
300\u00a0000
3\u00a0644\u00a0680
468\u00a0482
Number of option 2021
WAEP in EUR
(before
indexation)
Plan 7
Plan 6
Plan 5
Plan 4
Plan 2
At the beginning of the period
8.68
3\u00a0350\u00a0000
3\u00a0204\u00a0500
3\u00a0283\u00a0334
6\u00a0779\u00a0850
932\u00a0402
Granted during the period
7.76
600\u00a0000
-
-
-
-
Exercised during the period
4.26
-
(5\u00a0000)
-
(3\u00a0300)
(367\u00a0650)
Forfeited during the period
8.96
(1 550\u00a0000)
(285\u00a0880)
(1 683\u00a0334)
(976\u00a0950)
(19\u00a0000)
Outstanding at the end of the
period
8.63
2\u00a0400\u00a0000
2\u00a0913\u00a0620
1\u00a0600\u00a0000
5\u00a0799\u00a0400
545\u00a0752
- including exercisable as of
the end of the period
9.05
-
-
966\u00a0667
2\u00a0219\u00a0460
545\u00a0752
The LTI Program is not an option program \u2013 Participants will receive AmRest shares instead of share options. The rights
under the LTI Plan were granted as an amount denominated in payroll currency of each Participant, which will be
converted into shares at the vesting date of the 1st tranche. The number of shares to be received will be determined
according to the following formula:
N = [(Grant \u00f7 ExRate) \u00f7 VWAP] \u00d7 M,
where:
-Grant is the amount of the grant denominated in payroll currency,
-ExRate is the average exchange rate for the month preceding the vesting date of the 1st tranche that is applicable to
the payroll currency being converted into EUR,
-VWAP is the volume weighted average price of AmRest expressed in EUR, during the month preceding the vesting
date of the 1st tranche,
-M is the multiplier, the amount of which will depend on the degree to which non-market performance conditions are
met (minimum 0%, maximum 200%).
The fair value of the LTI grant is periodically remeasured using the assumptions of the Black-Scholes model. The fair
value of the LTI grant was determined on the basis of the following parameters:
- Share price at the valuation date: 4,17 EUR
- No expected dividends
- Risk-free interest rates for each currency according to the table below:
Currency
BGN
CNY
CZK
EUR
GBP
HRK
HUF
PLN
RON
RSD
RUB
Rate
2.78%
2.29%
5.52%
2.55%
3.58%
3.16%
10.81%
6.54%
6.51%
5.39%
8.59%
Cost of plans recognized during the period are recognized based on the above\u00a0 fair values\u00a0 adjusted by the multiplier M.
Share-based payments costs and liabilities
The Group recognises accrual for equity-settled options in reserve capital. The amounts as of 31\u00a0December 2022 and
31\u00a0December 2021 are presented in a table below:
31 December 2022
31 December 2021
Reserve capital - Plan 2
1.2
1.2
Reserve capital - Plan 4
11.4
9.5
Reserve capital - Plan 5
1.2
2.9
Reserve capital - Plan 6
1.0
0.6
Reserve capital - Plan 7
1.1
0.6
Reserve capital - Plan 8
1.3
-
17.2
14.8
The Group recognises liability for cash settled options. The liabilities related to Plan 2 amounts to EUR 0.1 million both as
of 31\u00a0December 2022 and 31\u00a0December 2021.
The costs recognised in connection with the plans relating to incentive programs for the years ended\u00a0 31\u00a0December
2022\u00a0and 2021 respectively are presented below:
YEAR ENDED
31 December 2022
31 December 2021
Employee stock option plan 2
0.2
0.3
Employee stock option plan 4
2.7
1.4
Employee stock option plan 5
0.2
(2.3)
Employee stock option plan 6
0.5
0.5
Employee stock option plan 7
0.5
0.4
Long term incentive\u00a0 plan 8
1.3
\u2014
5.4
0.3
Pension, health care and other contributions
The costs recognised in connection with the employee benefits contributions for the years ending on 31\u00a0December 2022
and 31\u00a0December 2021 respectively are presented below:
2022
2021
Pension, health care contributions and other
106.1
109.9
Apart from those specified above, there are no other liabilities and costs in respect of employee benefits.
Employee information
The information required under the reporting requirement established in Spanish Mercantile Law and Spanish
Commercial Code:
AmRest Group average annual employment distributed by professional category:
2022
2021
Senior Executives
8
8
Office employees
2\u00a0279
2\u00a0171
Restaurant employees
47\u00a0852
44\u00a0301
Total
50\u00a0139
46\u00a0480
Year end distribution of Group employees and members of the Board of Directors by gender:
31 December 2022
31 December 2021
Female
Male
Female
Male
Board of Directors (not employees)
2
5
2
5
Senior Executives
-
8
-
8
Office employees
1\u00a0350
969
1\u00a0173
1\u00a0030
Restaurant employees
27\u00a0612
20\u00a0994
26\u00a0135
20\u00a0193
Total
28\u00a0964
21\u00a0976
27\u00a0310
21\u00a0236
received.
On July 2022 the Company received the tax settlement related to municipality tax (business activity tax) of it\u00b4s the Central
Kitchen activity (Lleida) related to fiscal years 2018 to 2021 for which it was claimed an additional tax liability amounting
to EUR 203k. The company agreed with the final tax assessment and paid on 29 July 2022.
h) On 9 June 2021 AmRest Kft and on 14 June 2021 AmRest K\u00e1v\u00e9z\u00f3 Kft have received the notification letters in respect
to planned initiation of tax proceedings. Tax proceeding in AmRest Kft relates to all tax settlements for the period
2018-2019 and in AmRest K\u00e1v\u00e9z\u00f3 Kft for the year 2019. Both tax audits have been concluded in April 2022 without any
relevant assessment.
In Group\u2019s opinion there are no other material contingent liabilities concerning pending audits and tax proceedings, other
than those stated above.
32.\u00a0 Trade payables and other liabilities
Trade payables and other liabilities as of 31\u00a0December 2022 and 31\u00a0December 2021 cover the following items:
31 December 2022
31 December 2021
Trade payables
104.2
89.4
Accruals and uninvoiced deliveries
78.8
67.1
Employee payables
21.0
17.9
Employee related accruals
32.7
33.2
Accrual for holiday leave
13.1
12.3
Social insurance payables
22.3
13.7
Other tax payables
25.2
20.7
Investment payables
24.2
14.2
Contract liabilities \u2013 initial fees, loyaltee programs, gift cards
11.1
10.2
Deferred income
5.9
6.5
Other payables
5.3
5.6
Total trade payables and other liabilities
343.8
290.8
The information required from Spanish AmRest Group companies under the reporting requirement established in Spanish
Law 18/2022 of 29 September and introduced measures to combat late payments in commercial transactions, is as
follows:
2022
2021
Number of days:
Average payment period to suppliers
46.6
41.1
Ratio of payments
40.4
42.8
Ratio of outstanding invoices
47.0
26.2
Millions of EUR:
Total payments
205.4
154.4
Outstanding invoices
27.1
16.7
Amount payments < 60 days
84.2
-
Other:
Number of invoices paid < 60 days
46\u00a0444
-
% Amount of payments made < 60 days out of the total payments
82%
-
% Number of invoices paid < 60 days out of the total payments
77%
-
*includes the total amount of the variable remuneration in cash (Short-Term Incentive Program) that is recognized in the year it is paid.
Directors Remuneration Policy was approved at the General Shareholders\u2019 Meeting held on 12 May 2022 and will remain
in force until 2025 unless the General Shareholders\u2019 Meeting so resolves to amend or replace it.
The Group\u2019s Senior Management Personnel participates in the employee share option plans (note 29). In relation to the
stock option plans and Management incentive plans in the year ended 31\u00a0December 2022 the fair value of outstanding
options decreased by EUR 1,9 million, due to a significant amount of expired options. In the year ended 31\u00a0December
2021 the fair value decreased by EUR 4.5 million.
31 December 2022
31 December 2021
Number of options outstanding (pcs, after split)
3\u00a0285\u00a0000
4 071 333
Number of available options (pcs, after split)
352\u00a0000
912 000
Fair value of outstanding options as at grant date (EUR
millions)
3.5
5.4
The Group's Senior Management Personnel participates in the Long-Term Incentive (LTI) Program which has been
started in 2021. The LTI grants will vest according to a 5-year agenda (60% after 3rd year, 20% after 4th year, 20% after
5th year). The first vesting will take place on 31st May 2024. As of 31\u00a0December 2022 the fair value of all grants related to
key management equals EUR 1.9 million. By the end of the year ended 31\u00a0December 2022 the cost of LTI related to key
management amounted to EUR 1.0 million.
As of 31\u00a0December 2022 and 2021, the Group had no outstanding balances with the Senior Management Personnel,
except for the accrual and payment of annual bonuses to be paid in the first quarter of the following year.
As of 31\u00a0December 2022 and 2021, the Group's members of the Board of Directors had no pension fund or life insurance.
Stock Option and Management Incentive Plans as well as LTI Program in which Senior Management Personnel
participates are detailed above and in note 29. Members of the Board of Directors do not participate in such programs.
Furthermore, the Group had not granted any advance, loan or credit in favour of the Board Members or the Senior
Management. As of 31\u00a0December 2022 and 31\u00a0December 2021 there were no material liabilities to former employees.
Conflicts of interest concerning the Board Directors
The Board Directors and their related parties have had no conflicts of interest requiring disclosure in accordance with
article 229 of the Revised Spanish Companies Act.
Other related entities
There were no material transactions with other related entities in 2022. There were also no material receivables and
payables with other related entities as of 31\u00a0December 2022 and 31\u00a0December 2021.
35.\u00a0 Financial instruments
The following table shows the carrying amounts of financial assets and financial liabilities. The Group assessed that the
fair values of cash and cash equivalents, rental deposits,\u00a0 trade and other receivables, trade and other payables, as well
as current loans and borrowings and finance lease liabilities approximate their carrying amounts largely due to the short-
term maturities of these instruments. Fair values of non-current rental deposits, loans and borrowings and financial
liabilities immaterially differs from their carrying values. Trade and other receivables and liabilities presented below does
not include balance relating to taxes and employee settlements.
As of 31\u00a0December 2022 and 2021 the Group did not have equity instrument measured at fair value. There were no
transfers between fair value hierarchy levels in year 2022 and in year 2021.
Classification of key classes of financial assets and liabilities with their carrying amounts is presented in note below:
31 December 2022
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
23.6
-
Trade and other receivables from clients
20
-
89.1
-
Cash and cash equivalents
22
-
229.6
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
617.8
SSD
27
-
-
35.9
Lease liabilities
14
-
-
878.7
Trade and other liabilities to suppliers
32
-
-
278.4
31 December 2021
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
22.0
-
Trade and other receivables from clients
20
-
72.9
-
Cash and cash equivalents
22
-
198.7
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
581.1
SSD
27
-
-
83.5
Lease liabilities
14
-
-
822.9
Trade and other liabilities to suppliers
32
-
-
245.2
Current
Overdue in days
Total
2021
Less than 90
91-180
181 -\u00a0 365
More than 365
Trade and other receivables
55.4
8.7
2.9
4.2
9.6
80.8
Loss allowance (note 20)
(0.9)
(1.0)
(1.2)
(2.2)
(7.6)
(12.9)
Total
54.5
7.7
1.7
2.0
2.0
67.9
Value of loss allowance for receivables as of 31\u00a0December 2022 and 31\u00a0December 2021 is presented in table below:
31 December 2022
31 December 2021
Value at the beginning of the period
(12.9)
(12.2)
Allowance created
(4.5)
(3.8)
Allowance released
2.0
2.9
Allowance used
2.6
0.1
Other
(0.4)
0.1
Value at the end of the period
(13.2)
(12.9)
31 December 2021
Contractual, undiscounted cash flows
Carrying
amount
Up to 1
year
Between 1
and 2 years
Between 2
and 3 years
Between 3
and 4 years
Between 4
and 5 years
More than 5
years
Total
Trade and other
liabilities to suppliers
180.9
-
-
-
-
-
180.9
180.9
Loan instalments
118.7
86.1
448.1
4.3
1.1
-
658.3
658.3
Interest and other
charges
17.0
15.0
13.0
-
-
-
45.0
-
Contractual, undiscounted payments of interests and other fees have been determined taking into consideration following
assumptions:
\u2022for loans in foreign currency the expected cash flows was translated spot rates at reporting date.
\u2022the interest payments on variable interest rate loans reflect market interest rates at the reporting date.
The future cash flows may be different from the amounts in the table as exchange rates or interest rates change.
Capital risk
The Group manages capital risk to protect its ability to continue in operation, so as to enable it to realize returns for its
shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce its cost.
36.\u00a0 Audit fees
The services commissioned to the auditors meet the independence requirements stipulated by the Spanish Audit Law
22/2015, July 20. PwC Auditores S.L., and other related companies rendered professional services to the Group during
the years ended 31\u00a0December 2022 and 2021, as detailed below:
2022
PwC Auditores, S.L.
Other entities affiliated with
PwC International
Other auditors
Total
Audit and other assurance services
0.3
0.6
0.4
1.3
Other verification services
0.1
-
-
0.1
Other services
-
-
-
-
0.4
0.6
0.4
1.4
2021
PwC Auditores, S.L.
Other entities affiliated with
PwC International
Other auditors
Total
Audit and other assurance services
0.2
0.6
0.4
1.2
Other verification services
0.1
-
-
0.1
Other services
-
-
-
-
0.3
0.6
0.4
1.3
Other assurance services include limited review of interim financial statements. Other verification services include the
verification of the non-financial information in the annual reports and agreed upon-procedures performed by the auditors.
The amounts detailed in the above table include the total fees for 2022 and 2021, irrespective of the date of invoice.
37.\u00a0 Events after the reporting period
In connection with the sale of its KFC stores in Russia (the \u201cBusiness\u201d), AmRest informs that, subsequent to 31
December 2022, Unirest LLC (\u201cUnirest\u201d), an affiliate of Yum! Brands Inc. (\u201cYum! Brands\u201d), has exercised its right of first
refusal pursuant to the underlying franchise agreements for itself or for the benefit of a third party, and has appointed
Smart Service Nord Ltd (\u201cSmart Service\u201d) as the purchaser of the Business.
Smart Service is operated by two Russian KFC franchisees, Messrs. Konstantin Kotov and Andrey Oskolkov and,
according to public information, is the entity with which Yum! Brands Inc. entered into a sale and purchase agreement to
transfer ownership of its Russian KFC restaurants in October of 2022.\u00a0
As a consequence of Unirest\u2019s exercise of its right of first refusal, AmRest has terminated the sale and purchase
agreement entered into with OOO Almira on 6 December 2022, and signed a new sale and purchase agreement with
Smart Service on 25 February 2023 substantially in the same terms and conditions of the agreement between AmRest
and OOO Almira.
Therefore, the new sale and purchase agreement is subject to the approval by the anti-trust agency of Russia and to
other regulatory approvals which could be applicable in Russia.
As of today, and according to the terms of the sale and purchase agreement, AmRest expects to receive a minimum of\u00a0
EUR 100 million\u00a0 from the sale of the Business.
38.\u00a0 Significant accounting policies
a.\u00a0 Basis of consolidation
Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and
assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set
of activities and assets is a business, the Group assesses 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 business. The optional concentration test is met if substantially all of the fair value of the
gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at
acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre\u2011existing relationships. Such
amounts are generally recognised in profit or loss.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and
settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each
reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
Subsidiaries
Subsidiaries are entities controlled by the Group.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee
if, and only if, the Group has:
-Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities\u00a0 of the
investee),
-Exposure, or rights, to variable returns from its involvement with the investee,
-The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until the date the Group
ceases to control the subsidiary.
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any
related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained
in the former subsidiary is measured at fair value when control is lost.
Non-controlling interests and transactions with non-controlling interests
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control over subsidiary company are
recognised as equity transactions. In such cases, the Group adjusts the carrying amount of the controlling and non-
controlling interest and effect of transactions with non- controlling interest is presented in equity items allocated to the
owners of the parent.
Interests in equity-accounted investees
The Group\u2019s interests in equity\u2011accounted investees comprise interests in associates and a joint venture.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the
Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and the joint venture are accounted for using the equity method. They are initially recognised at
cost, which includes transaction costs. The Group\u2019s investment in equity-accounted investees includes goodwill (net of
any potential accumulated impairment write-downs), determined as of the acquisition date. Subsequent to initial
recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity
accounted investees, until the date on which significant influence or joint control ceases.
Transactions eliminated on consolidation
Intra\u2011group balances and transactions, and any unrealised income and expenses arising from intra\u2011group transactions,
are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the
investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.
b.\u00a0 Foreign currency
Functional currencies and presentation currency
The Group\u2019s consolidated financial statements are presented in euros.
For each entity, the Group determines the functional currency and items included in the financial statements of each entity
are measured using that functional currency.
The Group uses European Central Bank\u2018s exchange rates for currency translations. For Russian rouble the Group is
using exchange rate as published by National Bank of Russia as European Central Bank has suspended its publication of
a euro reference rate for the Russian rouble from 1 March 2022.
The functional currency of none of the subsidiaries is the currency of a hyperinflationary economy as at 31 December
2022.
Foreign currency transactions
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the
exchange rates at the dates of the transactions. For simplification monthly income statements are translated using
average monthly exchange rates based on the European Central Bank rates.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rate at the reporting date. Non\u2011monetary assets and liabilities that are measured at fair value in a foreign
currency are translated into the functional currency at the exchange rate when the fair value was determined.
Non\u2011monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate
at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within
finance costs.
However, foreign currency differences arising from the translation of the following items are recognised in OCI:
-An investment in equity securities designated as of FVOCI,
-A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is
effective,
-Qualifying cash flow hedges to the extent that the hedges are effective.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are
translated into euro at the exchange rates at the dates of the transactions.
Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that
the translation difference is allocated to NCI. On disposal of a foreign operation, the component of OCI relating to that
particular foreign operation is reclassified to profit or loss.
c.\u00a0 Non-current assets held for sale and discontinued operations
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount and fair value\u00a0 less costs to sell. Costs to
sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs
and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or
disposal group is available for immediate sale in its present condition. Actions required to complete the sale should
indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell\u00a0 will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from
the date of the classification.\u00a0
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
position.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
-Represents a separate major line of business or geographical area of operations,
-Is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or
-Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the statement of profit or loss.
d.\u00a0 Revenues
The Group operates chains of own restaurants under own bands as well as under franchise license agreements.
Additionally Group operates as franchisor (for own brands) and master-franchisee (for some franchised brand), and
develops chains of franchisee businesses, organizing marketing activities for the brands, and supply chain.
Revenue from contracts with customers is recognised when control of the goods or services is transferred to the
customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those
goods or services.
Restaurant sales
Revenues from the sale of goods by owned restaurants are recognised as Group sales when a customer purchases the
goods, which is when our obligation to perform is satisfied. These revenues are presented in \u201cRestaurant sales\u201d line in
the Consolidated Income Statement.
Franchise and other sales: owned brands
\u2022Royalty fees (based on percentage of the applicable restaurant\u2019s sales) are recognised as the related sales occur.
Royalty fees are typically billed and paid monthly.
\u2022Initial fees, renewal fees: for each brand separately, the Group analyses if the activities performed are distinct from
the franchise brand. If they do not represent a separate performance obligation they are recognised on a straight-line
basis over the contract duration. If they represent a separate obligation, the Group estimates the allocation of the
part of the transaction price to that performance obligation.
\u2022Advertising funds:\u00a0 for Sushi Group and Bacoa brands the Group operates the advertising funds that are designed to
increase sales and enhance the reputation of the own brands and its franchise owners. Contributions to the
advertising cooperatives are required for both Company-owned and franchise restaurants and are generally based
on a percentage of restaurant sales. Revenues for these services are typically billed and paid on a monthly basis.
Advertising services that promote the brand (rather than an individual location), such as national advertising
campaigns, are not separable between different franchise agreements or franchisees, and not distinct because the
services and franchise right are highly dependent and interrelated with each other. The sales-based advertising fund
contributions from franchisees are recognised as the underlying sales occur, are reported gross as part of revenue
and presented in line \u201cFranchise and other sales\u201d. Own restaurants participation in marketing costs as an element is
presented as element of operational costs.
\u2022Revenue from sale of products to franchisees is recognised at the moment of transaction which is when our
obligation to perform is satisfied.
Franchise and other sales: master-franchise agreements
As a result of signed Master Franchise Agreements (MFAs) for different Pizza Hut concepts, YUM (\u201cMaster Franchisor\u201d)
granted AmRest (\u201cMaster Franchisee\u201d) Master Franchise Rights for the agreed term in the particular territories.
Intellectual property is exclusive property of Master Franchisor and Master Franchisor grants AmRest a license to use it in
the agreed territory. Under the Master Franchise Agreement parties established the development commitments for
development periods.
Performance obligations identified:
\u2022AmRest\u2019s performance obligation to YUM: to develop the market by opening new restaurants (either AmRest own or
sub-franchises) and promote the YUM\u2019s brand by performing marketing activities. Managing marketing fund is not
distinct from the development of the market, and no separate remuneration was agreed between parties for those
services. Various streams of cash flows are agreed in MFA: AmRest collects initial fees and transfers them to YUM,
AmRest manages the marketing fund (collects revenue based contributions from owned and sub-franchised
restaurants and spends them on marketing activities, any unspent amount is to be paid to YUM and YUM spends it
on national campaigns at its discretion). If a certain point of market development level is reached, AmRest is enabled
to receive a bonus that represents the transaction price for the service performed for the Master Franchisor. To
reflect the substance of the transaction, incomes from sub franchisees from initial and marketing fees are netted with
the initial fees paid/actual marketing expenses and bonus earned.
\u2022AmRest\u2019s performance obligation to sub-franchisees: to grant sub-franchisees the right to use the system, system
property etc. and other services solely in connection with the conduct of the business at the outlet (sub-licensing
from YUM). The transaction price is agreed in the form of sales based royalties paid by franchisees. Initial fees and
renewal fees paid by franchisees are part of other performance obligations (described above). Corresponding costs
of acquiring license right from Yum are presented within costs of sales of franchise activities in the line \u201cFranchise
and other expenses\u201d.
Loyalty points programs
The Group has various loyalty points programs where retail customers accumulate points for purchases made which
entitle them to discount on future purchases. The loyalty points give rise to a separate performance obligation as they
provide a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to
customers based on relative stand-alone selling price and recognised as a contract liability until the points are redeemed.
Revenue from the award points is recognised when the points are redeemed or when they expire or are likely to expire.
When estimating the stand-alone selling price of the loyalty points, the Group considers the likelihood that the customer
will redeem the points.
Gift cards
Gift cards may be issued to the guests in some brands and redeemed as a payment form in subsequent transactions.
The Group records a contract liability in the period in which gift cards are issued and proceeds are received. This liability
is calculated taking into account the probability of the gift cards\u2019 redemption. The redemption rate is calculated based on
own and industry experience, historical and legal analysis. Revenue is recognised when a performance obligation is
fulfilled and a guest redeems the gift cards.
e.\u00a0 Government grants
Government grants that compensate the Group for expenses incurred are recognised in profit or loss as other operating
income on a systematic basis in the periods in which the expenses are recognised, unless the conditions for receiving the
grant are met after the related expenses have been recognised. In this case, the grant is recognised when it becomes
receivable.
f.\u00a0 Income tax
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it
relates to a business combination, or items recognised directly in equity or in OCI.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable
is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if
any. It is measured using tax rates enacted or substantively enacted at the reporting date.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes at the reporting date.\u00a0
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that itis no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered. Depending on the tax
jurisdiction where the Group\u2019s subsidiaries operate recoverability of deferred taxes is assessed taking into account
potential time expiry of availability of deferred tax utilisation (e.g. in case of tax losses).
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when\u00a0 the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in OCI or directly in equity.
Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that
date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either
treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement
period or recognised in profit or loss.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to
settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in
each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or
recovered.
g.\u00a0 Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The Group as a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the
consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the
leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease
components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and
adjusted for certain remeasurements of the lease liability.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-
line basis. If the group is reasonably certain to exercise a purchase option, the right of-use asset is depreciated over the
underlying asset\u2019s useful life.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental
borrowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources
(differentiated by currency of the debt) and makes certain adjustments to reflect the terms of the lease, based on long-
term IRS quotation.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment
made (amortised cost using the effective interest method). It is remeasured when there is:
-a change in future lease payments arising from a change in an index or rate,
-a change in the estimate of the amount expected to be payable under a residual value guarantee, or
-changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group incurs expenses on maintenance, security and promotion in the shopping malls (so called \u201ccommon area
charges\u201d). These items are separate services (non-lease components) and are recognised as an operating expenses.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-
term leases. The Group recognises the lease payments associated with these leases as an expenses on a straight-line
basis over the lease term.
COVID-19-related rent concessions
The Group has applied COVID-19-Related Rent Concessions \u2013 Amendments to IFRS 16. The Group applies the practical
expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the COVID-19
pandemic are lease modifications. The Group applied the practical expedient consistently to contracts with similar
characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the
practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease
modification.
The Group as a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the
contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it
determines at lease inception whether each lease is a finance lease or an operating lease.
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 with reference to the right-of-use asset arising from the head lease, not
with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption
described above, then it classifies the sub-lease as an operating lease.
Rental income arising from operating lease is accounted for on a straight-line basis over the lease terms and included in
other income in the income statement.
h.\u00a0 Property, plant and equipment
Items of property, plant and equipment (PPE) are measured at cost less accumulated depreciation and any accumulated
impairment losses.
The initial value of the property, plant and equipment of new restaurants built internally (such as construction sites and
leasehold improvements in restaurants) include the cost of materials, direct labour, costs of architecture design, legal
assistance, the present value of the expected cost for the decommissioning of an asset after its use, wages and salaries
and benefits of employees directly involved in launching a given location.
The Group capitalizes the restaurants costs mentioned above incurred from the moment when the completion of the
project is considered likely. In the event of a later drop in the probability of launching the project at a given location, all the
previously capitalized costs are transferred to the income statement.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as
separate items (major components) of property, plant and equipment.
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the
expenditure will flow to the Group. All other repairs and maintenance are charged to the income statement during the
financial period in which they are incurred.
Gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss, under \u201eother operating
gains and losses\u201d.
Amortisation and depreciation
Property, plant and equipment, including their material components, are depreciated on a straight-line basis over the
expected useful life of the assets/components. Land is not depreciated. Construction in progress is stated at cost, net of
accumulated impairment losses, if any.
The estimated useful lives of property, plant and equipment are as follows:
Buildings, mainly drive- through restaurants
30 - 40 years\u00a0
Costs incurred on the development of restaurants (including leasehold improvements and
costs of development of the restaurants)
10 - 20 years *
Kitchen equipment assets
3 - 14 years\u00a0
Vehicles
4 - 6\u00a0 years\u00a0
Other property, plant and equipment
3 - 10 years\u00a0
* over the lease term
The residual value, depreciation method and economic useful lives are reassessed at least annually.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other
borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds.
i.\u00a0 Franchise, license agreements and other fees
The Group operates own restaurants on the basis of franchise agreements (third party brands). In accordance with the
franchise agreements, the Group is obliged to pay a non-reimbursable initial fee upon opening each new restaurant and
further fees over the period of the agreement (in the amount of a % of sales revenues, usually 5-6%), and to allocate a %
of revenues (usually 5%) to advertising activities specified in the respective agreements. Moreover, after the end of the
initial period of the franchise agreement, the Group may renew the franchise agreement after paying a renewal fee.
Non-reimbursable initial fees are in fact fees for the right to use the trademark and are included in intangible assets and
amortised over the period of the franchise (usually 10 years). Further payments made in the period of the agreement are
disclosed in the income statement upon being made. Fees for extending the validity of the agreements are amortised as
of the date of a given extension agreement coming into force.
The local marketing fee is recognised in the income statement as incurred in category direct marketing costs.
j.\u00a0 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Acquired licenses for computer software
are capitalized on the basis of costs incurred to acquire and prepare specific software for use.
Franchise right of use for Pizza Hut, KFC, Burger King and Starbucks trademarks are recognised at the acquisition price.
The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure
is reflected in profit or loss in the period in which the expenditure is incurred. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset
to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised
in profit or loss as incurred.
Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or
at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
basis.\u00a0
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the
asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in
accounting estimates. The estimated useful lives of assets are as follows:
Intangible asset
Acquired routinely
Computer software
3-5 years\u00a0
Franchise rights
5-10 years
Other intangible assets
5-10 years
Acquired in business combinations
Intangible asset category
La Tagliatella brand
Marketing related
indefinite
Sushi Shop brand
Marketing related
indefinite
Blue Frog brand
Marketing related
20 years
Sushi Shop loyalty program
Customer related
10 years
La Tagliatella franchisee relations
Customer related
24 years
Favourable lease agreements
Contract based
2-10 years over the period to the end of
the agreement
Clients\u2019/vendors\u2019/ Franchise databases
Customer related
2-5 years
Exclusivity rights brand operator
Customer related
6-12 years
k.\u00a0 Goodwill
Goodwill on acquisition of a business\u00a0 is initially measured at acquisition cost which is an excess of:
\u2022the sum total of:
othe consideration paid,
othe amount of all non-controlling interest in the acquiree, and
oin the case of a business combination achieved in stages, the fair value, at the acquisition-date, of an
interest in the acquiree,
\u2022over the net fair value of the identifiable assets and liabilities at the acquisition date.
Goodwill on consolidation is disclosed in a separate line in the statement of financial position and measured at cost net of
accumulated impairment write-downs. Goodwill is tested for impairment annually or more frequently if events or changes
in circumstances indicate that the carrying amount may be impaired.
Goodwill of foreign operations is translated into euro at the exchange rates at the reporting date. Gains and losses on the
disposal of an entity include the carrying amount of goodwill allocated to the entity sold.
l.\u00a0 Impairment of non-financial assets
The Group periodically reviews the carrying amounts of its non\u2011financial assets (other than investment property,
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication
exists, then the asset\u2019s recoverable amount is estimated for the purpose of impairment test.
A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined
for the cash-generating unit to which the asset belongs.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell.
Goodwill arising from a business combination is allocated groups of CGUs that are expected to benefit from the synergies
of the combination.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are recognised in profit or loss in line \u201cNet impairment losses on other assets\u201d They are allocated first
to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other
assets in the CGU.
An assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the
extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. The reversal of impairment losses in recognised
in line \u201c Net impairment losses on other assets\u201d.
Group performs in general two types of impairment tests: on restaurant levels, when impairment indicators exists and for
businesses were goodwill is assigned or impairment indicators identified.
Restaurants tests - procedure performed twice a year
Usually individual restaurants are considered separate CGUs in Group.
Twice a year out of all Group\u2019s own restaurants that are operating over 24 months in AmRest structures are checked for
impairment indicators.\u00a0 If at least one of the below indicators is met, then a restaurant impairment test is performed.
\u2022Restaurant EBITDA for last 12 month is negative.
\u2022Store was already fully or partially impaired during previous impairment processes.
\u2022Store is planned to be closed or sold after 3 months.
If one of the above indicators is identified for the store then the restaurant is tested for impairment. Value in use is usually
determined for the remaining estimated period of operation, as well analysis of potential onerous liabilities (mainly for
rental agreement costs) is performed for planned closures.
Regularly the Group also tests restaurants for which in past the impaired loss was recognised, in order to determine if any
reversal is required.
For recoverable value calculations of value in use, Group uses cash flow projections based on financial budgets that
require relevant judgments and estimates that include, among others, growth in sales and costs and applied discount
rates. In the event that the fair value less costs of sale is used as a reference, market references are used that take into
account, among others, location and updated market information.
Upon application of the IFRS 16 carrying amount of the tested restaurants includes also carrying amount of right of use of
assets in respective restaurants. Value in use is based on the estimated future cash flows, discounted to their present
value using a post\u2011tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU. In case the Group believes the asset tested within CGU will be recovered through the sale,
sublease or reallocation into another restaurant the respective adjustment is made in determining final impairment
charge. Discounted cash flows do not include outflows relates to rental agreements as those are considered an element
of financing under IFRS 16 and reflected in discount rate applicable for test.
Goodwill tests - unless impairment indicators exist, procedure performed once a year
For businesses where goodwill is allocated impairment tests are performed at least once a year. Goodwill is testes
together with intangibles (including those with indefinite useful lives), property plant and equipment, right of uses assets
as well other non-current assets allocated to groups of CGUs where goodwill is monitored. If impairment indicators exist
additional tests are performed. Following indicators are analysed:
Arising from external sources of information such as:
\u2022Significant adverse changes that have taken place (or are expected in the near future) in the technological, market,
economic or legal environment in which the entity operates or in its markets,
\u2022Increases in interest rates, or other market rates of return, that might materially affect the discount rate used in
calculating the asset\u2019s recoverable amount.
Arising from internal sources of information, including:
\u2022Plans to discontinue or restructure the\u00a0 operation to which the asset belongs, as well as\u00a0 reassessing the asset\u2019s
useful life from indefinite to finite,
\u2022Deterioration in the\u00a0 expected level of the asset\u2019s performance i.e. when the actual net cash\u00a0 outflows or operating
profit or loss are significantly worse than budgeted,
\u2022Where management\u2019s own forecasts of future net cash inflows or operating profits show a significant\u00a0 decline from
previous budgets and forecasts.
Materiality applies in determining whether an impairment review is required. If previous impairment reviews have shown a
significant excess of recoverable amount over carrying amount, no review would be necessary in the absence of an event
that would eliminate the excess. Previous reviews might also have shown that an asset\u2019s recoverable amount is not
sensitive to one or more of the impairment indicators.
The recoverable amounts is assessed using fair values less costs of disposal model based on the discounted cash flows.
For recoverable value calculations, the Group uses cash flow projections based on financial budgets that require
judgment and other estimates that include, among others, the operating result on sales and the discount and growth rates
at long term.
Post tax rate is applied, and implied pre-tax rate subsequently determined.
Discounted cash flows do not include outflows relates to rental agreements as those are considered an element of
financing under IFRS 16 and reflected in discount rate applicable for test.
Sensitivity analysis is performed as an element of impairment tests procedures.
m.\u00a0 Investment properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition,
investment properties are stated at fair value.
Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period
in which they arise, including the corresponding tax effect, when applicable.
n.\u00a0 Inventories
Inventories include mainly materials and goods for resale. Inventories are stated at the lower of cost and net realizable
value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs
of\u00a0completion and the estimated costs necessary to make the sale.
o.\u00a0 Cash and cash equivalents
Cash reported in the statement of financial position comprises cash at banks and on hand, short-term deposits with a
maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts if they are considered an integral part of the Group\u2019s cash
management.
p.\u00a0 Financial assets
The Group classifies its financial assets in the following measurement categories:
\u2022Those to be measured subsequently at fair value through other comprehensive income (FVOCI),
\u2022Those to be measured subsequently at fair value through profit or loss (FVTPL),
\u2022Those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in
equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through other comprehensive income
(FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets
changes.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits
to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial
assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of
ownership.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and
interest. A trade receivable without a significant financing component is initially measured at the transaction price.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the
cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt
instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Interest income from these financial assets is
included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is
recognised directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and
losses. Impairment losses are presented as a separate line item in the statement of profit or loss,
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue
and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and
recognised in other gains/ (losses). Interest income from these financial assets is included in finance income using
the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and
impairment expenses are presented as separate line item in the statement of profit or loss,
-FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a
debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within
other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to
present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to
receive payments is established.
Changes in the fair value of financial assets at FVTPL are recognised in other operating gains/(losses) in the statement of
profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The Group recognises loss allowance for expected credit losses (ECLs) on:
\u2022Financial assets that are debt instruments such as loans, debt securities, bank balances and deposits and trade
receivables that are measured at amortised cost,
\u2022Financial assets that are debt instruments measured at fair value through other comprehensive income,
\u2022Finance lease receivables and operating lease receivables,
\u2022Contract assets under IFRS 15.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit
risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL). The changes in the loss allowance balance are
recognised in profit or loss as an impairment gain or loss.
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
flows of that financial asset have occurred. Evidence that a financial asset is impaired includes observable data about
such events.
The Group applied the simplified approach for:
\u2022all trade receivables or contract assets that result from transactions within the scope of IFRS 15, and that contain a
significant financing component in accordance with IFRS 15,
\u2022all lease receivables that result from transactions that are within the scope of IAS 17 and IFRS 16 (when applied).
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
q.\u00a0 Financial liabilities
Financial liabilities are classified as measured at amortised cost or FVTPL.
A financial liability is classified as of FVTPL if it is classified as held\u2011for\u2011trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any
interest expense, are recognised in profit or loss. The Group has not designated any financial liability as of fair value
through profit or loss.
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest
expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also
recognised in profit or loss. This category generally applies to interest-bearing loans and borrowings.
Initially, borrowings are recognised in the books of account at the fair value net of transaction costs associated with the
borrowing. Subsequently, borrowings are recognised in the books of account at amortised cost using the effective interest
rate.
The liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss. Borrowings are
classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial
position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on
a net basis, to realise the assets and settle the liabilities simultaneously.
r.\u00a0 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-
measured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of the item being hedged.
Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken
directly to profit or loss for the period.
The Group designates certain derivatives as either:
\u2022Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge), or
\u2022Hedges of a net investment in a foreign operation (net investment hedge).
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and
hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in
the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its
hedge transactions.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is
recognised in other comprehensive income and accumulated in the hedging reserve. The gain or loss relating to the
ineffective portion is recognszed immediately in the income statement under \u2018other financial income or costs \u2013 net\u2019.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair
value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the
effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge
reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward
element\u2019) is recognised within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate
the full change in fair value of the forward contract (including forward points) as the hedging instrument. In such cases,
the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised
in the cash flow hedge reserve within equity.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or
is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the
amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified
to the income statement under \u2018other financial income or costs \u2013 net\u2019.\u00a0
Net investment hedge
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges.
Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other
comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Gains and losses accumulated in equity are included in the income
statement when the foreign operation is partially disposed of or sold.
Hedge is effective if:
\u2022There is economic relationship between hedged item and hedging instrument,
\u2022The effect of credit risk does not dominate the value changes,
\u2022The actual hedge ratio (designated amount of hedged item/designated of hedged instrument) is based on the
amounts the Group is us using for risk management.
The Group uses loans as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries.
s.\u00a0 Share based payments and employee benefits
Share-based payments
The Group has both equity-settled share-based programs and cash-settled share-based programs.
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to awarding fair value at the grant date.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in
which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled
to the award (\u201cvesting date\u201d). The cumulative expense is recognised for equity-settled transactions at each reporting date
until the vesting date reflects the extent to which the vesting period has expired and the number of awards that, in the
opinion of the parent\u2019s Management Board at that date, based on the best available estimate of the number of equity
instruments, will ultimately vest.
Cash-settled transactions
Cash-settled transactions have been accounted since 2014 as a result of a modification introduced to existing share-
based programs. Some programs were modified so that they may be settled in cash or in shares upon decision of a
participant. As a result, the Group re-measures the liability related to cash-settled transaction.
The liability is subsequently measured at its fair value at every balance sheet date and recognised to the extent that the
service vesting period has elapsed, with changes in liability valuation recognised in income statement. Cumulatively, at
least at the original grant date, the fair value of the equity instruments is recognised as an expense (share-based
payment expense).
At the date of settlement, the Group remeasures the liability to its fair value. The actual settlement method selected by the
employees, will dictate the accounting treatment:
\u2022If cash settlement is chosen, the payment reduces the fully recognised liability,
\u2022If the settlement is in shares, the balance of the liability is transferred to equity, being consideration for the shares
granted. Any previously recognised equity component shall remain within equity.
Long-term employee benefits based on years in service
The net value of liabilities related to long-term employee benefits is the amount of future benefits which were vested in
the employees in connection with the work they have carried out them in the current and past periods. The liability was
accounted for based on the estimated future cash outflows, and at the balance sheet date, the amounts take into
consideration the rights vested in the employees relating to past years and to the current year.
Retirement benefit contributions
During the financial period, the Group pays mandatory pension plan contributions dependent on the amount of gross
wages and salaries payable, in accordance with legally binding regulations. The public pension plan is based on the pay-
as-you-go principle, i.e. the Group has to pay contributions in an amount comprising a percentage of the remuneration
when they mature, and no additional contributions will be due if the Company ceases to employ the respective staff. The
public plan is a defined contribution pension plan. The contributions to the public plan are disclosed in the income
statement in the same period as the related remuneration, under \u201cPayroll and employee benefits\u201d.
t.\u00a0 Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle\u00a0 the obligation and a reliable
estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only
when the reimbursement is virtually certain. The expense relating to\u00a0 a provision is presented in the statement of profit or
loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
Costs of bringing the location to the condition it had been in before the lease agreement was signed
Depending on particular contracts the Group may be obliged to bring the location to the condition it had been in before
the lease agreement was signed. Asset retirement provision costs are provided for at the present value of expected costs
to settle the obligation using estimated cash flows and are recognised as part of the cost of the relevant asset (leasehold
improvement asset within PPE section).
The unwinding of the discount is expensed as incurred and recognised in the statement of profit or\u00a0 loss as a finance
cost. The estimated future costs of decommissioning are reviewed periodically and adjusted if needed.
Development commitments unattained
Group restaurants are operated under franchise and development agreements with YUM! and subsidiaries of YUM!,
Burger King Europe GmbH, Starbucks Coffee International, Inc. In accordance with these agreements, the Group is
obliged to meet certain development commitments as well as maintain the identity, reputation and high operating
standards of each brand.
Certain development commitments may be determined on annual basis and may result in recognition of agreed bonuses
if case the development commitments are satisfied or exceeded. Alternatively if the Group believes the commitments will
not be attained the respective provision are recognized. The Group considers all available fact and circumstances to
determine the risks related to future liabilities including planned openings as included in the annual operating plan for next
reporting year.
The provisions are periodically reviewed. The net expenses/gains relating to a provision are presented in the statement of
profit or loss in other operating incomes/expenses section.
Contingent liabilities and assets
A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of
economic benefits to the entity. Contingent assets are not recognised in financial statements since this may result in the
recognition of income that may never be realised. A contingent asset is disclosed, where an inflow of economic benefits is
probable.
u.\u00a0 Equity
Equity includes equity attributable to shareholders of the parent and non-controlling interests.
Equity attributable to shareholders of the parent is grouped into the following:
\u2022Share capital,
\u2022Reserves,
\u2022Retained earnings,
\u2022Translation reserve.
The effect of the following transactions is presented under reserves:
\u2022Share premium\u00a0 (surplus over nominal amount) and additional contributions to capital without the issue of shares
made by the shareholders prior to becoming public entity,
\u2022Effect of accounting for put options over non-controlling interests,
\u2022Effect of accounting for share-based payments,
\u2022Treasury shares,
\u2022Effect of hedges valuation,
\u2022Effect of accounting for transactions with non-controlling interests.
Share capital
Ordinary shares are classified as share capital. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction from the proceeds. The income tax effect relating to transaction costs of an equity
transaction is also accounted for in equity.
Treasury shares
When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly
attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and
are presented in \u201cReserves\u201d.
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion
of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
39.\u00a0 Changes in accounting policies, reclassification and restatement of
comparatives summary
Newly applied standards, amendments and interpretations
The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those
followed in the preparation of the Group\u2019s consolidated financial statements for the year ended 31 December 2021,
except for the adoption of new standard, interpretations, and amendments to standards effective as of 1 January 2022.
The amendments and interpretations below were applied in 2022 and had no significant impact on the accounting policies
applied.
Amendments to IFRS 3 -Reference to the Conceptual Framework
The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u2018day 2\u2019 gains or
losses arising for liabilities and contingent liabilities that would be\u00a0 within the scope of IAS 37 Provisions, Contingent
Liabilities\u00a0 and Contingent Assets or IFRIC 21 Levies, if incurred separately.\u00a0 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. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that
contingent assets do not qualify for recognition at the acquisition date.\u00a0 The amendments must be applied prospectively.
Earlier application is permitted. The amendments\u00a0 are effective for annual periods beginning on or after 1 January 2022.
Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use
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,\u00a0 an entity recognises the proceeds from selling such items,\u00a0
and the costs of producing those items, in profit or loss. The amendment is effective for annual periods beginning on or
after 1 January 2022.
Amendments to IAS 37 -Onerous Contracts \u2013 Costs of Fulfilling a Contract
The amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss-
making. The amendments apply a \u2018directly related cost approach\u2019.\u00a0 The costs that relate directly to a contract to provide
goods or services include both incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs
directly related\u00a0 to contract activities (e.g., depreciation of equipment used to fulfil the contract as well as 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. The amendments are effective for annual
periods beginning on or after 1 January 2022.
40.\u00a0 Standards issued but not yet effective
Below amendments to standards are effective for annual periods beginning after 1 January 2023 and earlier application is
permitted. The Group has not early adopted the new or amended standards in preparing these consolidated financial
statements.
IFRS 17 Insurance Contracts
IFRS 17 Insurance Contracts (IFRS 17) is a comprehensive new accounting standard for insurance contracts covering
recognition and measurement, presentation and disclosure. IFRS 17 will replace IFRS 4 Insurance Contracts. IFRS 17
applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of
entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation
features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for
insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are
largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for
insurance contracts, covering all relevant accounting aspects. Additionally, in June 2020, the IASB issued amendments to
IFRS 17. IFRS 17 is effective for reporting periods beginning on or after 1 January 2023. It is not expected that standard
will have a material impact on Group.
Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information.
Amendments were issued on 9 December 2021 and are effective for annual periods beginning on or after 1 January
2023. It is expected that standard will not have a material impact on Group.
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies.
The amendments specify requirements and provide guidance to help entities make more effective accounting policy
disclosures. The amendments are effective for annual periods beginning on or after 1 January 2023. It is expected that
standard will not have a material impact on Group.
Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates
The amendments introduce the definition of accounting estimate and include other amendments to IAS 8 to help entities
distinguish changes in accounting estimates from changes in accounting policies. The amendments are effective for
annual periods beginning on or after 1 January 2023. It is expected that standard will not have a material impact on
Group.
Amendments to IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
Amendments were issued on 7 May 2021 and are effective for annual periods beginning on or after 1 January 2023. It is
expected that standard will not have a material impact on Group.
Below standards and amendments that and are issued but not yet approved by European Union. The Group will apply the
standard once approved by the European Union.
Amendments to IAS 1: Classification of liabilities as current or non-current and Non-current Liabilities with Covenants
These amendments clarify how conditions with which an entity must comply within twelve months after the reporting
period affect the classification of a liability.\u00a0 The new guidance will be effective for annual periods starting on or after 1
January 2024. The amendments are to be applied prospectively and will be reflected in accounting for future transactions
of Group. The Group will implement these amendments for future transactions and it is expected that standard will not
have a material impact on Group.
Amendment to IFRS 16 \u2013 Leases on sale and leaseback
Amendments were issued in September 2022. These amendments include requirements for sale and leaseback
transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale
and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an
index or rate are most likely to be impacted. Effective date Annual periods beginning on or after 1 January 2024. it is
expected that standard will not have a material impact on Group.
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1.\u00a0 General information on AmRest Group
AmRest Holdings SE (\u201cThe Company\u201d, \u201cAmRest\u201d) was incorporated in the Netherlands in October 2000. Since 2008 the
Company operates a European Company (Societas Europaea, SE). The company is domiciled in Spain.
Paseo de la Castellana 163, 28046 (Madrid), Spain is the Company\u2019s registered office as of 31\u00a0December 2022 and has
not changed during the year 2022.
Hereinafter the Company and its subsidiaries shall be referred to as the \u201cGroup\u201d and \u201cAmRest Group\u201d.
In 2005 the shares of AmRest Holdings SE were quoted for the first time on the Warsaw Stock Exchange (\u201cWSE\u201d) and in
2018 were quoted on the Madrid, Barcelona, Bilbao and Valencia Stock Exchanges, through the Spanish Automated
Quotation System (Sistema de Interconexi\u00f3n Burs\u00e1til - SIBE). Since 21 November 2018 AmRest\u2019s shares have been
quoted simultaneously on both the above stock exchanges (dual listing).
Grupo Finaccess S.A.P.I. de C.V. is the ultimate parent of the Group.
The Group is the largest independent chain restaurant operator in Central and Eastern Europe. The Group is also
conducting its operations in Western Europe, Russia and China. The Group\u2019s principal place of business is Europe.
The Group operates Kentucky Fried Chicken (\u201cKFC\u201d), Pizza Hut (\u201cPH\u201d), Burger King (\u201cBK\u201d) and Starbucks (\u201cSBX\u201d)
restaurants through its subsidiaries in Poland, the Czech Republic (hereinafter Czechia), Hungary, Slovakia, Russia,
Serbia, Croatia, Bulgaria, Romania, Germany, France, Austria, Slovenia and Spain, on the basis of franchise rights
granted. Starting from 1 October 2016 the Group as a master-franchisee has the right to grant a license to third parties to
operate Pizza Hut Express and Pizza Hut Delivery restaurants (sub-franchise) in countries of Central and Eastern
Europe, while ensuring a certain share of restaurants operated directly by AmRest. Pizza Hut restaurants acquired in
France in May 2017 are operated both by AmRest and its sub-franchisees based on master-franchise agreements
(\"MFA\"). As previously announced, due to termination of Pizza Hut Master Franchise Agreements in Russia and
Germany, the Pizza Hut restaurants on these markets were transferred in Q2 2022 and Q4 2022, respectively, to two
different counterparties designated by Yum! In December 2022 AmRest entered\u00a0 into a share purchase agreement with
Almira OOO, for the sale of its KFC restaurant business in Russia. The closing of the Transaction is subject to the
approval by competition authority in Russia, the consent by Yum! Brands Inc.- brand owner and to other regulatory
authorizations that may be applicable in Russia.
In Spain and Portugal the Group operates its own brand La Tagliatella. This business is based on operating equity and
franchise restaurants and is supported by the central kitchen located in Spain which produces and delivers products to
the whole network. In China the Group operates its own brand called Blue Frog.
In 2018 the Group acquired the Bacoa and Sushi Shop brands, as a result of which it operates proprietary and franchise
restaurants in Spain (Bacoa) and proprietary and franchise Sushi Shop restaurants in France, Belgium, Spain,\u00a0
Switzerland, United Kingdom, Luxembourg, Italy, United Arab Emirates and Saudi Arabia. Bacoa is a primarily premium
burger concept in Spain and Sushi Shop is the operator of the leading European chain of Japanese cuisine restaurants.
Additionally, among own brands the Group operates virtual brands.
The Group operates its restaurants mainly on a franchise basis. However being master-franchisee and performing business through own brands has become more important. The
table below shows the terms and conditions of cooperation with franchisors and franchisees of particular brands operated by AmRest as of 31\u00a0December 2022
ACTIVITY WHERE AMREST IS A FRANCHISEE
Brand
KFC
Pizza Hut Dine-In
Pizza Hut Express, Delivery
Burger King
Starbucks 1)
Franchisor/
Partner
YUM! Restaurants Europe
Limited and its affiliates
Pizza Hut Europe Limited
Pizza Hut Europe Limited
Burger King Europe GmbH
Starbucks Coffee
International, Inc/Starbucks
EMEA Ltd., Starbucks
Manufacturing EMEA B.V.
Area covered
by the
agreement
Poland, Czechia,
Hungary, Bulgaria,
Serbia, Croatia, Russia,
Spain, Germany, France,
Austria, Slovenia
Poland
Poland, Czechia, Hungary,
France, Slovakia.
Poland, Czechia, Bulgaria, Slovakia, Romania
Poland, Czechia, Hungary,
Romania, Bulgaria, Germany,
Slovakia, Serbia
Term of
agreement
10 years with possibility of
extension for a further 10
years
10 years with possibility
of extension for a further
10 years
10 years with possibility of
extension for a further 10 years
Poland, Czechia, Bulgaria, Slovakia, Romania \u2013 20 years or 10
years 5)
Since 20 November 2018: 10 years for restaurants opened.
15 years, possibility of
extension for a further 5
years2); in Romania till 10
October 2023 16 years; in
Bulgaria till 1 October 2027
20 years
Preliminary fee
up to
USD 57.9 thousand 3)
up to
USD 57.9 thousand 3)
USD 29.0 thousand 3)
USD 30 thousand
USD 25 thousand
Franchise fee
6% of sales revenues
6% of sales revenues
6% of sales revenues
5% of sales revenues
6% of sales revenues
Marketing
costs
5% of sales revenues 4)
5% of sales revenues
6% or 5% of sales revenues
depending on the concept
5% of sales revenues
amount agreed each year
ACTIVITY PERFORMED THROUGH OWN BRANDS
Brand
La Tagliatella
Blue Frog
Sushi Shop
Area of the activity
Spain, Portugal
China
France, Spain, Belgium,
Italy, Switzerland,
Luxembourg, UK
ACTIVITY WHERE AMREST IS A FRANCHISOR (OWN BRAND OR BASED ON MASTER-FRANCHISE AGREEMENTS)6)
Brand
Pizza Hut Express,
Delivery
La Tagliatella
Blue Frog
Bacoa 7)
Sushi Shop
Partner
Pizza Hut Europe
Limited, Yum
Restaurants
International
Holdings LLC, Pizza
Hut Europe S.a.r.l
Own brand
Own brand
Own brand
Own brand
Area covered by the
agreement
France, CEE
(Hungary, Czechia,
Poland, Slovakia,
Slovenia)
Spain
China
Spain
France, Belgium,
United Arab
Emirates, Saudi
Arabia, UK
Term of agreement
10 years with
possibility of
extension
10 years with
possibility of
extension
5 years with
possibility of
extension
up to 5 years
Franchise
agreements: from 3
years (corners) to 10
years with a limited
territorial exclusivity.
EADA - exclusivity for
specific territories
granted to up to 10
years.
ACTIVITY PERFORMED THROUGH OWN BRANDS
Brand
La Tagliatella
Blue Frog
Sushi Shop
Area of the activity
Spain, Portugal
China
France, Spain, Belgium,
Italy, Switzerland,
Luxembourg, UK
ACTIVITY WHERE AMREST IS A FRANCHISOR (OWN BRAND OR BASED ON MASTER-FRANCHISE AGREEMENTS)6)
Brand
Pizza Hut Express,
Delivery
La Tagliatella
Blue Frog
Bacoa 7)
Sushi Shop
Partner
Pizza Hut Europe
Limited, Yum
Restaurants
International
Holdings LLC, Pizza
Hut Europe S.a.r.l
Own brand
Own brand
Own brand
Own brand
Area covered by the
agreement
France, CEE
(Hungary, Czechia,
Poland, Slovakia,
Slovenia)
Spain
China
Spain
France, Belgium,
United Arab
Emirates, Saudi
Arabia, UK
Term of agreement
10 years with
possibility of
extension
10 years with
possibility of
extension
5 years with
possibility of
extension
up to 5 years
Franchise
agreements: from 3
years (corners) to 10
years with a limited
territorial exclusivity.
EADA - exclusivity for
specific territories
granted to up to 10
years.
ACTIVITY PERFORMED THROUGH OWN BRANDS
Brand
La Tagliatella
Blue Frog
Sushi Shop
Area of the activity
Spain, Portugal
China
France, Spain, Belgium,
Italy, Switzerland,
Luxembourg, UK
ACTIVITY WHERE AMREST IS A FRANCHISOR (OWN BRAND OR BASED ON MASTER-FRANCHISE AGREEMENTS)6)
Brand
Pizza Hut Express,
Delivery
La Tagliatella
Blue Frog
Bacoa 7)
Sushi Shop
Partner
Pizza Hut Europe
Limited, Yum
Restaurants
International
Holdings LLC, Pizza
Hut Europe S.a.r.l
Own brand
Own brand
Own brand
Own brand
Area covered by the
agreement
France, CEE
(Hungary, Czechia,
Poland, Slovakia,
Slovenia)
Spain
China
Spain
France, Belgium,
United Arab
Emirates, Saudi
Arabia, UK
Term of agreement
10 years with
possibility of
extension
10 years with
possibility of
extension
5 years with
possibility of
extension
up to 5 years
Franchise
agreements: from 3
years (corners) to 10
years with a limited
territorial exclusivity.
EADA - exclusivity for
specific territories
granted to up to 10
years.
received.
On July 2022 the Company received the tax settlement related to municipality tax (business activity tax) of it\u00b4s the Central
Kitchen activity (Lleida) related to fiscal years 2018 to 2021 for which it was claimed an additional tax liability amounting
to EUR 203k. The company agreed with the final tax assessment and paid on 29 July 2022.
h) On 9 June 2021 AmRest Kft and on 14 June 2021 AmRest K\u00e1v\u00e9z\u00f3 Kft have received the notification letters in respect
to planned initiation of tax proceedings. Tax proceeding in AmRest Kft relates to all tax settlements for the period
2018-2019 and in AmRest K\u00e1v\u00e9z\u00f3 Kft for the year 2019. Both tax audits have been concluded in April 2022 without any
relevant assessment.
In Group\u2019s opinion there are no other material contingent liabilities concerning pending audits and tax proceedings, other
than those stated above.
33.\u00a0 Future commitments and contingent liabilities
As in the previous reporting period, the Group\u2019s future liabilities are derived mainly from the franchise agreements and
development agreements. Group restaurants are operated in accordance with franchise and development agreements
with YUM! and subsidiaries of YUM!, Burger King Europe GmbH, Starbucks Coffee International, Inc. In accordance with
these agreements, the Group is obliged to meet certain development commitments as well as to make the renovations
required to maintain the identity, reputation and high operating standards of each brand. Details of the agreements
together with other future commitments have been described in note 1 and 38d.
Commitments regarding credit agreement are described in note 27 and note 28.
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2.\u00a0 Group Structure
As of 31\u00a0December 2022, the Group comprised the following subsidiaries:
Company name
Registered office
Parent/non-controlling undertaking
Owner-ship
interest and
total vote
Date of effective control
Holding activity
AmRest Acquisition Subsidiary Ltd.
Birkirkara, Malta
AmRest Holdings SE
100.00%
May 2007
AmRest TAG S.L.U.
Madrid, Spain
AmRest Sp. z o.o.
100.00%
March 2011
AmRest HK Ltd.3
Hong Kong, China
AmRest Holdings SE
100.00%
September 2011
AmRest China Group PTE Ltd
Singapore
AmRest Holdings SE
100.00%
December 2012
Bigsky Hospitality Group Ltd
Hong Kong, China
AmRest China Group PTE Ltd
100.00%
December 2012
New Precision Ltd
Mriehel, Malta
AmRest China Group PTE Ltd
100.00%
December 2012
Horizon Consultants Ltd.
Mriehel, Malta
AmRest China Group PTE Ltd
100.00%
December 2012
AmRest Management Kft
Budapest, Hungary
AmRest Kft
99.00%
August 2018
AmRest TAG S.L.U.
1.00%
GM Invest SRL
Brussels, Belgium
AmRest TAG S.L.U.
100.00%
October 2018
Sushi Shop Group SAS
Paris, France
GM Invest SRL
9.47%
October 2018
AmRest TAG S.L.U.
90.53%
AmRest France SAS
Paris, France
AmRest Holdings SE
100.00%
December 2018
Sushi Shop Management SAS
Paris, France
Sushi Shop Group SAS
100.00%
October 2018
Sushi Shop Luxembourg SARL
Luxembourg
Sushi Shop Group SAS
100.00%
October 2018
Sushi Shop Switzerland SA
Fribourg, Switzerland
Sushi Shop Management SAS
100.00%
October 2018
Restaurant, franchise and master-franchise activity
AmRest Sp. z o.o.
Wroclaw, Poland
AmRest Holdings SE
100.00%
December 2000
AmRest s.r.o.
Prague, Czechia
AmRest Holdings SE
100.00%
December 2000
AmRest Kft
Budapest, Hungary
AmRest Sp. z o.o.
100.00%
June 2006
AmRest Coffee Sp. z o.o.
Wroclaw, Poland
AmRest Sp. z o.o.
82.00%
March 2007
Starbucks Coffee International,Inc.
18.00%
AmRest EOOD
Sofia, Bulgaria
AmRest Holdings SE
100.00%
April 2007
OOO AmRest
Saint Petersburg, Russia
AmRest Acquisition Subsidiary Ltd.
44.72%
July 2007
AmRest Sp. z o.o.
55.28%
AmRest Coffee s.r.o.
Prague, Czechia
AmRest Sp. z o.o.
82.00%
August 2007
Starbucks Coffee International,Inc.
18.00%
AmRest K\u00e1v\u00e9z\u00f3 Kft
Budapest, Hungary
AmRest Sp. z o.o.
82.00%
\u00a0August 2007
Starbucks Coffee International,Inc.
18.00%
AmRest d.o.o.2
Belgrade, Serbia
AmRest Sp. z o.o.
100.00%
October 2007
Restauravia Food S.L.U.
Madrid, Spain
AmRest TAG S.L.U.
100.00%
April 2011
Pastificio Service S.L.U.
Madrid, Spain
AmRest TAG S.L.U.
100.00%
April 2011
AmRest Adria d.o.o.
Zagreb, Croatia
AmRest Sp. z o.o.
100.00%
October 2011
AmRest GmbH i.L.1
Cologne, Germany
AmRest TAG S.L.U.
100.00%
March 2012
AmRest SAS.
Paris, France
AmRest TAG S.L.U.
100.00%
April 2012
AmRest Adria 2 d.o.o.
Ljubljana, Slovenia
AmRest Sp. z o.o.
100.00%
August 2012
Frog King Food&Beverage
Management Ltd
Shanghai, China
Bigsky Hospitality Group Ltd
100.00%
December 2012
Blue Frog Food&Beverage
Management Ltd
Shanghai, China
New Precision Ltd
100.00%
December 2012
Shanghai Kabb Western Restaurant
Ltd
Shanghai, China
Horizon Consultants Ltd.
100.00%
December 2012
AmRest Skyline GMBH
Cologne, Germany
AmRest TAG S.L.U.
100.00%
October 2013
AmRest Coffee EOOD
Sofia, Bulgaria
AmRest Sp. z o.o.
100.00%
June 2015
AmRest Coffee S.r.l.
Bucharest, Romania
AmRest Sp. z o.o.
100.00%
June 2015
AmRest Food Srl.
Bucharest, Romania
AmRest Sp. z o.o.
100.00%
July 2019
AmRest Coffee SK s.r.o.
Bratislava, Slovakia
AmRest s.r.o.
99.00%
December 2015
AmRest Sp. z o.o.
1.00%
AmRest Coffee Deutschland
Munich, Germany
AmRest Kaffee Sp. z o.o.
23.00%
May 2016
Sp. z o.o. & Co. KG
AmRest TAG S.L.U.
77.00%
AmRest DE Sp. z o.o. & Co. KG
Munich, Germany
AmRest Kaffee Sp. z o.o.
100.00%
December 2016
Kai Fu Food and Beverage
Management (Shanghai) Co. Ltd
Shanghai, China
Blue Frog Food&Beverage
Management Ltd
100.00%
December 2016
LTP La Tagliatella Portugal, Lda
Lisbon, Portugal
AmRest TAG S.L.U.
100.00%
February 2017
LTP La Tagliatella Franchise II
Portugal, Lda
Lisbon, Portugal
AmRest TAG S.L.U.
100.00%
April 2019
AmRest AT GmbH
Vienna, Austria
AmRest Sp. z o.o.
100.00%
March 2017
AmRest Topco France SAS
Paris, France
AmRest France SAS
100.00%
May 2017
AmRest Delco France SAS
Paris, France
AmRest Topco France SAS
100.00%
May 2017
AmRest Opco SAS
Paris, France
AmRest France SAS
100.00%
July 2017
OOO Chicken Yug
Saint Petersburg, Russia
OOO AmRest
100.00%
October 2017
OOO AmRest Pizza
Saint Petersburg, Russia
AmRest Acquisition Subsidiary Ltd.
99.999996%
November 2017
OOO AmRest
0.000004%
AmRest Coffee SRB d.o.o.
Belgrade, Serbia
AmRest Holdings SE
100.00%
November 2017
AmRest Chamnord SAS
Paris, France
AmRest Opco SAS
100.00%
March 2018
AmRest SK s.r.o.
Bratislava, Slovakia
AmRest s.r.o.
99.00%
April 2018
AmRest Sp. z o.o.
1.00%
AmRest Pizza GmbH
Munich, Germany
AmRest DE Sp. z o.o. & Co. KG
100.00%
June 2018
Black Rice S.L.U.
Madrid, Spain
AmRest TAG S.L.U.
100.00%
July 2018
Bacoa Holding S.L.U.
Madrid, Spain
AmRest TAG S.L.U.
100.00%
July 2018
Sushi Shop Restauration SAS
Paris, France
Sushi Shop Management SAS
100.00%
October 2018
Sushi House SA
Luxembourg
Sushi Shop Luxembourg SARL
100.00%
October 2018
Sushi Shop London Pvt LTD
London, UK
Sushi Shop Group SAS
100.00%
October 2018
Sushi Shop Belgique SA
Bruxelles, Belgium
Sushi Shop Group SAS
100.00%
October 2018
Sushi Shop Louise SA
Bruxelles, Belgium
Sushi Shop Belgique SA
100.00%
October 2018
Sushi Shop UK Pvt LTD
Charing, UK
Sushi Shop Group SAS
100.00%
October 2018
Sushi Shop Anvers SA
Bruxelles, Belgium
Sushi Shop Belgique SA
100.00%
October 2018
Sushi Shop Geneve SA
Geneva, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Lausanne SARL
Lasanne, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Madrid S.L.U.
Madrid, Spain
Sushi Shop Management SAS
100.00%
October 2018
Sushi Shop Milan SARL
Milan, Italy
Sushi Shop Management SAS
70.00%
October 2018
Vanray SRL
30.00%
Sushi Shop Zurich GMBH
Zurich, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Nyon SARL
Nyon, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2018
Sushi Shop Vevey SARL
Vevey, Switzerland
Sushi Shop Switzerland SA
100.00%
November 2019
Sushi Shop Fribourg SARL
Fribourg, Switzerland
Sushi Shop Switzerland SA
100.00%
November 2019
Sushi Shop Yverdon SARL
Yverdon, Switzerland
Sushi Shop Switzerland SA
100.00%
\u00a0
Novemner 2019
Sushi Shop Morges SARL
Moudon, Switzerland
Sushi Shop Switzerland SA
100.00%
October 2020
Financial services and others for the Group
AmRest LLC
Wilmington, USA
AmRest Sp. z o.o.
100.00%
July 2008
AmRest Work Sp. z o.o.
Wroclaw, Poland
AmRest Sp. z o.o.
100.00%
March 2012
La Tagliatella International Kft 4
Budapest, Hungary
AmRest TAG S.L.U.
100.00%
November 2012
La Tagliatella SAS
Paris, France
AmRest TAG S.L.U.
100.00%
March 2014
AmRest Kaffee Sp. z o.o.
Wroclaw, Poland
AmRest Sp. z o.o.
100.00%
March 2016
AmRest Estate SAS
Paris, France
AmRest Opco SAS
100.00%
September 2017
AmRest Leasing SAS
Paris, France
AmRest Opco SAS
100.00%
September 2017
AmRest Franchise Sp. z o.o.
Wroc\u0142aw, Poland
AmRest Sp. z o.o.
100.00%
December 2018
AmRest Global S.L.U.
Madrid, Spain
AmRest Holdings SE
100.00%
September 2020
Supply services for restaurants operated by the Group
SCM Czech s.r.o.
Prague, Czechia
SCM Sp. z o.o.
90.00%
March 2007
Ondrej Razga
10.00%
SCM Sp. z o.o.
Warsaw, Poland
AmRest Sp. z o.o.
51.00%
October 2008
R&D Sp. z o.o.
33.80%
Beata Szafarczyk-Cylny
5.00%
Zbigniew Cylny
10.20%
During the year 2022, the Group has performed the impairment tests for its remaining Russian business and accounted
for EUR 52.9 million impairment loss as a result.
AmRest Group has entered on 6 December 2022 into a share purchase agreement with Almira OOO, for the sale of its
KFC restaurant business in Russia (the \"Transaction\"). The closing of the Transaction is subject to the approval by
competition authority in Russia, the consent by Yum! Brands Inc.- brand owner and to other regulatory authorizations that
may be applicable in Russia. The final terms of the Transaction are subject to certain external factors, including EUR/RUB
exchange rate.
The transaction would represent full disposal of AmRest business held in Russia. Russian market is a separate operating
segment reported in consolidated financial statements.
Detailed analysis of IFRS 5 \u201cNon-current assets held for sale and discontinued operations\u201d (\u201cIFRS 5\u201d) conditions was run
to assess if the conditions are met for Russian business to disclose as disposal group and discontinued operations as of
31 December 2022.
Such analysis requires high judgements and estimates. For an asset (or disposal group) to be classified as held for sale:
\u2022it must be available for immediate sale in its present condition, subject only to terms that are usual and customary for
sales of such assets (or disposal groups);
\u2022its sale must be highly probable; and
\u2022it must genuinely be sold, not abandoned.
Detailed analysis of all elements of the definition was performed, taking into account details of the Transaction as agreed
in the agreements, conditions that need to be satisfied prior finalization, current market situation including volatility of the
EUR/RUB exchange rates, legislative and regulatory environment in Russia.
In relation to the regulatory conditions, as of the date of these financial statements and in accordance with the published
minutes of the meeting of the sub-commission of the governmental Commission for Control over Foreign Investments in
the Russian Federation of December 12, 2022 (N\u00ba 116/1), a minimum 50% discount to fair value based on the external
valuation is expected to be applied for transactions subject to the Foreign Investment Condition followed by additional
10% tax (referred as exit tax) or deferred payments scheme (payment of the purchase price has to be made in
instalments during 1-2 years). Key performance indicators (KPI such as maintaining the number of employees, tax
revenues) for the acquirer with respect to the business to be purchased shall be also established.
When making decisions on the payment of dividends/profits, the following conditions must be taken into account: the
amount of paid profit is not more than 50% of the net profit for the previous year; results of a retrospective analysis of the
payment of profits for previous periods; willingness of shareholders to continue commercial activities in the Russian
Federation; the positions of the federal executive authorities and the Bank of Russia on the significance of the
organization's activities and the impact of its activities on the technological and industrial sovereignty of the Russian
Federation, the socio-economic development of the Russian Federation or the constituent entities of the Russian
Federation; establishment by federal executive authorities of quarterly KPIs for organizations; the possibility of paying
profit on a quarterly basis (subject to the achievement of established KPIs).
As disclosed in the Inside Information published on 6 December 2022, AmRest expects to receive a minimum of EUR 100
million for the Transaction. The final terms of the Transaction, which are subject to certain external factors, including
exchange rate, will be communicated if the Transaction is closed.
Without prejudice to the information disclosed in note 37, AmRest\u2019s management believes that in accordance with the
IFRS 5 conditions, the sale of Russian business cannot be considered as highly probable and, therefore, will not be
classified as assets/liabilities held for sale and operation of Russian business for year 2022 as discounted operations.
The following key aspects have been taken into consideration for reaching that conclusion: (i) unstable legal and
geopolitical situation in Russia, (ii) possibility of Russian government imposing additional conditions to those already in
place and described above, (iii) possibility of the Russian antitrust authorities not clearing the transaction, (iv) potential
restrictions that might be imposed by the EU authorities and/or other national governments in relation to any operation
related to Russia, and (v) current EUR-RUB exchange rate that does not guarantee the expected minimum sale price.
These aspects could also affect the fulfilment of the conditions precedent to which the transaction is subject.
As of 31 December 2022 the net assets of Russian operations presented in these consolidated financial statements
amount to EUR 64.7 million. Note 5 presents information for Russian segment.
The table below shows total split of net assets of Russian operations of the Group as of 31 December 2022. The
comparative figures for 31 December 2021 presented in second column reflect data reported in consolidated financial
statements for the year ended 31 December 2021, i.e., using forex exchange EUR/RUB as of 31 December 2021. For
illustrative purposes Group presents also, in the third column, the estimate of 31 December 2021 data in EUR if
31\u00a0December 2022 forex exchange rate was used at that time.
EUR millions
31 December 2022
31 December 2021
31 December 2021 at December
2022 forex rate
Non-current assets
119.4
151.9
171.4
Lease liabilities
80.4
75.8
85.5
Current assets
48.3
19.5
22.0
Other liabilities
22.6
16.4
18.5
Net assets
64.7
79.2
89.4
Federation, the socio-economic development of the Russian Federation or the constituent entities of the Russian
Federation; establishment by federal executive authorities of quarterly KPIs for organizations; the possibility of paying
profit on a quarterly basis (subject to the achievement of established KPIs).
As disclosed in the Inside Information published on 6 December 2022, AmRest expects to receive a minimum of EUR 100
million for the Transaction. The final terms of the Transaction, which are subject to certain external factors, including
exchange rate, will be communicated if the Transaction is closed.
Without prejudice to the information disclosed in note 37, AmRest\u2019s management believes that in accordance with the
IFRS 5 conditions, the sale of Russian business cannot be considered as highly probable and, therefore, will not be
classified as assets/liabilities held for sale and operation of Russian business for year 2022 as discounted operations.
The following key aspects have been taken into consideration for reaching that conclusion: (i) unstable legal and
geopolitical situation in Russia, (ii) possibility of Russian government imposing additional conditions to those already in
place and described above, (iii) possibility of the Russian antitrust authorities not clearing the transaction, (iv) potential
restrictions that might be imposed by the EU authorities and/or other national governments in relation to any operation
related to Russia, and (v) current EUR-RUB exchange rate that does not guarantee the expected minimum sale price.
These aspects could also affect the fulfilment of the conditions precedent to which the transaction is subject.
4.\u00a0 Use of judgements and estimates
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal
the actual results. Management also needs to exercise judgement in applying the group\u2019s accounting policies.
Estimates and judgments are continually verified, and are based on professional experience and various factors,
including expectations of future events, that are deemed to be justified in given circumstances. Revisions to estimates are
recognised prospectively. Actual results may differ from these estimates.
Climate change: risk analysis and financial impacts
All companies face risks and opportunities derived from the climate and are having to make strategic decisions in this
area.
The impacts of climate risks on financial statements are broad and potentially complex, and will depend on the specific
risks of the sector. When the future is analysed, probability scenarios are presented where not only the physical
consequences of climate change are assessed, but also the changes in environmental regulations to face it.
Both physical risks and transitional risks pose a number of threats and opportunities to overall financial stability,
potentially influencing financial markets in the future.
Climate risk has been incorporated into the estimates and judgments in relation to the future used for accounting
purposes, although they do not present significant differences with those used in previous years.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which
are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong.
Judgements
Determination of the lease term, whether the Group is reasonably certain to exercise extension or termination options
For majority of contracts the Group holds options for extension/termination of the lease period, on a specified conditions.
The Group\u2019s practice is to assess the reasonableness of exercising options one year before the decision deadline,
because in that time all relevant facts and circumstances to make such a decision can be generally available. The Group
considers, for example, latest performance of the restaurant, present brand strategy revised during budgeting process,
comparison of lease fees to the market average, length of the non-cancellable period of a lease and significance of
leasehold improvements recently undertaken (or expected to be undertaken).
The assessment of whether the Group is reasonably certain to exercise such options impacts the lease term, which
significantly affects the amount of lease liabilities and right-of-use assets recognised.
Estimates and assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year, are described below. The Group based its assumptions and estimates on available parameters when the
consolidated financial statements were prepared. Existing circumstances and assumptions about future developments,
however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such
changes are reflected in the assumptions when they occur.
Inflation and rising interest rates
Rising inflation and interest rates may cause significant estimation uncertainty for both short and long duration assets and
liabilities. They affect amongst others fair value measurements, expected future cash flows estimates, discount rates
used to determine present value of cash flows, and impairment tests.
Impairment of non-financial assets including goodwill
Impairment losses are recognised whenever the carrying value of an asset or group of assets that are part of one cash
generating unit or a group of cash generating units exceeds its recoverable amount, which is the higher of its fair value
less costs of disposal and its value in use. The value in use and fair value less costs of disposal calculations are based
on a discounted cash flow (DCF) models. The cash flows are derived from the budgets and forecasts. The recoverable
amount is sensitive to the discount rates used for the DCF model as well as the expected future growth margins, and the
growth rate used for extrapolation purposes. Accounting policies for impairment testing of non-financial assets are
disclosed in note 38. The key assumptions used to determine the recoverable amount of the different CGUs, including a
sensitivity analysis, are disclosed and further explained in note 17.
Share-based payments
Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation
model, which depends on the terms and conditions of the grant. This estimation also requires determination of the most
appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and
making assumptions about them.
For the measurement of the fair value of equity-settled transactions with employees at the grant date, the Group uses a
finite difference method. The assumptions and models used for estimating fair value\u00a0for share-based payment
transactions are disclosed in note 29.
Recognition of provisions for potential tax obligations and uncertain tax provisions
Recognition of provision required estimates of the probable outflows of resources embodying economic benefits and
defining the best estimates of the expenditures required to settle the present obligation at the end of the reporting period.
The Group operates in various tax jurisdictions. Regulations concerning VAT, corporate income tax and social insurance
charges are frequently amended. The applicable regulations may also contain ambiguous issues, which lead to
differences in opinions concerning the legal interpretation of tax legislation both among the tax authorities and between
such authorities and enterprises.
Tax reports and other matters (e.g. customs or foreign currency transactions) may be audited by authorities competent to
impose substantial penalties and fines, whereas any additional tax liabilities assessed during such audits have to be paid
together with interest.
Consequently, the figures presented and disclosed in these consolidated financial statements may change in the future if
a final decision is issued by tax inspection authorities.
Details of current tax inspections open in Group entities are presented in note 31.
Taxes
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
probability that in the future taxable profit will be available against which the deductible temporary difference can be
utilised. Details of deferred tax assets are disclosed in note 12.
Expected changes to income tax legislation
On 8 October 2021 agreement was reached between 136 countries for a two-pillar approach to international tax reform
(\u2018the OECD agreement\u2019). Amongst other things, Pillar One proposes a reallocation of a proportion of tax to market
jurisdictions, while Pillar Two seeks to apply a global minimum effective tax rate of 15%. The OECD Agreement is likely to
see changes in corporate tax rates in a number of countries in the next few years. On 15 December 2022, European
Union Member States unanimously adopted the Minimum Tax Directive. The Directive has to be transposed into national
legislations until 31 December 2023. The impact of changes in corporate tax rates on the measurement of tax assets and
liabilities depends on the nature and timing of the legislative changes in each country. At its meeting in November 2022,
the IASB decided on standard-setting in response to the imminent implementation of the Pillar Two model rules. It is likely
that IAS 12, \u2018Income taxes\u2019, will be amended in 2023 to introduce a temporary exception from accounting for deferred
taxes arising from application of the OECD\u2019s Pillar Two model rules.
At the December 2022 reporting period, the Pillar 2 requirements have not been substantively enacted in any of the
territories in which the Group operates, consequently there is no significant impact on current or deferred taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF81MjcvZnJhZzo5N2Y2Mzk3ZDY4Yzk0ZDFjOWJiOWM4ZWRjNTliNDg4YS90ZXh0cmVnaW9uOjk3ZjYzOTdkNjhjOTRkMWM5YmI5YzhlZGM1OWI0ODhhXzU0OTc1NTgyMTY0MDE_a6b03eba-363d-41e4-b76d-39153bec433c": { "value": "
5.\u00a0 Segment reporting
AmRest as a group of dynamic developing entities running operations in many markets and various restaurant business
segments is under constant analysis of the Board of Directors. The Board is also constantly reviewing the way business
is analysed and adjusts it accordingly to changes in the Group\u2019s structure as a consequence of strategic decisions.
Group produces various reports, in which its business activities are presented in a variety of ways. Operating segments
are set on the basis of management reports used by the Board when making strategic decisions. The Board of Directors
analyses the Group\u2019s performance by geographical breakdown in divisions described in the table below.
Own restaurant and franchise business is analysed for four operating segments presenting Group\u2019s performance in
geographic breakdown. Geographical areas are identified based on the similarity of products and services, similar
characteristics of the production process and of the customer base and economic similarities (i.e. exposure to the same
market risks). Fifth segment includes in general non-restaurant business. Details of the operations presented in each
segment are presented below:
Segment
Description
Central and Eastern Europe (CEE)
\u00a0
Restaurant operations and franchise activity in:
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Poland \u2013 KFC, Pizza Hut, Starbucks, Burger King,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Czechia \u2013 KFC, Pizza Hut, Starbucks, Burger King,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Hungary \u2013 KFC, Pizza Hut, Starbucks,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Bulgaria \u2013 KFC, Starbucks, Burger King,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Croatia, Austria, Slovenia \u2013 KFC,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Slovakia \u2013 Starbucks, Pizza Hut, Burger King,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Romania \u2013 Starbucks, Burger King,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Serbia \u2013 KFC, Starbucks.
Segment
Description
Western Europe
Restaurant operations together with supply chain and franchise activity in:
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Spain \u2013 KFC, La Tagliatella, Sushi Shop,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0France \u2013 KFC, Pizza Hut, Sushi Shop,
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Germany \u2013 Starbucks, KFC, Pizza Hut (until December 2022 when it was transferred
to other MFA operator)
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Portugal \u2013 La Tagliatella
\u25a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Belgium, Italy, Switzerland, Luxembourg, United Kingdom and other countries with
activities of Sushi Shop.
China
Blue Frog operations in China.
Russia
KFC operations in Russia and until May 2022 Pizza Hut restaurant operations and franchise
activity in Russia, Armenia and Azerbaijan (transferred to local operator in May 2022)
Other
Other support functions rendered by the subsidiaries for the Group such as e.g. Executive Team,
Controlling, Treasury, Investors Relations, Mergers & Acquisitions. Other also includes expenses
related to M&A transactions not finalised during the period, whereas expenses related to finalised
merger and acquisition are allocated to applicable segments. Additionally, Other includes non-
restaurant businesses performed by AmRest Holdings SE, SCM Sp. z o.o. and its subsidiaries and
other minor entities performing holding and/or financing services.
When analysing the results of particular business segments the Board of Directors draws attention primarily to EBITDA
reached, which is not an IFRS measure.
Segment measures and the reconciliation to profit/loss from operations for the year ended 31\u00a0December 2022 and for the
comparative year ended 31\u00a0December 2021 are presented below.
YEAR ENDED
31 December 2022
CEE
Western
Europe
Russia
China
Other
Total
Restaurant sales
1\u00a0133.3
756.5
295.1
82.4
-
2\u00a0267.3
Franchise and other sales
0.5
72.7
0.2
0.2
81.1
154.7
Inter-segment revenue
-
-
-
-
-
-
Segment revenue
1\u00a0133.8
829.2
295.3
82.6
81.1
2\u00a0422.0
EBITDA
215.0
107.5
58.6
15.6
(12.3)
384.4
Depreciation and amortisation
112.2
89.0
31.0
19.0
0.7
251.9
Net impairment losses on financial assets
0.2
2.0
0.3
-
-
2.5
Net impairment losses on other assets
(3.9)
2.9
55.7
0.4
0.3
55.4
Profit/loss from operations
106.5
13.6
(28.4)
(3.8)
(13.3)
74.6
Finance income and costs
(17.4)
(8.2)
(2.5)
(0.9)
(18.1)
(47.1)
Profit before tax
89.1
5.4
(30.9)
(4.7)
(31.4)
27.5
Capital investment
83.6
48.0
8.6
7.7
0.8
148.7
*Capital investment comprises additions and acquisition in property, plant and equipment and intangible assets.
YEAR ENDED
31 December 2021
CEE
Western
Europe
Russia
China
Other
Total
Restaurant sales
872.7
664.0
184.8
99.5
-
1\u00a0821.0
Franchise and other sales
0.4
56.9
0.4
0.7
37.6
96.0
Inter-segment revenue
-
-
-
-
-
-
Segment revenue
873.1
720.9
185.2
100.2
37.6
1\u00a0917.0
EBITDA
196.2
110.6
41.3
28.7
(17.7)
359.1
Depreciation and amortisation
108.8
84.3
25.9
17.3
0.6
236.9
Net impairment losses on financial assets
0.5
-
(0.1)
-
0.5
0.9
Net impairment losses on other assets
7.2
9.6
1.4
-
-
18.2
Profit/loss from operations
79.7
16.7
14.1
11.4
(18.8)
103.1
Finance income and costs
(13.7)
(7.2)
(2.1)
(0.9)
(21.3)
(45.2)
Profit before tax
66.0
9.5
12.0
10.5
(40.1)
57.9
Capital investment
50.7
38.8
9.6
4.2
0.5
103.8
*Capital investment comprises additions and acquisition in property, plant and equipment and intangible assets.
Information on geographical areas:
Significant geographical regions are disclosed below with their key characteristics:
YEAR ENDED
31 December 2022
31 December 2021
Revenue from external customers
Poland
580.2
462.5
Czechia
282.2
204.0
Spain
305.2
232.8
France
309.4
313.5
Russia
295.3
185.2
Germany
173.0
128.7
Hungary
151.7
122.2
China
82.6
100.2
31 December 2022
31 December 2021
Total of non-current assets other than financial instruments
and deferred tax assets
Poland
351.2
330.2
Czechia
153.1
146.3
Spain
421.2
383.9
France
422.3
412.9
Russia
116.8
149.8
Germany
122.6
129.9
Hungary
81.8
74.9
China
74.2
67.8
The segment information has been prepared in accordance with the accounting policies applied in these consolidated
financial statements.
Taking into account that the Group operates chains of own restaurants and additionally operates as franchisor (for own
brands) and master-franchisee (for some franchised brands), the Group does not have any single external customer with
the revenue on the level of 10% or more of total revenue earned by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF81MjcvZnJhZzo5N2Y2Mzk3ZDY4Yzk0ZDFjOWJiOWM4ZWRjNTliNDg4YS90ZXh0cmVnaW9uOjk3ZjYzOTdkNjhjOTRkMWM5YmI5YzhlZGM1OWI0ODhhXzQ5NDc4MDI0MDI0OTI_173eac6c-bcbe-4fa9-a545-dd90d97b8cc3": { "value": "
AmRest as a group of dynamic developing entities running operations in many markets and various restaurant business
segments is under constant analysis of the Board of Directors. The Board is also constantly reviewing the way business
is analysed and adjusts it accordingly to changes in the Group\u2019s structure as a consequence of strategic decisions.
Group produces various reports, in which its business activities are presented in a variety of ways. Operating segments
are set on the basis of management reports used by the Board when making strategic decisions. The Board of Directors
analyses the Group\u2019s performance by geographical breakdown in divisions described in the table below.
Own restaurant and franchise business is analysed for four operating segments presenting Group\u2019s performance in
geographic breakdown. Geographical areas are identified based on the similarity of products and services, similar
characteristics of the production process and of the customer base and economic similarities (i.e. exposure to the same
market risks). Fifth segment includes in general non-restaurant business.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF81MjcvZnJhZzo5N2Y2Mzk3ZDY4Yzk0ZDFjOWJiOWM4ZWRjNTliNDg4YS90ZXh0cmVnaW9uOjk3ZjYzOTdkNjhjOTRkMWM5YmI5YzhlZGM1OWI0ODhhXzQ5NDc4MDI0MDI0OTI_cb1892f6-9bae-46d9-8711-c978c14d6299": { "value": "
AmRest as a group of dynamic developing entities running operations in many markets and various restaurant business
segments is under constant analysis of the Board of Directors. The Board is also constantly reviewing the way business
is analysed and adjusts it accordingly to changes in the Group\u2019s structure as a consequence of strategic decisions.
Group produces various reports, in which its business activities are presented in a variety of ways. Operating segments
are set on the basis of management reports used by the Board when making strategic decisions. The Board of Directors
analyses the Group\u2019s performance by geographical breakdown in divisions described in the table below.
Own restaurant and franchise business is analysed for four operating segments presenting Group\u2019s performance in
geographic breakdown. Geographical areas are identified based on the similarity of products and services, similar
characteristics of the production process and of the customer base and economic similarities (i.e. exposure to the same
market risks). Fifth segment includes in general non-restaurant business.
AmRest Group presents consolidated income statement using a classification based on function of expense method.
Historically consolidated income statement was prepared by function \u2013 since AmRest was quoted on the Warsaw Stock
Exchange in 2005, which is a common practice on Polish market. Group considers that analysis of restaurant expenses,
franchise and other expenses and information regarding result in the functional area provides more relevant information.
Basic EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year (including treasury shares, vested options under share based programs,
number of shares to be transferred as a consideration for acquisition).
Diluted EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year, adjusted by the weighted average number of ordinary shares that would
be issued on conversion of all dilutive potential ordinary shares into ordinary shares (unvested options for open share
based payments programs).
Transactions with related parties are carried out in accordance with market regulations.38.\u00a0 Significant accounting policies
a.\u00a0 Basis of consolidation
Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and
assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set
of activities and assets is a business, the Group assesses 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 business. The optional concentration test is met if substantially all of the fair value of the
gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at
acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre\u2011existing relationships. Such
amounts are generally recognised in profit or loss.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and
settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each
reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
Subsidiaries
Subsidiaries are entities controlled by the Group.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee
if, and only if, the Group has:
-Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities\u00a0 of the
investee),
-Exposure, or rights, to variable returns from its involvement with the investee,
-The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until the date the Group
ceases to control the subsidiary.
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any
related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained
in the former subsidiary is measured at fair value when control is lost.
Non-controlling interests and transactions with non-controlling interests
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control over subsidiary company are
recognised as equity transactions. In such cases, the Group adjusts the carrying amount of the controlling and non-
controlling interest and effect of transactions with non- controlling interest is presented in equity items allocated to the
owners of the parent.
Interests in equity-accounted investees
The Group\u2019s interests in equity\u2011accounted investees comprise interests in associates and a joint venture.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the
Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and the joint venture are accounted for using the equity method. They are initially recognised at
cost, which includes transaction costs. The Group\u2019s investment in equity-accounted investees includes goodwill (net of
any potential accumulated impairment write-downs), determined as of the acquisition date. Subsequent to initial
recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity
accounted investees, until the date on which significant influence or joint control ceases.
Transactions eliminated on consolidation
Intra\u2011group balances and transactions, and any unrealised income and expenses arising from intra\u2011group transactions,
are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the
investment to the extent of the Group\u2019s interest in the investee. Unrealised losses are eliminated in the same way as
unrealised gains, but only to the extent that there is no evidence of impairment.
b.\u00a0 Foreign currency
Functional currencies and presentation currency
The Group\u2019s consolidated financial statements are presented in euros.
For each entity, the Group determines the functional currency and items included in the financial statements of each entity
are measured using that functional currency.
The Group uses European Central Bank\u2018s exchange rates for currency translations. For Russian rouble the Group is
using exchange rate as published by National Bank of Russia as European Central Bank has suspended its publication of
a euro reference rate for the Russian rouble from 1 March 2022.
The functional currency of none of the subsidiaries is the currency of a hyperinflationary economy as at 31 December
2022.
Foreign currency transactions
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the
exchange rates at the dates of the transactions. For simplification monthly income statements are translated using
average monthly exchange rates based on the European Central Bank rates.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rate at the reporting date. Non\u2011monetary assets and liabilities that are measured at fair value in a foreign
currency are translated into the functional currency at the exchange rate when the fair value was determined.
Non\u2011monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate
at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within
finance costs.
However, foreign currency differences arising from the translation of the following items are recognised in OCI:
-An investment in equity securities designated as of FVOCI,
-A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is
effective,
-Qualifying cash flow hedges to the extent that the hedges are effective.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are
translated into euro at the exchange rates at the dates of the transactions.
Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that
the translation difference is allocated to NCI. On disposal of a foreign operation, the component of OCI relating to that
particular foreign operation is reclassified to profit or loss.
c.\u00a0 Non-current assets held for sale and discontinued operations
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount and fair value\u00a0 less costs to sell. Costs to
sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs
and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or
disposal group is available for immediate sale in its present condition. Actions required to complete the sale should
indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell\u00a0 will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from
the date of the classification.\u00a0
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
position.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
-Represents a separate major line of business or geographical area of operations,
-Is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or
-Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the statement of profit or loss.
d.\u00a0 Revenues
The Group operates chains of own restaurants under own bands as well as under franchise license agreements.
Additionally Group operates as franchisor (for own brands) and master-franchisee (for some franchised brand), and
develops chains of franchisee businesses, organizing marketing activities for the brands, and supply chain.
Revenue from contracts with customers is recognised when control of the goods or services is transferred to the
customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those
goods or services.
Restaurant sales
Revenues from the sale of goods by owned restaurants are recognised as Group sales when a customer purchases the
goods, which is when our obligation to perform is satisfied. These revenues are presented in \u201cRestaurant sales\u201d line in
the Consolidated Income Statement.
Franchise and other sales: owned brands
\u2022Royalty fees (based on percentage of the applicable restaurant\u2019s sales) are recognised as the related sales occur.
Royalty fees are typically billed and paid monthly.
\u2022Initial fees, renewal fees: for each brand separately, the Group analyses if the activities performed are distinct from
the franchise brand. If they do not represent a separate performance obligation they are recognised on a straight-line
basis over the contract duration. If they represent a separate obligation, the Group estimates the allocation of the
part of the transaction price to that performance obligation.
\u2022Advertising funds:\u00a0 for Sushi Group and Bacoa brands the Group operates the advertising funds that are designed to
increase sales and enhance the reputation of the own brands and its franchise owners. Contributions to the
advertising cooperatives are required for both Company-owned and franchise restaurants and are generally based
on a percentage of restaurant sales. Revenues for these services are typically billed and paid on a monthly basis.
Advertising services that promote the brand (rather than an individual location), such as national advertising
campaigns, are not separable between different franchise agreements or franchisees, and not distinct because the
services and franchise right are highly dependent and interrelated with each other. The sales-based advertising fund
contributions from franchisees are recognised as the underlying sales occur, are reported gross as part of revenue
and presented in line \u201cFranchise and other sales\u201d. Own restaurants participation in marketing costs as an element is
presented as element of operational costs.
\u2022Revenue from sale of products to franchisees is recognised at the moment of transaction which is when our
obligation to perform is satisfied.
Franchise and other sales: master-franchise agreements
As a result of signed Master Franchise Agreements (MFAs) for different Pizza Hut concepts, YUM (\u201cMaster Franchisor\u201d)
granted AmRest (\u201cMaster Franchisee\u201d) Master Franchise Rights for the agreed term in the particular territories.
Intellectual property is exclusive property of Master Franchisor and Master Franchisor grants AmRest a license to use it in
the agreed territory. Under the Master Franchise Agreement parties established the development commitments for
development periods.
Performance obligations identified:
\u2022AmRest\u2019s performance obligation to YUM: to develop the market by opening new restaurants (either AmRest own or
sub-franchises) and promote the YUM\u2019s brand by performing marketing activities. Managing marketing fund is not
distinct from the development of the market, and no separate remuneration was agreed between parties for those
services. Various streams of cash flows are agreed in MFA: AmRest collects initial fees and transfers them to YUM,
AmRest manages the marketing fund (collects revenue based contributions from owned and sub-franchised
restaurants and spends them on marketing activities, any unspent amount is to be paid to YUM and YUM spends it
on national campaigns at its discretion). If a certain point of market development level is reached, AmRest is enabled
to receive a bonus that represents the transaction price for the service performed for the Master Franchisor. To
reflect the substance of the transaction, incomes from sub franchisees from initial and marketing fees are netted with
the initial fees paid/actual marketing expenses and bonus earned.
\u2022AmRest\u2019s performance obligation to sub-franchisees: to grant sub-franchisees the right to use the system, system
property etc. and other services solely in connection with the conduct of the business at the outlet (sub-licensing
from YUM). The transaction price is agreed in the form of sales based royalties paid by franchisees. Initial fees and
renewal fees paid by franchisees are part of other performance obligations (described above). Corresponding costs
of acquiring license right from Yum are presented within costs of sales of franchise activities in the line \u201cFranchise
and other expenses\u201d.
Loyalty points programs
The Group has various loyalty points programs where retail customers accumulate points for purchases made which
entitle them to discount on future purchases. The loyalty points give rise to a separate performance obligation as they
provide a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to
customers based on relative stand-alone selling price and recognised as a contract liability until the points are redeemed.
Revenue from the award points is recognised when the points are redeemed or when they expire or are likely to expire.
When estimating the stand-alone selling price of the loyalty points, the Group considers the likelihood that the customer
will redeem the points.
Gift cards
Gift cards may be issued to the guests in some brands and redeemed as a payment form in subsequent transactions.
The Group records a contract liability in the period in which gift cards are issued and proceeds are received. This liability
is calculated taking into account the probability of the gift cards\u2019 redemption. The redemption rate is calculated based on
own and industry experience, historical and legal analysis. Revenue is recognised when a performance obligation is
fulfilled and a guest redeems the gift cards.
e.\u00a0 Government grants
Government grants that compensate the Group for expenses incurred are recognised in profit or loss as other operating
income on a systematic basis in the periods in which the expenses are recognised, unless the conditions for receiving the
grant are met after the related expenses have been recognised. In this case, the grant is recognised when it becomes
receivable.
f.\u00a0 Income tax
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it
relates to a business combination, or items recognised directly in equity or in OCI.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable
is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if
any. It is measured using tax rates enacted or substantively enacted at the reporting date.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes at the reporting date.\u00a0
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that itis no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered. Depending on the tax
jurisdiction where the Group\u2019s subsidiaries operate recoverability of deferred taxes is assessed taking into account
potential time expiry of availability of deferred tax utilisation (e.g. in case of tax losses).
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when\u00a0 the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in OCI or directly in equity.
Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that
date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either
treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement
period or recognised in profit or loss.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to
settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in
each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or
recovered.
g.\u00a0 Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The Group as a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the
consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the
leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease
components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and
adjusted for certain remeasurements of the lease liability.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-
line basis. If the group is reasonably certain to exercise a purchase option, the right of-use asset is depreciated over the
underlying asset\u2019s useful life.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental
borrowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources
(differentiated by currency of the debt) and makes certain adjustments to reflect the terms of the lease, based on long-
term IRS quotation.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment
made (amortised cost using the effective interest method). It is remeasured when there is:
-a change in future lease payments arising from a change in an index or rate,
-a change in the estimate of the amount expected to be payable under a residual value guarantee, or
-changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group incurs expenses on maintenance, security and promotion in the shopping malls (so called \u201ccommon area
charges\u201d). These items are separate services (non-lease components) and are recognised as an operating expenses.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-
term leases. The Group recognises the lease payments associated with these leases as an expenses on a straight-line
basis over the lease term.
COVID-19-related rent concessions
The Group has applied COVID-19-Related Rent Concessions \u2013 Amendments to IFRS 16. The Group applies the practical
expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the COVID-19
pandemic are lease modifications. The Group applied the practical expedient consistently to contracts with similar
characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the
practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease
modification.
The Group as a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the
contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it
determines at lease inception whether each lease is a finance lease or an operating lease.
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 with reference to the right-of-use asset arising from the head lease, not
with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption
described above, then it classifies the sub-lease as an operating lease.
Rental income arising from operating lease is accounted for on a straight-line basis over the lease terms and included in
other income in the income statement.
h.\u00a0 Property, plant and equipment
Items of property, plant and equipment (PPE) are measured at cost less accumulated depreciation and any accumulated
impairment losses.
The initial value of the property, plant and equipment of new restaurants built internally (such as construction sites and
leasehold improvements in restaurants) include the cost of materials, direct labour, costs of architecture design, legal
assistance, the present value of the expected cost for the decommissioning of an asset after its use, wages and salaries
and benefits of employees directly involved in launching a given location.
The Group capitalizes the restaurants costs mentioned above incurred from the moment when the completion of the
project is considered likely. In the event of a later drop in the probability of launching the project at a given location, all the
previously capitalized costs are transferred to the income statement.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as
separate items (major components) of property, plant and equipment.
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the
expenditure will flow to the Group. All other repairs and maintenance are charged to the income statement during the
financial period in which they are incurred.
Gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss, under \u201eother operating
gains and losses\u201d.
Amortisation and depreciation
Property, plant and equipment, including their material components, are depreciated on a straight-line basis over the
expected useful life of the assets/components. Land is not depreciated. Construction in progress is stated at cost, net of
accumulated impairment losses, if any.
The estimated useful lives of property, plant and equipment are as follows:
Buildings, mainly drive- through restaurants
30 - 40 years\u00a0
Costs incurred on the development of restaurants (including leasehold improvements and
costs of development of the restaurants)
10 - 20 years *
Kitchen equipment assets
3 - 14 years\u00a0
Vehicles
4 - 6\u00a0 years\u00a0
Other property, plant and equipment
3 - 10 years\u00a0
* over the lease term
The residual value, depreciation method and economic useful lives are reassessed at least annually.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other
borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds.
i.\u00a0 Franchise, license agreements and other fees
The Group operates own restaurants on the basis of franchise agreements (third party brands). In accordance with the
franchise agreements, the Group is obliged to pay a non-reimbursable initial fee upon opening each new restaurant and
further fees over the period of the agreement (in the amount of a % of sales revenues, usually 5-6%), and to allocate a %
of revenues (usually 5%) to advertising activities specified in the respective agreements. Moreover, after the end of the
initial period of the franchise agreement, the Group may renew the franchise agreement after paying a renewal fee.
Non-reimbursable initial fees are in fact fees for the right to use the trademark and are included in intangible assets and
amortised over the period of the franchise (usually 10 years). Further payments made in the period of the agreement are
disclosed in the income statement upon being made. Fees for extending the validity of the agreements are amortised as
of the date of a given extension agreement coming into force.
The local marketing fee is recognised in the income statement as incurred in category direct marketing costs.
j.\u00a0 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Acquired licenses for computer software
are capitalized on the basis of costs incurred to acquire and prepare specific software for use.
Franchise right of use for Pizza Hut, KFC, Burger King and Starbucks trademarks are recognised at the acquisition price.
The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure
is reflected in profit or loss in the period in which the expenditure is incurred. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset
to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised
in profit or loss as incurred.
Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or
at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
basis.\u00a0
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the
asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in
accounting estimates. The estimated useful lives of assets are as follows:
Intangible asset
Acquired routinely
Computer software
3-5 years\u00a0
Franchise rights
5-10 years
Other intangible assets
5-10 years
Acquired in business combinations
Intangible asset category
La Tagliatella brand
Marketing related
indefinite
Sushi Shop brand
Marketing related
indefinite
Blue Frog brand
Marketing related
20 years
Sushi Shop loyalty program
Customer related
10 years
La Tagliatella franchisee relations
Customer related
24 years
Favourable lease agreements
Contract based
2-10 years over the period to the end of
the agreement
Clients\u2019/vendors\u2019/ Franchise databases
Customer related
2-5 years
Exclusivity rights brand operator
Customer related
6-12 years
k.\u00a0 Goodwill
Goodwill on acquisition of a business\u00a0 is initially measured at acquisition cost which is an excess of:
\u2022the sum total of:
othe consideration paid,
othe amount of all non-controlling interest in the acquiree, and
oin the case of a business combination achieved in stages, the fair value, at the acquisition-date, of an
interest in the acquiree,
\u2022over the net fair value of the identifiable assets and liabilities at the acquisition date.
Goodwill on consolidation is disclosed in a separate line in the statement of financial position and measured at cost net of
accumulated impairment write-downs. Goodwill is tested for impairment annually or more frequently if events or changes
in circumstances indicate that the carrying amount may be impaired.
Goodwill of foreign operations is translated into euro at the exchange rates at the reporting date. Gains and losses on the
disposal of an entity include the carrying amount of goodwill allocated to the entity sold.
l.\u00a0 Impairment of non-financial assets
The Group periodically reviews the carrying amounts of its non\u2011financial assets (other than investment property,
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication
exists, then the asset\u2019s recoverable amount is estimated for the purpose of impairment test.
A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined
for the cash-generating unit to which the asset belongs.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell.
Goodwill arising from a business combination is allocated groups of CGUs that are expected to benefit from the synergies
of the combination.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are recognised in profit or loss in line \u201cNet impairment losses on other assets\u201d They are allocated first
to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other
assets in the CGU.
An assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the
extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. The reversal of impairment losses in recognised
in line \u201c Net impairment losses on other assets\u201d.
Group performs in general two types of impairment tests: on restaurant levels, when impairment indicators exists and for
businesses were goodwill is assigned or impairment indicators identified.
Restaurants tests - procedure performed twice a year
Usually individual restaurants are considered separate CGUs in Group.
Twice a year out of all Group\u2019s own restaurants that are operating over 24 months in AmRest structures are checked for
impairment indicators.\u00a0 If at least one of the below indicators is met, then a restaurant impairment test is performed.
\u2022Restaurant EBITDA for last 12 month is negative.
\u2022Store was already fully or partially impaired during previous impairment processes.
\u2022Store is planned to be closed or sold after 3 months.
If one of the above indicators is identified for the store then the restaurant is tested for impairment. Value in use is usually
determined for the remaining estimated period of operation, as well analysis of potential onerous liabilities (mainly for
rental agreement costs) is performed for planned closures.
Regularly the Group also tests restaurants for which in past the impaired loss was recognised, in order to determine if any
reversal is required.
For recoverable value calculations of value in use, Group uses cash flow projections based on financial budgets that
require relevant judgments and estimates that include, among others, growth in sales and costs and applied discount
rates. In the event that the fair value less costs of sale is used as a reference, market references are used that take into
account, among others, location and updated market information.
Upon application of the IFRS 16 carrying amount of the tested restaurants includes also carrying amount of right of use of
assets in respective restaurants. Value in use is based on the estimated future cash flows, discounted to their present
value using a post\u2011tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU. In case the Group believes the asset tested within CGU will be recovered through the sale,
sublease or reallocation into another restaurant the respective adjustment is made in determining final impairment
charge. Discounted cash flows do not include outflows relates to rental agreements as those are considered an element
of financing under IFRS 16 and reflected in discount rate applicable for test.
Goodwill tests - unless impairment indicators exist, procedure performed once a year
For businesses where goodwill is allocated impairment tests are performed at least once a year. Goodwill is testes
together with intangibles (including those with indefinite useful lives), property plant and equipment, right of uses assets
as well other non-current assets allocated to groups of CGUs where goodwill is monitored. If impairment indicators exist
additional tests are performed. Following indicators are analysed:
Arising from external sources of information such as:
\u2022Significant adverse changes that have taken place (or are expected in the near future) in the technological, market,
economic or legal environment in which the entity operates or in its markets,
\u2022Increases in interest rates, or other market rates of return, that might materially affect the discount rate used in
calculating the asset\u2019s recoverable amount.
Arising from internal sources of information, including:
\u2022Plans to discontinue or restructure the\u00a0 operation to which the asset belongs, as well as\u00a0 reassessing the asset\u2019s
useful life from indefinite to finite,
\u2022Deterioration in the\u00a0 expected level of the asset\u2019s performance i.e. when the actual net cash\u00a0 outflows or operating
profit or loss are significantly worse than budgeted,
\u2022Where management\u2019s own forecasts of future net cash inflows or operating profits show a significant\u00a0 decline from
previous budgets and forecasts.
Materiality applies in determining whether an impairment review is required. If previous impairment reviews have shown a
significant excess of recoverable amount over carrying amount, no review would be necessary in the absence of an event
that would eliminate the excess. Previous reviews might also have shown that an asset\u2019s recoverable amount is not
sensitive to one or more of the impairment indicators.
The recoverable amounts is assessed using fair values less costs of disposal model based on the discounted cash flows.
For recoverable value calculations, the Group uses cash flow projections based on financial budgets that require
judgment and other estimates that include, among others, the operating result on sales and the discount and growth rates
at long term.
Post tax rate is applied, and implied pre-tax rate subsequently determined.
Discounted cash flows do not include outflows relates to rental agreements as those are considered an element of
financing under IFRS 16 and reflected in discount rate applicable for test.
Sensitivity analysis is performed as an element of impairment tests procedures.
m.\u00a0 Investment properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition,
investment properties are stated at fair value.
Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period
in which they arise, including the corresponding tax effect, when applicable.
n.\u00a0 Inventories
Inventories include mainly materials and goods for resale. Inventories are stated at the lower of cost and net realizable
value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs
of\u00a0completion and the estimated costs necessary to make the sale.
o.\u00a0 Cash and cash equivalents
Cash reported in the statement of financial position comprises cash at banks and on hand, short-term deposits with a
maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts if they are considered an integral part of the Group\u2019s cash
management.
p.\u00a0 Financial assets
The Group classifies its financial assets in the following measurement categories:
\u2022Those to be measured subsequently at fair value through other comprehensive income (FVOCI),
\u2022Those to be measured subsequently at fair value through profit or loss (FVTPL),
\u2022Those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in
equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through other comprehensive income
(FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets
changes.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits
to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial
assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of
ownership.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and
interest. A trade receivable without a significant financing component is initially measured at the transaction price.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the
cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt
instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Interest income from these financial assets is
included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is
recognised directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and
losses. Impairment losses are presented as a separate line item in the statement of profit or loss,
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue
and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and
recognised in other gains/ (losses). Interest income from these financial assets is included in finance income using
the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and
impairment expenses are presented as separate line item in the statement of profit or loss,
-FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a
debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within
other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to
present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to
receive payments is established.
Changes in the fair value of financial assets at FVTPL are recognised in other operating gains/(losses) in the statement of
profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The Group recognises loss allowance for expected credit losses (ECLs) on:
\u2022Financial assets that are debt instruments such as loans, debt securities, bank balances and deposits and trade
receivables that are measured at amortised cost,
\u2022Financial assets that are debt instruments measured at fair value through other comprehensive income,
\u2022Finance lease receivables and operating lease receivables,
\u2022Contract assets under IFRS 15.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit
risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL). The changes in the loss allowance balance are
recognised in profit or loss as an impairment gain or loss.
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
flows of that financial asset have occurred. Evidence that a financial asset is impaired includes observable data about
such events.
The Group applied the simplified approach for:
\u2022all trade receivables or contract assets that result from transactions within the scope of IFRS 15, and that contain a
significant financing component in accordance with IFRS 15,
\u2022all lease receivables that result from transactions that are within the scope of IAS 17 and IFRS 16 (when applied).
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
q.\u00a0 Financial liabilities
Financial liabilities are classified as measured at amortised cost or FVTPL.
A financial liability is classified as of FVTPL if it is classified as held\u2011for\u2011trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any
interest expense, are recognised in profit or loss. The Group has not designated any financial liability as of fair value
through profit or loss.
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest
expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also
recognised in profit or loss. This category generally applies to interest-bearing loans and borrowings.
Initially, borrowings are recognised in the books of account at the fair value net of transaction costs associated with the
borrowing. Subsequently, borrowings are recognised in the books of account at amortised cost using the effective interest
rate.
The liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss. Borrowings are
classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial
position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on
a net basis, to realise the assets and settle the liabilities simultaneously.
r.\u00a0 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-
measured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of the item being hedged.
Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken
directly to profit or loss for the period.
The Group designates certain derivatives as either:
\u2022Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge), or
\u2022Hedges of a net investment in a foreign operation (net investment hedge).
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and
hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in
the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its
hedge transactions.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is
recognised in other comprehensive income and accumulated in the hedging reserve. The gain or loss relating to the
ineffective portion is recognszed immediately in the income statement under \u2018other financial income or costs \u2013 net\u2019.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair
value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the
effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge
reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward
element\u2019) is recognised within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate
the full change in fair value of the forward contract (including forward points) as the hedging instrument. In such cases,
the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised
in the cash flow hedge reserve within equity.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or
is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the
amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified
to the income statement under \u2018other financial income or costs \u2013 net\u2019.\u00a0
Net investment hedge
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges.
Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other
comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Gains and losses accumulated in equity are included in the income
statement when the foreign operation is partially disposed of or sold.
Hedge is effective if:
\u2022There is economic relationship between hedged item and hedging instrument,
\u2022The effect of credit risk does not dominate the value changes,
\u2022The actual hedge ratio (designated amount of hedged item/designated of hedged instrument) is based on the
amounts the Group is us using for risk management.
The Group uses loans as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries.
s.\u00a0 Share based payments and employee benefits
Share-based payments
The Group has both equity-settled share-based programs and cash-settled share-based programs.
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to awarding fair value at the grant date.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in
which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled
to the award (\u201cvesting date\u201d). The cumulative expense is recognised for equity-settled transactions at each reporting date
until the vesting date reflects the extent to which the vesting period has expired and the number of awards that, in the
opinion of the parent\u2019s Management Board at that date, based on the best available estimate of the number of equity
instruments, will ultimately vest.
Cash-settled transactions
Cash-settled transactions have been accounted since 2014 as a result of a modification introduced to existing share-
based programs. Some programs were modified so that they may be settled in cash or in shares upon decision of a
participant. As a result, the Group re-measures the liability related to cash-settled transaction.
The liability is subsequently measured at its fair value at every balance sheet date and recognised to the extent that the
service vesting period has elapsed, with changes in liability valuation recognised in income statement. Cumulatively, at
least at the original grant date, the fair value of the equity instruments is recognised as an expense (share-based
payment expense).
At the date of settlement, the Group remeasures the liability to its fair value. The actual settlement method selected by the
employees, will dictate the accounting treatment:
\u2022If cash settlement is chosen, the payment reduces the fully recognised liability,
\u2022If the settlement is in shares, the balance of the liability is transferred to equity, being consideration for the shares
granted. Any previously recognised equity component shall remain within equity.
Long-term employee benefits based on years in service
The net value of liabilities related to long-term employee benefits is the amount of future benefits which were vested in
the employees in connection with the work they have carried out them in the current and past periods. The liability was
accounted for based on the estimated future cash outflows, and at the balance sheet date, the amounts take into
consideration the rights vested in the employees relating to past years and to the current year.
Retirement benefit contributions
During the financial period, the Group pays mandatory pension plan contributions dependent on the amount of gross
wages and salaries payable, in accordance with legally binding regulations. The public pension plan is based on the pay-
as-you-go principle, i.e. the Group has to pay contributions in an amount comprising a percentage of the remuneration
when they mature, and no additional contributions will be due if the Company ceases to employ the respective staff. The
public plan is a defined contribution pension plan. The contributions to the public plan are disclosed in the income
statement in the same period as the related remuneration, under \u201cPayroll and employee benefits\u201d.
t.\u00a0 Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle\u00a0 the obligation and a reliable
estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only
when the reimbursement is virtually certain. The expense relating to\u00a0 a provision is presented in the statement of profit or
loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
Costs of bringing the location to the condition it had been in before the lease agreement was signed
Depending on particular contracts the Group may be obliged to bring the location to the condition it had been in before
the lease agreement was signed. Asset retirement provision costs are provided for at the present value of expected costs
to settle the obligation using estimated cash flows and are recognised as part of the cost of the relevant asset (leasehold
improvement asset within PPE section).
The unwinding of the discount is expensed as incurred and recognised in the statement of profit or\u00a0 loss as a finance
cost. The estimated future costs of decommissioning are reviewed periodically and adjusted if needed.
Development commitments unattained
Group restaurants are operated under franchise and development agreements with YUM! and subsidiaries of YUM!,
Burger King Europe GmbH, Starbucks Coffee International, Inc. In accordance with these agreements, the Group is
obliged to meet certain development commitments as well as maintain the identity, reputation and high operating
standards of each brand.
Certain development commitments may be determined on annual basis and may result in recognition of agreed bonuses
if case the development commitments are satisfied or exceeded. Alternatively if the Group believes the commitments will
not be attained the respective provision are recognized. The Group considers all available fact and circumstances to
determine the risks related to future liabilities including planned openings as included in the annual operating plan for next
reporting year.
The provisions are periodically reviewed. The net expenses/gains relating to a provision are presented in the statement of
profit or loss in other operating incomes/expenses section.
Contingent liabilities and assets
A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of
economic benefits to the entity. Contingent assets are not recognised in financial statements since this may result in the
recognition of income that may never be realised. A contingent asset is disclosed, where an inflow of economic benefits is
probable.
u.\u00a0 Equity
Equity includes equity attributable to shareholders of the parent and non-controlling interests.
Equity attributable to shareholders of the parent is grouped into the following:
\u2022Share capital,
\u2022Reserves,
\u2022Retained earnings,
\u2022Translation reserve.
The effect of the following transactions is presented under reserves:
\u2022Share premium\u00a0 (surplus over nominal amount) and additional contributions to capital without the issue of shares
made by the shareholders prior to becoming public entity,
\u2022Effect of accounting for put options over non-controlling interests,
\u2022Effect of accounting for share-based payments,
\u2022Treasury shares,
\u2022Effect of hedges valuation,
\u2022Effect of accounting for transactions with non-controlling interests.
Share capital
Ordinary shares are classified as share capital. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction from the proceeds. The income tax effect relating to transaction costs of an equity
transaction is also accounted for in equity.
Treasury shares
When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly
attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and
are presented in \u201cReserves\u201d.
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion
of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF81MjcvZnJhZzo5N2Y2Mzk3ZDY4Yzk0ZDFjOWJiOWM4ZWRjNTliNDg4YS90ZXh0cmVnaW9uOjk3ZjYzOTdkNjhjOTRkMWM5YmI5YzhlZGM1OWI0ODhhXzU0OTc1NTgyMTY0MDA_06751d5d-bf66-4760-b4fa-c853f4d6b5e7": { "value": "
YEAR ENDED
31 December 2022
31 December 2021
Revenue from external customers
Poland
580.2
462.5
Czechia
282.2
204.0
Spain
305.2
232.8
France
309.4
313.5
Russia
295.3
185.2
Germany
173.0
128.7
Hungary
151.7
122.2
China
82.6
100.2
6.\u00a0 Revenues
The Group operates chains of own restaurants under own brands as well as under franchise license agreements.
Additionally, the Group operates as franchisor (for own brands) and master-franchisee (for some franchised brand) and
develops chains of franchisee businesses, organizing marketing activities for the brands and supply chain. Consequently,
the Group analyses two streams of revenue:
- Restaurant sales,
- Franchise and other sales.
This is reflected in the format of Group\u2019s consolidated income statement. Details of revenues streams are also presented
in note 38d. Additional disaggregation by geographical market is included in the note 5.
Restaurant sales
Restaurant revenues are the most significant source of revenues representing over 94% of total revenues.
Group's customers are mainly individual guests, that are served in the restaurants, therefore the Groups\u2019 customer base
is widely spread. There are no significant concentrations of revenues risks. Payments for the restaurant sales are settled
generally immediately in cash or by credit, debit and other cards. There are no material credit risks related to this type of
operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF81MjcvZnJhZzo5N2Y2Mzk3ZDY4Yzk0ZDFjOWJiOWM4ZWRjNTliNDg4YS90ZXh0cmVnaW9uOjk3ZjYzOTdkNjhjOTRkMWM5YmI5YzhlZGM1OWI0ODhhXzU0OTc1NTgyMTY0MDA_8e5cb1cd-e3c8-4725-8445-9f7ae3f2a03d": { "value": "
YEAR ENDED
31 December 2022
31 December 2021
Revenue from external customers
Poland
580.2
462.5
Czechia
282.2
204.0
Spain
305.2
232.8
France
309.4
313.5
Russia
295.3
185.2
Germany
173.0
128.7
Hungary
151.7
122.2
China
82.6
100.2
6.\u00a0 Revenues
The Group operates chains of own restaurants under own brands as well as under franchise license agreements.
Additionally, the Group operates as franchisor (for own brands) and master-franchisee (for some franchised brand) and
develops chains of franchisee businesses, organizing marketing activities for the brands and supply chain. Consequently,
the Group analyses two streams of revenue:
- Restaurant sales,
- Franchise and other sales.
This is reflected in the format of Group\u2019s consolidated income statement. Details of revenues streams are also presented
in note 38d. Additional disaggregation by geographical market is included in the note 5.
Restaurant sales
Restaurant revenues are the most significant source of revenues representing over 94% of total revenues.
Group's customers are mainly individual guests, that are served in the restaurants, therefore the Groups\u2019 customer base
is widely spread. There are no significant concentrations of revenues risks. Payments for the restaurant sales are settled
generally immediately in cash or by credit, debit and other cards. There are no material credit risks related to this type of
operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF81NTUvZnJhZzpjMGE1ODJmNzUyNWQ0OTQ4OWYzOWYxOWMyYjgwOTg1My90ZXh0cmVnaW9uOmMwYTU4MmY3NTI1ZDQ5NDg5ZjM5ZjE5YzJiODA5ODUzXzI2Mzg4Mjc5MTM1NzI4_c7510cfb-0a5c-417c-8981-afb57d51f1f6": { "value": "7.\u00a0 Operating costs and losses
AmRest Group presents consolidated income statement using a classification based on function of expense method.
Historically consolidated income statement was prepared by function \u2013 since AmRest was quoted on the Warsaw Stock
Exchange in 2005, which is a common practice on Polish market. Group considers that analysis of restaurant expenses,
franchise and other expenses and information regarding result in the functional area provides more relevant information.
The table below presents an additional analysis of operating expenses by nature.
YEAR ENDED
31 December 2022
31 December 2021
Food, merchandise and other materials
805.9
580.4
Payroll
525.3
453.6
Social security and employee benefits
128.1
110.2
Royalties
118.4
89.9
Utilities
115.2
76.1
Marketing expenses
98.0
78.1
Delivery fees
91.3
81.0
Other external services
122.0
103.1
Occupancy cost
31.7
15.9
Depreciation of right-of-use assets
147.0
133.4
Depreciation of property, plant and equipment
92.9
91.6
YEAR ENDED
31 December 2022
31 December 2021
Amortisation of intangible assets
12.0
12.0
Other
21.0
17.2
Total cost by nature
2\u00a0308.8
1\u00a0842.5
YEAR ENDED
31 December 2022
31 December 2021
Amortisation of intangible assets
12.0
12.0
Other
21.0
17.2
Total cost by nature
2\u00a0308.8
1\u00a0842.5
YEAR ENDED
31 December 2022
31 December 2021
Amortisation of intangible assets
12.0
12.0
Other
21.0
17.2
Total cost by nature
2\u00a0308.8
1\u00a0842.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF81ODAvZnJhZzpkYTJjOTNkY2VlNGI0NTBkOTcyZDY3NDIxZjU1ODRkYS90ZXh0cmVnaW9uOmRhMmM5M2RjZWU0YjQ1MGQ5NzJkNjc0MjFmNTU4NGRhXzQ5NDc4MDIzODE1ODY_682c0fa3-96b7-4f98-b04b-a63c8e9464bd": { "value": "
8.\u00a0 Other operating income/expenses
YEAR ENDED
31 December 2022
31 December 2021
Government grants for payroll and employee benefits
0.4
10.5
Government grants for rent and other
1.6
26.7
Supply chain services
7.8
7.7
Franchise agreements related provision
0.6
(1.0)
Reversal (creation) of provision
2.3
(1.1)
Compensations and insurance claims
2.9
-
Other gains and losses
3.7
4.9
19.3
47.7
17.\u00a0 Impairment of non-current assets
Details of impairments losses recognised:
YEAR ENDED
Note
31 December 2022
31 December 2021
Net impairment of property, plant and equipment
13
3.7
18.1
Net impairment of intangible assets
15
(0.9)
3.0
Net impairment of right of use assets
14
5.2
(3.0)
Net impairment of goodwill
16
46.9
-
Net impairment losses of non- current non financial assets
54.9
18.1
period and corrected by local specifics and characteristics of a given restaurant. This reflects the specifics of Group\u2019s
operations, where business is conducted through multiple, individually small operating units.
In the event that the fair value less costs of sale is used as a reference, market references are used that take into
account, among others, location and updated market information.
Carrying amount of each CGU consists of carrying amount of above described assets of the restaurants. Value in use is
determined through the discounted cash flows analysis, without the base rental charge.
As presented below it can be observed that discount rates used for the impairment test have increased comparing to year
end 2021 tests. This is the effect of turbulences on the global market due to pandemic and increases in markets risk
premiums and/or risk-free rates. Discounts rates applied are shown in the table below.
Post-tax discount rate 31
December 2022
Implied pre-tax discount
rate
Pre-tax discount rate
30 June 2022
Pre-tax discount rate 31
December 2021
Spain
10.9%
14.6%
10.4%
8.6%
Germany
8.9%
12.7%
9.4%
7.2%
France
7.2%
9.6%
9.2%
7.1%
Details of impairments losses recognised per category of assets (property, plant and equipment, right of use assets,
intangible assets or goodwill) are presented in notes 13, 14, 15 and 16.
Recognized impairment losses do not relate to any individual significant items, but to numerous restaurants tested during
the year. This reflects the specifics of Group\u2019s operations, where business is conducted through multiple, individually
small operating units.
Summary of impairment tests results on the level of restaurants for the year ended 31\u00a0December 2022 is presented in the
table below:
YE 2022
Impairment loss
Impairment reversals
Net/Total
Number of units tested
459.0
Units with impairment/reversal recognised
131.0
164.0
Impairment of property, plant and equipment and intangible
assets
12.0
(11.7)
0.3
Impairment of right of use assets
1.8
(0.1)
1.7
Five highest individual impairment loss/ reversals totaled
3.2
(2.6)
Average impairment loss/ reversal per restaurant
0.2
(0.2)
Summary of impairment tests results on the level of restaurants for the year ended 31\u00a0December 2021 is presented in the
table below:
YE 2021
Impairment loss
Impairment reversals
Net/Total
Number of units tested
507.0
Units with impairment/reversal recognised
240.0
93.0
Impairment of property, plant and equipment and intangible
assets
23.5
(2.4)
21.1
Impairment of right of use assets
3.3
(6.3)
(3.0)
Five highest individual impairment loss/ reversals totaled
4.4
(4.5)
Average impairment loss/ reversal per restaurant
0.2
(0.2)
Business (goodwill) level tests
Goodwill and intangibles with undefined useful lives level
The Group performs impairment test for goodwill together with any intangible assets with indefinite useful lives, other
intangibles, property plant and equipment, right of use assets, as well any other non-current assets that operate on the
group of CGUs where goodwill is allocated.
For recoverable value calculations, the Group uses cash flow projections based on financial budgets that require
judgment and other estimates that include, among others, the operating result on sales and the discount and growth rates
at long term.
Mandatory impairment tests are performed at year ends.
Present value technique model (the income approach) is used by Group for the purpose of determining fair value. The
income approach converts future amounts (e.g. cash flows or income and expenses) to a single discounted amount. The
fair value reflects current market expectations about those future amounts. The income approach uses unobservable
inputs, as a result, the fair value measurement is generally classified as Level 3 in the fair value hierarchy.
The cash flows were derived from the most recent budgets, plans for next year and forecasts for the following four years.
The 5th year normalized projections are used to extrapolate cash flows into the future if the 5th year represents a steady
state in the development of the business. The adjustments may be necessary to reflect the expected development of the
business (normalization of cash flows). Growth rates do not exceed the long-term average growth rate for the products,
industries, or country or market in which the asset is used.
The recoverable amount is most sensitive to the discount rate used, growth rate used for extrapolation purposes and the
weighted average budgeted EBITDA margin. The weighted average budgeted EBITDA margin is calculated as an
average for the 5 years projection period i.e. without any impact of the residual value element. Budgeted revenues are
used as weights. Average restaurants sales growth refers to same-store-sales growth rates reflected in impairment
models.
The main input assumptions used in test performed as of year end 2022 are as follows:
YE 2022
Post-tax discount
rate
Implied pre-
tax discount
rate
Growth rate
for residual
value
Average
restaurant sales
growth 2023-2027
Weighted average
budgeted EBITDA
margin
Sushi Shop (all markets)
7.2%
8.8%
1.9%
28.0%
18.1%
Spain \u2013 KFC and TAG
10.9%
13.6%
2.1%
12.6%
22.3%
France \u2013 KFC
7.2%
8.7%
1.9%
4.2%
11.9%
Germany \u2013 Starbucks
8.9%
11.2%
2.4%
15.5%
19.3%
China \u2013 BF
8.9%
11.0%
2.0%
11.1%
24.4%
Romania \u2013 SBX
12.7%
14.3%
3.1%
14.4%
27.2%
Czechia \u2013 KFC
9.3%
10.9%
2.5%
9.6%
23.7%
Hungary \u2013 KFC
14.5%
15.6%
3.9%
10.5%
20.1%
ability to repay in an appreciating local currency remains in place, the Group considers it reasonable to make the
assumption that the country's equivalent credit rating would be in the default threshold \u201cC\u201d (no ability to pay in USD). This
scenario implies a country risk premium of 20.34% and a discount rate of 32.62% for Russia market.
Following key assumption were used when performing impairment test:
HY 2022
Post-tax discount
rate
Implied pre-tax
discount rate
Growth rate for
residual value
Weighted average
budgeted EBITDA
margin
Average total sales
growth
Russia \u2013 KFC
32.6%
38.7%
5.9%
21.2%
6.6%
The Group carried out a sensitivity analysis. For discount rate, growth rate, weighted average budgeted EBITDA margin,
a reasonable possible change was determined as 10% of the input data, applicable for particular unit. Consequently,
each impairment test has a different level of a reasonable change in inputs, which can be determined by multiplying the
base input data used in the impairment test as presented in table above by 10%.
Additionally, Group performed sensitivity analysis on the expected changes in sales revenues recognition. In that case
Group determines reasonable change individually for each business tested. Usually this is in a range of 3-5% decrease of
estimated sales revenues in each year of projection.
The following table presents what change in impairment loss would be accounted if respective input data were changed
by tested percentage, assuming remaining parameters remain stable.
Input/ change in input
(Increase)/ decrease in impairment loss (EUR
million)
Discount rate - in model (post-tax discount rate (32.6%))
-10% of base value
15.7
-5% of base value
7.4
+5% of base value
(6.6)
+10% of base value
(12.5)
Growth rate for residual value - in model (5.9%)
-10% of base value
(0.9)
-5% of base value
(0.4)
+5% of base value
0.4
+10% of base value
0.9
Weighted average budgeted EBITDA margin value - in model (21.2%)
-10% of base value
(22.2)
-5% of base value
(11.1)
+5% of base value
11.1
+10% of base value
22.2
Restaurant Sales
-5% in each year of projection
(10.7)
-3% in each year of projection
(6.4)
+3% in each year of projection
6.4
+5% in each year of projection
10.7
The following table shows the values to discount rate and growth rate under which recoverable amount in the model
would equal to carrying amount of tested unit (assuming remaining input in model unchanged).
Input value
Post tax discount rate
Growth rate
Applied in model
32.6%
5.9%
When carrying amount of CGU equals to recoverable amount
24.0%
21.2%
Comparative information for the goodwill impairment tests performed during year ended 31\u00a0December 2021
The main input assumptions used in test were as follows:
YE 2021
Post-tax discount
rate
Implied pre-
tax discount
rate
Growth rate
for residual
value
Average
restaurant sales
growth 2022-2026
Weighted average
budgeted EBITDA
margin
Sushi Shop (all markets)
5.3%
6.5%
1.3%
1.0%
20.9%
Spain \u2013 KFC and TAG
6.4%
8.0%
1.6%
2.9%
23.9%
France \u2013 KFC
5.3%
6.6%
1.3%
2.4%
13.4%
Germany \u2013 Starbucks
5.1%
6.2%
1.9%
9.5%
17.6%
Russia \u2013 KFC
9.6%
11.1%
3.8%
3.5%
20.6%
China \u2013 BF
6.2%
7.6%
1.9%
3.4%
25.2%
Romania \u2013 SBX
8.3%
9.2%
2.8%
3.0%
25.7%
Czechia \u2013 KFC
6.3%
7.3%
2.0%
2.8%
25.1%
Hungary \u2013 KFC
9.1%
9.6%
3.2%
3.3%
20.0%
In comparative data, other finance costs include mainly loss on debt modification in an amount of EUR 6.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82MDgvZnJhZzplYzk1OWQ4Mzk0NDE0NmVjODdkNTk2Y2MzMjY3ZDE3NC90ZXh0cmVnaW9uOmVjOTU5ZDgzOTQ0MTQ2ZWM4N2Q1OTZjYzMyNjdkMTc0XzQ5NDc4MDIzNzYyMDk_019d01ca-71b0-46d4-bfda-3d8d8b066693": { "value": "
Finance income in years ended 31\u00a0December 2022 and 31\u00a0December 2021 represents mainly bank and other interests
received and net income from exchange differences for the year ended 31 December 2021.
YEAR ENDED
31 December 2022
31 December 2021
Interest expense
21.7
17.1
Interest expense on lease liability
25.7
23.7
Net cost from exchange differences
3.1
-
Net exchange differences on lease liability
3.5
-
Net exchange differences - other
(0.4)
-
Other
0.6
7.2
Total finance cost
51.1
48.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82MDgvZnJhZzplYzk1OWQ4Mzk0NDE0NmVjODdkNTk2Y2MzMjY3ZDE3NC90ZXh0cmVnaW9uOmVjOTU5ZDgzOTQ0MTQ2ZWM4N2Q1OTZjYzMyNjdkMTc0XzQ5NDc4MDIzNzYyMDk_dc9f3f63-773f-4fb6-8eed-5ea8925195d3": { "value": "
Finance income in years ended 31\u00a0December 2022 and 31\u00a0December 2021 represents mainly bank and other interests
received and net income from exchange differences for the year ended 31 December 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82MjIvZnJhZzpkYTgwYzA2MThiOGU0MjkyYWY4ZDE2OTczMWU5NzNkZS90ZXh0cmVnaW9uOmRhODBjMDYxOGI4ZTQyOTJhZjhkMTY5NzMxZTk3M2RlXzQ5NDc4MDIzNzU3ODQ_ee37b2de-07f5-4756-a8e1-13fb78ef0168": { "value": "
11.\u00a0 Finance costs
YEAR ENDED
31 December 2022
31 December 2021
Interest expense
21.7
17.1
Interest expense on lease liability
25.7
23.7
Net cost from exchange differences
3.1
-
Net exchange differences on lease liability
3.5
-
Net exchange differences - other
(0.4)
-
Other
0.6
7.2
Total finance cost
51.1
48.0
In comparative data, other finance costs include mainly loss on debt modification in an amount of EUR 6.5 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82MjIvZnJhZzpkYTgwYzA2MThiOGU0MjkyYWY4ZDE2OTczMWU5NzNkZS90ZXh0cmVnaW9uOmRhODBjMDYxOGI4ZTQyOTJhZjhkMTY5NzMxZTk3M2RlXzQ5NDc4MDIzNzU3ODM_cd60bcc2-17b6-4e7b-abde-42fd16426934": { "value": "
YEAR ENDED
31 December 2022
31 December 2021
Interest expense
21.7
17.1
Interest expense on lease liability
25.7
23.7
Net cost from exchange differences
3.1
-
Net exchange differences on lease liability
3.5
-
Net exchange differences - other
(0.4)
-
Other
0.6
7.2
Total finance cost
51.1
48.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82MzYvZnJhZzowMGQ3ZDU4YTRkYjQ0YzI5YTZhZjQ5MzNmNTQxOWNjNi90ZXh0cmVnaW9uOjAwZDdkNThhNGRiNDRjMjlhNmFmNDkzM2Y1NDE5Y2M2XzI2Mzg4Mjc5MTE3NTE0_8694d9c8-4e68-4791-95a7-bbca50ee5a79": { "value": "
12.\u00a0 Income taxes
YEAR ENDED
31 December 2022
31 December 2021
Current tax
(24.1)
(23.1)
Deferred income tax recognised in the income statement
3.2
0.6
Income tax recognised in the income statement
(20.9)
(22.5)
Deferred tax asset
Opening balance
45.7
37.6
Closing balance
44.5
45.7
Deferred tax liability
Opening balance
45.4
39.0
Closing balance
43.0
45.4
Change in deferred tax assets/liabilities
1.2
1.7
Temporary differences in the calculation of deferred tax relate to the following items:\u00a0
Asset
Liability
31 December 2022
31 December 2021
31 December 2022
31 December 2021
Property, plant and equipment and intangible assets
14.8
16.2
48.3
50.9
Leases
10.0
7.9
0.3
-
Trade and other receivables
0.3
1.5
-
0.4
Provisions and other liabilities
7.4
11.2
1.3
1.6
Tax losses carried forward
14.6
15.0
-
-
Other differences
5.8
2.3
1.5
0.9
52.9
54.1
51.4
53.8
The offset of tax
(8.4)
(8.4)
(8.4)
(8.4)
44.5
45.7
43.0
45.4
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The current financial
situation and strategic plans allow to consider the level of recognised assets and deferred tax assets to be reasonable.
Changes in deferred tax asset and liabilities are recognized as follow:
YEAR ENDED
31 December 2022
31 December 2021
Change in deferred tax assets/liabilities
1.2
1.7
of which:
Deferred taxes recognised in the income statement
3.2
0.6
Deferred taxes recognised in other comprehensive income \u2013 net
investment hedges
0.5
(0.3)
Deferred taxes recognised in equity -valuation of employee options
(1.1)
0.6
Exchange differences
(1.4)
0.8
The Group operates in various tax jurisdictions. Income taxes and deferred income taxes are measured using tax rates
enacted or substantively enacted at the reporting date in particular countries. Deferred tax assets and liabilities are
measured at the tax rates that are expected to apply in the year when the asset is or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Income tax on the Group\u2019s profit before tax differs from the theoretical amount which would be obtained if the weighted
average nominal tax rate applicable to consolidated companies were applied:
\u00a0
\u00a0
YEAR ENDED
\u00a0
\u00a0
31 December 2022
31 December 2021
Profit before tax
\u00a0
27.6
57.9
Income tax calculated according to domestic tax rates applicable to
income in particular countries*
\u00a0
1.6
8.1
Temporary differences on goodwill impairment for which no deferred
tax was recognized
\u00a0
10.4
-
Tax loss for the current period for which no deferred tax asset was
recognized
\u00a0
4.3
8.8
Permanent differences and changes in estimates
\u00a0
2.5
0.2
Effect of local tax reported as income tax
\u00a0
3.0
4.1
Change in tax rate
(1.0)
0.3
Effect of other differences
\u00a0
0.1
1.0
Corporate income tax in the income statement
20.9
22.5
Deferred taxes were not recognised for the following tax losses:
YEAR ENDED
31 December 2022
31 December 2021
Germany
116.3
107.6
France
54.2
52.3
Russia
14.1
11.3
Poland
10.8
16.7
Portugal
4.3
4.3
China
2.8
1.9
Austria
2.1
2.3
Romania
1.6
1.6
Other
4.7
3.1
210.9
201.1
The Group analyses recoverability of deferred taxes on tax losses based on the guidance in IAS 12. Group subsidiaries
analyses the periods in which tax losses can be utilised, whether there are sufficient taxable temporary differences
related to the same tax authority and tax jurisdiction, and if the entity will create taxable profits in the periods in which
unused tax losses can be utilised.
The Group analyses business plans and cash flows forecasts of subsidiaries in terms of recoverability of deferred tax
assets recognised. In particular, the Group performs goodwill impairment tests for whole businesses and balances of tax
losses for which deferred taxes were recognized are verified against projected tax cash outflows. In case unit has
projected negative results, deferred tax assets are reassessed in terms of recoverability.
In 2022 the Group reviewed the tax returns for prior periods prepared by the subsidiaries and it resulted in the updated
value of tax losses, for which no deferred tax has been recognized compared to the amounts presented in previous
financial statements. The total tax effect for the period ended 31\u00a0December 2022 of tax loss for the current period for
which no deferred tax asset was recognised amounted EUR 4.3 million and tax effect of EUR 0.8 million relates to
deferred taxes on tax losses recognized in prior years and derecognized in current year.
A tax authority may control the tax returns (if they have not already been controlled) of the Group companies from 3 to 5
years as of the date of their filing.
The table below presents tax rate by country applicable for the year 2022 and 2021.
Country
Income tax rates
Deferred income tax assets and liabilities
2022
2021
2022
2021
Spain
25.00%
25.00%
25.00%
25.00%
Poland
19.00%
19.00%
19.00%
19.00%
Czech
19.00%
19.00%
19.00%
19.00%
Hungary
9.00%
9.00%
9.00%
9.00%
Russia
20.00%
20.00%
20.00%
20.00%
Serbia
15.00%
15.00%
15.00%
15.00%
Country
Income tax rates
Deferred income tax assets and liabilities
2022
2021
2022
2021
Bulgaria
10.00%
10.00%
10.00%
10.00%
USA
35.00%
35.00%
35.00%
35.00%
Malta
35.00%
35.00%
35.00%
35.00%
Germany*
30.00%
30.00%
30.00%
30.00%
France**
25.00%
26.50%
25.00%
26.50%
Croatia
18.00%
18.00%
18.00%
18.00%
Hong Kong
17.00%
17.00%
17.00%
17.00%
China
25.00%
25.00%
25.00%
25.00%
Romania
16.00%
16.00%
16.00%
16.00%
Slovakia
21.00%
21.00%
21.00%
21.00%
Slovenia
19.00%
19.00%
19.00%
19.00%
Austria
25.00%
25.00%
25.00%
25.00%
Portugal
21.00%
21.00%
21.00%
21.00%
Belgium
21.00%
21.00%
21.00%
21.00%
* Deferred taxes in Germany were calculated using a tax rate of 30% which is the basic income tax rate in Germany of 15% and an additional
average trade tax of 15%.
** Deferred taxes in France presented at 31\u00a0December 2021 were calculated taking into account an approved plan of the progressive reduction
of the income tax rate from 26,5% in 2021 to 25.0% in 2022
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82MzYvZnJhZzowMGQ3ZDU4YTRkYjQ0YzI5YTZhZjQ5MzNmNTQxOWNjNi90ZXh0cmVnaW9uOjAwZDdkNThhNGRiNDRjMjlhNmFmNDkzM2Y1NDE5Y2M2XzI2Mzg4Mjc5MTE3NTE0_cabfe5be-e547-4b6f-a950-05e474c39c14": { "value": "
12.\u00a0 Income taxes
YEAR ENDED
31 December 2022
31 December 2021
Current tax
(24.1)
(23.1)
Deferred income tax recognised in the income statement
3.2
0.6
Income tax recognised in the income statement
(20.9)
(22.5)
Deferred tax asset
Opening balance
45.7
37.6
Closing balance
44.5
45.7
Deferred tax liability
Opening balance
45.4
39.0
Closing balance
43.0
45.4
Change in deferred tax assets/liabilities
1.2
1.7
Temporary differences in the calculation of deferred tax relate to the following items:\u00a0
Asset
Liability
31 December 2022
31 December 2021
31 December 2022
31 December 2021
Property, plant and equipment and intangible assets
14.8
16.2
48.3
50.9
Leases
10.0
7.9
0.3
-
Trade and other receivables
0.3
1.5
-
0.4
Provisions and other liabilities
7.4
11.2
1.3
1.6
Tax losses carried forward
14.6
15.0
-
-
Other differences
5.8
2.3
1.5
0.9
52.9
54.1
51.4
53.8
The offset of tax
(8.4)
(8.4)
(8.4)
(8.4)
44.5
45.7
43.0
45.4
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The current financial
situation and strategic plans allow to consider the level of recognised assets and deferred tax assets to be reasonable.
Changes in deferred tax asset and liabilities are recognized as follow:
YEAR ENDED
31 December 2022
31 December 2021
Change in deferred tax assets/liabilities
1.2
1.7
of which:
Deferred taxes recognised in the income statement
3.2
0.6
Deferred taxes recognised in other comprehensive income \u2013 net
investment hedges
0.5
(0.3)
Deferred taxes recognised in equity -valuation of employee options
(1.1)
0.6
Exchange differences
(1.4)
0.8
The Group operates in various tax jurisdictions. Income taxes and deferred income taxes are measured using tax rates
enacted or substantively enacted at the reporting date in particular countries. Deferred tax assets and liabilities are
measured at the tax rates that are expected to apply in the year when the asset is or the liability is settled, based on tax
rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Income tax on the Group\u2019s profit before tax differs from the theoretical amount which would be obtained if the weighted
average nominal tax rate applicable to consolidated companies were applied:
\u00a0
\u00a0
YEAR ENDED
\u00a0
\u00a0
31 December 2022
31 December 2021
Profit before tax
\u00a0
27.6
57.9
Income tax calculated according to domestic tax rates applicable to
income in particular countries*
\u00a0
1.6
8.1
Temporary differences on goodwill impairment for which no deferred
tax was recognized
\u00a0
10.4
-
Tax loss for the current period for which no deferred tax asset was
recognized
\u00a0
4.3
8.8
Permanent differences and changes in estimates
\u00a0
2.5
0.2
Effect of local tax reported as income tax
\u00a0
3.0
4.1
Change in tax rate
(1.0)
0.3
Effect of other differences
\u00a0
0.1
1.0
Corporate income tax in the income statement
20.9
22.5
Deferred taxes were not recognised for the following tax losses:
YEAR ENDED
31 December 2022
31 December 2021
Germany
116.3
107.6
France
54.2
52.3
Russia
14.1
11.3
Poland
10.8
16.7
Portugal
4.3
4.3
China
2.8
1.9
Austria
2.1
2.3
Romania
1.6
1.6
Other
4.7
3.1
210.9
201.1
The Group analyses recoverability of deferred taxes on tax losses based on the guidance in IAS 12. Group subsidiaries
analyses the periods in which tax losses can be utilised, whether there are sufficient taxable temporary differences
related to the same tax authority and tax jurisdiction, and if the entity will create taxable profits in the periods in which
unused tax losses can be utilised.
The Group analyses business plans and cash flows forecasts of subsidiaries in terms of recoverability of deferred tax
assets recognised. In particular, the Group performs goodwill impairment tests for whole businesses and balances of tax
losses for which deferred taxes were recognized are verified against projected tax cash outflows. In case unit has
projected negative results, deferred tax assets are reassessed in terms of recoverability.
In 2022 the Group reviewed the tax returns for prior periods prepared by the subsidiaries and it resulted in the updated
value of tax losses, for which no deferred tax has been recognized compared to the amounts presented in previous
financial statements. The total tax effect for the period ended 31\u00a0December 2022 of tax loss for the current period for
which no deferred tax asset was recognised amounted EUR 4.3 million and tax effect of EUR 0.8 million relates to
deferred taxes on tax losses recognized in prior years and derecognized in current year.
A tax authority may control the tax returns (if they have not already been controlled) of the Group companies from 3 to 5
years as of the date of their filing.
The table below presents tax rate by country applicable for the year 2022 and 2021.
Country
Income tax rates
Deferred income tax assets and liabilities
2022
2021
2022
2021
Spain
25.00%
25.00%
25.00%
25.00%
Poland
19.00%
19.00%
19.00%
19.00%
Czech
19.00%
19.00%
19.00%
19.00%
Hungary
9.00%
9.00%
9.00%
9.00%
Russia
20.00%
20.00%
20.00%
20.00%
Serbia
15.00%
15.00%
15.00%
15.00%
Country
Income tax rates
Deferred income tax assets and liabilities
2022
2021
2022
2021
Bulgaria
10.00%
10.00%
10.00%
10.00%
USA
35.00%
35.00%
35.00%
35.00%
Malta
35.00%
35.00%
35.00%
35.00%
Germany*
30.00%
30.00%
30.00%
30.00%
France**
25.00%
26.50%
25.00%
26.50%
Croatia
18.00%
18.00%
18.00%
18.00%
Hong Kong
17.00%
17.00%
17.00%
17.00%
China
25.00%
25.00%
25.00%
25.00%
Romania
16.00%
16.00%
16.00%
16.00%
Slovakia
21.00%
21.00%
21.00%
21.00%
Slovenia
19.00%
19.00%
19.00%
19.00%
Austria
25.00%
25.00%
25.00%
25.00%
Portugal
21.00%
21.00%
21.00%
21.00%
Belgium
21.00%
21.00%
21.00%
21.00%
* Deferred taxes in Germany were calculated using a tax rate of 30% which is the basic income tax rate in Germany of 15% and an additional
average trade tax of 15%.
** Deferred taxes in France presented at 31\u00a0December 2021 were calculated taking into account an approved plan of the progressive reduction
of the income tax rate from 26,5% in 2021 to 25.0% in 2022
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82MzYvZnJhZzowMGQ3ZDU4YTRkYjQ0YzI5YTZhZjQ5MzNmNTQxOWNjNi90ZXh0cmVnaW9uOjAwZDdkNThhNGRiNDRjMjlhNmFmNDkzM2Y1NDE5Y2M2XzQ5NDc4MDIzNzU5MTk_8c697167-b75d-410b-bb7e-6fa4e9be6957": { "value": "
Temporary differences in the calculation of deferred tax relate to the following items:\u00a0
Asset
Liability
31 December 2022
31 December 2021
31 December 2022
31 December 2021
Property, plant and equipment and intangible assets
14.8
16.2
48.3
50.9
Leases
10.0
7.9
0.3
-
Trade and other receivables
0.3
1.5
-
0.4
Provisions and other liabilities
7.4
11.2
1.3
1.6
Tax losses carried forward
14.6
15.0
-
-
Other differences
5.8
2.3
1.5
0.9
52.9
54.1
51.4
53.8
The offset of tax
(8.4)
(8.4)
(8.4)
(8.4)
44.5
45.7
43.0
45.4
As of 31\u00a0December 2022 Group has the following tax losses:
Year of expiry of tax loss
carryforwards
Value of tax losses
Tax losses in respect of which
deferred tax assets were
recognised
Tax losses in respect of which
no deferred tax assets were
recognised
2023 - 2028
23.8
1.6
22.2
No time limit
245.8
57.1
188.7
269.6
58.7
210.9
Deferred taxes were not recognised for the following tax losses:
YEAR ENDED
31 December 2022
31 December 2021
Germany
116.3
107.6
France
54.2
52.3
Russia
14.1
11.3
Poland
10.8
16.7
Portugal
4.3
4.3
China
2.8
1.9
Austria
2.1
2.3
Romania
1.6
1.6
Other
4.7
3.1
210.9
201.1
The Group analyses recoverability of deferred taxes on tax losses based on the guidance in IAS 12. Group subsidiaries
analyses the periods in which tax losses can be utilised, whether there are sufficient taxable temporary differences
related to the same tax authority and tax jurisdiction, and if the entity will create taxable profits in the periods in which
unused tax losses can be utilised.
The Group analyses business plans and cash flows forecasts of subsidiaries in terms of recoverability of deferred tax
assets recognised. In particular, the Group performs goodwill impairment tests for whole businesses and balances of tax
losses for which deferred taxes were recognized are verified against projected tax cash outflows. In case unit has
projected negative results, deferred tax assets are reassessed in terms of recoverability.
In 2022 the Group reviewed the tax returns for prior periods prepared by the subsidiaries and it resulted in the updated
value of tax losses, for which no deferred tax has been recognized compared to the amounts presented in previous
financial statements. The total tax effect for the period ended 31\u00a0December 2022 of tax loss for the current period for
which no deferred tax asset was recognised amounted EUR 4.3 million and tax effect of EUR 0.8 million relates to
deferred taxes on tax losses recognized in prior years and derecognized in current year.
A tax authority may control the tax returns (if they have not already been controlled) of the Group companies from 3 to 5
years as of the date of their filing.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82NjIvZnJhZzo1YjY5YTU3MmQxN2Y0ZmRhOGI1YzRhNjQ3MDhiZjFkMi90ZXh0cmVnaW9uOjViNjlhNTcyZDE3ZjRmZGE4YjVjNGE2NDcwOGJmMWQyXzQ5NDc4MDIzNjg3MDA_bbe23e60-2850-4ed6-ba5a-8719548c0e7f": { "value": "
13.\u00a0 Property, plant and equipment
The table below presents changes in the value of property, plant and equipment in 2022 and 2021:
2022
Leasehold
improvements,
land, buildings
Restaurants
equipment and
vehicles
Furniture and
other assets
Assets under
construction
Total
PPE as of 1 January
259.5
139.9
35.5
26.0
460.9
Acquisitions
-
-
0.3
0.3
0.6
Additions
8.2
18.9
2.7
108.3
138.1
Depreciation (note 7)
(42.3)
(37.5)
(13.1)
-
(92.9)
Impairment losses (note 9)
(1.3)
(2.7)
0.3
-
(3.7)
Disposals, liquidation and deconsolidation
(0.6)
(2.2)
(0.5)
-
(3.3)
Transfers
37.5
36.6
11.3
(86.1)
(0.7)
Exchange differences
2.3
0.4
0.3
(0.5)
2.5
PPE as of 31 December
263.3
153.4
36.8
48.0
501.5
Gross book value
644.9
414.3
110.3
48.6
1\u00a0218.1
Accumulated depreciation and impairments
(381.6)
(260.9)
(73.5)
(0.6)
(716.6)
Net book value
263.3
153.4
36.8
48.0
501.5
Due to the nature of the Group business the balance of the property, plant and equipment consists of assets in over 1.9
thousand restaurants. There are no individually significant assets.
Depreciation was charged as follows:
YEAR ENDED
31 December 2022
31 December 2021
Costs of restaurant operations
89.7
88.6
Franchise expenses and other
1.6
1.3
General and administrative expense
1.6
1.7
Total depreciation
92.9
91.6
Increasing the average useful lives of property, plant and equipment by 10% would lead to a decrease in depreciation for
the year ended 31\u00a0December 2022 by around EUR 9.5\u00a0million. Increasing the average useful lives of property, plant and
equipment by 10% would lead to a decrease in depreciation for the year ended 31\u00a0December 2021 by around EUR
9.4\u00a0million.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82NjIvZnJhZzo1YjY5YTU3MmQxN2Y0ZmRhOGI1YzRhNjQ3MDhiZjFkMi90ZXh0cmVnaW9uOjViNjlhNTcyZDE3ZjRmZGE4YjVjNGE2NDcwOGJmMWQyXzI2Mzg4Mjc5MTEwMzEz_3bf5cf5c-cd9b-4818-afd2-4db86edca27f": { "value": "
Depreciation was charged as follows:
YEAR ENDED
31 December 2022
31 December 2021
Costs of restaurant operations
89.7
88.6
Franchise expenses and other
1.6
1.3
General and administrative expense
1.6
1.7
Total depreciation
92.9
91.6
Increasing the average useful lives of property, plant and equipment by 10% would lead to a decrease in depreciation for
the year ended 31\u00a0December 2022 by around EUR 9.5\u00a0million. Increasing the average useful lives of property, plant and
equipment by 10% would lead to a decrease in depreciation for the year ended 31\u00a0December 2021 by around EUR
9.4\u00a0million.
Amortisation was charged as follows:
YEAR ENDED
31 December 2022
31 December 2021
Costs of restaurant operations
141.6
129.6
General and administrative expense
5.4
3.8
Total amortisation
147.0
133.4
Amortisation was charged as follows:
YEAR ENDED
31 December 2022
31 December 2021
Costs of restaurant operations
5.0
5.1
Franchise expenses and other
1.8
1.8
General and administrative expense
5.2
5.1
Total amortisation
12.0
12.0
Right-of-use asset
Lease liabilities
2021
Restaurant
properties
Other
Total right-of-use asset
Total liabilities
As of 1 January
693.9
15.7
709.6
761.4
Additions \u2013 new contracts
57.8
2.3
60.1
59.8
Remeasurements and modifications
119.2
1.1
120.3
106.6
Depreciation (Note 7)
(128.4)
(5.0)
(133.4)
-
Impairment (Note 9)
3.0
-
3.0
-
Interest expense (Note 11)
-
-
-
23.7
Payments
-
-
-
(141.7)
Exchange differences
11.3
0.1
11.4
13.1
Disposals
-
-
-
-
As of 31 December
756.8
14.2
771.0
822.9
The following are the remaining contractual maturities of lease payments at the reporting date. The amounts are gross
and undiscounted and include contractual interest payments.
31 December 2022
31 December 2021
Up to 1 year
178.0
163.0
Between 1 and 3 years
277.3
254.9
Between 3 and 5 years
197.1
176.4
Between 5 and 10 years
242.2
218.7
More than 10 years
160.0
142.3
Total contractual lease payments
1\u00a0054.6
955.3
Future finance costs of leases
175.9
132.4
Total lease liabilities
878.7
822.9
Amortisation was charged as follows:
YEAR ENDED
31 December 2022
31 December 2021
Costs of restaurant operations
141.6
129.6
General and administrative expense
5.4
3.8
Total amortisation
147.0
133.4
The Group recognised in 2022 rent expense from short-term leases of EUR 0.8\u00a0million, leases of low-value assets of
EUR 5.8\u00a0million and variable lease payments of EUR 24.6\u00a0million (including negative amount of EUR 2.0\u00a0million
COVID-19-related rent concessions) for the year ended 31\u00a0December 2022. Impairment test procedures, assumptions
used and tests\u2019 results are disclosed in note 17.
Amounts recognised in statement of cash flows amounted to EUR 163.6\u00a0million presented in financing activity as
repayment of lease liability and EUR 31.2\u00a0million in operating activity as lease payments not included in the lease liability.
Total cash outflow for leases amounted to EUR 194.8\u00a0million in the year ended 31\u00a0December 2022.
In the comparable period, in 2021, the Group recognised rent expense from short-term leases of EUR 0.7\u00a0million, leases
of low-value assets of EUR 5\u00a0million and variable lease payments of EUR 10.1\u00a0million (including negative amount of EUR
10.9\u00a0million COVID-19-related rent concessions) for the year ended 31\u00a0December 2021. Impairment test procedures,
assumptions used and tests\u2019 results are disclosed in note 17.
In the comparable period, in 2021, amounts recognised in statement of cash flows amounted to EUR 141.7\u00a0million
presented as repayment of lease liability and EUR 15.8\u00a0million as lease payments not included in the lease liability. Total
cash outflow for leases amounted to EUR 157.5\u00a0million in the year ended 31\u00a0December 2021.
Additional information about lease payments and lease term
The Group\u2019s lease payments are often charged as a higher of fixed payment and turnover based payment. The Group
recognized the excess of turnover based rent as variable lease payments. Therefore the stores\u2019 revenue impacts on the
future variable lease payments. In the year ended 31\u00a0December 2022, the share of variable payments (excluding rent
concessions) amounted to 16% of fixed lease payments (2021: 15%).
The intention of the Group is to secure long-term property lease contracts, with flexibility that enables adjustments of
strategy and reaction on changing market conditions. Vast majority part of the Group\u2019s leases provides some extent of
flexibility, for example, the Group can adjust its exposure by exercising termination options, sublease options, extension
options or using pre-emption rights to go into a renewal agreement. Such rights are subject of individual negotiations with
lessors and do not deviate from standard market conditions.
The Group does annual revision of expiring lease contracts. The Group performs case-by-case analysis of the contracts,
adjusted to the latest store performance, up-to-date Group\u2019s strategy and market conditions. During this process, among
others, the Group decides whether to exercise, or not, the extension and termination options falling for the following year.
The decisions have impact on the assessment of the leases end date used in the measurement of lease liability.
COVID-19-related rent concessions
The Group has been negotiating rent concessions with its landlords for the majority of its store leases as a result of the
severe impact of the COVID-19 pandemic during the year. The Group applied the practical expedient for COVID-19-
related rent concessions consistently to eligible rent concessions relating to its store leases. The Group continued to
account for rent concessions relating to its other leases under other applicable guidance in IFRS 16 until the expiry of the
aforementioned practical expedient i.e. until 30 June 2022.
The amount recognised in profit or loss for the reporting period to reflect changes in lease payments arising from rent
concessions to which the Group has applied the practical expedient for COVID-19-related rent concessions is EUR 2.0
million (2021: 10.9 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82OTAvZnJhZzplZjAxMGQ1MjQwNjk0NjM2YWVmZjcxNTgzMGI3MjY0ZS90ZXh0cmVnaW9uOmVmMDEwZDUyNDA2OTQ2MzZhZWZmNzE1ODMwYjcyNjRlXzQ5NDc4MDIzNTY5NTA_08eb0d60-6e20-4053-bf1b-8bbda103e4c5": { "value": "
15.\u00a0 Intangible assets
The table below presents changes in the value of intangible assets in 2022 and 2021:
2022
Own brands
Licenses for
franchise brands
Relations with
franchisees and
customers
Other intangible
assets
Total
IA as of 1 January
154.1
23.1
28.9
30.8
236.9
Additions
-
3.2
-
6.8
10.0
Amortisation (Note 7)
(0.3)
(3.7)
(3.1)
(4.9)
(12.0)
Impairment losses (Note 9)
-
0.1
-
0.8
0.9
Disposals and derecognition of assets
-
(0.1)
-
(0.2)
(0.3)
Transfers between categories
-
-
-
0.7
0.7
Exchange differences
-
0.3
-
(0.1)
0.2
IA as of 31 December
153.8
22.9
25.8
33.9
236.4
Gross book value
158.8
48.8
51.9
83.5
343.0
Accumulated amortisation and
impairments
(5.0)
(25.9)
(26.1)
(49.6)
(106.6)
Net book value
153.8
22.9
25.8
33.9
236.4
2021
Own brands
Licenses for
franchise brands
Relations with
franchisees and
customers
Other intangible
assets
Total
Gross book value
158.9
45.8
51.9
79.3
335.9
Accumulated amortisation and
impairments
(4.8)
(22.7)
(23.0)
(48.5)
(99.0)
Net book value
154.1
23.1
28.9
30.8
236.9
Other intangible assets cover mainly exclusivity rights in the amount of EUR 1.1million (EUR 2.4 million as of
31\u00a0December 2021), key monies in the amount of EUR 18.0 millions (EUR 18.1 millions as of 31\u00a0December 2021) and\u00a0
software.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF82OTAvZnJhZzplZjAxMGQ1MjQwNjk0NjM2YWVmZjcxNTgzMGI3MjY0ZS90ZXh0cmVnaW9uOmVmMDEwZDUyNDA2OTQ2MzZhZWZmNzE1ODMwYjcyNjRlXzQ5NDc4MDIzNTY5NTA_96e88018-d9c2-4fe5-9587-d8ab73bcaaec": { "value": "
15.\u00a0 Intangible assets
The table below presents changes in the value of intangible assets in 2022 and 2021:
2022
Own brands
Licenses for
franchise brands
Relations with
franchisees and
customers
Other intangible
assets
Total
IA as of 1 January
154.1
23.1
28.9
30.8
236.9
Additions
-
3.2
-
6.8
10.0
Amortisation (Note 7)
(0.3)
(3.7)
(3.1)
(4.9)
(12.0)
Impairment losses (Note 9)
-
0.1
-
0.8
0.9
Disposals and derecognition of assets
-
(0.1)
-
(0.2)
(0.3)
Transfers between categories
-
-
-
0.7
0.7
Exchange differences
-
0.3
-
(0.1)
0.2
IA as of 31 December
153.8
22.9
25.8
33.9
236.4
Gross book value
158.8
48.8
51.9
83.5
343.0
Accumulated amortisation and
impairments
(5.0)
(25.9)
(26.1)
(49.6)
(106.6)
Net book value
153.8
22.9
25.8
33.9
236.4
2021
Own brands
Licenses for
franchise brands
Relations with
franchisees and
customers
Other intangible
assets
Total
Gross book value
158.9
45.8
51.9
79.3
335.9
Accumulated amortisation and
impairments
(4.8)
(22.7)
(23.0)
(48.5)
(99.0)
Net book value
154.1
23.1
28.9
30.8
236.9
Other intangible assets cover mainly exclusivity rights in the amount of EUR 1.1million (EUR 2.4 million as of
31\u00a0December 2021), key monies in the amount of EUR 18.0 millions (EUR 18.1 millions as of 31\u00a0December 2021) and\u00a0
software.
16.\u00a0 Goodwill
Goodwill recognized on business combinations is allocated to the group of CGUs that is expected to benefit from the
synergies of the business combination.
The table below presents goodwill allocated to particular levels on which it is monitored by the Group. In all cases is not
higher than the operating segment level:
2022
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Sushi Shop (all markets)
140.5
0.5
-
-
141.0
Spain \u2013 La Tagiatella and KFC
90.9
-
-
-
90.9
Russia - KFC
33.1
-
(46.9)
13.8
-
China \u2013 Blue Frog
21.5
-
-
(0.4)
21.1
France - KFC
14.0
-
-
-
14.0
Germany - Starbucks
8.6
-
-
-
8.6
Hungary \u2013 KFC
3.4
-
-
(0.3)
3.1
Romania - SBX
2.5
-
-
-
2.5
Czechia \u2013 KFC
1.5
-
-
(0.1)
1.4
Poland \u2013 Other
0.6
-
-
-
0.6
Total
316.6
0.5
(46.9)
13.0
283.2
2021
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Sushi Shop (all markets)
140.5
-
-
-
140.5
Spain \u2013 La Tagiatella and KFC
90.9
-
-
-
90.9
Russia - KFC
30.8
-
-
2.3
33.1
China \u2013 Blue Frog
19.3
-
-
2.2
21.5
France - KFC
14.0
-
-
-
14.0
2021
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Germany - Starbucks
8.6
-
-
-
8.6
Hungary \u2013 KFC
3.4
-
-
-
3.4
Romania - SBX
2.6
-
-
(0.1)
2.5
Czechia \u2013 KFC
1.4
-
-
0.1
1.5
Poland \u2013 Other
0.6
-
-
-
0.6
Total
312.1
-
-
4.5
316.6
Impairment test procedures, assumptions used and tests\u2019 results are disclosed in note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF83MDUvZnJhZzpmODE2YTU1NzQxYTI0YTg4YTdhMmRmOGY3ZTEyN2JhYi90ZXh0cmVnaW9uOmY4MTZhNTU3NDFhMjRhODhhN2EyZGY4ZjdlMTI3YmFiXzQ5NDc4MDIzNTQ5OTM_3ebded1e-6834-41df-9cf6-4940f5e51cee": { "value": "
16.\u00a0 Goodwill
Goodwill recognized on business combinations is allocated to the group of CGUs that is expected to benefit from the
synergies of the business combination.
The table below presents goodwill allocated to particular levels on which it is monitored by the Group. In all cases is not
higher than the operating segment level:
2022
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Sushi Shop (all markets)
140.5
0.5
-
-
141.0
Spain \u2013 La Tagiatella and KFC
90.9
-
-
-
90.9
Russia - KFC
33.1
-
(46.9)
13.8
-
China \u2013 Blue Frog
21.5
-
-
(0.4)
21.1
France - KFC
14.0
-
-
-
14.0
Germany - Starbucks
8.6
-
-
-
8.6
Hungary \u2013 KFC
3.4
-
-
(0.3)
3.1
Romania - SBX
2.5
-
-
-
2.5
Czechia \u2013 KFC
1.5
-
-
(0.1)
1.4
Poland \u2013 Other
0.6
-
-
-
0.6
Total
316.6
0.5
(46.9)
13.0
283.2
2021
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Sushi Shop (all markets)
140.5
-
-
-
140.5
Spain \u2013 La Tagiatella and KFC
90.9
-
-
-
90.9
Russia - KFC
30.8
-
-
2.3
33.1
China \u2013 Blue Frog
19.3
-
-
2.2
21.5
France - KFC
14.0
-
-
-
14.0
2021
1 January
Increases
(provisional)
Impairment
Exchange
differences
31 December
Germany - Starbucks
8.6
-
-
-
8.6
Hungary \u2013 KFC
3.4
-
-
-
3.4
Romania - SBX
2.6
-
-
(0.1)
2.5
Czechia \u2013 KFC
1.4
-
-
0.1
1.5
Poland \u2013 Other
0.6
-
-
-
0.6
Total
312.1
-
-
4.5
316.6
Impairment test procedures, assumptions used and tests\u2019 results are disclosed in note 17.
Business (goodwill) level tests
Goodwill and intangibles with undefined useful lives level
The Group performs impairment test for goodwill together with any intangible assets with indefinite useful lives, other
intangibles, property plant and equipment, right of use assets, as well any other non-current assets that operate on the
group of CGUs where goodwill is allocated.
For recoverable value calculations, the Group uses cash flow projections based on financial budgets that require
judgment and other estimates that include, among others, the operating result on sales and the discount and growth rates
at long term.
Mandatory impairment tests are performed at year ends.
Present value technique model (the income approach) is used by Group for the purpose of determining fair value. The
income approach converts future amounts (e.g. cash flows or income and expenses) to a single discounted amount. The
fair value reflects current market expectations about those future amounts. The income approach uses unobservable
inputs, as a result, the fair value measurement is generally classified as Level 3 in the fair value hierarchy.
The cash flows were derived from the most recent budgets, plans for next year and forecasts for the following four years.
The 5th year normalized projections are used to extrapolate cash flows into the future if the 5th year represents a steady
state in the development of the business. The adjustments may be necessary to reflect the expected development of the
business (normalization of cash flows). Growth rates do not exceed the long-term average growth rate for the products,
industries, or country or market in which the asset is used.
The recoverable amount is most sensitive to the discount rate used, growth rate used for extrapolation purposes and the
weighted average budgeted EBITDA margin. The weighted average budgeted EBITDA margin is calculated as an
average for the 5 years projection period i.e. without any impact of the residual value element. Budgeted revenues are
used as weights. Average restaurants sales growth refers to same-store-sales growth rates reflected in impairment
models.
The main input assumptions used in test performed as of year end 2022 are as follows:
YE 2022
Post-tax discount
rate
Implied pre-
tax discount
rate
Growth rate
for residual
value
Average
restaurant sales
growth 2023-2027
Weighted average
budgeted EBITDA
margin
Sushi Shop (all markets)
7.2%
8.8%
1.9%
28.0%
18.1%
Spain \u2013 KFC and TAG
10.9%
13.6%
2.1%
12.6%
22.3%
France \u2013 KFC
7.2%
8.7%
1.9%
4.2%
11.9%
Germany \u2013 Starbucks
8.9%
11.2%
2.4%
15.5%
19.3%
China \u2013 BF
8.9%
11.0%
2.0%
11.1%
24.4%
Romania \u2013 SBX
12.7%
14.3%
3.1%
14.4%
27.2%
Czechia \u2013 KFC
9.3%
10.9%
2.5%
9.6%
23.7%
Hungary \u2013 KFC
14.5%
15.6%
3.9%
10.5%
20.1%
ability to repay in an appreciating local currency remains in place, the Group considers it reasonable to make the
assumption that the country's equivalent credit rating would be in the default threshold \u201cC\u201d (no ability to pay in USD). This
scenario implies a country risk premium of 20.34% and a discount rate of 32.62% for Russia market.
Following key assumption were used when performing impairment test:
HY 2022
Post-tax discount
rate
Implied pre-tax
discount rate
Growth rate for
residual value
Weighted average
budgeted EBITDA
margin
Average total sales
growth
Russia \u2013 KFC
32.6%
38.7%
5.9%
21.2%
6.6%
The Group carried out a sensitivity analysis. For discount rate, growth rate, weighted average budgeted EBITDA margin,
a reasonable possible change was determined as 10% of the input data, applicable for particular unit. Consequently,
each impairment test has a different level of a reasonable change in inputs, which can be determined by multiplying the
base input data used in the impairment test as presented in table above by 10%.
Additionally, Group performed sensitivity analysis on the expected changes in sales revenues recognition. In that case
Group determines reasonable change individually for each business tested. Usually this is in a range of 3-5% decrease of
estimated sales revenues in each year of projection.
The following table presents what change in impairment loss would be accounted if respective input data were changed
by tested percentage, assuming remaining parameters remain stable.
Input/ change in input
(Increase)/ decrease in impairment loss (EUR
million)
Discount rate - in model (post-tax discount rate (32.6%))
-10% of base value
15.7
-5% of base value
7.4
+5% of base value
(6.6)
+10% of base value
(12.5)
Growth rate for residual value - in model (5.9%)
-10% of base value
(0.9)
-5% of base value
(0.4)
+5% of base value
0.4
+10% of base value
0.9
Weighted average budgeted EBITDA margin value - in model (21.2%)
-10% of base value
(22.2)
-5% of base value
(11.1)
+5% of base value
11.1
+10% of base value
22.2
Restaurant Sales
-5% in each year of projection
(10.7)
-3% in each year of projection
(6.4)
+3% in each year of projection
6.4
+5% in each year of projection
10.7
The following table shows the values to discount rate and growth rate under which recoverable amount in the model
would equal to carrying amount of tested unit (assuming remaining input in model unchanged).
Input value
Post tax discount rate
Growth rate
Applied in model
32.6%
5.9%
When carrying amount of CGU equals to recoverable amount
24.0%
21.2%
Comparative information for the goodwill impairment tests performed during year ended 31\u00a0December 2021
The main input assumptions used in test were as follows:
YE 2021
Post-tax discount
rate
Implied pre-
tax discount
rate
Growth rate
for residual
value
Average
restaurant sales
growth 2022-2026
Weighted average
budgeted EBITDA
margin
Sushi Shop (all markets)
5.3%
6.5%
1.3%
1.0%
20.9%
Spain \u2013 KFC and TAG
6.4%
8.0%
1.6%
2.9%
23.9%
France \u2013 KFC
5.3%
6.6%
1.3%
2.4%
13.4%
Germany \u2013 Starbucks
5.1%
6.2%
1.9%
9.5%
17.6%
Russia \u2013 KFC
9.6%
11.1%
3.8%
3.5%
20.6%
China \u2013 BF
6.2%
7.6%
1.9%
3.4%
25.2%
Romania \u2013 SBX
8.3%
9.2%
2.8%
3.0%
25.7%
Czechia \u2013 KFC
6.3%
7.3%
2.0%
2.8%
25.1%
Hungary \u2013 KFC
9.1%
9.6%
3.2%
3.3%
20.0%
21.\u00a0 Other current assets
As of 31\u00a0December 2022 and 2021 the balances of other current assets consisted mainly of prepayments for utilities,
marketing and other services.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF83MzQvZnJhZzpkYzljOTRmNDE5Y2Q0YTYwOGY3NTVjMzZiYTA1NjRjNC90ZXh0cmVnaW9uOmRjOWM5NGY0MTljZDRhNjA4Zjc1NWMzNmJhMDU2NGM0XzQ5NDc4MDIzMzQ0MDk_d93dffbd-4532-4065-86c1-3327e31d3158": { "value": "
18.\u00a0 Other non-current assets
As of 31\u00a0December 2022 and 2021 the balances of other non-current assets were as follows:
31 December 2022
31 December 2021
Deposit for rentals
23.6
22.0
Other
0.4
1.1
24.0
23.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF83NzIvZnJhZzo4ZWVlYjliZjU4MjE0NTMyOGU3YmE0MWNjMGI3ZjFhMS90ZXh0cmVnaW9uOjhlZWViOWJmNTgyMTQ1MzI4ZTdiYTQxY2MwYjdmMWExXzQ5NDc4MDIzMjkxNzc_7107dd58-8e15-4c94-970f-5fd928d25f86": { "value": "
19.\u00a0 Inventories
As of 31\u00a0December 2022 and 2021, inventories cover mainly food and packaging used in the restaurants, finished goods
and stocks in central kitchen for sale by La Tagliatella restaurants.
Due to the nature of its business and applicable Group standards, all inventories are treated as materials. Inventories are
presented at net value including write-downs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF83ODYvZnJhZzplZjRkNDZjNzJjZjA0MTdmOWZkMzBjMjI0NGViNGE5OC90ZXh0cmVnaW9uOmVmNGQ0NmM3MmNmMDQxN2Y5ZmQzMGMyMjQ0ZWI0YTk4XzQ5NDc4MDIzMjg1MzU_5738cbcf-e83c-4f7b-9959-06c12274570a": { "value": "
20.\u00a0 Trade and other receivables
As of 31\u00a0December 2022 and 2021 the balances of trade and other receivables were as follows:
31 December 2022
31 December 2021
Trade receivables
44.2
37.3
Other tax receivables
27.2
22.1
Credit cards, coupons and food aggregators receivables
26.9
17.3
Loans and borrowings
1.7
1.3
Government grants
0.6
1.2
Other
1.7
1.6
Allowances for receivables (note 35)
(13.2)
(12.9)
89.1
67.9
Information about the impairment of trade receivables and the Group\u2019s exposure to credit risk, foreign currency risk and
interest rate risk can be found in note 35.
Classification of key classes of financial assets and liabilities with their carrying amounts is presented in note below:
31 December 2022
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
23.6
-
Trade and other receivables from clients
20
-
89.1
-
Cash and cash equivalents
22
-
229.6
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
617.8
SSD
27
-
-
35.9
Lease liabilities
14
-
-
878.7
Trade and other liabilities to suppliers
32
-
-
278.4
31 December 2021
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
22.0
-
Trade and other receivables from clients
20
-
72.9
-
Cash and cash equivalents
22
-
198.7
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
581.1
SSD
27
-
-
83.5
Lease liabilities
14
-
-
822.9
Trade and other liabilities to suppliers
32
-
-
245.2
Reconciliation of working capital changes as of 31\u00a0December 2022 and 31\u00a0December 2021 is presented in the table
below:
2022
Balance sheet
change
Change in
investment
receivables
Change in
investment
liabilities
Exchange
differences
Working capital
changes
Change in trade and other receivables
(21.2)
-
-
(1.5)
(22.7)
Change in inventories
(4.4)
-
-
0.1
(4.3)
Change in other assets
(2.7)
-
-
0.2
(2.5)
Change in payables and other liabilities
53.0
-
(10.1)
3.1
46.0
Change in other provisions and employee benefits
(10.3)
-
-
1.1
(9.2)
2021
Balance sheet
change
Change in
investment
receivables
Change in
investment
liabilities
Exchange
differences
Working capital
changes
Change in trade and other receivables
(7.5)
-
-
(0.4)
(7.9)
Change in inventories
(6.6)
-
-
(0.5)
(7.1)
Change in other assets
1.1
-
-
(0.4)
0.7
Change in payables and other liabilities
48.0
-
(5.6)
(3.8)
38.6
Change in other provisions and employee benefits
1.3
-
-
0.1
1.4
Classification of key classes of financial assets and liabilities with their carrying amounts is presented in note below:
31 December 2022
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
23.6
-
Trade and other receivables from clients
20
-
89.1
-
Cash and cash equivalents
22
-
229.6
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
617.8
SSD
27
-
-
35.9
Lease liabilities
14
-
-
878.7
Trade and other liabilities to suppliers
32
-
-
278.4
31 December 2021
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
22.0
-
Trade and other receivables from clients
20
-
72.9
-
Cash and cash equivalents
22
-
198.7
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
581.1
SSD
27
-
-
83.5
Lease liabilities
14
-
-
822.9
Trade and other liabilities to suppliers
32
-
-
245.2
* FCapital Dutch S.L. is the subsidiary of Finaccess Capital, S.A. de C.V. Grupo Finaccess SAPI de CV is the direct majority shareholder of
Finaccess Capital, S.A. de C.V. and a subsidiary of Grupo Far-Luca, S.A. de C.V. The direct majority shareholder of Grupo Far-Luca, S.A. de
C.V., Mr. Carlos Fern\u00e1ndez Gonz\u00e1lez, is a member of AmRest\u2019s Board of Directors
On 15 July 2022, as a result of the merger by absorption between FCapital Dutch, S.L. (at that time named FCapital
Dutch, B.V.), as the absorbing company, and FCapital Lux S.\u00e0 r.l. (holding directly 56 509 547 AmRest shares), as the
absorbed company, the shareholding of FCapital Lux S.\u00e0 r.l. in AmRest Holdings SE became the property of FCapital
Dutch, S.L.
Likewise, FCapital Dutch, S.L. (formerly FCapital Dutch, B.V.) carried out the international transfer of its registered office,
without dissolution or loss of its legal personality, from its previous domicile located in Amsterdam (The Netherlands) to
Madrid (Spain), under a public deed executed on December 1, 2022 (effective date of the transfer of domicile), which was
registered in the Commercial Registry of Madrid on January 16, 2023.
Reserves
The structure of Reserves is as follows:
2022
Share
premium
Employee
options
unexercised
Employee
options
exercised
Treasury
shares
Hedges
valuation
Transactions
with NCI
Total
Reserves
As at 1 January
236.3
14.1
(40.7)
(4.0)
(9.5)
(30.6)
165.6
Net investment hedges
-
-
-
-
(2.9)
-
(2.9)
Income tax related to net investment hedges
-
-
-
-
0.5
-
0.5
Total comprehensive income
-
-
-
-
(2.4)
-
(2.4)
Transaction with non-controlling interests
-
-
-
-
-
(1.0)
(1.0)
Total transaction with non-controlling interests
-
-
-
-
-
(1.0)
(1.0)
Purchases of treasury shares
-
-
-
-
-
-
-
Share based payments
-
-
-
-
-
-
-
Value of disposed treasury shares
-
-
(0.3)
0.3
-
-
-
Employee stock option plan \u2013 proceeds from employees for transferred shares
-
-
-
-
-
-
-
Employee stock option plan \u2013 reclassification of exercised options
-
(3.0)
3.0
-
-
-
-
Employee stock option plan \u2013 change in unexercised options
-
5.5
(0.1)
-
-
-
5.4
Change of deferred tax related to unexercised employee benefits
-
(1.1)
-
-
-
-
(1.1)
Total share based payments
-
1.4
2.6
0.3
-
-
4.3
Total distributions and contributions
-
1.4
2.6
0.3
-
-
4.3
As at 31 December
236.3
15.5
(38.1)
(3.7)
(11.9)
(31.6)
166.5
2021
Share
premium
Employee
options
unexercised
Employee
options
exercised
Treasury
shares
Hedges
valuation
Transactions
with NCI
Total
Reserves
As at 1 January
236.3
13.9
(39.1)
(6.5)
(8.2)
(26.3)
170.1
Net investment hedges
-
-
-
-
(1.6)
-
(1.6)
Income tax related to net investment hedges
-
-
-
-
0.3
-
0.3
Total comprehensive income
-
-
-
-
(1.3)
-
(1.3)
Transaction with non-controlling interests
-
-
-
-
-
(4.3)
(4.3)
Total transaction with non-controlling interests
-
-
-
-
-
(4.3)
(4.3)
Purchases of treasury shares
-
-
-
-
-
-
-
Share based payments
-
-
-
-
-
-
-
Value of disposed treasury shares
-
-
(2.5)
2.5
-
-
-
Employee stock option plan \u2013 proceeds from employees for transferred shares
-
-
0.2
-
-
-
0.2
Employee stock option plan \u2013 reclassification of exercised options
-
(0.7)
0.7
-
-
-
-
Employee stock option plan \u2013 change in unexercised options
-
0.3
-
-
-
-
0.3
Change of deferred tax related to unexercised employee benefits
-
0.6
-
-
-
-
0.6
Total share based payments
-
0.2
(1.6)
2.5
-
-
1.1
Total distributions and contributions
-
0.2
(1.6)
2.5
-
-
1.1
As at 31 December
236.3
14.1
(40.7)
(4.0)
(9.5)
(30.6)
165.6
Share premium
This item reflects the surplus over the nominal value of the share capital increase and additional contributions to equity
without issue of shares made by shareholders prior to becoming a public entity. There were no transactions within share
premium in 2022.
Treasury shares
As of 31\u00a0December 2022 the Group had 341 645 treasury shares for a total purchase value of EUR 3.7 million, presented
as treasury shares within \u201cReserves\u201d under equity.
Transactions with NCI
This item reflects the impact of accounting for transactions with non-controlling interests (NCI).
The following key transactions were recognised in 2022:
Transactions with
NCI
Non-controlling
interest
Total Equity
Acquisition of non-controlling interests in AmRest d.o.o.
(1.0)
(1.3)
(2.3)
Dividends for non-controlling shareholders
-
(1.8)
(1.8)
Total transactions with non-controlling interests
(1.0)
(3.1)
(4.1)
The following key transactions were recognised in 2021:
Transactions with
NCI
Non-controlling
interest
Total Equity
Acquisition of non-controlling interests in Sushi Shop Group
(4.3)
0.3
(4.0)
Dividends for non-controlling shareholders
-
(1.3)
(1.3)
Share capital increase in Amrest Kavezo Kft
-
0.2
0.2
Total transactions with non-controlling interests
(4.3)
(0.8)
(5.1)
Hedges valuation
The Group is exposed to foreign currency risk associated with the investment in its foreign subsidiaries, which is
managed by applying net hedge investment strategies.
In 2018 AmRest Holdings assigned its PLN 280 million external borrowing as a hedging instrument in a net hedge for its
Polish subsidiaries. Following scheduled debt repayments, the net investment hedge has been decreased. As of\u00a0
31\u00a0December 2022 , the value of net investment hedge amounts to PLN 196 million (PLN 224 million as of\u00a0 31\u00a0December
2021).
AmRest Sp. z o.o., a Polish subsidiary, with PLN as functional currency, is a borrower of external EUR financing. The
bank loan has been hedging the net investment in its EUR subsidiaries until 31\u00a0December 2021 and throughout the
period ending 31\u00a0December 2022. Following scheduled repayments and an increase during 2022 in the financing of EUR
23 million regarding to the Tranche G of the syndicated bank loan, the net investment hedge as of 31\u00a0December 2022 is
EUR 177 million (176 million as of end of 2021).
Following a change in presentation currency of the Group from PLN to EUR, AmRest Sp. z o.o. remains exposed to the
foreign currency risk between the functional currency of its net investment in its EUR investments and its own functional
currency (PLN). These different functional currencies create a genuine economic exposure to changes in fair values in
the consolidated financial statements of the Group.
For all net investment hedges, exchange gains or losses arising from the translation of liabilities that are hedging net
investments are charged to equity in order to offset gains or losses on translation of the net investment in subsidiaries.
During the year ended 31\u00a0December 2022 and 2021 hedges were fully effective.
As of 31\u00a0December 2022 the accumulated value of currency revaluation recognised in reserve capital (resulting from net
investment hedges) amounted to EUR 2.9 million, and deferred tax concerning this revaluation EUR 0.5 million.
Translation reserves
The balance of translation reserves depends on the changes in the foreign exchange rates. This parameter is out of
control of Group.
Total change in translation reserves in year 2022 amounted to EUR 19.2 million. The most significant impact on that
balance had a change in Russian rouble in the amount of EUR 18.8 million, Polish zloty of EUR 2.9 million, Czech crown
of EUR 1.6 million and Hungarian forint of EUR (2.6) million. Total change in translation reserves in year 2021 amounted
to EUR 12.5 million. The most significant impact on that balance had a change in Russian rouble in the amount of EUR
5.1 million, Chinese renminbi of EUR 4.6 million and Czech crown of EUR 2.1 million.
Non-controlling interest
Key elements of non-controlling interests are presented in the table below:
31 December 2022
31 December 2021
AmRest Coffee Sp. z o.o.
0.3
(0.4)
SCM Sp. z o.o.
3.8
2.8
AmRest Coffee s.r.o.
4.9
3.9
AmRest K\u00e1v\u00e9z\u00f3 Kft
0.4
0.3
AmRest d.o.o.
-
1.1
SCM s.r.o.
1.9
1.0
Sushi Shop Milan Sarl
(0.2)
0.1
Non-controlling interests
11.1
8.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF84MzEvZnJhZzo4NDQ4NGZmOWQ0Mjc0YTZjYTg2MDFiMmQ5YTk4OWRkNi90ZXh0cmVnaW9uOjg0NDg0ZmY5ZDQyNzRhNmNhODYwMWIyZDlhOTg5ZGQ2XzQ5NDc4MDIzMjg0MTg_5977eccd-1f72-4a49-a3d5-c603f222f2cc": { "value": "
Share capital
Share capital consists of ordinary shares. All shares issued are subscribed and fully paid. The par value of each share is
0.1 EUR. There were no changes in share capital of the Company in year 2022.
As of 31\u00a0December 2022 and as of 31\u00a0December 2021 the Company has 219\u00a0554\u00a0183 shares issued.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8yNTI4ODc2NzQ0NDQ0My9mcmFnOjQwNDdiYzE3NjAxYTQzNjk5Y2UyZDRhYjlkZDU2NzRlL3RleHRyZWdpb246NDA0N2JjMTc2MDFhNDM2OTljZTJkNGFiOWRkNTY3NGVfNDk0NzgwMjMyNTA1Mw_23e4b352-0fc7-459f-9bc9-e0191010735e": { "value": "
Reserves
The structure of Reserves is as follows:
2022
Share
premium
Employee
options
unexercised
Employee
options
exercised
Treasury
shares
Hedges
valuation
Transactions
with NCI
Total
Reserves
As at 1 January
236.3
14.1
(40.7)
(4.0)
(9.5)
(30.6)
165.6
Net investment hedges
-
-
-
-
(2.9)
-
(2.9)
Income tax related to net investment hedges
-
-
-
-
0.5
-
0.5
Total comprehensive income
-
-
-
-
(2.4)
-
(2.4)
Transaction with non-controlling interests
-
-
-
-
-
(1.0)
(1.0)
Total transaction with non-controlling interests
-
-
-
-
-
(1.0)
(1.0)
Purchases of treasury shares
-
-
-
-
-
-
-
Share based payments
-
-
-
-
-
-
-
Value of disposed treasury shares
-
-
(0.3)
0.3
-
-
-
Employee stock option plan \u2013 proceeds from employees for transferred shares
-
-
-
-
-
-
-
Employee stock option plan \u2013 reclassification of exercised options
-
(3.0)
3.0
-
-
-
-
Employee stock option plan \u2013 change in unexercised options
-
5.5
(0.1)
-
-
-
5.4
Change of deferred tax related to unexercised employee benefits
-
(1.1)
-
-
-
-
(1.1)
Total share based payments
-
1.4
2.6
0.3
-
-
4.3
Total distributions and contributions
-
1.4
2.6
0.3
-
-
4.3
As at 31 December
236.3
15.5
(38.1)
(3.7)
(11.9)
(31.6)
166.5
2021
Share
premium
Employee
options
unexercised
Employee
options
exercised
Treasury
shares
Hedges
valuation
Transactions
with NCI
Total
Reserves
As at 1 January
236.3
13.9
(39.1)
(6.5)
(8.2)
(26.3)
170.1
Net investment hedges
-
-
-
-
(1.6)
-
(1.6)
Income tax related to net investment hedges
-
-
-
-
0.3
-
0.3
Total comprehensive income
-
-
-
-
(1.3)
-
(1.3)
Transaction with non-controlling interests
-
-
-
-
-
(4.3)
(4.3)
Total transaction with non-controlling interests
-
-
-
-
-
(4.3)
(4.3)
Purchases of treasury shares
-
-
-
-
-
-
-
Share based payments
-
-
-
-
-
-
-
Value of disposed treasury shares
-
-
(2.5)
2.5
-
-
-
Employee stock option plan \u2013 proceeds from employees for transferred shares
-
-
0.2
-
-
-
0.2
Employee stock option plan \u2013 reclassification of exercised options
-
(0.7)
0.7
-
-
-
-
Employee stock option plan \u2013 change in unexercised options
-
0.3
-
-
-
-
0.3
Change of deferred tax related to unexercised employee benefits
-
0.6
-
-
-
-
0.6
Total share based payments
-
0.2
(1.6)
2.5
-
-
1.1
Total distributions and contributions
-
0.2
(1.6)
2.5
-
-
1.1
As at 31 December
236.3
14.1
(40.7)
(4.0)
(9.5)
(30.6)
165.6
Share premium
This item reflects the surplus over the nominal value of the share capital increase and additional contributions to equity
without issue of shares made by shareholders prior to becoming a public entity. There were no transactions within share
premium in 2022.
Treasury shares
As of 31\u00a0December 2022 the Group had 341 645 treasury shares for a total purchase value of EUR 3.7 million, presented
as treasury shares within \u201cReserves\u201d under equity.
Transactions with NCI
This item reflects the impact of accounting for transactions with non-controlling interests (NCI).
The following key transactions were recognised in 2022:
Transactions with
NCI
Non-controlling
interest
Total Equity
Acquisition of non-controlling interests in AmRest d.o.o.
(1.0)
(1.3)
(2.3)
Dividends for non-controlling shareholders
-
(1.8)
(1.8)
Total transactions with non-controlling interests
(1.0)
(3.1)
(4.1)
The following key transactions were recognised in 2021:
Transactions with
NCI
Non-controlling
interest
Total Equity
Acquisition of non-controlling interests in Sushi Shop Group
(4.3)
0.3
(4.0)
Dividends for non-controlling shareholders
-
(1.3)
(1.3)
Share capital increase in Amrest Kavezo Kft
-
0.2
0.2
Total transactions with non-controlling interests
(4.3)
(0.8)
(5.1)
Hedges valuation
The Group is exposed to foreign currency risk associated with the investment in its foreign subsidiaries, which is
managed by applying net hedge investment strategies.
In 2018 AmRest Holdings assigned its PLN 280 million external borrowing as a hedging instrument in a net hedge for its
Polish subsidiaries. Following scheduled debt repayments, the net investment hedge has been decreased. As of\u00a0
31\u00a0December 2022 , the value of net investment hedge amounts to PLN 196 million (PLN 224 million as of\u00a0 31\u00a0December
2021).
AmRest Sp. z o.o., a Polish subsidiary, with PLN as functional currency, is a borrower of external EUR financing. The
bank loan has been hedging the net investment in its EUR subsidiaries until 31\u00a0December 2021 and throughout the
period ending 31\u00a0December 2022. Following scheduled repayments and an increase during 2022 in the financing of EUR
23 million regarding to the Tranche G of the syndicated bank loan, the net investment hedge as of 31\u00a0December 2022 is
EUR 177 million (176 million as of end of 2021).
Following a change in presentation currency of the Group from PLN to EUR, AmRest Sp. z o.o. remains exposed to the
foreign currency risk between the functional currency of its net investment in its EUR investments and its own functional
currency (PLN). These different functional currencies create a genuine economic exposure to changes in fair values in
the consolidated financial statements of the Group.
For all net investment hedges, exchange gains or losses arising from the translation of liabilities that are hedging net
investments are charged to equity in order to offset gains or losses on translation of the net investment in subsidiaries.
During the year ended 31\u00a0December 2022 and 2021 hedges were fully effective.
As of 31\u00a0December 2022 the accumulated value of currency revaluation recognised in reserve capital (resulting from net
investment hedges) amounted to EUR 2.9 million, and deferred tax concerning this revaluation EUR 0.5 million.
Translation reserves
The balance of translation reserves depends on the changes in the foreign exchange rates. This parameter is out of
control of Group.
Total change in translation reserves in year 2022 amounted to EUR 19.2 million. The most significant impact on that
balance had a change in Russian rouble in the amount of EUR 18.8 million, Polish zloty of EUR 2.9 million, Czech crown
of EUR 1.6 million and Hungarian forint of EUR (2.6) million. Total change in translation reserves in year 2021 amounted
to EUR 12.5 million. The most significant impact on that balance had a change in Russian rouble in the amount of EUR
5.1 million, Chinese renminbi of EUR 4.6 million and Czech crown of EUR 2.1 million.
Non-controlling interest
Key elements of non-controlling interests are presented in the table below:
31 December 2022
31 December 2021
AmRest Coffee Sp. z o.o.
0.3
(0.4)
SCM Sp. z o.o.
3.8
2.8
AmRest Coffee s.r.o.
4.9
3.9
AmRest K\u00e1v\u00e9z\u00f3 Kft
0.4
0.3
AmRest d.o.o.
-
1.1
SCM s.r.o.
1.9
1.0
Sushi Shop Milan Sarl
(0.2)
0.1
Non-controlling interests
11.1
8.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8yMi9mcmFnOjM4ZGY4ZGE2MWJjZTQxZTRhMDFiOWE5NGY3MjQzYzIzL3RleHRyZWdpb246MzhkZjhkYTYxYmNlNDFlNGEwMWI5YTk0ZjcyNDNjMjNfNDk0NzgwMjMzMTE4Mg_5d62e321-a4d1-4ed2-a5a5-093de32e3e05": { "value": "
Treasury shares
As of 31\u00a0December 2022 the Group had 341 645 treasury shares for a total purchase value of EUR 3.7 million, presented
as treasury shares within \u201cReserves\u201d under equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8yMi9mcmFnOjM4ZGY4ZGE2MWJjZTQxZTRhMDFiOWE5NGY3MjQzYzIzL3RleHRyZWdpb246MzhkZjhkYTYxYmNlNDFlNGEwMWI5YTk0ZjcyNDNjMjNfNDk0NzgwMjMzMTE4NA_e1da38f8-6d7c-408f-8bd1-69e52ff55591": { "value": "
Translation reserves
The balance of translation reserves depends on the changes in the foreign exchange rates. This parameter is out of
control of Group.
Total change in translation reserves in year 2022 amounted to EUR 19.2 million. The most significant impact on that
balance had a change in Russian rouble in the amount of EUR 18.8 million, Polish zloty of EUR 2.9 million, Czech crown
of EUR 1.6 million and Hungarian forint of EUR (2.6) million. Total change in translation reserves in year 2021 amounted
to EUR 12.5 million. The most significant impact on that balance had a change in Russian rouble in the amount of EUR
5.1 million, Chinese renminbi of EUR 4.6 million and Czech crown of EUR 2.1 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8yMi9mcmFnOjM4ZGY4ZGE2MWJjZTQxZTRhMDFiOWE5NGY3MjQzYzIzL3RleHRyZWdpb246MzhkZjhkYTYxYmNlNDFlNGEwMWI5YTk0ZjcyNDNjMjNfNDk0NzgwMjMzMTE4NQ_b0067884-9392-474a-a9e0-14417ff7e44c": { "value": "
Non-controlling interest
Key elements of non-controlling interests are presented in the table below:
31 December 2022
31 December 2021
AmRest Coffee Sp. z o.o.
0.3
(0.4)
SCM Sp. z o.o.
3.8
2.8
AmRest Coffee s.r.o.
4.9
3.9
AmRest K\u00e1v\u00e9z\u00f3 Kft
0.4
0.3
AmRest d.o.o.
-
1.1
SCM s.r.o.
1.9
1.0
Sushi Shop Milan Sarl
(0.2)
0.1
Non-controlling interests
11.1
8.8
25.\u00a0 Non-controlling interests
At 31\u00a0December 2022 and 31\u00a0December 2021 the summarised financial information for each subsidiary that has non-controlling interests is as follows:
Summarised balance sheet
31 December 2022
AmRest Coffee
s.r.o.
AmRest K\u00e1v\u00e9z\u00f3 Kft
AmRest Coffee Sp.
z o. o.
SCM
Sp. z o.o.
SCM
s.r.o.
AmRest
d.o.o.*
Sushi Shop Milan
Sarl
Current assets
13.6
3.9
2.4
11.1
7.6
-
0.2
Current Liabilities
9.9
6.2
9.7
5.7
4.0
-
0.2
Total current net assets
3.7
(2.3)
(7.3)
5.4
3.6
-
-
Non-current assets
28.8
16.6
23.7
2.0
-
-
(0.4)
Non-current liabilities
16.0
11.0
14.4
0.4
-
-
0.1
Total non-current net assets
12.8
5.6
9.3
1.6
-
-
(0.5)
Net assets
16.5
3.3
2.0
7.0
3.6
-
(0.5)
31 December 2021
AmRest Coffee
s.r.o.
AmRest K\u00e1v\u00e9z\u00f3 Kft
AmRest Coffee Sp.
z o. o.
SCM
Sp. z o.o.
SCM
s.r.o.
AmRest
d.o.o.
Sushi Shop Group**
Current assets
6.8
3.8
1.3
7.3
4.2
1.2
0.4
Current Liabilities
7.5
4.4
8.8
3.1
2.6
1.7
0.1
Total current net assets
(0.7)
(0.6)
(7.5)
4.2
1.6
(0.5)
0.3
Non-current assets
30.6
15.0
23.7
1.6
-
7.5
0.8
Non-current liabilities
17.8
9.9
14.5
0.5
-
2.4
0.8
Total non-current net assets
12.9
5.1
9.2
1.2
-
5.1
-
Net assets
12.1
4.4
1.7
5.4
1.6
4.6
0.3
*Summarised income statement of AmRest d.o.o.\u00a0 for year 2022 is presented till acquisition of\u00a0 remaining non-controlling interests shares in September 2022.
** Non- controlling interest on Sushi Shop Group entities existed in 2022 for Sushi Shop Milan SARL.On 31 August 2021 Sushi Shop Luxembourg SARL has acquired 14% of shares of Sushi House SA and Sushi
Shop Belgique SA has acquired 45.20% of shares of Sushi Shop Louise SA. On this day Sushi Shop Luxembourg SARL and Sushi Shop Belgique SA have become sole shareholders of Sushi House SA and Sushi
Shop Louise SA accordingly. Summarised income statement of Sushi House SA and Sushi Shop Louise SA is presented till acquisition of non-controlling interests shares i.e. till 31 August 2021.
There are no significant restrictions on the possibility of access to the assets or their use and settlement of obligations for the subsidiaries having a non-controlling interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF85MTYvZnJhZzphYzRmNTE5ZjYyZTQ0NDE3YTdhNTJmNGZjYTFmYjZhYy90ZXh0cmVnaW9uOmFjNGY1MTlmNjJlNDQ0MTdhN2E1MmY0ZmNhMWZiNmFjXzQ5NDc4MDIzMjUyNjc_d96df1ad-4bb8-4bb0-88c1-7dc4dc51dbb1": { "value": "
24.\u00a0 Dividends paid and received
In the period covered by these consolidated financial statements the Group has paid a dividend to non-controlling interest
of SCM Sp. z o.o. and SCM Czech s.r.o. in total amount of EUR 1.8 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8yOC9mcmFnOjUwMDk4ZDBjZTQwNzRiYzg5ZmZmZWEzZDM0OTJlNDRlL3RleHRyZWdpb246NTAwOThkMGNlNDA3NGJjODlmZmZlYTNkMzQ5MmU0NGVfMTU5NDI5MTg4Mjg3OTg_883111f3-f6c3-47e2-8d0d-13e7ad187795": { "value": "
26.\u00a0 Earnings per share
As of 31\u00a0December 2022 and 2021 the Company has 219\u00a0554\u00a0183 shares issued.
Table below presents calculation of basic and diluted earnings per ordinary share for the year 2022 and 2021.
Basic EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year (including treasury shares, vested options under share based programs,
number of shares to be transferred as a consideration for acquisition).
Diluted EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year, adjusted by the weighted average number of ordinary shares that would
be issued on conversion of all dilutive potential ordinary shares into ordinary shares (unvested options for open share
based payments programs).
EPS calculation with the effect of share split
31 December
2022
31 December 2021
Net profit attributable to shareholders of the parent (EUR millions)
1.3
32.9
Weighted average number of ordinary shares for basic EPS (in thousands of shares)
219\u00a0269
219\u00a0352
Weighted average number of ordinary shares for diluted EPS (in thousands of shares)
219\u00a0269
219\u00a0852
Basic earnings per ordinary share (EUR)
0.01
0.15
Diluted earnings per ordinary share (EUR)
0.01
0.15
Reconciliation of weighted-average number of ordinary shares for basic EPS:
Weighted-average number of ordinary shares
in thousands of shares
31 December 2022
31 December 2021
Shares issued at the beginning of the period
219\u00a0554
219\u00a0554
Effect of treasury shares held
(357)
(497)
Effect of share options vested
72
295
Weighted average number of ordinary shares for basic EPS
219\u00a0269
219\u00a0352
Reconciliation of weighted-average number of ordinary shares for diluted EPS:
Weighted-average number of ordinary shares for diluted EPS
in thousands of shares
31 December 2022
31 December 2021
Weighted-average number of ordinary shares for basic EPS
219\u00a0269
219\u00a0352
Effect of share options unvested
-
500
Weighted average number of ordinary shares for diluted EPS
219\u00a0269
219\u00a0852
At 31\u00a0December 2022, 10\u00a0567 thousand of options were excluded from the diluted weighted-average number of ordinary
shares calculation because their effect would have been anti-dilutive. At 31\u00a0December 2021, there were 9\u00a0599 thousand
of options with anti-dilutive effect.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8yOC9mcmFnOjUwMDk4ZDBjZTQwNzRiYzg5ZmZmZWEzZDM0OTJlNDRlL3RleHRyZWdpb246NTAwOThkMGNlNDA3NGJjODlmZmZlYTNkMzQ5MmU0NGVfMTU5NDI5MTg4Mjg4OTA_91e2b1e1-e51c-4d44-b9b1-d5934d7e8a16": { "value": "
Basic EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year (including treasury shares, vested options under share based programs,
number of shares to be transferred as a consideration for acquisition).
Diluted EPS is calculated by dividing net profit attributable to shareholders of the parent by the weighted average number
of ordinary shares outstanding during the year, adjusted by the weighted average number of ordinary shares that would
be issued on conversion of all dilutive potential ordinary shares into ordinary shares (unvested options for open share
based payments programs).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF85NTMvZnJhZzo3ZWY5M2E5NDNkMzg0ZmUyODllYmJmMGUzMDFiMzVmOC90ZXh0cmVnaW9uOjdlZjkzYTk0M2QzODRmZTI4OWViYmYwZTMwMWIzNWY4XzI2Mzg4Mjc5Mjg2NjE2_56c8b89c-fe2d-43f6-85e5-bf3b9a3afebc": { "value": "
27.\u00a0 Borrowings
Long-term
31 December 2022
31 December 2021
Syndicated bank loans
497.3
466.2
SSD
35.5
35.5
Other bank loans
18.7
40.2
Total
551.5
541.9
Short-term
31 December 2022
31 December 2021
Syndicated bank loans
68.6
59.2
SSD
0.4
48.0
Other bank loans
33.2
15.5
Total
102.2
122.7
As of the end of the year 2022, bank loans and bond debt (SSD) amounted EUR 653.7 million, whereas at the end of\u00a0
year 2021 EUR 664.6 million.
Bank loans and bonds
Currency
Loans/Bonds
Effective interest rate
31 December 2022
31 December 2021
PLN
Syndicated bank loan
3M WIBOR+margin
87.1
105.6
EUR
Syndicated bank loan
3M EURIBOR+margin
478.9
419.8
EUR
Schuldscheinedarlehen
Bonds
6M EURIBOR/fixed +margin
35.9
83.5
EUR
Bank loans Germany
fixed
1.4
-
EUR
Bank loans France
fixed
30.1
30.2
EUR
Bank loans Spain
fixed
20.3
25.3
CZK
Bank loans Czech
Pribor + Margin
-
0.2
653.7
664.6
Syndicated bank loan
As at 31\u00a0December 2022 syndicated bank financing entered into in 2017, with further amendments, accounts for the
majority of AmRest debt. In December 2021 Group has signed an amendment to syndicated bank loan agreement
providing an extension the repayment of the loan.
During 2022, Group has signed an amendment to syndicated bank loan agreement ensuring the disbursement of tranche
G in the amount of EUR 100 million. On 27 September 2022, Group disposed the full amount of this credit line.
Additionally, the amount of syndicated bank loan has been increased by EUR 27 million from Tranche D and followed by
scheduled repayments in the amount of EUR 56 million in September 2022. During October, the Group repaid the
Tranche D in the amount of EUR 25 million.
The outstanding amount of syndicated bank loan as of 31\u00a0December 2022 is EUR 566 million.
Details of syndicated bank financing originated in 2017, with further amendments, as of 31\u00a0December 2022, are as
follows:
\u2022Signing date: 5 October 2017,
\u2022Final repayment date: 31 December 2024,
\u2022Joint Borrowers: AmRest Holdings SE, AmRest Sp. z o.o. and AmRest s.r.o (the \u201cBorrowers\u201d; AmRest Sp. z o.o. and
AmRest s.r.o are fully owned by AmRest Holdings SE),
\u2022Lenders: Bank Polska Kasa Opieki S.A., Powszechna Kasa Oszcz\u0119dno\u015bci Bank Polski S.A., ING Bank \u015al\u0105ski Polska
S.A. and \u010cesk\u00e1 spo\u0159itelna, a.s.
The available tranches, following repayments made in December 2021 and December 2022:
Tranche(*)
Maximum amount (million)
Date added
Purpose
A
EUR 175
October 2017
Refinancing of bank debt, general
corporate purposes
B
PLN 210
October 2017
C (fully repaid in Q1 2019)
CZK 0
October 2017
D
PLN 450
October 2017
E
PLN 196
June 2019
Refinancing of Polish bonds
F
EUR 133
October 2019
M&A, general corporate purposes
G
EUR 100
September 2022
General corporate purposes
* Approximate total amount: EUR 560m. For the tranche D base currency is PLN and optional currency is EUR.
\u2022Interest rates: Variable interest rates (3M Euribor/Wibor increased by a margin)\u00a0
\u2022Securities: submissions to execution from the Borrowers, guarantees from Group companies, pledge on shares of
Sushi Shop Group and AmRest SAS France. Additional information presented in note 28.
\u2022Uncommitted Tranche G in the amount of up to EUR 100m has been added to the financing.
\u2022Other information: AmRest is required to maintain certain ratios at agreed levels. In particular, net debt/adjusted
consolidated EBITDA is to be held below 3.5 and consolidated EBITDA/interest charge is to stay above 3.5. Both
ratios are calculated according to the definitions mentioned in the loan agreement. Additionally, the Group is obliged
to maintain the equity ratio (expressed as a percentage), calculated as total equity divided by the total assets, above
8%. As of the date of this report, AmRest is in compliance with the three financial covenants.
Two other sources of AmRest financing are:
\u2022Schuldscheinedarlehen (\u201cSSD\u201d \u2013 debt instrument under German law) issued by AmRest Holdings SE.
As of 31\u00a0December 2022, payables concerning SSD issued amount to EUR 35.9 million. During the year Group has
made repayments in amount of EUR 52.1 million.The table below presents all SSD issues and their maturities after
repayments done 2022:
Issue date
Amount (EUR million)
Interest rate
Maturity date
Purpose
7 April 2017
6.0
Fixed
5 April 2024
Refinancing, general
corporate purposes
3 July 2017
20.0
Fixed
3 July 2024
3 July 2017
9.5
Variable
3 July 2024
\u2022State supported loans taken on by Spanish and French subsidiaries in Q2 2020 and guaranteed by the governments.
In particular, Restauravia Food SL and Pastificio Service S.L.U. were granted EUR 22.5 million each and Sushi Shop
Restauration SAS received EUR 20 million and AmRest SAS Opco SAS EUR 10 million. As of 31\u00a0December 2022, EUR
17.6 milion is still available for drawing for the Spanish entities.
As of 31\u00a0December 2022, payables concerning State Supported Loans amount to EUR 50.4 million.
The effective interest rates are similar to the market rates for specific borrowings. Therefore, the fair value of the liabilities
presented in this note does not differ significantly from their carrying amounts.
State supported loans taken by the Group companies
Country
Entities
Effective
interest rate
State guarantee
Balance as at 31
December 2022
Available at 31
December 2022
Maturity
Spain
Restauravia Food SL,
Pastificio Food SL
Fixed
70%
20.3
17.6
3-4 years
France
Sushi Shop
Restauration SAS,
AmRest Opco SAS
Fixed
90%
30.1
0
1-4\u00a0 years
50.4
17.6
In January 2023 Group has signed the annex based on which the repayment of French EUR 10.0 million loans was
prolonged from year 2023. After the amendment, the loans will be repaid during the period 2023 to 2026.
The maturity of long- and short-term loans as of 31\u00a0December 2022 and 2021 is presented in the note 35.
The Group has the following unused, awarded credit limits as of 31\u00a0December 2022 and 31\u00a0December 2021:
31 December 2022
31 December 2021
-\u00a0 Syndicated bank loan
28.2
33.0
- Bank loan/Credit line Spain
17.6
17.7
-\u00a0 Bank loan/Credit line Poland
4.2
-
-\u00a0 Bank loan/Credit line Germany
4.6
-
-\u00a0 Bank loan/Credit line Czech
0.5
-
55.1
50.7
2021
Bank loans
SSD
Total
As of 1 January
668.4
102.4
770.8
Payment
(88.5)
(18.4)
(106.9)
Loan taken/ new contracts
1.1
-
1.1
Accrued interests
14.9
2.2
17.1
Payment of interests
(16.2)
(2.7)
(18.9)
Loan forgiven
(2.7)
-
(2.7)
Result on debt modification and extension fees
4.8
-
4.8
Exchange differences
(0.7)
-
(0.7)
As of 31 December
581.1
83.5
664.6
31 December 2021
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
22.0
-
Trade and other receivables from clients
20
-
72.9
-
Cash and cash equivalents
22
-
198.7
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
581.1
SSD
27
-
-
83.5
Lease liabilities
14
-
-
822.9
Trade and other liabilities to suppliers
32
-
-
245.2
Short-term
31 December 2022
31 December 2021
Syndicated bank loans
68.6
59.2
SSD
0.4
48.0
Other bank loans
33.2
15.5
Total
102.2
122.7
As of the end of the year 2022, bank loans and bond debt (SSD) amounted EUR 653.7 million, whereas at the end of\u00a0
year 2021 EUR 664.6 million.
Bank loans and bonds
Currency
Loans/Bonds
Effective interest rate
31 December 2022
31 December 2021
PLN
Syndicated bank loan
3M WIBOR+margin
87.1
105.6
EUR
Syndicated bank loan
3M EURIBOR+margin
478.9
419.8
EUR
Schuldscheinedarlehen
Bonds
6M EURIBOR/fixed +margin
35.9
83.5
EUR
Bank loans Germany
fixed
1.4
-
EUR
Bank loans France
fixed
30.1
30.2
EUR
Bank loans Spain
fixed
20.3
25.3
CZK
Bank loans Czech
Pribor + Margin
-
0.2
653.7
664.6
Syndicated bank loan
As at 31\u00a0December 2022 syndicated bank financing entered into in 2017, with further amendments, accounts for the
majority of AmRest debt. In December 2021 Group has signed an amendment to syndicated bank loan agreement
providing an extension the repayment of the loan.
During 2022, Group has signed an amendment to syndicated bank loan agreement ensuring the disbursement of tranche
G in the amount of EUR 100 million. On 27 September 2022, Group disposed the full amount of this credit line.
Additionally, the amount of syndicated bank loan has been increased by EUR 27 million from Tranche D and followed by
scheduled repayments in the amount of EUR 56 million in September 2022. During October, the Group repaid the
Tranche D in the amount of EUR 25 million.
The outstanding amount of syndicated bank loan as of 31\u00a0December 2022 is EUR 566 million.
Details of syndicated bank financing originated in 2017, with further amendments, as of 31\u00a0December 2022, are as
follows:
\u2022Signing date: 5 October 2017,
\u2022Final repayment date: 31 December 2024,
\u2022Joint Borrowers: AmRest Holdings SE, AmRest Sp. z o.o. and AmRest s.r.o (the \u201cBorrowers\u201d; AmRest Sp. z o.o. and
AmRest s.r.o are fully owned by AmRest Holdings SE),
\u2022Lenders: Bank Polska Kasa Opieki S.A., Powszechna Kasa Oszcz\u0119dno\u015bci Bank Polski S.A., ING Bank \u015al\u0105ski Polska
S.A. and \u010cesk\u00e1 spo\u0159itelna, a.s.
The available tranches, following repayments made in December 2021 and December 2022:
Tranche(*)
Maximum amount (million)
Date added
Purpose
A
EUR 175
October 2017
Refinancing of bank debt, general
corporate purposes
B
PLN 210
October 2017
C (fully repaid in Q1 2019)
CZK 0
October 2017
D
PLN 450
October 2017
E
PLN 196
June 2019
Refinancing of Polish bonds
F
EUR 133
October 2019
M&A, general corporate purposes
G
EUR 100
September 2022
General corporate purposes
* Approximate total amount: EUR 560m. For the tranche D base currency is PLN and optional currency is EUR.
\u2022Interest rates: Variable interest rates (3M Euribor/Wibor increased by a margin)\u00a0
\u2022Securities: submissions to execution from the Borrowers, guarantees from Group companies, pledge on shares of
Sushi Shop Group and AmRest SAS France. Additional information presented in note 28.
\u2022Uncommitted Tranche G in the amount of up to EUR 100m has been added to the financing.
\u2022Other information: AmRest is required to maintain certain ratios at agreed levels. In particular, net debt/adjusted
consolidated EBITDA is to be held below 3.5 and consolidated EBITDA/interest charge is to stay above 3.5. Both
ratios are calculated according to the definitions mentioned in the loan agreement. Additionally, the Group is obliged
to maintain the equity ratio (expressed as a percentage), calculated as total equity divided by the total assets, above
8%. As of the date of this report, AmRest is in compliance with the three financial covenants.
Two other sources of AmRest financing are:
\u2022Schuldscheinedarlehen (\u201cSSD\u201d \u2013 debt instrument under German law) issued by AmRest Holdings SE.
As of 31\u00a0December 2022, payables concerning SSD issued amount to EUR 35.9 million. During the year Group has
made repayments in amount of EUR 52.1 million.The table below presents all SSD issues and their maturities after
repayments done 2022:
Issue date
Amount (EUR million)
Interest rate
Maturity date
Purpose
7 April 2017
6.0
Fixed
5 April 2024
Refinancing, general
corporate purposes
3 July 2017
20.0
Fixed
3 July 2024
3 July 2017
9.5
Variable
3 July 2024
\u2022State supported loans taken on by Spanish and French subsidiaries in Q2 2020 and guaranteed by the governments.
In particular, Restauravia Food SL and Pastificio Service S.L.U. were granted EUR 22.5 million each and Sushi Shop
Restauration SAS received EUR 20 million and AmRest SAS Opco SAS EUR 10 million. As of 31\u00a0December 2022, EUR
17.6 milion is still available for drawing for the Spanish entities.
As of 31\u00a0December 2022, payables concerning State Supported Loans amount to EUR 50.4 million.
The effective interest rates are similar to the market rates for specific borrowings. Therefore, the fair value of the liabilities
presented in this note does not differ significantly from their carrying amounts.
State supported loans taken by the Group companies
Country
Entities
Effective
interest rate
State guarantee
Balance as at 31
December 2022
Available at 31
December 2022
Maturity
Spain
Restauravia Food SL,
Pastificio Food SL
Fixed
70%
20.3
17.6
3-4 years
France
Sushi Shop
Restauration SAS,
AmRest Opco SAS
Fixed
90%
30.1
0
1-4\u00a0 years
50.4
17.6
In January 2023 Group has signed the annex based on which the repayment of French EUR 10.0 million loans was
prolonged from year 2023. After the amendment, the loans will be repaid during the period 2023 to 2026.
The maturity of long- and short-term loans as of 31\u00a0December 2022 and 2021 is presented in the note 35.
The Group has the following unused, awarded credit limits as of 31\u00a0December 2022 and 31\u00a0December 2021:
31 December 2022
31 December 2021
-\u00a0 Syndicated bank loan
28.2
33.0
- Bank loan/Credit line Spain
17.6
17.7
-\u00a0 Bank loan/Credit line Poland
4.2
-
-\u00a0 Bank loan/Credit line Germany
4.6
-
-\u00a0 Bank loan/Credit line Czech
0.5
-
55.1
50.7
2021
Bank loans
SSD
Total
As of 1 January
668.4
102.4
770.8
Payment
(88.5)
(18.4)
(106.9)
Loan taken/ new contracts
1.1
-
1.1
Accrued interests
14.9
2.2
17.1
Payment of interests
(16.2)
(2.7)
(18.9)
Loan forgiven
(2.7)
-
(2.7)
Result on debt modification and extension fees
4.8
-
4.8
Exchange differences
(0.7)
-
(0.7)
As of 31 December
581.1
83.5
664.6
31 December 2021
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
22.0
-
Trade and other receivables from clients
20
-
72.9
-
Cash and cash equivalents
22
-
198.7
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
581.1
SSD
27
-
-
83.5
Lease liabilities
14
-
-
822.9
Trade and other liabilities to suppliers
32
-
-
245.2
Grant date
Terms and conditions for
vesting of the options
The maximum term of
options
Option exercise price in
EUR
Method of settlement
April 30, 2012
1-5 years, 20% per annum
10 years
1.68
Equity or equity/cash*
April 30, 2013
1.94
Equity or equity/cash*
April 30, 2014
1.96
Equity or equity/cash*
December 9, 2015
3.14
Equity or equity/cash*
April 30, 2016
5.35
Equity
Plan 4 - SOP
May 30, 2017
3-5 years, 60% after 3rd
year, 20% after 4th and 5th
year
10 years
8.14
Equity
January 1, 2018
9.66
Equity
April 30, 2018
10.91
Equity
August 6, 2018
10.46
Equity
October 1, 2018
10.63
Equity
December 10, 2018
9.40
Equity
April 30, 2019
9.62
Equity
Plan 5 - MIP
March 15, 2017
3-5 years, 33% p.a.
10 years
10.51
Equity
September 13, 2017
10.97
Equity
March 3, 2018
10.43 - 10.88
Equity
October 1, 2018
14.54
Equity
March 26, 2019
10.23 - 14.49
Equity
May 13, 2019
12.10
Equity
Plan 6 - SOP
July 13, 2020
3-5 years, 60% after 3rd
year, 20% after 4th and 5th
year
10 years
4.99
Equity
October 1, 2020
5.78
Equity
Plan 7 - MIP
3-5 years, 33% p.a.
10 years
February 10, 2020
15.10
Equity
October 1, 2020
7.90
Equity
February 1, 2021
7.71
Equity
March 23, 2021
6.08
Equity
May 1, 2021
10.62
Equity
*For some options only the equity method is applicable, as some employees can decide upon the settlement method, as disclosed in Plan 2
description above.
Options vest when the terms and conditions relating to the period of employment are met. The plans do not provide any
additional market conditions for vesting of the options.
In the table below we present the number and weighted average of the exercise prices (WAEP) of, and movements in,
the options from all plans during the year ended 31\u00a0December 2022 and 2021:
Number of option 2022
WAEP in EUR
(before
indexation)
Plan 7
Plan 6
Plan 5
Plan 4
Plan 2
At the beginning of the period
8.63
2\u00a0400\u00a0000
2\u00a0913\u00a0620
1\u00a0600\u00a0000
5\u00a0799\u00a0400
545\u00a0752
Granted during the period
-
-
-
-
-
-
Exercised during the period
2.60
-
-
-
-
(39\u00a0450)
Expired during the period
9.87
-
-
(900\u00a0000)
(368\u00a0200)
(37\u00a0820)
Forfeited during the period
8.16
-
(470\u00a0620)
-
(724\u00a0100)
-
Outstanding at the end of the
period
8.56
2\u00a0400\u00a0000
2\u00a0443\u00a0000
700\u00a0000
4\u00a0707\u00a0100
468\u00a0482
- including exercisable as of
the end of the period
9.37
-
-
300\u00a0000
3\u00a0644\u00a0680
468\u00a0482
Number of option 2021
WAEP in EUR
(before
indexation)
Plan 7
Plan 6
Plan 5
Plan 4
Plan 2
At the beginning of the period
8.68
3\u00a0350\u00a0000
3\u00a0204\u00a0500
3\u00a0283\u00a0334
6\u00a0779\u00a0850
932\u00a0402
Granted during the period
7.76
600\u00a0000
-
-
-
-
Exercised during the period
4.26
-
(5\u00a0000)
-
(3\u00a0300)
(367\u00a0650)
Forfeited during the period
8.96
(1 550\u00a0000)
(285\u00a0880)
(1 683\u00a0334)
(976\u00a0950)
(19\u00a0000)
Outstanding at the end of the
period
8.63
2\u00a0400\u00a0000
2\u00a0913\u00a0620
1\u00a0600\u00a0000
5\u00a0799\u00a0400
545\u00a0752
- including exercisable as of
the end of the period
9.05
-
-
966\u00a0667
2\u00a0219\u00a0460
545\u00a0752
The LTI Program is not an option program \u2013 Participants will receive AmRest shares instead of share options. The rights
under the LTI Plan were granted as an amount denominated in payroll currency of each Participant, which will be
converted into shares at the vesting date of the 1st tranche. The number of shares to be received will be determined
according to the following formula:
N = [(Grant \u00f7 ExRate) \u00f7 VWAP] \u00d7 M,
where:
-Grant is the amount of the grant denominated in payroll currency,
-ExRate is the average exchange rate for the month preceding the vesting date of the 1st tranche that is applicable to
the payroll currency being converted into EUR,
-VWAP is the volume weighted average price of AmRest expressed in EUR, during the month preceding the vesting
date of the 1st tranche,
-M is the multiplier, the amount of which will depend on the degree to which non-market performance conditions are
met (minimum 0%, maximum 200%).
The fair value of the LTI grant is periodically remeasured using the assumptions of the Black-Scholes model. The fair
value of the LTI grant was determined on the basis of the following parameters:
- Share price at the valuation date: 4,17 EUR
- No expected dividends
- Risk-free interest rates for each currency according to the table below:
Currency
BGN
CNY
CZK
EUR
GBP
HRK
HUF
PLN
RON
RSD
RUB
Rate
2.78%
2.29%
5.52%
2.55%
3.58%
3.16%
10.81%
6.54%
6.51%
5.39%
8.59%
Cost of plans recognized during the period are recognized based on the above\u00a0 fair values\u00a0 adjusted by the multiplier M.
Share-based payments costs and liabilities
The Group recognises accrual for equity-settled options in reserve capital. The amounts as of 31\u00a0December 2022 and
31\u00a0December 2021 are presented in a table below:
31 December 2022
31 December 2021
Reserve capital - Plan 2
1.2
1.2
Reserve capital - Plan 4
11.4
9.5
Reserve capital - Plan 5
1.2
2.9
Reserve capital - Plan 6
1.0
0.6
Reserve capital - Plan 7
1.1
0.6
Reserve capital - Plan 8
1.3
-
17.2
14.8
The Group recognises liability for cash settled options. The liabilities related to Plan 2 amounts to EUR 0.1 million both as
of 31\u00a0December 2022 and 31\u00a0December 2021.
The costs recognised in connection with the plans relating to incentive programs for the years ended\u00a0 31\u00a0December
2022\u00a0and 2021 respectively are presented below:
YEAR ENDED
31 December 2022
31 December 2021
Employee stock option plan 2
0.2
0.3
Employee stock option plan 4
2.7
1.4
Employee stock option plan 5
0.2
(2.3)
Employee stock option plan 6
0.5
0.5
Employee stock option plan 7
0.5
0.4
Long term incentive\u00a0 plan 8
1.3
\u2014
5.4
0.3
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Pension, health care and other contributions
The costs recognised in connection with the employee benefits contributions for the years ending on 31\u00a0December 2022
and 31\u00a0December 2021 respectively are presented below:
2022
2021
Pension, health care contributions and other
106.1
109.9
Apart from those specified above, there are no other liabilities and costs in respect of employee benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF85ODAvZnJhZzowYTIyZTk2ODFiOGU0NmEyOTg2ZTFiZDU5NzI4MDU0MC90ZXh0cmVnaW9uOjBhMjJlOTY4MWI4ZTQ2YTI5ODZlMWJkNTk3MjgwNTQwXzI2OTM4MDM1MzAxMzI5_eefd3e79-d91d-40bc-bdad-6f61827e0059": { "value": "
Employee information
The information required under the reporting requirement established in Spanish Mercantile Law and Spanish
Commercial Code:
AmRest Group average annual employment distributed by professional category:
2022
2021
Senior Executives
8
8
Office employees
2\u00a0279
2\u00a0171
Restaurant employees
47\u00a0852
44\u00a0301
Total
50\u00a0139
46\u00a0480
Year end distribution of Group employees and members of the Board of Directors by gender:
31 December 2022
31 December 2021
Female
Male
Female
Male
Board of Directors (not employees)
2
5
2
5
Senior Executives
-
8
-
8
Office employees
1\u00a0350
969
1\u00a0173
1\u00a0030
Restaurant employees
27\u00a0612
20\u00a0994
26\u00a0135
20\u00a0193
Total
28\u00a0964
21\u00a0976
27\u00a0310
21\u00a0236
received.
On July 2022 the Company received the tax settlement related to municipality tax (business activity tax) of it\u00b4s the Central
Kitchen activity (Lleida) related to fiscal years 2018 to 2021 for which it was claimed an additional tax liability amounting
to EUR 203k. The company agreed with the final tax assessment and paid on 29 July 2022.
h) On 9 June 2021 AmRest Kft and on 14 June 2021 AmRest K\u00e1v\u00e9z\u00f3 Kft have received the notification letters in respect
to planned initiation of tax proceedings. Tax proceeding in AmRest Kft relates to all tax settlements for the period
2018-2019 and in AmRest K\u00e1v\u00e9z\u00f3 Kft for the year 2019. Both tax audits have been concluded in April 2022 without any
relevant assessment.
In Group\u2019s opinion there are no other material contingent liabilities concerning pending audits and tax proceedings, other
than those stated above.
33.\u00a0 Future commitments and contingent liabilities
As in the previous reporting period, the Group\u2019s future liabilities are derived mainly from the franchise agreements and
development agreements. Group restaurants are operated in accordance with franchise and development agreements
with YUM! and subsidiaries of YUM!, Burger King Europe GmbH, Starbucks Coffee International, Inc. In accordance with
these agreements, the Group is obliged to meet certain development commitments as well as to make the renovations
required to maintain the identity, reputation and high operating standards of each brand. Details of the agreements
together with other future commitments have been described in note 1 and 38d.
Commitments regarding credit agreement are described in note 27 and note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDI5L2ZyYWc6NjY4MTc1OGFhNmU4NDk3ZmI3Y2YxNjAwYTliMDk2MzQvdGV4dHJlZ2lvbjo2NjgxNzU4YWE2ZTg0OTdmYjdjZjE2MDBhOWIwOTYzNF8xNTk0MjkxODc4MTUxNA_0ee76cac-25af-444a-9e3a-4785c7a2b769": { "value": "
31.\u00a0 Tax risks and uncertain tax positions
Tax inspections in AmRest Sp. z o.o.
a) On 30 July 2018 a tax inspection began at AmRest Sp. z o.o. regarding VAT returns for the period December 2017 \u2013
March 2018. On 29 August 2018 the Company received the tax protocol and on 12 September 2018 the Company
submitted its reservations. On 20 November 2018 tax office initiated tax proceeding. On\u00a0 23 July 2019 AmRest Sp. z o.o.
received the notification that the proceedings are suspended due to request for preliminary ruling submitted by the Polish
Supreme Administrative Court to the Court of Justice of European Union.
Despite the lack of a final decision from the tax office, in August 2018 Company received from the tax office cash
payments for VAT receivables related to the described VAT settlements (with respective interest).
On 19 July 2021 AmRest Sp. z o.o. has received the notification in respect to opening the suspended tax inspection
covering VAT returns for the period December 2017 \u2013 March 2018 and on 7 July 2022 AmRest Sp. z o.o. received the
decision based on which the Company has not\u00a0 been obliged to pay any tax liability for the period December 2017 \u2013
March 2018 due to the binding power of the individual ruling of the Ministry of Finance held AmRest Sp. z o.o.
b) On 12 December 2018 a tax inspection started at AmRest Sp. z o.o. regarding VAT returns for the period April \u2013
September 2018. On 28 February 2019 AmRest Sp. z o.o. received the tax protocol issued by the Head of the Lower
Silesia Tax Office which questioning that VAT settlements for the period. On 14 March 2019 the company filed the
reservations to this protocol. On 25 March 2019 the company received the response to the submitted reservations. The
Head of the Lower Silesia Tax Office upheld the allegations described in the protocol. On 1 August 2019 AmRest Sp. z
o.o. received the notification that the proceedings are suspended due to request for preliminary ruling submitted by the
Polish Supreme Administrative Court to the Court of Justice of European Union.
Despite the lack of a final decision from the tax office, in January 2020 Company received from the tax office cash
payments for VAT receivables related to the described VAT settlements (with respective interest).
On 28 July 2021 AmRest Sp. z o.o. has received the notification from the Tax Authorities in respect to opening the
suspended tax inspection covering VAT returns for the period April \u2013 September 2018. Due to procedural reasons on
28\u00a0September 2022, the Head of the Customs and Tax Office initiated new customs and tax inspection on VAT for the
period from April to September 2018. On 23 January 2023 AmRest Sp. z o.o. received the control result. The tax
authorities identified irregularities, but AmRest Sp. z o.o.\u00a0 is covered by binding individual ruling of the Ministry of Finance
issued for AmRest Sp. z o.o. and no tax liability should arise.
c) On 17 May 2019 AmRest Sp. z o.o. received the notification that tax inspections have been initiated regarding the VAT
settlements for the period from October 2018 to March 2019 (six separate tax inspections for every month). In 23 August
2021 AmRest sp. z o.o. has received the notification stating that tax inspections had evolved into tax proceedings.
As of the date of publication of these Consolidated Annual Financial Statements, the proceedings have not concluded.
The Tax Office set new deadline for proceedings.\u00a0
The Group analysed the risk with regards to ongoing tax inspections related to VAT and assessed that it is more probable
than not that the tax authority will finally accept the Company\u2019s VAT tax filings. The same conclusions have been taken
considering external tax advisors. In reference to IFRIC 23 point 10, the Board of Directors\u2019 opinion states that there is no
legal obligation for any cash outflows and there is no basis for the assessment of a higher probability that the risk would
materialize. Therefore, the Group decided that as of 31 December 2022 and as of the date of publication of these
Consolidated Annual Financial Statements, there are no obligating events, so there are no grounds for booking the
provisions for the aforementioned risk.
d) On 26 November 2018 a tax inspection began at AmRest Sp. z o.o. regarding CIT for 2013. On 26 November 2019
AmRest Sp. z o.o. received the decision questioning tax settlements in respect of recognition of interest cost on loans
received from AmRest Finance Zrt. PLN 0.2 million (EUR 0.05 million) and claiming additional income amounted to PLN
7.5 million (EUR 1.8 million) resulting from VAT refund received in 2013. The said Decision is not final and enforceable, ie.
AmRest Sp. z o.o. was not obliged to pay the tax assessed by the Tax Authorities upon obtaining respective decision. The
Company disagreed with conclusions presented in the decision and appealed against it on 5 December 2019.
On 30 March 2021 AmRest sp. z o.o. received the final decision for 2013 CIT settlements issued by the Head of the
Lower Silesian Tax and Customs Office which upheld the decision of the first instance in respect of the CIT levied on VAT
refund for this year - due to the fact that the decision was enforceable the Company paid outstanding tax liability together
with the interest. The Company did not agree with the decision and on 28 April 2021 filed the complaint to the Local
Administrative Court.
The questioned decision of the Tax Authorities has been repealed by the Court on 6 April 2022 and new decision should
be issued by the Tax Authorities. As of the date of publication of these Consolidated Annual Financial Statements the
proceedings have not concluded.
Tax inspections in other Group companies
e) In September 2016 AmRest Coffee Deutschland Sp. z o.o. & Co. KG (\u201cCompany\u201d), identified the products that were
sold with an incorrectly applied VAT rate. This fact was presented to the tax officer who was responsible for the inspection
of periods prior to the acquisition of the business by AmRest. The Company undertook to correct the VAT calculation for
the periods not lapsed.
The corrective tax declarations were submitted, and the outstanding tax liability was paid in July 2018. The Company has
filed amended VAT tax returns \u2013 based on the approach confirmed with the tax office - for the period from 2009 to 2015.
On 18 October 2018 the Company received a communication from the tax office extending the tax audit by including the
financial year 2016, during which the acquisition of the Company by AmRest was completed. The tax audit covered the
following tax settlements: (1) separate and uniform determination of the income tax base including trade tax base and tax
losses, (2) VAT, (3) trade taxes, (4) separate determination of the trade tax loss carryforwards, (5) separate and uniform
determination of the withholding taxes and corporate income taxes.
On September 26, 2022, the tax audit ended with a tax assessment amounting to EUR 410k for VAT (already paid) and
EUR 421k for trade tax, which is being paid as required by the competent tax administration (currently paid EUR 119 k).
f) On 9 June 2022, the Suhi Shop Group received two tax assessments related to the computations of Corporate Income
Tax (CIT). The first assessment included two different corrections from CIT computations, i) an increase of tax payable for
CIT 2019 amounting to EUR 7 million which was paid by the Company on 1 August 2022 and it did not file allegations and
ii) correction of the CIT 2018-2019 for some other aspects (e.g. limit of deductibility of financial expenses). However, the
Company did not agree with the latter correction and filed allegations before the Tax Authorities. Those allegations were
rejected on 7 February 2023, and the Company has two months to file allegations before the French Courts.
The second settlement corresponded to the non-filing of the 2020 CIT return, so the tax authorities estimated the tax
payable based on the 2019 tax result, which resulted in a tax liability of EUR 2.8 million. The Company filed allegations in
August 2022 and received on 14 February 2023 a favourable resolution regarding the allegations submitted. Therefore,
the Group does not have any tax liability in relation to this second settlement.
The entity provided a bank guarantee for EUR 3.1 million covering both the CIT tax settlements appealed for 2018, 2019
and 2020.
g) On 22 July 2019 Pastificio Service S.L. (as the taxpayer), Amrest Tag SL (as head of the Tax Group 539/11 during the
tax audit period) and AmRest Holdings, SE (as the current head of the Tax Group 539/11) were notified of the initiation of
a tax audit, in regard to corporate income tax, for the fiscal years 2014 to 2017. This is a partial tax audit, only referred to
tax relief applied by Pastificio Service, SL in corporate income tax bases of 2014 to 2017, in regard to the deductions
related to certain intangible assets (i.e. patent box regimen).
On 22 March 2021 Pastificio Service S.L.U. (as the taxpayer), AmRest Tag S.L.U. (as head of the Tax Group during the
tax audit period) and AmRest Holdings SE (as the current head of the Tax Group) received the settlement agreement
from the tax office indicating the additional tax liability amounting to EUR 1.1 million, which was paid by the taxpayer on
14 June 2021. However, the Company disagree with the tax authorities and on 22 April 2021 submitted the economic-
administrative claim and the allegations has been filed on 26 July which were rejected. On 21 December 2022, the
companies filed before the National Audience the allegations writ and to date the Court's resolution has not been
received.
On July 2022 the Company received the tax settlement related to municipality tax (business activity tax) of it\u00b4s the Central
Kitchen activity (Lleida) related to fiscal years 2018 to 2021 for which it was claimed an additional tax liability amounting
to EUR 203k. The company agreed with the final tax assessment and paid on 29 July 2022.
h) On 9 June 2021 AmRest Kft and on 14 June 2021 AmRest K\u00e1v\u00e9z\u00f3 Kft have received the notification letters in respect
to planned initiation of tax proceedings. Tax proceeding in AmRest Kft relates to all tax settlements for the period
2018-2019 and in AmRest K\u00e1v\u00e9z\u00f3 Kft for the year 2019. Both tax audits have been concluded in April 2022 without any
relevant assessment.
In Group\u2019s opinion there are no other material contingent liabilities concerning pending audits and tax proceedings, other
than those stated above.
33.\u00a0 Future commitments and contingent liabilities
As in the previous reporting period, the Group\u2019s future liabilities are derived mainly from the franchise agreements and
development agreements. Group restaurants are operated in accordance with franchise and development agreements
with YUM! and subsidiaries of YUM!, Burger King Europe GmbH, Starbucks Coffee International, Inc. In accordance with
these agreements, the Group is obliged to meet certain development commitments as well as to make the renovations
required to maintain the identity, reputation and high operating standards of each brand. Details of the agreements
together with other future commitments have been described in note 1 and 38d.
Commitments regarding credit agreement are described in note 27 and note 28.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDQyL2ZyYWc6NzJlYWIxOTFlNzU5NDVkZWI1Yzk5ZmFlODc2NmM2ZDEvdGV4dHJlZ2lvbjo3MmVhYjE5MWU3NTk0NWRlYjVjOTlmYWU4NzY2YzZkMV80OTQ3ODAyNDkxNzc4_f6034200-1d7e-43ca-8574-ac1139b89ecf": { "value": "
32.\u00a0 Trade payables and other liabilities
Trade payables and other liabilities as of 31\u00a0December 2022 and 31\u00a0December 2021 cover the following items:
31 December 2022
31 December 2021
Trade payables
104.2
89.4
Accruals and uninvoiced deliveries
78.8
67.1
Employee payables
21.0
17.9
Employee related accruals
32.7
33.2
Accrual for holiday leave
13.1
12.3
Social insurance payables
22.3
13.7
Other tax payables
25.2
20.7
Investment payables
24.2
14.2
Contract liabilities \u2013 initial fees, loyaltee programs, gift cards
11.1
10.2
Deferred income
5.9
6.5
Other payables
5.3
5.6
Total trade payables and other liabilities
343.8
290.8
The information required from Spanish AmRest Group companies under the reporting requirement established in Spanish
Law 18/2022 of 29 September and introduced measures to combat late payments in commercial transactions, is as
follows:
2022
2021
Number of days:
Average payment period to suppliers
46.6
41.1
Ratio of payments
40.4
42.8
Ratio of outstanding invoices
47.0
26.2
Millions of EUR:
Total payments
205.4
154.4
Outstanding invoices
27.1
16.7
Amount payments < 60 days
84.2
-
Other:
Number of invoices paid < 60 days
46\u00a0444
-
% Amount of payments made < 60 days out of the total payments
82%
-
% Number of invoices paid < 60 days out of the total payments
77%
-
31 December 2021
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
22.0
-
Trade and other receivables from clients
20
-
72.9
-
Cash and cash equivalents
22
-
198.7
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
581.1
SSD
27
-
-
83.5
Lease liabilities
14
-
-
822.9
Trade and other liabilities to suppliers
32
-
-
245.2
*includes the total amount of the variable remuneration in cash (Short-Term Incentive Program) that is recognized in the year it is paid.
Directors Remuneration Policy was approved at the General Shareholders\u2019 Meeting held on 12 May 2022 and will remain
in force until 2025 unless the General Shareholders\u2019 Meeting so resolves to amend or replace it.
The Group\u2019s Senior Management Personnel participates in the employee share option plans (note 29). In relation to the
stock option plans and Management incentive plans in the year ended 31\u00a0December 2022 the fair value of outstanding
options decreased by EUR 1,9 million, due to a significant amount of expired options. In the year ended 31\u00a0December
2021 the fair value decreased by EUR 4.5 million.
31 December 2022
31 December 2021
Number of options outstanding (pcs, after split)
3\u00a0285\u00a0000
4 071 333
Number of available options (pcs, after split)
352\u00a0000
912 000
Fair value of outstanding options as at grant date (EUR
millions)
3.5
5.4
The Group's Senior Management Personnel participates in the Long-Term Incentive (LTI) Program which has been
started in 2021. The LTI grants will vest according to a 5-year agenda (60% after 3rd year, 20% after 4th year, 20% after
5th year). The first vesting will take place on 31st May 2024. As of 31\u00a0December 2022 the fair value of all grants related to
key management equals EUR 1.9 million. By the end of the year ended 31\u00a0December 2022 the cost of LTI related to key
management amounted to EUR 1.0 million.
As of 31\u00a0December 2022 and 2021, the Group had no outstanding balances with the Senior Management Personnel,
except for the accrual and payment of annual bonuses to be paid in the first quarter of the following year.
As of 31\u00a0December 2022 and 2021, the Group's members of the Board of Directors had no pension fund or life insurance.
Stock Option and Management Incentive Plans as well as LTI Program in which Senior Management Personnel
participates are detailed above and in note 29. Members of the Board of Directors do not participate in such programs.
Furthermore, the Group had not granted any advance, loan or credit in favour of the Board Members or the Senior
Management. As of 31\u00a0December 2022 and 31\u00a0December 2021 there were no material liabilities to former employees.
Conflicts of interest concerning the Board Directors
The Board Directors and their related parties have had no conflicts of interest requiring disclosure in accordance with
article 229 of the Revised Spanish Companies Act.
Other related entities
There were no material transactions with other related entities in 2022. There were also no material receivables and
payables with other related entities as of 31\u00a0December 2022 and 31\u00a0December 2021.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDY5L2ZyYWc6MjhjYzZlMmVmYjNhNDkyZDkwYzcxNjMwZjhhZmI3YzUvdGV4dHJlZ2lvbjoyOGNjNmUyZWZiM2E0OTJkOTBjNzE2MzBmOGFmYjdjNV80OTQ3ODAyNDg1OTA1_d96dfc6f-d0df-4e47-ba29-cdb83a8f4581": { "value": "Transactions with related parties are carried out in accordance with market regulations.
Transactions eliminated on consolidation
Intra\u2011group balances and transactions, and any unrealised income and expenses arising from intra\u2011group transactions,
are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the
investment to the extent of the Group\u2019s interest in the investee. 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:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDY5L2ZyYWc6MjhjYzZlMmVmYjNhNDkyZDkwYzcxNjMwZjhhZmI3YzUvdGV4dHJlZ2lvbjoyOGNjNmUyZWZiM2E0OTJkOTBjNzE2MzBmOGFmYjdjNV80OTQ3ODAyNDg1OTA5_9d8a37c5-80f9-4dae-ac66-bfa462030f96": { "value": "
Transactions with members of the Board of Directions and Senior Management Personnel
The remuneration of the Board of Directors and Senior Management Personnel (for these purposes, Senior Management
Personnel is understood to be those executives who report directly to the Board of Directors, the chief executive officer or
the first executive of the Company, including the person responsible for Internal Audit) paid by the Group was as follows:
31 December 2022
31 December 2021
Remuneration of the members of the Board of
Directors
0.8
0.7
Remuneration of Senior Management Personnel:
- Remuneration received by the Senior Executives*
3.3
3.3
- Gain on share-based remuneration systems
-
-
Remuneration of Senior Management Personnel
3.3
3.3
Total compensation paid to key management
personnel
4.1
4.0
*includes the total amount of the variable remuneration in cash (Short-Term Incentive Program) that is recognized in the year it is paid.
Directors Remuneration Policy was approved at the General Shareholders\u2019 Meeting held on 12 May 2022 and will remain
in force until 2025 unless the General Shareholders\u2019 Meeting so resolves to amend or replace it.
The Group\u2019s Senior Management Personnel participates in the employee share option plans (note 29). In relation to the
stock option plans and Management incentive plans in the year ended 31\u00a0December 2022 the fair value of outstanding
options decreased by EUR 1,9 million, due to a significant amount of expired options. In the year ended 31\u00a0December
2021 the fair value decreased by EUR 4.5 million.
31 December 2022
31 December 2021
Number of options outstanding (pcs, after split)
3\u00a0285\u00a0000
4 071 333
Number of available options (pcs, after split)
352\u00a0000
912 000
Fair value of outstanding options as at grant date (EUR
millions)
3.5
5.4
The Group's Senior Management Personnel participates in the Long-Term Incentive (LTI) Program which has been
started in 2021. The LTI grants will vest according to a 5-year agenda (60% after 3rd year, 20% after 4th year, 20% after
5th year). The first vesting will take place on 31st May 2024. As of 31\u00a0December 2022 the fair value of all grants related to
key management equals EUR 1.9 million. By the end of the year ended 31\u00a0December 2022 the cost of LTI related to key
management amounted to EUR 1.0 million.
As of 31\u00a0December 2022 and 2021, the Group had no outstanding balances with the Senior Management Personnel,
except for the accrual and payment of annual bonuses to be paid in the first quarter of the following year.
As of 31\u00a0December 2022 and 2021, the Group's members of the Board of Directors had no pension fund or life insurance.
Stock Option and Management Incentive Plans as well as LTI Program in which Senior Management Personnel
participates are detailed above and in note 29. Members of the Board of Directors do not participate in such programs.
Furthermore, the Group had not granted any advance, loan or credit in favour of the Board Members or the Senior
Management. As of 31\u00a0December 2022 and 31\u00a0December 2021 there were no material liabilities to former employees.
Conflicts of interest concerning the Board Directors
The Board Directors and their related parties have had no conflicts of interest requiring disclosure in accordance with
article 229 of the Revised Spanish Companies Act.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDg1L2ZyYWc6MWQ2NWZkYjYzZWI3NDBhYmI1MDAzMjZiNGE3NjliZjYvdGV4dHJlZ2lvbjoxZDY1ZmRiNjNlYjc0MGFiYjUwMDMyNmI0YTc2OWJmNl80OTQ3ODAyNDc0MzQx_9ed15da3-2cd3-40e0-b7b7-dfb1ba4e1db6": { "value": "
35.\u00a0 Financial instruments
The following table shows the carrying amounts of financial assets and financial liabilities. The Group assessed that the
fair values of cash and cash equivalents, rental deposits,\u00a0 trade and other receivables, trade and other payables, as well
as current loans and borrowings and finance lease liabilities approximate their carrying amounts largely due to the short-
term maturities of these instruments. Fair values of non-current rental deposits, loans and borrowings and financial
liabilities immaterially differs from their carrying values. Trade and other receivables and liabilities presented below does
not include balance relating to taxes and employee settlements.
As of 31\u00a0December 2022 and 2021 the Group did not have equity instrument measured at fair value. There were no
transfers between fair value hierarchy levels in year 2022 and in year 2021.
Classification of key classes of financial assets and liabilities with their carrying amounts is presented in note below:
31 December 2022
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
23.6
-
Trade and other receivables from clients
20
-
89.1
-
Cash and cash equivalents
22
-
229.6
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
617.8
SSD
27
-
-
35.9
Lease liabilities
14
-
-
878.7
Trade and other liabilities to suppliers
32
-
-
278.4
31 December 2021
Note
FVTPL
Financial assets at
amortised cost
Financial liabilities
at amortised cost
Financial assets not measured at fair value
Rental deposits
18
-
22.0
-
Trade and other receivables from clients
20
-
72.9
-
Cash and cash equivalents
22
-
198.7
-
Financial liabilities not measured at fair value
Loans and borrowings
27
-
-
581.1
SSD
27
-
-
83.5
Lease liabilities
14
-
-
822.9
Trade and other liabilities to suppliers
32
-
-
245.2
Current
Overdue in days
Total
2021
Less than 90
91-180
181 -\u00a0 365
More than 365
Trade and other receivables
55.4
8.7
2.9
4.2
9.6
80.8
Loss allowance (note 20)
(0.9)
(1.0)
(1.2)
(2.2)
(7.6)
(12.9)
Total
54.5
7.7
1.7
2.0
2.0
67.9
Value of loss allowance for receivables as of 31\u00a0December 2022 and 31\u00a0December 2021 is presented in table below:
31 December 2022
31 December 2021
Value at the beginning of the period
(12.9)
(12.2)
Allowance created
(4.5)
(3.8)
Allowance released
2.0
2.9
Allowance used
2.6
0.1
Other
(0.4)
0.1
Value at the end of the period
(13.2)
(12.9)
31 December 2021
Contractual, undiscounted cash flows
Carrying
amount
Up to 1
year
Between 1
and 2 years
Between 2
and 3 years
Between 3
and 4 years
Between 4
and 5 years
More than 5
years
Total
Trade and other
liabilities to suppliers
180.9
-
-
-
-
-
180.9
180.9
Loan instalments
118.7
86.1
448.1
4.3
1.1
-
658.3
658.3
Interest and other
charges
17.0
15.0
13.0
-
-
-
45.0
-
Contractual, undiscounted payments of interests and other fees have been determined taking into consideration following
assumptions:
\u2022for loans in foreign currency the expected cash flows was translated spot rates at reporting date.
\u2022the interest payments on variable interest rate loans reflect market interest rates at the reporting date.
The future cash flows may be different from the amounts in the table as exchange rates or interest rates change.
Capital risk
The Group manages capital risk to protect its ability to continue in operation, so as to enable it to realize returns for its
shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce its cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDg1L2ZyYWc6MWQ2NWZkYjYzZWI3NDBhYmI1MDAzMjZiNGE3NjliZjYvdGV4dHJlZ2lvbjoxZDY1ZmRiNjNlYjc0MGFiYjUwMDMyNmI0YTc2OWJmNl80OTQ3ODAyNDc0MzQy_881a8ab4-0d65-44e5-82dd-5dc8a2ec9deb": { "value": "
The following table shows the carrying amounts of financial assets and financial liabilities. The Group assessed that the
fair values of cash and cash equivalents, rental deposits,\u00a0 trade and other receivables, trade and other payables, as well
as current loans and borrowings and finance lease liabilities approximate their carrying amounts largely due to the short-
term maturities of these instruments. Fair values of non-current rental deposits, loans and borrowings and financial
liabilities immaterially differs from their carrying values. Trade and other receivables and liabilities presented below does
not include balance relating to taxes and employee settlements.
As of 31\u00a0December 2022 and 2021 the Group did not have equity instrument measured at fair value. There were no
transfers between fair value hierarchy levels in year 2022 and in year 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDg1L2ZyYWc6MWQ2NWZkYjYzZWI3NDBhYmI1MDAzMjZiNGE3NjliZjYvdGV4dHJlZ2lvbjoxZDY1ZmRiNjNlYjc0MGFiYjUwMDMyNmI0YTc2OWJmNl80OTQ3ODAyNDc0MzQy_a01f925f-8940-4c5a-9dd6-6a3eaebf7501": { "value": "
The following table shows the carrying amounts of financial assets and financial liabilities. The Group assessed that the
fair values of cash and cash equivalents, rental deposits,\u00a0 trade and other receivables, trade and other payables, as well
as current loans and borrowings and finance lease liabilities approximate their carrying amounts largely due to the short-
term maturities of these instruments. Fair values of non-current rental deposits, loans and borrowings and financial
liabilities immaterially differs from their carrying values. Trade and other receivables and liabilities presented below does
not include balance relating to taxes and employee settlements.
As of 31\u00a0December 2022 and 2021 the Group did not have equity instrument measured at fair value. There were no
transfers between fair value hierarchy levels in year 2022 and in year 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDg1L2ZyYWc6MWQ2NWZkYjYzZWI3NDBhYmI1MDAzMjZiNGE3NjliZjYvdGV4dHJlZ2lvbjoxZDY1ZmRiNjNlYjc0MGFiYjUwMDMyNmI0YTc2OWJmNl80OTQ3ODAyNDc0MzQw_4dbebf2b-d805-4b96-9720-7e91cf4e4879": { "value": "
Risk management
The Group is exposed to several financial risks in connection with its activities, including: the risk of market fluctuations
(covering the foreign exchange risk and risk of changes in interest rates), risk related to financial liquidity and \u2013 to a
limited extent \u2013 credit risk. The risk management program implemented by the Group is based on the assumption of the
unpredictability of the financial markets and is used to maximally limit the impact of negative factors on the Group\u2019s
financial results.
Credit risk
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, and arises principally from the Group\u2019s receivables from customers and investments in debt
securities.\u00a0
Financial instruments especially exposed to credit risk include cash and cash equivalents, trade and other receivables.
The Group has no significant concentration of credit risk. The risk is spread over a number of banks, whose services are
used, and customers it cooperates with.
The maximum credit risk exposure on trade and other receivables and cash and cash equivalents amounts to EUR 342.3
million.
Cash and cash equivalents
Credit risk related to financial instruments in the form of cash in bank accounts is limited, due to the fact that the parties to
the transaction are banks with high credit ratings received from international rating agencies.
Trade receivables
The Group analyses receivables by type of the customer. The Group operates chains of own restaurants under own
brands as well as under franchise license agreements. Additionally, the Group operates as franchisor (for own brands)
and master-franchisee (for some franchised brand) and develops chains of franchisee businesses, organizing marketing
activities for the brands and supply chain. Consequently, the Group analyses two stream of receivables related to:
-Restaurant sales,
-Franchise and other sales.
The Group\u2019 receivables related to restaurant sales are limited and have low credit risk due to the short settlement time
and the nature of settlement, as guests pay in restaurants generally in cash or via credit or debit cards.
Receivables related to franchise sales include franchise receivables referring to own brands and master-franchise
agreements. For these receivables the Group performs detailed analysis of expected credit loss.
The Group\u2019s exposure to that credit risk is influenced mainly by the individual characteristics of each customer. However,
the Group also considers the factors that may influence the credit risk of its customer base, including the default risk
associated with the industry and country in which customers operate, including the external rating related to particular
country.
For these receivables the Group applied the simplified approach permitted by IFRS 9, which requires expected credit
losses (ECLs) to be recognised from initial recognition of the receivables. The Group has established a provision matrix
that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment.
During year 2022 the Group recognized an impairment of the Group\u2019s receivables exposed to credit risk in an net amount
of EUR 0.9 million.
The ageing break-down of receivables and receivable loss allowance as of 31\u00a0December 2022 and 31\u00a0December 2021 is
presented in the table below.
Current
Overdue in days
Total
2022
Less than 90
91-180
181 -\u00a0 365
More than 365
Trade and other receivables
74.8
8.0
5.8
3.3
8.7
100.6
Loss allowance (note 20)
(1.1)
(0.2)
(1.3)
(2.3)
(8.3)
(13.2)
Total
73.7
7.8
4.5
1.0
0.4
87.4
Current
Overdue in days
Total
2021
Less than 90
91-180
181 -\u00a0 365
More than 365
Trade and other receivables
55.4
8.7
2.9
4.2
9.6
80.8
Loss allowance (note 20)
(0.9)
(1.0)
(1.2)
(2.2)
(7.6)
(12.9)
Total
54.5
7.7
1.7
2.0
2.0
67.9
Value of loss allowance for receivables as of 31\u00a0December 2022 and 31\u00a0December 2021 is presented in table below:
31 December 2022
31 December 2021
Value at the beginning of the period
(12.9)
(12.2)
Allowance created
(4.5)
(3.8)
Allowance released
2.0
2.9
Allowance used
2.6
0.1
Other
(0.4)
0.1
Value at the end of the period
(13.2)
(12.9)
31 December 2021
Contractual, undiscounted cash flows
Carrying
amount
Up to 1
year
Between 1
and 2 years
Between 2
and 3 years
Between 3
and 4 years
Between 4
and 5 years
More than 5
years
Total
Trade and other
liabilities to suppliers
180.9
-
-
-
-
-
180.9
180.9
Loan instalments
118.7
86.1
448.1
4.3
1.1
-
658.3
658.3
Interest and other
charges
17.0
15.0
13.0
-
-
-
45.0
-
Contractual, undiscounted payments of interests and other fees have been determined taking into consideration following
assumptions:
\u2022for loans in foreign currency the expected cash flows was translated spot rates at reporting date.
\u2022the interest payments on variable interest rate loans reflect market interest rates at the reporting date.
The future cash flows may be different from the amounts in the table as exchange rates or interest rates change.
Capital risk
The Group manages capital risk to protect its ability to continue in operation, so as to enable it to realize returns for its
shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce its cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDg1L2ZyYWc6MWQ2NWZkYjYzZWI3NDBhYmI1MDAzMjZiNGE3NjliZjYvdGV4dHJlZ2lvbjoxZDY1ZmRiNjNlYjc0MGFiYjUwMDMyNmI0YTc2OWJmNl8yNjM4ODI3OTIxNTk2OA_012de688-f84c-41b8-b9da-b978a0011c78": { "value": "
Credit risk
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, and arises principally from the Group\u2019s receivables from customers and investments in debt
securities.\u00a0
Financial instruments especially exposed to credit risk include cash and cash equivalents, trade and other receivables.
The Group has no significant concentration of credit risk. The risk is spread over a number of banks, whose services are
used, and customers it cooperates with.
The maximum credit risk exposure on trade and other receivables and cash and cash equivalents amounts to EUR 342.3
million.
Cash and cash equivalents
Credit risk related to financial instruments in the form of cash in bank accounts is limited, due to the fact that the parties to
the transaction are banks with high credit ratings received from international rating agencies.
Trade receivables
The Group analyses receivables by type of the customer. The Group operates chains of own restaurants under own
brands as well as under franchise license agreements. Additionally, the Group operates as franchisor (for own brands)
and master-franchisee (for some franchised brand) and develops chains of franchisee businesses, organizing marketing
activities for the brands and supply chain. Consequently, the Group analyses two stream of receivables related to:
-Restaurant sales,
-Franchise and other sales.
The Group\u2019 receivables related to restaurant sales are limited and have low credit risk due to the short settlement time
and the nature of settlement, as guests pay in restaurants generally in cash or via credit or debit cards.
Receivables related to franchise sales include franchise receivables referring to own brands and master-franchise
agreements. For these receivables the Group performs detailed analysis of expected credit loss.
The Group\u2019s exposure to that credit risk is influenced mainly by the individual characteristics of each customer. However,
the Group also considers the factors that may influence the credit risk of its customer base, including the default risk
associated with the industry and country in which customers operate, including the external rating related to particular
country.
For these receivables the Group applied the simplified approach permitted by IFRS 9, which requires expected credit
losses (ECLs) to be recognised from initial recognition of the receivables. The Group has established a provision matrix
that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the
economic environment.
During year 2022 the Group recognized an impairment of the Group\u2019s receivables exposed to credit risk in an net amount
of EUR 0.9 million.
The ageing break-down of receivables and receivable loss allowance as of 31\u00a0December 2022 and 31\u00a0December 2021 is
presented in the table below.
Current
Overdue in days
Total
2022
Less than 90
91-180
181 -\u00a0 365
More than 365
Trade and other receivables
74.8
8.0
5.8
3.3
8.7
100.6
Loss allowance (note 20)
(1.1)
(0.2)
(1.3)
(2.3)
(8.3)
(13.2)
Total
73.7
7.8
4.5
1.0
0.4
87.4
Current
Overdue in days
Total
2021
Less than 90
91-180
181 -\u00a0 365
More than 365
Trade and other receivables
55.4
8.7
2.9
4.2
9.6
80.8
Loss allowance (note 20)
(0.9)
(1.0)
(1.2)
(2.2)
(7.6)
(12.9)
Total
54.5
7.7
1.7
2.0
2.0
67.9
Value of loss allowance for receivables as of 31\u00a0December 2022 and 31\u00a0December 2021 is presented in table below:
31 December 2022
31 December 2021
Value at the beginning of the period
(12.9)
(12.2)
Allowance created
(4.5)
(3.8)
Allowance released
2.0
2.9
Allowance used
2.6
0.1
Other
(0.4)
0.1
Value at the end of the period
(13.2)
(12.9)
Current
Overdue in days
Total
2021
Less than 90
91-180
181 -\u00a0 365
More than 365
Trade and other receivables
55.4
8.7
2.9
4.2
9.6
80.8
Loss allowance (note 20)
(0.9)
(1.0)
(1.2)
(2.2)
(7.6)
(12.9)
Total
54.5
7.7
1.7
2.0
2.0
67.9
Value of loss allowance for receivables as of 31\u00a0December 2022 and 31\u00a0December 2021 is presented in table below:
31 December 2022
31 December 2021
Value at the beginning of the period
(12.9)
(12.2)
Allowance created
(4.5)
(3.8)
Allowance released
2.0
2.9
Allowance used
2.6
0.1
Other
(0.4)
0.1
Value at the end of the period
(13.2)
(12.9)
31 December 2021
Contractual, undiscounted cash flows
Carrying
amount
Up to 1
year
Between 1
and 2 years
Between 2
and 3 years
Between 3
and 4 years
Between 4
and 5 years
More than 5
years
Total
Trade and other
liabilities to suppliers
180.9
-
-
-
-
-
180.9
180.9
Loan instalments
118.7
86.1
448.1
4.3
1.1
-
658.3
658.3
Interest and other
charges
17.0
15.0
13.0
-
-
-
45.0
-
Contractual, undiscounted payments of interests and other fees have been determined taking into consideration following
assumptions:
\u2022for loans in foreign currency the expected cash flows was translated spot rates at reporting date.
\u2022the interest payments on variable interest rate loans reflect market interest rates at the reporting date.
The future cash flows may be different from the amounts in the table as exchange rates or interest rates change.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDg1L2ZyYWc6MWQ2NWZkYjYzZWI3NDBhYmI1MDAzMjZiNGE3NjliZjYvdGV4dHJlZ2lvbjoxZDY1ZmRiNjNlYjc0MGFiYjUwMDMyNmI0YTc2OWJmNl80OTQ3ODAyNDc0MzM4_f495e414-1f99-4171-b83f-152e35ea8c8b": { "value": "
Capital risk
The Group manages capital risk to protect its ability to continue in operation, so as to enable it to realize returns for its
shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce its cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMDk4L2ZyYWc6Mjk5ZDMxM2M1MDRjNGU2Mjk4ODYxOWVlMzc3NThlOTMvdGV4dHJlZ2lvbjoyOTlkMzEzYzUwNGM0ZTYyOTg4NjE5ZWUzNzc1OGU5M180OTQ3ODAyNDY1MTE0_3d69fd28-e113-476e-b890-d47df0b107f4": { "value": "
36.\u00a0 Audit fees
The services commissioned to the auditors meet the independence requirements stipulated by the Spanish Audit Law
22/2015, July 20. PwC Auditores S.L., and other related companies rendered professional services to the Group during
the years ended 31\u00a0December 2022 and 2021, as detailed below:
2022
PwC Auditores, S.L.
Other entities affiliated with
PwC International
Other auditors
Total
Audit and other assurance services
0.3
0.6
0.4
1.3
Other verification services
0.1
-
-
0.1
Other services
-
-
-
-
0.4
0.6
0.4
1.4
2021
PwC Auditores, S.L.
Other entities affiliated with
PwC International
Other auditors
Total
Audit and other assurance services
0.2
0.6
0.4
1.2
Other verification services
0.1
-
-
0.1
Other services
-
-
-
-
0.3
0.6
0.4
1.3
Other assurance services include limited review of interim financial statements. Other verification services include the
verification of the non-financial information in the annual reports and agreed upon-procedures performed by the auditors.
The amounts detailed in the above table include the total fees for 2022 and 2021, irrespective of the date of invoice.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTEyL2ZyYWc6MTZhNmM4NTE1MWYyNGI3MWJiMWM5ZTE1ZmQ0M2JiMjIvdGV4dHJlZ2lvbjoxNmE2Yzg1MTUxZjI0YjcxYmIxYzllMTVmZDQzYmIyMl80OTQ3ODAyNDYzMTQx_cef6b5c5-d50f-411b-84e0-eb607c10ceb9": { "value": "
37.\u00a0 Events after the reporting period
In connection with the sale of its KFC stores in Russia (the \u201cBusiness\u201d), AmRest informs that, subsequent to 31
December 2022, Unirest LLC (\u201cUnirest\u201d), an affiliate of Yum! Brands Inc. (\u201cYum! Brands\u201d), has exercised its right of first
refusal pursuant to the underlying franchise agreements for itself or for the benefit of a third party, and has appointed
Smart Service Nord Ltd (\u201cSmart Service\u201d) as the purchaser of the Business.
Smart Service is operated by two Russian KFC franchisees, Messrs. Konstantin Kotov and Andrey Oskolkov and,
according to public information, is the entity with which Yum! Brands Inc. entered into a sale and purchase agreement to
transfer ownership of its Russian KFC restaurants in October of 2022.\u00a0
As a consequence of Unirest\u2019s exercise of its right of first refusal, AmRest has terminated the sale and purchase
agreement entered into with OOO Almira on 6 December 2022, and signed a new sale and purchase agreement with
Smart Service on 25 February 2023 substantially in the same terms and conditions of the agreement between AmRest
and OOO Almira.
Therefore, the new sale and purchase agreement is subject to the approval by the anti-trust agency of Russia and to
other regulatory approvals which could be applicable in Russia.
As of today, and according to the terms of the sale and purchase agreement, AmRest expects to receive a minimum of\u00a0
EUR 100 million\u00a0 from the sale of the Business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV8yNjM4ODI3OTE5NzY4MA_7d379b5f-a27d-4a55-85c6-f1dc38fca0c7": { "value": "
a.\u00a0 Basis of consolidation
Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and
assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set
of activities and assets is a business, the Group assesses 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 business. The optional concentration test is met if substantially all of the fair value of the
gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at
acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre\u2011existing relationships. Such
amounts are generally recognised in profit or loss.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and
settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each
reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
Subsidiaries
Subsidiaries are entities controlled by the Group.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee
if, and only if, the Group has:
-Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities\u00a0 of the
investee),
-Exposure, or rights, to variable returns from its involvement with the investee,
-The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until the date the Group
ceases to control the subsidiary.
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any
related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained
in the former subsidiary is measured at fair value when control is lost.
Non-controlling interests and transactions with non-controlling interests
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control over subsidiary company are
recognised as equity transactions. In such cases, the Group adjusts the carrying amount of the controlling and non-
controlling interest and effect of transactions with non- controlling interest is presented in equity items allocated to the
owners of the parent.
Interests in equity-accounted investees
The Group\u2019s interests in equity\u2011accounted investees comprise interests in associates and a joint venture.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the
Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and the joint venture are accounted for using the equity method. They are initially recognised at
cost, which includes transaction costs. The Group\u2019s investment in equity-accounted investees includes goodwill (net of
any potential accumulated impairment write-downs), determined as of the acquisition date. Subsequent to initial
recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity
accounted investees, until the date on which significant influence or joint control ceases.
Transactions eliminated on consolidation
Intra\u2011group balances and transactions, and any unrealised income and expenses arising from intra\u2011group transactions,
are eliminated. Unrealised gains arising from transactions with equity accounted investees are eliminated against the
investment to the extent of the Group\u2019s interest in the investee. 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:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV8xNTk0MjkxODczMzgwMg_4304fac1-9a9a-4da2-860b-1c6e25e85b87": { "value": "
Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and
assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set
of activities and assets is a business, the Group assesses 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 business. The optional concentration test is met if substantially all of the fair value of the
gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at
acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre\u2011existing relationships. Such
amounts are generally recognised in profit or loss.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and
settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each
reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV8xNTk0MjkxODczMzgwMw_1183ae44-6ce4-4a01-af1f-ec2a476d6839": { "value": "
Business combinations
The Group accounts for business combinations using the acquisition method when the acquired set of activities and
assets meets the definition of a business and control is transferred to the Group. In determining whether a particular set
of activities and assets is a business, the Group assesses 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 business. The optional concentration test is met if substantially all of the fair value of the
gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets.
The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at
acquisition date fair value, and the amount of any non-controlling interests in the acquiree. For each business
combination, the Group elects whether to measure the non-controlling interests in the acquiree at fair value or at the
proportionate share of the acquiree\u2019s identifiable net assets.
Any goodwill that arises is tested annually for impairment. Any gain on a bargain purchase is recognised in profit or loss
immediately. Transaction costs are expensed as incurred, except if related to the issue of debt or equity securities.
The consideration transferred does not include amounts related to the settlement of pre\u2011existing relationships. Such
amounts are generally recognised in profit or loss.
Any contingent consideration is measured at fair value at the date of acquisition. If an obligation to pay contingent
consideration that meets the definition of a financial instrument is classified as equity, then it is not remeasured and
settlement is accounted for within equity. Otherwise, other contingent consideration is remeasured at fair value at each
reporting date and subsequent changes in the fair value of the contingent consideration are recognised in profit or loss.
k.\u00a0 Goodwill
Goodwill on acquisition of a business\u00a0 is initially measured at acquisition cost which is an excess of:
\u2022the sum total of:
othe consideration paid,
othe amount of all non-controlling interest in the acquiree, and
oin the case of a business combination achieved in stages, the fair value, at the acquisition-date, of an
interest in the acquiree,
\u2022over the net fair value of the identifiable assets and liabilities at the acquisition date.
Goodwill on consolidation is disclosed in a separate line in the statement of financial position and measured at cost net of
accumulated impairment write-downs. Goodwill is tested for impairment annually or more frequently if events or changes
in circumstances indicate that the carrying amount may be impaired.
Goodwill of foreign operations is translated into euro at the exchange rates at the reporting date. Gains and losses on the
disposal of an entity include the carrying amount of goodwill allocated to the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV80OTQ3ODAyNDU2MDQ2_37df913b-e932-498f-98c5-9726ae07dded": { "value": "
Subsidiaries
Subsidiaries are entities controlled by the Group.
Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee
if, and only if, the Group has:
-Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities\u00a0 of the
investee),
-Exposure, or rights, to variable returns from its involvement with the investee,
-The ability to use its power over the investee to affect its returns.
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the
year are included in the consolidated financial statements from the date the Group gains control until the date the Group
ceases to control the subsidiary.
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any
related NCI and other components of equity. Any resulting gain or loss is recognised in profit or loss. Any interest retained
in the former subsidiary is measured at fair value when control is lost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV80OTQ3ODAyNDU2MDQ1_4688a973-a9b2-4d95-80b2-02078bb640e1": { "value": "
Non-controlling interests and transactions with non-controlling interests
Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control over subsidiary company are
recognised as equity transactions. In such cases, the Group adjusts the carrying amount of the controlling and non-
controlling interest and effect of transactions with non- controlling interest is presented in equity items allocated to the
owners of the parent.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV80OTQ3ODAyNDU2MDQ3_4d4b4779-88f9-4990-827d-d0c461cc4ac0": { "value": "
Interests in equity-accounted investees
The Group\u2019s interests in equity\u2011accounted investees comprise interests in associates and a joint venture.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the
Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and the joint venture are accounted for using the equity method. They are initially recognised at
cost, which includes transaction costs. The Group\u2019s investment in equity-accounted investees includes goodwill (net of
any potential accumulated impairment write-downs), determined as of the acquisition date. Subsequent to initial
recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity
accounted investees, until the date on which significant influence or joint control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV80OTQ3ODAyNDU2MDQ3_505bf481-fae6-45bf-935b-a5c681a6a4c0": { "value": "
Interests in equity-accounted investees
The Group\u2019s interests in equity\u2011accounted investees comprise interests in associates and a joint venture.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the
Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and the joint venture are accounted for using the equity method. They are initially recognised at
cost, which includes transaction costs. The Group\u2019s investment in equity-accounted investees includes goodwill (net of
any potential accumulated impairment write-downs), determined as of the acquisition date. Subsequent to initial
recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity
accounted investees, until the date on which significant influence or joint control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTQxL2ZyYWc6NTgxNjc5YWU2MzUxNDYwNzg4YTg1YzY2ZTk1M2UzOTUvdGV4dHJlZ2lvbjo1ODE2NzlhZTYzNTE0NjA3ODhhODVjNjZlOTUzZTM5NV80OTQ3ODAyNDU2MDQ3_b736f9ad-9d37-4fe6-86c5-2bc96fe46c51": { "value": "
Interests in equity-accounted investees
The Group\u2019s interests in equity\u2011accounted investees comprise interests in associates and a joint venture.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies. A joint venture is an arrangement in which the Group has joint control, whereby the
Group has rights to the net assets of the arrangement, rather than rights to its assets and obligations for its liabilities.
Interests in associates and the joint venture are accounted for using the equity method. They are initially recognised at
cost, which includes transaction costs. The Group\u2019s investment in equity-accounted investees includes goodwill (net of
any potential accumulated impairment write-downs), determined as of the acquisition date. Subsequent to initial
recognition, the consolidated financial statements include the Group\u2019s share of the profit or loss and OCI of equity
accounted investees, until the date on which significant influence or joint control ceases.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTU1L2ZyYWc6ZGRjOWI0OTVlYjEwNDkyYTlhMjc2NDE2MTdlY2QzOTYvdGV4dHJlZ2lvbjpkZGM5YjQ5NWViMTA0OTJhOWEyNzY0MTYxN2VjZDM5Nl8xNTk0MjkxODcyNTY1OA_9527b1ed-68bd-4486-b8a0-08a8245cecea": { "value": "
b.\u00a0 Foreign currency
Functional currencies and presentation currency
The Group\u2019s consolidated financial statements are presented in euros.
For each entity, the Group determines the functional currency and items included in the financial statements of each entity
are measured using that functional currency.
The Group uses European Central Bank\u2018s exchange rates for currency translations. For Russian rouble the Group is
using exchange rate as published by National Bank of Russia as European Central Bank has suspended its publication of
a euro reference rate for the Russian rouble from 1 March 2022.
The functional currency of none of the subsidiaries is the currency of a hyperinflationary economy as at 31 December
2022.
Foreign currency transactions
Transactions in foreign currencies are translated into the respective functional currencies of Group companies at the
exchange rates at the dates of the transactions. For simplification monthly income statements are translated using
average monthly exchange rates based on the European Central Bank rates.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the
exchange rate at the reporting date. Non\u2011monetary assets and liabilities that are measured at fair value in a foreign
currency are translated into the functional currency at the exchange rate when the fair value was determined.
Non\u2011monetary items that are measured based on historical cost in a foreign currency are translated at the exchange rate
at the date of the transaction. Foreign currency differences are generally recognised in profit or loss and presented within
finance costs.
However, foreign currency differences arising from the translation of the following items are recognised in OCI:
-An investment in equity securities designated as of FVOCI,
-A financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is
effective,
-Qualifying cash flow hedges to the extent that the hedges are effective.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated into euro at the exchange rates at the reporting date. The income and expenses of foreign operations are
translated into euro at the exchange rates at the dates of the transactions.
Foreign currency differences are recognised in OCI and accumulated in the translation reserve, except to the extent that
the translation difference is allocated to NCI. On disposal of a foreign operation, the component of OCI relating to that
particular foreign operation is reclassified to profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTU1L2ZyYWc6ZGRjOWI0OTVlYjEwNDkyYTlhMjc2NDE2MTdlY2QzOTYvdGV4dHJlZ2lvbjpkZGM5YjQ5NWViMTA0OTJhOWEyNzY0MTYxN2VjZDM5Nl80OTQ3ODAyNDQ3ODk5_94cbe757-6f28-49bc-bf6b-a91460883a09": { "value": "For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTk2L2ZyYWc6YThlZTMzZjI1OWI1NGMxZGEyNjRjNTZiODcxMmUxYzYvdGV4dHJlZ2lvbjphOGVlMzNmMjU5YjU0YzFkYTI2NGM1NmI4NzEyZTFjNl80OTQ3ODAyNDQzNDU2_49485b31-4699-4cba-b516-7951a2133a29": { "value": "
c.\u00a0 Non-current assets held for sale and discontinued operations
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount and fair value\u00a0 less costs to sell. Costs to
sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs
and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or
disposal group is available for immediate sale in its present condition. Actions required to complete the sale should
indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell\u00a0 will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from
the date of the classification.\u00a0
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
position.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
-Represents a separate major line of business or geographical area of operations,
-Is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or
-Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTk2L2ZyYWc6YThlZTMzZjI1OWI1NGMxZGEyNjRjNTZiODcxMmUxYzYvdGV4dHJlZ2lvbjphOGVlMzNmMjU5YjU0YzFkYTI2NGM1NmI4NzEyZTFjNl80OTQ3ODAyNDQzNDU2_4de3b48d-991b-4fe4-bffa-260908a567e0": { "value": "
c.\u00a0 Non-current assets held for sale and discontinued operations
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered
principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups
classified as held for sale are measured at the lower of their carrying amount and fair value\u00a0 less costs to sell. Costs to
sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs
and income tax expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or
disposal group is available for immediate sale in its present condition. Actions required to complete the sale should
indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell\u00a0 will be withdrawn.
Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from
the date of the classification.\u00a0
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial
position.
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
-Represents a separate major line of business or geographical area of operations,
-Is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or
-Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMTk2L2ZyYWc6YThlZTMzZjI1OWI1NGMxZGEyNjRjNTZiODcxMmUxYzYvdGV4dHJlZ2lvbjphOGVlMzNmMjU5YjU0YzFkYTI2NGM1NmI4NzEyZTFjNl80OTQ3ODAyNDQzNDU3_e5a95da4-2163-462e-82c6-be0046617274": { "value": "
A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is
classified as held for sale, and:
-Represents a separate major line of business or geographical area of operations,
-Is part of a single coordinated plan to dispose of a separate major line of business or geographical area of
operations, or
-Is a subsidiary acquired exclusively with a view to resale.
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
profit or loss after tax from discontinued operations in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjEwL2ZyYWc6YWM0Y2FkMWUxZmIzNDhmYWIwMzI5MTQ4OWFjNmNmNzgvdGV4dHJlZ2lvbjphYzRjYWQxZTFmYjM0OGZhYjAzMjkxNDg5YWM2Y2Y3OF80OTQ3ODAyNDM1MTc1_b1030d40-a0c0-417a-8fd2-df9b6f5f7bfe": { "value": "
d.\u00a0 Revenues
The Group operates chains of own restaurants under own bands as well as under franchise license agreements.
Additionally Group operates as franchisor (for own brands) and master-franchisee (for some franchised brand), and
develops chains of franchisee businesses, organizing marketing activities for the brands, and supply chain.
Revenue from contracts with customers is recognised when control of the goods or services is transferred to the
customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those
goods or services.
Restaurant sales
Revenues from the sale of goods by owned restaurants are recognised as Group sales when a customer purchases the
goods, which is when our obligation to perform is satisfied. These revenues are presented in \u201cRestaurant sales\u201d line in
the Consolidated Income Statement.
Franchise and other sales: owned brands
\u2022Royalty fees (based on percentage of the applicable restaurant\u2019s sales) are recognised as the related sales occur.
Royalty fees are typically billed and paid monthly.
\u2022Initial fees, renewal fees: for each brand separately, the Group analyses if the activities performed are distinct from
the franchise brand. If they do not represent a separate performance obligation they are recognised on a straight-line
basis over the contract duration. If they represent a separate obligation, the Group estimates the allocation of the
part of the transaction price to that performance obligation.
\u2022Advertising funds:\u00a0 for Sushi Group and Bacoa brands the Group operates the advertising funds that are designed to
increase sales and enhance the reputation of the own brands and its franchise owners. Contributions to the
advertising cooperatives are required for both Company-owned and franchise restaurants and are generally based
on a percentage of restaurant sales. Revenues for these services are typically billed and paid on a monthly basis.
Advertising services that promote the brand (rather than an individual location), such as national advertising
campaigns, are not separable between different franchise agreements or franchisees, and not distinct because the
services and franchise right are highly dependent and interrelated with each other. The sales-based advertising fund
contributions from franchisees are recognised as the underlying sales occur, are reported gross as part of revenue
and presented in line \u201cFranchise and other sales\u201d. Own restaurants participation in marketing costs as an element is
presented as element of operational costs.
\u2022Revenue from sale of products to franchisees is recognised at the moment of transaction which is when our
obligation to perform is satisfied.
Franchise and other sales: master-franchise agreements
As a result of signed Master Franchise Agreements (MFAs) for different Pizza Hut concepts, YUM (\u201cMaster Franchisor\u201d)
granted AmRest (\u201cMaster Franchisee\u201d) Master Franchise Rights for the agreed term in the particular territories.
Intellectual property is exclusive property of Master Franchisor and Master Franchisor grants AmRest a license to use it in
the agreed territory. Under the Master Franchise Agreement parties established the development commitments for
development periods.
Performance obligations identified:
\u2022AmRest\u2019s performance obligation to YUM: to develop the market by opening new restaurants (either AmRest own or
sub-franchises) and promote the YUM\u2019s brand by performing marketing activities. Managing marketing fund is not
distinct from the development of the market, and no separate remuneration was agreed between parties for those
services. Various streams of cash flows are agreed in MFA: AmRest collects initial fees and transfers them to YUM,
AmRest manages the marketing fund (collects revenue based contributions from owned and sub-franchised
restaurants and spends them on marketing activities, any unspent amount is to be paid to YUM and YUM spends it
on national campaigns at its discretion). If a certain point of market development level is reached, AmRest is enabled
to receive a bonus that represents the transaction price for the service performed for the Master Franchisor. To
reflect the substance of the transaction, incomes from sub franchisees from initial and marketing fees are netted with
the initial fees paid/actual marketing expenses and bonus earned.
\u2022AmRest\u2019s performance obligation to sub-franchisees: to grant sub-franchisees the right to use the system, system
property etc. and other services solely in connection with the conduct of the business at the outlet (sub-licensing
from YUM). The transaction price is agreed in the form of sales based royalties paid by franchisees. Initial fees and
renewal fees paid by franchisees are part of other performance obligations (described above). Corresponding costs
of acquiring license right from Yum are presented within costs of sales of franchise activities in the line \u201cFranchise
and other expenses\u201d.
Loyalty points programs
The Group has various loyalty points programs where retail customers accumulate points for purchases made which
entitle them to discount on future purchases. The loyalty points give rise to a separate performance obligation as they
provide a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to
customers based on relative stand-alone selling price and recognised as a contract liability until the points are redeemed.
Revenue from the award points is recognised when the points are redeemed or when they expire or are likely to expire.
When estimating the stand-alone selling price of the loyalty points, the Group considers the likelihood that the customer
will redeem the points.
Gift cards
Gift cards may be issued to the guests in some brands and redeemed as a payment form in subsequent transactions.
The Group records a contract liability in the period in which gift cards are issued and proceeds are received. This liability
is calculated taking into account the probability of the gift cards\u2019 redemption. The redemption rate is calculated based on
own and industry experience, historical and legal analysis. Revenue is recognised when a performance obligation is
fulfilled and a guest redeems the gift cards.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjEwL2ZyYWc6YWM0Y2FkMWUxZmIzNDhmYWIwMzI5MTQ4OWFjNmNmNzgvdGV4dHJlZ2lvbjphYzRjYWQxZTFmYjM0OGZhYjAzMjkxNDg5YWM2Y2Y3OF8xNTk0MjkxODcxMjkzNA_6b7aa6fb-eadb-4970-ab78-ea27fff20524": { "value": "
Loyalty points programs
The Group has various loyalty points programs where retail customers accumulate points for purchases made which
entitle them to discount on future purchases. The loyalty points give rise to a separate performance obligation as they
provide a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to
customers based on relative stand-alone selling price and recognised as a contract liability until the points are redeemed.
Revenue from the award points is recognised when the points are redeemed or when they expire or are likely to expire.
When estimating the stand-alone selling price of the loyalty points, the Group considers the likelihood that the customer
will redeem the points.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjIzL2ZyYWc6M2RmMjhiYmU4MTE4NDI4YTk4YzMzOTRmN2IzY2JmZWEvdGV4dHJlZ2lvbjozZGYyOGJiZTgxMTg0MjhhOThjMzM5NGY3YjNjYmZlYV80OTQ3ODAyNDI4NTAy_17728f9f-1c0b-4b1f-a646-8a57b0eeca41": { "value": "
e.\u00a0 Government grants
Government grants that compensate the Group for expenses incurred are recognised in profit or loss as other operating
income on a systematic basis in the periods in which the expenses are recognised, unless the conditions for receiving the
grant are met after the related expenses have been recognised. In this case, the grant is recognised when it becomes
receivable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjM2L2ZyYWc6OWI4MjljMDZiYWE5NDA5MTkzNzU5ODBjMTBjYjM4MjIvdGV4dHJlZ2lvbjo5YjgyOWMwNmJhYTk0MDkxOTM3NTk4MGMxMGNiMzgyMl80OTQ3ODAyNDI1MDM3_672e840d-b48c-4aa5-ae1c-97e784be523a": { "value": "
f.\u00a0 Income tax
Income tax expense comprises current and deferred tax. It is recognised in profit or loss except to the extent that it
relates to a business combination, or items recognised directly in equity or in OCI.
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable
is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if
any. It is measured using tax rates enacted or substantively enacted at the reporting date.
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes at the reporting date.\u00a0
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that itis no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered. Depending on the tax
jurisdiction where the Group\u2019s subsidiaries operate recoverability of deferred taxes is assessed taking into account
potential time expiry of availability of deferred tax utilisation (e.g. in case of tax losses).
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when\u00a0 the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are
recognised in correlation to the underlying transaction either in OCI or directly in equity.
Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that
date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either
treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement
period or recognised in profit or loss.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set off
current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes
levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to
settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in
each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or
recovered.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjM2L2ZyYWc6OWI4MjljMDZiYWE5NDA5MTkzNzU5ODBjMTBjYjM4MjIvdGV4dHJlZ2lvbjo5YjgyOWMwNmJhYTk0MDkxOTM3NTk4MGMxMGNiMzgyMl8xNTk0MjkxODcwMjc5Ng_791ee910-3dd6-4a08-9575-29d955498c62": { "value": "
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities
and their carrying amounts for financial reporting purposes at the reporting date.\u00a0
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that itis no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered. Depending on the tax
jurisdiction where the Group\u2019s subsidiaries operate recoverability of deferred taxes is assessed taking into account
potential time expiry of availability of deferred tax utilisation (e.g. in case of tax losses).
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when\u00a0 the asset is
realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the
reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised in correlation to the underlying transaction either in OCI or directly in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjUwL2ZyYWc6NTZiMjlmZGQ1YWU2NGVmMGEzNjFiOWU0YTRhZDQwYzkvdGV4dHJlZ2lvbjo1NmIyOWZkZDVhZTY0ZWYwYTM2MWI5ZTRhNGFkNDBjOV80OTQ3ODAyNDE4MzQw_7a58ba58-cbbe-41e1-a53f-2834b88d3382": { "value": "
g.\u00a0 Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a
lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The Group as a lessee
At commencement or on modification of a contract that contains a lease component, the Group allocates the
consideration in the contract to each lease component on the basis of its relative stand-alone prices. However, for the
leases of property the Group has elected not to separate non-lease components and account for the lease and non-lease
components as a single lease component.
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is
initially measured at cost, and subsequently at cost less any accumulated depreciation and impairment losses, and
adjusted for certain remeasurements of the lease liability.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-
line basis. If the group is reasonably certain to exercise a purchase option, the right of-use asset is depreciated over the
underlying asset\u2019s useful life.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental
borrowing rate. Generally, the Group uses the incremental borrowing rates as the discount rates.
The Group determines its incremental borrowing rate by obtaining interest rates from various external financing sources
(differentiated by currency of the debt) and makes certain adjustments to reflect the terms of the lease, based on long-
term IRS quotation.
The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment
made (amortised cost using the effective interest method). It is remeasured when there is:
-a change in future lease payments arising from a change in an index or rate,
-a change in the estimate of the amount expected to be payable under a residual value guarantee, or
-changes in the assessment of whether a purchase or extension option is reasonably certain to be exercised or a
termination option is reasonably certain not to be exercised.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The Group incurs expenses on maintenance, security and promotion in the shopping malls (so called \u201ccommon area
charges\u201d). These items are separate services (non-lease components) and are recognised as an operating expenses.
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-
term leases. The Group recognises the lease payments associated with these leases as an expenses on a straight-line
basis over the lease term.
COVID-19-related rent concessions
The Group has applied COVID-19-Related Rent Concessions \u2013 Amendments to IFRS 16. The Group applies the practical
expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the COVID-19
pandemic are lease modifications. The Group applied the practical expedient consistently to contracts with similar
characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the
practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease
modification.
The Group as a lessor
At inception or on modification of a contract that contains a lease component, the Group allocates the consideration in the
contract to each lease component on the basis of their relative stand-alone prices. When the Group acts as a lessor, it
determines at lease inception whether each lease is a finance lease or an operating lease.
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 with reference to the right-of-use asset arising from the head lease, not
with reference to the underlying asset. If a head lease is a short-term lease to which the Group applies the exemption
described above, then it classifies the sub-lease as an operating lease.
Rental income arising from operating lease is accounted for on a straight-line basis over the lease terms and included in
other income in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjUwL2ZyYWc6NTZiMjlmZGQ1YWU2NGVmMGEzNjFiOWU0YTRhZDQwYzkvdGV4dHJlZ2lvbjo1NmIyOWZkZDVhZTY0ZWYwYTM2MWI5ZTRhNGFkNDBjOV8xNTk0MjkxODY5NjEwNA_6fcf5289-94d8-4df6-97c3-f783040083f9": { "value": "
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-
line basis. If the group is reasonably certain to exercise a purchase option, the right of-use asset is depreciated over the
underlying asset\u2019s useful life.
Amortisation and depreciation
Property, plant and equipment, including their material components, are depreciated on a straight-line basis over the
expected useful life of the assets/components. Land is not depreciated. Construction in progress is stated at cost, net of
accumulated impairment losses, if any.
The estimated useful lives of property, plant and equipment are as follows:
Buildings, mainly drive- through restaurants
30 - 40 years\u00a0
Costs incurred on the development of restaurants (including leasehold improvements and
costs of development of the restaurants)
10 - 20 years *
Kitchen equipment assets
3 - 14 years\u00a0
Vehicles
4 - 6\u00a0 years\u00a0
Other property, plant and equipment
3 - 10 years\u00a0
* over the lease term
The residual value, depreciation method and economic useful lives are reassessed at least annually.
Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or
at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
basis.\u00a0
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the
asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in
accounting estimates. The estimated useful lives of assets are as follows:
Intangible asset
Acquired routinely
Computer software
3-5 years\u00a0
Franchise rights
5-10 years
Other intangible assets
5-10 years
Acquired in business combinations
Intangible asset category
La Tagliatella brand
Marketing related
indefinite
Sushi Shop brand
Marketing related
indefinite
Blue Frog brand
Marketing related
20 years
Sushi Shop loyalty program
Customer related
10 years
La Tagliatella franchisee relations
Customer related
24 years
Favourable lease agreements
Contract based
2-10 years over the period to the end of
the agreement
Clients\u2019/vendors\u2019/ Franchise databases
Customer related
2-5 years
Exclusivity rights brand operator
Customer related
6-12 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjY0L2ZyYWc6MzU1MzM2OTQ3ZTIzNGM4MWJkODRhMDI3NzAxOWRmYjkvdGV4dHJlZ2lvbjozNTUzMzY5NDdlMjM0YzgxYmQ4NGEwMjc3MDE5ZGZiOV80OTQ3ODAyNDEwOTgx_0f99c39c-a93f-4c16-a4eb-cc084d81f76e": { "value": "
h.\u00a0 Property, plant and equipment
Items of property, plant and equipment (PPE) are measured at cost less accumulated depreciation and any accumulated
impairment losses.
The initial value of the property, plant and equipment of new restaurants built internally (such as construction sites and
leasehold improvements in restaurants) include the cost of materials, direct labour, costs of architecture design, legal
assistance, the present value of the expected cost for the decommissioning of an asset after its use, wages and salaries
and benefits of employees directly involved in launching a given location.
The Group capitalizes the restaurants costs mentioned above incurred from the moment when the completion of the
project is considered likely. In the event of a later drop in the probability of launching the project at a given location, all the
previously capitalized costs are transferred to the income statement.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as
separate items (major components) of property, plant and equipment.
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the
expenditure will flow to the Group. All other repairs and maintenance are charged to the income statement during the
financial period in which they are incurred.
Gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss, under \u201eother operating
gains and losses\u201d.
Amortisation and depreciation
Property, plant and equipment, including their material components, are depreciated on a straight-line basis over the
expected useful life of the assets/components. Land is not depreciated. Construction in progress is stated at cost, net of
accumulated impairment losses, if any.
The estimated useful lives of property, plant and equipment are as follows:
Buildings, mainly drive- through restaurants
30 - 40 years\u00a0
Costs incurred on the development of restaurants (including leasehold improvements and
costs of development of the restaurants)
10 - 20 years *
Kitchen equipment assets
3 - 14 years\u00a0
Vehicles
4 - 6\u00a0 years\u00a0
Other property, plant and equipment
3 - 10 years\u00a0
* over the lease term
The residual value, depreciation method and economic useful lives are reassessed at least annually.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjY0L2ZyYWc6MzU1MzM2OTQ3ZTIzNGM4MWJkODRhMDI3NzAxOWRmYjkvdGV4dHJlZ2lvbjozNTUzMzY5NDdlMjM0YzgxYmQ4NGEwMjc3MDE5ZGZiOV8xNTk0MjkxODY4ODc0MA_840bf18d-8640-493a-8783-27a935c811e7": { "value": "Construction in progress is stated at cost, net of accumulated impairment losses, if any.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjY0L2ZyYWc6MzU1MzM2OTQ3ZTIzNGM4MWJkODRhMDI3NzAxOWRmYjkvdGV4dHJlZ2lvbjozNTUzMzY5NDdlMjM0YzgxYmQ4NGEwMjc3MDE5ZGZiOV8xNTk0MjkxODY5MDE0Mg_1c1d293a-32c8-4dcd-a2d0-ab310c5b40eb": { "value": "
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other
borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjc5L2ZyYWc6NmQ4OWU0OWEyYWQwNGQ2MGI5NWE0ZDhiYjNjZGJiMTIvdGV4dHJlZ2lvbjo2ZDg5ZTQ5YTJhZDA0ZDYwYjk1YTRkOGJiM2NkYmIxMl80OTQ3ODAyNDA3NzU5_32d21db4-d7ac-4dc8-9f82-b8dc87222674": { "value": "
i.\u00a0 Franchise, license agreements and other fees
The Group operates own restaurants on the basis of franchise agreements (third party brands). In accordance with the
franchise agreements, the Group is obliged to pay a non-reimbursable initial fee upon opening each new restaurant and
further fees over the period of the agreement (in the amount of a % of sales revenues, usually 5-6%), and to allocate a %
of revenues (usually 5%) to advertising activities specified in the respective agreements. Moreover, after the end of the
initial period of the franchise agreement, the Group may renew the franchise agreement after paying a renewal fee.
Non-reimbursable initial fees are in fact fees for the right to use the trademark and are included in intangible assets and
amortised over the period of the franchise (usually 10 years). Further payments made in the period of the agreement are
disclosed in the income statement upon being made. Fees for extending the validity of the agreements are amortised as
of the date of a given extension agreement coming into force.
The local marketing fee is recognised in the income statement as incurred in category direct marketing costs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFranchiseFeesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjkyL2ZyYWc6NzNlZjM5OWMzMDdlNGVhMWFkMTJkYTNiMTdiYjU5ZGIvdGV4dHJlZ2lvbjo3M2VmMzk5YzMwN2U0ZWExYWQxMmRhM2IxN2JiNTlkYl80OTQ3ODAyNDA0NDI5_3a05b7d9-da71-49f0-85d3-841993f0e386": { "value": "
j.\u00a0 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Acquired licenses for computer software
are capitalized on the basis of costs incurred to acquire and prepare specific software for use.
Franchise right of use for Pizza Hut, KFC, Burger King and Starbucks trademarks are recognised at the acquisition price.
The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure
is reflected in profit or loss in the period in which the expenditure is incurred. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset
to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised
in profit or loss as incurred.
Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or
at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
basis.\u00a0
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the
asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in
accounting estimates. The estimated useful lives of assets are as follows:
Intangible asset
Acquired routinely
Computer software
3-5 years\u00a0
Franchise rights
5-10 years
Other intangible assets
5-10 years
Acquired in business combinations
Intangible asset category
La Tagliatella brand
Marketing related
indefinite
Sushi Shop brand
Marketing related
indefinite
Blue Frog brand
Marketing related
20 years
Sushi Shop loyalty program
Customer related
10 years
La Tagliatella franchisee relations
Customer related
24 years
Favourable lease agreements
Contract based
2-10 years over the period to the end of
the agreement
Clients\u2019/vendors\u2019/ Franchise databases
Customer related
2-5 years
Exclusivity rights brand operator
Customer related
6-12 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMjkyL2ZyYWc6NzNlZjM5OWMzMDdlNGVhMWFkMTJkYTNiMTdiYjU5ZGIvdGV4dHJlZ2lvbjo3M2VmMzk5YzMwN2U0ZWExYWQxMmRhM2IxN2JiNTlkYl80OTQ3ODAyNDA0NDI5_f908412f-d3b5-4763-ab4e-198a6a26d9b5": { "value": "
j.\u00a0 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Acquired licenses for computer software
are capitalized on the basis of costs incurred to acquire and prepare specific software for use.
Franchise right of use for Pizza Hut, KFC, Burger King and Starbucks trademarks are recognised at the acquisition price.
The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure
is reflected in profit or loss in the period in which the expenditure is incurred. Following initial recognition, intangible
assets are carried at cost less any accumulated amortisation and accumulated impairment losses.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset
to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised
in profit or loss as incurred.
Amortisation
The useful lives of intangible assets are assessed as either finite or indefinite.
Intangible assets with finite lives are amortised over the useful economic life and assessed for impairment whenever
there is an indication that the intangible asset may be impaired.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually or
at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective
basis.\u00a0
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the
asset are considered to modify the amortisation period or method, as appropriate, and are treated as changes in
accounting estimates. The estimated useful lives of assets are as follows:
Intangible asset
Acquired routinely
Computer software
3-5 years\u00a0
Franchise rights
5-10 years
Other intangible assets
5-10 years
Acquired in business combinations
Intangible asset category
La Tagliatella brand
Marketing related
indefinite
Sushi Shop brand
Marketing related
indefinite
Blue Frog brand
Marketing related
20 years
Sushi Shop loyalty program
Customer related
10 years
La Tagliatella franchisee relations
Customer related
24 years
Favourable lease agreements
Contract based
2-10 years over the period to the end of
the agreement
Clients\u2019/vendors\u2019/ Franchise databases
Customer related
2-5 years
Exclusivity rights brand operator
Customer related
6-12 years
k.\u00a0 Goodwill
Goodwill on acquisition of a business\u00a0 is initially measured at acquisition cost which is an excess of:
\u2022the sum total of:
othe consideration paid,
othe amount of all non-controlling interest in the acquiree, and
oin the case of a business combination achieved in stages, the fair value, at the acquisition-date, of an
interest in the acquiree,
\u2022over the net fair value of the identifiable assets and liabilities at the acquisition date.
Goodwill on consolidation is disclosed in a separate line in the statement of financial position and measured at cost net of
accumulated impairment write-downs. Goodwill is tested for impairment annually or more frequently if events or changes
in circumstances indicate that the carrying amount may be impaired.
Goodwill of foreign operations is translated into euro at the exchange rates at the reporting date. Gains and losses on the
disposal of an entity include the carrying amount of goodwill allocated to the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzA1L2ZyYWc6YjIyOTc2M2M2NmEzNDIwM2ExYzg1NzI0OWQzYTlmZWQvdGV4dHJlZ2lvbjpiMjI5NzYzYzY2YTM0MjAzYTFjODU3MjQ5ZDNhOWZlZF80OTQ3ODAyNDAxMjIy_19499f2f-a59e-42a6-b4b8-8a16a99a6b92": { "value": "
k.\u00a0 Goodwill
Goodwill on acquisition of a business\u00a0 is initially measured at acquisition cost which is an excess of:
\u2022the sum total of:
othe consideration paid,
othe amount of all non-controlling interest in the acquiree, and
oin the case of a business combination achieved in stages, the fair value, at the acquisition-date, of an
interest in the acquiree,
\u2022over the net fair value of the identifiable assets and liabilities at the acquisition date.
Goodwill on consolidation is disclosed in a separate line in the statement of financial position and measured at cost net of
accumulated impairment write-downs. Goodwill is tested for impairment annually or more frequently if events or changes
in circumstances indicate that the carrying amount may be impaired.
Goodwill of foreign operations is translated into euro at the exchange rates at the reporting date. Gains and losses on the
disposal of an entity include the carrying amount of goodwill allocated to the entity sold.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzE4L2ZyYWc6Njg4ZTU1YzBhOTU4NDJlZThmMDE2MWQ3YTJjYTc2YjUvdGV4dHJlZ2lvbjo2ODhlNTVjMGE5NTg0MmVlOGYwMTYxZDdhMmNhNzZiNV81NDk3NTU4MjA3MTM5_84a95e6c-181d-472f-a38c-8fdf57cb9fe1": { "value": "
l.\u00a0 Impairment of non-financial assets
The Group periodically reviews the carrying amounts of its non\u2011financial assets (other than investment property,
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication
exists, then the asset\u2019s recoverable amount is estimated for the purpose of impairment test.
A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined
for the cash-generating unit to which the asset belongs.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell.
Goodwill arising from a business combination is allocated groups of CGUs that are expected to benefit from the synergies
of the combination.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are recognised in profit or loss in line \u201cNet impairment losses on other assets\u201d They are allocated first
to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other
assets in the CGU.
An assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the
extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. The reversal of impairment losses in recognised
in line \u201c Net impairment losses on other assets\u201d.
Group performs in general two types of impairment tests: on restaurant levels, when impairment indicators exists and for
businesses were goodwill is assigned or impairment indicators identified.
Restaurants tests - procedure performed twice a year
Usually individual restaurants are considered separate CGUs in Group.
Twice a year out of all Group\u2019s own restaurants that are operating over 24 months in AmRest structures are checked for
impairment indicators.\u00a0 If at least one of the below indicators is met, then a restaurant impairment test is performed.
\u2022Restaurant EBITDA for last 12 month is negative.
\u2022Store was already fully or partially impaired during previous impairment processes.
\u2022Store is planned to be closed or sold after 3 months.
If one of the above indicators is identified for the store then the restaurant is tested for impairment. Value in use is usually
determined for the remaining estimated period of operation, as well analysis of potential onerous liabilities (mainly for
rental agreement costs) is performed for planned closures.
Regularly the Group also tests restaurants for which in past the impaired loss was recognised, in order to determine if any
reversal is required.
For recoverable value calculations of value in use, Group uses cash flow projections based on financial budgets that
require relevant judgments and estimates that include, among others, growth in sales and costs and applied discount
rates. In the event that the fair value less costs of sale is used as a reference, market references are used that take into
account, among others, location and updated market information.
Upon application of the IFRS 16 carrying amount of the tested restaurants includes also carrying amount of right of use of
assets in respective restaurants. Value in use is based on the estimated future cash flows, discounted to their present
value using a post\u2011tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU. In case the Group believes the asset tested within CGU will be recovered through the sale,
sublease or reallocation into another restaurant the respective adjustment is made in determining final impairment
charge. Discounted cash flows do not include outflows relates to rental agreements as those are considered an element
of financing under IFRS 16 and reflected in discount rate applicable for test.
Goodwill tests - unless impairment indicators exist, procedure performed once a year
For businesses where goodwill is allocated impairment tests are performed at least once a year. Goodwill is testes
together with intangibles (including those with indefinite useful lives), property plant and equipment, right of uses assets
as well other non-current assets allocated to groups of CGUs where goodwill is monitored. If impairment indicators exist
additional tests are performed. Following indicators are analysed:
Arising from external sources of information such as:
\u2022Significant adverse changes that have taken place (or are expected in the near future) in the technological, market,
economic or legal environment in which the entity operates or in its markets,
\u2022Increases in interest rates, or other market rates of return, that might materially affect the discount rate used in
calculating the asset\u2019s recoverable amount.
Arising from internal sources of information, including:
\u2022Plans to discontinue or restructure the\u00a0 operation to which the asset belongs, as well as\u00a0 reassessing the asset\u2019s
useful life from indefinite to finite,
\u2022Deterioration in the\u00a0 expected level of the asset\u2019s performance i.e. when the actual net cash\u00a0 outflows or operating
profit or loss are significantly worse than budgeted,
\u2022Where management\u2019s own forecasts of future net cash inflows or operating profits show a significant\u00a0 decline from
previous budgets and forecasts.
Materiality applies in determining whether an impairment review is required. If previous impairment reviews have shown a
significant excess of recoverable amount over carrying amount, no review would be necessary in the absence of an event
that would eliminate the excess. Previous reviews might also have shown that an asset\u2019s recoverable amount is not
sensitive to one or more of the impairment indicators.
The recoverable amounts is assessed using fair values less costs of disposal model based on the discounted cash flows.
For recoverable value calculations, the Group uses cash flow projections based on financial budgets that require
judgment and other estimates that include, among others, the operating result on sales and the discount and growth rates
at long term.
Post tax rate is applied, and implied pre-tax rate subsequently determined.
Discounted cash flows do not include outflows relates to rental agreements as those are considered an element of
financing under IFRS 16 and reflected in discount rate applicable for test.
Sensitivity analysis is performed as an element of impairment tests procedures.
Impairment
The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The Group recognises loss allowance for expected credit losses (ECLs) on:
\u2022Financial assets that are debt instruments such as loans, debt securities, bank balances and deposits and trade
receivables that are measured at amortised cost,
\u2022Financial assets that are debt instruments measured at fair value through other comprehensive income,
\u2022Finance lease receivables and operating lease receivables,
\u2022Contract assets under IFRS 15.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit
risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL). The changes in the loss allowance balance are
recognised in profit or loss as an impairment gain or loss.
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
flows of that financial asset have occurred. Evidence that a financial asset is impaired includes observable data about
such events.
The Group applied the simplified approach for:
\u2022all trade receivables or contract assets that result from transactions within the scope of IFRS 15, and that contain a
significant financing component in accordance with IFRS 15,
\u2022all lease receivables that result from transactions that are within the scope of IAS 17 and IFRS 16 (when applied).
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzE4L2ZyYWc6Njg4ZTU1YzBhOTU4NDJlZThmMDE2MWQ3YTJjYTc2YjUvdGV4dHJlZ2lvbjo2ODhlNTVjMGE5NTg0MmVlOGYwMTYxZDdhMmNhNzZiNV81NDk3NTU4MjA3MTQw_e9bc721d-34fd-4f9a-9346-28148afded05": { "value": "
l.\u00a0 Impairment of non-financial assets
The Group periodically reviews the carrying amounts of its non\u2011financial assets (other than investment property,
inventories and deferred tax assets) to determine whether there is any indication of impairment. If any such indication
exists, then the asset\u2019s recoverable amount is estimated for the purpose of impairment test.
A cash-generating unit (CGU) is the smallest identifiable group of assets that generates cash inflows that are largely
independent of the cash inflows from other assets or groups of assets.
Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are
largely independent of those from other assets or groups of assets. If this is the case, recoverable amount is determined
for the cash-generating unit to which the asset belongs.
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell.
Goodwill arising from a business combination is allocated groups of CGUs that are expected to benefit from the synergies
of the combination.
An impairment loss is recognised if the carrying amount of an asset or CGU exceeds its recoverable amount.
Impairment losses are recognised in profit or loss in line \u201cNet impairment losses on other assets\u201d They are allocated first
to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other
assets in the CGU.
An assessment is made at each reporting date as to whether there is any indication that previously recognised
impairment losses may no longer exist or may have decreased.
An impairment loss in respect of goodwill is not reversed. For other assets, an impairment loss is reversed only to the
extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. The reversal of impairment losses in recognised
in line \u201c Net impairment losses on other assets\u201d.
Group performs in general two types of impairment tests: on restaurant levels, when impairment indicators exists and for
businesses were goodwill is assigned or impairment indicators identified.
Restaurants tests - procedure performed twice a year
Usually individual restaurants are considered separate CGUs in Group.
Twice a year out of all Group\u2019s own restaurants that are operating over 24 months in AmRest structures are checked for
impairment indicators.\u00a0 If at least one of the below indicators is met, then a restaurant impairment test is performed.
\u2022Restaurant EBITDA for last 12 month is negative.
\u2022Store was already fully or partially impaired during previous impairment processes.
\u2022Store is planned to be closed or sold after 3 months.
If one of the above indicators is identified for the store then the restaurant is tested for impairment. Value in use is usually
determined for the remaining estimated period of operation, as well analysis of potential onerous liabilities (mainly for
rental agreement costs) is performed for planned closures.
Regularly the Group also tests restaurants for which in past the impaired loss was recognised, in order to determine if any
reversal is required.
For recoverable value calculations of value in use, Group uses cash flow projections based on financial budgets that
require relevant judgments and estimates that include, among others, growth in sales and costs and applied discount
rates. In the event that the fair value less costs of sale is used as a reference, market references are used that take into
account, among others, location and updated market information.
Upon application of the IFRS 16 carrying amount of the tested restaurants includes also carrying amount of right of use of
assets in respective restaurants. Value in use is based on the estimated future cash flows, discounted to their present
value using a post\u2011tax discount rate that reflects current market assessments of the time value of money and the risks
specific to the asset or CGU. In case the Group believes the asset tested within CGU will be recovered through the sale,
sublease or reallocation into another restaurant the respective adjustment is made in determining final impairment
charge. Discounted cash flows do not include outflows relates to rental agreements as those are considered an element
of financing under IFRS 16 and reflected in discount rate applicable for test.
Goodwill tests - unless impairment indicators exist, procedure performed once a year
For businesses where goodwill is allocated impairment tests are performed at least once a year. Goodwill is testes
together with intangibles (including those with indefinite useful lives), property plant and equipment, right of uses assets
as well other non-current assets allocated to groups of CGUs where goodwill is monitored. If impairment indicators exist
additional tests are performed. Following indicators are analysed:
Arising from external sources of information such as:
\u2022Significant adverse changes that have taken place (or are expected in the near future) in the technological, market,
economic or legal environment in which the entity operates or in its markets,
\u2022Increases in interest rates, or other market rates of return, that might materially affect the discount rate used in
calculating the asset\u2019s recoverable amount.
Arising from internal sources of information, including:
\u2022Plans to discontinue or restructure the\u00a0 operation to which the asset belongs, as well as\u00a0 reassessing the asset\u2019s
useful life from indefinite to finite,
\u2022Deterioration in the\u00a0 expected level of the asset\u2019s performance i.e. when the actual net cash\u00a0 outflows or operating
profit or loss are significantly worse than budgeted,
\u2022Where management\u2019s own forecasts of future net cash inflows or operating profits show a significant\u00a0 decline from
previous budgets and forecasts.
Materiality applies in determining whether an impairment review is required. If previous impairment reviews have shown a
significant excess of recoverable amount over carrying amount, no review would be necessary in the absence of an event
that would eliminate the excess. Previous reviews might also have shown that an asset\u2019s recoverable amount is not
sensitive to one or more of the impairment indicators.
The recoverable amounts is assessed using fair values less costs of disposal model based on the discounted cash flows.
For recoverable value calculations, the Group uses cash flow projections based on financial budgets that require
judgment and other estimates that include, among others, the operating result on sales and the discount and growth rates
at long term.
Post tax rate is applied, and implied pre-tax rate subsequently determined.
Discounted cash flows do not include outflows relates to rental agreements as those are considered an element of
financing under IFRS 16 and reflected in discount rate applicable for test.
Sensitivity analysis is performed as an element of impairment tests procedures.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzMxL2ZyYWc6MTY3ZDE2NGVjMzUyNDdjNjgxYTlhMjVmNmFjNjRkYzAvdGV4dHJlZ2lvbjoxNjdkMTY0ZWMzNTI0N2M2ODFhOWEyNWY2YWM2NGRjMF80OTQ3ODAyMzg1Njc0_ae86a7a8-d4b7-434a-af1f-98861aa0a4a6": { "value": "
m.\u00a0 Investment properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition,
investment properties are stated at fair value.
Gains or losses arising from changes in the fair values of investment properties are included in profit or loss in the period
in which they arise, including the corresponding tax effect, when applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzQ0L2ZyYWc6ZDA4YWNlOGRmYjRjNGY2N2E1MjI2NDZmYmYxZDIwZGEvdGV4dHJlZ2lvbjpkMDhhY2U4ZGZiNGM0ZjY3YTUyMjY0NmZiZjFkMjBkYV80OTQ3ODAyMzg0OTUw_c2bd3619-13fa-42cb-bed3-e04e57c29bd7": { "value": "
n.\u00a0 Inventories
Inventories include mainly materials and goods for resale. Inventories are stated at the lower of cost and net realizable
value. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs
of\u00a0completion and the estimated costs necessary to make the sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzU3L2ZyYWc6NDhlMmE5NzE2ODVkNGE3NGEzODQ4NDBmNGRiMDkxNzQvdGV4dHJlZ2lvbjo0OGUyYTk3MTY4NWQ0YTc0YTM4NDg0MGY0ZGIwOTE3NF8xNTk0MjkxODY2MTkxMg_ab979b91-13da-48ff-961a-fdb39cb625b2": { "value": "
o.\u00a0 Cash and cash equivalents
Cash reported in the statement of financial position comprises cash at banks and on hand, short-term deposits with a
maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated cash flow statement, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of outstanding bank overdrafts if they are considered an integral part of the Group\u2019s cash
management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzcwL2ZyYWc6Y2ZkOTc0ZmRjNTAzNDhkZTlhOTFhZjAzZmE4ZWQxZjUvdGV4dHJlZ2lvbjpjZmQ5NzRmZGM1MDM0OGRlOWE5MWFmMDNmYThlZDFmNV8xNTk0MjkxODY1NDA5MA_06b69ab4-d25d-47d3-b3a4-4b5b582c38ac": { "value": "
p.\u00a0 Financial assets
The Group classifies its financial assets in the following measurement categories:
\u2022Those to be measured subsequently at fair value through other comprehensive income (FVOCI),
\u2022Those to be measured subsequently at fair value through profit or loss (FVTPL),
\u2022Those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in
equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through other comprehensive income
(FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets
changes.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits
to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial
assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of
ownership.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and
interest. A trade receivable without a significant financing component is initially measured at the transaction price.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the
cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt
instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Interest income from these financial assets is
included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is
recognised directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and
losses. Impairment losses are presented as a separate line item in the statement of profit or loss,
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue
and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and
recognised in other gains/ (losses). Interest income from these financial assets is included in finance income using
the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and
impairment expenses are presented as separate line item in the statement of profit or loss,
-FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a
debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within
other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to
present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to
receive payments is established.
Changes in the fair value of financial assets at FVTPL are recognised in other operating gains/(losses) in the statement of
profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The Group recognises loss allowance for expected credit losses (ECLs) on:
\u2022Financial assets that are debt instruments such as loans, debt securities, bank balances and deposits and trade
receivables that are measured at amortised cost,
\u2022Financial assets that are debt instruments measured at fair value through other comprehensive income,
\u2022Finance lease receivables and operating lease receivables,
\u2022Contract assets under IFRS 15.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit
risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL). The changes in the loss allowance balance are
recognised in profit or loss as an impairment gain or loss.
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
flows of that financial asset have occurred. Evidence that a financial asset is impaired includes observable data about
such events.
The Group applied the simplified approach for:
\u2022all trade receivables or contract assets that result from transactions within the scope of IFRS 15, and that contain a
significant financing component in accordance with IFRS 15,
\u2022all lease receivables that result from transactions that are within the scope of IAS 17 and IFRS 16 (when applied).
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzcwL2ZyYWc6Y2ZkOTc0ZmRjNTAzNDhkZTlhOTFhZjAzZmE4ZWQxZjUvdGV4dHJlZ2lvbjpjZmQ5NzRmZGM1MDM0OGRlOWE5MWFmMDNmYThlZDFmNV8xNTk0MjkxODY1NDA5MA_7d2c6bcc-6961-47a2-b6fe-f0150c2a0e82": { "value": "
p.\u00a0 Financial assets
The Group classifies its financial assets in the following measurement categories:
\u2022Those to be measured subsequently at fair value through other comprehensive income (FVOCI),
\u2022Those to be measured subsequently at fair value through profit or loss (FVTPL),
\u2022Those to be measured at amortised cost.
The classification depends on the entity\u2019s business model for managing the financial assets and the contractual terms of
the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in
equity instruments that are not held for trading, this will depend on whether the group has made an irrevocable election at
the time of initial recognition to account for the equity investment at fair value through other comprehensive income
(FVOCI). The Group reclassifies debt investments when and only when its business model for managing those assets
changes.
Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits
to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial
assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of
ownership.
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair
value through profit or loss (FVTPL), transaction costs that are directly attributable to the acquisition of the financial asset.
Transaction costs of financial assets carried at FVTPL are expensed in profit or loss. Financial assets with embedded
derivatives are considered in their entirety when determining whether their cash flows are solely payment of principal and
interest. A trade receivable without a significant financing component is initially measured at the transaction price.
Debt instruments
Subsequent measurement of debt instruments depends on the Group\u2019s business model for managing the asset and the
cash flow characteristics of the asset. There are three measurement categories into which the Group classifies its debt
instruments:
-Amortised cost: Assets that are held for collection of contractual cash flows where those cash flows represent solely
payments of principal and interest are measured at amortised cost. Interest income from these financial assets is
included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is
recognised directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and
losses. Impairment losses are presented as a separate line item in the statement of profit or loss,
-FVOCI: Assets that are held for collection of contractual cash flows and for selling the financial assets, where the
assets\u2019 cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the
carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest revenue
and foreign exchange gains and losses which are recognised in profit or loss. When the financial asset is
derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and
recognised in other gains/ (losses). Interest income from these financial assets is included in finance income using
the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and
impairment expenses are presented as separate line item in the statement of profit or loss,
-FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a
debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within
other gains/(losses) in the period in which it arises.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to
present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to
receive payments is established.
Changes in the fair value of financial assets at FVTPL are recognised in other operating gains/(losses) in the statement of
profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
Impairment
The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The Group recognises loss allowance for expected credit losses (ECLs) on:
\u2022Financial assets that are debt instruments such as loans, debt securities, bank balances and deposits and trade
receivables that are measured at amortised cost,
\u2022Financial assets that are debt instruments measured at fair value through other comprehensive income,
\u2022Finance lease receivables and operating lease receivables,
\u2022Contract assets under IFRS 15.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit
risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL). The changes in the loss allowance balance are
recognised in profit or loss as an impairment gain or loss.
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
flows of that financial asset have occurred. Evidence that a financial asset is impaired includes observable data about
such events.
The Group applied the simplified approach for:
\u2022all trade receivables or contract assets that result from transactions within the scope of IFRS 15, and that contain a
significant financing component in accordance with IFRS 15,
\u2022all lease receivables that result from transactions that are within the scope of IAS 17 and IFRS 16 (when applied).
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
q.\u00a0 Financial liabilities
Financial liabilities are classified as measured at amortised cost or FVTPL.
A financial liability is classified as of FVTPL if it is classified as held\u2011for\u2011trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any
interest expense, are recognised in profit or loss. The Group has not designated any financial liability as of fair value
through profit or loss.
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest
expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also
recognised in profit or loss. This category generally applies to interest-bearing loans and borrowings.
Initially, borrowings are recognised in the books of account at the fair value net of transaction costs associated with the
borrowing. Subsequently, borrowings are recognised in the books of account at amortised cost using the effective interest
rate.
The liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss. Borrowings are
classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial
position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on
a net basis, to realise the assets and settle the liabilities simultaneously.
r.\u00a0 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-
measured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of the item being hedged.
Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken
directly to profit or loss for the period.
The Group designates certain derivatives as either:
\u2022Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge), or
\u2022Hedges of a net investment in a foreign operation (net investment hedge).
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and
hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in
the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its
hedge transactions.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is
recognised in other comprehensive income and accumulated in the hedging reserve. The gain or loss relating to the
ineffective portion is recognszed immediately in the income statement under \u2018other financial income or costs \u2013 net\u2019.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair
value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the
effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge
reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward
element\u2019) is recognised within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate
the full change in fair value of the forward contract (including forward points) as the hedging instrument. In such cases,
the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised
in the cash flow hedge reserve within equity.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or
is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the
amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified
to the income statement under \u2018other financial income or costs \u2013 net\u2019.\u00a0
Net investment hedge
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges.
Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other
comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Gains and losses accumulated in equity are included in the income
statement when the foreign operation is partially disposed of or sold.
Hedge is effective if:
\u2022There is economic relationship between hedged item and hedging instrument,
\u2022The effect of credit risk does not dominate the value changes,
\u2022The actual hedge ratio (designated amount of hedged item/designated of hedged instrument) is based on the
amounts the Group is us using for risk management.
The Group uses loans as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzcwL2ZyYWc6Y2ZkOTc0ZmRjNTAzNDhkZTlhOTFhZjAzZmE4ZWQxZjUvdGV4dHJlZ2lvbjpjZmQ5NzRmZGM1MDM0OGRlOWE5MWFmMDNmYThlZDFmNV80OTQ3ODAyMzc2MzM0_0d2161bd-18ab-48c7-b97d-df3201101a33": { "value": "Financial assets are derecognised when the rights to receive cash flows from the financial
assets have expired or have been transferred and the group has transferred substantially all the risks and rewards of
ownership.
The liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzcwL2ZyYWc6Y2ZkOTc0ZmRjNTAzNDhkZTlhOTFhZjAzZmE4ZWQxZjUvdGV4dHJlZ2lvbjpjZmQ5NzRmZGM1MDM0OGRlOWE5MWFmMDNmYThlZDFmNV8xNTk0MjkxODY1NDA5MQ_e388f017-0871-4b94-8cad-31a8c31dcd4c": { "value": "FVTPL: Assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. A gain or loss on a
debt investment that is subsequently measured at FVTPL is recognised in profit or loss and presented net within
other gains/(losses) in the period in which it arises.
Financial liabilities are classified as measured at amortised cost or FVTPL.
A financial liability is classified as of FVTPL if it is classified as held\u2011for\u2011trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any
interest expense, are recognised in profit or loss. The Group has not designated any financial liability as of fair value
through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzcwL2ZyYWc6Y2ZkOTc0ZmRjNTAzNDhkZTlhOTFhZjAzZmE4ZWQxZjUvdGV4dHJlZ2lvbjpjZmQ5NzRmZGM1MDM0OGRlOWE5MWFmMDNmYThlZDFmNV80OTQ3ODAyMzc2MzMy_661d7fc6-cbe2-4ca8-b36a-dd75da913f12": { "value": "
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group\u2019s management has elected to
present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value
gains and losses to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in profit or loss as other income when the Group\u2019s right to
receive payments is established.
Changes in the fair value of financial assets at FVTPL are recognised in other operating gains/(losses) in the statement of
profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at
FVOCI are not reported separately from other changes in fair value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzcwL2ZyYWc6Y2ZkOTc0ZmRjNTAzNDhkZTlhOTFhZjAzZmE4ZWQxZjUvdGV4dHJlZ2lvbjpjZmQ5NzRmZGM1MDM0OGRlOWE5MWFmMDNmYThlZDFmNV81NDk3NTU4MTkwMjIz_4a5b0152-7412-4dbe-adb9-1462b524d2d7": { "value": "
Impairment
The group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit
risk. For trade receivables, the group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables.
The Group recognises loss allowance for expected credit losses (ECLs) on:
\u2022Financial assets that are debt instruments such as loans, debt securities, bank balances and deposits and trade
receivables that are measured at amortised cost,
\u2022Financial assets that are debt instruments measured at fair value through other comprehensive income,
\u2022Finance lease receivables and operating lease receivables,
\u2022Contract assets under IFRS 15.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the
next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit
risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the
exposure, irrespective of the timing of the default (a lifetime ECL). The changes in the loss allowance balance are
recognised in profit or loss as an impairment gain or loss.
A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash
flows of that financial asset have occurred. Evidence that a financial asset is impaired includes observable data about
such events.
The Group applied the simplified approach for:
\u2022all trade receivables or contract assets that result from transactions within the scope of IFRS 15, and that contain a
significant financing component in accordance with IFRS 15,
\u2022all lease receivables that result from transactions that are within the scope of IAS 17 and IFRS 16 (when applied).
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime
ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment.
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzgzL2ZyYWc6MTYzMjk0NzcwZTA0NDE1Yzk3MDY3ODcyNzlhZDA0YjEvdGV4dHJlZ2lvbjoxNjMyOTQ3NzBlMDQ0MTVjOTcwNjc4NzI3OWFkMDRiMV8xNTk0MjkxODY0NDkzMg_9f32c029-8f9e-48b9-b9c3-e1a0a51b7256": { "value": "
q.\u00a0 Financial liabilities
Financial liabilities are classified as measured at amortised cost or FVTPL.
A financial liability is classified as of FVTPL if it is classified as held\u2011for\u2011trading, it is a derivative or it is designated as such
on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any
interest expense, are recognised in profit or loss. The Group has not designated any financial liability as of fair value
through profit or loss.
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest
expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also
recognised in profit or loss. This category generally applies to interest-bearing loans and borrowings.
Initially, borrowings are recognised in the books of account at the fair value net of transaction costs associated with the
borrowing. Subsequently, borrowings are recognised in the books of account at amortised cost using the effective interest
rate.
The liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss. Borrowings are
classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzgzL2ZyYWc6MTYzMjk0NzcwZTA0NDE1Yzk3MDY3ODcyNzlhZDA0YjEvdGV4dHJlZ2lvbjoxNjMyOTQ3NzBlMDQ0MTVjOTcwNjc4NzI3OWFkMDRiMV80OTQ3ODAyMzY4Mzc0_48d0ab61-c942-4a28-8022-e3639d894989": { "value": "
Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest
expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also
recognised in profit or loss. This category generally applies to interest-bearing loans and borrowings.
Initially, borrowings are recognised in the books of account at the fair value net of transaction costs associated with the
borrowing. Subsequently, borrowings are recognised in the books of account at amortised cost using the effective interest
rate.
The liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing
financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing
liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability
and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss. Borrowings are
classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12
months after the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzgzL2ZyYWc6MTYzMjk0NzcwZTA0NDE1Yzk3MDY3ODcyNzlhZDA0YjEvdGV4dHJlZ2lvbjoxNjMyOTQ3NzBlMDQ0MTVjOTcwNjc4NzI3OWFkMDRiMV8xNTk0MjkxODY0NjEzMw_4a442e11-f184-4586-9e60-53a05c0b0bb4": { "value": "
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial
position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on
a net basis, to realise the assets and settle the liabilities simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzk2L2ZyYWc6ZTcyM2Y2NjhiYjVhNDY1NTg0YjVjNTI3N2JlZGY4MTcvdGV4dHJlZ2lvbjplNzIzZjY2OGJiNWE0NjU1ODRiNWM1Mjc3YmVkZjgxN180OTQ3ODAyMzYwOTA4_7c4d5d95-5c8a-469d-af3f-a5cf47f91c1c": { "value": "
r.\u00a0 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-
measured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of the item being hedged.
Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken
directly to profit or loss for the period.
The Group designates certain derivatives as either:
\u2022Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge), or
\u2022Hedges of a net investment in a foreign operation (net investment hedge).
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and
hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in
the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its
hedge transactions.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is
recognised in other comprehensive income and accumulated in the hedging reserve. The gain or loss relating to the
ineffective portion is recognszed immediately in the income statement under \u2018other financial income or costs \u2013 net\u2019.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair
value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the
effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge
reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward
element\u2019) is recognised within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate
the full change in fair value of the forward contract (including forward points) as the hedging instrument. In such cases,
the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised
in the cash flow hedge reserve within equity.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or
is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the
amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified
to the income statement under \u2018other financial income or costs \u2013 net\u2019.\u00a0
Net investment hedge
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges.
Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other
comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Gains and losses accumulated in equity are included in the income
statement when the foreign operation is partially disposed of or sold.
Hedge is effective if:
\u2022There is economic relationship between hedged item and hedging instrument,
\u2022The effect of credit risk does not dominate the value changes,
\u2022The actual hedge ratio (designated amount of hedged item/designated of hedged instrument) is based on the
amounts the Group is us using for risk management.
The Group uses loans as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzk2L2ZyYWc6ZTcyM2Y2NjhiYjVhNDY1NTg0YjVjNTI3N2JlZGY4MTcvdGV4dHJlZ2lvbjplNzIzZjY2OGJiNWE0NjU1ODRiNWM1Mjc3YmVkZjgxN181NDk3NTU4MTc0Nzk4_bd828439-3bc9-498c-88e9-07e243abc380": { "value": "
Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-
measured at their fair value. The method of recognising the resulting gain or loss depends on whether the derivative is
designated as a hedging instrument, and if so, the nature of the item being hedged.
Any gains or losses arising from changes in the fair value of derivatives that do not qualify for hedge accounting are taken
directly to profit or loss for the period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xMzk2L2ZyYWc6ZTcyM2Y2NjhiYjVhNDY1NTg0YjVjNTI3N2JlZGY4MTcvdGV4dHJlZ2lvbjplNzIzZjY2OGJiNWE0NjU1ODRiNWM1Mjc3YmVkZjgxN181NDk3NTU4MTc0Nzk5_3a4918e2-e92b-4edf-8560-259fe043e44c": { "value": "
The Group designates certain derivatives as either:
\u2022Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge), or
\u2022Hedges of a net investment in a foreign operation (net investment hedge).
At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and
hedged items including whether changes in the cash flows of the hedging instruments are expected to offset changes in
the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its
hedge transactions.
Cash flow hedge
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is
recognised in other comprehensive income and accumulated in the hedging reserve. The gain or loss relating to the
ineffective portion is recognszed immediately in the income statement under \u2018other financial income or costs \u2013 net\u2019.
When forward contracts are used to hedge forecast transactions, the Group generally designates only the change in fair
value of the forward contract related to the spot component as the hedging instrument. Gains or losses relating to the
effective portion of the change in the spot component of the forward contracts are recognised in the cash flow hedge
reserve within equity. The change in the forward element of the contract that relates to the hedged item (\u2018aligned forward
element\u2019) is recognised within OCI in the costs of hedging reserve within equity. In some cases, the entity may designate
the full change in fair value of the forward contract (including forward points) as the hedging instrument. In such cases,
the gains or losses relating to the effective portion of the change in fair value of the entire forward contract are recognised
in the cash flow hedge reserve within equity.
Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss.
If the hedge no longer meets the criteria for hedge accounting or the hedging instrument is sold, expires, is terminated or
is exercised, then hedge accounting is discontinued prospectively. When hedge accounting for cash flow hedges is
discontinued, the amount that has been accumulated in the hedging reserve remains in equity until, for a hedge of a
transaction resulting in the recognition of a non-financial item, it is included in the non-financial item\u2019s cost on its initial
recognition or, for other cash flow hedges, it is reclassified to profit or loss in the same period or periods as the hedged
expected future cash flows affect profit or loss. If the hedged future cash flows are no longer expected to occur, then the
amounts that have been accumulated in the hedging reserve and the cost of hedging reserve are immediately reclassified
to the income statement under \u2018other financial income or costs \u2013 net\u2019.\u00a0
Net investment hedge
Hedges of net investments in foreign operations are accounted for similarly to cash flow hedges.
Any gain or loss on the hedging instrument relating to the effective portion of the hedge is recognised in other
comprehensive income and accumulated in reserves in equity. The gain or loss relating to the ineffective portion is
recognised immediately in the income statement. Gains and losses accumulated in equity are included in the income
statement when the foreign operation is partially disposed of or sold.
Hedge is effective if:
\u2022There is economic relationship between hedged item and hedging instrument,
\u2022The effect of credit risk does not dominate the value changes,
\u2022The actual hedge ratio (designated amount of hedged item/designated of hedged instrument) is based on the
amounts the Group is us using for risk management.
The Group uses loans as a hedge of its exposure to foreign exchange risk on its investments in foreign subsidiaries.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDA5L2ZyYWc6MDdhZDg3ZTY5Y2QxNDhkODkyNThiZTViMDhhYTZiNDkvdGV4dHJlZ2lvbjowN2FkODdlNjljZDE0OGQ4OTI1OGJlNWIwOGFhNmI0OV81NDk3NTU4MTY2OTQ4_bcdc4415-b24a-41bf-b3ea-1d66f16aa8fe": { "value": "
Share-based payments
The Group has both equity-settled share-based programs and cash-settled share-based programs.
Equity-settled transactions
The cost of equity-settled transactions with employees is measured by reference to awarding fair value at the grant date.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in
which the performance conditions are fulfilled, ending on the date on which the relevant employees become fully entitled
to the award (\u201cvesting date\u201d). The cumulative expense is recognised for equity-settled transactions at each reporting date
until the vesting date reflects the extent to which the vesting period has expired and the number of awards that, in the
opinion of the parent\u2019s Management Board at that date, based on the best available estimate of the number of equity
instruments, will ultimately vest.
Cash-settled transactions
Cash-settled transactions have been accounted since 2014 as a result of a modification introduced to existing share-
based programs. Some programs were modified so that they may be settled in cash or in shares upon decision of a
participant. As a result, the Group re-measures the liability related to cash-settled transaction.
The liability is subsequently measured at its fair value at every balance sheet date and recognised to the extent that the
service vesting period has elapsed, with changes in liability valuation recognised in income statement. Cumulatively, at
least at the original grant date, the fair value of the equity instruments is recognised as an expense (share-based
payment expense).
At the date of settlement, the Group remeasures the liability to its fair value. The actual settlement method selected by the
employees, will dictate the accounting treatment:
\u2022If cash settlement is chosen, the payment reduces the fully recognised liability,
\u2022If the settlement is in shares, the balance of the liability is transferred to equity, being consideration for the shares
granted. Any previously recognised equity component shall remain within equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDA5L2ZyYWc6MDdhZDg3ZTY5Y2QxNDhkODkyNThiZTViMDhhYTZiNDkvdGV4dHJlZ2lvbjowN2FkODdlNjljZDE0OGQ4OTI1OGJlNWIwOGFhNmI0OV81NDk3NTU4MTY2OTQ5_f9d8586f-1980-480f-bd27-847de7ae0b76": { "value": "
Long-term employee benefits based on years in service
The net value of liabilities related to long-term employee benefits is the amount of future benefits which were vested in
the employees in connection with the work they have carried out them in the current and past periods. The liability was
accounted for based on the estimated future cash outflows, and at the balance sheet date, the amounts take into
consideration the rights vested in the employees relating to past years and to the current year.
Retirement benefit contributions
During the financial period, the Group pays mandatory pension plan contributions dependent on the amount of gross
wages and salaries payable, in accordance with legally binding regulations. The public pension plan is based on the pay-
as-you-go principle, i.e. the Group has to pay contributions in an amount comprising a percentage of the remuneration
when they mature, and no additional contributions will be due if the Company ceases to employ the respective staff. The
public plan is a defined contribution pension plan. The contributions to the public plan are disclosed in the income
statement in the same period as the related remuneration, under \u201cPayroll and employee benefits\u201d.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDIyL2ZyYWc6M2Y2NDJiNzM3MjZlNDU4OWJiZDU3NDE4NmM5ZjFlMzQvdGV4dHJlZ2lvbjozZjY0MmI3MzcyNmU0NTg5YmJkNTc0MTg2YzlmMWUzNF80OTQ3ODAyMzQ2ODk0_90b0c946-84ed-4593-bab1-4defae997e00": { "value": "
t.\u00a0 Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle\u00a0 the obligation and a reliable
estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be
reimbursed, for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only
when the reimbursement is virtually certain. The expense relating to\u00a0 a provision is presented in the statement of profit or
loss net of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
Costs of bringing the location to the condition it had been in before the lease agreement was signed
Depending on particular contracts the Group may be obliged to bring the location to the condition it had been in before
the lease agreement was signed. Asset retirement provision costs are provided for at the present value of expected costs
to settle the obligation using estimated cash flows and are recognised as part of the cost of the relevant asset (leasehold
improvement asset within PPE section).
The unwinding of the discount is expensed as incurred and recognised in the statement of profit or\u00a0 loss as a finance
cost. The estimated future costs of decommissioning are reviewed periodically and adjusted if needed.
Development commitments unattained
Group restaurants are operated under franchise and development agreements with YUM! and subsidiaries of YUM!,
Burger King Europe GmbH, Starbucks Coffee International, Inc. In accordance with these agreements, the Group is
obliged to meet certain development commitments as well as maintain the identity, reputation and high operating
standards of each brand.
Certain development commitments may be determined on annual basis and may result in recognition of agreed bonuses
if case the development commitments are satisfied or exceeded. Alternatively if the Group believes the commitments will
not be attained the respective provision are recognized. The Group considers all available fact and circumstances to
determine the risks related to future liabilities including planned openings as included in the annual operating plan for next
reporting year.
The provisions are periodically reviewed. The net expenses/gains relating to a provision are presented in the statement of
profit or loss in other operating incomes/expenses section.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDIyL2ZyYWc6M2Y2NDJiNzM3MjZlNDU4OWJiZDU3NDE4NmM5ZjFlMzQvdGV4dHJlZ2lvbjozZjY0MmI3MzcyNmU0NTg5YmJkNTc0MTg2YzlmMWUzNF80OTQ3ODAyMzQ4NDc5_05893a75-616e-4c55-a419-146585460466": { "value": "
Costs of bringing the location to the condition it had been in before the lease agreement was signed
Depending on particular contracts the Group may be obliged to bring the location to the condition it had been in before
the lease agreement was signed. Asset retirement provision costs are provided for at the present value of expected costs
to settle the obligation using estimated cash flows and are recognised as part of the cost of the relevant asset (leasehold
improvement asset within PPE section).
The unwinding of the discount is expensed as incurred and recognised in the statement of profit or\u00a0 loss as a finance
cost. The estimated future costs of decommissioning are reviewed periodically and adjusted if needed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDIyL2ZyYWc6M2Y2NDJiNzM3MjZlNDU4OWJiZDU3NDE4NmM5ZjFlMzQvdGV4dHJlZ2lvbjozZjY0MmI3MzcyNmU0NTg5YmJkNTc0MTg2YzlmMWUzNF8xNTk0MjkxODYyNjI0MQ_3f82c22b-dcb6-4e36-841d-6c84ca461388": { "value": "
Contingent liabilities and assets
A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
Contingent assets usually arise from unplanned or other unexpected events that give rise to the possibility of an inflow of
economic benefits to the entity. Contingent assets are not recognised in financial statements since this may result in the
recognition of income that may never be realised. A contingent asset is disclosed, where an inflow of economic benefits is
probable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDM1L2ZyYWc6OWZjMDNiN2E4ZmYzNDNkYmJlMzkzNDRlMzY2NWMyZWEvdGV4dHJlZ2lvbjo5ZmMwM2I3YThmZjM0M2RiYmUzOTM0NGUzNjY1YzJlYV8xNTk0MjkxODYyMjI4NA_7a293cc3-f46f-4712-8896-48cef1bb2818": { "value": "
u.\u00a0 Equity
Equity includes equity attributable to shareholders of the parent and non-controlling interests.
Equity attributable to shareholders of the parent is grouped into the following:
\u2022Share capital,
\u2022Reserves,
\u2022Retained earnings,
\u2022Translation reserve.
The effect of the following transactions is presented under reserves:
\u2022Share premium\u00a0 (surplus over nominal amount) and additional contributions to capital without the issue of shares
made by the shareholders prior to becoming public entity,
\u2022Effect of accounting for put options over non-controlling interests,
\u2022Effect of accounting for share-based payments,
\u2022Treasury shares,
\u2022Effect of hedges valuation,
\u2022Effect of accounting for transactions with non-controlling interests.
Share capital
Ordinary shares are classified as share capital. Incremental costs directly attributable to the issue of new shares are
shown in equity as a deduction from the proceeds. The income tax effect relating to transaction costs of an equity
transaction is also accounted for in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDM1L2ZyYWc6OWZjMDNiN2E4ZmYzNDNkYmJlMzkzNDRlMzY2NWMyZWEvdGV4dHJlZ2lvbjo5ZmMwM2I3YThmZjM0M2RiYmUzOTM0NGUzNjY1YzJlYV81NDk3NTU4MTU4NDE0_0ebf2059-0177-40e8-bd75-bc20384d9604": { "value": "
Treasury shares
When shares recognised as equity are repurchased, the amount of the consideration paid, which includes directly
attributable costs, is recognised as a deduction from equity. Repurchased shares are classified as treasury shares and
are presented in \u201cReserves\u201d.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDM1L2ZyYWc6OWZjMDNiN2E4ZmYzNDNkYmJlMzkzNDRlMzY2NWMyZWEvdGV4dHJlZ2lvbjo5ZmMwM2I3YThmZjM0M2RiYmUzOTM0NGUzNjY1YzJlYV81NDk3NTU4MTU4NDE1_1352001c-6e40-4c7b-b906-74d6c5d27241": { "value": "
Dividends
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion
of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOmEyOTc2MWIwOTg5YjRkMzQ5OWZhN2Q3NDJiMzRiNjg4L3NlYzphMjk3NjFiMDk4OWI0ZDM0OTlmYTdkNzQyYjM0YjY4OF8xNDQ4L2ZyYWc6YTU2ZTk1YjgwNDE2NDM1YzkzOGIyYTgzZjdkMWViMTAvdGV4dHJlZ2lvbjphNTZlOTViODA0MTY0MzVjOTM4YjJhODNmN2QxZWIxMF8yNjM4ODI3OTA4MTQ4MQ_d4f8e30c-66d0-4126-9a48-450b04437f65": { "value": "
39.\u00a0 Changes in accounting policies, reclassification and restatement of
comparatives summary
Newly applied standards, amendments and interpretations
The accounting policies adopted in the preparation of the consolidated financial statements are consistent with those
followed in the preparation of the Group\u2019s consolidated financial statements for the year ended 31 December 2021,
except for the adoption of new standard, interpretations, and amendments to standards effective as of 1 January 2022.
The amendments and interpretations below were applied in 2022 and had no significant impact on the accounting policies
applied.
Amendments to IFRS 3 -Reference to the Conceptual Framework
The amendments add an exception to the recognition principle of IFRS 3 to avoid the issue of potential \u2018day 2\u2019 gains or
losses arising for liabilities and contingent liabilities that would be\u00a0 within the scope of IAS 37 Provisions, Contingent
Liabilities\u00a0 and Contingent Assets or IFRIC 21 Levies, if incurred separately.\u00a0 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. At the same time, the amendments add a new paragraph to IFRS 3 to clarify that
contingent assets do not qualify for recognition at the acquisition date.\u00a0 The amendments must be applied prospectively.
Earlier application is permitted. The amendments\u00a0 are effective for annual periods beginning on or after 1 January 2022.
Amendments to IAS 16 - Property, Plant and Equipment: Proceeds before Intended Use
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,\u00a0 an entity recognises the proceeds from selling such items,\u00a0
and the costs of producing those items, in profit or loss. The amendment is effective for annual periods beginning on or
after 1 January 2022.
Amendments to IAS 37 -Onerous Contracts \u2013 Costs of Fulfilling a Contract
The amendments specify which costs an entity needs to include when assessing whether a contract is onerous or loss-
making. The amendments apply a \u2018directly related cost approach\u2019.\u00a0 The costs that relate directly to a contract to provide
goods or services include both incremental costs (e.g., the costs of direct labour and materials) and an allocation of costs
directly related\u00a0 to contract activities (e.g., depreciation of equipment used to fulfil the contract as well as 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. The amendments are effective for annual
periods beginning on or after 1 January 2022.
40.\u00a0 Standards issued but not yet effective
Below amendments to standards are effective for annual periods beginning after 1 January 2023 and earlier application is
permitted. The Group has not early adopted the new or amended standards in preparing these consolidated financial
statements.
IFRS 17 Insurance Contracts
IFRS 17 Insurance Contracts (IFRS 17) is a comprehensive new accounting standard for insurance contracts covering
recognition and measurement, presentation and disclosure. IFRS 17 will replace IFRS 4 Insurance Contracts. IFRS 17
applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of
entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation
features. A few scope exceptions will apply. The overall objective of IFRS 17 is to provide an accounting model for
insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in IFRS 4, which are
largely based on grandfathering previous local accounting policies, IFRS 17 provides a comprehensive model for
insurance contracts, covering all relevant accounting aspects. Additionally, in June 2020, the IASB issued amendments to
IFRS 17. IFRS 17 is effective for reporting periods beginning on or after 1 January 2023. It is not expected that standard
will have a material impact on Group.
Amendments to IFRS 17 Insurance contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information.
Amendments were issued on 9 December 2021 and are effective for annual periods beginning on or after 1 January
2023. It is expected that standard will not have a material impact on Group.
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting
policies.
The amendments specify requirements and provide guidance to help entities make more effective accounting policy
disclosures. The amendments are effective for annual periods beginning on or after 1 January 2023. It is expected that
standard will not have a material impact on Group.
Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates
The amendments introduce the definition of accounting estimate and include other amendments to IAS 8 to help entities
distinguish changes in accounting estimates from changes in accounting policies. The amendments are effective for
annual periods beginning on or after 1 January 2023. It is expected that standard will not have a material impact on
Group.
Amendments to IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction.
Amendments were issued on 7 May 2021 and are effective for annual periods beginning on or after 1 January 2023. It is
expected that standard will not have a material impact on Group.
Below standards and amendments that and are issued but not yet approved by European Union. The Group will apply the
standard once approved by the European Union.
Amendments to IAS 1: Classification of liabilities as current or non-current and Non-current Liabilities with Covenants
These amendments clarify how conditions with which an entity must comply within twelve months after the reporting
period affect the classification of a liability.\u00a0 The new guidance will be effective for annual periods starting on or after 1
January 2024. The amendments are to be applied prospectively and will be reflected in accounting for future transactions
of Group. The Group will implement these amendments for future transactions and it is expected that standard will not
have a material impact on Group.
Amendment to IFRS 16 \u2013 Leases on sale and leaseback
Amendments were issued in September 2022. These amendments include requirements for sale and leaseback
transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the date of the transaction. Sale
and leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an
index or rate are most likely to be impacted. Effective date Annual periods beginning on or after 1 January 2024. it is
expected that standard will not have a material impact on Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:259400T6ZDQIMDBGDN42", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }