529900DXFSLW607W58272022-01-012022-12-31529900DXFSLW607W58272022-01-012022-12-31ifrs-full:RetainedEarningsMemberiso4217:EUR529900DXFSLW607W58272022-12-31529900DXFSLW607W58272021-12-31529900DXFSLW607W58272021-01-012021-12-31iso4217:EURxbrli:shares529900DXFSLW607W58272020-12-31529900DXFSLW607W58272021-12-31ifrs-full:IssuedCapitalMember529900DXFSLW607W58272021-12-31ifrs-full:SharePremiumMember529900DXFSLW607W58272021-12-31ifrs-full:RetainedEarningsMember529900DXFSLW607W58272021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900DXFSLW607W58272021-12-31ifrs-full:ReserveOfCashFlowHedgesMember529900DXFSLW607W58272022-01-012022-12-31ifrs-full:IssuedCapitalMember529900DXFSLW607W58272022-01-012022-12-31ifrs-full:SharePremiumMember529900DXFSLW607W58272022-01-012022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900DXFSLW607W58272022-01-012022-12-31ifrs-full:ReserveOfCashFlowHedgesMember529900DXFSLW607W58272022-12-31ifrs-full:IssuedCapitalMember529900DXFSLW607W58272022-12-31ifrs-full:SharePremiumMember529900DXFSLW607W58272022-12-31ifrs-full:RetainedEarningsMember529900DXFSLW607W58272022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900DXFSLW607W58272022-12-31ifrs-full:ReserveOfCashFlowHedgesMember529900DXFSLW607W58272020-12-31ifrs-full:IssuedCapitalMember529900DXFSLW607W58272020-12-31ifrs-full:SharePremiumMember529900DXFSLW607W58272020-12-31ifrs-full:RetainedEarningsMember529900DXFSLW607W58272020-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900DXFSLW607W58272020-12-31ifrs-full:ReserveOfCashFlowHedgesMember529900DXFSLW607W58272021-01-012021-12-31ifrs-full:IssuedCapitalMember529900DXFSLW607W58272021-01-012021-12-31ifrs-full:SharePremiumMember529900DXFSLW607W58272021-01-012021-12-31ifrs-full:RetainedEarningsMember529900DXFSLW607W58272021-01-012021-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember529900DXFSLW607W58272021-01-012021-12-31ifrs-full:ReserveOfCashFlowHedgesMember
Supervisory Board
Members
Robin Hoytema van Konijnenburg (Chairman)
Anneke Blok
Theo van der Raadt (Vice Chairman)
Jeanine van der Vlist
Jan Niessen
Management Board
Members
Peter Hendriks (Chief Executive Officer)
Jasmin Lange (Chief Publishing Officer)
Wim Dikstaal (Chief Financial Officer)
KONINKLIJKE BRILL N.V.
Plantijnstraat 2
2321 JC  Leiden
T+31 71 53 53 500
This annual report is available as PDF: https://brill.com/page/InvestorRelations/investor-relations
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CONTENTS
Management Board's Report for the Year 2022
Introduction by the Management Board
Company Profile
Key Figures
Data per Share
Shareholder Information
Mission, Vision, Core Values, and Corporate Strategy
Value Creation Process at Brill
Publishing Program
Financial Report
Human Resources
Risk Management
Corporate Social Responsibility
Responsibility Statement
Corporate Governance
Supervisory Board’s Report for the Year 2022
Remuneration Policy and Report for the Year 2022
Financial Statements for the Year 2022
Consolidated Financial Statements
Company Financial Statements
Other Information
Independent Auditor’s Report
Report of Stichting Administratiekantoor Koninklijke Brill (Brill's trust office)
Report of Stichting Luchtmans
About this Annual Report
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Management Board's Report for the Year 2022
Introduction by the Management Board
The year 2022 was heavily impacted by the insolvency of our UK based distribution partner in
October. With the exception of the DACH region, our print book sales came to a full stop and the
journal renewal process was interrupted. On 30th August Brill had announced a transition to new
partners for its worldwide distribution of books and journals during 2023, a project which had to
be accelerated and led to extra costs in 2022. Additionally we incurred one-off expenses for legal
fees, writing off receivables and extra staff to cover the additional workload and an impairment on
goodwill and publishing rights (Refer to the financial report for details).
The underlying global publishing program was not impacted and proved very robust, confirming
Brills historically strong position in the author community. Total revenue grew by 2.5%, primarily
due to acquisitions and the positive effect of the US dollar exchange rate development in 2022, but
declined by 4.2% organically due to the insolvency of our main distributor and declining print book
sales in the DACH region. This revenue development combined with one-off costs resulted in a
negative net profit in the financial year 2022.
Based on the 2022 financial results, we will propose to not pay dividend over 2022 at the Annual
General Meeting (AGM) of Shareholders. 
Strategic Progress in 2022
In April, Brill acquired all shares of Wageningen Academic Publishers, a publisher active primarily
in the fields of Animal Science, Food and Health Science, Agriculture, Environment and
Agribusiness. The acquisition strengthened Brill’s high quality Biology program, creating a
springboard to further develop this fast growing and well-funded segment of the academic market.
Brill's Open Access program continued to grow above industry average. The number of national and
institutional Open Access journal agreements, so called transformative agreements, doubled in
2022, and the backlist of Open Access books grew to more than 1,200. The first tranche of the Brill
Book Archive (BBA) was completed and successfully sold to customers in North America, Australia,
and Europe. The second part of BBA, containing twice the number of titles part one, was prepared
and part of the collection was launched at the end of the year.
Operational Progress in 2022
The improvement of our IT infrastructure and enterprise applications continued at high speed. This
included the move from on-premise solutions to SaaS and Cloud solutions, and an upgrade of our
ERP system. A data warehouse was implemented to improve business intelligence, and in the
second half of the year we introduced a new global HR software.
The integration of V&R continued but was impacted by the insolvency of our main distribution
partner, as focus shifted to the transition to new distribution partners in order to resume print
book sales. While various integration streams progressed as planned, the ERP integration, which is
the central project, had to be postponed.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
People and Society
Brill’s new logo, showing Pallas Athena, the Greek goddess of wisdom and her owl, was presented in
October at Frankfurt Book Fair. Pallas has adorned our logo for decades and she has now been
given a modern look that fits Brill's mission: looking forward while learning from the past.
Brill is a proud member of the United Nations Global Compact and the SDG Publishers Compact. As
we are actively expanding our publications of SDG-focused research, we are also undertaking
efforts to disseminate this research widely, through our regular channels as well as through our
Humanities Matter blog and podcasts. Topics of the podcast in 2022 included quality of education,
populism, racism, food security, war and peace.
In 2022, we prioritized the reduction of our CO2 emissions. We began measuring our carbon
footprint by teaming up with Greencast, and based on this analysis, will monitor and evaluate our
progress going forward.
Brill is thankful to Peter Coebergh whose term as CEO ended in May. Peter led Brill's sales team for
three years before becoming CEO in 2018. In September, John Martin took over as interim CEO and
was appointed statutory director in December. We regret John's decision to leave Brill in March
2023, and are thankful for the contributions made during his tenure. With Peter Hendriks, who
joined in March 2023, Brill has appointed an experienced, industry seasoned interim CEO.
Future developments
In 2023 we will finalize the setup of our new global distribution processes and continue to focus on
modernizing and consolidating Brill. The year 2022 was challenging for Brill, and we are thankful to
authors, institutions and partners for their patience and loyalty during difficult times. We are
immensely grateful to our members of staff for working incredibly hard and going the extra mile.
Leiden, 12 April, 2023
The Management Board
Peter Hendriks (Chief Executive Officer)
Jasmin Lange (Chief Publishing Officer)
Wim Dikstaal (Chief Financial Officer)
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COMPANY PROFILE
Overview
Brill, founded in 1683 and publicly listed since 1896, is a leading international scholarly publisher
with a rich portfolio. We mainly publish in the fields of the humanities (history, the arts, languages
and literature, philosophy), social sciences, and international law. Currently, Brill uses the following
imprints: Brill, Brill | Fink, Brill | Hotei, Brill | mentis, Brill | Nijhoff, Brill | Schöningh, Bӧhlau
Vandenhoeck & Ruprecht and V&R unipress.
Books are the leading publication format in the portfolio with journals as a strong second pillar.
Brill also supplies primary source material, such as scans of historic archives and collections of
documents, which are primarily sold online. Digital is the prevailing format across books, journals,
and primary sources. Brill has also ventured into the digital humanities arena where innovative
uses of technology in both research and publication methods enable new and dynamic publication
offerings.
Due to the long-term value of scholarly information in the humanities, the lifespan of and demand
for our products is generally long. All book titles published after the year 2000 are available in
eBook format and several of our much older and long-running book series have been digitized and
offered to the market as collections. This initiative, together with the emergence of print on demand
(POD) technology, has extended our product lifecycles even further. In this way, too, we assure our
authors that books from Brill will remain permanently available.
Publishing Rights and Distribution
Brill uses standardized author contracts to establish a reasonable and legally sound basis for
controlled distribution of the research by authors themselves or by their institutions. This legal
basis is achieved by a transfer of copyright or by a licensing agreement that includes Open Access
options.
International Authors and Customers
Brill has been an international player from the earliest days. More than 95% of Brill's revenue is
generated outside of the Netherlands, which is comparable to the proportion of Brill's authors who
reside abroad. Most customers are in Europe and North America, with Asia becoming increasingly
important each year. Brill maintains relationships with all leading global academic research centres
while cherishing its traditionally strong link with the University of Leiden, due in part to Brill's
leading position in several areas in which the University specializes, such as Islamic studies,
languages, archaeology, and Sinology.
Marketing and Sales
Brill's marketing and sales strategy is focused on achieving the widest possible distribution of its
products within the academic market and beyond. Cooperation with companies such as Google,
Scopus, and other platforms increases the online discoverability of Brill's publications. Digital
marketing through email campaigns and on social media makes it possible to target our key
audiences.
The company distributes the e-version of its products directly on Brill.com and through third-party
platforms. Brill's direct sales force visits university libraries, (print) book wholesalers, and library
suppliers. Sales agents represent Brill where we do not have our own salespeople on the ground.
Purchases by libraries are also often made through third parties: journal agents act as
intermediaries for subscriptions and traditional library suppliers provide book distribution.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Organization
Brill is a centrally managed company with several corporate and delegated functions and with its
headquarters in Leiden, the Netherlands. Furthermore, Brill has offices in Boston (US), Paderborn,
Göttingen and Cologne (Germany), Vienna (Austria), Singapore, and Beijing (China).
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
KEY FIGURES
All amounts in EUR 1,000
2022
2021
2020
2019
2018
Results
Revenue
48,048
46,865
37,859
37,128
35,951
Gross profit
34,268
33,838
26,372
25,922
24,383
EBITDA [1]
-30
7,203
6,600
5,183
3,623
Operating profit
-4,513
4,453
4,502
3,291
2,360
Profit for the year
-3,465
3,036
2,896
2,162
2,304
Free cash flow [2]
1,831
3,402
4,515
2,164
817
Average invested capital [3]
26,846
25,093
24,539
24,390
23,394
Growth compared to previous year
Revenue
2.5%
23.8%
2.0%
3.3%
-1.2%
Gross profit
1.3%
28.3%
1.7%
6.3%
2.3%
EBITDA [1]
-100.4%
9.1%
27.3%
43.0%
-12.8%
Operating profit
-201.3%
-1.1%
36.8%
39.5%
-28.8%
Profit from continued operations
-214.1%
4.9%
34.0%
-6.2%
1.9%
Profitability
Gross profit as % of revenue
71.3%
72.2%
69.7%
69.8%
67.8%
EBITDA [1] as % of revenue
-0.1%
15.4%
17.4%
14.0%
10.1%
Operating profit as % of revenue
-9.4%
9.5%
11.9%
8.9%
6.6%
Revenue/average invested capital
1.8
1.9
1.5
1.5
1.5
NOPLAT [4] as % of revenue
-7.0%
7.1%
8.9%
6.6%
5.0%
ROIC [5]
-12.5%
13.3%
13.8%
10.1%
7.6%
Balance sheet ratios
Shareholders’ equity/total assets
32.0%
41.4%
44.6%
40.9%
42.5%
Current assets/current liabilities
0.63
0.88
0.92
0.75
0.75
Personnel
Average number of employees (FTE)
250
227
161
165
167
[1]EBITDA = Earnings Before Interest, Taxes, Depreciation and Amortization, the operating income before the
amortization of intangible fixed assets and the depreciation of tangible fixed assets, and excluding exceptional costs. See
note 18.
[2]Free cash flow = net cash flow adjusted for cash flow from financing activities. See note 12.
[3](Average) invested capital = (average of) fixed assets minus deferred tax liabilities related to acquired intangibles +
working capital less cash and net tax receivables and financial instruments. See note 17.
[4]Net operating profit less adjusted tax. See note 17.
[5]Return on Invested Capital = NOPLAT divided by invested capital. See note 17.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
DD
DATA PER SHARE
In euros, based on weighted average number of outstanding shares
2022
2021
2020
2019
2018
Weighted average number of outstanding shares
1,874,444
1,874,444
1,874,444
1,874,444
1,874,444
Shareholders’ equity per share
10.52
13.22
12.76
11.32
11.09
Increase/(decrease) in %
-20.4%
3.6%
12.7%
2.0%
-24.2%
EBITDA per share
-0.02
3.84
3.52
2.76
1.93
Increase/(decrease) in %
-100.5%
9.1%
27.5%
43.0%
-12.9%
Earnings per share
-1.85
1.62
1.54
1.15
1.23
Increase/(decrease) in %
-214.2%
5.2%
33.9%
-6.2%
1.6%
Free cash flow per share
0.98
1.81
2.41
1.16
0.44
Increase/(decrease) in %
-45.9%
-24.9%
107.8%
163.6%
2,001.0%
Dividend per share (for 2022 proposed)
0.00
0.90
1.25
0.00
0.85
Increase/(decrease) in %
-100.0%
-28.0%
n.a.
-100.0%
-35.6%
Payout ratio
N.A.
55.6%
81.2%
0.0%
70.0%
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SHAREHOLDER INFORMATION
The Share Listing
Koninklijke Brill N.V. has been listed on Euronext Amsterdam since July 1997. The number of shares
outstanding with a nominal value of 0.60 was 1,874,444 on 31 December 2022 (on 31 December,
2021, it was 1,874,444). Of the total number of shares outstanding as of 31 December 2022
1,834,463 registered depository receipts were issued and 39,981 registered shares were recorded
in the share register. The registered depository receipts were issued in denominations of 1X 0.60,
10X 0.60, 100X 0.60 and 1,000X 0.60 nominal. Only registered depository receipts are listed on
Euronext Amsterdam.
The register of shareholders of Koninklijke Brill N.V. is managed by:
IQ EQ Netherlands N.V.
Hoogoorddreef 15
1101 BA Amsterdam
T + 31 20 522 25 55
E registers@iqeq.com
www.iqeq.com
IQ EQ also acts as administrator of the Stichting Administratiekantoor Koninklijke Brill N.V.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
The Brill Share
2022
2021
2020
2019
2018
Number of outstanding shares at year end
1,874,444
1,874,444
1,874,444
1,874,444
1,874,444
Highest share price during the year
25.20
26.00
23.00
24.60
41.20
Lowest share price during the year
16.50
17.60
13.20
18.20
17.20
Share price at year end
17.80
24.80
18.30
20.40
17.80
Of the receipts, 65% are held in tranches of 3% or more. In the context of the Financial Supervision
Act, the following holders of registered depository receipts, on 31 December 2022, have reported
an interest of 3% or more to the Dutch Authority Financial Markets:
Filings
Size
Declaration date
Mont Cervin Sàrl
22%
22 June 2012
Teslin Participaties Coöperatief U.A.
19%
18 September 2020
Lazard Frères Gestion SAS
5%
30 September 2022
J.P. van Slooten
5%
11 April 2017
Stichting Administratiekantoor Arkelhave Capital
5%
16 December 2016
Stichting John en Marine Van Vlissingen Foundation
5%
11 August 2015
P.C. van Leeuwen
4%
5 April 2022
Dividend Policy
Brill aims to achieve an attractive return to investors, while seeking opportunities for investment in
the long-term success of the business. Furthermore, we aim for a solvency level of between 40%
and 60% and to observe the covenants agreed upon with our main bank.
Financial Agenda 2023
Announcements of Results 2022
6 April 2023 after stock market close
Publication Annual Report 2022 on Corporate Website (Brill.com)
12 April 2023
Trading Update First Quarter 2023
4 May 2023 after stock market close
Annual General Meeting of Shareholders
24 May 2023 (at Brill premises)
Publication of Results First Half Year 2023
29 August 2023 after stock market close
Trading Update Third Quarter 2023
26 October 2023 after stock market close
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Investor Relations
Brill will be happy to provide (potential) shareholders and other stakeholders with relevant
information to the best of its ability. Copies of (semi-) annual reports can be found at brill.com,
In addition, information may be requested via the following address:
KONINKLIJKE BRILL N.V.
Investor Relations
P.O. Box 9000
2300 PA Leiden
The Netherlands
T + 31 71 53 53 500
E Esther.Smit@brill.com
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Mission, Vision, Core Values, and Corporate Strategy
Mission
“We operate from a strong belief that the Humanities, Social Sciences, International Law and Biology
are areas of scholarship vital for addressing today’s global challenges. This belief motivates us to offer
authors and editors the best possible service and infrastructure to disseminate research. The relevance
and high quality of the works we publish are key to the sustainability of our business.”
Vision
By 2025, Brill aims to be a digitally-driven academic publishing house that offers researchers a top
service and user experience. The ambition is to generate annual revenue of more than 60 million
and an EBITDA margin of at least 17% in a socially responsible an economically sustainable way.
Core Values
In addition to our mission, Brill employees share a set of core values: quality service to the scholarly
community, integrity, and respect for people. We also firmly believe in the fundamental importance
of trust, diversity and inclusion, teamwork, professionalism, and taking pride in what we do. We are
committed to the sustainable development of our company.
Value Creation
We are proud of Brill’s legacy and are committed to an equally illustrious future. This requires
balancing short- and long-term interests and integrating business, environmental, and social
considerations into our decision-making. At Brill, we believe that creating sustainable value for all
stakeholders is essential to ensuring the long-term viability of the company. The company’s ability
to create value hinges on achieving a balance between serving the scholarly community and
business considerations. To achieve this balance, we define value in terms of value created for our
stakeholders. This value creation and Brill’s standing with each of these stakeholder groups is the
condition for our company to remain relevant within a changing media landscape.
Strategy
Based on our mission and core values, Brill’s corporate strategy centres on four long-term goals of
which the first two are key focus points in our three year rolling strategic plan:
•Expand scale
We build on our leading position as the publisher of choice for many academic researchers in
the humanities, social sciences, international law and selected fields of science. Additionally, we
aim to enter adjacent segments where Brill’s key assets (reputation, service, distribution,
infrastructure) can be leveraged. Expanding our position can be achieved organically or through
acquisition, such as our recent acquisitions of Vandenhoeck & Ruprecht in Germany and
Wageningen Academic Publishers in the Netherlands. Brill actively explores acquisition
opportunities based on clearly established priorities for areas where social, natural, and life
sciences converge on subjects in which we are traditionally strong, such as language,
philosophy and ethics, religion, history and biology. Furthermore, we are expanding our
publishing formats for our library customers and are more actively managing and developing
our traditional subscription-based business models towards new Open Access and evidence-
based models. For our authors, we are developing additional services to help guide the
publishing process.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
•Become a digitally driven publishing house
We continue to invest in Brill’s digital business capabilities to facilitate value creation. Strategy-
driven roadmaps for investment are in place for key business applications, for our content
management process, and for our online publishing platforms. We aim to produce our content
in such a way that it can be published and used in any format, unit, and on any device. Product
and data distribution will be further improved to shorten our time to market. Findability and
(mobile) usability are key and have been improved by our new Brill.com platform and through
our collaboration with third-party platforms. We support our operations with standard
software applications that are widely used in the industry and which are provided by reputable
partners, such as Klopotek, RSuite, and PubFactory. IT operations are structured to minimize
risk and optimize efficiency through a combination of on-premise and cloud systems. With the
appointment of a VP Technology in 2021 we introduced key digital and IT knowledge in our
senior management. Creating a more balanced and efficient digital infrastructure will help us
achieve the long-term goals set in our mission and corporate strategy. The implementation of a
completely digital and cybersecure workplace to support this change began in 2021.
•Publishing excellence
A reputation for publishing excellence is key to the sustainability of our business. Brill’s
publishing strategy is to continually seek differentiation and competitive advantage by building
on key strengths:
–Highly relevant content: We aim to publish relevant research in the humanities, social
sciences, and international law. The focus is on high-quality studies at a faculty level from
upcoming as well as established authors. We communicate the relevance of our books and
journals by highlighting not only the quality but also the societal impact of the research we
publish.
–Strict quality control: To remain relevant we must maintain and improve the quality of our
peer review. This includes guidelines for the selection of editorial board members, training
and recognition of peer reviewers, and investment in peer review systems (e.g. submission
systems and anti-plagiarism software).
–Community building: We work closely and collaboratively with the entire research
community: authors, readers, editors, peer reviewers, librarians, institutional partners,
funding bodies, societies, and new players such as research collaboration platforms.
–Best-in-class author service: Brill's editorial department offers the best possible service to
book authors, series editors, and journal editors. Having a stable editorial team with a
combination of experienced and new in-house editors is key to offering such service. Editors
must be well-trained and supported by efficient workflows to focus on relationship
management and publishing services.
–Improved access: The research we publish has an impact only if it is accessible. Apart from
selling our content to specialized libraries around the globe, we believe that financially
sustainable Open Access models are the best way to improve access to our authors’
research.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
•Develop market presence
We invest in our marketing and sales execution capabilities and operate from numerous offices
around the world to be close to our clients, to adapt our global marketing to local needs, and to
achieve improved market coverage. Doing so entails enhancing our communications to raise
awareness of the depth and breadth of our portfolio. Communication and sales efforts will be
further concentrated around publications that define Brill’s reputation in core areas of
excellence. Digital marketing and social media are increasingly employed to improve the
efficiency and effectiveness of our marketing operation. Our mission statement, author services,
and the Brill platforms will be actively promoted as well.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
VALUE CREATION PROCESS AT BRILL
Stakeholder
Indicators of value created
Progress in 2022
Authors
–Number and reputation of
authors publishing with Brill
–Publishing experience at Brill
–Quality of publications
–Extent of distribution offered
–Publication format range offered
–Brill (all imprints, incl. full year
Wageningen Academic): 1,936
book titles published versus
2,067 in 2021.
–Brill (all imprints, incl. full year
Wageningen Academic): 1,063
journal issues published versus
1,071 in 2021.
Librarians and
funders
–Flexible, attractive purchasing
options
–Online platforms combining easy
search, ease of access, usability,
usage monitoring
–Efficient ordering processes
–Flexible publishing options: Open
Access, user pays, subsidizing
specific publications
–Start with Brill Book Archive,
part 2. At the end of 2022 approx.
3,500 titles were already
available online.
–First transformative agreement
in US, and further increase of
Evidence Based Acquisition
deals.
Readers
–Quality of publications, print and
online
–Ease of search, ease of access,
usability
–Platform usage
–Quick availability of print
publications
–In 2022 E-Book usage on
brill.com was 3.258.305 full text
downloads, an increase of 18%
compared to previous year. At
V&R E-Book usage increased by
21%.
Investors
–Growth
–Margin
–ROIC
–Revenue growth 2.5%
–EBITDA margin -0.1%
–ROIC % -12.5%
Staff
–Inclusivity
–Turnover
–Female vs male 66%/34%
–Offboarded 41 FTE, onboarded
47 FTE (including 7 from
Wageningen  acquisition)
Global community
–Active support for the global
cause of humanities
–Corporate initiatives tied to core
capabilities
–Overall corporate citizenship
–Humanities Matter campaign via
blogs and podcasts
–Continued sponsorships for local
museums and initiatives
–Embedded UN Global Compact
strategy, see paragraph on CSR
16
B R I L L  A N N U A L  R E P O R T  2 0 2 2
PUBLISHING PROGRAM
In 2022 the scholarly community returned to an active conference schedule, helping Brill
Acquisition Editors to reinvigorate and expand their networks in vital face-to-face meetings. The
pandemic continued to have an impact on the development of our program as authors were
engaged with return to classrooms and post-lockdown life. Peer review and turnover of
manuscripts was slower than in 2020 and 2021, leading to a decrease in the number of new book
titles published. Internal capacity issues and selected pruning further contributed to the slightly
lower number of titles compared with the previous year. In the meantime, only minor delays were
experienced in the journal program which developed according to plan. 
In April the imprint Wageningen Academic joined Brill, strengthening our program in the Life
Sciences and Open Access. The Wageningen-based press publishes journals, books and conference
proceedings in Animal Sciences, Food and Health Sciences, Agriculture, Environment and
Agribusiness. The integration is expected to be completed during the course of 2023. The
integration of the German imprints V&R and Böhlau progressed largely according to plan but
decelerated during September while operational teams prioritized the consequences of the
administration of Turpin. The integration work will be reinforced in early 2023 with the aim to
complete the integration at the end of the year. 
Journals
Brill continues to grow its journal program by acquiring diamond or full OA titles as well as
established subscription journals. New journals are being launched in fast-evolving research areas.
In 2022 the following journals were added to the program: Unio cum Christo – International Journal
of Reformed Theology and Life (OA); Journal of Eastern Christian Studies; Studies in Early Poetics;
Darah; DABIR: Digital Archive of Brief Notes & Iran Review; Al-Karmil: Studies in Arabic Language
and Literature; Journal of Digital Islamicate Research; Majallat al-Lughawiyyāt al-Taṭbīqiyya (Journal
of Applied Linguistics, OA); Majallat al-Dirāsāt al-Islāmiyya (Journal of Islamic Studies, OA); Majallat
al-Dirāsāt al-Falsafiyya (Journal of Philosophical Studies, OA); Vienna Journal of East Asian Studies;
Innovation and Education (OA); Journal of Science of Learning and Innovations; Zeitschrift für
medizinische Ethik; and Engagement. Zeitschrift für Erziehung und Schule.
Books
In 2022 Brill completed the first part of the Brill Book Archive (BBA) and successfully sold the
product as full and sub-collections to customers in North America, Australia and Europe. The launch
of the second part of BBA, which will contain twice the number of titles of part one, was prepared
and part of the collection published at the end of the year. The planning is to complete the
digitization of titles for BBA by 2024. 
To further grow our book list and e-book collections, we added more than 40 new book series to the
program such as Papyri Graecae Herculanenses; Eastern Christian Studies; Islamicate and Ibero-
American World Connections; Modern Intellectual Trends: The Middle East; Africa and Asia; Iran and
the Caucasus Monographs Africa Multiple (OA); Radical Geography; Comparative and International
Education: The Hispanic Americas; Endangered Languages Yearbook; Eastern and Central European
Voices in Theology and Religion; Warschauer Schriften zu römischem Recht und europäischer
Rechtstradition; New Benjamin Studies; and Philosophical Marx Studies.
Reference Works and Primary Sources
New titles include the Comparative Dictionary of Ancient Greek Dialects; Encyclopedia of Jews in
Latin America; Encyclopedia of Global Pentecostalism Biographic Dictionary; Encyclopedia of Saudi
17
B R I L L  A N N U A L  R E P O R T  2 0 2 2
Literature; Brill’s Encyclopedia of Critical Understanding in Education; The Plantin Press Online (OA),
as well as several handbooks in various subject fields. New primary source collections were
contracted in History and Theology, and a subsidy of a German library consortium was granted for
the digitizing of more than 3.7 million pages of the IDC microform collection The History of
Religiosity in Latin America.
Open Access
Brill’s Open Access program continues to grow with double digits (30%), exceeding the market
average of 11.5%. The number of national and institutional Open Access journal agreements, so
called “transformative agreements,” doubled compared to 2021 with eight such agreements in
place with a total value of over 1.5 million, including the first deal in the US.
In 2022 we saw further growth of the Open Access book program, especially in the DACH region
where Open Access book revenue has doubled compared to previous year. The German market for
Open Access is a growth market, which Brill GmbH is able to successfully tap into. As a result, we
concluded, among others, an agreement with the Max Planck Digital Library. Moreover, Brill was
awarded a prestigious grant from the Austrian research council FWF. The ongoing drive for Open
Access and developments in funder policy means that new budgets continue to become available
and Open Access will be a growth market in the years to come. The focus of Brill’s Open Access
strategy is to achieve growth at scale. Strategic development of business models is at the forefront,
and we will continue to focus on maximizing efficiency by further improving processes and
workflows to deliver Open Access content.
Publication Ethics
Brill continues to build upon the progress made in previous years since our publication ethics
policies and procedures were first overhauled in 2019. Thanks to ongoing collaboration between
Brill and representatives of the academic community, handling of publication ethics incidence is
transparent, consistent and efficient. In 2022, Brill has continued to refine policies and the
procedural framework, always bearing in mind industry best practices and the core principles and
evolving guidance of the Committee on Publication Ethics (COPE).
We continuously monitor developments in the market and will be required to invest in the
robustness of our policies and workflows. The publication ethics landscape is becoming
increasingly complex as publishers are confronted with nefarious actors, e.g., paper mills and
disruptive technologies, artificial intelligence being an important example. Therefore, the driving
principle of publication ethics at Brill in 2023 and the longer term will be “to lead by example.” Brill
is well positioned to translate and scale the publication ethics initiatives of STM and the larger
publishers in meaningful and sustainable ways that can be feasibly adopted by our mid-size
industry counterparts as well as smaller enterprises. Publication ethics will remain a strategic
priority of great importance in the coming years and provides an opportunity for Brill to develop an
authoritative voice and to influence the conversations taking place in the STM community and
among larger publishers.
18
B R I L L  A N N U A L  R E P O R T  2 0 2 2
FINANCIAL REPORT
Key Figures
in thousands of euros
2022
2021
Change
Revenue
48,048
46,865
2.5%
EBITDA
-30
7,203
-100.4%
Operating profit
-4,513
4,453
-201.3%
Free cash flow
1,831
3,402
-46.2%
Result, attributable to shareholders of Koninklijke Brill N.V.
-3,465
3,036
-214.1%
Earnings per share
-1.85
1.62
-214.1%
Underlying profit
-286
3,764
-107.6%
Underlying profit per share in euro
-0.15
2.01
-107.6%
Dividend (proposed 2022) in euro
0.00
0.90
Key Financial Performance Indicators
Organic revenue growth
-4.2%
2.1%
ROIC
-12.5%
13.3%
EBITDA margin
-0.1%
15.4%
Revenue
Despite the insolvency of our main distributor Turpin, Brill’s revenue increased by 2.5% in 2022,
mainly driven by the acquisition effect of Vandenhoeck&Ruprecht (V&R) and Wageningen
Academic Publishers (WAP) and the effect of exchange rates (mainly the US dollar). Excluding those
effects revenue declined organically by 4.2%.
(In thousands of euro)
2022
2021
Organic
growth
Growth
Print books
14,937
16,865
-20.0%
-11.4%
eBooks
18,271
16,278
7.1%
12.2%
Journals
13,251
12,322
1.1%
7.5%
Primary sources
1,589
1,400
8.1%
13.5%
Total
48,048
46,865
-4.2%
2.5%
The decline in print book sales was mainly caused by the the insolvency of our main distributor
Turpin. We estimated the loss of print book revenue in Q4 2022 to be 2.4 million. The revenue from
eBooks grew organically by 7.1%, mainly due to sales of eBook collections, Evidence Based
Agreements (EBA's) and the Brill Book Archive.
Revenues of primary source products are driven mainly by larger, non-subscription based deals. In
2022 Brill again managed to increase the number of such deals.
19
B R I L L  A N N U A L  R E P O R T  2 0 2 2
(In thousands of euro)
% of total
growth
Organic
growth
Revenue 2021
46,865
Print books
-3,365
-7.2%
-20.0%
eBooks
1,148
2.4%
7.1%
Journals
189
0.4%
1.1%
Primary sources
113
0.2%
8.1%
Organic revenue 2022
44,950
-4.2%
-4.2%
Acquisitions
2,087
4.5%
Currency
1,011
2.2%
Total revenue 2022
48,048
2.5%
Our 2022 revenue was positively  impacted by the movement in the exchange rate of the US dollar,
causing a 2.2% increase of revenue.
Revenue generated in 2022 through digital products was 27.9 million or 58% of total, versus EUR
25.7 million or 55% of total in 2021.
Cost of Goods Sold and Operating Expenses, EBITDA
Gross margin decreased to 71.3% to from 72.2% due to an additional write off of stock related to
the insolvency of our main distributor. Depreciation of our stock is done based on sales patterns; as
we have not been able to fulfil print orders during the last quarter, the value of our stock decreased.
Additionally, a considerable number of titles still in stock at Turpin can now be printed on demand.
It therefore makes more economic sense to destroy inventory relative to the cost of shipping to the
warehouse(s) of our new distribution partners.
Personnel costs increased by approximately 2.3 million, caused by the effect of the V&R and
Wageningen acquisitions, the CEO change, hiring of additional staff to manage the transition to Air
Business for global distribution, and costs for temporary external staff to fill vacancies that proved
difficult to fill with permanent staff due to the overheated job market.
Other operating expenses increased by approximately 5.0 million, including the following one-off
items: a 1.0 million write-off on receivables due to the Turpin insolvency, 0.6 million for the move
to Air Business, an 0.5 million provision for improving our existing order-to-cash processes.
The 1.0 million write-off on receivables due to the Turpin insolvency consist of two parts:
•a 0.2 million write-off on debtors that were invoiced via Turpin, for uncollectible debt due
to issues with deliveries or returns effective with the cessation of Turpin’s operations
•a 0.8 million write-off on a receivable of 1.1 million that consists of payments made by Brill
customers to Turpin bank accounts, primarily via credit card, that Turpin failed to transfer
to Brill. We have filed a claim to the administrators of Turpin and have assessed that under
the current assumptions we might receive 0.3 million from the monies available for
repaying Turpin creditors
Included in our trade payables is an amount of 0.4 million due to Turpin for services provided by
them during the period before their insolvency. This amount could be off set against our claim on
Turpin, however at the publication date of our financial statements there is insufficient clarity to
release the amount.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
The 0.5 million for improving our order-to-cash processes relates to the calculation and declaration
of indirect taxes in several tax jurisdictions. Immediately upon becoming aware during Q4 of 2022
of shortcomings in this area, an improvement project was started which is expected to be finalized
by the end of 2023.
In 2022, costs of 0.6 million were recorded related to the integration of V&R and 0.1 million for
restructuring costs. These two exceptional cost items are reported outside our EBITDA.
Other than the above there are no special events that should be taken into account for the financial
statements.
Depreciation and Amortization, and Financing Income and Costs
Depreciation and amortization, other than as recognized in cost of goods sold, developed in line
with expectations. We were required to take an impairment of 1.6 million on goodwill and
publishing rights, mainly due to an increase in the discount rate used for impairment testing (refer
to note 6 of the consolidated financial statements).
Profit and Profit per Share
In summary, operating profit and profit before tax decreased significantly due to the revenue
decline and operating expense items discussed above, resulting in a net loss of -3.5 million for the
financial year 2022 (2021: reported profit of 3.2 million).
Underlying net profit, excluding one-off expenses related to the insolvency of Turpin and the move
to new distribution partners, impairment of intangible assets, integration and restructuring costs
and a provision for OTC improvements, amounted to -0.3 million, compared to 3.9 million in 2021.
This translates into an underlying earnings per share of -0.15 for 2022.
In thousands of euro)
2022
2021
Profit before tax
-4,698
4,317
Impairment intangible assets
1,607
0
Turpin related write-off on receivables
1,000
0
Move to new distribution partner Air Business
568
0
OTC improvements
495
0
Costs for the integration of V&R
563
993
Restructuring costs
80
-124
Underlying profit before tax
-386
5,186
Tax, at the statutory rate
100
-1,255
Underlying net profit
-286
3,931
Non-benchmark items, after tax
-3,200
-525
Change in deferred tax liability and other
21
-202
Profit attributable to shareholders of Koninklijke Brill N.V.
-3,465
3,204
Underlying earnings per share in EUR
-0.15
2.01
Earnings per share in EUR
-1.85
1.62
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Operating Working Capital and Cash Flow
Despite the negative profit before tax of -4.7 million, we managed to limit the the net cash out flow
to -1.7 million as a result of measures taken to reduce costs and investments. Operating working
capital increased by 6.0 million, mainly due higher deferred income and accruals.
Return on Invested Capital
Return on Invested Capital (ROIC) over 2022 was minus 12.5%, compared to 13.3% in 2021.
Solvency and Liquidity
Total assets (61.6 million) increased versus 2021 (59.9 million), mainly due to the increase of Right
of use Assets caused by the new lease agreements for the offices in Leiden and Göttingen, and the
acquisition of Wageningen Academic Publishers. Solvency (Shareholders’ equity divided by total
assets) declined in 2022 to 32.0% (2021: 41.4%; target range of 40–60%). Our expectation is that
this ratio will improve towards the middle of the range in the next three years.
Dividend
Given the financial result, we will propose at the Annual General Meeting of Shareholders, to be held
on 24 May 2023, to not pay a dividend over the financial year. For the long term, we will adhere to
our corporate solvency policy of 40–60% and to the covenants agreed upon with our main bank.
Also, Brill will continue to pursue its capital management policy whereby strategic investments and
add-on acquisitions must be funded within free cash flow.
Future developments
In 2023 we will finalize the move to our new distribution partner. Besides that, we continue to
focus on the execution of our long-term strategy to be a digitally driven publishing house, with a
market average organic revenue growth and an EBITDA margin of more than 17%, with a return on
invested capital showing material headroom to our weighted average cost of capital. This will
require ongoing investments in people and tools that will make Brill even further future proof. Brill
does not expect any extraordinary investments in IT, other than mentioned above, or changes in
personnel.
22
B R I L L  A N N U A L  R E P O R T  2 0 2 2
HUMAN RESOURCES
Organization
Brill is centrally managed with several corporate and delegated functions. The three statutory
directors (CEO, CFO, CPO) form the Management Board.
The primary business activities rest with the publishing units, which focus on the key subject areas
in which Brill operates. The acquisitions editors within the publishing units are responsible for
publication development and contact with editors and authors. Our sales teams are responsible for
relationship building with academic libraries and trade partners. Marketing promotes our
publications and services to authors and customers. They are all supported by four departments:
Finance, Operations. Technology  and HR. The Management Team consists of the VP Sales, VP
Technology, the VP Marketing and the VP HR. The VP's have global responsibilities.
During the integration process of V&R, the Management Team was extended to include the two
German statutory directors. In November we returned to the core Management Team. The
Management team meets at least once a month. Our local legal entities in Boston, Singapore,
Paderborn(including Göttingen and Köln) and Vienna are managed by local statutory directors who
meet regularly individually with the CEO. In April we acquired Wageningen Academic Publishers
with even FTE's and the two founders of the company as external staff with a management fee
agreement.
The key internal factor determining the success of the company is its personnel. It is therefore
important to recruit, develop, and retain skilled and motivated professionals. Brill’s policy, which
seeks to achieve this goal by offering a pleasant and motivating working environment, professional
development and controlling the costs of personnel, is closely monitored by the Management Board
and the Supervisory Board.
Key Figures
Average FTEs during the year 2022 was 249.9 versus 226.9 in 2021.
The split of FTE as per year end was as follows:
FTEs
Year end 2022
Year end 2021
Publishing
105.4 [41.7%]
102.3 [ 41,4%]
Operations & Technology
76.2 [30.13]
75.7 [ 30,7%]
Sales & Marketing
48.8 [19.31%]
45.4 [ 18,4%]
Finance, HR, Other
22.5 [ 8.89%]
23.5 [  9.5%]
Total
252.9 [100%]
246.9 [100%]
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
The split of FTE by country was as follows:
FTEs
Year end 2022
Year end 2021
The Netherlands
125.2
126.5
Germany
95.2
86.9
United States
17.9
19.9
Austria
9.6
9.6
Singapore
1.0
1.0
China
2.0
1.0
Other
2.0
2.0
Total
252.9
246.9
International workforce
127.7
120.4
Workforce split by gender on headcount:
2022
2021
Male
34.0%
35.3%
Female
66.0%
64.7%
The share of part-time workers decreased to 28.0 % (2021: 30.1%) of the workforce.
Workforce split by full-time/part-time:
2022
2021
Part-time
28.2% [77]
30.1% [81]
Full-time
71.8% [196]
69.9% [188]
headcount
100% [273]
100% [269]
The age structure of the workforce was as follows:
AGE
2022
2021
20 - 29 years
12.1%
14.0%
30 - 39 years
25.0%
25.0%
40 - 49 years
24.9%
24.0%
50 - 59 years
21.2%
23.0%
Older than 60 years
16.8%
14.0%
Total
100.0%
100.0%
The average age was 45.04 years old at the end of 2022 (2021: 44.4).
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
The inflow and outflow of FTE’s were as follows:
FTEs outflow
2022
2021
Retirement + passing away
2.2
3.4
Brill initiative
Temporary contracts
14.0
3.0
Other
6.0
3.0
Own initiative
Employment 0–2 years
11.4
5.7
Employment 2–5 years
2.0
4.0
Employment 5–10 years
2.5
1.0
Employment 10–15 years
0.7
1.0
Employment 15–20 years
2.0
0.0
Employment >20 years
0.0
0.0
Total FTE outflow
40.8
21.1
Total outflow in %
16.1%
9.3%
FTEs inflow
2022
2021
Acquisitions/divestment
7.0
72.0
Temporary contracts
0.9
3.5
Permanent contracts
6.1
68.5
Other
39.9
37.7
Temporary contracts
32.4
30.7
Permanent contracts
7.5
7.0
Total FTE inflow
46.9
109.7
Total inflow in %
18.5%
40.8%
25
B R I L L  A N N U A L  R E P O R T  2 0 2 2
RISK MANAGEMENT
Risk Management Policy
The risks and mitigations described below refer to the regular strategic risks present in Brill’s
business.
For details on financial risk management, please refer to note 17 of the Consolidated Financial
Statements.
Brill’s risk management policy is updated in the context of the corporate strategy. The company
adopted an approach consistent with its scale, ambitions, and organizational structure.
Risks classified as having strategic impact are discussed with the Supervisory Board annually to
enable the Board to accurately evaluate Brill’s results and prospects. Furthermore, the Board
evaluates the entire risk-management framework on an ongoing basis. Brill’s policy aims for
mitigating measures commensurate to the level of impact and the risk appetite that Brill defines
regarding each risk category.
Risk Classification
To assign risk management accountability within the organization, Brill classifies risks as follows:
A.Level of impact of the risk on the business of Brill
–Operational
–Tactical
–Strategic
B.Nature of the risk
–Market: the risk relates to a change in market circumstances that impacts market
participants’ propensity to purchase Brill’s product, to use Brill as their publisher, or to
supply goods and services required by Brill at economically viable rates.
–Operations: the risk relates to an event or trend that impacts Brill’s operational capacity to
execute its strategy successfully and manage its business as a going concern. This category
explicitly includes IT, outsourcing, fraud, corruption, and cybersecurity risks.
–Financing: the risk relates to an event or trend that impairs Brill’s ability to attract sufficient
funds to finance working capital or long-term investments and therefore its ability to
operate as an ongoing concern and execute its business strategy.
–Regulatory: the risk relates to changes in legislation or governance with effects on Brill’s
current business arrangements, on Brill’s stakeholders, and on their capacity or propensity
to transact business with Brill (in short, impact on Brill’s ‘license to operate’).
–Financial Reporting: the risk impacts Brill’s transparency in its results and financial position
both internally for management purposes as well as to its stakeholders.
–Compliance: the risk impacts Brill’s compliance with applicable law and regulations or it
impacts Brill’s business or financial reporting through transgressions of applicable law or
regulations.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Consequently, Brill’s risk-management analysis and tooling framework can be summarized as
follows:
123.jpg
Risk Management Toolbox
Management of risk at Brill is generally executed through three categories of risk-management
tools:
Organization, Culture and Governance – The organizational structure and culture of Brill must
support the identification and avoidance of risk by making well-informed decisions in a timely
manner. This requires delegation of authority. Governance must ensure an adequate framework of
accountability.
Internal Control Framework – The framework of internal controls must provide reasonable
assurance that:
–Business processes are carried out effectively and efficiently;
–Financial statements adequately reflect the business’ financial position and development;
–Assets are safeguarded;
–Brill is compliant with laws and regulations.
Business Policies – The framework of business policies must ensure that Brill can:
–Seize business opportunities;
–Avoid undue risk of losses to company assets;
–Execute its strategy.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Risk management is in the hands of the Management Board. Day-to-day supervision lies with the
CFO, and execution is delegated as follows: design, implementation and execution of financial
control measures are carried out by the Group controller, whereas the design, implementation, and
execution of IT-related controls are overseen by the VP Technology. The implementation of specific
measures and improvements is driven by a combination of the Management Board’s assessment of
current risk profiles and the annual management letter supplied by the external independent
auditor. Brill’s Supervisory Board reviews all reporting by the external independent auditor.
Although internal controls are not fully formalized and documented, management is of the opinion
that the framework of internal control provides sufficient assurance that the financial reporting
does not contain any material inaccuracies.
Due to the small scale of operations and the centralized accounting function, Brill does not have an
internal auditor. The decision to abstain from appointing an internal auditor is reviewed annually
by the Supervisory Board and in 2022 the decision has been taken to implement a separate internal
audit function during 2023, to introduce an additional ''line of defense'' in the internal control
system of the company.
Discussion of Specific Risks with Impact at the Strategic Level
The risks set out in this overview have been classified as strategic. They are linked to the objectives
pursued in Brill’s strategy, the company’s applicable risk appetite, and the mitigation strategies in
place.
The following depicts a visual classification of specific gross or inherent risks at the strategic-
impact level to illustrate an assessment of our risk profile and the level of risk that the company is
willing to take:
Screenshot 2022-12-08 223447.png
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
The risk appetite ratings below should be interpreted as ranking measures rather than as an
absolute, proportional measure of the net risk after mitigating actions. Risk appetite per category is
based on an annual management assessment and discussed with the Supervisory Board.
Nature of
the risk
Description of the risk
Objective
threatened
Risk
appetite
(1=low
&
5=high)
(Type of) mitigation
Market
1. Reputation: Various
events may impact the
company’s reputation in
the eyes of its stakeholders
which is the cornerstone of
Brill’s ability to run and
develop its business.
Expand in
current and
adjacent
subject
fields;
growth
1
Organizational:
Organizational structure that
enables the company to react
and adapt flexibly to changing
market circumstances.
Business policies:
Editorial policies including
diligent peer review and checks
on violation of publication
ethics; communication policy;
investor relations policy; code of
conduct (mandatory).
2. Funding environment and
funding mandates: Our
customers and authors
depend on governments’
and societies’ willingness to
fund research in the
humanities and social
sciences incl. purchases at
Brill and collaboration with
Brill. Changing Open Access
policies of major funding
bodies like the ERC, UKRI,
DFG, NWO.
Expand in
current and
adjacent
subject fields
2
Business policies:
Increased focus on repeatable
business, expansion into adjacent
market segments, tap alternative
funding sources, and support
authors to procure funding for
Open Access publication. Active
participation in Open Access
discussions with relevant actors
within the global science
community.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
3. Economic and
geopolitical circumstances
and events: high inflation,
supply chain shocks,
economic recession
Growth and
profitability
3
Highly diversified geographic
sourcing of content and
realization of sales, which
diversifies local economic and
geopolitical risks and some
supply chain risks. Steadily
increasing digital penetration in
the product mix, lowering risks
of shocks to the physical supply
chain. We can adjust prices of
our products to mitigate
inflationary pressure on our
costs to a certain extend. The 
the move to digital reduces our
exposure to print and shipping
costs.
Operations
4. Outsourcing: Failed
outsourcing may impact
business continuity or
quality and the pricing of
services used leading to
reduced competitiveness.
Enhance
operating
capacity
2
Organizational:
Quality of Brill staff.
Control measures:
SLAs, vendor selection process,
enhanced monitoring of SLA
compliance.
Business policies:
Insurance, contingency, and
back-up measures.
5. Integrations: Limited
capacity and capability to
integrate acquisitions.
Realizing
benefits of
new
acquisitions
2
Dedicated and experienced
teams follow a detailed
integration plan.  Project
execution is monitored by
senior management. Operational
infrastructure is updated to
facilitate future integrations.
6. People and organization:
We may not be able to
attract and retain the
desired personnel.
Achievement
of corporate
strategy
2
Business policy:
Develop Brill’s employer
reputation and culture to attract
and retain employees.
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7. IT and Cybersecurity:
Deficiencies in our IT
general controls may lead
to reduced efficiency,
reduced business
continuity, and increased
risk of fraud or exposure to
cybersecurity risks.                                                 
Our competitiveness
maybe negatively impacted
by legacy systems
Enhance
operating
capacity
2
Control measures:
IT general controls such as
(software-enforced) segregation
of duties and IT user and access
management policies.
Business policies:
Contingency and back-up
measures, security measures,
communication on IT and
cybersecurity risks.                 
Invest in new technologies.
Financing
and other
8. Currency: Significant
swings in the USD/
exchange rate may impact
our results
Improve
financial
performance
3
Business policies:
Hedging policy (refer to
financial statements).
9. Impairment: The
company carries
substantial intangible
assets and stock on its
consolidated statement of
financial position.
Deteriorating business
performance may lead to
impairments which could
cause substantial erosion of
equity.
Improve
financial
performance
2
Controls:
Review of material investments
including acquisitions according
to Chart of Authorization.
Business policies:
Conservative valuation
calculations for acquisitions,
reduction of assets required to
run the business, regular review
of asset value in impairment
tests and stock evaluations.
Reduce stock by move to Print
on Demand
10. Capital structure and
financing : Investors may
not be willing to fund Brill’s
corporate strategy
including M&A activities.       
Covenants are part of the
loan agreement with RABO
bank. Significantly lower
results may lead to
breaching the covenants.
Expand in
current and
adjacent
subject fields
and markets.
Financial
stability
2
Business policies:
Investor relations policy,
dividend policy, focus on
financial performance
improvement. Managing debt
and equity, following financing
policies, and monitoring ratios.
Internal Controls:
Framework of controls aimed at
financial reporting reliability.
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Regulatory
11. Compliance and control:
Business risks due to lack
of control High audit costs
due to increased IFRS and
other regulations for listed
companies.
Improve
financial
performance
1
Business policies:
Further training of staff and
automation of processes in
Finance. Increase efficiency in
accounting and implement more
auditable workflows.
12. Fraud: Brill’s expanding
business in certain
countries might raise the
risk of fraud or corruption
by third-party
intermediaries for which
Brill can be held liable.
Financial
stability,
reputation
1
Business policies:
Further training of staff and
automation of processes in
Finance. Increase efficiency in
accounting and implement more
auditable workflows.
Fraud risk
The Management Board has the primary responsibility for the prevention and detection of fraud,
including designing and implementing appropriate processes and controls to identify, assess and
mitigate inherent fraud risks and the creation of proper awareness and attitude towards fraud
incentives and corresponding fraud risks.
In the annual assessment and discussion with the Supervisory Board, special attention is given to
the risk of fraud. First we identify circumstances or events that are a fraud risk factor. Second, we
assessed these factors based on among other things the significance and the likelihood to conclude
whether or not there is a fraud risk. Based on this assessment no specific fraud risks were noted,
apart from the standard risk of management override of controls and the presumed risk of fraud in
revenue recognition, as discussed with our independent auditor.
Brill faces three main types of fraud:
•Asset misappropriation.
•Bribery and corruption.
•Financial statement deception.
Asset misappropriation: Management identified several fraud risk factors, but assessed these to be
low risk. Our products in general are not sensitive to theft, there is proper asset management in
place regarding physical items such as laptop computers and smartphones and there is very little
cash on hand in offices. Controls within our procure-to-pay processes limited the risk of fraud by
removing the opportunity factor to a great extent. There were no reported thefts in 2021 within the
Group.
Bribery and corruption: We identified the use of agents as a fraud risk factor and assessed this as
low risk. Brill does business in certain countries with a higher risk of bribery and corruption and we
do use sales agents, but risk is limited by not providing advance payments to agents. When
contracting new agents, a background check is performed by the VP Global Sales that is reviewed
and approved by the CFO. Agent contracts include anti-bribery stipulations and Brill has a company
code of conduct relating to fraud. Exceptional transactions that have a higher fraud risk profile, such
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
as sponsorship and donations are reviewed and approved by the Management Board. There were
no reports on bribery or corruption in 2021 within the Group.
Financial statement deception: Management identified several fraud risk factors, but assessed these
to be low to medium risk. The Management Board and certain other employees do have financial
targets in their bonus schemes, and there is a certain level of performance pressure related to being
a publicly listed company. Brill also needs to comply with covenants agreed with our main bank
related to interest bearing loans (see note 12 of the financial statements) .
In addition to setting realistic targets and the overall company culture, the risk of manipulating
results is mitigated by appropriate oversight by the Supervisory Board and doing business
performance reviews.
Brill does not do aggressive tax planning so management does not identify any risk factors related
to tax.
The Management Board recognizes that the assessment of and reporting on fraud risk is still
relatively informal and will address this further in 2023.
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Corporate Social Responsibility
As a mission-driven company, Brill operates from a strong belief that the humanities, social sciences
and international law are areas of scholarship vital for addressing today's global challenges. The
authors and editors with whom we work dedicate their academic life to asking critical questions on
globalization, the rise and fall of societies, migration, the functioning of our democracies, the history
of conflicts and international relations, inequality, water security or climate change, to name just a
few. These challenges can be found in the 17 Sustainable Development Goals (SDGs) as defined by
the United Nations in 2016. They form the core of today's global questions. We are committed to
contributing to their solutions through the research we publish, but also through the way we do
business.
Here, we outline our Corporate Social Responsibility (CSR) strategy. We are happy to report on our
progress so far and future goals to make an impact.
Our Approach
To change the world, we need to work together. We need to listen, learn and be open to a diversity
of voices that have a stake in the themes that are most relevant to us in becoming a more socially
responsible company.
Brill is a proud member of the United Nations Global Compact and the SDG Publishers Compact.
Some of the SDGs form the core themes of the research that we publish and, as such, are an integral
part of our publication program.
Our research on the SDGs is especially geared towards SDG 16: Peace, Justice and Strong
Institutions. In light of this, we are proud of our cooperation with The Hague Academy Of
International Law for which we publish The Hague Academy Collected Courses. As we are actively
expanding our publication of SDG-focused research, we undertake efforts to disseminate this
research widely, through our regular channels as well as through our Humanities Matter blog and
podcasts. Topics of the podcasts in 2022 included quality of education, populism, racism, food
security, was and peace.
In 2022, Brill published 1,578 publications (source: Dimensions, a Digital Science product) that
could be connected to one of the 17 Sustainable Development Goals. Most of those (796) were
related to SDG 16: Peace, Justice and Strong Institutions, followed by SDG 3: Good Health and Well-
being (211), SDG 4: Quality Education (146), SDG 5: Gender Equality (100), SDG 15: Life on Land
(91), SDG 2: Zero Hunger (74), SDG 14: Life Below Water (63), SDG 10: Reduced Inequalities (52),
SDG 13: Climate Action (51), SDG 8: Decent Work and Economic Growth (39), SDG 11: Sustainable
Cities and Communities (30), SDG 12: Responsible Consumption and Production (16), SDG 7:
Affordable and Clean Energy (5), SDG 9: Industry, Innovation and Infrastructure (3) and SDG 1: No
Poverty (2). 
At Brill, we have an Environmental, Social and Governance (ESG) Steering Committee; a CSR Officer,
Advisory Group to engage staff, and a Working Group with people responsible for the
implementation of CSR-strategy per sub-theme; and a Publication Ethics Committee. 
Environmental Responsibility
In 2022, we prioritized the reduction of our CO2 emissions. Brill follows the goals of the Paris
Agreement: CO2 emissions need to be reduced by 45% by 2030, and reach net zero by 2050.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
We started measuring our carbon footprint by teaming up with Greencast. Based on this initial
analysis, going forward we can reliably monitor and evaluate our progress to hold ourselves
accountable.  We have charted Scope 1 (direct company emissions) and 2 (indirect emission). We
have analysed climate risks and took measures by reducing our warehouse stock and moving to
new warehouse partners. We moved our digital infrastructure to the cloud and are more conscious
of using less printed materials. Our office improvement plan is in progress, dealing with further CO2
emissions reductions, biodiversity, health and well being. Energy reduction will be a priority for all
office locations, for example through measures like LED lighting. In addition, Brill needs to convert
from grey to green energy, which may impact our costs for energy.  In the second half of 2023, we
will start analysing Scope 3 of our supply chain hotspots and set up an action plan for further
reductions. 
In addition to actively reducing Green House Gas emissions, we offset CO2 emissions of our
marketing materials print runs and business travel via a collaboration with Regreener’s Planet
Positive Workforce programme. On our behalf, Regreener supports projects worldwide positively
impacting efforts towards reforestation, renewable energy and the protection of the rainforest.
Women of the Rio Napo
One of the projects Brill supports through Regreener is Women of the Rio Napo. Along the Rio Napo
in the Ecuadorian Amazon, over 100 women in five Kichwa communities are leading projects that
generate income and build economic opportunity for themselves, their families, and their
communities. The project builds new, sustainable, and reliable sources of income and financial
independence; expands access to basic services like clean water, solar energy, internet, education,
and food security, supporting the well-being of over 1,450 people; strengthens communities’
resistance to external threats to their lands and livelihoods, including pressure from oil and mining
companies; and protects 149,500+ acres of community-owned land in this extremely biodiverse
region of the Western Amazon.
Social Responsibility
As an employer, we are committed to supporting our staff's health and well-being. Employees have
suffered due to a high workload related to a lack of permanent staff with the right skills. We are
dedicated to supporting our staff, which is our most valuable asset, by hiring more in-house,
permanent staff, especially in the finance and technology departments. Specifics on the composition
of our staff can be found under the Human Resources heading. 
Education is at the core of Brill's mission. We aim to advance discovery and learning in the
humanities and social sciences, and we are keen to support scholars by providing them with access
to the finest research tools and reference works in their fields. To support widespread
dissemination of our published works, we invest in Open Access. We also have a Publication Ethics
Committee that oversees policies ensuring integrity and quality education. Brill is actively working
towards ensuring diversity and inclusion across all stages of the publication process. Brill also
adopts best practices for website accessibility and strives to adhere to guidelines and
recommendations to improve accessibility. To advance accessibility and distribution, Brill offers
discounts on its Open Access fees to academics and scientists in developing countries as part of the
Brill Open Program.  To stimulate a more open and inclusive publishing environment, we updated
our name changes policy. In case an author’s name has changed after their work has been
published, it used to be very challenging to have this change processed. The update to our name
changes policies alleviates the burden.  Brill has an Adopt-a-Library program in place through
which it annually donates collections of books to libraries and universities in developing countries.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
These donations are supported by workshops for academics and librarians that focus on how
faculty can increase the impact of their research by publishing nationally and internationally and
how to make the best use of limited resources. Such workshops are given throughout the year by
Brill publishers as part of research capacity building.
Responsible Governance
Brill is fully dedicated to fair practices pertaining to social conditions (such as exclusion of child
labour and corruption) and materials. We comply with applicable laws and regulations of the
countries in which we operate, with the exception of indirect tax regulations in several tax
jurisdictions. Immediately upon becoming aware of shortcomings in this area during Q4 of 2022, an
improvement project was started and we expect to finalize this by the end of 2023.
In our publication program, we pay special attention to working conditions and modern forms of
slavery in production and manufacturing. 
Brill is committed to partnerships supporting research communities. Brill actively participates in
existing education programs and takes initiatives in cooperation with professional publishers and
international organizations, e.g., Research4Life, INASP, Association of Commonwealth Universities,
and Publishers for Development. Actively contributing to these initiatives supports the future
development of the global scholarly community. Ethics (committee) (via Jason). Policy for research
integrity; censorship, piracy.
With regards to information technology security, we have taken many steps to protect our systems,
data and assets. We moved to cloud-based systems and set up multi-factor authentication for all
users in all locations. We have increased security with Microsoft E5 licenses, which includes
Advanced Thread Protection, set up endpoint management, and enforced encryption of data
carriers within the company. An external Data Protection Officer has been assigned, who has
reviewed our General Data Protection Regulation (GDPR) policy and has provided training to all
departments. Data processing in all locations has been aligned.
POLICIES
To create a coherent framework for the conduct of business within the Brill Group, Brill has the
following policies in place:
1.Corporate Governance statement
2.Brill Code of Conduct
3.Vendor Policy
4.Remuneration Policy
5.Risk Management Policy
6.Whistleblower Policy
7.Code of Conduct on Insider Trading
8.Guidelines on publication ethics for editors, authors, and reviewers
For documents listed above which are not included in this report, please refer to Brill.com.
The Management Board monitors the effects of the above-mentioned policies on a regular basis by
discussing them with the HR manager, the appointed trusted persons, and the Works Council.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
RESPONSIBILITY STATEMENT
The Management Board of Koninklijke Brill N.V. is responsible for the preparation of the financial
statements in accordance with IFRS as adopted by the European Union and the provisions of Part 9
Book 2 of the Dutch Civil Code (DCC). In addition, the Management Board is responsible for the
preparation of the Management Board's Report, which is included in the Annual Report.
In the Annual Report, the Management Board presents a true and fair view of the financial position
of the Group as per 31 December 2022 and the development of the Group during 2022. In the
section Risk Management, the Management Board identified the main risks currently known that
could affect the achievement of Brill’s strategic objectives or that could lead to misstatements in the
financial statements, as well as the measures implemented to manage these risks. These measures
can provide reasonable but not absolute security against material losses or material errors.
As required by the provisions of 1.4.3 of the Corporate Governance Code and section 5.25c par 2c of
the Dutch Act on Financial Supervision, the Management Board confirms that to its knowledge:
(Statement according to the Corporate Governance Code)
–the Annual Report provides sufficient insights into any failings in the effectiveness of the
internal risk management and internal control framework
–although internal controls are not fully formalized and documented, management is of the
opinion that the framework of internal control provides sufficient assurance that the financial
reporting does not contain any material inaccuracies
–based on the current state of affairs, it is justified that the financial reporting is prepared on an
ongoing concern basis, and
–the report states those material risks and uncertainties that are relevant to the expectation of
the company’s continuity for the period of twelve months after the preparation of the report.
(Statement according to 5.25c par 2c)
–the 2022 financial statements give a true and fair view of the assets and liabilities, the financial
position, and the result of Brill and the companies jointly included in the consolidation, and
–the 2022 Annual Report likewise gives a true and fair view of Brill’s position and the position of
its affiliated companies on the consolidated statement of financial position date, as well as of the
course of events during the financial year under review
–furthermore, the Annual Report describes the principal risks that Brill faces.
Leiden, 12 April, 2023
Management Board
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
CORPORATE GOVERNANCE
Koninklijke Brill N.V. (‘Brill’), a public limited company under Dutch law, with its registered office at
Plantijnstraat 2, 2321 JC Leiden, is the parent company of the Brill Group. The corporate
governance structure of the company is based on the company’s Articles of Association (for the
‘Articles’, refer to Brill.com), the Dutch Civil Code (‘DCC’), the Dutch Corporate Governance Code
(‘the Code’), and further applicable laws and regulations. The Management Board and the
Supervisory Board are responsible for the corporate governance structure. Four out of five
Supervisory Board members are independent in the sense of the Corporate Governance Code; Jan
Niessen, who joined the Supervisory Board on December 14 2022, is a non-independent Board
Member (art. 2.1.8 of the Corporate Governance Code) as he indirectly holds an interest of more
than 20% in Brill via Mont Cervin.
The share capital of the company is divided into ordinary shares and cumulative preference shares.
There are currently no cumulative preference shares issued. Of the issued ordinary shares,
approximately 99% are certified and administered by the Stichting Administratiekantoor
Koninklijke Brill N.V. (the Trust Office). Only registered depository receipts are listed on Euronext
Amsterdam. Of the receipts 65% are held in tranches of 3% or more. In the context of the Financial
Supervision Act, the following holders of registered depository receipts, on 31 December 2022,
have reported an interest of 3% or more to the Dutch Authority Financial Markets:
Filings
Size
Declaration date
Mont Cervin Sàrl
22%
22 June 2012
Teslin Participaties Coöperatief U.A.
19%
18 September 2020
Lazard Frères Gestion SAS
5%
30 September 2022
J.P. van Slooten
5%
11 April 2017
Stichting Administratiekantoor Arkelhave Capital
5%
16 December 2016
Stichting John en Marine Van Vlissingen Foundation
5%
11 August 2015
P.C. van Leeuwen
4%
5 April 2022
Holdings Members of the Supervisory Board and Management Board
Name
Number of registered depository receipts
Jan Niessen
462,875
Jasmin Lange
500
In 2018, the members of the Management Board acquired registered depository receipts in Brill via
their own banks and at their own risk, with the consent of the Supervisory Board. No further
transactions were recorded since. These shares are not related to any remuneration schemes.
Brill is a statutory two-tier company (operating under the Dutch ‘structuurregime’). The Articles of
Association regulate inter alia the appointment and dismissal of Supervisory Board and
Management Board members, the rights allocated to the Annual General Meeting of Shareholders
and the amendment of the Articles. Brill’s corporate governance is established in line with its
business objectives and with the Code except where noted otherwise below. In addition to the Code,
Brill has implemented its Core Values and Business Principles.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
The proceedings of the Annual General Meeting of Shareholders follow the stipulations of the DCC
and are detailed in the Articles of Association. Brill’s most notable deviation from the Code is the
policy regarding use of certification as a possible method of protection. Brill is a relatively small,
profitable publisher, active in an industry that is in consolidation. Also, the sensitive nature of Brill’s
relationships with its stakeholders—including authors, librarians, and scholars whose continued
trust is the cornerstone of our business’ value—requires careful weighing of each major strategic
change. Therefore, the Management Board deems protection against uninvited external influence
necessary. Accordingly, the company has implemented defensive structures.
Firstly, the company has cooperated with the issuance of registered depository receipts that can be
seen as a defensive measure in that the Stichting Administratiekantoor Koninklijke Brill N.V. (Trust
Office) reserves the right in the event of situations as referred to in Art. 2:118a.2 DCC not to issue
voting proxies nor to accept binding voting instructions. Registered depository receipts will be
maintained as long as they contribute to the objective to ensure sufficient protection and balanced
decision-making on the future of the company.
In line with the Code, the Board of the Trust Office consists of independent members. The Board of
the Trust Office shares the opinion of the Management Board and Supervisory Board on the use of
registered depository receipts as a defensive instrument.
Secondly, Brill has the possibility to issue preference shares. When this occurs, the preference
shares will be placed with Stichting Luchtmans, which has the right to acquire preference shares to
a maximum of 100% of the ordinary issued share capital. See note 11.3 to the financial statements.
Pursuant to the Articles of Association, conversion of registered depository receipts is possible up
to 1%. In addition, shareholding is limited to individuals, the company itself, the Trust Office, and
legal entities that were shareholders before 29 July 1997.
At the Annual General Meeting of Shareholders of May 25, 2022, the authorization to acquire shares
in the company was granted to the Management Board for a period of 18 months. the authorization
is  limited to a maximum of 10% of the issued capital on the date of the meeting and is subject to
approval by the Supervisory Board.
At the Annual General Meeting of Shareholders of May 25, 2022, the authorization to issue shares in
the company was granted to the Management Board for a period of 18 months. the authorization is
limited to a maximum of 10% of the issued capital on the date of the meeting, and an additional
10% if the share issue is related to a merger or acquisition, and is subject to approval by the
Supervisory Board.
Several responsibilities have been allocated to the Combined Meeting (the joint meeting of the
Supervisory Board and the Management Board). The rights of the Combined Meeting include the
determination of the number of members of the Management Board and the Supervisory Board,
authority on profit distribution proposals, the making of proposals to amend the Articles,
dissolution and legal merger / demerger of the company.
Management Board members are appointed by the Supervisory Board. The Supervisory Board must
notice the general meeting of an intended appointment of a Management Board member. Any
Management Board member may be removed by the Supervisory Board. The Supervisory Board
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
may not remove a Management Board member until the general meeting has been consulted on the
intended removal.
Supervisory Board members are appointed by the general meeting of shareholders upon
nomination by the Supervisory Board. The Supervisory Board must simultaneously inform the
general meeting of shareholders and the Works Council of the nomination. The nomination will
state the reasons on which it is based.
Diversity and inclusiveness are important aspects of the corporate management culture, as
expressed in Brill’s Core Values. Consequently, it is Brill’s objective to achieve a balanced
composition of all its governance bodies: our goal is to have at least 1/3 male, at least 1/3 female
and 1/3 free choice in our Supervisory Board (SB), our Management Board (MB) and our
Management Team (MT). As in 2021, we meet this goal in all three bodies in 2022.
As of May 2019, the company’s management body, the Management Board, consists of two male
statutory directors with Dutch nationality and one female statutory director with German
nationality.
As of November 2022, the Management Team consists of four members (VP HR, VP Marketing, VP
Sales and VP Technology), two of which are female and four with Dutch nationality.
The company has a Supervisory Board consisting of five persons, of whom two are female with
Dutch nationality, and three are male with Dutch nationality.
Regarding transparency between the Management Board and the Supervisory Board, and between
Supervisory Board members themselves, clear agreements are in place. The employment
agreements for statutory directors are drawn up in accordance with the best practice provisions of
the Code.
The Supervisory Board and the Management Board meet annually to discuss the implementation of
best practices in corporate governance and compliance with current legal requirements. They
currently hold that the governance of the company complies with the principles expressed in the
Code, except for the use of depository receipts as a defensive mechanism.
The Supervisory Board and the Management Board are aware that protection of the company is
generally only temporary in nature. Therefore, the company’s strategy must be made clear to all
stakeholders and especially to investors, and what valuable elements from past, present, and future
are incorporated therein. The aim is to make the company an attractive investment for investors
who prefer a strategy focused on long-term sustainable value creation. Sustainable value creation
is, in turn, largely dependent on Brill’s standing among customers and authors. Our investor-
relations activities aim to communicate this message. Retaining the trust and support of investors is
a basic element of the corporate governance policy.
Regarding aspects of best practice provisions not relevant to protection, the Management Board
and the Supervisory Board remain of the opinion that these support the existing corporate
governance structure. We are of the opinion that Brill’s current governance supports strategies that
create long-term value.
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Our main business policies are outlined in the list below:
1.Brill Core Values and Business Principles
2.Corporate Governance (refer to separate chapter)
3.Brill Code of Conduct (mandatory for Brill employees)
4.Vendor Policy
5.Remuneration Policy (refer to separate chapter)
6.Corporate Social Responsibility (refer to separate chapter)
7.Risk Management Policy (refer to separate chapter)
8.Whistleblower Policy
9.Code of Conduct on Insider Trading
For documents listed above which are not included in this report, please refer to Brill.com. For the
Corporate Governance Code visit mccg.nl.
The Management Board monitors the effects of the above-mentioned policies on a regular basis by
discussing them with the HR manager, the appointed trusted persons, and the Works Council.
Over 2022 there have been no cases of no-compliance with the Brill code of Conduct or any of the
other policies mentioned above.
Supervisory Board
Management Board
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SUPERVISORY BOARD’S REPORT FOR THE YEAR 2022
ANNUAL FINANCIAL STATEMENTS
Based on the ongoing appointment by the AGM of PricewaterhouseCoopers Accountants N.V. as the
company’s independent auditor, the Supervisory Board instructed PricewaterhouseCoopers
Accountants N.V. to audit the financial statements of Koninklijke Brill N.V. for the 2022 financial
year. For the 2022 financial statements, an unqualified independent auditor’s report was issued. We
therefore recommend that shareholders approve these annual financial statements. On basis of this,
and in line with our dividend policy, no dividend is proposed.
PRINCIPAL ACTIVITIES
During 2022, seven regular Supervisory Board meetings were held, of which six at Brill’s
headquarters in Leiden. At all meetings, the entire Board was present. In addition a significant
number of informal meetings took place by electronic means.
On 10 February 2022, the announcement was made that Peter Coebergh would leave Brill as CEO
and his term of office came to an end at the AGM on 25 May 2022. Brill is grateful to him for
successfully leading the company during his tenure. Under his leadership, Brill has further prepared
itself for a continued positive development as a leading publisher in the field of humanities.
Much time and effort was spent on establishing the profile, the search process and the selection for
a new CEO, with involvement of the Management Board and the Works Council. This led to the
appointment of John Martin as Chief Executive Officer, announced on July 18 and effective
September 1, and his subsequent appointment as statutory director following the EGM on 14
December.
More generally, the Supervisory Board met with the Management Board during all Supervisory
Board meetings to discuss or approve topics including distribution, internal systems, risk
management, staffing developments and succession, management development, cost development
and management, possible acquisitions, the progress and development of publishing platforms,
liquidity planning, credit facilities, investor relations, corporate governance issues and various
investments.
During the meetings with the Management Board attention was also paid to the corporate long-
term strategy, which is updated annually and presented by the Management Board. An update of
the corporate strategy was discussed and approved. The building blocks of the updated strategy
have been on the agenda of most of the regular meetings. The need for, and gradual implementation
of an upgrade and harmonization of ICT systems remains a key topic.
Effort and time were dedicated to the planning of the transition to new partners for Brill’s
worldwide distribution of books and journals. Unfortunately, due to the demise of our international
distribution partner based in the UK, this process had to be accelerated from September. A huge
effort was made to mitigate business disruption and accelerating the transition to new fulfilment
capabilities. This project is ongoing and additional improvement opportunities in the order-to-cash
process were identified.
The integration process of the 2021 acquisition of the German publishing house Vandenhoeck &
Ruprecht was regularly discussed.
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The Supervisory Board has discussed the risk of fraud with the Management Board, including
observations and recommendations made by the external independent auditor.
In the regular meetings with the Works Council, issues such as corporate culture, work pressure,
and the tone in the company have been discussed without the presence of the Management Board.
There were numerous informal consultations between members of the Supervisory Board and
members of the Management Board during the year. The Supervisory Board continued the practice
of beginning each meeting without the presence of the Management Board, with the aim of
discussing the agenda for the meeting and allowing each member to express particular points of
attention for the meeting itself. This included the functioning of the Supervisory Board, its
individual members, and of the Management Board and their teams. The Supervisory Board met
with a selection of senior staff invited to its meetings, among others the HR Manager. New
management team members made their appearance in the meeting. This enabled the Board to
observe internal relationships as well as the tone in the company and the corporate culture in
practice.
A recurring item on our annual corporate calendar is the remuneration of the statutory directors.
The directors’ objectives in the context of the variable remuneration scheme were also determined
and evaluated. Where possible, Brill’s corporate strategy was anchored in targets, both in the short-
term as well as in the long-term variable remuneration. The Remuneration Report provides more
details.
Reports from the external independent auditor are received and discussed on a regular basis. Two
meetings with the external independent auditor and Management Board were held to discuss the
management letter resulting from the interim audit and the final reports. The discussions were
followed by the customary annual discussions between the Supervisory Board and the independent
auditor, without the presence of the Management Board. Risk assessment and measures to mitigate
risks are always discussed in the context of the annually updated management letter. The decision
has been taken to implement a separate internal audit function during 2023, to introduce an
additional ''line of defense'' in the internal control system of the company.
PROFILE OF BOARD MEMBERS
During 2022 the Supervisory Board held two dedicated informal meetings to evaluate its
functioning, profile, size and composition and conclude inter alia that a strengthening was
appropriate. This allows a wider and deeper expertise that will benefit Brill. This led to a new
profile that was discussed at the EGM, bringing the number of Supervisory Members to five.
Recognizing the increasing importance of leveraging different points of view from amongst its
members, the Supervisory Board aims for a diverse composition in areas that are relevant for the
Company, such as experience, background, gender and age.
To ensure proper performance of the tasks of the Supervisory Board in an ever-changing
environment, the availability of certain expertise and experience – spread among various members
– will be aimed for.
Every Supervisory Board member to be appointed or reappointed shall possess the following
qualities: (a) social experience and with such understanding of business life that he or she can
practically function on the Supervisory Board; (b) capability, also in terms of available time, to
timely and adequately check and stimulate the Management Board’s policy as well as the general
43
B R I L L  A N N U A L  R E P O R T  2 0 2 2
course of affairs at the company, and to assist the Management Board with advice in the
preparation and implementation of the policy; (c) capability to operate critically and independently
from the other Supervisory Board and Management Board members.
One third of the members (meaning one in case of 3 to 5 members) should be qualified and
experienced to be the trusted contact point for the Workers Council.
The members of the Supervisory Board need to have sufficient time to perform their duties; in
particular this applies to the chairperson of the Supervisory Board. The Supervisory Board and its
chairperson met this requirement. As of 14 December 2022 (after closing of the EGM), the
Supervisory Board consists of five persons. The gender balance is now 60% male versus 40%
female. Four of the members of the Supervisory Board, including the chairperson, are independent
within the context of the Dutch Corporate Governance Code.
COMMITTEES
Following the revised profile and the subsequent expansion of the Supervisory Board on 14
December 2022 from three to five, an Audit Committee was created and it started its activities. The
Audit Committee is chaired by Theo van der Raadt and also includes Robin Hoytema van
Konijnenburg and Jeanine van der Vlist.
Simultaneously, also in line with the new profile a Remuneration & Nomination Committee was
created and commenced its work. This committee is chaired by Anneke Blok and also includes
Robin Hoytema van Konijnenburg.
CORPORATE GOVERNANCE
The annual report describes how the company dealt with the implementation of the Dutch
Corporate Governance Code that was in force during 2022. The Supervisory Board annually
evaluates its instruments and processes in relation to the Code. There were no transactions with
conflicting interests relating to the Supervisory Board and the three statutory directors.
ANNUAL GENERAL MEETING OF SHAREHOLDERS
On May 25, 2022 the Annual General Meeting of Shareholders was held. All resolutions presented
were approved. Being at the end of his term, Mr. Peter Coebergh stepped down effective the close of
the meeting. Brill is grateful to Peter Coebergh for successfully leading the company during his
term. Under his leadership, Brill further prepared itself for a continued positive development as a
leading publisher in the field of humanities.
An Extraordinary Meeting of Shareholders was held on 14 December 2022 during which the
appointment of Mr. John Martin as statutory director was presented and discussed. His earlier
appointment as CEO on 1 September was supported by the Brill Works Council.
Furthermore the EGM accepted and approved the strengthening of the Supervisory Board with the
appointment of two new members, Jeanine van der Vlist and Jan Niessen.
Jeanine van der Vlist has extensive experience and expertise in the field of IT and change
management.
Jan Niessen has a long career in investment and financing; he is a non-independent Board Member
(art. 2.1.8 of the Corporate Governance Code). 
Their backgrounds and experiences will undoubtedly contribute to the further healthy
development of the Company.
44
B R I L L  A N N U A L  R E P O R T  2 0 2 2
The Supervisory Board would like to thank the Management Board and all staff for their ongoing
dedication and contributions in 2022. Throughout the year, staff kept a strong focus on developing
the publishing program and serving our authors, librarians and other stakeholders.
Leiden, 12 April, 2023
Supervisory Board
Robin Hoytema van Konijnenburg (Chairman)
Anneke Blok
Theo van der Raadt (Vice-Chairman)
Jeanine van der Vlist
Jan Niessen
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
SUPERVISORY BOARD
Robin Hoytema van Konijnenburg, 1957, Dutch (male), Chairman of the Supervisory Board
Mr. Hoytema van Konijnenburg was appointed to the Board in 2015. His current term runs until
2023.
Other positions:
•Board member Stichting Administratiekantoor Roeminck Insurance
•Board member Vereniging Effectenuitgevende Ondernemingen (VEUO) (until March 2023)
•Board member of European Issuers (until June 2022)
Anneke Blok, 1971, Dutch (female), Member of the Supervisory Board
Mrs. Blok was appointed to the Board in 2021. Her current term runs until 2025.
Other positions:
•Managing Director of Noordhoff
•Chairperson Edu-K
Theo van der Raadt, 1953, Dutch (male), Vice-Chairman of the Supervisory Board
Mr. Van der Raadt was appointed to the Board in 2019. His current term runs until 2023.
Other positions:
•Chairman of the Supervisory Board, ICT Group BV
•Vice Chairman Supervisory Board/Chairman audit committee/Chairman remuneration
committee, BDR Thermea Group (until 26-4-2022)
•Board member Veen Bosch en Keuning Publishers BV
Jeanine van der Vlist, 1964, Dutch (female), Member of the Supervisory Board
Mrs. Van der Vlist was appointed to the Board in December 2022. Her current term runs until 2027.
Other positions:
•(Non-executive) Director DPG Media N.V. (DPG Media Group)
•Board member Remeha Group B.V. (BDR Thermea Group)
•Board member Alfen N.V.
Jan Niessen, 1963, Dutch (male), Member of the Supervisory Board
Mr. Niessen was appointed to the Board in December 2022. His current term runs until 2027.
Other positions:
•Managing Director Mont Cervin S.à.r.l.
•Board member African Parks Foundation Switzerland
•Non-executive Director ACOMO N.V.
46
B R I L L  A N N U A L  R E P O R T  2 0 2 2
REMUNERATION POLICY AND REPORT FOR THE YEAR 2022
This remuneration report combines both the requirements for the Supervisory Board to prepare a
remuneration report in line with the Dutch Corporate Governance Code, as well as the
requirements for the Management Board to prepare a remuneration report in line with Book 2 of
the Dutch Civil Code.
As per 1 December 2019, the new EU shareholder rights directive (SRD) was recorded into
legislation in the Netherlands (art 2:135 Dutch Civil Code). Pursuant to this legislation, Brill’s
remuneration policy will henceforth be a voting point in Brill’s Annual General Meeting. Prior to the
AGM, the Works Council of Brill will be requested to prepare its position on the remuneration
policy. In setting the remuneration policy for 2022, the content of the discussion and the voting at
the AGM will be considered. This remuneration policy will be posted on Brill.com in accordance
with the provisions of art 2:135 (DCC).
Brill’s remuneration policy is unchanged versus the prior year and there were no deviations from
the policy in 2022. The remuneration policy will be reviewed in early 2023 and presented tot the
AGM of May 2023.
Remuneration Policy, Supervisory Board
The remuneration of the chairman and the members of the Supervisory Board is set at a fixed
annual amount and does not include variable elements. The members receive neither performance-
related remuneration nor shares, nor do they accrue pension rights with the company. They receive
no severance pay when they exit the Board. The remuneration of the Supervisory Board is regularly
evaluated, with the advice of an external expert if necessary. Brill established guidelines governing
the holding of and transactions in securities, other than those issued by Brill, by Supervisory Board
members.
Remuneration Policy, Management Board
The remuneration of the Management Board is determined by the Supervisory Board based on the
remuneration policy, in line with the best practice provisions of the Dutch Corporate Governance
Code (‘the Code’). The policy with respect to the remuneration of the Management Board seeks to
enable Brill to attract, develop, and retain qualified and expert persons. Additionally, the
remuneration must be proportional to the salary conditions for all Brill staff and should be aligned
with the strategic planning scenarios and our corporate culture and be reasonable from the
perspective of our key stakeholders in order to support Brill’s mission. The Supervisory Board, if
necessary, with the aid of an external expert, conducts regular reviews to establish whether the
Management Board’s remuneration is in line with market development. The Supervisory Board
evaluates the fixed salary levels of the statutory directors annually in accordance with their
responsibilities and performance.
The applicable notice period is four months and is in line with standard practice. Members of the
Management Board are appointed for a period of four years and can be reappointed by the
Supervisory Board following each term. The contracts include a severance pay of one year fixed
annual remuneration.
The company does not grant loans, advances, guarantees, or rights for the acquisition of options or
shares to the members of the Management Board. In order to avoid conflicts of interest, the
47
B R I L L  A N N U A L  R E P O R T  2 0 2 2
Supervisory Board has made an agreement with the Management Board about ownership of and
transactions in securities other than those issued by Brill.
Variable Income, Link to Long-term Value Creation
The Supervisory Board sees variable remuneration as a meaningful part of the Management Board’s
remuneration package, because the targets against which performance is measured reflect the
drivers for growth and value creation in the short- and long-term and are assistive to achieving
Brill’s mission. The Supervisory Board assesses that the financial targets in the long-term plan are
the most relevant contributors to the creation of long-term financial value. The non–financial
targets in the long-term compensation plan are derived from Brill’s Corporate Strategy as it is in
force at the time of agreeing upon the objectives. Annually, short-term targets are determined by
the Supervisory Board which largely reflect objectives for the key figures on which the company
reports in its annual results. These key figures are important measures of the success of the
execution of the company’s strategy aimed at long-term value creation and as such, both the short-
term and the long-term variable remuneration are directly linked to the company’s long-term value
creation.
The variable component of remuneration related to short-term targets is a maximum of 40% for the
CEO and 35% for the CFO and CPO, and for the three-year, long-term objective, again a maximum of
40% or 35%, respectively, of the base salary in the year that the objective was agreed upon.
Consequently, the percentage of the maximal total payout that is variable or at risk is 44% for the
CEO (80%/180%) and 41% (70%/170%) for the CFO and the CPO.
REMUNERATION REPORT ON THE YEAR 2022
Supervisory Board
The members of the Supervisory Board received a fixed annual remuneration. They did not receive
cash or other deferred incentive payments, such as stock options or shares, nor did they accumulate
pension entitlements with Brill. The remuneration for the members of the Supervisory Board was
not adjusted in 2022. 
Remuneration of the Supervisory Board (in thousands of euros)
2022
2021
Robin Hoytema van Konijnenburg
35
35
Anneke Blok*)
28
18
Theo van der Raadt
28
28
Jeanine van der Vlist*)
0
0
Jan Niessen*)
0
0
Catherine Lucet*)
0
9
Total remuneration
91
90
*) Remuneration proportional to period served
Management Board
The remuneration for the members of the Management Board in 2022 had a fixed portion and two
performance-related variable components, the first of which is for the current year and the second
of which is for a three-year period.
48
B R I L L  A N N U A L  R E P O R T  2 0 2 2
Remuneration payout to the members of the Management Board was as follows:
Paid remuneration of the Management Board (in thousands of euros)
Fixed
Variable compensation
Fixed
Fixed
Short-term
employee
benefits
Short-term
incentive
plan
Long-term
incentive
plan
Post-
employment
benefits
Interim fee
Total
Proportion
fixed :
variable
2022
John Martin
97
0
0
6
17
120
100:00
Peter Coebergh
415
82
96
10
0
603
70:30
Jasmin Lange
194
46
23
13
0
276
75:25
Wim Dikstaal
204
19
4
13
0
240
90:10
Total
910
147
123
42
17
1,239
78:22
2021
Peter Coebergh
279
73
78
14
0
444
66:34
Olivier de Vlam
115
54
85
4
0
258
46:54
Jasmin Lange
188
38
40
14
0
280
72:28
Wim Dikstaal
34
0
0
2
215
251
100:00
Total
616
165
203
34
215
1,233
70:30
Peter Coebergh left Brill as CEO when his term of office had come to an end after the annual general
meeting of shareholders on the 25th of May, 2022. His remuneration was in line with the Dutch
Corporate Governance Code.
49
B R I L L  A N N U A L  R E P O R T  2 0 2 2
In the 2022 accounts, the following accruals for variable remuneration were recognized for future
payout:
Target achievement of the members of the Management Board (in % of annual base salary)
Short-term
Financial
Short-term
Non-financial
Long-term
2020–2022
Long-term
2021–2023
Long-term
2022–2024
Annual
Total
John Martin
Maximum
20%
20%
40%
40%
40%
80.0%
Achievement
0.0%
16.0%
15.0%
n.a.
n.a.
31.0%
Wim Dikstaal
Maximum
17.5%
17.5%
35.0%
35.0%
35.0%
70.0%
Achievement
0.0%
13.2%
13.1%
n.a.
n.a.
26.3%
Jasmin Lange
Maximum
17.5%
17.5%
35.0%
35.0%
35.0%
70.0%
Achievement
0.0%
16.5%
13.1%
n.a.
n.a.
29.6%
Accrued in
2022 for
0
67
40
30
38
175
Accrued in
2021 for
48
72
-14
37
42
185
All payouts are proportional to period served and subject to final approval from the Supervisory Board
The short-term variable income awarded to the Management Board is based on three financial
targets that in 2022 included increase of revenue, increase of EBITDA, and increase of return on
invested capital (ROIC).
The long-term (3-year) variable income to the Management Board will be granted according to
performance criteria which are linked to long-term value creation:
–The criteria in the 2020–2022 plan focus on new-business creation, EBITDA margin, and
TSR.
–The criteria in the 2021–2023 plan focus on acquisitions, EBITDA margin, and TSR.
–The criteria in the 2022–2024 plan focus on acquisitions, EBITDA margin, and TSR.
Since the target achievement of the long-term plans can only be ascertained at the end of each plan,
Brill accrues provisional amounts for future payout.
For 2023, the Supervisory Board intends to set targets for variable income that meets the current
priorities of 2023. The full list will be published as an annex to the AGM materials that are posted
on Brill.com.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Remuneration Expenses
As a consequence, expenses recorded in the statement of profit or loss for executive remuneration
are as follows:
Total paid executive remuneration (in thousands of euros)
2022
2021
Supervisory Board
91
90
Management Board
1,239
1,233
Total paid remuneration (amounts per person as per above)
1,330
1,323
Variable payout accrued in the prior year
-185
-368
Variable component accrued in the current year
175
204
Net expense for executive remuneration
1,320
1,159
The Management Board members received no additional compensation for their role as statutory
director at Brill’s subsidiaries. The Group has not claimed back any of the variable remuneration
paid out in the past.
As part of its remuneration policy, Brill monitors and reports on the company’s pay ratio. This
indicator compares the remuneration of the Management Board (fixed + variable components)
against the average salary of all employees (minus the Management Board). In 2022, the pay ratio
was 5.9 (2021: 5.2). This increase was caused by variable elements paid to three Management
Board members in early 2022 whilst full year average the Management Board FTE was 2.7 versus
3.3 in 2021. Brill deems the level of the payout ratio to be appropriate given the size and profile of
the company.
Over the last five years, Management Board remuneration, in comparison to all Brill staff, was as
follows:
2022
2021
2020
2019
2018
Total salary expense, excluding subsidies
received (in thousands of euros)
20,170
17,488
13,391
13,049
13,205
Management Board remuneration  (in
thousands of euros)
1,239
1,233
838
732
819
Staff salary expense  (in thousands of
euros)
18,931
16,255
12,553
12,317
12,386
Average FTE
249.9
226.9
160.6
165.1
166.7
Management Board average FTE
2.7
3.3
3.0
3.0
2.4
Staff average FTE
247.2
223.6
157.6
162.1
164.3
Staff salary expense / average FTE  (in
thousands of euros)
76.6
72.7
79.7
76.0
75.4
Pay ratio
5.9
5.2
3.5
3.2
4.5
Information on performance of the Group in the comparable period:
Revenue  (in thousands of euros)
48,048
46,865
37,859
37,128
35,950
EBITDA Margin
-0.1%
15.4%
17.4%
14.0%
10.1%
Return on invested capital
-12.5%
13.3%
13.8%
10.1%
7.6%
51
B R I L L  A N N U A L  R E P O R T  2 0 2 2
Leiden, 12 April, 2023
Supervisory Board
Robin Hoytema van Konijnenburg (Chairman)
Anneke Blok
Theo van der Raadt (Vice-Chairman)
Jeanine van der Vlist
Jan Niessen
Management Board
Jasmin Lange
Wim Dikstaal
52
B R I L L  A N N U A L  R E P O R T  2 0 2 2
Financial Statements for the Year 2022
53
B R I L L  A N N U A L  R E P O R T  2 0 2 2
Consolidated Financial Statements
CONTENTS
Consolidated statement of financial position as at 31 December
Consolidated statement of profit or loss and other comprehensive income for the year ended
31 December
Consolidated statement of cash flows for the year ended 31 December
Consolidated statement of changes in equity for the year ended 31 December
Notes to the consolidated financial statements
1.General
4.Property, plant and equipment
11.Equity
14.        Deferred income
15.        Provisions
16.Commitments
21.Earnings per share
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AT 31 DECEMBER
In thousands of euros
31-12-2022
31-12-2021
ASSETS
Non - current assets
Property, plant and equipment [4]
1,144
273
Right of use assets [5]
5,470
1,322
Intangible assets [6]
37,025
36,163
Financial assets
283
283
Deferred tax assets [7]
370
81
44,292
38,122
Current assets
Inventories [8]
4,569
4,815
Trade and other receivables [9]
8,535
11,373
Income tax
412
185
Derivative financial instruments [17]
54
0
Cash and cash equivalents [10]
3,701
5,439
17,271
21,812
Total assets
61,563
59,934
EQUITY AND LIABILITIES
Equity attributable to owners of Koninklijke
Brill NV [11]
Share capital
1,125
1,125
Share premium
343
343
Retained earnings
18,471
23,622
Other reserves
-226
-307
19,713
24,783
Non-current liabilities
Interest bearing loans [12]
5,193
4,566
Lease liabilities [5]
4,962
612
Deferred tax liabilities [7]
4,495
5,160
14,650
10,338
Current liabilities
Interest bearing loans [12]
1,588
1,588
Trade and other payables [13]
14,046
13,159
Deferred income [14]
10,484
9,030
Lease liabilities [5]
588
928
Provisions [15]
495
0
Derivative financial instruments [17]
0
6
Income tax
0
102
27,200
24,813
Total equity and liabilities
61,563
59,934
55
B R I L L  A N N U A L  R E P O R T  2 0 2 2
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
For the year ended 31 December
In thousands of euros
2022
2021
Revenue [18]
48,048
46,865
Cost of goods sold [19]
-13,780
-13,027
Gross Profit
34,268
33,838
Expenses [19]
Selling and distribution expenses
-9,094
-7,306
General and administrative expenses
-28,080
-22,079
Net impairment on goodwill and intangible assets
-1,607
0
Operating Profit
-4,513
4,453
Finance income [20]
108
72
Finance expenses [20]
-293
-208
Profit before income tax
-4,698
4,317
Income tax [7]
1,234
-1,281
Profit for the period attributable to shareholders of Koninklijke Brill N.V.
-3,465
3,036
Other comprehensive (expense) income – items that might be reclassified to
future profit or loss statements
Exchange differences in translation of foreign operations [11]
36
160
Net gain or loss on cash flow hedges [11]
60
16
96
176
Income tax relating to these items [11]
-15
-4
Other comprehensive income for the period attributable to shareholders of
Koninklijke Brill N.V.
81
172
Total comprehensive income for the period attributable to shareholders of
Koninklijke Brill N.V.
-3,384
3,208
Earnings per share (in euros) [21]
Basic and diluted earnings per share attributable to shareholders of
Koninklijke Brill N.V.
-1.85
1.62
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 December
In thousands of euros
2022
2021
Cash flows from operating activities
 
 
Profit before income tax
-4,698
4,317
Adjustments for
Amortization and Depreciation fixed assets [4, 5, 6]
3,839
2,047
Amortization Content [6]
3,156
3,067
Finance income and expense – net
186
137
Differences in FX rates
-176
0
Change in operating assets and liabilities
Change in working capital
5,931
1,533
Cash generated from operations
8,238
11,101
Interest paid(-)/received
-266
-185
Income tax paid(-)/received
124
-936
Net cash flows from operating activities
8,096
9,980
Cash flows from investing activities
Investment in property, plant and equipment [4]
-1,088
-104
Investment in intangible assets (non-content) [6]
-1,439
-1,414
Investment in content [6]
-2,899
-3,552
Payments for acquisitions, net of cash acquired [3]
-2,190
-3,671
Net cash flow used in(-) investing activities
-7,616
-8,741
Cash flows from financing activities
Dividend paid to company shareholders [11]
-1,687
-2,343
Interest bearing loan [12]
2,200
2,900
Redemption Interest bearing loans [12]
-1,588
-1,334
Redemption lease liabilities [5]
-1,143
-922
Net cash flows from/used in(-) financing activities
-2,218
-1,699
Net cash flow
-1,738
-460
Cash and cash equivalents as per 1 January
5,439
5,899
Net cash flow
-1,738
-460
Cash and cash equivalents as per 31 December [10]
3,701
5,439
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 December
In thousands of euros
 
Share
capital
[11]
Share
 premium
[11]
Retained
earnings
[11]
Currency
translation
reserve
[11]
Cash flow
hedge
reserve
[11]
Total
equity
Balance as at 1 January, 2022
1,125
343
23,622
-303
-4
24,783
Total comprehensive income for the year
Profit for the year
0
0
-3,465
0
0
-3,465
Other comprehensive income
0
0
36
45
81
Total comprehensive income for the period
0
0
-3,465
36
45
-3,385
Transactions with owners of the company
Dividends paid over 2021
0
0
-1,687
0
0
-1,687
Total transactions with owners of the company
0
0
-1,687
0
0
-1,687
Balance as per 31 December, 2022
1,125
343
18,471
-267
41
19,713
Balance as per 1 January, 2021
1,125
343
22,929
-463
-16
23,918
Total comprehensive income for the period
Profit for the year
0
0
3,036
0
0
3,036
Other comprehensive expense
0
0
0
160
12
172
Total comprehensive income for the period
0
0
3,036
160
12
3,208
Transactions with owners of the company
Dividends paid over 2020
0
0
-2,343
0
0
-2,343
Total transactions with owners of the company
0
0
-2,343
0
0
-2,343
Balance as per 31 December, 2021
1,125
343
23,622
-303
-4
24,783
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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. General
Koninklijke Brill N.V. (together with its subsidiaries referred to as ‘Brill’ or the ‘Group’) is
established as a Public Limited Company incorporated in the Netherlands (Naamloze
Vennootschap ), based at Plantijnstraat 2 in Leiden, the Netherlands and registered at the chamber
of commerce under number 28000012. Its registered depository receipts are traded publicly at
Euronext in Amsterdam. Brill’s main activities are publishing of academic books, journals and
primary sources with a focus on humanities and social sciences, international law and other
selected areas in sciences. These financial statements were authorized for issue by decision made
on 12 April, 2023, by Brill’s Management Board and Supervisory Board.
2. Basis of preparation of the Financial Statements
The financial reporting framework applied in the preparation of the financial statements is EU-IFRS
and the relevant provisions of Part 9 of Book 2 of the Dutch Civil Code for the consolidated financial
statements and Part 9 of Book 2 of the Dutch Civil Code for the company financial statements. The
consolidated financial statements comply with IFRS as endorsed by the European Union.
2.1 Going concern
The accounting principles applied to the measurement of assets and liabilities and the
determination of results in these financial statements are based on the assumption of continuity of
the Group.
The Management Board has assessed the going concern assumption, as part of the preparation of
the consolidated financial statements, and believes that no events or conditions give rise to doubt
about the ability of the group to continue in operation at least 12 months from the publication date
of these financial statements.
This conclusion is based on knowledge of the group, the estimated economic outlook and related
identified risks and uncertainties. Furthermore, the conclusion is based on a review of the three-
year strategic plan and the 2023 budget, including expected development in liquidity and capital,
which includes the evaluation of current credit facilities, loan covenants and expected maturities of
financial liabilities.
2.2 Basis of consolidation
The consolidated financial statements contain the financial statements of Brill and its subsidiaries
per 31 December, 2022. The financial statements of Brill’s subsidiaries have been prepared for the
same period as Brill’s, using consistent standards of accounting. Note 22 to the consolidated
financial statements contains information on Brill’s subsidiaries.
The principal accounting policies applied in the preparation of these consolidated financial
statements are set out below. These policies have been consistently applied to all the years
presented, unless otherwise stated. The preparation of consolidated financial statements in
conformity with IFRS requires the use of certain critical accounting estimates. It also requires the
Management Board to exercise judgement in the process of applying the company’s and the group’s
accounting policies.
All balances, transactions, cost and income within the Group and all profits and losses originating
from intra group transactions are eliminated. Subsidiaries are consolidated as of the date of
acquisition meaning the date at which Brill obtained control over the acquired business. The Group
controls an entity when it (i) has power over the entity, (ii) is exposed to, or has rights to, variable
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returns from its involvement with the entity and (iii) can affect those returns through its power
over the entity. Subsidiaries continue to be consolidated until the moment Brill loses control when
this exposure or rights cease to exist, generally when shareholding becomes less than 50%.
2.3 Business combinations
Business combinations are identified when the Group obtains control over an integrated set of
activities and assets that is capable of being conducted and managed for providing economic
benefits to the Group. In general, before qualifying as business combinations, the acquired business
will need to meet the test of incorporating demonstrable inputs (for example intellectual property
rights, customer groups, author networks), processes (such as editorial activities or marketing and
selling activities) and outputs (in most cases, revenue).
Business combinations are accounted for using the acquisition method as at the acquisition date,
which is the date on which control is transferred to the Group. When a business combination is
achieved in stages, the Group’s previously-held equity interest in the acquired entity is re-measured
to its acquisition-date fair value and the resulting gain or loss, if any, is recognized in financing
results.
The Group measures goodwill at the acquisition date as the sum of the fair value of the
consideration transferred and the recognized amount of any non-controlling interests in the
acquired business, less the net recognized amount (generally fair value) of the identifiable assets
acquired and liabilities assumed (including any publishing rights that have been identified). When
the sum as defined above is negative, a bargain purchase is recognized immediately in profit or loss.
If the business is acquired in stages, the fair value of the existing equity interest in the acquired
business is also included in the determination of goodwill.
The consideration transferred does not include amounts related to the settlement of pre-existing
relationships. Such amounts are generally recognized in profit or loss. Cost related to business
combinations, other than those associated with the cost of debt or equity securities, that the Group
incurs in connection with a business combination are expensed as incurred. Any contingent
consideration payable (like earn-out arrangements) is recognized as a liability at fair value at the
acquisition date.
2.4 Basis of measurement and currencies used
The Consolidated financial statements are prepared in euro, being the reporting currency of the
Group. All amounts have been reported in thousands euro’s, except where noted differently.
Transactions in foreign currency are recorded at the exchange rate of the functional currency as per
the transaction date. Monetary financial assets and liabilities in foreign currency are converted at
the exchange rate of the functional currency at balance date. Any differences are recognized in the
consolidated statement of profit or loss and other comprehensive income. Non-financial items in
foreign currency valued at historic cost in foreign currency are converted at the exchange rate
prevailing at the date of the original transaction.
At balance date, the assets and liabilities of subsidiaries with a functional currency other than euro
are converted to the euro at the exchange rate per balance date and the consolidated statement of
profit or loss and other comprehensive income is converted at the weighted average exchange rate
for the year. The exchange rate differences that originate from the conversion are recorded in the
Comprehensive income statement and in the currency translation reserve in equity. When divesting
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a foreign subsidiary, the cumulative balance of exchange rate differences recorded in equity related
to this subsidiary is transferred to the Consolidated statement of profit or loss and other
comprehensive income.
2.5 Current and non-current classification
Brill presents assets and liabilities in the balance sheet based on current or non-current
classification. An asset is current when it is expected to be realized or intended to be sold or
consumed in the normal operating cycle, held primarily for the purpose of trading, expected to be
realised within twelve months after the reporting period, or cash or cash equivalent unless
restricted from being exchanged or used to settle a liability for at least twelve months after the
reporting period. All other assets are classified as non-current. 
A liability is current when it is expected to be settled in the normal operating cycle, it is held
primarily for the purpose of trading, it is due to be settled within twelve months after the reporting
period, or there is no unconditional right to defer the settlement of the liability for at least twelve
months after the reporting period. 
Brill classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as
non-current assets and liabilities.
2.6 Changes in the basis of preparation of the Financial statements adopted on 1 January,
2022
The following standards have become effective as per 1 January, 2022 but do not have an impact on
Brill’s operations or financial reporting:
•Annual Improvements to IFRS Standards 2018 – 2020 contain the following amendments to the
IFRSs:
◦Subsidiary as a first-time adopter in IFRS 1 First-time Adoption of International Financial
Reporting Standards, these amendments permit a subsidiary (or an associate or joint
venture) to measure its cumulative translation differences using the amounts reported
by the parent, based on the parent’s date of transition to IFRS. The amendment is not
applicable to the Group.
◦IFRS 9 Financial Instruments: “Fees in the ’10 per cent’ test for derecognition of financial
liabilities”. The amendment clarifies the fees that an entity includes when assessing
whether the terms of a new or modified financial liability are substantially different
from the terms of the original financial liability. The amendment is not applicable for the
Group.
◦Illustrative Examples accompanying IFRS 16 Leases: The amendment enhances the
illustrative examples of IFRS 16 by removing potential confusion regarding the
treatment of lease incentives. These amendments are not relevant for the Group.
◦IAS 41 Agriculture, this standard is not applicable for the Group.
•Amendments to IFRS 3 Business Combinations: “Reference to the Conceptual Framework”. The
amendments are applied prospectively. A reference is replaced to the Framework for the
Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the
Conceptual Framework for Financial Reporting issued in March 2018 without significantly
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changing its requirements. Also, an exception to the recognition principle of IFRS 3 to avoid the
issue of potential ‘day 2’ gains or losses arising for liabilities and contingent liabilities that
would be within the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets or
IFRIC 21 Levies, if incurred separately. Furthermore, clarifications are made to existing
guidance in IFRS 3 for contingent assets that would not be affected by replacing the reference to
the Framework for the Preparation and Presentation of Financial Statements. The amendments
do not have a material impact for the Group.
•IAS 16 Property, Plant and Equipment: “Proceeds before Intended Use – Amendments to IAS 16”.
These amendments must be applied retrospectively. These amendments require that during the
period asset is brought to the location and/or in the condition necessary for it to be capable of
operating in the manner intended by management, proceeds from sales are recognised in the
profit or loss. These amendments are not applicable for the Group.
•Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets: “Onerous
Contracts – Costs of Fulfilling a Contract – Amendments to IAS 37 Provisions, Contingent
Liabilities and Contingent Assets”. The amendments will be applied to contracts for which not,
yet all obligations are fulfilled. These amendments specify which costs need to be included
when assessing whether a contract is onerous or loss-making. The amendments are not
expected to have a material impact on the Group.
•IFRS 16 Leases, “COVID-19-Related Rent Concessions beyond 30 June 2021”, is applicable from
30 June 2021 with retrospective application if Amendments to IFRS 16 Leases "COVID 19 -
Related Rent Concessions, these amendments are effective on or after 1 April 2020" is applied.
The relief is previous not applied.
•Insurance activities are not applicable for the Group and therefore “Amendments to IFRS 4
Insurance Contracts” - deferral of IFRS 9 “Financial Instruments” and IFRS 17 “Insurance
contracts” are not applicable (also “Amendments to IFRS 17 Insurance contracts: Initial
Application of IFRS 17 and IFRS 9 – Comparative Information”).
2.7 Future changes in the basis of preparation of the Financial Statements
At present, the standards issued with future effectivity that may affect the basis of preparation of
Brill’s Financial Statements.
•Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2
Making Materiality Judgements: “Disclosure of Accounting policies”, effective as from 1 January
2023. The amendments require to disclose material accounting policy information and clarify
that accounting policy information is material if users need this to understand the financial
statements. These amendments will only affect the disclosures of the Consolidated Financial
Statements.
•Amendments to IAS 8 Accounting policies, Changes in Accounting Estimates and Errors:
“Definition of Accounting Estimates”, effective as from 1 January 2023. In these amendments
the definition of a change in accounting estimates is changed to monetary amounts in financial
statements that are subject to measurement uncertainty. The amendments clarifies that a
change in accounting estimate that results from new information or new developments is not
the correction of an error and changes in inputs or a measurement technique are changes in
accounting estimates. No material impact of these amendments in expected.
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•Amendments to IAS 12 Income Taxes: “Income Taxes: Deferred Tax related to Assets and
Liabilities arising from a Single Transaction”, effective from 1 January 2023. These amendments
clarify that the initial recognition exemption does not apply to transactions in which equal
amounts of deductible and taxable temporary differences arise on initial recognition. No
material impact of these amendments in expected.
2.8 Significant accounting estimates, judgments and assumptions
Business combination
Publishing rights, trade names and goodwill are recognized at historic cost from an acquisitions’
purchase price allocation. Establishing fair value of these and other assets involves significant
management estimates and judgments regarding the valuation method applied, remaining useful
life of intangible assets, cash flow estimates and an estimated discount rate. See note 3.
Impairment testing
Where intangible assets have indefinite lifetimes, they are tested for impairment annually. This
requires an estimation of the business value of the cash generating units to which publishing rights
and goodwill have been allocated. The procedure entails preparation of a cash flow forecast for
each cash generating unit, determining a discount rate and calculating the discounted value of the
estimated cash flows, see note 6.
Amortization of intangible assets and valuation of inventory
The useful lives of assets are estimated in line with common market practice. The group reviews the
remaining useful lives of its assets annually. The amortization method is determined at initial
recognition of the intangible assets and may change only when the expected pattern of
consumption of future economic benefits change. The Group applies the straight-line and
diminishing balance amortisation method.
The amortization pattern of capitalized content is based on the expected pattern of consumption of
the expected future economic benefits embodied in the asset. Brill uses the historic sales pattern as
input in estimating the expected pattern of consumption. This results in a decreasing charge over
the useful life of the asset. Inherent to this policy the actual consumption of the economic benefits in
the year can differ from the estimated consumption. In the financial year the consumption was in
line with the estimated consumption, see note 6.
Significant judgement in determining the lease term of contracts with renewal options
Brill applies judgement in evaluating the term of lifetime of a lease. Judgement has to be made
whether it is reasonably certain to exercise an option to renew or terminate a lease. Based on these
judgements the non-cancellable term of the lease is determined. Brill determines the lease term as
the non-cancellable term of the lease, together with any periods covered by an option to extend the
lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease, if it is reasonably certain not to be exercised
Brill considers all relevant factors that create an economic incentive for it to exercise the renewal or
termination. After the commencement date, the Group reassesses the lease term if there is a
significant event or change in circumstances that is within its control and affects its ability to
exercise the renewal or termination option of a lease contract, see note 5.
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Write-off of other receivables
During the year, Brill's main distributor, Turpin, went into an administration procedure. Brill has
measured its remaining receivable in the share of the claimed amounts related to the expected
remaining segregated assets as noted by the administrators. On 31 December 2022, the carrying
amount of this receivable amounts to some 0.2 million.
2.9 Property, plant and equipment
Property, plant and equipment are recorded at historic cost, less cumulative depreciation and
cumulative impairments, if any. Property, plant and equipment are depreciated on a straight-line
basis over their useful life and taking in consideration any residual value. The carrying amount of
property, plant and equipment is tested for impairment when events or changes in circumstances
indicate that the carrying amount may not be realizable, see the Group's policy on impairment of
non-financial assets. The residual value and the useful life are reviewed annually and revised if
necessary. An item of property, plant and equipment is derecognized in case of divestment or if no
future economic benefit is expected from either continued use or divestment. Any income or loss,
resulting from the derecognition of the asset from the Consolidated statement of financial position,
is recognized in the Consolidated statement of profit or loss and other comprehensive income at
derecognition.
2.10 Leases
Right of use assets
Right of use assets are measured at cost less accumulated depreciation and impairments, if any. The
Group recognizes right of use assets at the commencement date of the lease. The right of use assets
are measured at cost, which is made up of the initial measurement of the lease liability, any initial
direct costs incurred, an estimate of any costs to dismantle and remove the asset at the end of the
lease term, and any lease payments made in advance of the lease commencement date (net of any
incentives received). Starting at the commencement date of the lease, the right of use assets are
depreciated on a straight-line basis over the lease term. Brill assesses the right-of-use asset for
impairment when indicators exist that the asset might be impaired. See the Group's policy on
impairment of non-financial assets.
Lease liabilities
At the commencement date, Brill measures the lease liability at the present value of the lease
payments unpaid at that date, discounted using the Brill’s incremental borrowing rate. Lease
payments included in the measurement of the lease liability are made up of fixed payments,
variable payments based on an index or rate, amounts expected to be payable under a residual
value guarantee and payments arising from options reasonably certain to be exercised.
After the commencement date, the amount of lease liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made. In addition, the carrying amount of lease
liabilities is remeasured if there is a modification, a change in the lease term or a change in the
assessment to purchase the underlying asset.
Low value leases, below EUR 5,000 per underlying asset are not recognized in the right of use assets
and lease liabilities. Lease payments for leases of low-value assets are recognized as expensed on a
straight-line basis over the lease term and recognized as general and administrative expenses in the
statement of profit or loss.
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2.11 Intangible assets
Intangible assets are recognized at cost, less accumulated amortization for intangible assets with a
finite useful life and less accumulated impairment losses, if any.
(a) Goodwill
Goodwill resulting from business combinations and is measured at the acquisition date as the sum
of the fair value of the consideration transferred and the recognized amount of any non-controlling
interests in the acquiree, less the net recognized amount (generally fair value) of the identifiable
assets acquired and liabilities assumed. If the business is acquired in stages, the fair value of the
existing equity interest in the acquiree is also included in the determination of goodwill. Any
contingent consideration payable (such as earn-out arrangements) is recognized at fair value at the
acquisition date and subsequently remeasured to fair value with changes in fair value recognized in
profit or loss. Costs related to acquisitions which the group incurs in a business combination, are
expensed as incurred. See "Impairment of non-financial assets" for a further elaboration of
impairment test procedures.
(b) Publishing rights
Intangible assets resulting from acquisitions are capitalized at historic cost. The acquisitions were
selected to have strong components of long-lasting economic value that mutually reinforce each
other such as brands or imprints, reputation, a product portfolio consisting of subscription or serial
publications, or a backlist generating substantial revenue. In some cases the Group determines, in
the purchase price allocation process, that the publishing list requires significant continued
development investment and that the titles purchased have a limited foreseeable economic useful
life.
(c) Capitalized Content
Content costs of internally developed publications that contain pre-publication expenditure such as
typesetting, illustrations, editing and translations. Sometimes, development of a publication takes
several years. The amortization method used is selected based on the expected pattern of
consumption of the expected future economic benefits embodied in the asset and is applied
consistently from period to period. The method results in a decreasing charge over the useful life of
content assets (i.e. diminishing balance method). Amortization is presented as part of the cost of
goods sold in the Consolidate statement of profit or loss and other comprehensive income.
(d) Information systems and other intangibles
Trademarks, imprints, information systems and licenses are amortized on a straight-line basis over
the estimated useful life of the asset. Amortization is presented as part of the general and
administrative expenses in the Consolidate statement of profit or loss and other comprehensive
income.
2.12 Impairment of non-financial property plant and equipment and intangible assets
Goodwill and intangible assets with an indefinite useful life (publishing rights) are allocated to the
Group's publishing units in accordance with their match to the respective publishing programs. The
Group considers its publishing units to be its lowest possible reportable level of cash generating
units, since they form the principal managerial units within the Group, matching the key market
segments in which the Group is active. Each publishing unit has a separate management and is
managed as a strategic business unit. The publishing programs contained within these units have
been selected for their potential to mutually reinforce each other’s development.
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Goodwill and intangible assets with an indefinite useful life are tested for impairment at the level of
the cash generating unit annually, or more frequently if events or changes in circumstances indicate
that they might be impaired. Other assets are tested for impairment whenever an indication exists
that an asset may be impaired.
For an impairment test, the Group estimates the recoverable amount of the asset or the cash
generating unit. The recoverable amount is the higher of the fair value of the asset less cost of
disposal. If the carrying amount is higher than the recoverable amount, an impairment loss for the
asset or cash flow generating unit is recognised to measure the asset at its recoverable amount. The
impairment loss is recognised in profit or loss.
In determining the value in use, the estimated future cash flows related to the asset are discounted
using a discount rate that considers current market evaluations of the time value of money and
specific risks relating to Brill’s business and financing structure. The Group bases its impairment
calculation on most recent budgets and forecast calculations, which are prepared per cash
generating unit. These budgets and forecasts generally cover a period of ten years, a long-term
growth rate is applied after this period.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether
there is an indication that previously recognised impairment losses no longer exist or have
decreased. If such indication exists, the Group estimates the asset’s or cash generating unit's
recoverable amount. A previously recognised impairment loss is reversed only if there has been a
change in the assumptions used to determine the asset’s recoverable amount since the last
impairment loss was recognised. The reversal is limited so that the carrying amount of the asset
does not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of amortization or depreciation, had no impairment loss been recognised for the
asset in prior years. Such reversal is recognised in the Consolidated statement of profit or loss.
2.13 Inventory
The inventory of finished products and publications in the editing stage are measured at the lower
of cost and net realizable value. Cost comprises direct materials and expenses such as printing and
binding and expenses for related services, less applicable grants received (see grants hereafter).
The cost related to specific product formats (mostly printing and binding) are divided by the
number of units produced and form the unit cost which is recorded in the Consolidated statement
of financial position in finished goods and charged to cost of goods Sold when a unit is sold.
2.14 Trade and other receivables
Trade and other receivables are financial instruments classified as measured at amortized cost.
Trade receivables are recognized initially at their transaction price of the books, journals and
database access sold. Other receivables are initially measured at their fair value less transaction
costs, if applicable. Trade and other receivables are subsequently measured at amortized cost using
the effective interest method, less a credit loss allowance.
The Group measures the expected credit losses allowance for its trade receivables for the whole
lifetime of the receivables (applying the simplified approach). To measure the expected credit
losses, trade receivables have been grouped based on shared credit risk characteristics, in case
these differences are substantial, the days past due and security when applicable. The expected loss
rates are based on the historical payment profiles of sales of the last five years and the
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corresponding historical credit losses experienced within this period. The historical loss rates are
adjusted to reflect current and forward-looking information when these would affect the ability of
the customers to settle the receivables. Management assesses forward looking information in
relation to the specific market in which it operates. Bad debts are written off entirely once the
inability to collect has been established with certainty. Indicators that there is no reasonable
expectation of recovery that considered as a default include, amongst others, the failure to make the
contractual payments for a period longer than the local applicable payment term or a trade debtor
has financial difficulties or is unable to engage in a repayment plan with the group. Default
situations are defined according to industry practices and occur when the Groups payment terms
and conditions are not met. The Group considers counterparties for cash and cash equivalents to
have low credit risk when these counterparties have a prime credit rating.
2.15 Cash and cash equivalents
Cash and cash equivalents in the Statement of Financial Position (and the Consolidated statement of
cash flows) consists of bank, cash and short-term deposits with a duration of three months or less.
Cash and cash equivalents are financial instruments classified as measured at amortized cost. Cash
and cash equivalents have a low credit risk, see Trade and other receivables for the Group's policy
on credit losses.
2.16 Equity
Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction
from equity, net of any tax effects. See respectively the sections Foreign exchange conversion and
Financial instruments and hedging in these Basis of preparation of the financial statements for
Other reserves relates to the currency translation and hedge reserve.
2.17 Interest bearing debt, accounts payable and other short-term liabilities
Brill initially recognizes interest bearing debt, trade payables and other liabilities at fair value less
any directly attributable transaction cost. Subsequent to initial recognition, these liabilities are
measured at amortized cost, using the effective interest method. The effective interest is presented
as interest expenses in the Consolidated statement of profit or loss and other comprehensive
income.
2.18 Provisions
A provision is recognized when (i) Brill has a present obligation (legal or constructive) as a result of
a past event, (ii) it is probable that an outflow of economic resources will be required to settle the
obligation; and (iii) a reliable estimate can be made of the amount of the obligation. In case a (part
of) the liability will be reimbursed, the reimbursement is recorded as a separate asset, only when it
is virtually certain that the amount will be received.
2.19 Employee benefits
Pensions and other post – employment arrangements
The Group operates defined contributions plans. The Group recognizes the expenses of the defined
contribution plans in the period the employees rendered their services, except for the part that is
included in capitalized content in intangible assets. Unpaid expenses are recognized as current
liabilities.
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Short-term employee benefits
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed
when the related service is provided.
2.20 Revenue recognition
Revenue is recognized at an amount that reflects the consideration to which the Group expects to
be entitled to in exchange for transferring for sales of books, journals and database access to its
customers, the Group’s performance obligations. The performance obligations have fixed
considerations and for books a variable consideration is included for the refund rights. For refund
rights only revenue is recognized for which it is highly probable that a significant reversal in the
amount of cumulative revenue recognized will not occur, which is based on recent returns statistics
and sale volumes. The Group recognizes revenue when it transfers control of a product or service
(or performance obligation) to a customer. For printed books this is after shipping and handling
activities. Sales of books are invoiced at shipping and journals and database access are paid in
advance. All contract conditions are fulfilled at transfer of control. In case incremental costs occur
to obtain contracts with customers, the contract duration is usually one year or less, these costs are
expensed when incurred. Due to the short contract term for sales of books, journals and database
access, no remaining performance obligations after year end are disclosed. In general, Brill applies a
payment term of 30 days after invoice date.
(a)Sales of books
Sales of books are basically one-time sales one-time sales and are recognized after physical
shipping or after making the product accessible to the customer online. These sales are
performance obligation satisfied at a point in time.
Brill also compiles book collections and sells these to its customers. Customers are able to purchase
collections that have not yet been completed, these collections are completed within a planned
period and the book titles are already known. For these collections, Brill recognises revenue for the
part that has been made available and subsequently the remaining revenue equal to any additional
part that is made available to the customers. 
(b)Sales of journal subscriptions
The journal issues contained within a publication year (the “Volume”) are transferred to the
customers as they become available during the lifetime of the subscription period. The journal
issues are made available in printed or digital form. Journals are performance obligations that are
satisfied at a point in time. The advances received for journals subscription are initially recorded as
deferred income (contract liabilities), revenue is recognized when (the control of) the journal is
transferred to the customer.
(c)Database access subscriptions
Database access or primary sources revenue is recognized over the period of the subscription
contract. Database access is a performance obligation that is satisfied over time. The progress of
time of the access period is relevant in the transfer of the services, the revenue is recognized on a
straight-line basis during the subscription period (transfer of control) as the customer has the right
to use the database during this period. The advances received for database access are initially
recorded as deferred income (contract liabilities).
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(d)Principal versus agent considerations
The Group has a few contracts with business partners to provide sales, marketing and fulfilment
services for the publication made and owned by these partners. The Group does not own the rights
or the inventory of these publications. The Group does not control the goods before they are
transferred to customers, and hence, is an agent in these contracts. The Group recognizes only the
agent fee as revenue (as a performance obligation satisfied over time).
(e)Subscription payments – deferred income
Advances for subscription payments are received and result in the obligation of the Group to
transfer books, journals or digital content to its customers. These liabilities are part of the contracts
with customers and classify as contract liabilities and presented as deferred income. Subscriptions
are prepaid for one year or less and do not result in significant finance components.
(f)Right to return
For sales of print books the customers have a right to return for which a refund liability is
recognized and measured at the net amount of revenue in the statement of financial position within
Trade and other payables. This liability to the customer relates only to the consideration of the
contract and not to future performance obligations of the Group. The Group also recognizes an asset
for the right to recover the books sold as part of its other receivables and accruals. The return rates
are based on the average returns of the last 3 years.
2.21 Cost of Goods Sold
At delivery, unit costs of inventory are charged to the Cost of Goods Sold. When a journal issue is
delivered, its costs are recorded directly in the cost of goods sold. Cost for a journal issue contains
direct production expenses, preparation of content, royalties and shipping costs.
Cost of capitalized content are amortized over the expected useful life of the asset; amortization is
recognized under Cost of Goods Sold.
2.22 Interest Income
Income is recognized when the interest accrues according to the effective interest method, using
the effective interest method.
2.23 Grants
Grants relating to publishing projects are at the launch of the publication included in the Inventory,
as the net amount of development costs and grants and are expensed accordingly. Grants relating to
costs are deferred and recognised in the Statement of profit or loss when is complied with the
conditions of the grant over the period necessary to match them with the costs that they are
intended to compensate.
Brill, also through its German grants, frequently receives project, program or generic grants from
private or public funding bodies. These funding bodies generally aim to support scholarly
communication, often in the form of a print cost grant or a general cost grant. A grant is fully
allocated to the publishing project for which the grant was granted and included in (offset against)
the development cost capitalized for the project. The excess of grants over development cost is
presented under other payables, since these represent a potential obligation until the moment of
publication.
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2.24 Income tax
Current income tax
Current income tax assets or liabilities relates to current and previous periods and are measured
according to the amount that is estimated to be paid to or received from the tax authorities. The
taxation is measured according to the prevailing legal rates and legislation.
Deferred taxation
A deferred tax asset or liability is recognized for temporary differences as at balance date between
the tax base of assets and liabilities and their carrying amounts. Deferred tax assets are recorded for
all temporary differences in so far as it is likely that there will be a taxable income against which the
temporary difference can be offset. Deferred tax assets and liabilities are recorded for all taxable
temporary differences except when:
•the deferred tax asset or liability results from an initial recognition of a claim or liability in a
transaction which is not a business combination and which, at the moment of the
transaction, has no impact on the profit before tax or the taxable income, and / or;
•the deferred tax asset or liability results from an initial recognition of goodwill or an asset
or liability in a transaction which is not a business combination and which, at the moment of
the transaction, has no impact on the profit before tax or the taxable income, and;
•in relation to temporary differences relating to investments in subsidiaries and joint
venture interests, when the timing of settlement can be determined individually and when it
is likely that the temporary difference will not be settled in the near future.
Deferred tax assets and liabilities are measured at the tax rates which are expected to prevail
during the period in which the claim is materialized, or the liability is settled, based on legally
determined rates and applicable tax law. Deferred tax assets and liabilities are netted if there is a
legal right to net claims and liabilities, and if the deferred tax relates to the same taxable entity, the
same tax authority and the same period.
2.25 Financial instruments and hedging
Recognition and de-recognition
Financial assets and financial liabilities are recognized when the Group becomes a party to the
contractual provisions of the financial instrument (at trade date). Financial assets are derecognized
when the contractual rights to the cash flows from the financial asset expire, or when the financial
asset and substantially all the risks and rewards are transferred. A financial liability is derecognized
when it is extinguished, discharged, cancelled or expires.
Classification
In order for a financial asset to be classified and measured at amortized cost, it needs to give rise to
cash flows that are solely payments of principal and interest on the principal amount outstanding.
This assessment is made at a financial asset level based on the business model to collect the
contractual cash flows. Financial assets with cash flows that are not solely payments of principal
and interest are classified and measured at fair value through profit or loss, irrespective of the
business model.
Financial assets of the Group, like some non-current financial assets, trade and other receivables
and cash and cash equivalents, are classified as financial assets measured at amortized cost.
Financial liabilities, like interest bearing loans and trade and other payables, are classified as
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
financial liabilities measured at amortised cost. Financial assets that classify as fair value through
profit or loss (like share interest in other companies) and derivative financial instruments are
classified as financial assets or liabilities at fair value through profit or loss.
All income and expenses relating to financial instruments measured at amortized cost that are
recognized in profit or loss are presented within finance costs, finance income or other financial
items, except for impairment of trade receivables which is presented within other expenses.
Derivatives and hedge accounting
Brill uses financial derivative instruments such as futures and swaps to manage risks related to
foreign currencies and interest. Derivatives are initially recognized at fair value and are
subsequently remeasured to their fair value. The accounting for subsequent changes in fair value
depends on whether the derivative is designated as a hedging instrument, and if so, the nature of
the item being hedged. The Group designates derivatives to cash flow hedges based on a particular
risk associated with the cash flows of highly probable forecast transactions.
At inception of the hedge relationship, the Group documents the economic relationship between the
derivatives (hedging instruments) and forecast transaction (hedged item) 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. The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is recognized in the cash flow hedge reserve
within equity (hedge reserve). The gain or loss relating to the ineffective portion is recognized
immediately in profit or loss, within finance costs.
When a hedging instrument expires, is sold or terminated, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative deferred gain or loss and deferred costs of hedging in
equity at that time remains in equity until the forecast transaction occurs. When the forecasted
transaction occurs this amount is removed from equity and included in (i) the measurement of the
recognition of the related non-financial asset or liability, such as an inventory, or (ii) in profit or loss
as a reclassification adjustment in the same period or periods during which the hedge expected
future cash flow affects profit or loss. When the forecast transaction is no longer expected to occur,
the cumulative gain or loss and deferred costs of hedging that were reported in equity are
immediately reclassified to profit or loss.
2.26 Fair value and fair value hierarchy
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date. All assets and liabilities
for which fair value is measured or disclosed are categorised within the fair value hierarchy,
described hereafter:
Level 1
The fair value of financial instruments traded in active markets (such as publicly traded derivatives,
and trading and available-for-sale securities) is based on quoted market prices at the end of the
reporting period.
Level 2:
The fair value of financial instruments that are not traded in an active market (for example, over-
the-counter derivatives) is determined using valuation techniques which maximize the use of
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
observable market data and rely as little as possible on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.
Measurement methods are, among others, the discounted cash flow method using discount rates
and relevant forward rates as at the end of the reporting period.
Level 3:
If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3. This is the case for unlisted equity securities.
2.27 Cash flow statement
Cash flow from operating activities
Cash flows from operating activities are calculated by the indirect method by adjusting the profit
from operating activities for non-cash flows and changes in consolidated working capital. Operating
cash flow also includes the costs for financing of operating activities and income tax paid on all
activities.
Cash flow from investment activities
Cash flows from investing activities are those arising from net capital expenditure and from
acquisition and sale of business or publication rights. Cash and cash equivalent available at the time
of acquisition or sale are deducted from the related payments or proceeds.
Cash flows from financing activities
Cash flows from financing activities comprise the cash receipts and repayments of debt and equity
instruments (including dividend payments) and repayments of lease liabilities.
3. Business combinations
On 15 April, 2022, Brill acquired all shares and obtained control of Wageningen Academic
Publishers (hereafter "WAP"). WAP is a cutting-edge, international academic publisher in the fields
of Animal Science, Food and Health Science, Agriculture, Environment and Agribusiness. It
publishes scientific journals, books and conference proceedings, many of which in Open Access. The
total revenue of WAP amounted to approx. 1 million in 2021 and the number of FTE is 6.8.
The fair value of the identifiable acquired assets and liabilities from WAP is summarised hereafter.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
In thousands of euro
Fair value as at 15 April,
2022
Intangible assets (other than goodwill)
527
Property, plant and equipment
11
Right of use assets
55
Inventories
27
Trade and other receivables
63
Cash and cash equivalents
510
Trade and other payables
-225
Deferred taxes
-130
Lease liabilities
-56
Net identifiable assets acquired
782
Goodwill
1,718
Net assets acquired (consideration transferred)
2,500
Acquisition price
The acquisition price of Wageningen Academic Publishers B.V. was 2.5 million euro and was paid in
cash. There is no contingent consideration.
Goodwill
The total goodwill is primarily related to the growth expectations, enhancement of the combination
of the operating companies in their substantial publishing skills, expertise and knowledge of the
workforce, resulting in profit growth of the Group. The goodwill is not tax-deductible.
Other information
The total consideration transferred was paid in cash. Since the acquisition date, the revenue of the
business acquired was 699 thousand and the net result was 147 thousand. In case the activities
were included in the Group figures for the whole year, the Group’s revenue would have been
approximately 49.037 thousand and loss for the period approximately -3,289 thousand.
Measurement and assumptions of the assets and liabilities acquired
Intangible assets
Publishing rights are valuated based on the multi-period excess earnings method. The multi-period
excess earnings method is a generally accepted method to determine the fair value of such assets.
This fair value is based on level 3 of the fair value hierarchy. The useful lives for publications is
estimated at 10 years. The average attrition rate for books ranges between 27% to 1%, the growth
rate used is nil. The discount rate applied is 11.7%.
The brand "Wageningen Academic Publishers" acquired was valued based on the relief from royalty
method, which considers a royalty rate and growth of revenues coming from existing and new
customers. The relief from royalty method is a generally accepted method to determine the fair
value of such an asset. This fair value is based on level 3 of the fair value hierarchy. To determine
the fair value of the brand name, a royalty rate of 1.0% is used, growth rates of 1.0% and a discount
rate of 11.7%.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Property plant and equipment
The property, plan and equipment acquired have been valued at their fair value upon acquisition.
Leases
At acquisition date, lease liabilities are measured in accordance with the Group's accounting policy
for new lease agreements (see note 2.10). The right of use assets are measured at the same amount
of the lease liabilities, adjusted to reflect favourable or unfavourable terms of the lease when
compared with market terms, if applicable. See note 5.
Working capital
The fair value of the material assets identified and liabilities assumed of working capital, including
unbilled and deferred revenue, trade and other receivables, and trade and other payables, is based
on the market value at which the assets or liabilities are or can be settled with contractual parties
(fair value hierarchy level 3).
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
4. Property, plant and equipment
2022
Leasehold
improvements
Furniture &
Fixtures
IT
Hardware
Total
As at 1 January
Cost
910
650
758
2,318
Accumulated depreciation
-871
-620
-574
-2,065
Carrying amount as at 1 January
39
30
184
253
Changes in the year
Acquired through business combination
0
Investment
0
798
290
1,088
Transfer at cost
0
39
2
41
Transfer accumulated depreciation
0
-39
-2
-41
Disposal at cost
0
0
-8
-8
Disposal accumulated depreciation 
0
-1
7
6
Depreciation
-27
-70
-99
-196
Exchange rate differences
0
0
0
0
Carrying amount as per 31 December
12
756
376
1,144
As at 31 December
Cost
910
1,487
1,043
3,439
Accumulated depreciation
-898
-731
-667
-2,295
Carrying amount as at 31 December
12
756
376
1,144
Useful life in years
10
5 - 10
3
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
2021
Leasehold
improvements
Furniture &
Fixtures
IT
Hardware
Total
As at 1 January
Cost
907
619
599
2,125
Accumulated depreciation
-831
-584
-488
-1,903
Carrying amount as at 1 January
76
35
111
222
Changes in the year
Acquired through business combination
3
0
37
40
Investment
0
1
97
98
Transfer at cost
0
10
24
34
Transfer accumulated depreciation
0
4
-4
0
Depreciation
-40
-37
-81
-158
Exchange rate differences
0
17
0
17
Carrying amount as per 31 December
39
30
184
253
As at 31 December
Cost
910
650
758
2,318
Accumulated depreciation
-871
-620
-574
-2,065
Carrying amount as at 31 December
39
30
184
253
Depreciation is presented of the general and administrative expenses in the consolidated statement
of profit or loss and other comprehensive income (refer to note 19). See note 12 for the amount of
the pledged property, plant and equipment.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
5. Leases
Brill has entered into lease agreements for offices and company cars.
Right of use assets
Offices
Company cars
Total
2022
Carrying amount as at 1 January
1,210
113
1,323
Acquired through business combination
55
0
55
Additions
4,929
86
5,015
Depreciations
-843
-80
-923
Carrying amount as at 31 December
5,351
119
5,470
Lease term in years (current and previous year)
0 - 10
0 - 4
2021
Carrying amount as at 1 January
1,345
113
1,458
Acquired through business combination
447
8
455
Additions
119
54
173
Depreciations
-701
-62
-763
Carrying amount as at 31 December
1,210
113
1,323
Additions to right of use assets include the lease for the new office in Göttingen and the extended lease of
the office in Leiden.
Lease liabilities
2022
2021
Carrying amount as at 1 January
1,540
1,834
Acquired through business combination (note 3)
55
455
Additions
5,015
121
Interest accretion (note 20)
83
52
Redemption of lease liabilities (Cash flows from financing activities)
-1,060
-870
Interest payments (Cash flows from operating activities)
-83
-52
Carrying amount as at 31 December
5,550
1,540
Non-current lease liabilities
4,962
612
Current lease liabilities
588
928
5,550
1,540
The redemption of lease liabilities is presented in the Consolidated statement of cash flows as part
of the cash flows of finance activities. In the year, the Group expensed 192 thousand for low value
leases (2021: 130 thousand). Total cash outflow of leases was 1,143 thousand (2021: 976
thousand).
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
6. Intangible assets
2022
Publishing
rights
Goodwill
Capitalized
Content
Information
Systems
Other
Assets
under
construc-
tion
Total
As at 1 January
Cost
17,889
4,003
52,736
7,191
842
1,082
83,743
Accumulated amortization and
impairment
-558
0
-40,869
-5,860
-294
0
-47,580
Carrying amount as at 1 January
17,331
4,003
11,868
1,331
549
1,082
36,163
Changes in the year
Acquired through business
combination
491
1,718
0
0
36
0
2,245
Investment
200
0
2,899
0
7
1,432
4,538
Transfer Asset Category
0
0
0
1,005
0
-1,005
0
Transfer at cost
56
0
0
2,028
118
0
2,201
Transfer accumulated amortization
-56
0
0
-2,028
-118
0
-2,201
Disposals  at cost
0
0
0
-341
0
0
-341
Disposals at acc. amortization
0
0
0
323
0
0
323
Impairment
-578
-1,029
0
0
0
0
-1,607
Amortization
-211
0
-3,156
-844
-85
0
-4,296
Total changes
-98
689
-257
144
-41
426
862
As at 31 December
Cost
18,636
5,721
55,635
9,883
1,004
1,508
92,387
Accumulated amortization and
impairment
-1,403
-1,029
-44,025
-8,408
-496
0
-55,362
Carrying amount as at 31 December
17,233
4,692
11,610
1,475
507
1,508
37,025
Useful life in years
Indefinite
/ 9 - 20
Indefinite
10
3 - 5
5
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
2021
Publishing
rights
Goodwill
Capitalized
Content
Information
Systems
Other
Assets
under
constructi
on
Total
As at 1 January
Cost
16,259
3,389
49,185
6,396
404
309
75,940
Accumulated amortization and
impairment
-370
0
-37,802
-4,967
-211
0
-43,349
Carrying amount as at 1 January
15,890
3,389
11,383
1,429
194
309
32,591
Changes in the year
Acquired through business
combination
1,373
614
0
379
440
0
2,806
Investment
57
0
3,552
35
123
1,404
5,171
Transfer asset group
200
0
431
-631
0
Reclass and Disposals – at cost
0
0
-50
0
-50
Reclass and Disposals – at
accumulated depreciation 
0
0
0
0
0
Amortization
-188
0
-3,067
-893
-207
0
-4,355
Total changes
1,443
614
485
-98
356
773
3,572
As at 31 December
Cost
17,889
4,003
52,736
7,191
967
1,082
83,868
Accumulated amortization and
impairment
-558
0
-40,869
-5,860
-418
0
-47,705
Carrying amount as at 31 December
17,331
4,003
11,868
1,331
549
1,082
36,163
See note 3 for the assets acquired through business combination. Other intangible assets contains
licenses and trade names.
The amortization schedule for capitalized content is as follows:
Year
1
2
3
4
5
6
7
8
9
10
39%
17%
8%
6%
5%
5%
5%
5%
5%
5%
See note 12 for the amount of pledged intangible assets.
Impairment testing of goodwill and other intangible assets
At the end of each reporting period, the Group reviews any indication whether the cash generating
units (hereafter "CGU") that contain goodwill and intangible assets may be impaired. In addition,
the Group carries out annual impairment tests by comparing the carrying amount of each CGU to
the recoverable amount. The acquired goodwill and intangible assets from Wageningen Academic
Publishers are added to the Biology portfolio that is part of CGU HIS.
The recoverable amount is determined by calculation of the CGU’s value-in-use. The value-in-use is
determined by discounting the CGU’s future cash flows. The cash flow projections are based on
actual operating results, and the budget and strategic plans in force at the time of making the
analysis. Furthermore, the three-year projections in the strategic plans are extended to 10 years.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
The Management Board believes that this is a term in which relevant market trends (most
importantly scholarly publication output) can be reliably forecasted.
The key assumptions for the impairment test are (i) long-term growth rate of revenue, gross margin
and EBITDA is 1.0% (2021: 0.5%) and (ii) discount rate (WACC) of 10.13% (2021: 6.28%), which
reflects current market assessments of the time value of money and the risks specific to the assets.
Key assumptions applied to the net present value calculations relate to growth of revenue and
development of the cost of goods sold. These assumptions are based on management estimates as
included in the most current business plans. Revenue growth assumptions are based on an
expected continuous growth in output of and demand for scholarly research whereas cost estimates
assume a shift from variable expense to fixed expense, increasing slower than revenue.
The annual impairment test showed that the recoverable amount for intangible assets and goodwill 
for three segments were lower than their carrying amounts, resulting in impairments of 659
thousand for HIS and 370 thousand for LAW (both decreasing the value of goodwill) and 578
thousand for LLA (decreasing the value of publishing rights). The impairments are mainly due to a
significant increase of the discount rate (from 6.28% in 2021 to 10.13% in 2022), higher
expectations for future costs increases and an increase of the assets (mainly as a results of IFRS 16
related right of use assets for the offices in Leiden and Göttingen). The recoverable amount (value
in use) for the three segments/CGU's are HIS 6.9 million, LAW 11.8 million and LLA 3.3 million.
The Group also assessed whether a change in a key assumption would cause the carrying amount to
(further) exceed the recoverable amount.
CGU's (see note
18)
Applied terminal growth
rate
of cash flows (g)
Decrease in growth rate
which would trigger an
(additional) impairment
Increase in discount rate
which would trigger an
(additional) impairment
ARC
1.0%
>1.0 percent point
>5 percent point
HIS
1.0%
>0.0 percent point
>0 percent point
LAW
1.0%
>0.0 percent point
>0 percent point
MIA
1.0%
>0.5 percent point
>5 percent point
LLA
1.0%
>0.0 percent point
>0 percent point
DACH
1.0%
>2.0 percent point
>5 percent point
Sensitivity tests applied to the valuations show that the valuations for the three segments for which
there is no impairment in 2022 are robust against material (negative) variances in the applied
terminal growth rate.
Carrying amounts by segment as per 31 December (refer to note 18 for details on segmentation and
developments in 2022) of intangibles and goodwill with an indefinite life are summarized hereafter.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Segment
Publishing rights and brand
names
Goodwill
Total
As at 31 December
2022
2021
2022
2021
2022
2021
ARC
837
837
404
404
1,241
1,241
HIS
1,349
1,349
2,638
1,578
3,987
2,927
LAW
10,560
10,560
418
788
10,978
11,348
MIA
532
532
343
343
875
875
LLA
1,728
2,306
0
0
1,728
2,306
DACH
0
0
890
890
890
890
Total
15,006
15,584
4,693
4,003
19,699
19,587
At year-end, the the Group had no material outstanding commitments for the purchase or
development of intangible assets (year-end 2021: no material outstanding commitments).
7. Income tax
Income tax expenses
This note provides an analysis of Brill’s income tax expense and Brill’s deferred tax position.
2022
2021
- Current
149
-393
- Deferred tax
1,085
-888
Income tax expense
1,234
1,281
Of the current tax charge, 6 thousand (2021: 180 thousand) is due in other jurisdictions than the
Netherlands. The table below reconciles the effective tax rate and the calculation of tax according to
local nominal Dutch tax rates for the year ended 31 December, 2022 and 2021.
2022
2021
Income before tax
-4,698
4,317
Statutory Dutch income tax rate
20% - 25.0%
Tax, at the nominal rate
1,212
-1,055
- Effect of different tax rates outside the Netherlands
-4
-59
- Permanent differences
34
-12
- Release from deferred tax liability
-21
0
- Changes in nominal tax rate
0
-160
- Miscellaneous
13
5
Tax recognized in the consolidated income statement
1,234
-1,281
Effective tax rate
26.3%
29.7%
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Deferred taxes
Deferred taxation is itemized as follows with regards to deferred tax liability:
2022
Intangible
assets
Plant and
equipment
Trade & other
accrued
expenses
Hedge
contracts
Total
As at 1 January
-5,230
32
44
-6
-5,160
Acquired through business combinations
-131
-131
Recognized in profit and loss
-91
-11
898
796
Recognized in other comprehensive income
0
Effect of movement in foreign exchange rates
0
Carrying amount as at 31 December
-5,452
21
942
-6
-4,495
2021
Intangible
assets
Plant and
equipment
Trade & other
accrued
expenses
Hedge
contracts
Total
As at 1 January
-4,324
55
44
0
-4,225
Acquired through business combinations
0
0
0
0
0
Recognized in profit and loss
-906
-23
0
0
-929
Recognized in other comprehensive income
0
0
0
-6
-6
Effect of movement in foreign exchange rates
0
0
0
0
0
Carrying amount as at 31 December
-5,230
32
44
-6
-5,160
Deferred taxation is itemized as follows with regards to deferred tax asset:
2022
Intangible
assets
Plant and
equipment
Trade & other
accrued
expenses
Hedge
contracts
Total
As at 1 January
30
0
51
0
81
Acquired through business combinations
0
0
0
0
0
Recognized in profit and loss
-2
55
236
0
289
Recognized in other comprehensive income
0
0
0
0
0
Effect of movement in foreign exchange rates
0
0
0
0
0
Carrying amount as at 31 December
28
55
287
0
370
2021
Intangible
assets
Plant and
equipment
Trade & other
accrued
expenses
Hedge
contracts
Total
As at 1 January
0
0
38
0
38
Acquired through business combinations
0
0
0
0
0
Recognized in profit and loss
30
0
11
0
41
Recognized in other comprehensive income
0
0
0
0
0
Effect of movement in foreign exchange rates
0
0
2
0
2
Carrying amount as at 31 December
30
0
51
0
81
8. Inventories
As at 31 December
2022
2021
Publications in development
399
369
Finished goods
4,076
4,352
Book return asset
94
94
4,569
4,815
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The inventory of finished goods includes a provision for obsolescence of 6,973 thousand (2021:
6,663 thousand). During the year, the provision was increased by 310 thousand mainly due to
additional write-off related to the insolvency of our main distributor and the move to our new
distribution partners (2021: decrease of 410 thousand). Depreciation of our stock is done based on
sales patterns; as we have not been able to fulfil orders since Turpin went into insolvency, the value
of our stock decreased. Additionally, numerous titles still in stock at Turpin can now be printed on
demand; it therefore makes more economic sense to destroy the inventory compared with the cost
of transferring stock to the warehouse(s) of our new distribution partners.
This amount was charged to the Cost of goods sold in the Consolidated Statement of profit or loss
and other comprehensive income. See note 12 for the amount of pledged inventory.
9. Trade and other receivables
As at 31 December
2022
2021
Trade receivables
6,963
8,745
Other receivables
1,572
2,628
8,535
11,373
Trade debts are non-interest bearing and have average payment terms of thirty to ninety days,
depending of the country of residence of the customers. Note 17 contains a risk analysis. For some
trade receivables, Brill may obtain security in the form of insurance against default of the debtor. 
See note 12 for the amount of pledged trade receivable to lenders of the Group.
The ageing of the receivables is shown hereafter.
As at 31 December, 2022
Payments not due
Gross amount
Credit loss allowance
Net amount
Loss allowance
4,877
-7
4,871
0% - 0.1%
Payments due:
0–30 days
986
-1
985
0.1%
30–60 days
249
0
249
0.0%
60–90 days
194
0
194
0.0%
> 90 days
1,922
-1,258
664
65.0%
Total trade receivables
8,228
-1,265
6,963
As at 31 December, 2021
Payments not due
Gross amount
Credit loss allowance
Net amount
Loss allowance
7,686
-10
7,676
0% - 0.1%
Payments due:
0–30 days
841
-1
840
0.1%
30–60 days
0
0
0
0.1%
60–90 days
91
0
91
0.1%
> 90 days
365
-227
138
62.0%
Total trade receivables
8,983
-238
8,745
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The changes in the credit loss allowance in the year are:
2022
2021
1 January
238
347
Add to the allowance during the year
1,181
35
Receivables written off during the year as uncollectible
-154
-144
31 December
1,265
238
10. Cash and cash equivalents
Cash and cash equivalents as at year-end 2022 were 3,701 thousand (year-end 2021: 5,439
thousand). Included in this amount is 107 thousand restricted cash that serves as a guarantee for
the lease contract of the Leiden office, 83 thousand restricted cash that serves as a guarantee for the
lease contract of the new Göttingen office and 130 thousand cash held by a subsidiary that is not
directly freely remissible.
11. Equity
11.1 Capital and reserves
The share capital of the company is divided into ordinary shares and cumulative preference shares.
There are currently no cumulative preference shares issued. The number of ordinary shares with
par value of 0.60 per share, issued and paid, was 1,874,444 in 2022 (2021: 1,874,444). The number
of authorized shares was 2,500,000 in 2022 (2021: 2,500,000). In 2022, share capital was 1,125
thousand (2021: 1,125 thousand).
Other reserves consist of a currency translation reserve (including foreign currency exchange rate
differences from foreign subsidiaries) and a cash flow hedge reserve (including the share in the
increase or decrease of the cash flow hedge for which it has been established that it is effective).
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The breakdown and changes in the other reserves, the currency translation and cash flow hedge
reserve, are as follows:
Currency translation
reserve
Cash flow hedge
reserve
Total other
reserves
2022
As at 1 January
-303
-4
-307
Exchange differences on subsidiaries
36
0
36
Net gain or loss(-) on cash flow hedges
0
55
55
Reclassification to profit and loss
0
5
5
Changes before tax effect
36
60
96
Tax effect
0
-15
-15
Recognized in other comprehensive income
36
45
81
As at 31 December
-267
41
-226
2021
As at 1 January
-463
-16
-479
Exchange differences on subsidiaries
160
0
160
Net gain or loss(-) on cash flow hedges
0
7
7
Reclassification to profit and loss
0
9
9
Changes before tax effect
160
16
176
Tax effect
0
-4
-4
Recognized in other comprehensive income
160
12
172
As at 31 December
-303
-4
-307
11.2 Appropriation of result and dividend
The Group proposes to charge the loss of -3,465 thousand for the year to the retained earnings (in
2021, 1,349 thousand was added to retained earnings and 1,687 thousand or 0.90 per share
dividend was distributed to shareholders).
11.3 Call option Stichting Luchtmans
Stichting Luchtmans was granted a call option that gives it the right, in the event of hostile action or
imminent hostile action against the company, to purchase a number of cumulative preference
shares equal to, at most, 100% of the shares and depository receipts issued at the time at which the
option is exercised less one share. When the option is exercised, only 25% of the total nominal
amount must be paid. The exercise price is equal to the nominal value. Stichting Luchtmans and the
company have agreed that the option may be exercised up to 100% of the issued capital if and as
long as shares and depository receipts are listed on the Euronext Amsterdam N.V. exchange.
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12. Interest bearing loans
In December 2022, the Group entered into an amended financing agreement with its lender to
address the temporary cash flow decrease due to the insolvency of our main distributor, Turpin.
Under the amended agreement, the following conditions apply:
•The 5.0 million facility was temporarily increased to 8.8 million until December 31, 2023.
The interest consists of the average 1-month EURIBOR rate as determined during a month
plus a surcharge which is currently 1.95%-point
•The 2.2 million withdrawal from the acquisition facility (used for the acquisition of
Wageningen Academic Publishers ) was converted into a long-term bank loan, of which 2.2
million was outstanding at balance date. The Group will pay a quarterly redemption starting
Q3 2024 until the loan is fully paid back end of Q3 2027. Interest consists of EURIBOR for a
period of 3 months (the "roll-over period") and a surcharge which is currently 2.95%-point
•The remaining 2.8 million acquisition facility was put on hold until December 31, 2023
•The lender provided Brill a waiver for the year 2022 for the covenants Senior net debt/
EBITDA ratio and the Debt Service Coverage Ratio
•For 2023 Brill must comply with quarterly minimum liquidity levels
•From January 1 2024 the conditions as agreed in August 2021 apply again.
In August 2021, the Group entered into a new financing agreement with its lender, including
converting a withdrawal from the acquisition facility of 2.9 million into a long-term bank loan,
of which 2.2 million was outstanding at balance date. The Group pays a quarterly redemption until
the loan is fully paid back mid-2027. The interest is fixed at 2.45%.
In May 2018, the Group took a long-term bank loan of 6.5 million, of which at balance date 2.4
million was outstanding. The Group pays a quarterly redemption until the loan is fully paid back
mid-2024. Brill entered into an interest rate swap contract in July, 2019 to mitigate the risk of
increases in interest during the remainder of the duration of the loan (mid-2024). Brill’s interest
payments are now fixed at 1.5% of the remaining outstanding debt for the duration of the loan.
As a results of the above, on 31 December, 2022 unused credit facilities of 8.8 million were available
(2021: 10 million). As a security for these bank loans the Group has pledged assets. The pledged
assets with a total carrying amount of 33.1 million (2021: 34.6 million) consist of publishing rights
(17.8 million, 2021: 17.1 million), receivables (9.9 million, 2021: 12.4 million), inventories (4.3
million, 2021: 4.8 million) and property, plant and equipment (1.1 million, 2021: 0.3 million).
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The movement of the interest-bearing loans is as follows:
2022
2021
Carrying amount as at 1 January
6,154
4,583
Changes in the year
New interest bearing loan
2,200
2,900
Debt redemption
-1,588
-1,334
Changes in financing cash flows
612
1,566
Transaction costs loan expensed over loan term
15
5
Carrying amount as at 31 December
6,781
6,154
Non-current
5,193
4,566
Current
1,588
1,588
Carrying amount as at 31 December
6,781
6,154
The debt redemption and new interest bearing loan are presented in the Consolidated statement of
cash flows as part of the cash flows of finance activities.
The main non-financial covenant is the non-distribution clause that prohibits the Group to
distribute to its shareholders more than 100% of the sum of Profit before tax plus amortization and
depreciation (non-product).
The sums involved were:
Non distribution covenant
2022
2021
Profit before tax
-4,691
4,317
Amortization and depreciation (non-product, non IFRS 16)
1,336
1,282
Maximum distribution
-3,355
5,599
In addition, the covenants include two financial ratios. As stated above, the bank provided Brill with
a waiver for the year 2022 for the covenants Senior net debt/EBITDA ratio and the Debt Service
Coverage Ratio:
Net debt/EBITDA ratio
2022
2021
Cash and cash equivalents
-3,701
-5,439
Interest bearing loans
6,781
6,154
Net debt
3,080
715
EBITDA [see note 18]
-30
7,203
Net debt/EBITDA ratio (must be less than 3.0)
-102.67
0.10
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Debt service coverage ratio
2022
2021
EBITDA [18]
-30
7,203
Income tax paid(-)/received
124
-936
Replacement investments: property, plant and equipment
-1,088
-104
Replacement investments: intangible assets (non-product, non-acquisition)
-1,439
-1,163
Total
-2,433
5,000
Interest paid
294
185
Redemption loan
1,588
1,334
Total
1,882
1,519
Debt service coverage ratio (must be higher than 1.1)
-1.3
3.3
Net debt movements
Cash and
cash
equivalents
Interest
bearing loan
– short-term
Interest
bearing loan
– long-term
Total
Net debt 1 January 2022
5,439
-1,588
-4,566
-715
Cash flows
-1,738
0
-627
-2,365
Net debt 31 December 2022
3,701
-1,588
-5,193
-3,080
Free cash flow
Free cash flow is often used to evaluate the cash available to the company’s lenders and investors.
Free cash flow
2022
2021
Net cash flow
-1,738
-460
Dividend paid to shareholders
1,687
2,343
Interest and debt redemption
1,882
1,519
1,831
3,402
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13. Trade and other payables
As at 31 December
2022
2021
Trade creditors
6,110
2,592
Other taxes and social securities
783
671
Refund liability
634
608
Accruals
3,537
4,286
Pension liability
200
99
Other payables
2,783
4,903
14,046
13,159
Trade creditors are non-interest bearing and normally have a payment due date of less than
30 days. Taxes, social securities and other payables are settled during the year.
14. Deferred income
Deferred income relates to the advances received for journal and database access subscriptions.
From deferred income recorded on the consolidated statement of financial position as at 31
December, 2021, 9,189 thousand was recognized in the revenue of the year 2022 (in the revenue of
2021: 8,967 thousand).
15. Provisions
Other provisions
Carrying amount as at 1 January
0
Additions
495
Carrying amount as at 31 December
495
Current provisions
495
Carrying amount as at 31 December
495
The other provisions relate to uncertain indirect tax payments for which Brill is in discussion with
the relevant tax authorities and that will be settled within one year. The amount is an estimation
and depends on the amount of revenue, type of client and the relevant tax percentage.
16. Commitments
A new bank guarantee of 83 thousand was issued during 2022 in support of the rental agreement of
the office located Robert-Bosch-Breite 10 in Göttingen (ending in October 2027).
A bank guarantee of 107 thousand (2021: 107 thousand) was issued in support of the rental
agreement of the office located Plantijnstraat 2 in Leiden (ending in September 2023). At year end,
there were no major commitments for investments. The liabilities for low-value leases will average
yearly at 120 thousand.
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17. Financial risk management
17.1 Market risk
Foreign currency exchange risk
Brill's reporting currency is the euro. The US dollar is the main other currency relevant to Brill’s
business. In 2022, around 26% (2021: 23%) of revenues was invoiced in USD. Brill's objective
related to currency exchange risk is to improve its financial performance by mitigating significant
swings in the US dollar exchange rate. For this objective, Brill may enter into foreign currency
forward contracts. Normally, prices in US dollar are announced at the beginning of the year and are
adjusted annually. In determining prices in US dollar, current exchange rate circumstances are
considered. Since most expenses are in euro, Brill is net long in US dollar. Brill’s policy is to hedge
around 80% of the expected net incoming cash flow in US dollar for the next twelve months by
using currency forwards. In addition, Brill attempts to limit currency risk by means of natural
hedging, meaning entering in liabilities in US dollar to compensate receivables in US dollar.
The below table shows the impact of a change in exchange rate of the US dollar versus the euro on
Brill’s financial results:
Impact of a 5% increase
of the US dollar value
versus the euro
2022
2021
Impact of a 5% decrease of
the US dollar value versus
the euro
2022
2021
Net revenue
109
108
Net revenue
-120
-119
Gross profit
100
97
Gross profit
-111
-107
Net profit
233
225
Net profit
-258
-248
Equity
91
94
Equity
-100
-104
In determining the impact, Brill takes the current hedging contracts into account and used
estimations, based on historical information and forecasts, of outstanding US dollar amounts for
sales, expenses, receivables, liabilities and subsidiaries. The impact on Net profit is mainly caused
by the change in valuation of assets and liabilities in US dollar. The impact on equity is mainly
caused by changes in the valuation of the investment in the US subsidiary and the valuation of the
cash flow hedge.
Interest rate risk
As per ultimo 2022, a long-term loan with variable rate (3 months EURIBOR plus 1.8%) was in
place (see note 12). Brill's objective related to interest risk is to improve financial performance by
mitigating risk on interest rate increases, for example by use of interest rate swaps or comparable
instruments. Brill entered into an interest rate swap contract in July, 2019 to mitigate the risk of
increases in interest during the remainder of the duration of the long-term loan (mid-2024). Brill’s
interest payments are now fixed at 1.5% of the remaining outstanding debt for the duration of the
loan.
The below table shows the impact of a change in interest rate on Brill’s financial results, assuming
that additional facilities are nil and the interest bearing loans are fully hedged with the interest rate
swap.
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Impact of a 1% increase of 3
months EURIBOR
2022
2021
Impact of a 1% decrease of
3 months EURIBOR
2022
2021
Profit after tax
0
0
Profit after tax
0
0
Equity
0
0
Equity
0
0
17.2 Credit risk
The business of the Group is concentrated in Western Europe, the United States and Asia. The
Group's objective related to credit risk is to improve financial performance by mitigating defaults
on outstanding receivables. Credit risk is the risk that one party to a financial instrument will cause
a financial loss for the other party by failing to discharge an obligation. Concentration of credit risks
arises when the Group is exposed to significant outstanding past due amounts of a counterparty
(like a trade debtor) or group of counterparties. Brill has is no significant concentration of credit
risk, whether through exposure to individual customers and/or regions. Currently, a consolidation
is ongoing in the trade market. Although the risk of insolvency of a trade customer is unchanged,
this concentration does increase the potential impact of an insolvency. However, this process does
not result in a significant credit risk for the Group. For ongoing sales activity, the Group has access
to relevant credit information. In addition, the Group's credit policy includes payment terms, credit
limits and dunning policies. Cash flow is impacted by the payment behaviour of our customers;
therefore, compliance with payment terms is monitored closely. The Group's maximum exposure is
limited to the carrying amount of non-current financial assets, trade and other receivables,
derivative financial instruments (assets) and cash and cash equivalents in the statement of financial
position at year end.
In the journals business the Group runs almost no credit risk, because journal deliveries are made
after receipt of payment by subscribers. It is in the interest of the publisher to deliver new issues to
subscribers without interruption and for that reason, the publisher may, on an exception basis,
deliver issues before payment has been received. A limited risk exists with regard to subscription
fees paid by the customer to the subscription agent but not transferred yet to the publisher. Very
limited credit risk exists in the sale of online products because Brill can terminate access to the
product at any time.
The Group operates in different jurisdictions where different payment terms apply, changes in
credit quality is determined according to the different payment terms in these jurisdictions. The
Group considers an event of default for internal credit risk management purposes if there is
information indicating the debtor is unlikely to pay its liabilities in full or a breach of financial
covenants by the debtor.
17.3 Liquidity risk
The Group prepares quarterly evaluations of its liquidity position using a seasonal cash flow pattern
in combination with expected major changes in expenditure and income. The Group’s approach to
managing liquidity is aimed at ensuring that it will have sufficient liquidity to meet its liabilities
when due, under both normal and stressed conditions. Liquidity projections including available
credit facilities are incorporated in the regular management information reviewed by the
Management Board.
The table below shows the maturities of the Group’s financial liabilities. The cash flows are
contractual and undiscounted.
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Carrying
amount
Maturity
< 3 months
3–12 months
1–5 year
> 5 year
Total
As per 31 December, 2022
Trade and other payables
14,046
9,647
4,399
0
0
14,046
Interest bearing loans
6,781
397
1,191
5,193
0
6,781
Lease liabilities
5,550
147
441
2,495
2,467
5,550
26,377
10,191
6,031
7,688
2,467
26,377
As per 31 December, 2021
Trade and other payables
13,159
7,697
5,462
0
0
13,159
Interest bearing loans
6,154
397
1,191
4,566
0
6,154
Derivatives financial instruments
6
2
2
2
0
6
Lease liabilities
1,540
232
969
339
0
1,540
20,859
8,328
7,624
4,907
0
20,859
17.4 Financial instruments
Classification of financial instruments
The classification of the financial instruments of the Group are set out hereafter.
As at 31 December
2022
2021
Financial assets
Financial assets measured at amortized cost
12,236
16,812
Financial assets measured at fair value through profit or loss
337
283
12,573
17,095
Financial liabilities other than lease liabilities
Financial liabilities measured at amortized cost
13,674
9,417
Financial liabilities measured at fair value through profit or loss
0
6
13,674
9,423
Hedge accounting
To mitigate the effect of changes in market interest rates on our financial results, Brill entered into
an interest rate swap covering the floating interest rate of the interest bearing loans. This
instrument effectively changes the variable interest rate from the loan agreement into a fixed rate.
At the end of the reporting period the hedge accounting position of the interest rate swap was:
Year
Notional
amount
Carrying
amount
Contract rate
Change in
hedging
instrument
Change in
hedged item
Ineffectiveness
2022
1,896
54
-0.27%
60
-60
0.00
2021
2,979
-6
-0.26%
-6
6
0.00
See note 11 for the changes in cash flow hedge reserve.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Netting
The Group does not offset recognized financial instruments and is not subject to enforceable master
netting arrangements or other similar agreements.
Fair value hierarchy
During the year there have been no (2021: no) movements between fair value levels.
As per 31 December
Carrying
amount
Fair value
Level
Carrying
amount
Fair value
Level
2022
2022
2022
2021
2021
2021
Financial assets
Interest rate swap
54
54
2
0
0
0
Financial liabilities
Interest bearing loans
6,781
6,781
2
6,154
6,154
2
Interest rate swap
0
0
0
6
6
2
The carrying amounts of the other current financial assets (like trade and other receivables and
cash and cash equivalents) and financial liabilities (like trade and other payables) are a reasonable
approximation of the fair value of these financial assets.
17.5 Capital management
The key components of capital managed by Brill are working capital and property, plant and
equipment and intangible assets (collectively referred to as Invested Capital, see hereafter). Brill’s
financial policy aims to finance Brill’s growth objectives, while free cash flow should cover any
applicable interest and redemption of long-term borrowing as well as cash dividends. Funding
originates from either internal or external sources. Internal funding arises specifically from
containing the growth of Invested Capital by attracting more subscription-based business and
reducing stock levels through printing on demand as well as pursuing policies that reduce fixed
asset investment requirements, e.g. by using cloud versus on premise solutions. External funding
originates from our standing credit facilities and maintaining access to capital markets through our
investor relations policy. The policy assumes solvability of between 40 and 60% and adherence to
the covenants relating to our credit facilities (refer to note 12).
Return on invested capital (ROIC)
Koninklijke Brill N.V. uses ROIC to evaluate the performance of the Group related to its return on
capital. The ROIC shows both our ability to generate profitable revenue as well as our ability to
control the consolidated statement of financial position. Return on investment is calculated by
dividing net operating profit less adjusted tax by average Invested capital.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
2022
2021
Reconciliation assets
Non-current assets
44,292
38,122
Deferred tax liabilities
-4,125
-5,160
Current assets
17,271
21,812
Current liabilities
-27,200
-24,812
Net working capital
-9,929
-3,000
Short-term portion interest bearing loan included in current liabilities
1,588
1,588
Net tax
-412
-84
Net derivative financial instruments
-54
6
Cash and cash equivalents
-3,701
-5,439
Invested Capital
27,659
26,033
Return on invested capital
2022
2021
Operating profit
-4,513
4,454
Effective tax (adjusted for exceptional non-cash tax result)
1,164
-25.8%
-1,114
-25.0%
Net operating profit less adjusted tax (NOPLAT)
-3,348
3,340
Invested capital
27,659
26,033
Average invested capital
26,846
25,093
Return On Invested Capital
-12.5%
13.3%
Asset turnover (revenue / average invested capital)
1.8
1.9
NOPLAT margin (NOPLAT / revenue)
-7.0%
7.1%
18. Segment information
18.1 Segment reporting
The Group’s Management Board evaluates the Group's performance from a business segment
perspective, a product portfolio perspective as well as from a geographical perspective. Business
segments (Business Units or BU's) are evaluated based on revenue, income and net assets in use.
Certain asset and liability classes are considered Corporate and are not allocated to business
segments. Product types are evaluated based on revenue. Geographical areas are evaluated based
on revenue.
The Group’s Management Board primarily uses Revenue and EBITDA to assess the performance of
the business segments. EBITDA per Business Unit is calculated based on direct EBITDA contribution
minus allocated group services and overhead costs. Brill has three Business Units:
•LRSL: Law, Regional Studies & Linguistics (including former PUs LAW, LLA and MIA);
•RHB: Religion, History & Biology (including former PUs HIS and ARC and Wageningen
Academic Publishers);
•DACH: the business operations contained under Brill Deutschland GmbH and Brill
Österreich GmbH, notably the imprints Ferdinand Schöningh, Wilhelm Fink, mentis,
VandenHoeck&Ruprecht and Bohlau.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
EBITDA per Publishing Unit is calculated based on direct EBITDA contribution minus allocated
group services and overhead costs.
Business Unit
LRSL
RHB
DACH
Group
Total
Revenue 2022
16,092
19,192
12,764
0
48,048
Revenue 2021
15,961
18,890
12,014
0
46,865
EBITDA contribution 2022
8,753
10,409
-532
-18,660
-30
EBITDA contribution 2021
9,165
11,103
991
-14,056
7,203
The ownership of all intangible assets and most property, plant and equipment lies in the
Netherlands except for the assets of German and Austrian activities.
18.2 Revenue by product type and region
Product revenue segmentation is as follows:
Revenue by product type
2022
2021
Print books
14,937
16,865
eBooks
18,271
16,278
Journals
13,251
12,322
Primary Sources
1,589
1,400
Total
48,048
46,865
In 2022, as in 2021, there was no customer that accounted for more than 10% of consolidated
revenues. Books represent the majority of the revenue, realized across all segments.
Brill measures revenue by region in accordance with its priorities and managerial structure in the
marketing and sales organization. Geographical spread of revenue (according to the location of the
customer) is:
Revenue by region
2022
2021
Western Europe
26,110
25,341
North America
16,938
15,574
Asia Pacific
3,642
3,999
Other
1,358
1,951
Total
48,048
46,865
Within these regions, two individual countries attribute to more than 10% of total revenue: USA
with revenues of 15,876 thousand or 33.3% of total revenue (2021: 14,563 thousand or 31.1%) and
Germany with revenues of 15,807 thousand or 33.3% (2021: 13,158 thousand or 28.1%).
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18.3 EBITDA
The Group uses EBITDA to evaluate the performance of the total company and the operating
segments. Hereafter, the reconciliation of the relevant items in the Consolidated statement of profit
or loss and other comprehensive income to operating profit is provided.
Reconciliation of Revenue and profit before tax
2022
2021
Revenue
48,048
46,865
Cost of goods sold
-13,780
-13,027
Selling and distribution costs
-9,094
-7,306
General and administrative expenses
-25,204
-19,329
EBITDA
-30
7,203
Depreciation and Amortization
-3,839
-2,047
Exceptional items including acquisition and integration costs
-644
-701
Operating profit
-4,513
4,455
19. Expenses
19.1 Cost of goods sold
Cost of goods sold contains the following cost types: technical production and shipping cost, cost of
online products and platforms, amortization of intangible assets, and royalties. Operational costs
contain office related costs, services, communications and professional services.
Cost of goods sold
2022
2021
Technical production costs
9,137
8,209
Amortization of capitalized content costs [6]
3,156
3,067
Royalties
1,487
1,751
Total cost of goods sold
13,780
13,027
Reconciliation Selling, General and administrative with personnel
cost and operating expenses
2022
2021
Selling and distribution expenses
9,094
7,306
General and administrative expenses
29,687
22,079
Total operating expenses
38,781
29,385
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Personnel cost
19,056
16,349
Operational expenses
15,885
10,991
Amortization of intangible assets (non-product related) [6]
1,115
1,137
Impairment of goodwill [6]
1,029
0
Impairment of intangible assets [6]
578
0
Depreciation of property, plan and equipment [4]
196
144
Depreciation right of use assets [5]
922
764
Total operating expenses
38,781
29,385
19.2 Employee benefits
Breakdown of personnel costs is as follows:
Personnel costs
2022
2021
Salaries
15,914
13,964
Social security payments
2,232
2,209
Defined contribution pension arrangement
1,306
1,339
Severance payments
718
-24
20,170
17,488
Capitalized in content in intangible assets
-1,114
-1,139
Total personnel costs
19,056
16,349
See note 22 Information concerning related parties for the remuneration of the board.
Employees and short-term employee benefits
Personnel costs booked to work in progress relates mostly to the internal desk editing team. Desk
editing assigns time to products, which is then capitalized or expensed. In addition to internal staff,
Brill uses vendor services for most of the editing and typesetting activities for its publications.
The number of FTE at year end, divided by function was as follows:
FTEs
Year end 2022
Year end 2021
Publishing
105.4 [41.7%]
102.3 [ 41,4%]
Operations & Technology
76.2 [30.1%]
75.7 [ 30,7%]
Sales & Marketing
48.8 [19.3%]
45.4 [ 18,4%]
Finance, HR, Other
22.5 [ 8.9%]
23.5 [  9.5%]
Total
252.9 [100%]
246.9 [100%]
The average workforce amounted to an average of 249.9 FTEs (2021: 226.9 FTEs). The total
workforce engaged on a full-time basis at year end showed an increase of 6.0 FTEs from 246.9 to
252.9 FTEs, mainly due to the acquisition of Wageningen Academic Publishers. At the end of 2022,
127.7 FTEs (2021: 120.4 FTEs) were working outside the Netherlands (from Brill’s offices in
Boston, Göttingen, Paderborn, Cologne, Vienna, Singapore and Beijing, as well as from home offices
in the United Kingdom, Canada, Germany and Switzerland).
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
Post employee benefits
The Dutch employees participate in the pension plan of Stichting Pensioenfonds PGB. This pension
plan qualifies as a defined contribution plan. The annual premium contribution is based on the
actuarial cost of purchasing pension rights of the plan. The Group has no obligation to cover any
plan deficits, after payment of the annual premium, no obligations remain to pay for additional
contributions or higher future premiums in the event of a shortfall of the plan, nor if the plan is
terminated. Indexation of the pension rights depends on the financial position of the pension fund.
Employees outside the Netherlands operate in local defined contribution plans.
19.3 Audit fees
2022
2021
Audit of annual financial statements
472
381
Other audit procedures
0
0
Tax services
0
0
Other non – audit assurance engagement
0
0
472
381
The fees listed above relate to the procedures applied to the company and its consolidated group
entities by the external independent auditor (PricewaterhouseCoopers Accountants N.V and its
PricewaterhouseCoopers network) as referred to in Section 1, subsection 1 of the Audit Firms
Supervision Act (‘Wet toezicht accountantsorganisaties Wta’) as well as by Dutch and foreign based
accounting firms, including their tax services and advisory groups.
These fees relate to the audit of the 2022 financial statements, regardless of whether the work was
performed during the financial year.
20. Finance income and expense
The interest rate received on our current account balance was 0% (2021: 0%).
Finance income
2022
2021
Interest received of financial assets measured at amortized cost
28
23
Remeasurement of non-current financial assets measured at fair value through
profit or loss
0
0
Foreign exchange rate differences
80
49
Total finance income
108
72
Finance expense
2022
2021
Interest expenses on credit facilities measured at amortized cost
-87
-63
Interest expenses on interest bearing loans measured at amortized cost
-124
-93
Interest expenses on lease liabilities
-82
-52
Foreign exchange rate differences
0
0
Total finance expense
-293
-208
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
21. Earnings per share
Earnings per share was calculated by dividing net income attributable to shareholders by the
weighted average number of outstanding ordinary shares. At balance date, no stock options,
redeemable preferred shares or other convertible instruments were outstanding that might lead to
future dilution of earnings per share. After balance date, no share transactions took place.
Earnings per share
2022
2021
Net income
-3,465
3,036
Weighted average number of shares issued
1,874,444
1,874,444
Earnings per share attributable to shareholders of Koninklijke Brill N.V. (in euros)
-1.85
1.62
22. Related parties
The Group's related parties include its key management and its subsidiaries. Transactions with
related parties are based on arm’s length transactions between third parties. During the year, the
related party transactions were remuneration of key management.
22.1 Remuneration of the Supervisory Board and Management Board
The members of the Management Board and Supervisory Board are the key management of the
Group.
Total paid executive remuneration (in thousands of euros)
2022
2021
Supervisory Board
91
90
Management Board
1,239
1,233
Total paid remuneration
1,330
1,323
Variable payout accrued in the prior year
-185
-368
Variable component accrued in the current year
175
204
Net expense for executive remuneration
1,320
1,159
See the remuneration report for more information.
22.2 Subsidiaries
The subsidiaries of Koninklijke Brill N.V. are summarized below.
Share in company
City
Country
31-12-2022
31-12-2021
Brill USA, Inc.
Boston
USA
100%
100%
Brill Asia Pte Ltd
Singapore
Singapore
100%
100%
Brill Consulting Beijing Ltd
Beijing
China
100%
100%
Brill Deutschland GmbH
Paderborn
Germany
100%
100%
Brill Österreich GmbH
Vienna
Austria
100%
100%
Wageningen Academic Publishers B.V.
Wageningen
Netherlands
100%
0%
Brill Deutschland GmbH makes use of disclosure exemptions pursuant to section 264, paragraph 3
of the German Commercial Code (HGB).
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23. Events after balance sheet date
See note 11 Equity for the proposed dividend for the year.
On February 13 our CEO John Martin resigned, at the date of publication Peter Hendriks is serving
as interim CEO and the search for a new CEO is ongoing.
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COMPANY FINANCIAL STATEMENTS
CONTENTS
COMPANY FINANCIAL STATEMENTS
Company statement of financial position as at 31 December 2022
Company statement of profit or loss for the year ended 31 December 2022
Notes to the company financial statements
3. Intangible assets
4. Property, plant and equipment
5. Non-current financial assets
6. Trade and other receivables
7. Cash and cash equivalents
8. Equity
9. Provisions
10. Non-current liabilities
11. Current liabilities
12. Commitments
13. Financial instruments
14. Expenses
15. Financial income and expenses
16. Events after balance sheet date
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER
In thousands of euros (before appropriation of profit)
31-12-2022
31-12-2021
ASSETS
Non-current assets
Intangible assets [3]
33,836
33,200
Property, plant and equipment [4]
4,174
877
Non-current financial assets [5]
9,261
7,682
47,271
41,759
Current assets
 
Inventories
1,868
2,139
Trade and other receivables [6]
8,329
9,341
Cash and cash equivalents [7]
1,470
3,153
11,667
14,633
Total assets
58,938
56,392
EQUITY AND LIABILITIES
Equity [8]
Share capital
1,125
1,125
Share premium
343
343
Legal reserves
11,575
11,868
Retained earnings
10,135
8,411
Profit for the year
-3,465
3,036
19,713
24,783
Provisions [9]
4,859
5,161
Non–current liabilities [10]
8,897
4,937
Current liabilities [11]
25,470
21,511
Total Liabilities and Equity
58,938
56,392
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
COMPANY STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 31 DECEMBER
In thousands of euros
2022
2021
Revenue
34,625
31,608
Cost of Goods Sold
-10,874
-8,547
Gross profit
23,751
23,061
Expenses [14]
Selling and distribution expenses
-7,485
-4,765
General and administrative expenses
-18,408
-14,443
Net impairment on goodwill and intangible assets
-1,607
Total expenses
-27,500
-19,208
Operating profit
-3,749
3,853
Finance income [15]
97
136
Finance expenses [15]
-241
-152
Profit before income tax
-3,894
3,837
Income tax expense
983
-1,102
Results from subsidiaries, net of tax [5]
-555
301
Profit after tax
-3,465
3,036
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NOTES TO THE COMPANY FINANCIAL STATEMENTS
1.Information regarding the Company
Koninklijke Brill N.V. (together with its subsidiaries referred to as ‘Brill’ or the ‘Group’) is
established as a Public Limited Company incorporated in the Netherlands (Naamloze
Vennootschap), based at Plantijnstraat 2 in Leiden, the Netherlands and registered at the chamber
of commerce under number 28000012. Its registered depository receipts are traded publicly at
Euronext in Amsterdam. The main activities are academic publications with a focus on the
humanities and social sciences, international law and selected areas in the Sciences (see also note 1
of the Consolidated Financial Statements).
2.Basis of preparation for the company financial statements
The Company Financial Statements have been prepared using the same accounting principles for
recognition and measurement assets, liabilities, income and expenses, as applied in the
Consolidated Financial Statements in accordance with section 362.8, Title 9, Book 2 of the DCC,
except for investments in group companies. The accounting policies are included in note 2 Basis of
preparation of the financial statements in the Consolidated Financial Statements. These principles
also include the classification and presentation of financial instruments, being equity instruments
or financial liabilities.
For assets, liabilities, income or expenses that are not disclosed in these Company financial
statements reference is made to the respective notes in the Consolidated financial statements.
Provisions relate to note 7 Income tax in the Consolidated financial statements.
All amounts have been reported in thousands of euro, except where noted differently.
2.1 Goodwill
Goodwill relating to investments in consolidated subsidiaries is initially measured as the excess of
the aggregate of the consideration transferred over the net fair value of the net identifiable assets
acquired and liabilities and contingent liabilities assumed. If this consideration is lower than the
fair value of the net assets of the subsidiary acquired, the difference is recognized in profit or loss.
Presentation of goodwill is dependent on the structuring of the acquisition. Goodwill is presented
separately in the company financial statements if this relates to an acquisition performed by the
company itself. Goodwill is subsumed in the carrying amount of the net asset value if an investment
in a subsidiary is acquired through the company’s intermediate subsidiary.
Goodwill impairment reviews are undertaken annually or more frequently if events or changes in
circumstances indicate a potential impairment. The carrying value of goodwill is compared to the
recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any
impairment is recognized immediately as an expense and is not subsequently reversed.
2.2 Investments in Group companies
Investments in group companies are measured using the net asset value-method. The carrying
amounts are based on the measurement of assets and liabilities and the determination of profit or
loss based on the accounting policies applied in the Consolidated Financial Statements. Group
companies with a negative equity are measured at nil, unless the Company has an obligation for
liabilities of or a receivable on the group company. In case a receivable (or loan) is provided to the
group company, the loan provided is decreased with the negative amount of the equity value. A
provision is recognised, when subsequently a liability remains for the Company.
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2.3 Loans due from and amounts due from or to Group Companies
Loans due from, amounts due from or to group companies are stated initially at fair value and
subsequently at amortised cost, using the effective interest rate, less impairments, if any. Each
group company is considered as a combination of assets and liabilities rather than an indivisible
asset, and therefore expected credit losses are eliminated.
3. Intangible assets
2022
Publishing
rights
Information
systems
and other
Capitalized
content
Goodwill
Assets
under
constructi
on
Total
As at 1 January
Cost
16,268
7,134
52,736
3,113
1,082
80,333
Accumulated impairment
0
0
0
0
0
0
Accumulated amortization
-388
-5,876
-40,869
0
0
-47,133
Carrying amount as at 1 January
15,880
1,258
11,867
3,113
1,082
33,200
Changes in the year
Acquisition
200
0
0
1,718
0
1,918
Investment
0
0
2,899
0
1,432
4,331
Transfer
0
1,005
0
0
-1,005
0
Reclass and Disposals – at cost
0
-18
0
0
0
-18
Impairment
-578
0
0
-1,029
0
-1,607
Amortization
-95
-737
-3,156
0
0
-3,988
Total changes
-473
251
-258
689
426
635
As at 31 December
Cost
16,468
8,121
55,635
4,830
1,508
86,563
Accumulated impairment
-578
0
0
-1,029
0
-1,607
Accumulated amortization
-483
-6,612
-44,025
0
0
-51,121
Carrying amount as at 31 December
15,407
1,509
11,610
3,801
1,508
33,836
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
2021
Publishing
rights
Informati
on
systems
and other
Capitalized
content
Goodwill
Assets
under
construction
Total
As at 1 January
Cost
16,068
6,703
49,185
3,113
309
75,378
Accumulated amortization
-289
-5,100
-37,803
0
-43,193
Carrying amount as at 1 January
15,779
1,602
11,382
3,113
309
32,185
Changes in the year
Acquisition
0
0
0
0
0
0
Investment
0
0
3,551
0
1,404
4,955
Transfer
200
431
0
0
-631
0
Reclass and Disposals – at cost
0
0
0
0
0
0
Amortization
-99
-776
-3,066
0
0
-3,941
Total changes
101
-345
485
0
773
1,014
As at 31 December
Cost
16,268
7,134
52,736
3,113
1,082
80,333
Accumulated amortization
-388
-5,876
-40,869
0
0
-47,133
Carrying amount as at 31 December
15,880
1,258
11,868
3,113
1,082
33,200
For an overview of amortization rates and methods for each asset class, refer to note 6 of the
Consolidated financial statements.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
4. Property, plant and equipment
2022
Leasehold
improve-
ments
Furniture
& fixtures
IT-
hardware
Right-of-
use assets
Total
As at 1 January
Investment
890
428
650
1,734
3,702
Depreciation
-857
-425
-493
-1,050
-2,826
Carrying amount as at 1 January
33
2
157
684
877
Changes in the year
Investment
0
0
224
3,535
3,759
Reclass and Disposal
0
0
0
0
0
Depreciation
-24
-2
-83
-352
-462
Total changes
-24
-2
140
3,184
3,297
As at 31 December
Cost
890
428
874
5,269
7,461
Accumulated depreciation
-882
-428
-576
-1,402
-3,288
Carrying amount as at 31 December
9
0
297
3,868
4,174
Useful life in years
10
5 - 10
3
0 - 10
2021
Leasehold
improve-
ments
Furniture
& fixtures
IT-
hardware
Right-of-
use assets
Total
As at 1 January
Investment
890
428
533
1,616
3,467
Depreciation
-819
-419
-436
-679
-2,353
Carrying amount as at 1 January
72
9
97
936
1,114
Changes in the year
Investment
0
0
117
118
236
Depreciation
-38
-7
-57
-371
-472
Total changes
-38
-7
61
-253
-237
As at 31 December
Cost
890
428
650
1,734
3,702
Accumulated depreciation
-857
-425
-493
-1,050
-2,826
Carrying amount as at 31 December
33
2
157
684
877
The right-of-use assets consist of offices for 242 thousand (2021: 597 thousand) and company cars
for 64 thousand (2021: 87 thousand).
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
5. Non-current financial assets
Investments in
group companies
Loans to group
companies
Other investments
Total
2022
Carrying amount as at 1 January
2,963
4,448
271
7,682
Acquired
783
0
0
783
Capital contribution
750
-400
0
350
New loans/repayments
0
965
0
965
Result for the year
-555
0
0
-555
Revaluations
0
0
0
Foreign currency differences
36
0
0
36
Carrying amount as at 31 December
3,977
5,013
271
9,261
2021
Carrying amount as at 1 January
2,450
890
100
3,440
Acquired
0
3,558
0
3,558
Capital contribution
50
0
0
50
Result for the year
301
0
168
469
Revaluations
160
0
3
163
Foreign currency differences
2
0
0
2
Carrying amount as at 31 December
2,963
4,448
271
7,682
See note 22.2 of the Consolidated Financial Statements for details of the group companies.
Investments in group companies
On 15 April, 2022, the Company has acquired Wageningen Academic Publishers B.V., see note 3 of
the Consolidated Financial Statements. 
Loans to group companies
The Company has provided loans nominated in euro to its subsidiaries. The interest rates of these
loans varies between 1.9% and 5.1% (2021: between 1.9% and 2.3%), the duration of the loans
varies between 5 and 7 years (2021: between 5 and 7 years), the loans are subordinated to other
obligations of the group companies (2021: subordinated). The carrying amount is a reasonable
approximation of fair value of the loans.
On 22 December, 2022, the Company converted an amount of 400 thousand from the loans
provided to Brill Deutschland GmbH into capital, to strengthen the equity of Brill Deutschland
GmbH. The Expected Credit Loss (ECL) on Loans to group companies is not significant.
Other investments
Other investments are minority investments in other publishing companies.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
6. Trade and other receivables
As at 31 December
2022
2021
Trade receivables
4,166
6,359
Amounts due from group companies
2,560
739
Income tax receivable
194
130
Derivative financial instruments
54
0
Other receivables
1,355
2,113
8,330
9,341
The trade and other receivables fall due within one year (2021: one year). Amounts due from group
companies bear no interest and no securities have been provided (2021: no interest and no
securities). The Expected Credit Loss (ECL) on amounts due from group companies is not significant.
See note 9 Trade and other receivables of the Consolidated financial statements for more details. 
7. Cash and cash equivalents
As at year-end 2022, cash and cash equivalents were 1,470 thousand (year-end 2021: 3,153
thousand). Included in this amount is 107 thousand restricted cash that serves as a guarantee for
the lease contract of the Leiden office (2021: 107 thousand).
8. Equity
The share capital of the Company is divided into ordinary shares and cumulative preference shares.
There are currently no cumulative preference shares issued. The number of ordinary shares with
par value of EUR 0.60 per share, issued and paid, was 1,874,444 in 2022 (2021: 1,874,444). The
number of authorized shares was 2,500,000 in 2022 (2021: 2,500,000). In 2022, share capital was
1,125 thousand (2021: 1,125 thousand).
The Company proposes to charge the loss of -3,465 thousand for the year to the retained earnings
(in 2021 1,349 thousand was added to retained earnings and 1,687 thousand or 0.90 per share
dividend was distributed to shareholders).
The currency translation reserve (including foreign currency exchange rate differences resulting
from foreign subsidiaries) and the cash flow hedge reserve (including the share in the increase or
decrease of the cash flow hedges for which it has been established that it is effective) are legal
reserves according to the DCC. A legal reserve is constituted for the capitalized content on the
statement of financial position equal to the carrying amount of the capitalized content and the legal
reserve group companies separates the share in profit of group companies since the first valuation
where these are subject to distribution restrictions.
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B R I L L  A N N U A L  R E P O R T  2 0 2 2
As at 1
January
Profit for
the year
Dividends
paid
Exchange
rate and
hedge
differences
Appro-
priation of
result
Changes
legal
reserve
As at 31
December
2022
Share Capital
1,125
0
0
0
0
0
1,125
Share premium
343
0
0
0
0
0
343
Currency translation
reserve
-303
0
0
36
0
0
-267
Cash flow hedge reserve
-4
0
0
45
0
0
41
Legal reserve capitalized
content
11,868
0
0
0
0
-293
11,575
Legal reserve group
companies
0
0
0
0
0
130
130
Retained earnings
8,718
0
-1,687
0
3,036
163
10,231
Profit for the year
3,036
-3,465
0
0
-3,036
0
-3,465
24,783
-3,465
-1,687
81
0
0
19,713
2021
Share Capital
1,125
0
0
0
0
0
1,125
Share premium
343
0
0
0
0
0
343
Currency translation
reserve
-463
0
0
160
0
0
-303
Cash flow hedge reserve
-16
0
0
12
0
0
-4
Legal reserve capitalized
content
11,383
0
0
0
0
485
11,868
Legal reserve group
companies
0
Retained earnings
8,650
0
-2,343
0
2,896
-485
8,718
Profit for the year
2,896
3,036
0
0
-2,896
0
3,036
23,918
3,036
-2,343
172
0
0
24,783
Stichting Luchtmans was granted a call option that gives it the right, in the event of hostile action or
imminent hostile action against the company, to purchase a number of cumulative preference
shares equal to, at most, 100% of the shares and depository receipts issued at the time at which the
option is exercised less one share. When the option is exercised, only 25% of the total nominal
amount must be paid. The exercise price is equal to the nominal value. Stichting Luchtmans and the
Company have agreed that the option may be exercised up to 100% of the issued capital if and as
long as shares and depository receipts are listed on the Euronext Amsterdam N.V. exchange. As at 31
December 2022, no preference shares were issued (as per 31 December 2021: no preference shares
were issued).
The legal reserve group companies relates to the interest in the subsidiary in China for which we
can not realize an equity distribution without limitations.
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9. Provisions
Deferred tax
liabilities
Other provisions
Total
Carrying amount as at 1 January 2022
5,161
0
5,161
Changes in the year
Additions
0
495
495
Charged/credited (-) to profit or loss
(797)
0
(797)
Carrying amount as per 31 December 2022
4,364
495
4,859
Deferred tax
liabilities
Other provisions
Total
Carrying amount as at 1 January 2021
4,226
0
4,226
Changes in the year
Additions
6
0
6
Charged/credited (-) to profit or loss
929
0
929
Carrying amount as per 31 December 2021
5,161
0
5,161
See note 7 Income tax of the Consolidated financial statements for further disclosure for the deferred tax
liabilities and note 15 Provisions of the Consolidated financial statements for the Other provisions.
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10. Non-current liabilities
Interest-bearing
loans
Lease liabilities
Total
Carrying amount as at 1 January 2022
6,154
371
6,525
Changes in the year
Additions
2,200
3,688
5,888
Redemptions
(1,588)
(178)
(1,766)
Transaction costs loan expensed
15
0
15
Carrying amount as per 31 December 2022
6,781
3,881
10,662
Remaining lifetime
Within 1 year
1,588
178
1,766
Between 1 and 5 years
5,193
1,851
7,044
After 5 years
0
1,852
1,852
6,781
3,881
10,662
Interest-bearing
loans
Lease liabilities
Total
Carrying amount as at 1 January 2021
4,583
371
4,954
Changes in the year
Additions
2,900
2,900
Redemptions
(1,334)
(1,334)
Transaction costs loan expensed
5
5
Carrying amount as per 31 December 2021
6,154
371
6,525
Remaining lifetime
Within 1 year
1,588
178
1,766
Between 1 and 5 years
4,566
193
4,759
6,154
371
6,525
See note 5 Leases, note 12 Interest bearing loans and note 17 Financial risk management in the
Consolidated financial statements for additional disclosures.
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11. Current liabilities
31-12-2022
31-12-2021
Interest bearing loans
1,588
1,588
Trade payables
4,786
1,760
Amounts due to group companies
4,508
2,339
Income tax
0
0
Pension liabilities
197
99
Other liabilities
2,401
4,268
Lease liabilities
178
372
Accruals
2,079
2,592
Deferred income
9,733
8,493
25,470
21,511
The amounts of amounts are payable within one year (2021: one year). Amounts due to group
companies are payable within twelve months, bear no interest and no securities have been provided
(2021:, no interest and no securities). See note 5 Leases, note 12 Interest bearing loans, 13 Trade
creditors and other payables, note 14 Deferred income in the Consolidated financial statements.
12. Commitments
A bank guarantee of 107 thousand was issued in support of the rental agreement of the Leiden
office (ending in September 2023). As in prior years, we estimate the expenditures on low value
leases to remain around 100 thousand a year.
13. Financial instruments
Pursuant to its use of financial instruments, the Company is exposed to credit risk, liquidity risk and
market risk. The notes to the consolidated financial statements provide information on the Group’s
exposure to each of these risks, its objectives, principles and procedures for managing and
measuring these risks, as well as Group capital management. These risks, objectives, principles and
procedures for managing and measuring these risks as well as capital management apply mutatis
mutandis to these Company Financial Statements (see note 17 Financial risk management of the
Consolidated Financial Statements).
Fair value
The carrying amounts of the other current financial assets (such as trade and other receivables and
cash and cash equivalents) and financial liabilities (like trade and other payables) are a reasonable
approximation of the fair value of these financial assets.
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14. Expenses
Personnel expenses
The personnel expenses included in the expenses are specified below.
Personnel costs
2022
2021
Salaries
8,827
8,038
Severance payments
593
-124
Social security payments
1,003
1,071
Defined contribution pension arrangement
1,197
1,185
11,619
10,170
Capitalized in content in intangible assets
-1,113
-1,139
10,506
9,031
The number of FTE at year end, divided by department (instead of function) was as follows:
FTEs
Year end 2022
Year end 2021
Publishing
55.1 [ 42,8%]
53.5 [ 41,6%]
Operations & Technology
39.7 [ 30.9%]
40.9 [ 31.8%]
Sales & Marketing
21.9 [ 17.0%]
19.7 [ 15.3%]
Finance, HR, Other
12.0 [ 9.3%]
14.5 [ 11.3%]
Total
128.7 [100%]
128.6 [100%]
2.0 FTEs worked outside of the Netherlands in 2022 (2021: 2.0 FTEs), namely in the UK and in
Switzerland.
The general and administrative expenses included the expenses disclosed in note 19 of the
Consolidated financial statements, see that note also for the information of the pension scheme in
the Netherlands. The remuneration of the Management Board and the Supervisory Board is
disclosed in note 22 Information concerning related parties of the Consolidated financial
statements, see the remuneration report for more information.
Depreciation and amortization
The depreciation and amortization are summarized below.
2022
2021
Amortization
5,595
3,969
Depreciation
462
535
6,057
4,504
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15. Finance income and expenses
The financial income includes interest amount of EUR 24 thousand of group companies (2021: 93
thousand). The financial expenses include an interest amount of  55 thousand of group companies
(2021: 38 thousand).
16. Events after balance sheet date
See note 23 of the Consolidated Financial Statements.
Leiden, 12 April, 2023
Supervisory Board
Robin Hoytema van Konijnenburg (Chairman)
Anneke Blok
Theo van der Raadt (Vice-Chairman)
Jeanine van der Vlist
Jan Niessen
Management Board
Jasmin Lange
Wim Dikstaal
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OTHER INFORMATION
Appropriation of Profit for the Year
Bylaws regarding profit appropriation
Profit appropriation takes place pursuant to article 30 of the Articles of Association which
stipulates that profit shall be distributed as follows:
A.Payment of a dividend on the amount paid up in respect of the cumulative preference shares
in accordance with Article 25.2 of the Articles of association;
B.The Combined Meeting determines the amount, after deduction of the payout as established
under A. that is to be added to Retained earnings to satisfy the Group’s solvability
objectives;
C.The Supervisory Board determines the variable remuneration of the Management Board;
D.The Supervisory Board, consulting with the Management Board, establishes the variable
remuneration of the other staff;
E.The amount remaining after pay-out of the cumulative preference shares, retained earnings,
and variable remuneration is at the disposal of the Annual General Meeting of shareholders
for payout to holders of registered shares and registered depository receipts.
Holdings Members of the Supervisory Board and Management Board
Name
Number of registered depository receipts
Jan Niessen
462,875
Jasmin Lange
500
Jan Niessen, who joined the Supervisory Board on December 14 2022, is a non-independent Board
Member (art. 2.1.8 of the Corporate Governance Code) as he indirectly holds an interest of more
than 20% in Brill, via Mont Cervin. See note 11 of the consolidated financial statements
In 2018, the members of the Management Board acquired registered depository receipts in Brill via
their own banks and at their own risk, with the consent of the Supervisory Board. No further
transactions were recorded since. These shares are not related to any remuneration scheme.
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REPORT OF STICHTING ADMINISTRATIEKANTOOR KONINKLIJKE BRILL (BRILL’S TRUST OFFICE)
General
Of the total number of outstanding shares as of 31 December 2022 (nominal value of 0.60),
1,834,463 registered depository receipts were issued and 39,981 registered shares were included
in the shareholders’ register. The registered depository receipts have been registered in the name
of Nederlands Centraal Instituut voor Giraal Effectenverkeer B.V. (Euroclear Nederland). The work
associated with the administration of the shares is performed by IQ EQ Netherlands N.V.
(Hoogoorddreef 15, 1101 BA Amsterdam), the trust office’s administrator. The costs of
administration amounted to 43 thousand in 2022 (53 thousand in 2021). The trust office’s
chairman receives a remuneration of 9 thousand on an annual basis and the other two board
members each receive a remuneration of 7.5 thousand on an annual basis.
Activities
The Board met in person on 14 April 2022. During this meeting, the 2021 Annual Report and
financial statements, the company’s strategy and its implementation, the general course of events
within the company and the succession of the CEO were discussed. Given the desire for continuity
in the Board, the Board unanimously resolved to re-appoint Mr. Kuiper as a Board member, for a
term of two years. In addition, the agenda for the General Meeting of Shareholders was discussed.
The decision was made to refrain from voting in relation to all motions tabled, such in accordance
with the trust office’s voting policy as set out in the following section. Prior to this Board meeting,
the Board had meetings with the management board of the company and the chairman of the
Supervisory Board jointly, as well as with each of them separately. During these meetings, the
company’s management board and the chairman of the Supervisory Board gave an explanation
about Brill's strategy and operational and financial performance and the succession of the CEO.
In the company’s General Meeting of Shareholders, which took place on 25 May 2022, 97.8% of the
company’s issued capital was represented. The trust office granted authorization to holders of
63,3% of all depository receipts to vote independently on the shares for which they held the
depository receipts. The trust office refrained from exercising the right to vote on the shares for
which no voting instruction was issued, in accordance with its earlier decision. For the depository
receipts of shares for which the trust office received a voting instruction, the trust office has cast a
vote in the meeting.
Further, the chairman of the Board had an introductory meeting with the CEO to be appointed.
Separately, the Board had various telephone and email discussions on inter alia the (consequences
of the) administration of Brill’s main distributor, Turpin.
In advance of the company’s extraordinary General Meeting of Shareholders, which took place on
14 December 2022, the Board had various (telephone) discussions on the composition of the
company’s Supervisory Board. The Board decided to refrain from voting in relation to all motions
tabled, such in accordance with the trust office’s voting policy.
In the company’s extraordinary General Meeting of Shareholders, 97.9% of the company’s issued
capital was represented. The trust office granted authorization to holders of 55,8% of all depository
receipts to vote independently on the shares for which they held the depository receipts. The trust
office refrained from exercising the right to vote on the shares for which no voting instruction was
issued, in accordance with its earlier decision. For the depository receipts of shares for which the
trust office received a voting instruction, the trust office has cast a vote in the meeting.
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Board Composition
On 31 December 2022, the composition of the trust office’s Board was as follows:
Name
Appointed
In office until
Position
Marco P. Nieuwe Weme, Prof. LL.M.
2020
2024
Chairman
Joost C. Kuiper, LL.M.
2018
2022
Member
Leni M.T. Boeren, MSc
2020
2024
Member
Corporate Governance; Voting Policy
The trust office’s Board does not adhere to the principle of the current Dutch Corporate Governance
Code regarding the protective nature of the depository receipts. The trust office’s Board adopts this
stance, because it believes proper protection against any hostility is of vital importance to a
company like Brill, which is a relatively small and profitable publisher active in an industry that is
in consolidation.
The trust office will always issue voting proxies to depository receipt holders or accept binding
voting instructions from them for meetings of shareholders, except in the situations referred to in
Section 118a, subsection 2, of Book 2 of the Dutch Civil Code. The same procedure will apply to any
revocation of a proxy that has already been issued. In accordance with its voting policy, the trust
office refrains from voting, unless explicitly mandated to do so by holders of depository receipts of
shares. This policy applies to ordinary voting situations and may be adapted in the case of special
situations.
The Board is prepared to give depository receipt holders the opportunity to make
recommendations in the event of board vacancies. The Board will take such recommendations into
account when making decisions, unless, if, in the opinion of the Board, a nominated candidate does
not believe in the importance of the protective function of the depository receipts as described
above. Further, the Board will use the most practical working procedure possible with respect to
any recommendations. This means that, each year, the trust office’s report will give notice of any
vacancy that will arise in the subsequent year so that depository receipt holders can make any
recommendations known outside meetings.
The Board observes the current Dutch Corporate Governance Code with the exception, however, of
the way in which it exercises its right to vote. Contrary to the Dutch Corporate Governance Code,
the following provision is observed: ‘The trust office shall exercise the rights attached to the shares
in such a manner as to ensure that the interests of the company and its business and all parties
involved are safeguarded to the greatest extent possible.’ The Board believes that its position with
respect to maintaining the protective nature of the depository receipts for shares means that the
interest of depository receipt holders cannot be the sole or dominant interest when votes are cast.
In normal circumstances, the Board is of course always prepared to listen to depository receipt
holders and take the opinions that they have expressed into account. This also means that the Board
will attend the company’s shareholders’ meetings and, if required and applicable, make a statement
regarding intended voting behaviour. Except in the event of special circumstances, the Board does
not intend to convene meetings of depository receipt holders.
Declaration of Independence
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The Board of Stichting Administratiekantoor Koninklijke Brill hereby declares that, in its opinion,
the requirements that apply to the independence of the trust office as referred to in Section 5:71,
subsection 1 under d, of the Financial Supervision Act have been met.
Leiden, 12 April, 2023
Stichting Administratiekantoor Koninklijke Brill
The Board
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REPORT OF STICHTING LUCHTMANS
The purpose of Stichting Luchtmans, a foundation named after the founder of the Company, is to
serve the interests of the company, the businesses it maintains, as well as affiliated companies, and
the businesses they maintain all within a group (together referred to as the ‘Company’), in such a
way as to ensure that their interests, including the interests of all related parties, are safeguarded
against circumstances that could adversely affect the independence and/or the continuity and/or
the identity of the Company. Stichting Luchtmans endeavours to achieve its objectives by acquiring
and managing cumulative preference shares in the capital of the company and by exercising the
rights attached to those shares, in particular the voting rights.
In the event of hostile action or imminent hostile action against the company, Stichting Luchtmans
can exercise the call option granted to it, to take a number of cumulative preference shares equal to,
at most, 100% of the shares and depository receipts issued at the time at which the option is
exercised less one share. When the option is exercised, only 25% of the total nominal amount has to
be paid up. The exercise price is equal to the nominal value. Stichting Luchtmans and the company
have agreed that the option may be exercised up to 100% of the issued capital if and as long as
shares and depository receipts are listed on the Euronext Amsterdam N.V. exchange.
At the end of 2022, the composition of the foundation’s Board was composed as follows:
Name
Appointed
Current term until
Position
Hélène Vletter-van Dort, Prof. LL.M
2018
2024
Chair
Herman A. Pabbruwe, Drs.
2022
2025
Member
Tanja Bender, Prof. LL.M
2017
2023
Member
Nico Schrijver, Prof. LL.M
2020
2023
Member
The Board of the foundation aims to meet at least once a year, and did so on 21 April 2022. At this
meeting, the following topics were discussed: the company’s 2021 results, the implementation of
the strategy, financing, acquisitions, market developments, and the general course of business. Also,
recent developments in the management of the company were discussed.
At the end of the meeting Drs. Ing. Herman Spruijt stepped down as member and vice-chair of the
Board after having served since May 2001. The Board would like to thank Herman for his invaluable
and constructive contribution during all those years. Herman’s profound knowledge of and insights
in the publishing industry have been hugely beneficial to the Board.
The Board was very pleased that Herman Pabbruwe was willing to be appointed as Herman
Spruijt’s successor. Herman has made his career in the publishing world and has served as CEO of
Brill from 2004 – 2018.  The Board appointed Mr. Pabbruwe for a first term of three years.
Declaration of Independence
The Board of Stichting Luchtmans hereby declares that, in its opinion, the requirements applicable
to the independence of the directors of Stichting Luchtmans as referred to in Section 5:71,
subsection 1 under c, of the Financial Supervision Act, have been met.
Leiden, 12 April, 2023
Stichting Luchtmans,
The Board
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ABOUT THIS ANNUAL REPORT
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