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"1. Corporate information. The consolidated financial statements of Redcare Pharmacy N.V. (or the \u201cCompany\u201d) and its subsidiaries (collectively , the Group) for the year ended 31 December 2023 were authorised for issue in accordance with a resolution of the Managing Board on 4 March 2024. Redcare Pharmacy N.V. is a limited liability company incorporated in The Netherlands on 30 September 2015 and is legally domiciled in Sevenum, The Netherlands. Redcare Pharmacy N.V. is listed on the regulated market of the Frankfurt Stock Exchange. At the Annual General Meeting on 26 April 2023, shareholders approved the change of the company name from Shop Apotheke Europe N.V. to Redcare Pharmacy N.V. Redcare Pharmacy N.V. is an online pharmacy business primarily for prescription and non-prescription (\u201cover-the-counter\u201d or \u201cOTC\u201d) pharmaceuticals, beauty and personal care products (BPC) and food supplements. 2. Group information. Besides the financial information of Redcare Pharmacy N.V., the financial information of the following wholly- owned subsidiaries are also included in these consolidated financial statements. SA Europe B.V., Sevenum, The Netherlands, with its 100 % subsidiaries unless stated otherwise: \u2013 Shop-Apotheke B.V., Sevenum, The Netherlands \u2013 Shop-Apotheke Service B.V., Sevenum, The Netherlands \u2013 EuroService Venlo B.V., Sevenum, The Netherlands \u2013 RC Staff B.V., Sevenum, The Netherlands \u2013 RC Pharma B.V., Sevenum, The Netherlands \u2013 Fastnet BVBA, Tongeren, Belgium \u2013 nu3 GmbH, Berlin, Germany \u2013 Shop Apotheke Service GmbH, Cologne, Germany \u2013 Hyg\u00e9e Sant\u00e9 S.A.R.L., Ennevelin, France \u2013 Redcare srl., Milan, Italy \u2013 nu3 Schweiz GmbH, Lachen, Switzerland \u2013 nu3 France S.A.R.L., Entzheim, France \u2013 smartpatient GmbH, Munich, Germany \u2013 smartpatient Business Services Sp. z.o.o., Warsaw, Poland \u2013 MedApp Holding B.V., Eindhoven, The Netherlands \u2013 MedApp Nederland B.V., Eindhoven, The Netherlands \u2013 MedApp Apotheek B.V., Eindhoven, The Netherlands \u2013 APS All Pharma Service Nettetal GmbH, Viersen, Germany \u2013 Aurora Gesundheit GmbH, Berlin, Germany \u2013 Aurora Gesundheit Services 1 UG, Berlin, Germany \u2013 MediService AG (51 % subsidiary) \u2013 Curarex Swiss AG (51 % subsidiary via parent MediService AG) EHS Europe Health Services B.V., Sevenum, The Netherlands, with its 100 % subsidiary: \u2013 EHSC B.V., Sevenum, The Netherlands, with its 100 % subsidiaries: Europa Apotheek Venlo B.V., Sevenum, The Netherlands Europa Apotheek Service Venlo B.V., Sevenum, The Netherlands The following associates and joint ventures are accounted for using the equity method in these consolidated financial statements: Associates The Group has a 37.5 % interest in DatamedIQ GmbH (2022: 37.5 %), incorporated and located in Germany. Joint arrangements in which the Group is a joint venturer The Group has a 50 % interest in K\u00f6nig IDV GmbH (2022: 50 %) and K\u00f6nig IT Systeme GmbH (2022: 50 %), both incorporated and located in Germany. The Group has the following interest classified as equity-instruments: Equity instruments The Group has a 5 % interest in Verkstedt GmbH (2022: 5 %), incorporated and located in Germany.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "Redcare Pharmacy N.V.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "Redcare Pharmacy N.V", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "Sevenum, The Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "Sevenum, The Netherlands", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "At the Annual General Meeting on 26 April 2023, shareholders approved the change of the company name from Shop Apotheke Europe N.V. to Redcare Pharmacy N.V. ", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Redcare Pharmacy N.V. is an online pharmacy business primarily for prescription and non-prescription (\u201cover-the-counter\u201d or \u201cOTC\u201d) pharmaceuticals, beauty and personal care products (BPC) and food supplements.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "
2. Group information.
Besides the financial information of Redcare Pharmacy N.V., the financial information of the following wholly-
owned subsidiaries are also included in these consolidated financial statements.
SA Europe B.V., Sevenum, The Netherlands, with its 100 % subsidiaries unless stated otherwise:
\u2013 Shop-Apotheke B.V., Sevenum, The Netherlands
\u2013 Shop-Apotheke Service B.V., Sevenum, The Netherlands
\u2013 EuroService Venlo B.V., Sevenum, The Netherlands
\u2013 RC Staff B.V., Sevenum, The Netherlands
\u2013 RC Pharma B.V., Sevenum, The Netherlands
\u2013 Fastnet BVBA, Tongeren, Belgium
\u2013 nu3 GmbH, Berlin, Germany
\u2013 Shop Apotheke Service GmbH, Cologne, Germany
\u2013 Hyg\u00e9e Sant\u00e9 S.A.R.L., Ennevelin, France
\u2013 Redcare srl., Milan, Italy
\u2013 nu3 Schweiz GmbH, Lachen, Switzerland
\u2013 nu3 France S.A.R.L., Entzheim, France
\u2013 smartpatient GmbH, Munich, Germany
\u2013 smartpatient Business Services Sp. z.o.o., Warsaw, Poland
\u2013 MedApp Holding B.V., Eindhoven, The Netherlands
\u2013 MedApp Nederland B.V., Eindhoven, The Netherlands
\u2013 MedApp Apotheek B.V., Eindhoven, The Netherlands
\u2013 APS All Pharma Service Nettetal GmbH, Viersen, Germany
\u2013 Aurora Gesundheit GmbH, Berlin, Germany
\u2013 Aurora Gesundheit Services 1 UG, Berlin, Germany
\u2013 MediService AG (51 % subsidiary)
\u2013 Curarex Swiss AG (51 % subsidiary via parent MediService AG)
EHS Europe Health Services B.V., Sevenum, The Netherlands, with its 100 % subsidiary:
\u2013 EHSC B.V., Sevenum, The Netherlands, with its 100 % subsidiaries:
Europa Apotheek Venlo B.V., Sevenum, The Netherlands
Europa Apotheek Service Venlo B.V., Sevenum, The Netherlands
The following associates and joint ventures are accounted for using the equity method in these consolidated
financial statements:
Associates
The Group has a 37.5 % interest in DatamedIQ GmbH (2022: 37.5 %), incorporated and located in Germany.
Joint arrangements in which the Group is a joint venturer
The Group has a 50 % interest in K\u00f6nig IDV GmbH (2022: 50 %) and K\u00f6nig IT Systeme GmbH (2022: 50 %), both
incorporated and located in Germany.
The Group has the following interest classified as equity-instruments:
Equity instruments
The Group has a 5 % interest in Verkstedt GmbH (2022: 5 %), incorporated and located in Germany.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "Redcare Pharmacy N.V.", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "3. Material accounting policy information. 3.1 Basis of preparation. The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as endorsed by the EU as issued by International Accounting Standards Board (IASB) and in accordance with the Dutch Civil Code, Book 2, Title 9 . The consolidated financial statements have been prepared on a historical cost basis, except when otherwise indicated. The consolidated financial statements are presented in euro and all values are rounded to the nearest thousand (EUR 000), except when otherwise indicated. The consolidated financial statements provide comparative information in respect of the previous period. In addition, the Group presents an additional statement of financial position at the beginning of the preceding period when there is a retrospective application of an accounting policy, a retrospective restatement, or a reclassification of items in financial statements. Going concern. In 2023, the Group incurred losses after tax of EUR 11.6 million (2022: EUR 77.6 million). The working capital at the end of 2023 was positive at EUR 15.2 million (2022: EUR 40.3 million). Development of the working capital is in line with expectations. in EUR 1,000 31. 12. 2023 31. 12. 2022 Trade and other receivables 103,134 59,876 Inventory 135,786 99,708 Trade and other payables \u2013 15 7,5 91 \u2013 72,882 Loans and Borrowings (short-term) \u2013 8,770 \u2013 7, 50 5 Other liabilities (short-term) \u2013 57,363 \u2013 38,879 Working capital 15,196 40,318 % Revenue 0.84 % 3.35 % Working capital incl. cash and short-term securities 226,414 224,610 On 14 January 2021, Redcare Pharmacy successfully placed senior unsecured convertible bonds with a zero (0.0 %) coupon in an aggregate principal amount of EUR 225 million and a maturity of seven years with a put option for the investors after five years. The Company is closely monitoring its cash position and performs annual forecasts as well as long-term planning in scenarios ensuring pro-actively necessary measures are taken to ensure future growth financing and financial robustness. The underlying unit economics and the overall financial performance in its larger markets are cash flow positive, but the company is executing a fast growth strategy to build market share and increase its base of active customers. Parallel to the focus on growth, the company is driving gross profit margin improvements, other income improvements, efficiencies and scale. Liquidity is secured for at least the next twelve months. On the basis of the above, the consolidated financial statements have been prepared on a going concern basis. Correction of errors & changes compared to half year reporting Amounts recorded in the statement of other comprehensive income have been corrected as a result of a prior period error in the half-year report. The accounting treatment of the consideration in kind of EUR 19.6 million has been corrected and recognized as a direct movement in equity whereas it was reported in other compre- hensive income in the half-year report 2023. Refer to note 29. 3.2 Basis of consolidation. The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee . Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2013 Exposure, or rights, to variable returns from its involvement with the investee; \u2013 The ability to use its power over the investee to affect its returns . The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including good- will), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. On 16 May 2023, SA Europe B.V. acquired a majority stake of 51 % in the share capital of MediService AG (including its 100 % subsidiary Curarex swiss AG), a leading specialty pharmacy in Switzerland with a focus on mail order prescription medicines (Rx) and the care of chronically ill patients. The transaction is executed after approval of the competition authorities. The closing date of the transaction has been determined to be 16 May 2023. Based on the control assessment in accordance with IFRS 10 Redcare has consolidated MediService AG figures as of closing of the transaction effect from 16 May 2023 and directly contributed to earnings per share. Non-controlling interests (NCI) are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition. 3.3 Summary of material accounting policies. 3.3.1 Current versus non-current classification. The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is: \u2013 Expected to be realised or intended to be sold or consumed in the normal operating cycle \u2013 Held primarily for the purpose of trading; \u2013 Expected to be realised within twelve months after the reporting period; Or \u2013 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: \u2013 It is expected to be settled in the normal operating cycle; \u2013 It is held primarily for the purpose of trading; \u2013 It is due to be settled within twelve months after the reporting period; Or \u2013 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The terms of the liability that could, at the option of the counterparty, result in its settlement by the issue of equity instruments do not affect its classification. The Group classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. 3.3.2 Fair value measurement. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans- action between market participants at the measurement date, regardless of whether that price is directly observ able or estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. Fair value for measurement and/or disclosure purposes in these consolidated financial statements is determined on such a basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not fair value, such as net realisable value in IAS 2 or value in use in IAS 36. In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3 based on the degree to which the inputs to the fair value measurements are observable and the significance of the inputs to the fair value measurement in its entirety, which are described as follows: \u2013 Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; \u2013 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset or liability, either directly or indirectly; and \u2013 Level 3 inputs are unobservable inputs for the asset or liability. 3.3.3 Revenue from contracts with customers. The Group is in the business of providing pharmaceuticals, food supplements and beauty and personal care products. Revenue from contracts with customers is recognised when control of the goods or services are trans ferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. For direct product sales the Group has concluded that it is the principal in its revenue arrangements, because it controls the goods or services before transferring them to the customer. Therefore, this revenue is recognised in full, whereas in the platform business the revenue is recognised in the amount of the commission and other fees expected to be received from the partners. Sales are reduced by sales deductions, taxes and fees. Revenue is measured as the amount of the transaction price that is allocated to the performance obligation. The transaction price is the amount of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. Upon the sale of products to customers, the date on which the goods are delivered at the indicated place of destination is the date on which economic title to the products passes to the customer. In this case, the transfer of economic title is attached to the transfer of legal title. Revenue is recorded net of sales deductions. Loyalty points programme The Group has a loyalty points programme, \u201cRedPoints\u201d, which allows customers to accumulate points that can be redeemed for free products. The loyalty points give rise to a separate performance obligation as they provide a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to customers based on relative stand-alone selling price and recognised as a contract liability, under current liabilities, until the points are redeemed . Revenue is recognised upon redemption of products by the customer. When estimating the stand-alone selling price of the loyalty points, the Group considers the likelihood that the customer will redeem the points. The Group updates its estimates of the points that will be redeemed on a yearly basis and any adjustments to the contract liability balance are charged against revenue. 3.3.4 Cost of sales. Cost of sales mainly consists of cost of goods sold, inventory obsolescence provisions and contributions by our suppliers for product promotion and discounts. Allowances on inventories reflect write-downs of inventories to their net realisable value to allow for risks from slow-moving goods, items past their use-by date or reduced extent to which goods can still be sold Vendor allowances. The Group receives various types of vendor allowances. The most common allowances vendors offer are (i) volume allowances, which are off-invoice or amounts billed back to vendors based on the quantity of products purchased from the vendor and (ii) promotional allowances, which relate to (online) advertising and market development efforts. Volume allowances are recognized as a reduction of the cost of the related products as they are sold. Promotional allowances are recognized as a reduction of the cost of the related products when the Company has performed the activities specified in the contract with the vendor. If the contract does not specify any performance criteria, the allowance is recognized over the term of the contract. Vendor allowances are generally deducted from cost of sales, unless there is clear evidence that they should be classified as revenue resulting from the Company providing a distinct good or service to the vendor. 3.3.5 Marketing expenses. Marketing expenses, which include the development and production of advertising materials and the communication of these materials through various forms of media, are expensed over the period that these expenses relate to. Marketing expense is recognised in selling and distribution in the consolidated statement of profit and loss. 3.3.6 Pensions and other post-employment benefits. Defined contribution plans. The Group maintains three pension plans covering pharmacy personnel: \u2013 Pharmacists of the Group participate in the occupational pension plan \u2018SPOA\u2019. This pension plan is a collective defined contribution plan with direct conversion into pension entitlements. The pension plan is based on a predetermined premium that the participants transfer to the fund. Although this pension plan is based on the \u201caverage pay system\u201d, this pension scheme is based on a predetermined premium. Therefore, the participants are entitled to a pension to the extent that the previously determined premium is sufficient. During 2023 the employer contribution amounted to 20.5 % (2022: 20.5 %) of the pensionable base. \u2013 Eligible employees of the Group participate in the multi-employer pension plan (PMA) determined in accordance with the collective bargaining agreements effective for the industry in which the Group operates. The employees in service before 2013 participate voluntarily in the PMA pension plan. This multi-employer pension plan covers approximately 2,000 companies and approximately 25,000 contributing members. The PMA pension plan is a collective defined contribution plan based on the average pay system. During 2023, the employer contribution amounted to 19.0 % (2022: 20.3 %) of the pensionable base. \u2013 As of 1 January 2021, eligible employees of the Group participate in the pension scheme of ASR (previously named BrandNewDay). The ASR pension plan is a defined contribution plan. During 2023 the employer contribution amounted to 12 % (2022: 12 %) of the pensionable base. The SPOA and PMA pension plans monitor risks on a global basis, not by company nor employee, and are subject to regulation by Dutch governmental authorities. By law (the Dutch Pension Act), a pension fund must be monitored against specific criteria, including the coverage ratio of the plan\u2019s assets to its obligations. As of 1 January 2015, new pension legislation was enacted. One of the results of this legislation was an increase of legally required coverage levels. The coverage percentage is calculated by dividing the funds capital by the total sum of pension liabilities and is based on actual market interest rates. The coverage ratio of the SPOA pension fund as per 31 December 2023 amounts to 120.0 % (31 December 2022: 119.0 %). The coverage ratio of the PMA pension fund as per 31 December 2023 amounts to 104.3 % (31 December 2022: 100.5 %). In line with the definitions according to IAS 19.29, the Group has no obligation whatsoever to pay off any deficits the pension funds may incur, nor have we any claim to any potential surpluses. The Group has no further payment obligations once the predetermined contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Defined benefit plans. The acquired entity MediService has a defined benefit obligation. This defined benefit obligation (DBO) is assessed annually by independent pension actuaries using the projected unit credit method. This method considers employees\u2019 service in the periods prior to the reporting date and their future expected salary develop ment. In addition, actuaries make use of statistical data such as employee turnover and mortality to calculate the defined benefit obligation. Any deficit or surplus in funded defined benefit plans (when the fair value of plan assets falls short of or exceeds the present value of the defined benefit obligation) is recorded as a net defined benefit liability or asset. The Group only recognises a net defined benefit asset if it has the ability to use the surplus to generate future economic benefits that will be available to the Group in the form of a reduction in future contributions. If the Group does not have the ability to use the surplus or it will not generate any future economic benefit, the Group does not recognise an asset, but instead discloses the effect of this asset ceiling in the notes. The components of defined benefit cost are service cost, net interest on the net defined benefit asset or liability and remeasurements of the net defined benefit asset or liability . Service cost is a component of personnel costs and comprises current service cost, past service cost (including gains and losses from plan amendments) and gains and losses from plan settlements. Net interest is determined by multiplying the net defined benefit liability or asset by a discount rate at the beginning of the reporting period. Net interest is included in the financial result. Actuarial gains and losses result from changes in actuarial assumptions and differences between actuarial assumptions and actual outcomes. Actuarial gains and losses resulting from remeasuring the defined benefit plans are recognised immediately in comprehensive income as remeasurements of the net defined benefit liability or asset. This includes any differences in the return on plan assets (excluding interest, based on the discount rate). Remeasurements of the net defined benefit liability or asset are not reclassified through profit or loss at any point in time MediService AG rewards employees for long service with jubilee benefits. These long-term benefits to employees are also measured using the projected unit credit method and included in employee benefit liabilities . These obligations are unfunded. Changes in obligations are recognised in profit or loss in personnel costs and interest expense as part of the financial expense, in line with the defined benefit plans. 3.3.7 Share-based payments. Selected employees, including senior executives, of the Group have received remuneration in the form of share-based payments. Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied. 3.3.8 Taxes. The tax expense for the financial year is comprised of current and deferred income tax. Tax expense is recognised in the consolidated statement of profit and loss. Current income tax. The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the Group operates and generates taxable income. The Group recognises liabilities for uncertain tax positions when it is more likely than not that an outflow will occur to settle the position. The liabilities are measured based upon management\u2019s estimation of the expected settle- ment of the matter. These liabilities are presented within income taxes payable on the consolidated statement of financial position. These amounts, along with estimates of interest and penalties on tax liabilities are also recorded in income taxes payable, and are included in current tax expense. Deferred tax. Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised, except: \u2013 When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss \u2013 In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets and liabilities are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred taxes are recognised separately for individual corporate income tax entities. Value added taxes. Expenses and assets are recognised net of the amount of sales tax, except: When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receiv- ables or payables in the statement of financial position. 3.3.9 Foreign currencies. The Group\u2019s consolidated financial statements are presented in euro, which is also the parent company\u2019s functional currency. In preparing the consolidated financial statements of the Group, transactions in currencies other than euro, being the functional currency of each entity in the Group, are recognised at the rates of exchange prevailing at the dates the transactions first qualify for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. 3.3.10 Non-current assets held for sale and discontinued operations. The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2013 Represents a separate major line of business or geographical area of operations, \u2013 Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2013 Is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. 3.3.11 Property, plant and equipment. Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land and properties under construction) less their residual values over their useful lives, using the straight-line method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retire- ment of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss. 3.3.12 Leases. The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets. The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policy in 3.3.15 Impairment of tangible and intangible assets. Lease liabilities. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. 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, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. This change is also recorded for in the right-of-use asset. The Group\u2019s lease liabilities are included in loans and borrowings Short-term leases and leases of low-value assets. The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. 3.3.13 Business combinations and goodwill. Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition- related costs are generally recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2013 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 respectively; \u2013 Liabilities or equity instruments related to share-based payment arrangements of the acquiree or share- based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date, and \u2013 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain . When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition -date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9 or IAS 37 Provisions. Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete . Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date . 3.3.14 Intangible assets. Internally-generated intangible assets. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognised if, and only if, all of the following have been demonstrated: \u2013 The technical feasibility of completing the intangible asset so that it will be available for use or sale. \u2013 The intention to complete the intangible asset and use or sell it. \u2013 The ability to use or sell the intangible asset. \u2013 How the intangible asset will generate probable future economic benefits. \u2013 The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset. \u2013 The ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no internally-generated intangible asset can be recognised, development expenditure is recognised in profit or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Intangible assets: Software, technology and contracts. Software, technology and contracts, are carried at cost less accumulated amortisation and accumulated impair ment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period Intangible assets: Brands. Brands are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets: Customer base. Customer base, is carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of intangible assets. An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognised in profit or loss when the asset is derecognised. 3.3.15 Impairment of tangible and intangible assets. At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Growth rates are based on past performance, external market growth assumptions and forecast market conditions by our management using a combination of our business plans and growth assumptions for the next years. Our business plans and growth assumptions are assessed by existing customer development and acquisition of new customers based on our customer data model. Furthermore, all variable cost like marketing budgets, delivery cost and operations expenses for impairment analysis are planned performance-based. Non-performance-based cost like finance, management and facility etc. are planned according to business growth including economies of scale. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the esti- mates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss; impairment for goodwill is not reversed. Non-current assets include goodwill, other intangible assets, investments in equity-accounted joint ventures, investments in associates and property, plant and equipment. At the end of each reporting period, the Group performs an impairment test on the carrying amounts of its goodwill to determine whether there is an impairment loss. This impairment review is prepared by comparing the carrying values of the cash-generating units related concerned to that cash-generating unit\u2019s recoverable amount, being the higher of the value in use and fair value less costs to sell. Value in use is a valuation derived from the discounted future cash flows of the cash-generating units. The most important estimates in deter- mining the present value of cash flows are growth rates used to calculate revenue growth, expected improve- ments as result of economics of scale and the discount rate in order to determine present value. The weighted average cost of capital used e. g. for goodwill impairment calculations has been determined based on the capital asset pricing model using the risk-free rate, market premium and beta based on peer-group capital structure. The pre-tax discount rates are calculated from the post-tax discount rate using the goal-seek method. Estimates are reviewed at least annually as of the date of each impairment test and believed to be appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore affect future financial results, the effects of which would be recognised in the consolidated income statement through operating profit. 3.3.16 Associates and joint ventures. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of associates and joint ventures are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted there after to recognising the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identified assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less cost of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group . 3.3.17 Inventories. Inventory contains raw materials, consumables and finished goods and is valued at the lower of cost and net realisable value. Costs are determined by: \u2013 For raw materials, consumables and third party finished goods: The average purchase price method and include direct product purchasing rebates. \u2013 For finished goods from own manufacturing: Integral manufacturing cost. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. There are limited net realisable value adjust ments due to the fact that in general products can be returned to manufacturer or wholesaler prior to expiring. 3.3.18 Cash and cash equivalents. Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash, as defined above. The bank overdrafts are not included since they are not considered being an integral part of the Group\u2019s cash management. Short-term securities are shown in Other financial assets 3.3.19 Cash flow statement. The Company has chosen to prepare the statement of cash flows using the indirect method, which presents cash flows from operating activities as the operating result adjusted for non-cash transactions, working capital movement, corporate income tax paid, and items of income or expense associated with investing or financing cash flows. Cash flows in foreign currencies have been translated using weighted average periodic exchange rates. Interest paid on loans is presented as a financing activity, while interest received is presented as an investing activity. Acquisitions and divestments of businesses are presented net of cash and cash equivalents acquired or disposed of respectively. In the cash flow statement, the Company has classified the principal portion of lease payments, as well as the interest portion, within financing activities. Lease payments are not split between interest and principal portions but are shown as one line, Cash-out lease payments, in the cash flow statement. Lease payments for short-term leases, lease payments for leases of low-value assets not included in the measurement of the lease liability are classified as cash flows from operating activities. 3.3.20 Provisions. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 3.3.21 Financial instruments \u2013 initial recognition and subsequent measurement. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets. Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receiv- ables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price as disclosed in Note 3.3.3 Revenue from contracts with customers. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows Subsequent measurement For purposes of subsequent measurement, the Group classified the financial assets in the following categories: \u2013 Financial assets at amortised cost (debt instruments). \u2013 Financial assets at fair value through profit or loss. Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The financial assets are included in current assets except for maturities greater than twelve months after the statement of financial position date. These are classified as non-current assets. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss . Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2013 The rights to receive cash flows from the asset have expired, or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither t ransferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset . Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approxi mation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition. ECLs are provided for credit losses that result from default events that are possible within the next twelve months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Further disclosures relating to impairment of financial assets is also provided in Note 4.2 . Financial liabilities. Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2013 Financial liabilities at fair value through profit or loss. \u2013 Financial liabilities at amortised cost (loans and borrowings). Financial liabilities at fair value through profit or loss The Group has not designated any financial liability as at fair value through profit or loss . Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (hereafter: EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. Classification as debt or equity Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Convertible debt Proceeds received on issuance of Group\u2019s convertible debt are allocated into their liability and equity components . The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of the proceeds is allocated to the conversion option and is recognised in the equity part on convertible bonds within shareholders\u2019 equity, net of income tax effects. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated state- ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously . 3.4 Changes in accounting policies and disclosures. New and amended standards and interpretations. In the current year, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2023. In 2023, the Group has not adopted early any new standards, interpretations or amendments that have been issued but are not yet effective. The Group has adopted the amendments of the following four IFRS standards for the first time in the current year; IAS 1 Presentation of Financial Statements, IAS 8 Accounting Policies, IAS 12 Income Taxes and IFRS 17 Insurance Contracts. The Group has adopted the IASB amendments to IAS 12 to introduce a temporary mandatory relief from accounting for deferred tax that arises from legislation implementing the Pillar Two model rules. The Group has adopted the recent IASB amendments to IAS 12 \u2013 \u201cDeferred tax related to assets and liabilities arising from a single transaction\u201d that clarify treatment for deferred tax on transactions such as leases. The amendments introduce an exception to the initial recognition exemption in IAS 12 and apply to transactions that occur on or after the beginning of the earliest comparative period presented in our financial statements. The amendment was adopted during the year 2023, it did not result in a material impact.. The other new standards and amendments, as far as they are relevant to the Group, do not have a material impact on the valuation and classification of assets and liabilities of the Group, nor on its income statement or cash flows", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "3. Material accounting policy information. 3.1 Basis of preparation. The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as endorsed by the EU as issued by International Accounting Standards Board (IASB) and in accordance with the Dutch Civil Code, Book 2, Title 9 . The consolidated financial statements have been prepared on a historical cost basis, except when otherwise indicated. The consolidated financial statements are presented in euro and all values are rounded to the nearest thousand (EUR 000), except when otherwise indicated. The consolidated financial statements provide comparative information in respect of the previous period. In addition, the Group presents an additional statement of financial position at the beginning of the preceding period when there is a retrospective application of an accounting policy, a retrospective restatement, or a reclassification of items in financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "3.1 Basis of preparation. The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as endorsed by the EU as issued by International Accounting Standards Board (IASB) and in accordance with the Dutch Civil Code, Book 2, Title 9 . The consolidated financial statements have been prepared on a historical cost basis, except when otherwise indicated. The consolidated financial statements are presented in euro and all values are rounded to the nearest thousand (EUR 000), except when otherwise indicated. The consolidated financial statements provide comparative information in respect of the previous period. In addition, the Group presents an additional statement of financial position at the beginning of the preceding period when there is a retrospective application of an accounting policy, a retrospective restatement, or a reclassification of items in financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "value": "The consolidated financial statements of the Group have been prepared in accordance with IFRS Accounting Standards as endorsed by the EU as issued by International Accounting Standards Board (IASB) and in accordance with the Dutch Civil Code, Book 2, Title 9 ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "Going concern. In 2023, the Group incurred losses after tax of EUR 11.6 million (2022: EUR 77.6 million). The working capital at the end of 2023 was positive at EUR 15.2 million (2022: EUR 40.3 million). Development of the working capital is in line with expectations. in EUR 1,000 31. 12. 2023 31. 12. 2022 Trade and other receivables 103,134 59,876 Inventory 135,786 99,708 Trade and other payables \u2013 15 7,5 91 \u2013 72,882 Loans and Borrowings (short-term) \u2013 8,770 \u2013 7, 50 5 Other liabilities (short-term) \u2013 57,363 \u2013 38,879 Working capital 15,196 40,318 % Revenue 0.84 % 3.35 % Working capital incl. cash and short-term securities 226,414 224,610 On 14 January 2021, Redcare Pharmacy successfully placed senior unsecured convertible bonds with a zero (0.0 %) coupon in an aggregate principal amount of EUR 225 million and a maturity of seven years with a put option for the investors after five years. The Company is closely monitoring its cash position and performs annual forecasts as well as long-term planning in scenarios ensuring pro-actively necessary measures are taken to ensure future growth financing and financial robustness. The underlying unit economics and the overall financial performance in its larger markets are cash flow positive, but the company is executing a fast growth strategy to build market share and increase its base of active customers. Parallel to the focus on growth, the company is driving gross profit margin improvements, other income improvements, efficiencies and scale. Liquidity is secured for at least the next twelve months. On the basis of the above, the consolidated financial statements have been prepared on a going concern basis", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-481": { "value": "3.2 Basis of consolidation. The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee . Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2013 Exposure, or rights, to variable returns from its involvement with the investee; \u2013 The ability to use its power over the investee to affect its returns The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including good- will), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. On 16 May 2023, SA Europe B.V. acquired a majority stake of 51 % in the share capital of MediService AG (including its 100 % subsidiary Curarex swiss AG), a leading specialty pharmacy in Switzerland with a focus on mail order prescription medicines (Rx) and the care of chronically ill patients. The transaction is executed after approval of the competition authorities. The closing date of the transaction has been determined to be 16 May 2023. Based on the control assessment in accordance with IFRS 10 Redcare has consolidated MediService AG figures as of closing of the transaction effect from 16 May 2023 and directly contributed to earnings per share. Non-controlling interests (NCI) are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "3.2 Basis of consolidation. The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as of 31 December 2023. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee . Specifically, the Group controls an investee if, and only if, the Group has: \u2013 Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee); \u2013 Exposure, or rights, to variable returns from its involvement with the investee; \u2013 The ability to use its power over the investee to affect its returns The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it derecognises the related assets (including good- will), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. On 16 May 2023, SA Europe B.V. acquired a majority stake of 51 % in the share capital of MediService AG (including its 100 % subsidiary Curarex swiss AG), a leading specialty pharmacy in Switzerland with a focus on mail order prescription medicines (Rx) and the care of chronically ill patients. The transaction is executed after approval of the competition authorities. The closing date of the transaction has been determined to be 16 May 2023. Based on the control assessment in accordance with IFRS 10 Redcare has consolidated MediService AG figures as of closing of the transaction effect from 16 May 2023 and directly contributed to earnings per share. Non-controlling interests (NCI) are measured initially at their proportionate share of the acquiree\u2019s identifiable net assets at the date of acquisition", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "
3.3.2 Fair value measurement.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly trans-
action between market participants at the measurement date, regardless of whether that price is directly
observ able or estimated using another valuation technique. In estimating the fair value of an asset or a liability,
the Group takes into account the characteristics of the asset or liability if market participants would take
those characteristics into account when pricing the asset or liability at the measurement date. Fair value for
measurement and/or disclosure purposes in these consolidated financial statements is determined on such a
basis, except for share-based payment transactions that are within the scope of IFRS 2, leasing transactions
that are within the scope of IFRS 16, and measurements that have some similarities to fair value but are not
fair value, such as net realisable value in IAS 2 or value in use in IAS 36.
In addition, for financial reporting purposes, fair value measurements are categorised into Level 1, 2 or 3
based on the degree to which the inputs to the fair value measurements are observable and the significance
of the inputs to the fair value measurement in its entirety, which are described as follows:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity
can access at the measurement date;
\u2013 Level 2 inputs are inputs, other than quoted prices included within Level 1, that are observable for the asset
or liability, either directly or indirectly; and
\u2013 Level 3 inputs are unobservable inputs for the asset or liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "3.3.3 Revenue from contracts with customers. The Group is in the business of providing pharmaceuticals, food supplements and beauty and personal care products. Revenue from contracts with customers is recognised when control of the goods or services are trans ferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. For direct product sales the Group has concluded that it is the principal in its revenue arrangements, because it controls the goods or services before transferring them to the customer. Therefore, this revenue is recognised in full, whereas in the platform business the revenue is recognised in the amount of the commission and other fees expected to be received from the partners. Sales are reduced by sales deductions, taxes and fees. Revenue is measured as the amount of the transaction price that is allocated to the performance obligation. The transaction price is the amount of the consideration received or receivable, taking into account contractually defined terms of payment and excluding taxes or duty. Upon the sale of products to customers, the date on which the goods are delivered at the indicated place of destination is the date on which economic title to the products passes to the customer. In this case, the transfer of economic title is attached to the transfer of legal title. Revenue is recorded net of sales deductions", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "Loyalty points programme The Group has a loyalty points programme, \u201cRedPoints\u201d, which allows customers to accumulate points that can be redeemed for free products. The loyalty points give rise to a separate performance obligation as they provide a material right to the customer. A portion of the transaction price is allocated to the loyalty points awarded to customers based on relative stand-alone selling price and recognised as a contract liability, under current liabilities, until the points are redeemed . Revenue is recognised upon redemption of products by the customer. When estimating the stand-alone selling price of the loyalty points, the Group considers the likelihood that the customer will redeem the points. The Group updates its estimates of the points that will be redeemed on a yearly basis and any adjustments to the contract liability balance are charged against revenue", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCustomerLoyaltyProgrammesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "3.3.4 Cost of sales. Cost of sales mainly consists of cost of goods sold, inventory obsolescence provisions and contributions by our suppliers for product promotion and discounts. Allowances on inventories reflect write-downs of inventories to their net realisable value to allow for risks from slow-moving goods, items past their use-by date or reduced extent to which goods can still be sold . Vendor allowances. The Group receives various types of vendor allowances. The most common allowances vendors offer are (i) volume allowances, which are off-invoice or amounts billed back to vendors based on the quantity of products purchased from the vendor and (ii) promotional allowances, which relate to (online) advertising and market development efforts. Volume allowances are recognized as a reduction of the cost of the related products as they are sold. Promotional allowances are recognized as a reduction of the cost of the related products when the Company has performed the activities specified in the contract with the vendor. If the contract does not specify any performance criteria, the allowance is recognized over the term of the contract. Vendor allowances are generally deducted from cost of sales, unless there is clear evidence that they should be classified as revenue resulting from the Company providing a distinct good or service to the vendor", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "
3.3.6 Pensions and other post-employment benefits.
Defined contribution plans.
The Group maintains three pension plans covering pharmacy personnel:
\u2013
Pharmacists of the Group participate in the occupational pension plan \u2018SPOA\u2019. This pension plan is a collective
defined contribution plan with direct conversion into pension entitlements. The pension plan is based on a
predetermined premium that the participants transfer to the fund. Although this pension plan is based on the
\u201caverage pay system\u201d, this pension scheme is based on a predetermined premium. Therefore, the participants
are entitled to a pension to the extent that the previously determined premium is sufficient. During 2023 the
employer contribution amounted to 20.5 % (2022: 20.5 %) of the pensionable base.
Eligible employees of the Group participate in the multi-employer pension plan (PMA) determined in
accordance with the collective bargaining agreements effective for the industry in which the Group operates.
The employees in service before 2013 participate voluntarily in the PMA pension plan. This multi-employer
pension plan covers approximately 2,000 companies and approximately 25,000 contributing members. The
PMA pension plan is a collective defined contribution plan based on the average pay system. During 2023,
the employer contribution amounted to 19.0 % (2022: 20.3 %) of the pensionable base.
\u2013 As of 1 January 2021, eligible employees of the Group participate in the pension scheme of ASR (previously
named BrandNewDay). The ASR pension plan is a defined contribution plan. During 2023 the employer
contribution amounted to 12 % (2022: 12 %) of the pensionable base.
The SPOA and PMA pension plans monitor risks on a global basis, not by company nor employee, and are
subject to regulation by Dutch governmental authorities. By law (the Dutch Pension Act), a pension fund must
be monitored against specific criteria, including the coverage ratio of the plan\u2019s assets to its obligations. As of
1 January 2015, new pension legislation was enacted. One of the results of this legislation was an increase of
legally required coverage levels. The coverage percentage is calculated by dividing the funds capital by the
total sum of pension liabilities and is based on actual market interest rates.
The coverage ratio of the SPOA pension fund as per 31 December 2023 amounts to 120.0 % (31 December 2022: 119.0 %). The coverage ratio of the PMA pension fund as per 31 December 2023 amounts to 104.3 % (31 December 2022: 100.5 %). In line with the definitions according to IAS 19.29, the Group has no obligation whatsoever to pay off any deficits the pension funds may incur, nor have we any claim to any potential surpluses. The Group has no further payment obligations once the predetermined contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Defined benefit plans. The acquired entity MediService has a defined benefit obligation. This defined benefit obligation (DBO) is assessed annually by independent pension actuaries using the projected unit credit method. This method considers employees\u2019 service in the periods prior to the reporting date and their future expected salary develop ment. In addition, actuaries make use of statistical data such as employee turnover and mortality to calculate the defined benefit obligation. Any deficit or surplus in funded defined benefit plans (when the fair value of plan assets falls short of or exceeds the present value of the defined benefit obligation) is recorded as a net defined benefit liability or asset. The Group only recognises a net defined benefit asset if it has the ability to use the surplus to generate future economic benefits that will be available to the Group in the form of a reduction in future contributions. If the Group does not have the ability to use the surplus or it will not generate any future economic benefit, the Group does not recognise an asset, but instead discloses the effect of this asset ceiling in the notes. The components of defined benefit cost are service cost, net interest on the net defined benefit asset or liability and remeasurements of the net defined benefit asset or liability Service cost is a component of personnel costs and comprises current service cost, past service cost (including gains and losses from plan amendments) and gains and losses from plan settlements. Net interest is determined by multiplying the net defined benefit liability or asset by a discount rate at the beginning of the reporting period. Net interest is included in the financial result. Actuarial gains and losses result from changes in actuarial assumptions and differences between actuarial assumptions and actual outcomes. Actuarial gains and losses resulting from remeasuring the defined benefit plans are recognised immediately in comprehensive income as remeasurements of the net defined benefit liability or asset. This includes any differences in the return on plan assets (excluding interest, based on the discount rate). Remeasurements of the net defined benefit liability or asset are not reclassified through profit or loss at any point in time . MediService AG rewards employees for long service with jubilee benefits. These long-term benefits to employees are also measured using the projected unit credit method and included in employee benefit liabilities . These obligations are unfunded. Changes in obligations are recognised in profit or loss in personnel costs and interest expense as part of the financial expense, in line with the defined benefit plans", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "3.3.7 Share-based payments. Selected employees, including senior executives, of the Group have received remuneration in the form of share-based payments. Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is charged to the consolidated statement of comprehensive income over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market vesting conditions are satisfied", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "
3.3.8 Taxes.
The tax expense for the financial year is comprised of current and deferred income tax. Tax expense is
recognised in the consolidated statement of profit and loss.
Current income tax.
The current income tax expense is calculated on the basis of the tax laws enacted or substantively enacted
at the balance sheet date in the countries where the Group operates and generates taxable income. The Group
recognises liabilities for uncertain tax positions when it is more likely than not that an outflow will occur to
settle the position. The liabilities are measured based upon management\u2019s estimation of the expected settle-
ment of the matter. These liabilities are presented within income taxes payable on the consolidated statement
of financial position. These amounts, along with estimates of interest and penalties on tax liabilities are also
recorded in income taxes payable, and are included in current tax expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "
Deferred tax.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the Consolidated Financial Statements and the corresponding tax bases used in the computation of taxable
profit.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax
credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that
taxable profit will be available against which the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses can be utilised, except:
When the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss \u2013 In respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint arrangements, deferred tax assets and liabilities are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets and deferred tax liabilities is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Deferred taxes are recognised separately for individual corporate income tax entities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "Value added taxes. Expenses and assets are recognised net of the amount of sales tax, except: When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item. The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receiv- ables or payables in the statement of financial position", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "
3.3.9 Foreign currencies.
The Group\u2019s consolidated financial statements are presented in euro, which is also the parent company\u2019s
functional currency. In preparing the consolidated financial statements of the Group, transactions in currencies
other than euro, being the functional currency of each entity in the Group, are recognised at the rates of
exchange prevailing at the dates the transactions first qualify for recognition.
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency
spot rates of exchange at the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "3.3.9 Foreign currencies. The Group\u2019s consolidated financial statements are presented in euro, which is also the parent company\u2019s functional currency. In preparing the consolidated financial statements of the Group, transactions in currencies other than euro, being the functional currency of each entity in the Group, are recognised at the rates of exchange prevailing at the dates the transactions first qualify for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "3.3.10 Non-current assets held for sale and discontinued operations. The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The criteria for held for sale classification is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of the classification. Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2013 Represents a separate major line of business or geographical area of operations, \u2013 Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2013 Is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "A disposal group qualifies as discontinued operation if it is a component of an entity that either has been disposed of, or is classified as held for sale, and: \u2013 Represents a separate major line of business or geographical area of operations, \u2013 Is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations; or \u2013 Is a subsidiary acquired exclusively with a view to resale. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "
3.3.11 Property, plant and equipment.
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses. Depreciation is recognised so as to write off the cost or valuation of assets (other than freehold land
and properties under construction) less their residual values over their useful lives, using the straight-line
method. The estimated useful lives, residual values and depreciation method are reviewed at the end of each
reporting period.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retire- ment of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in profit or loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "3.3.12 Leases. The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee. The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets. The Group recognises right-of-use assets at the commencement date of the lease (i.e. the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policy in 3.3.15 Impairment of tangible and intangible assets. Lease liabilities. At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. 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, a change in the lease payments (e.g. changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. This change is also recorded for in the right-of-use asset. The Group\u2019s lease liabilities are included in loans and borrowings . Short-term leases and leases of low-value assets. The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e. those leases that have a lease term of twelve months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "value": "3.3.13 Business combinations and goodwill. Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition- related costs are generally recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2013 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 respectively; \u2013 Liabilities or equity instruments related to share-based payment arrangements of the acquiree or share- based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date, and \u2013 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition -date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date . The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9 or IAS 37 Provisions. Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete . Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "3.3.13 Business combinations and goodwill. Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition- related costs are generally recognised in profit or loss as incurred. At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognised at their fair value, except that: \u2013 Deferred tax assets or liabilities, and assets or liabilities related to employee benefit arrangements are recognised and measured in accordance with IAS 12 Income Taxes and IAS 19 respectively; \u2013 Liabilities or equity instruments related to share-based payment arrangements of the acquiree or share- based payment arrangements of the Group entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2 at the acquisition date, and \u2013 Assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations are measured in accordance with that Standard. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition -date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the measurement period (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date . The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9 or IAS 37 Provisions. Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognised in profit or loss. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete . Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised at that date . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-482": { "value": "Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer\u2019s previously held interest in the acquiree (if any), the excess is recognised immediately in profit or loss as a bargain purchase gain
When the consideration transferred by the Group in a business combination includes assets or liabilities
resulting from a contingent consideration arrangement, the contingent consideration is measured at its
acquisition -date fair value and included as part of the consideration transferred in a business combination.
Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are
adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained during the measurement period (which cannot
exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "
3.3.14 Intangible assets.
Internally-generated intangible assets.
An internally-generated intangible asset arising from development (or from the development phase of an
internal project) is recognised if, and only if, all of the following have been demonstrated:
\u2013 The technical feasibility of completing the intangible asset so that it will be available for use or sale.
\u2013 The intention to complete the intangible asset and use or sell it.
\u2013 The ability to use or sell the intangible asset.
\u2013 How the intangible asset will generate probable future economic benefits.
\u2013 The availability of adequate technical, financial and other resources to complete the development and to
use or sell the intangible asset.
\u2013 The ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognised for internally-generated intangible assets is the sum of the expenditure
incurred from the date when the intangible asset first meets the recognition criteria listed above. Where no
internally-generated intangible asset can be recognised, development expenditure is recognised in profit
or loss in the period in which it is incurred. Subsequent to initial recognition, internally-generated intangible
assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same
basis as intangible assets that are acquired separately.
Intangible assets: Software, technology and contracts. Software, technology and contracts, are carried at cost less accumulated amortisation and accumulated impair ment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period . Intangible assets: Brands. Brands are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets: Customer base. Customer base, is carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Derecognition of intangible assets. An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset are recognised in profit or loss when the asset is derecognised", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
3.3.15 Impairment of tangible and intangible assets.
At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of
the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset,
the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a
reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual
cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which
a reasonable and consistent allocation basis can be identified. Growth rates are based on past performance,
external market growth assumptions and forecast market conditions by our management using a combination
of our business plans and growth assumptions for the next years. Our business plans and growth assumptions
are assessed by existing customer development and acquisition of new customers based on our customer
data model. Furthermore, all variable cost like marketing budgets, delivery cost and operations expenses for
impairment analysis are planned performance-based. Non-performance-based cost like finance, management
and facility etc. are planned according to business growth including economies of scale.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the
estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the esti-
mates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating
unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating
unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss; impairment for goodwill is not reversed. Non-current assets include goodwill, other intangible assets, investments in equity-accounted joint ventures, investments in associates and property, plant and equipment. At the end of each reporting period, the Group performs an impairment test on the carrying amounts of its goodwill to determine whether there is an impairment loss. This impairment review is prepared by comparing the carrying values of the cash-generating units related concerned to that cash-generating unit\u2019s recoverable amount, being the higher of the value in use and fair value less costs to sell. Value in use is a valuation derived from the discounted future cash flows of the cash-generating units. The most important estimates in deter- mining the present value of cash flows are growth rates used to calculate revenue growth, expected improve- ments as result of economics of scale and the discount rate in order to determine present value. The weighted average cost of capital used e. g. for goodwill impairment calculations has been determined based on the capital asset pricing model using the risk-free rate, market premium and beta based on peer-group capital structure. The pre-tax discount rates are calculated from the post-tax discount rate using the goal-seek method. Estimates are reviewed at least annually as of the date of each impairment test and believed to be appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore affect future financial results, the effects of which would be recognised in the consolidated income statement through operating profit", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "3.3.15 Impairment of tangible and intangible assets. At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Growth rates are based on past performance, external market growth assumptions and forecast market conditions by our management using a combination of our business plans and growth assumptions for the next years. Our business plans and growth assumptions are assessed by existing customer development and acquisition of new customers based on our customer data model. Furthermore, all variable cost like marketing budgets, delivery cost and operations expenses for impairment analysis are planned performance-based. Non-performance-based cost like finance, management and facility etc. are planned according to business growth including economies of scale. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the esti- mates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss. When an impairment loss subsequently reverses, the carrying amount of the asset (or a cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss; impairment for goodwill is not reversed. Non-current assets include goodwill, other intangible assets, investments in equity-accounted joint ventures, investments in associates and property, plant and equipment. At the end of each reporting period, the Group performs an impairment test on the carrying amounts of its goodwill to determine whether there is an impairment loss. This impairment review is prepared by comparing the carrying values of the cash-generating units related concerned to that cash-generating unit\u2019s recoverable amount, being the higher of the value in use and fair value less costs to sell. Value in use is a valuation derived from the discounted future cash flows of the cash-generating units. The most important estimates in deter- mining the present value of cash flows are growth rates used to calculate revenue growth, expected improve- ments as result of economics of scale and the discount rate in order to determine present value. The weighted average cost of capital used e. g. for goodwill impairment calculations has been determined based on the capital asset pricing model using the risk-free rate, market premium and beta based on peer-group capital structure. The pre-tax discount rates are calculated from the post-tax discount rate using the goal-seek method. Estimates are reviewed at least annually as of the date of each impairment test and believed to be appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore affect future financial results, the effects of which would be recognised in the consolidated income statement through operating profit", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "
3.3.16 Associates and joint ventures.
An associate is an entity over which the Group has significant influence. Significant influence is the power to
participate in the financial and operating policy decisions of the investee but is not control or joint control
over those policies.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have
rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control
of an arrangement, which exists only when decisions about the relevant activities require unanimous consent
of the parties sharing control.
The results and assets and liabilities of associates and joint ventures are incorporated in these consolidated
financial statements using the equity method of accounting. Under the equity method, an investment in an
associate or a joint venture is initially recognised in the consolidated statement of financial position at cost
and adjusted there after to recognising the Group\u2019s share of the profit or loss and other comprehensive income
of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds
the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance,
form part of the Group\u2019s net investment in the associate or joint venture), the Group discontinues recognising
its share of further losses. Additional losses are recognised only to the extent that the Group has incurred
legal or constructive obligations or made payments on behalf of the associate or joint venture .
An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identified assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less cost of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "3.3.16 Associates and joint ventures. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of associates and joint ventures are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted there after to recognising the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identified assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less cost of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-483": { "value": "3.3.16 Associates and joint ventures. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of associates and joint ventures are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted there after to recognising the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture . An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identified assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less cost of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "value": "3.3.16 Associates and joint ventures. An associate is an entity over which the Group has significant influence. Significant influence is the power to participate in the financial and operating policy decisions of the investee but is not control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The results and assets and liabilities of associates and joint ventures are incorporated in these consolidated financial statements using the equity method of accounting. Under the equity method, an investment in an associate or a joint venture is initially recognised in the consolidated statement of financial position at cost and adjusted there after to recognising the Group\u2019s share of the profit or loss and other comprehensive income of the associate or joint venture. When the Group\u2019s share of losses of an associate or a joint venture exceeds the Group\u2019s interest in that associate or joint venture (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the associate or joint venture), the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture . An investment in an associate or a joint venture is accounted for using the equity method from the date on which the investee becomes an associate or joint venture. On acquisition of the investment in an associate or a joint venture, any excess of the cost of the investment over the Group\u2019s share of the net fair value of the identified assets and liabilities of the investee is recognised as goodwill, which is included within the carrying amount of the investment. Any excess of the Group\u2019s share of the net fair value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised immediately in profit or loss in the period in which the investment is acquired. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less cost of disposal) with its carrying amount. Any impairment loss recognised forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. When a Group entity transacts with an associate or a joint venture of the Group, profits and losses resulting from the transactions with the associate or joint venture are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the associate or joint venture that are not related to the Group ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "3.3.17 Inventories. Inventory contains raw materials, consumables and finished goods and is valued at the lower of cost and net realisable value. Costs are determined by: \u2013 For raw materials, consumables and third party finished goods: The average purchase price method and include direct product purchasing rebates. \u2013 For finished goods from own manufacturing: Integral manufacturing cost. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. There are limited net realisable value adjust ments due to the fact that in general products can be returned to manufacturer or wholesaler prior to expiring", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "3.3.18 Cash and cash equivalents. Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash, as defined above. The bank overdrafts are not included since they are not considered being an integral part of the Group\u2019s cash management. Short-term securities are shown in Other financial assets .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "3.3.19 Cash flow statement. The Company has chosen to prepare the statement of cash flows using the indirect method, which presents cash flows from operating activities as the operating result adjusted for non-cash transactions, working capital movement, corporate income tax paid, and items of income or expense associated with investing or financing cash flows. Cash flows in foreign currencies have been translated using weighted average periodic exchange rates. Interest paid on loans is presented as a financing activity, while interest received is presented as an investing activity. Acquisitions and divestments of businesses are presented net of cash and cash equivalents acquired or disposed of respectively. In the cash flow statement, the Company has classified the principal portion of lease payments, as well as the interest portion, within financing activities. Lease payments are not split between interest and principal portions but are shown as one line, Cash-out lease payments, in the cash flow statement. Lease payments for short-term leases, lease payments for leases of low-value assets not included in the measurement of the lease liability are classified as cash flows from operating activities", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "3.3.20 Provisions. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "3.3.21 Financial instruments \u2013 initial recognition and subsequent measurement. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets. Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receiv- ables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price as disclosed in Note 3.3.3 Revenue from contracts with customers. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows Subsequent measurement For purposes of subsequent measurement, the Group classified the financial assets in the following categories: \u2013 Financial assets at amortised cost (debt instruments). \u2013 Financial assets at fair value through profit or loss. Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The financial assets are included in current assets except for maturities greater than twelve months after the statement of financial position date. These are classified as non-current assets. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss . Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2013 The rights to receive cash flows from the asset have expired, or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither t ransferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset . Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approxi mation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition. ECLs are provided for credit losses that result from default events that are possible within the next twelve months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Further disclosures relating to impairment of financial assets is also provided in Note 4.2 . Financial liabilities. Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2013 Financial liabilities at fair value through profit or loss. \u2013 Financial liabilities at amortised cost (loans and borrowings). Financial liabilities at fair value through profit or loss The Group has not designated any financial liability as at fair value through profit or loss . Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (hereafter: EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or
loss. This category generally applies to interest-bearing loans and borrowings.
Classification as debt or equity Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Convertible debt Proceeds received on issuance of Group\u2019s convertible debt are allocated into their liability and equity components . The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of the proceeds is allocated to the conversion option and is recognised in the equity part on convertible bonds within shareholders\u2019 equity, net of income tax effects. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated state- ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "Financial assets. Initial recognition and measurement Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair value through profit or loss. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receiv- ables that do not contain a significant financing component or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price as disclosed in Note 3.3.3 Revenue from contracts with customers. The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model with the objective to hold financial assets in order to collect contractual cash flows Subsequent measurement For purposes of subsequent measurement, the Group classified the financial assets in the following categories: \u2013 Financial assets at amortised cost (debt instruments). \u2013 Financial assets at fair value through profit or loss. Financial assets at amortised cost (debt instruments) Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired. The Group\u2019s financial assets at amortised cost includes trade and other receivables. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the payment profiles of sales and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The financial assets are included in current assets except for maturities greater than twelve months after the statement of financial position date. These are classified as non-current assets. Interest income is recognised by applying the effective interest rate, except for short-term receivables when the effect of discounting is immaterial. Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss . Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2013 The rights to receive cash flows from the asset have expired, or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither t ransferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset . Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approxi mation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition. ECLs are provided for credit losses that result from default events that are possible within the next twelve months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Further disclosures relating to impairment of financial assets is also provided in Note 4.2 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognised in the statement of profit or loss Financial liabilities at fair value through profit or loss The Group has not designated any financial liability as at fair value through profit or loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e. removed from the Group\u2019s consolidated statement of financial position) when: \u2013 The rights to receive cash flows from the asset have expired, or \u2013 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither t ransferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "value": "Impairment of financial assets The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approxi mation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition. ECLs are provided for credit losses that result from default events that are possible within the next twelve months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL). For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Further disclosures relating to impairment of financial assets is also provided in Note 4.2 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "value": "Financial liabilities. Initial recognition and measurement Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings or payables, as appropriate. All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts. Subsequent measurement For purposes of subsequent measurement, financial liabilities are classified in two categories: \u2013 Financial liabilities at fair value through profit or loss. \u2013 Financial liabilities at amortised cost (loans and borrowings). Financial liabilities at fair value through profit or loss The Group has not designated any financial liability as at fair value through profit or loss . Financial liabilities at amortised cost (loans and borrowings) This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate (hereafter: EIR) method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process. Amortised cost is calculated by considering any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss. This category generally applies to interest-bearing loans and borrowings. Classification as debt or equity Debt and equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all its liabilities. Equity instruments issued by the Group are recognised at the proceeds received, net of direct issue costs. Convertible debt Proceeds received on issuance of Group\u2019s convertible debt are allocated into their liability and equity components . The amount initially attributed to the debt component equals the discounted cash flows using a market rate of interest that would be payable on a similar debt instrument that does not include an option to convert. Subsequently, the debt component is accounted for as a financial liability measured at amortised cost until extinguished on conversion or maturity of the bond. The remainder of the proceeds is allocated to the conversion option and is recognised in the equity part on convertible bonds within shareholders\u2019 equity, net of income tax effects. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Derecognition of financial liabilities A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the statement of profit or loss. Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated state- ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily
takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost
of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist
of interest and other costs that an entity incurs in connection with the borrowing of funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "value": "Offsetting of financial instruments Financial assets and financial liabilities are offset and the net amount is reported in the consolidated state- ment of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "4. Significant accounting judgements, estimates and assumptions. The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. Other disclosures relating to the Group\u2019s exposure to risks and uncertainties include: \u2013 Capital management (Note 25). \u2013 Financial instruments (Note 25) 4.1 Judgements. In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: Determining the lease term of contracts with renewal and termination options \u2013 Group as lessee. The Group 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. The Group has several lease contracts that include extension and termination options. The Group applies judgement in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease, that is, it considers all relevant factors that create an economic incentive for it to exercise either 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 or not to exercise the option to renew or to terminate (e.g. construction of significant leasehold improvements or significant customisation to the leased asset). Capitalisation of development expenses. The Group capitalises costs for development projects. Initial capitalisation of costs is based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a development project has reached a defined milestone according to an established project management model. In determining the amounts to be capitalised, management makes assumptions regarding the expected future cash generation of the project, discount rates to be applied and the expected period of benefits. In particular, we have capitalised development work for our websites and for the ERP system that runs our business operations. 4.2 Estimates and assumptions. The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. However, existing circum- stances and assumptions about future developments may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Evaluation of non-current assets for impairment. Non-current assets include goodwill, other intangible assets, investments in equity-accounted joint ventures, investments in associates and property, plant and equipment Estimates are reviewed at least annually as of the date of each impairment test and believed to be appropriate. However, changes in these estimates could change the outcomes of the impairment reviews and therefore affect future financial results, the effects of which would be recognised in the consolidated statement of profit and loss through operating profit. The key assumptions used, including a sensitivity analysis, are disclosed and further explained in Note 3.3.14 and Note 15. Acquisition of subsidiary Fair value of the assets acquired is determined based upon relevant valuation techniques. The key assumptions used, are disclosed and further explained in Note 29. Leases \u2013 estimating the incremental borrowing rate. The Group cannot readily determine the market rate in the lease. Therefore, it uses its incremental borrowing rate (IBR) to measure leases. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The Group estimates the IBR using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). Convertible bonds \u2013 estimating the effective interest rate. The Group measures the convertible bonds, net of directly attributable transaction costs, at amortised cost. The effective interest rate is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain a convertible bond in a similar economic environment. The Group estimates the effective interest rate using observable inputs (such as market interest rates) when available and is required to make certain entity-specific estimates (such as the subsidiary\u2019s stand-alone credit rating). Taxes. Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies. Under consideration of IAS 12, no deferred tax assets have been recognised in excess of existing deferred tax liabilities, since no positive fiscal results have been reported yet. Provision for expected credit losses of trade receivables. Almost all accounts receivables are derived from sales to customers and receivables from vendors. In order to monitor potential credit losses, the Group performs ongoing credit evaluations of its customers\u2019 financial condition. Respective allowances for expected credit losses on accounts receivable are maintained based upon management\u2019s assessment of the expected collectability of all accounts receivable. The respective allow ances for credit losses on accounts receivable are reviewed periodically to assess the adequacy of these allo wances. In making this assessment, the Group takes into consideration any circumstances of which it is aware regarding a customer\u2019s inability to meet its financial obligations; and its judgements as to potential prevailing economic conditions in the industry and their potential impact on its customers. Provision for net realisable value of inventories. The assessment of a risk for a lower net realisable value of the inventories is done on a periodical basis. Based on trends in sales quantities and prices as well as other market developments, we review if the net realis able value is lower when measured at cost. The net realizable value is equal to the amount for which we expect the product can be sold, after deduction of costs still to be incurred. In making this assessment, the Group takes into consideration any circumstances of which it is aware regarding a potential decrease in current purchase and sales prices or sales demand. Share-based payments. Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires deter- mination of the most appropriate inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield and making assumptions about them. For the measurement of the fair value of equity-settled transactions with employees at the grant date, the Group uses the Monte-Carlo valuation method. The assumptions and methods used for estimating fair value for share-based payment transactions are disclosed in Note 27. Employee benefit plans and other non-current employee benefits. The costs of the employee benefit plans and other long-term employee benefits are determined using actuarial valuations. These valuations involve making assumptions about the discount rate, future salary and pension developments, mortality and the employee turnover rate. The Group considers the discount rate, the selection of mortality tables and the development of salaries to be key assumptions.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "value": "
5. Revenue from contracts with customers and segment information.
A business segment in the sense of IFRS 8 is a unit of a business which conducts business activities and pro-
duces financial income and expenses, the operating results of which are regularly reviewed by the Company\u2019s
chief operating decision-makers with regards to decisions on allocating resources to this sector and the
assess ment of profitability and for which there exists corresponding financial information.
Our operating segments are reported in a manner consistent with the internal reporting provided to the chief
operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources
and assessing performance of the operating segments, have been identified as statutory members of the
Managing Board of the Group and make strategic decisions .
Consolidated Financial Statements. Segment information 2023 For the year ended 31 December 2023 (in EUR 1,000) DACH International Total Revenue 1,453,551 345,207 1,798,758 Cost of sales \u2013 1,097,883 \u2013 260,492 \u2013 1,358,375 Gross profit 355,668 84,715 440,383 % of revenue 24.5 % 24.5 % 24.5 % Other income 290 29 319 Selling & Distribution \u2013 248,129 \u2013 88,318 \u2013 336,447 Segment EBITDA 107,82 9 \u20133,574 104,255 Administrative expenses \u2013 41,591 \u2013 22,671 \u2013 64,262 EBITDA 66,238 \u2013 26,245 39,993 Depreciation \u2013 3 7,0 09 \u2013 20,279 \u2013 57, 2 88 EBIT 29,229 \u2013 46,524 \u2013 17, 295 Net finance cost and income tax 5,689 Net loss \u2013 11,606 Segment information 2022 For the year ended 31 December 2022 (in EUR 1,000) DACH International Total Revenue 940,169 264,183 1,204,352 Cost of sales \u2013 678,559 \u2013 194,007 \u2013 872,566 Gross profit 261,610 70,176 331,786 % of revenue 2 7.8 % 26.6 % 2 7.5 % Other income 116 32 148 Selling & Distribution \u2013 219,437 \u2013 80,213 \u2013 299,650 Segment EBITDA 42,289 \u2013 10,005 32,284 Administrative expenses \u2013 37, 4 53 \u2013 24,493 \u2013 61 ,946 EBITDA 4,836 \u2013 34,498 \u2013 29,662 Depreciation \u2013 23,888 \u2013 15,622 \u2013 39,510 EBIT \u2013 19,052 \u2013 50,120 \u2013 69,172 Net finance cost and income tax \u2013 8,474 Net loss \u2013 7 7,6 46
Within the context of IFRS 8, we consider two business segments for external reporting purposes: Our DACH
segment which includes medications and pharmacy-related BPC products sold to customers in Germany,
Austria and Switzerland, and our International segment which includes OTC medications and pharmacy-related
BPC products only, sold to customers in Belgium, The Netherlands, France and Italy.
Redcare Pharmacy entered a strategic partnership with Galenica AG in Switzerland, by acquiring 51 % of
the shares in MediService AG. As part of this strategic partnership, Redcare Pharmacy and Galenica AG are
combining the business activities of the specialty pharmacy MediService AG and the online pharmacy
shop-apotheke.ch. As a consequence, has the acquired business of MediService been included in our DACH
segment.
The Group\u2019s assets and liabilities are not disclosed by segment as they are not included in the segment
information used by the chief operating decision-makers. The accounting policies of the operating segments
are the same as the Group\u2019s accounting policies described in Note 3.
The Group allocates all costs (excluding net finance cost and income tax) to the segments. The result by
segment is shown in the EBITDA line including all costs directly related to the revenue of the segments
(marketing , operations) and administrative expenses. EBITDA means earnings before tax, interest, depreciation
and amortisation.
Revenue from type of products and services.
The revenue from type of products and services is the following:
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Prescription (Rx) 457, 272 129,956
Over-the-counter (OTC), beauty and personal care (BPC) & Other Services 1,341,486 1,074,396
1
1,798,758 1,204,352
The 2023 revenue from the country of domicile amounts to EUR 1,367 million (2022: EUR 1,163 million). The
Group has no revenue from transactions with a single external customer amounting to 10 % or more of revenue.
Revenue from the sale of major products and services comprises the amount of the consideration Redcare
Pharmacy expects to or has already received in exchange for transferring the promised goods to our
customers .
The strong revenue growth within the Prescription (Rx) products in the DACH segment was primarily driven by
the acquisition of MediService.
The concentration of credit risk with respect to receivables is limited, as the Company\u2019s customer base and
vendor base are large and unrelated. No customer individually represents more than 1 % of the total balance
of trade receivables .
1 The other services number of 2022 is reclassified into the category \u201cOTC, BPC and Other Services\u201d Consolidated Financial Statements. Other geographical information. The Group\u2019s information about its non-current assets (property, plant and equipment and intangible assets) based on geographic location of the assets is as follows (all amounts in thousands of euro): Location of non-current assets. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Netherlands 294,854 322,790 Germany 62,768 42,725 Switzerland 149,904 0 Italy 6,203 7,565 Belgium 1,187 1,239 France 97 121 515,013 374,440 Additions to non-current assets. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Netherlands 35,052 44,101 Germany 8,102 25,294 Switzerland 154,159 0 Italy \u2013 115 1 8,396 Belgium 340 390 France 10 0 197,5 48 78,181 Additions and acquisitions Property, plant and equipment 7,136 13,662 Right of use assets 10,190 7,012 Intangible assets 180,222 57,506 197,5 48 78,181 1 Negative additions in Italy result from tax credits granted in 2023 under Industry 4.0 regulations", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "5. Revenue from contracts with customers and segment information. A business segment in the sense of IFRS 8 is a unit of a business which conducts business activities and pro- duces financial income and expenses, the operating results of which are regularly reviewed by the Company\u2019s chief operating decision-makers with regards to decisions on allocating resources to this sector and the assess ment of profitability and for which there exists corresponding financial information. Our operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as statutory members of the Managing Board of the Group and make strategic decisions
Consolidated Financial Statements.
Segment information 2023
For the year ended 31 December 2023 (in EUR 1,000) DACH International Total
Revenue 1,453,551 345,207 1,798,758
Cost of sales \u2013 1,097,883 \u2013 260,492 \u2013 1,358,375
Gross profit 355,668 84,715 440,383
% of revenue 24.5 % 24.5 % 24.5 %
Other income 290 29 319
Selling & Distribution \u2013 248,129 \u2013 88,318 \u2013 336,447
Segment EBITDA 107,82 9 \u20133,574 104,255
Administrative expenses \u2013 41,591 \u2013 22,671 \u2013 64,262
EBITDA 66,238 \u2013 26,245 39,993
Depreciation \u2013 3 7,0 09 \u2013 20,279 \u2013 57, 2 88
EBIT 29,229 \u2013 46,524 \u2013 17, 295
Net finance cost and income tax 5,689
Net loss \u2013 11,606
Segment information 2022
For the year ended 31 December 2022 (in EUR 1,000) DACH International Total
Revenue 940,169 264,183 1,204,352
Cost of sales \u2013 678,559 \u2013 194,007 \u2013 872,566
Gross profit 261,610 70,176 331,786
% of revenue 2 7.8 % 26.6 % 2 7.5 %
Other income 116 32 148
Selling & Distribution \u2013 219,437 \u2013 80,213 \u2013 299,650
Segment EBITDA 42,289 \u2013 10,005 32,284
Administrative expenses \u2013 37, 4 53 \u2013 24,493 \u2013 61 ,946
EBITDA 4,836 \u2013 34,498 \u2013 29,662
Depreciation \u2013 23,888 \u2013 15,622 \u2013 39,510
EBIT \u2013 19,052 \u2013 50,120 \u2013 69,172
Net finance cost and income tax \u2013 8,474
Net loss \u2013 7 7,6 46
Within the context of IFRS 8, we consider two business segments for external reporting purposes: Our DACH segment which includes medications and pharmacy-related BPC products sold to customers in Germany, Austria and Switzerland, and our International segment which includes OTC medications and pharmacy-related BPC products only, sold to customers in Belgium, The Netherlands, France and Italy. Redcare Pharmacy entered a strategic partnership with Galenica AG in Switzerland, by acquiring 51 % of the shares in MediService AG. As part of this strategic partnership, Redcare Pharmacy and Galenica AG are combining the business activities of the specialty pharmacy MediService AG and the online pharmacy shop-apotheke.ch. As a consequence, has the acquired business of MediService been included in our DACH segment. The Group\u2019s assets and liabilities are not disclosed by segment as they are not included in the segment information used by the chief operating decision-makers. The accounting policies of the operating segments are the same as the Group\u2019s accounting policies described in Note 3. The Group allocates all costs (excluding net finance cost and income tax) to the segments. The result by segment is shown in the EBITDA line including all costs directly related to the revenue of the segments (marketing , operations) and administrative expenses. EBITDA means earnings before tax, interest, depreciation and amortisation. Revenue from type of products and services. The revenue from type of products and services is the following: in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Prescription (Rx) 457, 272 129,956 Over-the-counter (OTC), beauty and personal care (BPC) & Other Services 1,341,486 1,074,396 1 1,798,758 1,204,352 The 2023 revenue from the country of domicile amounts to EUR 1,367 million (2022: EUR 1,163 million). The Group has no revenue from transactions with a single external customer amounting to 10 % or more of revenue. Revenue from the sale of major products and services comprises the amount of the consideration Redcare Pharmacy expects to or has already received in exchange for transferring the promised goods to our customers . The strong revenue growth within the Prescription (Rx) products in the DACH segment was primarily driven by the acquisition of MediService. The concentration of credit risk with respect to receivables is limited, as the Company\u2019s customer base and vendor base are large and unrelated. No customer individually represents more than 1 % of the total balance of trade receivables 1 The other services number of 2022 is reclassified into the category \u201cOTC, BPC and Other Services\u201d .
Consolidated Financial Statements.
Other geographical information.
The Group\u2019s information about its non-current assets (property, plant and equipment and intangible assets)
based on geographic location of the assets is as follows (all amounts in thousands of euro):
Location of non-current assets.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Netherlands 294,854 322,790
Germany 62,768 42,725
Switzerland 149,904 0
Italy 6,203 7,565
Belgium 1,187 1,239
France 97 121
515,013 374,440
Additions to non-current assets.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Netherlands 35,052 44,101
Germany 8,102 25,294
Switzerland 154,159 0
Italy \u2013 115
1
8,396
Belgium 340 390
France 10 0
197,5 48 78,181
Additions and acquisitions
Property, plant and equipment 7,136 13,662
Right of use assets 10,190 7,012
Intangible assets 180,222 57,506
197,5 48 78,181
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "5. Revenue from contracts with customers and segment information. A business segment in the sense of IFRS 8 is a unit of a business which conducts business activities and pro- duces financial income and expenses, the operating results of which are regularly reviewed by the Company\u2019s chief operating decision-makers with regards to decisions on allocating resources to this sector and the assess ment of profitability and for which there exists corresponding financial information. Our operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as statutory members of the Managing Board of the Group and make strategic decisions . Consolidated Financial Statements. Segment information 2023 For the year ended 31 December 2023 (in EUR 1,000) DACH International Total Revenue 1,453,551 345,207 1,798,758 Cost of sales \u2013 1,097,883 \u2013 260,492 \u2013 1,358,375 Gross profit 355,668 84,715 440,383 % of revenue 24.5 % 24.5 % 24.5 % Other income 290 29 319 Selling & Distribution \u2013 248,129 \u2013 88,318 \u2013 336,447 Segment EBITDA 107,82 9 \u20133,574 104,255 Administrative expenses \u2013 41,591 \u2013 22,671 \u2013 64,262 EBITDA 66,238 \u2013 26,245 39,993 Depreciation \u2013 3 7,0 09 \u2013 20,279 \u2013 57, 2 88 EBIT 29,229 \u2013 46,524 \u2013 17, 295 Net finance cost and income tax 5,689 Net loss \u2013 11,606 Segment information 2022 For the year ended 31 December 2022 (in EUR 1,000) DACH International Total Revenue 940,169 264,183 1,204,352 Cost of sales \u2013 678,559 \u2013 194,007 \u2013 872,566 Gross profit 261,610 70,176 331,786 % of revenue 2 7.8 % 26.6 % 2 7.5 % Other income 116 32 148 Selling & Distribution \u2013 219,437 \u2013 80,213 \u2013 299,650 Segment EBITDA 42,289 \u2013 10,005 32,284 Administrative expenses \u2013 37, 4 53 \u2013 24,493 \u2013 61 ,946 EBITDA 4,836 \u2013 34,498 \u2013 29,662 Depreciation \u2013 23,888 \u2013 15,622 \u2013 39,510 EBIT \u2013 19,052 \u2013 50,120 \u2013 69,172 Net finance cost and income tax \u2013 8,474 Net loss \u2013 7 7,6 46 Within the context of IFRS 8, we consider two business segments for external reporting purposes: Our DACH segment which includes medications and pharmacy-related BPC products sold to customers in Germany, Austria and Switzerland, and our International segment which includes OTC medications and pharmacy-related BPC products only, sold to customers in Belgium, The Netherlands, France and Italy. Redcare Pharmacy entered a strategic partnership with Galenica AG in Switzerland, by acquiring 51 % of the shares in MediService AG. As part of this strategic partnership, Redcare Pharmacy and Galenica AG are combining the business activities of the specialty pharmacy MediService AG and the online pharmacy shop-apotheke.ch. As a consequence, has the acquired business of MediService been included in our DACH segment. The Group\u2019s assets and liabilities are not disclosed by segment as they are not included in the segment information used by the chief operating decision-makers. The accounting policies of the operating segments are the same as the Group\u2019s accounting policies described in Note 3. The Group allocates all costs (excluding net finance cost and income tax) to the segments. The result by segment is shown in the EBITDA line including all costs directly related to the revenue of the segments (marketing , operations) and administrative expenses. EBITDA means earnings before tax, interest, depreciation and amortisation. Revenue from type of products and services. The revenue from type of products and services is the following: in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Prescription (Rx) 457, 272 129,956 Over-the-counter (OTC), beauty and personal care (BPC) & Other Services 1,341,486 1,074,396 1 1,798,758 1,204,352 The 2023 revenue from the country of domicile amounts to EUR 1,367 million (2022: EUR 1,163 million). The Group has no revenue from transactions with a single external customer amounting to 10 % or more of revenue. Revenue from the sale of major products and services comprises the amount of the consideration Redcare Pharmacy expects to or has already received in exchange for transferring the promised goods to our customers . The strong revenue growth within the Prescription (Rx) products in the DACH segment was primarily driven by the acquisition of MediService. The concentration of credit risk with respect to receivables is limited, as the Company\u2019s customer base and vendor base are large and unrelated. No customer individually represents more than 1 % of the total balance of trade receivables The other services number of 2022 is reclassified into the category \u201cOTC, BPC and Other Services\u201d Consolidated Financial Statements. Other geographical information. The Group\u2019s information about its non-current assets (property, plant and equipment and intangible assets) based on geographic location of the assets is as follows (all amounts in thousands of euro): Location of non-current assets. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Netherlands 294,854 322,790 Germany 62,768 42,725 Switzerland 149,904 0 Italy 6,203 7,565 Belgium 1,187 1,239 France 97 121 515,013 374,440 Additions to non-current assets. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Netherlands 35,052 44,101 Germany 8,102 25,294 Switzerland 154,159 0 Italy \u2013 115 1 8,396 Belgium 340 390 France 10 0 197,5 48 78,181 Additions and acquisitions Property, plant and equipment 7,136 13,662 Right of use assets 10,190 7,012 Intangible assets 180,222 57,506 197,5 48 78,181 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "A business segment in the sense of IFRS 8 is a unit of a business which conducts business activities and pro- duces financial income and expenses, the operating results of which are regularly reviewed by the Company\u2019s chief operating decision-makers with regards to decisions on allocating resources to this sector and the assess ment of profitability and for which there exists corresponding financial information. Our operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-makers. The chief operating decision-makers, who are responsible for allocating resources and assessing performance of the operating segments, have been identified as statutory members of the Managing Board of the Group and make strategic decisions . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "
6. Other income.
For 2023 and 2022, the other income relates to other transactions such as result from disposal for sale of
fixed assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "6. Other income. For 2023 and 2022, the other income relates to other transactions such as result from disposal for sale of fixed assets", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "
7. Selling & distribution.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Other selling & distribution expenses 234,439 217,728
Employee benefit expenses 102,007 81,922
Depreciation and amortisation expenses 48,695 33,584
385,141 333,234
The main categories within selling & distribution are fulfilment, last mile and marketing and also cost related
to online payment methods. As percentage of sales, selling & distribution expenses significantly declined
versus last year. This is largely due to further efficiency gains in marketing during the year as well as increased
labour productivity. Furthermore, the selling & distribution ratio for the acquired business of MediService is
typically lower due to high average basket sizes.
8. Administrative expense.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Other administrative expenses 32,998 26,511
Employee benefit expenses 31,264 35,435
Depreciation and amortisation expenses 8,593 5,927
72,855 67, 873
Main categories within administrative expenses are personnel expenses e. g. for management, Finance,
HR and Legal, as well as other IT-related non-labour cost, operations overhead cost and facility expenses.
Reconciliation: Employee benefit to Selling & distribution, Administrative expenses and Cost of sales.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Included in Selling & distribution 102,007 81,922
Included in Administrative expenses 31,264 35,435
Included in Cost of sales 16,380 12,095
149,651 129,452
Reconciliation: Employee benefit to various categories.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Wages & salaries 120,731 98,409
Social securities 17,846 13,901
Pension contributions 3,011 3,005
Post-combination services 8,063 14,137
149,651 129,452
Consolidated Financial Statements. The expenses mentioned above include expenses of own employees (including expenses for the employee share option plans) and costs of contingent workers. Employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2 million for smartpatient and EUR \u2013 0.1 million for MedApp) (2022: EUR 14.1 million (of which EUR 15.2 million for smartpatient and EUR \u2013 1.1 million for MedApp) of post-combination services payments related to the acquisitions of smartpatient and MedApp. The number of employees of the Group as of the end of the year converted to full-time equivalents was as follows: 2023 2022 Average FTE\u2019s (Full Time Equivalents) during year 2,075 1,847 These full-time equivalents are divided over the various departments as follows: 2023 2022 Cost of sales 285 219 Selling & distribution 1,589 1,455 Admin 201 173 2,075 1,847 All employees are involved in providing the Group\u2019s services relating to its online pharmacy and e-commerce activities. As of 31 December 2023, 896 of the 2,075 FTEs were working outside The Netherlands (31 December 2022: 655 of 1,847) . Total expenses for defined contribution pension plans. The total expenses of EUR 3.0 million (2022: EUR 3.1 million) recognised in profit or loss represents contributions payable to the plan by the Group. As of 31 December 2023, contributions of EUR 0 (2022: EUR 0) due in respect of the reporting period had not been paid over to the plan 9. Total depreciation and amortisation expenses. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Depreciation of property, plant and equipment 9,762 8,754 Depreciation of right of use assets 6,272 4,959 Amortisation of intangible assets 41,254 25,677 57,288 39,510", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "value": "7. Selling & distribution. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Other selling & distribution expenses 234,439 217,728 Employee benefit expenses 102,007 81,922 Depreciation and amortisation expenses 48,695 33,584 385,141 333,234 The main categories within selling & distribution are fulfilment, last mile and marketing and also cost related to online payment methods. As percentage of sales, selling & distribution expenses significantly declined versus last year. This is largely due to further efficiency gains in marketing during the year as well as increased labour productivity. Furthermore, the selling & distribution ratio for the acquired business of MediService is typically lower due to high average basket sizes. 8. Administrative expense. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Other administrative expenses 32,998 26,511 Employee benefit expenses 31,264 35,435 Depreciation and amortisation expenses 8,593 5,927 72,855 67, 873 Main categories within administrative expenses are personnel expenses e. g. for management, Finance, HR and Legal, as well as other IT-related non-labour cost, operations overhead cost and facility expenses. Reconciliation: Employee benefit to Selling & distribution, Administrative expenses and Cost of sales. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Included in Selling & distribution 102,007 81,922 Included in Administrative expenses 31,264 35,435 Included in Cost of sales 16,380 12,095 149,651 129,452 Reconciliation: Employee benefit to various categories. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Wages & salaries 120,731 98,409 Social securities 17,846 13,901 Pension contributions 3,011 3,005 Post-combination services 8,063 14,137 149,651 129,452 Consolidated Financial Statements. The expenses mentioned above include expenses of own employees (including expenses for the employee share option plans) and costs of contingent workers. Employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2 million for smartpatient and EUR \u2013 0.1 million for MedApp) (2022: EUR 14.1 million (of which EUR 15.2 million for smartpatient and EUR \u2013 1.1 million for MedApp) of post-combination services payments related to the acquisitions of smartpatient and MedApp. The number of employees of the Group as of the end of the year converted to full-time equivalents was as follows: 2023 2022 Average FTE\u2019s (Full Time Equivalents) during year 2,075 1,847 These full-time equivalents are divided over the various departments as follows: 2023 2022 Cost of sales 285 219 Selling & distribution 1,589 1,455 Admin 201 173 2,075 1,847 All employees are involved in providing the Group\u2019s services relating to its online pharmacy and e-commerce activities. As of 31 December 2023, 896 of the 2,075 FTEs were working outside The Netherlands (31 December 2022: 655 of 1,847) . Total expenses for defined contribution pension plans. The total expenses of EUR 3.0 million (2022: EUR 3.1 million) recognised in profit or loss represents contributions payable to the plan by the Group. As of 31 December 2023, contributions of EUR 0 (2022: EUR 0) due in respect of the reporting period had not been paid over to the plan
9. Total depreciation and amortisation expenses.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Depreciation of property, plant and equipment 9,762 8,754
Depreciation of right of use assets 6,272 4,959
Amortisation of intangible assets 41,254 25,677
57,288 39,510
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "7. Selling & distribution. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Other selling & distribution expenses 234,439 217,728 Employee benefit expenses 102,007 81,922 Depreciation and amortisation expenses 48,695 33,584 385,141 333,234 The main categories within selling & distribution are fulfilment, last mile and marketing and also cost related to online payment methods. As percentage of sales, selling & distribution expenses significantly declined versus last year. This is largely due to further efficiency gains in marketing during the year as well as increased labour productivity. Furthermore, the selling & distribution ratio for the acquired business of MediService is typically lower due to high average basket sizes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "8. Administrative expense. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Other administrative expenses 32,998 26,511 Employee benefit expenses 31,264 35,435 Depreciation and amortisation expenses 8,593 5,927 72,855 67, 873 Main categories within administrative expenses are personnel expenses e. g. for management, Finance, HR and Legal, as well as other IT-related non-labour cost, operations overhead cost and facility expenses. Reconciliation: Employee benefit to Selling & distribution, Administrative expenses and Cost of sales. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Included in Selling & distribution 102,007 81,922 Included in Administrative expenses 31,264 35,435 Included in Cost of sales 16,380 12,095 149,651 129,452 Reconciliation: Employee benefit to various categories. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Wages & salaries 120,731 98,409 Social securities 17,846 13,901 Pension contributions 3,011 3,005 Post-combination services 8,063 14,137 149,651 129,452 Consolidated Financial Statements. The expenses mentioned above include expenses of own employees (including expenses for the employee share option plans) and costs of contingent workers. Employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2 million for smartpatient and EUR \u2013 0.1 million for MedApp) (2022: EUR 14.1 million (of which EUR 15.2 million for smartpatient and EUR \u2013 1.1 million for MedApp) of post-combination services payments related to the acquisitions of smartpatient and MedApp. The number of employees of the Group as of the end of the year converted to full-time equivalents was as follows: 2023 2022 Average FTE\u2019s (Full Time Equivalents) during year 2,075 1,847 These full-time equivalents are divided over the various departments as follows: 2023 2022 Cost of sales 285 219 Selling & distribution 1,589 1,455 Admin 201 173 2,075 1,847 All employees are involved in providing the Group\u2019s services relating to its online pharmacy and e-commerce activities. As of 31 December 2023, 896 of the 2,075 FTEs were working outside The Netherlands (31 December 2022: 655 of 1,847) . Total expenses for defined contribution pension plans. The total expenses of EUR 3.0 million (2022: EUR 3.1 million) recognised in profit or loss represents contributions payable to the plan by the Group. As of 31 December 2023, contributions of EUR 0 (2022: EUR 0) due in respect of the reporting period had not been paid over to the plan ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "Reconciliation: Employee benefit to Selling & distribution, Administrative expenses and Cost of sales. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Included in Selling & distribution 102,007 81,922 Included in Administrative expenses 31,264 35,435 Included in Cost of sales 16,380 12,095 149,651 129,452 Reconciliation: Employee benefit to various categories. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Wages & salaries 120,731 98,409 Social securities 17,846 13,901 Pension contributions 3,011 3,005 Post-combination services 8,063 14,137 149,651 129,452 Consolidated Financial Statements. The expenses mentioned above include expenses of own employees (including expenses for the employee share option plans) and costs of contingent workers. Employee benefit expenses include costs of EUR 8.1 million (of which EUR 8.2 million for smartpatient and EUR \u2013 0.1 million for MedApp) (2022: EUR 14.1 million (of which EUR 15.2 million for smartpatient and EUR \u2013 1.1 million for MedApp) of post-combination services payments related to the acquisitions of smartpatient and MedApp. The number of employees of the Group as of the end of the year converted to full-time equivalents was as follows: 2023 2022 Average FTE\u2019s (Full Time Equivalents) during year 2,075 1,847 These full-time equivalents are divided over the various departments as follows: 2023 2022 Cost of sales 285 219 Selling & distribution 1,589 1,455 Admin 201 173 2,075 1,847 All employees are involved in providing the Group\u2019s services relating to its online pharmacy and e-commerce activities. As of 31 December 2023, 896 of the 2,075 FTEs were working outside The Netherlands (31 December 2022: 655 of 1,847) ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "Total expenses for defined contribution pension plans. The total expenses of EUR 3.0 million (2022: EUR 3.1 million) recognised in profit or loss represents contributions payable to the plan by the Group. As of 31 December 2023, contributions of EUR 0 (2022: EUR 0) due in respect of the reporting period had not been paid over to the plan ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-8": { "value": "9. Total depreciation and amortisation expenses. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Depreciation of property, plant and equipment 9,762 8,754 Depreciation of right of use assets 6,272 4,959 Amortisation of intangible assets 41,254 25,677 57,288 39,510", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-9": { "value": "Finance income. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Change of contingent consideration liability measured at FVTPL 12,854 0 Finance income from cash and other financial assets 4,605 0 Net foreign exchange differences 315 1,801 Interest on defined benefit plans 6 0 Other finance income 441 274 18,221 2,075 Finance income included a release of EUR 12.9 million, due to a fair value adjustment of the contingent consideration liability related to the prior year acquisition of GoPuls \u2013 reference is made to Note 22 for detailed explanation", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "Finance income. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Change of contingent consideration liability measured at FVTPL 12,854 0 Finance income from cash and other financial assets 4,605 0 Net foreign exchange differences 315 1,801 Interest on defined benefit plans 6 0 Other finance income 441 274 18,221 2,075 Finance income included a release of EUR 12.9 million, due to a fair value adjustment of the contingent consideration liability related to the prior year acquisition of GoPuls \u2013 reference is made to Note 22 for detailed explanation", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "
Finance expenses.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Expenses for online payment methods 7,4 34 5,788
Interest and other expenses convertible bonds 6,218 6,044
Interest costs related to leasing 1,262 1,117
Interest expenses credit institutions 518 1,343
Net foreign exchange differences 38 39
Losses from other financial assets 0 1,575
Change of contingent consideration liability measured at FVTPL 0 1,444
Other finance expense 30 11
15,500 17,361
Part of the fees paid to companies for financing by online payment methods, such as credit card companies
and PayPal, that relates to the financing (prepayment) element has been reported as finance expenses. The
remainder as selling and distribution cost .
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-484": { "value": "Finance expenses. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Expenses for online payment methods 7,4 34 5,788 Interest and other expenses convertible bonds 6,218 6,044 Interest costs related to leasing 1,262 1,117 Interest expenses credit institutions 518 1,343 Net foreign exchange differences 38 39 Losses from other financial assets 0 1,575 Change of contingent consideration liability measured at FVTPL 0 1,444 Other finance expense 30 11 15,500 17,361 Part of the fees paid to companies for financing by online payment methods, such as credit card companies and PayPal, that relates to the financing (prepayment) element has been reported as finance expenses. The remainder as selling and distribution cost .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "Finance expenses. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Expenses for online payment methods 7,4 34 5,788 Interest and other expenses convertible bonds 6,218 6,044 Interest costs related to leasing 1,262 1,117 Interest expenses credit institutions 518 1,343 Net foreign exchange differences 38 39 Losses from other financial assets 0 1,575 Change of contingent consideration liability measured at FVTPL 0 1,444 Other finance expense 30 11 15,500 17,361 Part of the fees paid to companies for financing by online payment methods, such as credit card companies and PayPal, that relates to the financing (prepayment) element has been reported as finance expenses. The remainder as selling and distribution cost ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "value": "Finance expenses. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Expenses for online payment methods 7,4 34 5,788 Interest and other expenses convertible bonds 6,218 6,044 Interest costs related to leasing 1,262 1,117 Interest expenses credit institutions 518 1,343 Net foreign exchange differences 38 39 Losses from other financial assets 0 1,575 Change of contingent consideration liability measured at FVTPL 0 1,444 Other finance expense 30 11 15,500 17,361 Part of the fees paid to companies for financing by online payment methods, such as credit card companies and PayPal, that relates to the financing (prepayment) element has been reported as finance expenses. The remainder as selling and distribution cost .", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-10": { "value": "11. Income tax expenses. The income tax expense for the year can be reconciled to the accounting profit as follows: in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Result before tax \u2013 14,348 \u2013 84,119 Temporary difference capitalization developed software \u2013 442 \u2013 2,711 Temporary difference intangible assets from business combination 3,685 6,319 Temporary difference leases 728 1,040 Temporary difference convertible bond 5,895 5,720 Temporary differences other 333 0 Permanent difference contingent consideration business combinations \u2013 10,299 14,137 Permanent difference share option plan 8,997 16,227 Permanent difference result joint ventures \u2013 47 \u2013 96 Limited deductible costs 0 0 Taxable result before tax \u2013 5,497 \u2013 43,483 Fiscal result other countries \u2013 3,828 \u2013 26,947 Taxable result before tax Netherlands \u2013 1,669 \u2013 16,536 Income tax expense: Income tax rate Netherlands 25.8 % 25.8 % Effect of tax during the year Netherlands \u2013 431 \u2013 4,266 No deferred tax due to uncertainty 431 4,266 Effect of tax loss carry forward Netherlands 0 0 Effect of current taxes in other countries 1,027 187 Effect of tax loss carry forward Germany \u2013 1,825 0 Effect of current taxes prior years -49 \u2013 240 Effect from movement deferred taxes \u2013 1,895 \u2013 6,420 Tax expense in profit and loss \u2013 2,742 \u2013 6,473 The effective tax rate deviates from the applicable tax rate as a result of corporate income tax rates being different in certain jurisdictions and due to loss generating subsidiaries. The Company has not recognised deferred tax assets for all Iosses carried forward. The tax expense in profit and loss can be divided into deferred and current taxes as follows: in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Current taxes \u2013 978 53 Deferred taxes 3,720 6,420 2,742 6,473 Deferred tax balances. Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25.8 % in The Netherlands and 32 % in Germany (2022: 25.0 % and 34 % respectively). The movement on the deferred tax account is as shown below: in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Balance 1 January \u2013 7,425 \u2013 13,552 Recognized in profit and loss 3,720 6,420 Arising on tax effect on OCI 517 0 Foreign currency translation effect 242 0 Arising on business combination \u2013 1,076 \u2013 293 Balance 31 December \u2013 4,022 \u2013 7, 42 5 Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving rise to deferred tax assets where management believes it is probable that these assets will be recovered. The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same jurisdiction as permitted by IAS 12) during the period are shown below. in EUR 1,000 Asset 2023 Liability 2023 Net 2023 (Charged)/credited to profit & loss 2023 (Charged)/credited to equity 2023 Arising on business combination 2023 Available losses 11,855 0 11,855 \u2013 74 0 0 Temporary difference fiscal amortisation goodwill 0 \u2013 1,177 \u2013 1,177 2 0 0 Temporary difference intangible fixed assets from business combinations 6,903 \u2013 14,988 \u2013 8,086 2,002 358 1,268 Temporary difference on IAS 19 542 0 542 \u2013 16 517 41 Temporary difference on convertible bond 0 \u2013 6,282 \u2013 6,282 1,605 0 0 Temporary difference valuation differences other assets 0 \u2013 1,568 \u2013 1,568 934 \u2013 117 \u2013 2,385 Temporary difference on leases 8,615 \u2013 9,420 \u2013 805 \u2013 805 0 0 Temporary difference on software capitalisation 1,498 0 1,498 71 0 0 Tax assets/(liabilities) 29,413 \u2013 33,435 -4,022 3,720 758 \u2013 1 ,076 Set off of tax \u2013 2 7, 1 17 27,117 0 0 0 0 Net tax assets/(liabilities) 2,296 \u2013 6,318 \u2013 4,022 3,720 758 \u2013 1 ,076 Consolidated Financial Statements. in EUR 1,000 Asset 2022 Liability 2022 Net 2022 (Charged)/credited to profit & loss 2022 (Charged)/credited to equity 2022 Arising on business combination 2022 Available losses 11,929 0 11,929 1,427 0 0 Temporary difference fiscal amortisation goodwill 0 \u2013 1,179 \u2013 1,179 \u2013 37 0 0 Temporary difference intangible fixed assets from business combinations 0 \u2013 11,714 \u2013 11,714 1,483 0 \u2013 293 Temporary difference on convertible bond 0 \u2013 7,887 \u2013 7,887 1,266 0 0 Temporary difference on software capitalisation 1,427 0 1,427 2,281 0 0 Tax assets/(liabilities) 13,356 \u2013 20,780 \u2013 7,424 6,420 0 \u2013 293 Set off of tax \u2013 12,894 12,894 0 0 0 0 Net tax assets/(liabilities) 462 \u2013 7,886 \u2013 7,424 6,420 0 \u2013 293 The Company has carry-forward losses in The Netherlands for an amount of EUR 271.4 million at the end of 2023 and EUR 262.9 million at the end of 2022. The anticipated applicable tax rate is the Dutch corporate tax rate of 25.8 % payable by corporate entities in The Netherlands and the corporate tax rate of 32 % payable by corporate entities in Germany on taxable profits. A deferred tax asset has not been recognised for the following: in EUR 1,000 2023 2022 The expiry date of the unused tax losses is as follows: No expiry date 223.6 219.3 Deferred tax liabilities. As per 31 December 2023, the deferred tax liability for intangible assets mainly relates to: \u2013 Acquisition of the Shop Group in 2010 which was an asset deal under Dutch jurisdiction with an initial (at acquisition) duration of ten years: EUR 1.2 million (2022: EUR 1.2 million). \u2013 to the intangible assets identified in the purchase price allocation to the acquisition of EHS Europe Health Services B.V, in 2017: EUR 6.3 million (2022: EUR 7.0 million). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of nu3 in 2018: EUR 0.9 million (2022: EUR 1.3 million). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of smartpatient GmbH in 2022: EUR 2.0 million (2022: EUR 2.5 million). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of MedApp in 2022: EUR 492 thousand (2022: EUR 630 thousand). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of MediService in 2023: EUR 5.1 million (2022: EUR nihil) . As per 31 December 2023, a deferred tax liability of EUR 6.3 million (2022: EUR 7.9 million) has been recorded which is related to a temporary difference in the convertible bond arising from the initial recognition of the equity component separately from the liability component. Deferred tax assets. For the fiscal entities fiscal unity MedApp Holding B.V., fiscal unity SA Europe B.V. and fiscal unity EHSC B.V., deferred tax assets related to losses carried forward are recognised only as far as they can be offset against deferred tax liabilities for the same fiscal entity. For the fiscal entities nu3 GmbH and smartpatient GmbH deferred tax assets related to losses carried forward are recognized based upon financial forecast for the next years. Global minimum top-up tax The Organisation for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting published the Pillar Two model rules designed to address the tax challenges arising from the digitalisation of the global economy. The Group has adopted International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12). The amendments provide a temporary mandatory exception to the requirements of IAS 12 under which a company does not recognise or disclose information about deferred tax assets and liabilities related to the proposed OECD/G20 BEPS Pillar Two model rules. The Group applied the temporary exception at 31 December 2023. The Group has performed an assessment of the Group\u2019s potential exposure to Pillar Two income taxes. This assessment is based on the most recent information available regarding the financial performance of the entities in the Group. Based on the assessment performed, the Pillar Two effective tax rates in all jurisdictions in which the Group operates are above 15% and management is not currently aware of any circumstances under which this might change. Therefore, the Group does not expect a potential exposure to Pillar Two top-up taxes", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "
Deferred tax balances.
Deferred tax is calculated in full on temporary differences under the liability method using a tax rate of 25.8 %
in The Netherlands and 32 % in Germany (2022: 25.0 % and 34 % respectively).
The movement on the deferred tax account is as shown below:
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Balance 1 January
\u2013
7,425
\u2013
13,552
Recognized in profit and loss 3,720 6,420
Arising on tax effect on OCI 517 0
Foreign currency translation effect 242 0
Arising on business combination
\u2013
1,076
\u2013
293
Balance 31 December \u2013 4,022 \u2013 7, 42 5
Deferred tax assets have been recognised in respect of all tax losses and other temporary differences giving
rise to deferred tax assets where management believes it is probable that these assets will be recovered.
The movements in deferred tax assets and liabilities (prior to the offsetting of balances within the same
jurisdiction as permitted by IAS 12) during the period are shown below.
in EUR 1,000 Asset
2023
Liability
2023
Net
2023
(Charged)/credited
to profit & loss
2023
(Charged)/credited
to equity
2023
Arising on business
combination
2023
Available losses 11,855 0
11,855
\u2013
74 0 0
Temporary difference fiscal amortisation goodwill 0 \u2013 1,177 \u2013
1,177 2 0 0
Temporary difference intangible fixed assets
from business combinations 6,903 \u2013 14,988 \u2013
8,086 2,002 358 1,268
Temporary difference on IAS 19 542
0 542
\u2013
16 517 41
Temporary difference on convertible bond 0 \u2013
6,282
\u2013
6,282 1,605 0 0
Temporary difference valuation differences
other assets 0 \u2013 1,568 \u2013 1,568
934
\u2013
117
\u2013
2,385
Temporary difference on leases 8,615
\u2013
9,420
\u2013
805
\u2013
805 0 0
Temporary difference on software capitalisation 1,498
0 1,498 71 0 0
Tax assets/(liabilities) 29,413 \u2013 33,435
-4,022 3,720 758 \u2013 1 ,076
Set off of tax
\u2013 2 7, 1 17 27,117
0 0 0 0
Net tax assets/(liabilities) 2,296
\u2013 6,318 \u2013 4,022 3,720 758 \u2013 1 ,076
Consolidated Financial Statements. in EUR 1,000 Asset 2022 Liability 2022 Net 2022 (Charged)/credited to profit & loss 2022 (Charged)/credited to equity 2022 Arising on business combination 2022 Available losses 11,929 0 11,929 1,427 0 0 Temporary difference fiscal amortisation goodwill 0 \u2013 1,179 \u2013 1,179 \u2013 37 0 0 Temporary difference intangible fixed assets from business combinations 0 \u2013 11,714 \u2013 11,714 1,483 0 \u2013 293 Temporary difference on convertible bond 0 \u2013 7,887 \u2013 7,887 1,266 0 0 Temporary difference on software capitalisation 1,427 0 1,427 2,281 0 0 Tax assets/(liabilities) 13,356 \u2013 20,780 \u2013 7,424 6,420 0 \u2013 293 Set off of tax \u2013 12,894 12,894 0 0 0 0 Net tax assets/(liabilities) 462 \u2013 7,886 \u2013 7,424 6,420 0 \u2013 293 The Company has carry-forward losses in The Netherlands for an amount of EUR 271.4 million at the end of 2023 and EUR 262.9 million at the end of 2022. The anticipated applicable tax rate is the Dutch corporate tax rate of 25.8 % payable by corporate entities in The Netherlands and the corporate tax rate of 32 % payable by corporate entities in Germany on taxable profits. A deferred tax asset has not been recognised for the following: in EUR 1,000 2023 2022 The expiry date of the unused tax losses is as follows: No expiry date 223.6 219.3 Deferred tax liabilities. As per 31 December 2023, the deferred tax liability for intangible assets mainly relates to: \u2013 Acquisition of the Shop Group in 2010 which was an asset deal under Dutch jurisdiction with an initial (at acquisition) duration of ten years: EUR 1.2 million (2022: EUR 1.2 million). \u2013 to the intangible assets identified in the purchase price allocation to the acquisition of EHS Europe Health Services B.V, in 2017: EUR 6.3 million (2022: EUR 7.0 million). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of nu3 in 2018: EUR 0.9 million (2022: EUR 1.3 million). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of smartpatient GmbH in 2022: EUR 2.0 million (2022: EUR 2.5 million). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of MedApp in 2022: EUR 492 thousand (2022: EUR 630 thousand). \u2013 Intangible assets identified in the purchase price allocation to the acquisition of MediService in 2023: EUR 5.1 million (2022: EUR nihil)
As per 31 December 2023, a deferred tax liability of EUR 6.3 million (2022: EUR 7.9 million) has been recorded
which is related to a temporary difference in the convertible bond arising from the initial recognition of the
equity component separately from the liability component.
Deferred tax assets.
For the fiscal entities fiscal unity MedApp Holding B.V., fiscal unity SA Europe B.V. and fiscal unity EHSC B.V.,
deferred tax assets related to losses carried forward are recognised only as far as they can be offset against
deferred tax liabilities for the same fiscal entity.
For the fiscal entities nu3 GmbH and smartpatient GmbH deferred tax assets related to losses carried forward
are recognized based upon financial forecast for the next years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-11": { "value": "12. Earnings per share. Year ended 31. 12. 2023 Year ended 31. 12. 2022 Basic and diluted earnings in EUR 1,000 Result for the year attributable to owners of the Company \u2013 14,081 \u2013 7 7,6 4 6 Earnings used in the calculation of basic and diluted earnings per share \u2013 14,081 \u2013 7 7,6 46 Earnings used in the calculation of basic and diluted earnings per share from continuing operations \u2013 14,081 \u2013 7 7,6 4 6 Weighted average number of ordinary shares for the purposes of basic and diluted earnings per share 19,238,592 17,984,921 Basic and diluted earnings per share in Euro per share From continuing operations \u2013 0,73 \u2013 4,32 From discontinued operations 0,00 0,00 Total basic and diluted earnings \u2013 0,73 \u2013 4,32 Redcare Pharmacy has not calculated diluted earnings per share since conversion of potential ordinary shares would decrease loss per share from continuing operations. The Group has the following (contingent) issuable shares outstanding, whereby the exercise of these shares depends on the circumstances: \u2013 Employee share options: Assuming full execution of the total outstanding options per 31 December 2023, an additional 597,456 new shares would be issued in the future, of which 238,215 have already been issued and are held in treasury. This relates to stock option plans 6a up to and including 14. We refer to Note 27 for an explanation regarding the vesting and expiry dates. \u2013 Convertible bonds: As outlined in Note 33, the Group issued a EUR 225 million convertible bond on 14 January 2021. Assuming full conversion of the total convertible bond 962,238 new shares would be issued in the future. The maturity of the convertible bond is seven years, with an investor put option after five years. \u2013 Payment related to acquisitions: The contingent obligation exists to issue 139,200 shares in the next year, of which 80,014 shares have already been issued and are held in treasury, related to the acquisition of smartpatient during the year 2021. The contingently issued shares must be issued except if the contractual conditions are not met. The number of outstanding shares is 20,203,287 as of 31 December 2023. If all mentioned potentially issuable shares are issued then the number of outstanding shares would increase to 21,583,952", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-12": { "value": "13. Property, plant and equipment. A summary of the movements of property, plant and equipment is given below. in EUR 1,000 Land & Buildings Machinery Other Under construction Total Cost Balance 1 January 2022 3,134 35,249 17, 201 5,915 61,498 Reclassification 2,038 9,652 293 \u2013 11,676 307 Additions 1,278 \u2013 1,342 4,017 9,579 13,532 Acquisitions 57 0 73 0 130 Disposals \u2013 73 \u2013 26 \u2013 680 0 \u2013 779 Balance 31 December 2022 6,434 43,533 20,903 3,818 74,688 Reclassification 233 6,169 45 \u2013 6,447 0 Additions \u2013 377 35 3,424 3,355 6,437 Acquisitions 327 0 373 0 700 Currency revaluation 33 0 27 0 60 Disposals \u2013 1,346 0 \u2013 3,300 0 \u2013 4,646 Balance 31 December 2023 5,304 49,737 21,472 726 77,2 39 Accumulated amortisation and impairment Balance 1 January 2022 1,634 3,423 6,723 0 11,780 Depreciation 780 4,463 3,511 0 8,754 Impairment 0 0 0 0 0 Disposals \u2013 49 \u2013 21 \u2013 614 0 \u2013 685 Balance 31 December 2022 2,365 7, 864 9,620 0 19,849 Depreciation 1,000 4,861 3,901 0 9,762 Impairment 0 0 0 0 0 Currency revaluation 18 0 3 0 21 Disposals \u2013 1,308 0 \u2013 3,278 0 \u2013 4,586 Balance 31 December 2023 2,075 12,725 10,246 0 25,046 Carry value Balance 31 December 2022 4,069 35,669 11,282 3,818 54,838 Balance 31 December 2023 3,229 37,012 11,226 726 52,193 In the calculation of depreciation, the following useful lives are used: \u2013 Machinery, leasehold improvements, furniture, office equipment: 5 \u2013 10 years \u2013 IT- and communication equipment, other: 3 \u2013 5 years \u2013 Right-of-use assets (according to IFRS 16, refer to Note 32): 2 - 10 years depending on underlying contracts The additions during the financial year mainly relate to IT equipment, right-of-use assets and further investments in mechanisation and IT equipment in the logistics centre in The Netherlands n the prior year Annual Report, we presented the Right of Use Asset as part of the Property, Plant and Equip- ment. In the 2023 Annual Report this line item has been separately presented on the consolidated statement of financial position. There is no impact on the total of the balance sheet nor on the equity of the company. The total amount of this reclassification amounts EUR 30.6 million (refer to Note 32)", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "14. Intangible assets. Intangible assets consist of finite-lived intangible assets, except for goodwill. A summary of the movements of intangible assets is given below. in EUR 1,000 Software, technology & contracts Brand Customer Database Goodwill Under construction Total Cost Balance 1 January 2022 83,708 15,696 40,858 155,172 14,586 310,021 Reclassification 25,888 0 0 0 \u2013 26,195 \u2013 307 Additions 7,400 0 0 0 32,559 39,959 Acquisitions 125 38 938 16,446 0 17,547 Disposals \u2013 1,476 0 0 \u2013 166 0 \u2013 1,642 Balance 31 December 2022 115,646 15,734 41,796 171,452 20,950 365,579 Reclassification 33,844 0 0 0 \u2013 33,844 0 Additions 5,567 56 0 0 26,161 31,784 Acquisitions 0 12,671 24,000 107,924 3,843 148,438 Currency revaluation 0 0 0 0 214 214 Disposals \u2013 6,941 \u2013 280 0 0 0 \u2013 7, 221 Balance 31 December 2023 148,116 28,181 65,796 279,376 17,324 538,794 Accumulated amortisation and impairment Balance 1 January 2022 28,683 9,539 12,279 2,045 0 52,545 Amortisation 21,324 1,255 3,096 0 0 25,677 Disposals \u2013 1,482 0 0 \u2013 166 0 \u2013 1,648 Balance 31 December 2022 48,525 10,794 15,375 1,879 0 76,574 Amortisation 32,749 3,883 4,622 0 0 41,254 Currency revaluation 0 0 0 0 0 0 Disposals \u2013 6,861 \u2013 280 0 0 0 \u2013 7,141 Balance 31 December 2023 74,413 14,397 19,997 1,879 0 110,687 Carry value Balance 31 December 2022 67, 120 4,940 26,421 169,573 20,950 289,005 Balance 31 December 2023 73,703 13,784 45,799 277,497 17,324 428,107 The cost base of the intangible assets increased with EUR 174 million, the main reason is an addition of EUR 148 million from the MediService acquisition. In the calculation of amortisation the following useful lives are used: \u2013 Software licenses: 2 \u2013 5 years, depending on the license contract \u2013 ERP-software: 3 \u2013 7 years \u2013 Smart technology (included in software category): 15 years \u2013 Customer database: 7 \u2013 17 years, depending on the nature \u2013 Brand name: 2 \u2013 10 years, depending on the brand \u2013 Goodwill: Indefinite life subject to impairment Assets under construction mainly relate to capitalised costs for development projects. These costs are capitalised at the moment the project is ready for use", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-13": { "value": "14. Intangible assets. Intangible assets consist of finite-lived intangible assets, except for goodwill. A summary of the movements of intangible assets is given below. in EUR 1,000 Software, technology & contracts Brand Customer Database Goodwill Under construction Total Cost Balance 1 January 2022 83,708 15,696 40,858 155,172 14,586 310,021 Reclassification 25,888 0 0 0 \u2013 26,195 \u2013 307 Additions 7,400 0 0 0 32,559 39,959 Acquisitions 125 38 938 16,446 0 17,547 Disposals \u2013 1,476 0 0 \u2013 166 0 \u2013 1,642 Balance 31 December 2022 115,646 15,734 41,796 171,452 20,950 365,579 Reclassification 33,844 0 0 0 \u2013 33,844 0 Additions 5,567 56 0 0 26,161 31,784 Acquisitions 0 12,671 24,000 107,924 3,843 148,438 Currency revaluation 0 0 0 0 214 214 Disposals \u2013 6,941 \u2013 280 0 0 0 \u2013 7, 221 Balance 31 December 2023 148,116 28,181 65,796 279,376 17,324 538,794 Accumulated amortisation and impairment Balance 1 January 2022 28,683 9,539 12,279 2,045 0 52,545 Amortisation 21,324 1,255 3,096 0 0 25,677 Disposals \u2013 1,482 0 0 \u2013 166 0 \u2013 1,648 Balance 31 December 2022 48,525 10,794 15,375 1,879 0 76,574 Amortisation 32,749 3,883 4,622 0 0 41,254 Currency revaluation 0 0 0 0 0 0 Disposals \u2013 6,861 \u2013 280 0 0 0 \u2013 7,141 Balance 31 December 2023 74,413 14,397 19,997 1,879 0 110,687 Carry value Balance 31 December 2022 67, 120 4,940 26,421 169,573 20,950 289,005 Balance 31 December 2023 73,703 13,784 45,799 277,497 17,324 428,107 The cost base of the intangible assets increased with EUR 174 million, the main reason is an addition of EUR 148 million from the MediService acquisition. In the calculation of amortisation the following useful lives are used: \u2013 Software licenses: 2 \u2013 5 years, depending on the license contract \u2013 ERP-software: 3 \u2013 7 years \u2013 Smart technology (included in software category): 15 years \u2013 Customer database: 7 \u2013 17 years, depending on the nature \u2013 Brand name: 2 \u2013 10 years, depending on the brand \u2013 Goodwill: Indefinite life subject to impairment Assets under construction mainly relate to capitalised costs for development projects. These costs are capitalised at the moment the project is ready for use", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-14": { "value": "15. Impairment tests for goodwill. 15.1 Description of the impairment test process. At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified. Growth rates used for impairment analysis are assessed by existing customer development and acquisition of new customers based on our customer data model as well as external market research to estimate future market size and online penetration. Further- more, all variable cost like marketing budgets, delivery cost and operations expenses for impairment analysis are planned on a performance basis. Non-performance-based cost like finance, management and facility are planned according to business growth including economies of scale. Considering the requirements of IAS 36.49, the company has identified the main drivers for future cash flows. The past year 75 % (EUR 1.3 billion), (2022: 90 % (EUR 1.1 billion)) of total company sales were from OTC and other pharmacy related products excluding prescription medicines, respective sales increased by 252 % compared to the prior year of which 236 % is resulting from the acquisition of MediService. In each of the markets the company operates in, for many consecutive years a double-digits growth has been achieved, in part from a successful customer proposition and execution and in part from a continuous shift from off- to online pharmacies. The company and external experts including analysts who follow the company closely expect the shift from off- to online pharmacies to continue in the coming years as current online penetration numbers are still relatively low and customer satisfaction is high. Redcare Pharmacy\u2019s reporting segment DACH is already now operating at a positive adjusted EBITDA. In addition, there is across Europe but foremost currently in Germany, the opportunity for the company to significantly increase the sales of prescription medications . In Germany, online sales of prescription medications are allowed, but was a cumbersome process for customers because of the requirement to give the doctor\u2019s paper prescription to the pharmacist or in case of \u201cShop Apotheke\u201d mostly via post. In 2019 the development started of an electronic alternative (eRx) by the gematik, and after a successful testing until summer 2022, in total 1 million eRx were dispensed by doctors across Germany until early 2023. The prospect on a nationwide usage of eRx is a great opportunity for cus- tomer-centric online pharmacy \u201cShop Apotheke\u201d. Expected sales and unit economics are taken into account for the best estimates for total cash flows. 15.2 Determination of cash-generating units (CGUs). Redcare Pharmacy determines whether goodwill impairment is necessary at least on an annual basis. The impairment test for goodwill is performed based on cash-generating units that represent the lowest level within the company at which goodwill is monitored for internal management purposes. The groups of cash- generating units are defined as the customer facing channels. The customer facing channels are Germany, Belgium (Farmaline), Switzerland, France (Hygee Santee), MedApp, Italy, Austria and nu3. The number of groups of cash-generating units amounted to a total of eight at the end of 2023. Goodwill has been allocated to six of those groups. Consolidated Financial Statements. In 2023 there have been two updates to the identified cash-generating units (CGU). \u2013 Redcare determined that a change in the composition of the CGU for Germany is applicable (until 2022 Shop Apotheke). With Redcare\u2019s strategy execution over the recent years, the company developed from a pharmacy retailer into a customer-centric e-pharmacy platform. A network of services and partners was integrated into the existing business to improve the one overall customer proposition. Starting 2023, the Germany CGU includes all business activities for that customer market, namely the own stock business, platform businesses of marketplace and Now! of which the goPuls team is an integral part, and services including medication management. As consequence, this means an integration of all German activities excluding nu3 into CGU Germany. \u2013 MediService was acquired in 2023 and has been added to the Switzerland CGU. Redcare Pharmacy entered a strategic partnership with Galenica AG in Switzerland by acquiring 51 % of the shares in MediService and bringing in its existing Swiss business. As part of this strategic partnership, Redcare Pharmacy N.V. and Galenica AG are combining the business activities of the specialty pharmacy MediService AG and the online pharmacy shop-apotheke.ch. The latter rebranded to redcare.ch in 2023. 15.3 Overview goodwill. As a result, the following table shows the goodwill existing in the Group as of 31 December 2023: in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Germany 161,161 145,456 Switzerland 107,924 0 GoPuls (former First A) 0 15,705 Belgium (Farmaline) 4,179 4,179 nu3 2,975 2,975 MedApp 1,253 1,253 Hygee Sant\u00e9 5 5 277,497 169,573 Resulting from the update in the composition of CGU for Germany, goPuls goodwill is completely part of the CGU Germany. A relative approach is not applicable since the complete business is integrated in the CGU Germany. The goodwill reflects the value of the Group\u2019s overall market and competitive positioning, which is described in the following strategic information. Strategic information. The Group is a fast-growing online pharmacy in Continental Europe. With the acquisition of Europa Apotheek Venlo in November 2017, the Group significantly enhanced its position in Germany and in prescription medicines . The product range of OTC, beauty and personal care products as well as prescription drugs segments is supplemented by high quality natural food and health products, low carb products and sports nutrition following the acquisition of nu3 GmbH in July 2018. In 2021, the Group made acquisitions of smart- patient, a digital medication management expert and MedApp, a prescription medication business in the Dutch market. In 2022 the Company acquired First A in Germany, a start-up medication delivery platform, and in 2023 in a transaction with Swiss Galenica AG, Redcare Pharmacy acquired 51 % of MediService AG, a Swiss online prescription medication business. The Group operates online pharmacies in Germany, Austria, Switzerland, France, Belgium, Italy and The Nether lands. The Group delivers a broad range of more than 100,000 original products on stock and 100,000 products via its marketplace to well over 10 million active customers (10.8 million active customers at year-end 2023) and at attractive prices. In addition, the Group provides comprehensive pharmaceutical consulting services. The Company has a single face to customers in Germany \u201cShop Apotheke\u201d and transitioned from a pure e-pharmacy retailer to a customer-centric e-pharmacy platform. Redcare Pharmacy\u2019s goal is to gain a relevant share of the online prescription market growth that is expected from the introduction of electronic prescriptions (eRx) in Germany. In order to assess the potential impairments on the listed goodwill, the Group follows an 8-year forecasting process. Internal process for preparing the 8-year forecast to perform impairment tests. The forecasting process is based on internal data, in particular a detailed customer data model working with customer acquisition costs from previous periods and expected customer activation rates as well as external market research forecasting future market size and online penetration rates in advanced online markets e. g. in the United States or Sweden. Assumptions on sales growth and profitability were checked against third- party reports and tested with sensitivity analyses in order to make the test robust. Historical financial information. The health sector is driven by regulations that result in barriers of entry and loyal, longer-term customers with high customer lifetime values. As the online market is expected to stay in a growth mode for a number of years due to an expected continuation from offline to online in the continental European markets, the length of the forecasting period needs to reflect this. An 8-year forecast period is considered appropriate to reflect this adequately with robust assumptions due to the nature of the industry, the long-term growth phase expected from the introduction of electronic prescriptions in Germany, and the gradual shift of consumer preferences from offline to online. In the past, the Company has shown fast (double-digit) growth during many consecutive year; the past year 2023 total sales growth of the Company was 49 % or excluding the MediService acquisition 24 %, for which a driver was a strong performance in the German OTC/BPC online market but calculates with approximately 15 % sales growth p.a. in the coming years for the impairment testing purposes. The growth of the prescription medication (Rx) sales was 10 \u2013 20 % p. a. until 2020. In 2021, a strong decrease of Rx sales was the result of stopping with a Rx bonus to our customers; in 2022 this decrease stopped with stable sales volumes in all quarters of 2022. During 2023, quarterly sales further increased in Germany, and in total 49 % including Medi- Service which was acquired during the year 2023. In the near future it is expected that Rx sales will grow again at a rapid pace following the nation-wide obligation to use the electronic prescriptions in the German market. Consolidated Financial Statements. 2023 was an important year where both the financials were delivered according to external guidance provided at the start of the year, and even increased during the year, and important strategic progress was achieved at the same time. In May, the Company rebranded its corporate entity from Shop Apotheke Europe to Redcare Pharmacy. Later in the year followed the rebranding of the customer brand in Switzerland from Shop Apotheke to Redcare Apotheke and in France from Shop Farmacie to Redcare Pharmacie. After the opening of a next generation central distribution facility in Sevenum, the Netherlands in 2021, in 2022 a distribution centre was opened near Milan in Italy. In 2023, the Company achieved its highest ever adjusted EBITDA margin at 3 % while continuing to grow fast both organically and in total. The base of active customers increased by 1.5 million customers in one year to end at 10.8 million. After the launch of a marketplace platform in Germany late 2021, in 2022 Austria followed enabling our customers in the two countries to choose from a wide range of additional health-care related assortment from our marketplace merchants. We extended the delivery options to our customers particularly in Germany with further same-day or quick delivery options organized by ourselves or via partners and platforms. In again a turbulent year externally, e.g. having been faced with as well geopolitical conflicts as inflation, Redcare Pharmacy continued to grow its customer base fast, achieved double-digits sales growth, and at a margin as guided externally. In the mid of the year, both the non-Rx sales growth guidance and adjusted EBITDA margin guidance were uplifted reflective of the strong performance. For the goodwill impairment tests long-term forecasts were the base to perform respective impairment tests. Support for main assumptions. Future revenue growth is planned in a two-step approach: First, based on customer data and future expectations on sales growth rates and market shares. The results of these calculations are then partially compared against organic growth rates and market shares realised historically. In a second step, the outcome is compared against the total market size, based on the calculations regarding total market share computed in step 1. In addition, specifically for the prescription-based market an online mail order penetration of 10 % is assumed to be reached in a couple of years after electronic prescriptions being nationwide accepted and mandatory. Target adjusted EBITDA profitability in access of 8 % is based both on benchmarking of local German pharma- cies (information from ABDA Pharmacists\u2019 Association), and a bottom-up build-up of current unit economics, future income streams, efficiencies and scale. Cost of goods sold (COGS) are based on historic information plus annual improvements expected from economies of scale in purchasing and manufacturer discounts. Operations personnel is calculated on the number of parcels taking into account, realised and expected efficiency gains from the sites based on calculations from an external general planner. Marketing personnel is calculated on a country basis, with variable marketing expenses being based on sales growth and the respective number of new customers with their respective acquisition costs. Administrative personnel and IT infrastructure personnel is calculated taking into account economies of scale and typical efficiency gains. Internal and external IT personnel is calculated for the first year based on the required man days for the IT projects that are planned to be delivered, for future years it is based on a percentage of sales as these costs and demands are expected to increase together with our sales growth Capex is calculated based on the capacity and IT required to enable future sales. Finally, the business plan is on high level compared to patterns experienced by peers. Upsides and downsides. The downside risks of the impairment test for the CGU Germany could be a significant (years) delay in online penetration of the electronic script in Germany, but there could be a potential, very unlikely (as in conflict with European law) ban on mail order for prescription medications in Germany. The upside potential is a stronger adaption of the electronic script in 2024 and onwards or an overall acceleration (vs. our estimates) of the shift from customer preference from off- to online pharmacies across our geographies. A broader overview of the risks and opportunities of the company is described in the Risk Report part of the annual report. WACC. The calculation of the WACC follows the capital asset pricing model applying current interest rates, market premiums and betas, benchmarked by a peer-group analysis performed by independent experts, resulting in a 7.9 % WACC for the Group. From the post-tax discounted cash flow analysis, pre-tax rates were determined using the goal-seek method 1 . The respective pre-tax WACC was 9.8 % for the CGU Germany impairment test, 7.9 % for the CGU nu3 impairment test, 10.8 % for the CGU Farmaline impairment test, 9.2 % for the CGU Switzer land impairment test and 10.0 % for the CGU MedApp impairment test. 15.4 Impairment test. Impairment tests on goodwill in line with IAS 36 have been made for the goodwill related to the CGU\u2019s: \u2013 Germany \u2013 Belgium (Farmaline) \u2013 nu3 \u2013 MedApp \u2013 Switzerland Hygee Sant\u00e9 was acquired in 2017. As the respective goodwill of the CGU Hygee Sant\u00e9 is not material, no specific impairment test was carried out for this CGU. The main assumption for the CGU Germany impairment test is the sales growth expected from the start with electronic prescriptions in 2024, the total number of annual prescriptions in Germany as well as approximately 10 % online penetration rates of electronic prescriptions in markets such as Switzerland, Sweden and the United States. The related cash flow projections include projected investment in capacity expansion as well 1 Method in accordance with IAS 36 BC85 to determine a pre-tax discount rate as increased personnel cost and working capital needs in line with the expected sales growth. Due to the long-term growth perspective based on demographic factors, i.e. market studies projecting an ageing population with a respective higher need for prescription medication, the respective calculations are based on an 8-year forecasting period The assumptions used in the impairment test as of 31 December 2023 are summarised in the table below: Terminal sales growth Revenue growth rate EBITDA margin Discount rate Germany 0 % 10.3 % \u2013 28.5 % 4.4 % \u2013 8.5 % 9.8 % Belgium (Farmaline) 0 % 6.0 % \u2013 12.9 % 5.5 % \u2013 8.2 % 10.8 % nu3 0 % 7.2 % \u2013 10.0 % 5.5 % \u2013 11.3 % 7. 9 % MedApp 0 % 10 % \u2013 115 % \u2013 23.5 % \u2013 8.0 % 10.0 % Switzerland 0 % 3.7 % \u2013 11.1 % 1.6 % \u2013 4.7 % 9.2 % As a result of the above impairment test, in all cases the recoverable amounts were higher than the carrying amounts. As a result, management concludes that no impairment of goodwill is applicable. Management also performed a sensitivity analysis on the sales growth rates and WACCs, the individual estimates and assump tions and concluded that a reasonable possible change in the estimates does not result in impairment", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "
15.3 Overview goodwill.
As a result, the following table shows the goodwill existing in the Group as of 31 December 2023:
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Germany 161,161 145,456
Switzerland 107,924 0
GoPuls (former First A) 0 15,705
Belgium (Farmaline) 4,179 4,179
nu3 2,975 2,975
MedApp 1,253 1,253
Hygee Sant\u00e9 5 5
277,497 169,573
Resulting from the update in the composition of CGU for Germany, goPuls goodwill is completely part of the
CGU Germany. A relative approach is not applicable since the complete business is integrated in the CGU
Germany.
The goodwill reflects the value of the Group\u2019s overall market and competitive positioning, which is described
in the following strategic information.
Strategic information.
The Group is a fast-growing online pharmacy in Continental Europe. With the acquisition of Europa Apotheek
Venlo in November 2017, the Group significantly enhanced its position in Germany and in prescription
medicines . The product range of OTC, beauty and personal care products as well as prescription drugs
segments is supplemented by high quality natural food and health products, low carb products and sports
nutrition following the acquisition of nu3 GmbH in July 2018. In 2021, the Group made acquisitions of smart-
patient, a digital medication management expert and MedApp, a prescription medication business in the
Dutch market. In 2022 the Company acquired First A in Germany, a start-up medication delivery platform,
and in 2023 in a transaction with Swiss Galenica AG, Redcare Pharmacy acquired 51 % of MediService AG,
a Swiss online prescription medication business.
The Group operates online pharmacies in Germany, Austria, Switzerland, France, Belgium, Italy and The
Nether lands.
The Group delivers a broad range of more than 100,000 original products on stock and 100,000 products via
its marketplace to well over 10 million active customers (10.8 million active customers at year-end 2023) and
at attractive prices. In addition, the Group provides comprehensive pharmaceutical consulting services. The
Company has a single face to customers in Germany \u201cShop Apotheke\u201d and transitioned from a pure e-pharmacy
retailer to a customer-centric e-pharmacy platform. Redcare Pharmacy\u2019s goal is to gain a relevant share of
the online prescription market growth that is expected from the introduction of electronic prescriptions (eRx)
in Germany.
In order to assess the potential impairments on the listed goodwill, the Group follows an 8-year forecasting
process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-15": { "value": " 16. Accounting for joint ventures. The Company has a 50 % (2022: 50 %) interest in two joint ventures, K\u00f6nig IDV GmbH and K\u00f6nig IT-Systeme GmbH, both incorporated and located in Germany. The primary business of K\u00f6nig IDV GmbH is data processing. The primary business of K\u00f6nig IT-Systeme GmbH is IT services. The contractual arrangement provides the Group with the rights to the net assets and liabilities of the joint venture. Under IFRS 11 this joint venture has been included in the consolidated financial statements using the equity method. Country of incorporation principle place of business Proportion of ownership interest held as at 31 December 2023 2022 K\u00f6nig IDV GmbH 1 Germany 50 % 50 % K\u00f6nig IT-Systeme GmbH 2 Germany 50 % 50 % K\u00f6nig IDV GmbH had a result after taxes of EUR 74 thousand in financial year 2023 (2022: EUR 169 thousand). K\u00f6nig IT-Systeme GmbH had a result after taxes of EUR 10 thousand (2022: EUR \u2013 11 thousand). 1 The primary business of K\u00f6nig IDV GmbH in Gottmadingen, Germany, is data processing. The 50 % share was acquired as part of the acquisition of EHS Europe Health Services B.V. on 8 November 2017. 2 The primary business of K\u00f6nig IT GmbH in Gottmadingen, Germany, is IT services. The 50 % share was acquired as part of the acquisition of EHS Europe Health Services B.V. on 8 November 2017 The joint ventures are accounted for using the equity method and are not individually material. Therefore, the aggregated financial information in relation to the joint ventures is presented below: Summarised statement of financial position \u2013 joint ventures in EUR 1,000 As at 31 December 2023 As at 31 December 2022 Non-current assets 38 62 Current assets 1,423 1,343 Total assets 1,461 1,405 Equity 1,325 1,241 Current liabilities 136 164 Total equity and liabilities 1,461 1,405 Summarised statement of profit or loss \u2013 joint ventures in EUR 1,000 2023 2022 Revenue from contracts with customers 1,094 1,131 Other operating income 8 11 Cost of sales \u2013 93 \u2013 97 Operating expenses \u2013 882 \u2013 866 Result before tax 128 179 Income tax expense \u2013 43 \u2013 30 Result for the year (continuing operations) 84 149 Total comprehensive income for the year (continuing operations) 84 149 Group\u2019s share of result for the year 42 74 The operating expenses include depreciation expenses of EUR 28 thousand (2022: EUR 40 thousand). The consolidated statement of profit and loss shows a share of profit of associates and joint venture of EUR 226 thousand. This mainly concerns EUR 42 thousand share in joint venture and EUR 190 thousand result from associates.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-16": { "value": "17. Inventories. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Finished products held for resale 138,954 103,897 Raw materials, packaging materials and other 1,516 478 Inventory allowance \u2013 4,684 \u2013 4,667 135,786 99,708 The cost of inventories recognised as an expense during the year in respect of continuing operations was EUR 1,342 million (2022: EUR 872.6 million). No inventories are expected to be recovered after more than twelve months. The inventories include EUR 1.2 million (2022: EUR 0.7 million) carried at net realisable value. Such write-down was recognised as an expense during 2023. The write-downs and reversals are included in Cost of sales.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-17": { "value": "18. Current receivables. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Trade receivables 108,219 34,806 Provision for impairment \u2013 5,085 \u2013 4,802 103,134 30,004 in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Prepayments 10,886 6,574 Other current assets and deferred income 22,323 12,354 VAT receivable 16,171 10,944 152,514 59,876 The average credit period on sales of goods and services is 19 days in 2023 (2022: 9 days). The increase of trade receivable balances are impacted by the growth of the revenues and next to that due to the business combination with MediService, the average credit period for the added business is above the average credit period of Redcare businesses As of 31 December 2023, the aging analysis of receivables was as follows: in EUR 1,000 Total Not past due 0 \u2013 30 days Past due 30 \u2013 60 days Past due 61 \u2013 90 days Past due 91 \u2013 120 days Past due 121 days and older Trade receivables 108,219 87,4 82 3,777 3,050 2,370 11,540 Provision for impairment \u2013 5,085 \u2013 514 \u2013 287 \u2013 181 \u2013 149 \u2013 3,954 Net trade receivables 103,134 86,968 3,490 2,869 2,221 7,586 Expected credit loss 5 % 5 % 8 % 6 % 6 % 34 % As of 31 December 2022, the aging analysis of receivables was as follows: in EUR 1,000 Total Not past due 0 \u2013 30 days Past due 30 \u2013 60 days Past due 61 \u2013 90 days Past due 91 \u2013 120 days Past due 121 days and older Trade receivables 34,806 24,217 3,471 684 562 5,872 Provision for impairment \u2013 4,802 \u2013 12 \u2013 85 \u2013 148 \u2013 71 \u2013 4,485 Net trade receivables 30,004 24,205 3,387 536 491 1,387 Expected credit loss 14 % 0 % 2 % 22 % 13 % 76 % No interest is charged on trade receivables. Before accepting any new customer, the Group assesses the potential customer\u2019s credit quality and defines credit limits by customer scoring. Limits and scoring attributed to customers are reviewed periodically. In addition, customer orders are checked automatically by defined algo rithms to prevent fraud. Movement in the provision for impairment: in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Balance beginning of the year 4,802 4,686 Provision for expected credit losses 774 550 Write-off \u2013 491 \u2013 434 Balance end of the year 5,085 4,802 In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the end of the reporting period", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "value": "
Movement in the provision for impairment:
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Balance beginning of the year 4,802 4,686
Provision for expected credit losses 774 550
Write-off \u2013 491 \u2013 434
Balance end of the year 5,085 4,802
In determining the recoverability of a trade receivable, the Group considers any change in the credit quality of
the trade receivable from the date credit was initially granted up to the end of the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "19. Other financial assets. in EUR 1,000 Fixed deposits Securities Escrow Other Total Current other financial assets 80,000 33,321 4,234 \u2013 117,555 Non-current other financial assets \u2013 \u2013 7,058 2,331 9,389 Balance 1 January 2023 80,000 33,321 11,292 2,331 126,944 Additions 40,000 \u2013 \u2013 1,125 41,125 Arising on business combination \u2013 \u2013 \u2013 \u2013 \u2013 Financial results \u2013 440 \u2013 \u2013 440 Disposal \u2013 \u201333,761 \u2013 \u2013 \u201333,761 Cash out payment \u2013 \u2013 \u20134,234 \u2013 \u20134,234 Current other financial assets 120,000 \u2013 7,058 \u2013 127,058 Non-current other financial assets \u2013 \u2013 \u2013 3,456 3,456 Balance 31 December 2023 120,000 \u2013 7,0 58 3,456 130,514 T he current other financial assets of EUR 127.1 million (2022: EUR 117.6 million) includes total securities and fixed term deposits amounting to EUR 120 million (2022: EUR 113.3 million). The other part is related to the short-term portion of the prepaid post-combination services in escrow related to the acquisition of smartpatient of EUR 7.1 million (2022: EUR 4.2 million). Non-current other financial assets of EUR 3.5 million (2022: EUR 9.4 million) are related to payments made regarding rent deposits; it is expected that they will be repaid at the end of the rental contract. During 2022 it mainly related to prepaid post-combination services related to the acquisition of smartpatient of EUR 7.1 million (2023: EUR 0) ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "19. Other financial assets. in EUR 1,000 Fixed deposits Securities Escrow Other Total Current other financial assets 80,000 33,321 4,234 \u2013 117,555 Non-current other financial assets \u2013 \u2013 7,058 2,331 9,389 Balance 1 January 2023 80,000 33,321 11,292 2,331 126,944 Additions 40,000 \u2013 \u2013 1,125 41,125 Arising on business combination \u2013 \u2013 \u2013 \u2013 \u2013 Financial results \u2013 440 \u2013 \u2013 440 Disposal \u2013 \u201333,761 \u2013 \u2013 \u201333,761 Cash out payment \u2013 \u2013 \u20134,234 \u2013 \u20134,234 Current other financial assets 120,000 \u2013 7,058 \u2013 127,058 Non-current other financial assets \u2013 \u2013 \u2013 3,456 3,456 Balance 31 December 2023 120,000 \u2013 7,0 58 3,456 130,514 T he current other financial assets of EUR 127.1 million (2022: EUR 117.6 million) includes total securities and fixed term deposits amounting to EUR 120 million (2022: EUR 113.3 million). The other part is related to the short-term portion of the prepaid post-combination services in escrow related to the acquisition of smartpatient of EUR 7.1 million (2022: EUR 4.2 million). Non-current other financial assets of EUR 3.5 million (2022: EUR 9.4 million) are related to payments made regarding rent deposits; it is expected that they will be repaid at the end of the rental contract. During 2022 it mainly related to prepaid post-combination services related to the acquisition of smartpatient of EUR 7.1 million (2023: EUR 0) .", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-18": { "value": "19. Other financial assets. in EUR 1,000 Fixed deposits Securities Escrow Other Total Current other financial assets 80,000 33,321 4,234 \u2013 117,555 Non-current other financial assets \u2013 \u2013 7,058 2,331 9,389 Balance 1 January 2023 80,000 33,321 11,292 2,331 126,944 Additions 40,000 \u2013 \u2013 1,125 41,125 Arising on business combination \u2013 \u2013 \u2013 \u2013 \u2013 Financial results \u2013 440 \u2013 \u2013 440 Disposal \u2013 \u201333,761 \u2013 \u2013 \u201333,761 Cash out payment \u2013 \u2013 \u20134,234 \u2013 \u20134,234 Current other financial assets 120,000 \u2013 7,058 \u2013 127,058 Non-current other financial assets \u2013 \u2013 \u2013 3,456 3,456 Balance 31 December 2023 120,000 \u2013 7,0 58 3,456 130,514 T he current other financial assets of EUR 127.1 million (2022: EUR 117.6 million) includes total securities and fixed term deposits amounting to EUR 120 million (2022: EUR 113.3 million). The other part is related to the short-term portion of the prepaid post-combination services in escrow related to the acquisition of smartpatient of EUR 7.1 million (2022: EUR 4.2 million). Non-current other financial assets of EUR 3.5 million (2022: EUR 9.4 million) are related to payments made regarding rent deposits; it is expected that they will be repaid at the end of the rental contract. During 2022 it mainly related to prepaid post-combination services related to the acquisition of smartpatient of EUR 7.1 million (2023: EUR 0) .", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-19": { "value": "20. Cash and cash equivalents. All cash balances are at free disposal of the Group, except for a rent guarantee of EUR 381 thousand. Within the cash and cash equivalents an amount of EUR 20.2 million is included related to the cash pooling agreement between MediService AG and Galenica Finanz AG. The cashpooling agreement is seen as a demand deposit. Based on the cash pooling agreement the balances of the cash pooling are free available to MediService. Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash, as defined above. Bank overdrafts are not included since they are not considered being an integral part of the Group\u2019s cash management. Current securities are shown in Other financial assets according to IAS 7.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-20": { "value": "21. Shareholders\u2019 equity. Share capital. The share capital of the Group as of 31 December 2023 amounts to EUR 397.7 thousand (31 December 2022: EUR 364.0 thousand) divided into 20,203,287 shares (31 December 2022: 18,199,281) each with a nominal value of EUR 0.02, of which 19,885,057 have been issued and fully paid, 318,230 shares are held in treasury for share option plans. The total number of authorized shares amounts 85,000,000 shares. Capital increase. During the financial year 59,132 employee options were exercised (2022: 38,813) within the employee share option plan. Each share option gives the participant the right to subscribe newly issued ordinary shares of the company on exercise at a predetermined exercise price. The average exercise price amounts to EUR 44.66 per share (2022: 43.32 per share). The exercised options have a total value of EUR 2.6 million (2022: EUR 0.6 million). Additionally, 227,200 employee options were exercised under the smartpatient option plan. The plan vests over a period of three years, starting in 2021. The exercised options have a total value of EUR 4 thousand. Reference is made to Note 27 for disclosures on share-based payments. Redcare Pharmacy N.V. completed a capital increase transaction worth EUR 29 million on 16 May 2023. As part of the transaction Redcare Pharmacy placed 408,100 additional new bearer shares in the company. The new shares were placed at an issue price of EUR 72,02 per share", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "Capital increase. During the financial year 59,132 employee options were exercised (2022: 38,813) within the employee share option plan. Each share option gives the participant the right to subscribe newly issued ordinary shares of the company on exercise at a predetermined exercise price. The average exercise price amounts to EUR 44.66 per share (2022: 43.32 per share). The exercised options have a total value of EUR 2.6 million (2022: EUR 0.6 million). Additionally, 227,200 employee options were exercised under the smartpatient option plan. The plan vests over a period of three years, starting in 2021. The exercised options have a total value of EUR 4 thousand. Reference is made to Note 27 for disclosures on share-based payments. Redcare Pharmacy N.V. completed a capital increase transaction worth EUR 29 million on 16 May 2023. As part of the transaction Redcare Pharmacy placed 408,100 additional new bearer shares in the company. The new shares were placed at an issue price of EUR 72,02 per share", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "
22. Non-current liabilities.
Loans and borrowings.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Amounts due to banks 6,500 8,125
Lease liabilities 30,676 27,593
Convertible bond 197,847 191,629
Contingent consideration 0 12,872
Other liabilities to third parties 0 1,743
Employee benefit liabilities 1,045 5,688
236,068 247,650
Due to the application of IFRS 16, all operating lease contracts (except for short-term leases and leases of
low value assets) have been presented as right-of-use assets and lease liabilities respectively. Additional
information on leases is disclosed in Note 32 .
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-21": { "value": "22. Non-current liabilities. Loans and borrowings. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Amounts due to banks 6,500 8,125 Lease liabilities 30,676 27,593 Convertible bond 197,847 191,629 Contingent consideration 0 12,872 Other liabilities to third parties 0 1,743 Employee benefit liabilities 1,045 5,688 236,068 247,650 Due to the application of IFRS 16, all operating lease contracts (except for short-term leases and leases of low value assets) have been presented as right-of-use assets and lease liabilities respectively. Additional information on leases is disclosed in Note 32 Consolidated Financial Statements. Convertible bond. In January 2021, the Company issued 2,250 0.0 % convertible bonds with an aggregate principal amount of EUR 225.0 million. Each bond entitles the holder to convert to ordinary shares at a conversion price of EUR 233.83. Given the zero coupon no interest is due on these bonds. Conversion of the above-mentioned bonds may occur as of 3 March 2021 in the period to and including the earlier of the following days: \u2013 the 40th business day prior to the maturity date (21 January 2028); or \u2013 if the bonds are redeemed by the issuer, the 30th business day prior to the redemption date or if such day falls within an excluded period the first business day prior to the beginning of this excluded period. To the extent the bonds have not previously been redeemed, converted or repurchased and cancelled they will be redeemed at their principal amount on the maturity date (21 January 2028). The issuer will be entitled to fulfil its obligation to redeem the bonds in cash by redeeming all but not only some of the bonds, according to the share redemption option. The convertible bonds contain two components: Liability and equity elements. The equity element is presented in equity under the heading of equity part on convertible bonds. The effective interest rate of the liability element on initial recognition is 3.05 % per annum. Initial recognition convertible bonds. A summary of the initial recognition of the convertible bonds is given below: in EUR 1,000 Issued on 14 January 2021 Proceeds of issue principal (amount minus costs) 222,197 Liability component at date of issue \u2013 179,933 Deferred tax liability on equity component \u2013 10,566 Equity component 31,698 Movements of the convertible bonds. A summary of the movements of the convertible bonds is given below: in EUR 1,000 Balance 1 January 2022 185,586 Interest charged calculated at an effective interest rate of 3.05 % 6,043 Interest paid 0 Balance 31 December 2022 191,629 Interest charged calculated at an effective interest rate of 3.05% 6,218 Interest paid 0 Balance 31 December 2023 197, 847 Current versus non-current classification. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Liability component 197,847 191,629 \u2013 of which long-term position 197,847 191,629 \u2013 of which short-term position 0 0 Amount due to banks. In February 2021, the Company obtained a EUR 13 million loan at a credit institution. This loan is secured by a pledge over the logistics automation in the Sevenum logistics centre. The loan has a duration of six years, ending on 31 December 2026, repayment is quarterly for an amount of EUR 406,250 starting on 31 March 2021. The annual interest amounts to 3-month EURIBOR + 2.95 % of the principal amount. Other liabilities to third parties. The Group has other liabilities to third parties which result from the business combinations during the financial year 2021. Contingent consideration. The contingent consideration liability relates to the acquisition of 100 % of the shares of First A later renamed into goPuls during 2022. The consideration is to be paid in cash (with an option for Redcare Pharmacy to have a (part) payment in shares) in five subsequent tranches in the following four years after the acquisition. Each tranche payment is an earn-out based on a sales multiple with a correction for EBITDA for the respective earn-out period. The fair value of the contingent consideration arrangement as per 31 December 2022 of EUR 12,872,000 was estimated calculating the discounted cashflow based upon the present value of the future expected cash flows. The estimates are based on assessment of the business plan and the corresponding expected earn-out. Since the contingent consideration is considered to be classified as a financial liability it is subsequently measured to fair value at each reporting date until the contingency is settled. During 2023, assessment of the expected earn-out resulted in an adjustment (full release) of the fair value of the consideration. The future expected cashflows in the business plan were veritually entirely based upon a rapid increase of electronic prescriptions (eRx). During the course of 2023, it has been determined that the current stand-alone business of goPuls is not viable to reach business case levels within the earn-out period. Performance until and during 2023, and near-future expectations, of goPuls has led Redcare to conclude any future earn-out as determined during the business combination transaction to have an insignificant probability. Consolidated Financial Statements. Employee benefit liabilities. This relates to the long-term portion of the post-combination benefit payments as a result of the acquisitions of smartpatient and MedApp. Reference is made to Note 31 business combinations in prior periods for detailed disclosure.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-22": { "value": "23. Current liabilities. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Trade and other payables 157,591 72,882 Loans and borrowings 8,770 7,505 Other liabilities 57,362 38,879 223,723 119,266 Trade and other payables. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Trade payables 151,996 68,944 Other payables 5,595 3,937 157,5 91 72,881 The average credit period on purchases is 38 days in 2023 (2022: 29 days). No interest is charged on the trade payables. The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. Trade and other payables grew by EUR 84.7 million to EUR 157.6 million. This is largely due to the acquisition of MediService and additionally to a growth in the existing business. Loans and borrowings. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Loans to credit institutions \u2013 short-term portion 1,625 1,625 Lease liabilities \u2013 short-term position 7,145 5,879 8,770 7,504 Amounts due to banks are further disclosed in Note 22. Lease liabilities are reported under non-current and current liabilities. A further disclosure of leases can be found in Note 32 Other liabilities. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Corporate income tax 573 241 Wage tax & soc. security charges 4,508 2,311 VAT 18,491 11,990 Employee benefit liabilities 7,240 4,147 Liability due to customer loyalty program 8,854 7,567 Accrued expenses 17,696 12,623 57,362 38,879 Other liabilities increased by EUR 18.5 million to EUR 57.4 million. This is caused by the acquisition of MediService, and additionally also by a growth in the existing business which for example lead to an increase of the VAT liability . Employee benefit liabilities. The employee benefit liabilities include accruals for bonus payments, vacation days and several other accruals, as well as the short-term portion of the post-combination employee benefit payment as a result of the acqui- sitions of smartpatient and MedApp. Other liabilities. No interest is charged on the other liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "
Trade and other payables.
in EUR 1,000 Year ended
31. 12. 2023
Year ended
31. 12. 2022
Trade payables 151,996 68,944
Other payables 5,595 3,937
157,5 91 72,881
The average credit period on purchases is 38 days in 2023 (2022: 29 days). No interest is charged on the trade
payables. The Group has financial risk management policies in place to ensure that all payables are paid
within the pre-agreed credit terms.
Trade and other payables grew by EUR 84.7 million to EUR 157.6 million. This is largely due to the acquisition
of MediService and additionally to a growth in the existing business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "value": "Loans and borrowings. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Loans to credit institutions \u2013 short-term portion 1,625 1,625 Lease liabilities \u2013 short-term position 7,145 5,879 8,770 7,504 Amounts due to banks are further disclosed in Note 22. Lease liabilities are reported under non-current and current liabilities. A further disclosure of leases can be found in Note 32 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "Other liabilities. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Corporate income tax 573 241 Wage tax & soc. security charges 4,508 2,311 VAT 18,491 11,990 Employee benefit liabilities 7,240 4,147 Liability due to customer loyalty program 8,854 7,567 Accrued expenses 17,696 12,623 57,362 38,879 Other liabilities increased by EUR 18.5 million to EUR 57.4 million. This is caused by the acquisition of MediService, and additionally also by a growth in the existing business which for example lead to an increase of the VAT liability . Employee benefit liabilities. The employee benefit liabilities include accruals for bonus payments, vacation days and several other accruals, as well as the short-term portion of the post-combination employee benefit payment as a result of the acqui- sitions of smartpatient and MedApp. Other liabilities. No interest is charged on the other liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "value": "Other liabilities. in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Corporate income tax 573 241 Wage tax & soc. security charges 4,508 2,311 VAT 18,491 11,990 Employee benefit liabilities 7,240 4,147 Liability due to customer loyalty program 8,854 7,567 Accrued expenses 17,696 12,623 57,362 38,879 Other liabilities increased by EUR 18.5 million to EUR 57.4 million. This is caused by the acquisition of MediService, and additionally also by a growth in the existing business which for example lead to an increase of the VAT liability . Employee benefit liabilities. The employee benefit liabilities include accruals for bonus payments, vacation days and several other accruals, as well as the short-term portion of the post-combination employee benefit payment as a result of the acqui- sitions of smartpatient and MedApp. Other liabilities. No interest is charged on the other liabilities", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-23": { "value": "24. Changes in liabilities arising from financing activities. In accordance with IAS 7, the overview below shows the changes arising from cash flows and non-cash changes: Non-cash changes in EUR 1,000 31. 12. 2022 Cash flows Acquisition Addition/ Movement Interest accretion to liability 31. 12. 2023 During financial year 2023 Long-term borrowings (incl. current) 9,750 \u2013 1,665 0 0 0 8,085 Short-term borrowings \u2013 bank overdraft 40 \u2013 40 0 0 0 0 Lease liabilities (non-current) 27,593 0 0 1,821 1,262 30,676 Lease liabilities (current) 5,880 \u2013 7, 30 3 4,268 4,300 0 7,145 Contingent consideration 12,872 0 0 0 \u2013 12,872 1 0 Convertible bond 191,629 0 0 0 6,218 197,847 247,764 \u2013 9,008 4,268 6,121 \u2013 5,392 243,753 Non-cash changes in EUR 1,000 31. 12. 2021 Cash flows Acquisition Addition/ Movement Interest accretion to liability 31. 12. 2022 During financial year 2022 Long-term borrowings (incl. current) 11,415 \u2013 1,665 0 0 0 9,750 Short-term borrowings \u2013 bank overdraft 38 2 0 0 0 40 Lease liabilities (non-current) 26,055 0 226 188 1,124 27,593 Lease liabilities (current) 4,743 \u2013 5,461 80 6,517 0 5,880 Contingent consideration 0 0 11,485 1,387 0 12,872 Convertible bond 185,586 0 0 0 6,043 191,629 227,837 \u2013 7, 124 11,791 8,092 7, 167 247,763 For the disclosure relating to our credit facility, we refer to Note 33. The total number of additions/movements in lease liabilities relates to a movement from non-current to current and to the additions in the lease liabilities during the financial year. For further substantiation of the total amount of additions (non-current and current) of EUR 6,121 thousand (2022: EUR 6,705 thousand), please refer to Note 32 During 2023 a fair value adjustment of EUR 12,872 thousand has been recorded, refer to Note 22 for detailed explanations", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "25. Financial instruments. Categories of financial instruments Financial assets at fair value through profit or loss Financial assets at amortised cost in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Trade and other receivables 0 0 103,134 59,876 Other financial assets 0 33,321 130,514 93,623 Cash and cash equivalents 0 0 84,160 66,777 Total financial assets 0 33,321 317,808 220,276 Financial liabilities at fair value through profit or loss Financial liabilities at amortised cost in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Non-current liabilities (excluding lease) 0 12,872 205,392 207,185 Trade and other payables 0 0 157,591 72,881 Current loans and borrowings (excluding lease) 0 0 1,625 1,625 Other current liabilities 0 0 33,790 24,337 Total financial liabilities 0 12,872 398,398 306,028 Information on risks. The following financial risks can be identified: Interest rate risk, credit risk, liquidity risk and currency risk. This note provides information on these financial risks to which the Group is exposed, the objectives and policy for managing risks arising from financial instruments as well as the management of capital. Interest rate risk. The interest rate risk includes the influence of positive and negative changes to interest rates on the profit, equity, or cash flow in the current or a future reporting period. Interest rate risks from financial instruments can arise within the Group mainly in connection with financial liabilities. A change in the market risk at reporting date would not have a significant effect on the Group profit or equity, since the credit facility is normally not used and the most other non-current liabilities have a fixed interest rate. Given the current market circumstances, a potential positive affect on cash and equivalents balances could arise when interest rates further increase. Credit risk. Credit risk is the risk of a loss being incurred because a counterparty is unable or unwilling to meet its obligations . The Group is exposed to credit risk; this risk mainly relates to non-payment by customers for services provided. Credit risk also arises from cash, cash equivalents and other financial assets. For banks and financial institutions only independently, rated parties with minimum rating A are accepted Consolidated Financial Statements. The risk of default on receivables has been reflected in provisions for bad debt. Due to constant close monitoring of potential default risks, additional receivables risk is very limited. Without exception receivables which are past due, but for which no provision has been recognised, are trade receivables from normal sales. In relation to the provision for doubtful debts, see Note 18 of the consolidated financial statements. The other receivables and the prepayments and accrued income do not contain any accounts older than one year . Liquidity risk. Liquidity risk is the risk that the Group is unable to obtain the financial resources required to meet its financial obligations on time. In this connection, the Group regularly assesses the expected cash flows over a period of several years. These cash flows include operating cash flows and share premium repayment, interest payments e. g. on the convertible bond, replacement capital expenditure and the effects of a change in the Group\u2019s creditworthiness. The aim is to have sufficient funds available at all times to provide the required liquidity. The Group\u2019s liquidity needs are affected by many factors, some of which are based on the normal ongoing operations of the business and others that relate to the uncertainties of the global economy and the industry. Although cash requirements fluctuate based on the timing and extent of these factors, the Group believes that cash generated from operations, together with the liquidity provided by existing cash and cash equivalents, are sufficient to satisfy the current requirements, including the 2024 capital expenditure . Currency risk. Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency ). The cost of raw materials and consumables used and other expenses are mostly denominated in euro, except for the acquired business of MediService. The MediService business mainly operates in Swiss francs. Outstanding intra-group balances between MediService and Redcare Group companies are limited. Therefore, foreign currency exchange risk is considered not material. Liquidity and interest risk tables. The following tables detail the Company\u2019s remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest curves at the end of the reporting period. The contractual maturity is based on the earliest day on which the Company may be required to pay. The following table sets out the maturities (representing undiscounted cash flows) of financial liabilities: in EUR 1,000 Up to 1 year 1 \u2013 5 years Over 5 years Total At 31 December 2023 Non-current liabilities (excluding lease) 0 233,253 0 233,253 Trade and other payables 157,591 0 0 157,591 Current loans and borrowings (excluding lease) 1,625 0 0 1,625 Other current liabilities 33,790 0 0 33,790 Total financial liabilities 193,006 233,253 0 426,259 At 31 December 2022 Non-current liabilities (excluding lease) 0 18,387 225,000 243,387 Trade and other payables 80,523 0 0 80,523 Current loans and borrowings (excluding lease) 1,625 0 0 1,625 Other current liabilities 22,638 0 0 22,638 Total financial liabilities 104,786 18,387 225,000 348,173 Capital management. The Group manages its equity to ensure it will be able to continue as going concern with an emphasis on capital preservation. The Group\u2019s overall strategy is leadership in all relevant European pharmacy delivery markets. The Group is subject to reporting and governance rules of the Dutch Autoriteit Financi\u00eble Markten (AFM) and the Frankfurt Stock Exchange and has been listed in the MDAX of the Frankfurt Stock Exchange since 21 September 2020 . Fair value of financial assets and financial liabilities. The Company considers that the carrying amounts of financial assets and financial liabilities recognised in the consolidated financial statements approximate their fair values, except for the Convertible bond which is presented as part of the non-current liabilities, which are accounted for based on amortised costs. The fair value of the Convertible Bond is at EUR 174,535 thousand compared to the carrying amount of EUR 197,874 thousand. The fair values of the other financial assets and liabilities are the same as the carrying amounts since all trade and other receivables are due within 30 days and all trade and other payables are paid within 30 days", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-24": { "value": "25. Financial instruments. Categories of financial instruments Financial assets at fair value through profit or loss Financial assets at amortised cost in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Trade and other receivables 0 0 103,134 59,876 Other financial assets 0 33,321 130,514 93,623 Cash and cash equivalents 0 0 84,160 66,777 Total financial assets 0 33,321 317,808 220,276 Financial liabilities at fair value through profit or loss Financial liabilities at amortised cost in EUR 1,000 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Year ended 31. 12. 2023 Year ended 31. 12. 2022 Non-current liabilities (excluding lease) 0 12,872 205,392 207,185 Trade and other payables 0 0 157,591 72,881 Current loans and borrowings (excluding lease) 0 0 1,625 1,625 Other current liabilities 0 0 33,790 24,337 Total financial liabilities 0 12,872 398,398 306,028 Information on risks. The following financial risks can be identified: Interest rate risk, credit risk, liquidity risk and currency risk. This note provides information on these financial risks to which the Group is exposed, the objectives and policy for managing risks arising from financial instruments as well as the management of capital. Interest rate risk. The interest rate risk includes the influence of positive and negative changes to interest rates on the profit, equity, or cash flow in the current or a future reporting period. Interest rate risks from financial instruments can arise within the Group mainly in connection with financial liabilities. A change in the market risk at reporting date would not have a significant effect on the Group profit or equity, since the credit facility is normally not used and the most other non-current liabilities have a fixed interest rate. Given the current market circumstances, a potential positive affect on cash and equivalents balances could arise when interest rates further increase. Credit risk. Credit risk is the risk of a loss being incurred because a counterparty is unable or unwilling to meet its obligations . The Group is exposed to credit risk; this risk mainly relates to non-payment by customers for services provided. Credit risk also arises from cash, cash equivalents and other financial assets. For banks and financial institutions only independently, rated parties with minimum rating A are accepted Consolidated Financial Statements. The risk of default on receivables has been reflected in provisions for bad debt. Due to constant close monitoring of potential default risks, additional receivables risk is very limited. Without exception receivables which are past due, but for which no provision has been recognised, are trade receivables from normal sales. In relation to the provision for doubtful debts, see Note 18 of the consolidated financial statements. The other receivables and the prepayments and accrued income do not contain any accounts older than one year . Liquidity risk. Liquidity risk is the risk that the Group is unable to obtain the financial resources required to meet its financial obligations on time. In this connection, the Group regularly assesses the expected cash flows over a period of several years. These cash flows include operating cash flows and share premium repayment, interest payments e. g. on the convertible bond, replacement capital expenditure and the effects of a change in the Group\u2019s creditworthiness. The aim is to have sufficient funds available at all times to provide the required liquidity. The Group\u2019s liquidity needs are affected by many factors, some of which are based on the normal ongoing operations of the business and others that relate to the uncertainties of the global economy and the industry. Although cash requirements fluctuate based on the timing and extent of these factors, the Group believes that cash generated from operations, together with the liquidity provided by existing cash and cash equivalents, are sufficient to satisfy the current requirements, including the 2024 capital expenditure . Currency risk. Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency ). The cost of raw materials and consumables used and other expenses are mostly denominated in euro, except for the acquired business of MediService. The MediService business mainly operates in Swiss francs. Outstanding intra-group balances between MediService and Redcare Group companies are limited. Therefore, foreign currency exchange risk is considered not material. Liquidity and interest risk tables. The following tables detail the Company\u2019s remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest curves at the end of the reporting period. The contractual maturity is based on the earliest day on which the Company may be required to pay. The following table sets out the maturities (representing undiscounted cash flows) of financial liabilities: in EUR 1,000 Up to 1 year 1 \u2013 5 years Over 5 years Total At 31 December 2023 Non-current liabilities (excluding lease) 0 233,253 0 233,253 Trade and other payables 157,591 0 0 157,591 Current loans and borrowings (excluding lease) 1,625 0 0 1,625 Other current liabilities 33,790 0 0 33,790 Total financial liabilities 193,006 233,253 0 426,259 At 31 December 2022 Non-current liabilities (excluding lease) 0 18,387 225,000 243,387 Trade and other payables 80,523 0 0 80,523 Current loans and borrowings (excluding lease) 1,625 0 0 1,625 Other current liabilities 22,638 0 0 22,638 Total financial liabilities 104,786 18,387 225,000 348,173 Capital management. The Group manages its equity to ensure it will be able to continue as going concern with an emphasis on capital preservation. The Group\u2019s overall strategy is leadership in all relevant European pharmacy delivery markets. The Group is subject to reporting and governance rules of the Dutch Autoriteit Financi\u00eble Markten (AFM) and the Frankfurt Stock Exchange and has been listed in the MDAX of the Frankfurt Stock Exchange since 21 September 2020 . Fair value of financial assets and financial liabilities. The Company considers that the carrying amounts of financial assets and financial liabilities recognised in the consolidated financial statements approximate their fair values, except for the Convertible bond which is presented as part of the non-current liabilities, which are accounted for based on amortised costs. The fair value of the Convertible Bond is at EUR 174,535 thousand compared to the carrying amount of EUR 197,874 thousand. The fair values of the other financial assets and liabilities are the same as the carrying amounts since all trade and other receivables are due within 30 days and all trade and other payables are paid within 30 days", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-477": { "value": "Information on risks. The following financial risks can be identified: Interest rate risk, credit risk, liquidity risk and currency risk. This note provides information on these financial risks to which the Group is exposed, the objectives and policy for managing risks arising from financial instruments as well as the management of capital. Interest rate risk. The interest rate risk includes the influence of positive and negative changes to interest rates on the profit, equity, or cash flow in the current or a future reporting period. Interest rate risks from financial instruments can arise within the Group mainly in connection with financial liabilities. A change in the market risk at reporting date would not have a significant effect on the Group profit or equity, since the credit facility is normally not used and the most other non-current liabilities have a fixed interest rate. Given the current market circumstances, a potential positive affect on cash and equivalents balances could arise when interest rates further increase. Credit risk. Credit risk is the risk of a loss being incurred because a counterparty is unable or unwilling to meet its obligations . The Group is exposed to credit risk; this risk mainly relates to non-payment by customers for services provided. Credit risk also arises from cash, cash equivalents and other financial assets. For banks and financial institutions only independently, rated parties with minimum rating A are accepted . Consolidated Financial Statements. The risk of default on receivables has been reflected in provisions for bad debt. Due to constant close monitoring of potential default risks, additional receivables risk is very limited. Without exception receivables which are past due, but for which no provision has been recognised, are trade receivables from normal sales. In relation to the provision for doubtful debts, see Note 18 of the consolidated financial statements. The other receivables and the prepayments and accrued income do not contain any accounts older than one year . Liquidity risk. Liquidity risk is the risk that the Group is unable to obtain the financial resources required to meet its financial obligations on time. In this connection, the Group regularly assesses the expected cash flows over a period of several years. These cash flows include operating cash flows and share premium repayment, interest payments e. g. on the convertible bond, replacement capital expenditure and the effects of a change in the Group\u2019s creditworthiness. The aim is to have sufficient funds available at all times to provide the required liquidity. The Group\u2019s liquidity needs are affected by many factors, some of which are based on the normal ongoing operations of the business and others that relate to the uncertainties of the global economy and the industry. Although cash requirements fluctuate based on the timing and extent of these factors, the Group believes that cash generated from operations, together with the liquidity provided by existing cash and cash equivalents, are sufficient to satisfy the current requirements, including the 2024 capital expenditure . Currency risk. Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities (when revenue or expense is denominated in a foreign currency ). The cost of raw materials and consumables used and other expenses are mostly denominated in euro, except for the acquired business of MediService. The MediService business mainly operates in Swiss francs. Outstanding intra-group balances between MediService and Redcare Group companies are limited. Therefore, foreign currency exchange risk is considered not material. Liquidity and interest risk tables. The following tables detail the Company\u2019s remaining contractual maturity for its financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest curves at the end of the reporting period. The contractual maturity is based on the earliest day on which the Company may be required to pay. Capital management. The Group manages its equity to ensure it will be able to continue as going concern with an emphasis on capital preservation. The Group\u2019s overall strategy is leadership in all relevant European pharmacy delivery markets. The Group is subject to reporting and governance rules of the Dutch Autoriteit Financi\u00eble Markten (AFM) and the Frankfurt Stock Exchange and has been listed in the MDAX of the Frankfurt Stock Exchange since 21 September 2020 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "
Interest rate risk.
The interest rate risk includes the influence of positive and negative changes to interest rates on the profit,
equity, or cash flow in the current or a future reporting period. Interest rate risks from financial instruments can
arise within the Group mainly in connection with financial liabilities. A change in the market risk at reporting
date
would not have a significant effect on the Group profit or equity, since the credit facility is normally not used
and the most other non-current liabilities have a fixed interest rate. Given the current market circumstances,
a potential positive affect on cash and equivalents balances could arise when interest rates further increase.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "Credit risk. Credit risk is the risk of a loss being incurred because a counterparty is unable or unwilling to meet its obligations . The Group is exposed to credit risk; this risk mainly relates to non-payment by customers for services provided. Credit risk also arises from cash, cash equivalents and other financial assets. For banks and financial institutions only independently, rated parties with minimum rating A are accepted The risk of default on receivables has been reflected in provisions for bad debt. Due to constant close monitoring of potential default risks, additional receivables risk is very limited. Without exception receivables which are past due, but for which no provision has been recognised, are trade receivables from normal sales. In relation to the provision for doubtful debts, see Note 18 of the consolidated financial statements. The other receivables and the prepayments and accrued income do not contain any accounts older than one year ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "Liquidity risk. Liquidity risk is the risk that the Group is unable to obtain the financial resources required to meet its financial obligations on time. In this connection, the Group regularly assesses the expected cash flows over a period of several years. These cash flows include operating cash flows and share premium repayment, interest payments e. g. on the convertible bond, replacement capital expenditure and the effects of a change in the Group\u2019s creditworthiness. The aim is to have sufficient funds available at all times to provide the required liquidity. The Group\u2019s liquidity needs are affected by many factors, some of which are based on the normal ongoing operations of the business and others that relate to the uncertainties of the global economy and the industry. Although cash requirements fluctuate based on the timing and extent of these factors, the Group believes that cash generated from operations, together with the liquidity provided by existing cash and cash equivalents, are sufficient to satisfy the current requirements, including the 2024 capital expenditure ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-478": { "value": "Fair value of financial assets and financial liabilities. The Company considers that the carrying amounts of financial assets and financial liabilities recognised in the consolidated financial statements approximate their fair values, except for the Convertible bond which is presented as part of the non-current liabilities, which are accounted for based on amortised costs. The fair value of the Convertible Bond is at EUR 174,535 thousand compared to the carrying amount of EUR 197,874 thousand. The fair values of the other financial assets and liabilities are the same as the carrying amounts since all trade and other receivables are due within 30 days and all trade and other payables are paid within 30 days", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-25": { "value": "26. Related party transactions. Compensation of key management personnel. Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. The Company considers the members of the Managing Board and the Supervisory Board to be key management personnel. The total compensation of key management personnel in 2023 amounted to EUR 4,459 thousand (2022: EUR 5,133 thousand). Remuneration of the Managing Board by member. in EUR 1,000 Base salary STI Other 3 Share-based compensation 4 Pensions Total remuneration O. Heinrich, CEO 2023 1 2022 208 \u2013 \u2013 \u2013 2 \u2013 67 \u2013 \u2013 \u2013 277 \u2013 J. Eenhorst, CFO 2023 2022 420 420 \u2013 \u2013 \u2013 \u2013 681 772 25 25 1,126 1,217 T. Holler, COO 2023 2022 250 250 \u2013 \u2013 6 5 628 657 2 2 886 914 S. Weber, CCO 2023 2022 250 250 \u2013 \u2013 3 2 628 657 \u2013 \u2013 881 909 M. Fischer, CTO 2023 2022 250 250 \u2013 \u2013 2 2 628 657 \u2013 \u2013 880 909 S. Feltens, CEO 2023 2 2022 116 250 \u2013 \u2013 2 5 \u2013 657 \u2013 \u2013 118 912 Total 2023 1,495 \u2013 15 2,632 27 4,169 Total 2022 1,420 \u2013 14 3,400 27 4,861 Remuneration of the Managing Board. The table below specifies the remuneration of the Managing Board. in EUR 1,000 2023 2022 Base salary 1,495 1,420 Short-term variable incentives (STI) \u2013 \u2013 Other 5 15 14 Share-based compensation 2,632 3,400 Pensions 27 27 Total remuneration 4,169 4,861 1 Olaf Heinrich was appointed CEO on 1 August 2023. 2 Stefan Feltens term ended as per 31 May 2023. 3 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone. 4 The fair value according to IFRS of each year\u2019s grant is determined on the grant date and expensed on a straight-line basis over the vesting period. The fair value is determined by an external agency. The expense for 2023 reflects this year\u2019s portion of share option grants which are not yet vested. For more information on the share-based compensation expenses, see Note 27. 5 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone . Remuneration of the members of the Supervisory Board. The table below specifies the remuneration of the members of the Supervisory Board. in EUR 1,000 2023 2022 Bj\u00f6rn S\u00f6der 80 80 Frank K\u00f6hler 60 60 J\u00e9r\u00f4me Cochet 49 46 Henriette Peucker 49 48 Jaska de Bakker 52 37 Total 290 272 Loans to key management personnel. Redcare Pharmacy N.V. does not provide loans or advances to members of the Managing Board or the Super visory Board. There are no loans or advances outstanding Redcare Pharmacy N.V. does not issue guarantees to the benefit of members of the Managing Board or the Supervisory Board. No such guarantees are outstanding. Loans from related parties. As in 2022, no loans from related parties were obtained in 2023. Other transactions with related parties. The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year: in EUR 1,000 Sales to related parties Purchases from related parties Amounts owed by related parties 2 Amounts owed to related parties 2 Other transactions Joint venture in which the parent is a venturer: 2023 2022 \u2013 \u2013 212 191 \u2013 \u2013 18 17 \u2013 \u2013 Associates: 2023 2022 371 306 \u2013 \u2013 170 139 \u2013 \u2013 \u2013 \u2013 Key management personnel: 2023 2022 \u2013 5 242 3 112 3 \u2013 \u2013 242 112 26 1 \u2013 1 The other transactions relates to services under the consultancy agreement with Olaf Heinrich prior to his start date (1 August 2023) as newly appointed CEO. 2 The amounts are classified as trade receivables and trade payables, respectively (see Note 18 and Note 22). 5 The Company concluded, for the second year in a row, a transaction with Goodcarbon GmbH regarding the purchase of carbon credits in the amount of EUR 241,660 on terms that are customary in the market. Goodcarbon is considered a related party of the Company since it is owned and managed by, among others, J\u00e9r\u00f4me Cochet, a member of the Supervisory Board of Redcare Pharmacy Consolidated Financial Statements. Redcare Pharmacy N.V. has entered into arrangements with a number of its subsidiaries in the course of its business. These arrangements relate to service transactions and financing agreements. Transactions were conducted at market prices. Identified related parties. As of 28 January 2021, Redcare Pharmacy N.V. was informed that several shareholders have entered into a voting pool agreement through which they control a combined stake of 26.4 % of the voting rights in Redcare Pharmacy N.V. In this regard, these shareholders have agreed to coordinate the exercise of their voting rights in advance and to exercise these rights jointly. In total, the pool comprises a group of 25 individual shareholders around and including the company\u2019s founder Michael K\u00f6hler, both directly and through his holding companies (together holding around 12 % of Redcare Pharmacy\u2019s shares), his brother Frank K\u00f6hler, a member of the Supervisory Board of Redcare Pharmacy, and Dr. R. Hess, an employee of the Company. The Company had good reasons to identify Michael K\u00f6hler and the entities he controlled as a related party of Redcare Pharmacy N.V. The voting pool agreement was dissolved on 18 May 2023 after which Michael K\u00f6hler had fully transferred his control in one of his holding companies (MK Beleggingsmaatschappij Venlo B.V.) to third parties as of 11 December 2023. As a consequence, hereof, Michael K\u00f6hler reduced his (direct and indirect ) shareholding in Redcare Pharmacy to 3.1 %, and is no longer deemed to be a related party of Redcare Pharmacy.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "
Compensation of key management personnel.
Key management personnel are those persons having authority and responsibility for planning, directing and
controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise)
of that entity. The Company considers the members of the Managing Board and the Supervisory Board to be
key management personnel.
The total compensation of key management personnel in 2023 amounted to EUR 4,459 thousand (2022: EUR 5,133 thousand). Remuneration of the Managing Board by member. in EUR 1,000 Base salary STI Other 3 Share-based compensation 4 Pensions Total remuneration O. Heinrich, CEO 2023 1 2022 208 \u2013 \u2013 \u2013 2 \u2013 67 \u2013 \u2013 \u2013 277 \u2013 J. Eenhorst, CFO 2023 2022 420 420 \u2013 \u2013 \u2013 \u2013 681 772 25 25 1,126 1,217 T. Holler, COO 2023 2022 250 250 \u2013 \u2013 6 5 628 657 2 2 886 914 S. Weber, CCO 2023 2022 250 250 \u2013 \u2013 3 2 628 657 \u2013 \u2013 881 909 M. Fischer, CTO 2023 2022 250 250 \u2013 \u2013 2 2 628 657 \u2013 \u2013 880 909 S. Feltens, CEO 2023 2 2022 116 250 \u2013 \u2013 2 5 \u2013 657 \u2013 \u2013 118 912 Total 2023 1,495 \u2013 15 2,632 27 4,169 Total 2022 1,420 \u2013 14 3,400 27 4,861 Remuneration of the Managing Board. The table below specifies the remuneration of the Managing Board. in EUR 1,000 2023 2022 Base salary 1,495 1,420 Short-term variable incentives (STI) \u2013 \u2013 Other 5 15 14 Share-based compensation 2,632 3,400 Pensions 27 27 Total remuneration 4,169 4,861 1 Olaf Heinrich was appointed CEO on 1 August 2023. 2 Stefan Feltens term ended as per 31 May 2023. 3 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone. 4 The fair value according to IFRS of each year\u2019s grant is determined on the grant date and expensed on a straight-line basis over the vesting period. The fair value is determined by an external agency. The expense for 2023 reflects this year\u2019s portion of share option grants which are not yet vested. For more information on the share-based compensation expenses, see Note 27. 5 Other mainly includes gross allowances for fringe benefits such as compensation for car and phone Remuneration of the members of the Supervisory Board. The table below specifies the remuneration of the members of the Supervisory Board. in EUR 1,000 2023 2022 Bj\u00f6rn S\u00f6der 80 80 Frank K\u00f6hler 60 60 J\u00e9r\u00f4me Cochet 49 46 Henriette Peucker 49 48 Jaska de Bakker 52 37 Total 290 272 Loans to key management personnel. Redcare Pharmacy N.V. does not provide loans or advances to members of the Managing Board or the Super visory Board. There are no loans or advances outstanding Redcare Pharmacy N.V. does not issue guarantees to the benefit of members of the Managing Board or the Supervisory Board. No such guarantees are outstanding", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-26": { "value": "27. Share-based payments. As of 31 December 2023, the Group provides two share-based payment plans for a selected group of employees : \u2013 Employee share option plan of the Group (equity-settled). \u2013 smartpatient plan (equity-settled). Employee share option plan of the Group. Details of the employee share option plan of the Group. The Group has a share option scheme for a selected group of employees (mostly executive management and senior management) of the Group and its subsidiaries. In accordance with the terms of the plan certain employees may be granted options to purchase ordinary shares. The number of options granted is decided by the Managing Board and approved by the Supervisory Board. Each employee share option converts into one ordinary share of the Group on exercise. No amounts are paid or payable by the recipient on receipt of the option. The options carry neither rights to dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. At the Annual General Meeting of 26 April 2018 shareholders granted options to purchase ordinary shares to certain employees. In addition, the Annual General Meetings of 2 April 2019, 30 April 2020 and 26 April 2023 approved the decision to grant additional share options. The following share-based payment arrangements were in existence during the current year: Options series Quantity Grant date Vesting date Expiry date Exercise price Fair value grant date Balance at end of year 6a 78,334 02.07.2019 18.06.2021 30.06.2026 35.50 \u20ac 12.72 \u20ac 30,666 6b 78,333 02.07. 2019 18.06.2022 30.06.2026 35.50 \u20ac 12.72 \u20ac 42,640 6c 78,333 02.07. 2019 18.06.2023 30.06.2026 35.50 \u20ac 12.72 \u20ac 50,061 7a 10,000 01.02.2020 01.02.2022 11.06.2027 46.40 \u20ac 17.06 \u20ac 1,000 7b 10,000 01.02.2020 01.02.2023 11.06.2027 46.40 \u20ac 18.18 \u20ac 10,000 7c 10,000 01.02.2020 01.02.2024 11.06.2027 46.40 \u20ac 19.13 \u20ac 10,000 8a 93,000 12.05.2020 12.05.2022 11.06.2027 81.40 \u20ac 29.59 \u20ac 68,277 8b 93,000 12.05.2020 12.05.2023 11.06.2027 81.40 \u20ac 31.47 \u20ac 70,777 8c 93,000 12.05.2020 12.05.2024 11.06.2027 81.40 \u20ac 33.05 \u20ac 73,945 9a 100,000 01.10.2020 01.10.2023 01.10.2026 149.40 \u20ac 61.14 \u20ac 80,000 9b 100,000 01.10.2020 01.10.2024 01.10.2026 149.40 \u20ac 64.46 \u20ac 80,000 10a 4,184 04.05.2021 04.05.2023 04.05.2028 160.60 \u20ac 63.94 \u20ac 3,350 10b 4,183 04.05.2021 04.05.2024 04.05.2028 160.60 \u20ac 68.45 \u20ac 3,350 10c 4,183 04.05.2021 04.05.2025 04.05.2028 160.60 \u20ac 75.25 \u20ac 3,350 11a 8,970 28.04.2022 28.04.2024 28.04.2029 74.42 \u20ac 31.55 \u20ac 8,340 11b 8,970 28.04.2022 28.04.2025 28.04.2029 74.42 \u20ac 34.01 \u20ac 8,340 11c 11,960 28.04.2022 28.04.2026 28.04.2029 74.42 \u20ac 36.15 \u20ac 11,120 12a 1,605 02.11.2022 02.11.2024 02.11.2029 44.12 \u20ac 19.90 \u20ac 1,605 12b 1,605 02.11.2022 02.11.2025 02.11.2029 44.12 \u20ac 21.52 \u20ac 1,605 12c 2,140 02.11.2022 02.11.2026 02.11.2029 44.12 \u20ac 22.95 \u20ac 2,140 13a 8,458 26.04.2023 26.04.2025 26.04.2030 91.56 \u20ac 42.48 \u20ac 8,072 13b 8,458 26.04.2023 26.04.2026 26.04.2030 91.56 \u20ac 45.99 \u20ac 8,072 13c 11,277 26.04.2023 26.04.2027 26.04.2030 91.56 \u20ac 48.93 \u20ac 10,763 14 9,984 01.08.2023 01.08.2026 01.08.2029 116.05 \u20ac 60.10 \u20ac 9,984 829,976 597,456 Fair value of the share options granted in the year. The weighted average fair value of the share options granted during the year is EUR 97.96 (2022: 69.64). The actuarial valuation was performed using best estimate assumptions developed by the management of the Group. An external expert performed the valuation of the expected fair value of the option. The Black-Scholes valuation method for option valuation was used for Option Plans 1 to 6, for the Options Plans 7 to 14 the Monte Carlo model has been used for valuation, taking into account the terms and conditions on which the share options were granted. The Monte-Carlo model allows the expected life of the option to be included in the determina tion of fair value. The only vesting condition is that employees must remain in service for the period from the grant date until the vesting date of the share options. The employee stock option agreement states that the employee preserves the right to exercise, even if the employee becomes disabled, deceased or retires Consolidated Financial Statements. Inputs to the model. Option series Series 6a Series 6b Series 6c Series 7a Series 7b Series 7c Series 8a Series 8b Series 8c Grant date share price 35.80 \u20ac 35.80 \u20ac 35.80 \u20ac 46.40 \u20ac 46.40 \u20ac 46.40 \u20ac 81.40 \u20ac 81.40 \u20ac 81.40 \u20ac Exercise price 35.50 \u20ac 35.50 \u20ac 35.50 \u20ac 46.40 \u20ac 46.40 \u20ac 46.40 \u20ac 81.40 \u20ac 81.40 \u20ac 81.40 \u20ac Expected volatility 36.01 % 36.01 % 36.01 % 44.33 % 44.33 % 44.33 % 44.33 % 44.33 % 44.33 % Option life 7 years 7 years 7 years 7 years + 4 m 7 years + 4 m 7 years + 4 m 7 years 7 years 7 years Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Risk-free interest rate \u2013 0.77 % \u2013 0.77 % \u2013 0.77 % \u2013 0.549 % \u2013 0.549 % \u2013 0.549 % \u2013 0.561 % \u2013 0.561 % \u2013 0.561 % Calculation model BS BS BS MC MC MC MC MC MC Option series Series 9a Series 9b Series 10a Series 10b Series 10c Series 11a Series 11b Series 11c Grant date share price 149.40 \u20ac 149.40 \u20ac 160.60 \u20ac 160.60 \u20ac 160.60 \u20ac 74.42 \u20ac 74.42 \u20ac 74.42 \u20ac Exercise price 149.40 \u20ac 149.40 \u20ac 160.60 \u20ac 160.60 \u20ac 160.60 \u20ac 74.42 \u20ac 74.42 \u20ac 74.42 \u20ac Expected volatility 47.32 % 47.32 % 49.49 % 49.49 % 49.49 % 51.88 % 51.88 % 51.88 % Option life 6 years 6 years 7 years 7 years 7 years 7 years 7 years 7 years Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Risk-free interest rate \u2013 0.638 % \u2013 0.638 % \u2013 0.45 % \u2013 0.45 % \u2013 0.45 % 0.850 % 0.850 % 0.850 % Calculation model MC MC MC MC MC MC MC MC Option series Series 12a Series 12b Series 12c Series 13a Series 13b Series 13c Series 14 Grant date share price 44.12 \u20ac 44.12 \u20ac 44.12 \u20ac 91.56 \u20ac 91.56 \u20ac 91.56 \u20ac 116.05 \u20ac Exercise price 44.12 \u20ac 44.12 \u20ac 44.12 \u20ac 91.56 \u20ac 91.56 \u20ac 91.56 \u20ac 116.05 \u20ac Expected volatility 54.39 % 54.39 % 54.39 % 55.68 % 55.68 % 55.68 % 55.31 % Option life 7 years 7 years 7 years 7 years 7 years 7 years 6 years Dividend yield 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % 0.00 % Risk-free interest rate 2.132 % 2.132 % 2.132 % 2.419 % 2.419 % 2.419 % 2.544 % Calculation model MC MC MC MC MC MC MC For the granted options during the year, the expected stock volatility has been determined by measuring the volatility of the daily changes of the stock price of Redcare Pharmacy N.V. over the past three to four years. The dividend yield is equal to 0.00 %, since the Company is not expected to pay out dividends soon. Movements in share options during the year. The following reconciles the share options outstanding at the beginning and end of the year: Number of options 2023 Weighted average exercise price 2023 Number of options 2022 Weighted average exercise price 2022 Balance at beginning of the year 664,514 89.55 \u20ac 665,047 89.17 \u20ac Granted during the year 38,176 97.96 \u20ac 35,500 69.64 \u20ac Forfeited during the year \u2013 45,186 140.87 \u20ac \u2013 21,366 76.31 \u20ac Exercised during the year \u2013 59,132 43.32 \u20ac \u2013 14,667 43.32 \u20ac Expired during the year \u2013 916 140.87 \u20ac \u2013 \u2013 Balance at end of year 597,456 90.61 \u20ac 664,514 89.55 \u20ac For the dates on which the different options are exercisable please refer to the table above. Share options outstanding at the end of the year. The share options outstanding at the end of the year had a weighted average exercise price of EUR 90.61 (2022: EUR 89.55) and a weighted average remaining contractual life of 1,322 days (2022: 1,613 days). Regarding the share option plan, a total expense of EUR 3,507 million was recognised in the 2023 result (2022: EUR 5,797 million). smartpatient plan. With the acquisition of smartpatient, the Group provided a post-combination services benefit to the former owners of smartpatient with the objective that the former owners continue their efforts in rolling-out our strategy. The smartpatient plan successively vests over a period of three years and includes a lock-up period until 31 December 2024. The fair value of the plan at grant date was EUR 29.6 million and the shares to be provided are to the undiscounted value of this amount. During 2023, the Group recognised EUR 8.1 million (2022: EUR 10.4 million) in employee benefit expenses", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "597,456 Fair value of the share options granted in the year. The weighted average fair value of the share options granted during the year is EUR 97.96 (2022: 69.64). The actuarial valuation was performed using best estimate assumptions developed by the management of the Group. An external expert performed the valuation of the expected fair value of the option. The Black-Scholes valuation method for option valuation was used for Option Plans 1 to 6, for the Options Plans 7 to 14 the Monte Carlo model has been used for valuation, taking into account the terms and conditions on which the share options were granted. The Monte-Carlo model allows the expected life of the option to be included in the determina tion of fair value. The only vesting condition is that employees must remain in service for the period from the grant date until the vesting date of the share options. The employee stock option agreement states that the employee preserves the right to exercise, even if the employee becomes disabled, deceased or retires .", "dimensions": { "concept": "ifrs-full:DisclosureOfIndirectMeasurementOfFairValueOfGoodsOrServicesReceivedShareOptionsGrantedDuringPeriodExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "28. Employee benefit plans. The MediService employees work in Switzerland and participate in the \u201cGalenica Pension Fund\u201d, which is financed by the employers and the employees. This plan is legally separate from MediService and qualifies as a defined benefit plan. The pension plan covers the risks of the economic consequences of old age, disability and death in accordance with the Swiss Federal Occupational Retirement, Survivors and Disability Pension Plans Act (BVG/LPP). The pension plan is structured in the legal form of a foundation. All actuarial risks are borne by the foundation and regularly assessed by the Board of Trustees based on an annual actuarial appraisal prepared in accordance with BVG/LPP. The company\u2019s liabilities are limited to contributions that are based on a percentage of the insured salary under the Swiss law. Only in cases of a funded status that is significantly below a funded status of 100 % as per the BVG/LPP law can Galenica be required to pay additional contri butions. The calculations made in these appraisals do not apply the projected unit credit method required by IFRS. If the calculations made in accordance with the provisions of BVG/LPP reveal a funded status of less than 100 %, suitable restructuring measures need to be introduced. The Board of Trustees consists of employee and employer representatives. The defined benefit plan is funded. Plan assets are managed separately from MediService\u2019s assets by the independent pension fund. The most recent actuarial valuation was prepared as at 31 December 2023. The pension fund assets are invested in accordance with local investment guidelines. MediService pays its contributions to the pension fund in accordance with the regulations defined by the fund. The final funded status pursuant to BVG/LPP is not available until the first quarter of the subsequent year. The projected funded status as at 31 December 2023 for MediService Pension Fund is 110.8 % (unaudited) and as at 31 December 2022 108.3 % (final) ", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationAboutDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-27": { "value": "28. Employee benefit plans. The MediService employees work in Switzerland and participate in the \u201cGalenica Pension Fund\u201d, which is financed by the employers and the employees. This plan is legally separate from MediService and qualifies as a defined benefit plan. The pension plan covers the risks of the economic consequences of old age, disability and death in accordance with the Swiss Federal Occupational Retirement, Survivors and Disability Pension Plans Act (BVG/LPP). The pension plan is structured in the legal form of a foundation. All actuarial risks are borne by the foundation and regularly assessed by the Board of Trustees based on an annual actuarial appraisal prepared in accordance with BVG/LPP. The company\u2019s liabilities are limited to contributions that are based on a percentage of the insured salary under the Swiss law. Only in cases of a funded status that is significantly below a funded status of 100 % as per the BVG/LPP law can Galenica be required to pay additional contri butions. The calculations made in these appraisals do not apply the projected unit credit method required by IFRS. If the calculations made in accordance with the provisions of BVG/LPP reveal a funded status of less than 100 %, suitable restructuring measures need to be introduced. The Board of Trustees consists of employee and employer representatives. The defined benefit plan is funded. Plan assets are managed separately from MediService\u2019s assets by the independent pension fund. The most recent actuarial valuation was prepared as at 31 December 2023. The pension fund assets are invested in accordance with local investment guidelines. MediService pays its contributions to the pension fund in accordance with the regulations defined by the fund. The final funded status pursuant to BVG/LPP is not available until the first quarter of the subsequent year. The projected funded status as at 31 December 2023 for MediService Pension Fund is 110.8 % (unaudited) and as at 31 December 2022 108.3 % (final) Defined benefit plans and long-service awards. in EUR 1,000 Defined benefit plans Long-service awards 1 Total 2023 Plan assets measured at fair value 30,574 0 30,574 Present value of defined benefit obligation \u2013 33,732 \u2013 297 \u2013 34,029 Surplus/(deficit) \u2013 3,158 \u2013 297 \u2013 3,455 Effect of asset ceiling 0 0 0 Net carrying amount recognised in employee benefit liabilities \u2013 3,158 \u2013 297 \u2013 3,455 of which recognised in assets 0 0 0 of which recognised in liabilities \u2013 3,158 \u2013 297 \u2013 3,455 Change in present value of defined benefit obligation. in EUR 1,000 Defined benefit plans Long-service awards Total 2023 1 January 0 0 0 From business combination \u2013 29,878 \u2013 259 \u2013 30,137 Current service cost \u2013 379 \u2013 16 \u2013 395 Past service cost 0 0 0 Interest on defined benefit obligation \u2013 276 \u2013 2 \u2013 279 Actuarial gain/(loss) \u2013 2,775 \u2013 17 \u2013 2,793 Employee contributions \u2013 363 0 \u2013 363 Benefits/awards paid \u2013 39 \u2013 2 \u2013 41 Reclassification 0 0 0 Plan compensation 0 0 0 31 December \u2013 33,711 \u2013 297 \u2013 34,008 Change in fair value of plan assets. in EUR 1,000 2023 1 January 0 From business combination 30,707 Interest on plan assets 297 Remeasurement gain/(loss) \u2013 1,355 Employee contributions 370 Employer contributions 531 Net benefits paid 40 Administration cost \u2013 16 Reclassification 0 Plan compensation 0 31 December 30,574 1 Long-service awards relate to provisions for jubilee payments. Net defined benefit cost. in EUR 1,000 2023 Current service cost \u2013 395 Past service cost 0 Net interest on net defined benefit liability 18 Administration cost \u2013 16 Effect of plan compensation 0 Net defined benefit cost \u2013 393 Remeasurement of net defined benefit liability. in EUR 1,000 2023 Actuarial gain/(loss) due to: \u2013 Changes in demographic assumptions 0 \u2013 Changes in financial assumptions \u2013 2,227 \u2013 Experience adjustments -549 Remeasurement of plan assets \u2013 1,355 Effect in the change of asset ceiling 836 Adjustment Remeasurement of net defined benefit liability recognised in other comprehensive income \u2013 3,295 Investment structure of plan assets. in EUR 1,000 2023 Cash and cash equivalents 134 0.4 % Debt instruments 6,982 22.8 % Equity instruments 12,854 42.0 % Real estate 7,333 24.0 % Other investments 3,272 10.7 % Fair value of plan assets 30,574 100.0 % Current return on plan assets \u2013 3.4 % The Board of Trustees is responsible for investing the plan assets. It defines the investment strategy and determines the long-term target asset structure (investment policy), taking into account the legal requirements, objectives set, the benefit obligations and the foundations\u2019 risk capacity. The Board of Trustees delegates implemen tation of the investment policy in accordance with the investment strategy to an investment committee , which also comprises trustees from the Board of Trustees and a general manager. Plan assets are managed by external asset managers in line with the investment strategy. Cash and cash equivalents are deposited with financial institutions with a credit rating of A or above . Consolidated Financial Statements. Debt instruments (e.g. bonds) have a credit rating of at least BBB and quoted prices in active markets (level 1 of the fair value hierarchy). They can be investments in funds and direct investments. Equity instruments are investments in equity funds. These generally have quoted prices in active markets (level 1 of the fair value hierarchy). Real estate relates to both residential property and offices. These can be investments in quoted real estate funds (level 1 of the fair value hierarchy) or direct investments (level 3 of the fair value hierarchy). If real estate is held directly, it is valued by an independent expert. Other investments consist of hedge funds, insurance linked securities (ILS), infrastructures, senior loans, private equity and receivables. Investments in hedge funds are classified as alternative investments. They are primarily used for risk management purposes. In most cases, quoted prices in an active market are not available for hedge funds investments (level 2 or level 3 of the fair value hierarchy). The use of derivative financial instruments is only permitted if sufficient liquidity or underlying investments are available. Leverage and short selling are not permitted. The total pension funds manage the assets of 5,629 active members (previous year: 5,377) and 950 pensioners (previous year: 896). MediService does not use any pension fund assets. Basis for measurement. in EUR 1,000 2023 Discount rate 1.40 % Salary development 2.25 % Pension development 0.00 % Mortality (mortality tables) BVG 2020 GT (CMI), 1.5 % Turnover BVG 2020 (60 % \u2013 100 %) Sensitivity analysis. in EUR 1,000 Variations in assumptions Impact on DBO 2023 Discount rate + 0.25 % \u2013 0.25 % \u2013 1,080 1,180 Salary development 0.25 % \u2013 0.25 % 102 \u2013 102 Mortality + 1 year \u2013 1 year 708 \u2013 708 The sensitivity analysis assumes potential changes in the above parameters as at year end. Every change in a key actuarial assumption is analysed separately. Interdependencies were not taken into account. The pension obligations have an average duration of 15.7 years. Cash outflows for pension payments and other obligations can be budgeted reliably. The benefit plans collect regular contribution payments. Furthermore, the investment strategies safeguard liquidity at all times . The employer contributions to the pension fund are estimated at EUR 1,1 million for 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-479": { "value": "Defined benefit plans and long-service awards. in EUR 1,000 Defined benefit plans Long-service awards 1 Total 2023 Plan assets measured at fair value 30,574 0 30,574 Present value of defined benefit obligation \u2013 33,732 \u2013 297 \u2013 34,029 Surplus/(deficit) \u2013 3,158 \u2013 297 \u2013 3,455 Effect of asset ceiling 0 0 0 Net carrying amount recognised in employee benefit liabilities \u2013 3,158 \u2013 297 \u2013 3,455 of which recognised in assets 0 0 0 of which recognised in liabilities \u2013 3,158 \u2013 297 \u2013 3,455 Change in present value of defined benefit obligation. in EUR 1,000 Defined benefit plans Long-service awards Total 2023 1 January 0 0 0 From business combination \u2013 29,878 \u2013 259 \u2013 30,137 Current service cost \u2013 379 \u2013 16 \u2013 395 Past service cost 0 0 0 Interest on defined benefit obligation \u2013 276 \u2013 2 \u2013 279 Actuarial gain/(loss) \u2013 2,775 \u2013 17 \u2013 2,793 Employee contributions \u2013 363 0 \u2013 363 Benefits/awards paid \u2013 39 \u2013 2 \u2013 41 Reclassification 0 0 0 Plan compensation 0 0 0 31 December \u2013 33,711 \u2013 297 \u2013 34,008 1 Long-service awards relate to provisions for jubilee payments
Remeasurement of net defined benefit liability.
in EUR 1,000
2023
Actuarial gain/(loss) due to:
\u2013 Changes in demographic assumptions 0
\u2013 Changes in financial assumptions \u2013 2,227
\u2013 Experience adjustments -549
Remeasurement of plan assets \u2013 1,355
Effect in the change of asset ceiling 836
Adjustment
Remeasurement of net defined benefit liability recognised in other comprehensive income \u2013 3,295
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "
Change in present value of defined benefit obligation.
in EUR 1,000
Defined benefit plans Long-service awards Total 2023
1 January 0 0 0
From business combination \u2013 29,878 \u2013 259 \u2013 30,137
Current service cost \u2013 379 \u2013 16 \u2013 395
Past service cost 0 0 0
Interest on defined benefit obligation \u2013 276 \u2013 2 \u2013 279
Actuarial gain/(loss) \u2013 2,775 \u2013 17 \u2013 2,793
Employee contributions \u2013 363 0 \u2013 363
Benefits/awards paid \u2013 39 \u2013 2 \u2013 41
Reclassification 0 0 0
Plan compensation 0 0 0
31 December \u2013 33,711 \u2013 297 \u2013 34,008
The pension obligations have an average duration of 15.7 years. Cash outflows for pension payments and other obligations can be budgeted reliably. The benefit plans collect regular contribution payments. Furthermore, the investment strategies safeguard liquidity at all times ", "dimensions": { "concept": "ifrs-full:DisclosureOfAnalysisOfPresentValueOfDefinedBenefitObligationThatDistinguishesNatureCharacteristicsAndRisksExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "
Change in fair value of plan assets.
in EUR 1,000
2023
1 January 0
From business combination 30,707
Interest on plan assets 297
Remeasurement gain/(loss) \u2013 1,355
Employee contributions 370
Employer contributions 531
Net benefits paid 40
Administration cost \u2013 16
Reclassification 0
Plan compensation 0
31 December 30,574
Investment structure of plan assets. in EUR 1,000 2023 Cash and cash equivalents 134 0.4 % Debt instruments 6,982 22.8 % Equity instruments 12,854 42.0 % Real estate 7,333 24.0 % Other investments 3,272 10.7 % Fair value of plan assets 30,574 100.0 % Current return on plan assets \u2013 3.4 % The Board of Trustees is responsible for investing the plan assets. It defines the investment strategy and determines the long-term target asset structure (investment policy), taking into account the legal requirements, objectives set, the benefit obligations and the foundations\u2019 risk capacity. The Board of Trustees delegates implemen tation of the investment policy in accordance with the investment strategy to an investment committee , which also comprises trustees from the Board of Trustees and a general manager. Plan assets are managed by external asset managers in line with the investment strategy. Cash and cash equivalents are deposited with financial institutions with a credit rating of A or above
Consolidated Financial Statements.
Debt instruments (e.g. bonds) have a credit rating of at least BBB and quoted prices in active markets (level 1
of the fair value hierarchy). They can be investments in funds and direct investments.
Equity instruments are investments in equity funds. These generally have quoted prices in active markets
(level 1 of the fair value hierarchy).
Real estate relates to both residential property and offices. These can be investments in quoted real estate
funds (level 1 of the fair value hierarchy) or direct investments (level 3 of the fair value hierarchy). If real estate
is held directly, it is valued by an independent expert.
Other investments consist of hedge funds, insurance linked securities (ILS), infrastructures, senior loans, private
equity and receivables. Investments
in hedge funds are classified as alternative investments. They are primarily
used for risk management purposes.
In most cases, quoted prices in an active market are not available for
hedge funds investments (level 2 or level 3 of the fair value hierarchy).
The use of derivative financial instruments is only permitted if sufficient liquidity or underlying investments are
available. Leverage and short selling are not permitted.
The total pension funds manage the assets of 5,629 active members (previous year: 5,377) and 950 pensioners
(previous year: 896).
MediService does not use any pension fund assets.
Basis for measurement.
in EUR 1,000
2023
Discount rate 1.40 %
Salary development 2.25 %
Pension development 0.00 %
Mortality (mortality tables) BVG 2020 GT (CMI), 1.5 %
Turnover BVG 2020 (60 % \u2013 100 %)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "
Sensitivity analysis.
in EUR 1,000
Variations in assumptions Impact on DBO 2023
Discount rate + 0.25 %
\u2013 0.25 %
\u2013 1,080
1,180
Salary development 0.25 %
\u2013 0.25 %
102
\u2013 102
Mortality + 1 year
\u2013 1 year
708
\u2013 708
The sensitivity analysis assumes potential changes in the above parameters as at year end. Every change in a key actuarial assumption is analysed separately. Interdependencies were not taken into account. The pension obligations have an average duration of 15.7 years. Cash outflows for pension payments and other obligations can be budgeted reliably. The benefit plans collect regular contribution payments. Furthermore, the investment strategies safeguard liquidity at all times . The employer contributions to the pension fund are estimated at EUR 1,1 million for 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-28": { "value": "29. Business combinations during the period. Subsidiaries acquired. During 2023, the following entity was acquired by the Redcare Pharmacy N.V.: \u2013 51 % of the shares in MediService AG, including its 100 % subsidiary Curarex AG. Acquisition of MediService. On 16 May 2023, Redcare Pharmacy N.V. entered a strategic partnership with Galenica AG in Switzerland, by acquiring 51 % of the shares and voting interest in MediService AG, including Curarex AG. As part of this strategic partnership, Redcare Pharmacy and Galenica AG are combining the business activities of the specialty pharmacy MediService AG and the online pharmacy shop-apotheke.ch. Purchase consideration. Details of the purchase consideration are as follows: in EUR 1,000 Purchase consideration 51 % MediService AG 130,541 Additional purchase consideration 8,529 Variable consideration \u2013 Total purchase consideration 139,070 As part of the Transaction, approx. 1.2 million Redcare shares were issued and transferred to Galenica in return for the sale of 51 % shareholding in MediService \u2013 net of and after the purchase of the shop-apotheke.ch business by MediService via an exclusive license agreement. In order to determine the purchase consideration, the number of total shares transferred was multiplied by the share price as at the Closing Date (EUR 92.90) resulting in a purchase price of the shares transferred of EUR 110,941,459. Apart from the equity instruments issued, Redcare has implicitly also transferred 49 % of the license agreement for webshop shop-apotheke.ch to Galenica via Galenica\u2019s 49 % shareholding in MediService AG (\u201cconsideration in kind\u201d) for an amount of EUR 19,600,000. Resulting in a total purchase consideration of EUR 130,541,459. Consolidated Financial Statements. In addition to the share transfer, by means of the transaction documentation, Galenica has acquired an addi- tional number of approx. 0.4 million shares issued by Redcare via a cash payment. Given that both the share transfer and the additional shares acquired are fixed at the same price \u2013 at the volume weighted average price of the 20 trading days preceding signing of EUR 72 per share \u2013 the difference between the share price as per the transaction documentation on 29 March 2023 and the share price as at the Closing Date is considered to be additional purchase consideration of EUR 8.5 million. During the six months after the closing date the net working capital position of MediService will be measured. If the average of net working capital position during that period is higher than the normalized net working capital position, Redcare is entitled to a compensation payment of Galenica. The preliminary fair value of this variable purchase consideration (contingent consideration) has been determined on EUR nihil. The net working capital measurement period has been extended from half a year as agreed in the SPA to a full year. The potential pay-out from the NWC settlement is still expected to be equal to zero. No changes occurred in this estimation since acquisition. Identified assets and liabilities. The assets and liabilities recognised as a result of the acquisition are as follows: in EUR 1,000 Book Value Adjustment Fair Value Intangible fixed assets 3,843 36,672 40,515 Right-of-use assets 4,268 0 4,268 Tangible fixed assets 700 0 700 Deferred tax assets 7,066 0 7,066 Inventories 18,668 0 18,668 Cash and cash equivalents 1 1,366 0 1,366 Trade and other receivables 52,934 0 52,934 Deferred tax liability \u2013 2,385 \u2013 5,757 \u2013 8,142 Employee benefit liability \u2013 247 0 \u2013 247 Lease liabilities \u2013 4,268 0 \u2013 4, 268 Trade and other payables \u2013 26,979 0 \u2013 26,979 Cashpooling balance 1 \u2013 24,807 0 \u2013 24,807 Goodwill on acquisition 0 107,924 107,924 Non-controlling interest on acquisition \u2013 14,778 \u2013 15,148 \u2013 29,926 Total consideration 15,381 123,691 139,072 The valuation techniques used for measuring the fair value of material assets aquired were as follows: \u2013 Brandname is valued at EUR 12.7 million and is depreciated over a period of three years. The Relief-from-Royalty method has been applied to value the Brand Name. \u2013 Customer relationships is valued at EUR 24.4 million and is depreciated over a period of ten years. The Multi-period excess earnings method has been applied to value the Customer Relationships. Deferred tax of EUR 5.8 million thousand has been provided in relation to these fair value adjustments See table \u201cCash flow statement\u201d on page 209. Goodwill arising from the transaction has been recognized as follows: in EUR 1,000 Consideration transferred 139,070 Non-controlling interest, based upon their proportionate interest 29,926 Fair value of the identifiable net assets \u2013 61,074 Total purchase consideration 107,922 The residual goodwill mainly originates from the value attributable to the significant growth expectations of MediService in the future. The goodwill arising on the MediService acquisition is not deductible for tax purposes. Changed compared to preliminary acquisition accounting. During the initial reporting of the business combination accounting of MediService in the halfyear 2023 report the acquisition accounting was in process. In comparison with the initial reported accounting the following adjustment have been made: (i) the fair value of the identifiable assets acquired has been determined which resulted in a step-up of the brandname and the customer database. Correction of errors & changes compared to half year reporting. In comparison with the reported accounting in the half year report the following restatement have been made to restate the reported amounts; (i) the accounting treatment of the consideration in kind of EUR 19.6 million has resulted in a direct movement in equity whereas it was reported via other comprehensive income in the halfyear report 2023. The impact on the Group\u2019s consolidated financial statements is as follows: Consolidated statement of OCI (as per half-year 2023): in EUR 1,000 As previously recorded Adjustments As restated Resulf for the period \u2013 14,287 \u2013 \u2013 14,287 Other comprehensive income 19,456 \u2013 19,600 \u2013 144 Total comprehensive income 5,169 \u2013 19,600 \u2013 14,431 The above has no impact on the comparative figures in the annual report. Impact of acquisition on the results of the Group. Included in the Result after Tax for the year 2023 is EUR 888 thousand attributable to the additional business generated by the MediService acquisition. Revenue for the year 2023 includes EUR 307 million in respect of the MediService business. In determining these amounts, management has included the fair value adjustments, that arose on the date of the acquisition. Acquisition costs. In 2023, the group incurred acquisition related costs for an amount of EUR 873 thousand. These costs have been included in Administrative expenses. Cash flow statement. The total amount of consideration paid, net of cash acquired can be reconciled with the cash flow statement as follows: in EUR 1,000 Cash paid \u2013 Cash acquired \u2013 23,441 Contingent consideration paid during financial year \u2013 Total purchase consideration \u2013 23,441 31. Business combinations completed in prior periods. Subsidiaries acquired. During 2022, the following entities were acquired by the Group: \u2013 The business of \u201cFirst A\u201d by 100 % of the shares of Aurora Gesundheit GmbH, including Aurora Gesundheit Services UG. \u2013 100 % of the shares of APS All Pharma Services Nettetal GmbH. Acquisition of First A. On 12 April 2022, the Shop Apotheke Group acquired 100 % of the shares of Aurora Gesundheit GmbH, including Aurora Gesundheit Services UG. (\u201cFirst A\u201d), a pioneering quick-commerce player in the German pharmacy market. The strategic acquisition accelerates Redcare Pharmacy\u2019s customer-centric platform strategy and strengthens its position as one stop shop in the pharmacy space. Redcare acquired First A for a consideration of EUR 16,485,000, by way of a combination of cash paid and a contingent consideration of Redcare The results of First A were consolidated effective from 12 April 2022 (and directly contributed to earnings per share). Purchase consideration. Details of the purchase consideration are as follows: in EUR 1,000 Cash paid 5,000 Contingent consideration 11,485 Total purchase consideration 16,485 Contingent consideration. The contingent consideration arrangement is to be paid in cash (with an option for Redcare Pharmacy to have a (part) payment in shares) in five subsequent tranches in the following four years after the acquisition. Each tranche payment is an earn-out based on a sales multiple with a correction for EBITDA for the respective earn-out period. The fair value of the contingent consideration arrangement of EUR 11,485,000 was estimated calculating the discounted cashflow based upon the present value of the future expected cashflows. The estimates are based on assessment of the business plan and the corresponding expected earn-out. Identified assets and liabilities. The assets and liabilities recognised as a result of the acquisition are as follows: in EUR 1,000 Book Value Adjustment Fair Value Tangible fixed assets 28 0 28 Intangible fixed assets 125 976 1,101 Financial fixed assets 11 0 11 Deferred tax assets 0 0 0 Inventory 0 0 0 Trade and other receivables 257 0 257 Cash 125 0 125 Non-current liabilities 0 0 0 Trade and other payables \u2013 205 0 \u2013 205 Other current liabilities \u2013 244 0 \u2013 244 Goodwill on acquisition 0 15,705 15,705 Deferred tax liability 0 \u2013 293 \u2013 293 Total consideration 97 16,388 16,485 The brand name and the customer relationship \u2013 pharmacies from First A as part of the purchase price allocation are valued as follows: \u2013 Customer relationships - pharmacies is valued at EUR 938,000 and is depreciated over a period of eight years. \u2013 Brand name is valued at EUR 38,000 and is depreciated over a period of one year. Deferred tax of EUR 293,000 has been provided in relation to these fair value adjustments. The residual goodwill mainly originates from the value attributable to the significant growth expectations of First A in the future. The goodwill arising on the First A acquisition is not deductible for tax purposes. Impact of acquisition on the results of the Group. The amounts included in the Result after tax for 2022 amounted to EUR \u2013 4.7 million, the amounts included in the Revenue are considered non-material. Acquisition of APS. On 20 June 2022, the Group acquired 100 % of the shares of APS All Pharma GmbH (\u201cAPS\u201d), a pharmaceutical wholesaler holding an EU wholesale distribution authorization, dedicated to the supply of pharmaceutical products for the German market. SAE acquired APS for a cash consideration of EUR 1,350,000. The results of First A are consolidated effective from 1 July 2022 (and directly contributed to earnings per share). Purchase consideration. Details of the purchase consideration are as follows: in EUR 1,000 Cash paid 1,350 Contingent consideration \u2013 Total purchase consideration 1,350 Identified assets and liabilities. The assets and liabilities recognised as a result of the acquisition are as follows: in EUR 1,000 Book Value Adjustment Fair Value Tangible fixed assets 102 306 408 Intangible fixed assets 0 0 0 Financial fixed assets 10 0 10 Deferred tax assets 0 0 0 Inventory 0 0 0 Trade and other receivables 5,031 0 5,031 Cash 208 0 208 Non-current liabilities 0 \u2013 226 \u2013 226 Trade and other payables \u2013 4,642 0 \u2013 4,642 Other current liabilities \u2013 100 \u2013 80 \u2013 180 Goodwill on acquisition 0 741 741 Deferred tax liability 0 0 0 Total consideration 609 741 1,350 Impact of acquisition on the results of the Group. The amounts included in the Revenue and Result after tax for 2022 in the consolidated figures are considered non-material. Acquisition costs. In 2022, the Group incurred acquisition related costs (related to both acquisitions) of EUR 323 thousand. These costs have been included in Administrative expenses. Cash flow statement. The total amount of consideration paid, net of cash acquired can be reconciled with the cash flow statement as follows: in EUR 1,000 First A APS All Pharma Total Cash paid \u2013 5,000 \u2013 1,350 \u2013 6,350 Cash acquired 125 208 333 Contingent consideration paid during financial year \u2013 \u2013 \u2013 Total purchase consideration \u2013 4.875 \u2013 1.142 \u2013 6.017", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-29": { "value": "30. Non-controlling interests. The following table summarized the information relating to the Group\u2019s subsidiary that has a material NCI, before any intra-group eliminations. in EUR 1,000 Year ended 31 Dec 2023 MediService AG NCI percentage 49 % Non-current assets 49,783 Current assets 97,323 Non-current liabilities \u2013 15,639 Current liabilities \u2013 70,573 Net assets 60,894 Net assets attributable to NCI 29,838 Revenue 306,880 Profit 888 OCI \u2013 1,027 Total comprehensive income \u2013 139 Profit allocated to NCI 435 OCI allocated to NCI \u2013 504 On 16 May 2023, the Group has acquired 51 % of MediService AG, as a consequence a non-controlling interest of 49 % of the shares of MediService has been accounted for. Accordingly, the information relating to MediService is only for the period of 16 May 2023 until 31 December 2023", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-30": { "value": "32. Leases. All operating lease contracts (except for short-term leases and leases of low value assets) have been presented as right-of-use assets and lease liabilities respectively. The operating lease contracts consist of leasing proper ties. Therefore only one lease category is identified. The development of right-of-use assets and lease liabilities in the year was as follows: in EUR 1,000 Right of Use Asset Lease Liability Balance 1 January 2022 28,543 30,798 Additions 6,706 6,706 Arising on business combination 306 306 Disposal 0 0 Depreciation charge \u2013 4,959 0 Interest expense 0 1,124 Cash out lease payments 0 \u2013 5,461 Balance 31 December 2022 30,596 33,473 Additions 5,921 5,921 Arising on business combination 4,268 4,268 Disposal 0 0 Depreciation charge \u2013 6,272 0 Interest expense 0 1,262 Cash out lease payments 0 \u2013 7, 303 Currency effects 201 200 Balance 31 December 2023 34,714 37, 82 1 in EUR 1,000 31. 12. 2023 31. 12. 2022 Lease liabilities non-current 30,676 27,593 Lease liabilities current 7,145 5,880 37,821 33,473 The following table sets out the maturities (representing undiscounted cash flows) of financial lease liabilities: in EUR 1,000 Up to 1 year 1 \u2013 5 years Over 5 years Total As at 31 December 2022 5,990 20,181 11,160 37,331 Movements 2023 1,260 5,593 \u2013 2,828 4,025 As at 31 December 2023 7,2 50 25,774 8,332 41,356", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "
33. Contingent liabilities.
Guarantees.
Guarantee obligations regarding rental contracts have been provided by the Group for EUR 381 thousand
(2022: EUR 336 thousand).
Credit facility.
The Deutsche Bank EUR 15 million credit facility agreement was also secured by a EUR 15 million pledge over
assets.
Fiscal unity.
For the purpose of value added tax, Redcare Pharmacy N.V., SA Europe B.V., Euroservice Venlo B.V., Shop
Apotheke B.V., Shop Apotheke Service B.V., RC Staff B.V., RC Pharma B.V., EHS Europe Health Services B.V.,
EHSC B.V., Europa Apotheek Venlo B.V. and Europa Apotheek Service Venlo B.V. are associated in a fiscal unity
and therefore severally liable for the debts with respect to value-added taxes of the fiscal unity.
For the purpose of corporate income tax, SA Europe B.V., Shop Apotheke B.V., Shop Apotheke Service B.V.,
RC Staff B.V., RC Pharma B.V. and EuroService Venlo B.V. are associated in a fiscal unity and are therefore
severally liable for the corporate income tax owed of the entire fiscal unity as of October 2015 (subsequent
to this date and not for the prior period).
For the purpose of corporate income tax, EHS Europe Health Service B.V., EHSC B.V., Europa Apotheek Venlo
B.V. and Europa Apotheek Service Venlo B.V., are associated in a fiscal unity and therefore severally liable for
the corporate income tax owed by that fiscal unity.
For the purpose of corporate income tax, MedApp Holding B.V., MedApp Apotheek B.V. and MedApp Neder-
land B.V. are associated in a fiscal unity and are therefore severally liable for the corporate income tax owed
of the entire fiscal unity.
Article 403 of the Dutch Civil Code.
As of its incorporation on 30 September 2015, Redcare Pharmacy N.V. is liable for the Dutch Group companies
SA Europe B.V., Shop-Apotheke B.V., Shop Apotheke Service B.V., RC Staff B.V., RC Pharma B.V., Euroservice
Venlo B.V., Europa
Apotheek Venlo B.V., EHSC B.V., Europa Apotheek Service Venlo B.V. and EHS Europe
Health Services B.V.
according to Article 403 of the Dutch Civil Code.
As of 1 January 2019, Redcare Pharmacy N.V. is also liable for the Dutch Group companies Europa Apotheek
Venlo B.V., EHSC B.V., Europa Apotheek Service Venlo B.V. and EHS Europe Health Services B.V. according to
Article 403 of the Dutch Civil Code.
Article 264 of the German Civil Code.
Redcare Pharmacy N.V. is liable for the German group company nu3 GmbH and Shop Apotheke Service
GmbH according to Article 264.3 of the German Civil Code.
Rental commitments buildings and other (lease) agreements.
The obligations for property leases as of 31 December 2023 (except for short-term leases and leases of low
value assets) have been presented as lease liabilities in the statement of financial position.
The Group has entered into contracts with external parties on obligations for the distribution centre in Sevenum
amongst which the agreement with the equipment manufacturer and supplier. The invoiced contract values
are included in property plant and equipment (refer to Note 13). The total outstanding contract value of the
off-balance sheet commitments as of 31 December 2023 amounts to EUR 9.5 million which is mainly due in
2024 (2022: EUR 5 million).
Legal proceedings.
Redcare Pharmacy N.V. and its subsidiaries are parties to a number of other legal proceedings arising out of
their business operations. Redcare Pharmacy believes that the ultimate resolution of these proceedings will
not, in the aggregate, have a material adverse effect on Redcare Pharmacy\u2019s financial position, results of
operations or cash flows. Such other legal proceedings, however, are subject to inherent uncertainties and
the outcome of individual matters is unpredictable. It is possible that Redcare Pharmacy could be required to
have expenses in excess of established provisions, at amounts that cannot reasonably be estimated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-31": { "value": "33. Contingent liabilities. Guarantees. Guarantee obligations regarding rental contracts have been provided by the Group for EUR 381 thousand (2022: EUR 336 thousand). Credit facility. The Deutsche Bank EUR 15 million credit facility agreement was also secured by a EUR 15 million pledge over assets. Fiscal unity. For the purpose of value added tax, Redcare Pharmacy N.V., SA Europe B.V., Euroservice Venlo B.V., Shop Apotheke B.V., Shop Apotheke Service B.V., RC Staff B.V., RC Pharma B.V., EHS Europe Health Services B.V., EHSC B.V., Europa Apotheek Venlo B.V. and Europa Apotheek Service Venlo B.V. are associated in a fiscal unity and therefore severally liable for the debts with respect to value-added taxes of the fiscal unity. For the purpose of corporate income tax, SA Europe B.V., Shop Apotheke B.V., Shop Apotheke Service B.V., RC Staff B.V., RC Pharma B.V. and EuroService Venlo B.V. are associated in a fiscal unity and are therefore severally liable for the corporate income tax owed of the entire fiscal unity as of October 2015 (subsequent to this date and not for the prior period). For the purpose of corporate income tax, EHS Europe Health Service B.V., EHSC B.V., Europa Apotheek Venlo B.V. and Europa Apotheek Service Venlo B.V., are associated in a fiscal unity and therefore severally liable for the corporate income tax owed by that fiscal unity. For the purpose of corporate income tax, MedApp Holding B.V., MedApp Apotheek B.V. and MedApp Neder- land B.V. are associated in a fiscal unity and are therefore severally liable for the corporate income tax owed of the entire fiscal unity. Article 403 of the Dutch Civil Code. As of its incorporation on 30 September 2015, Redcare Pharmacy N.V. is liable for the Dutch Group companies SA Europe B.V., Shop-Apotheke B.V., Shop Apotheke Service B.V., RC Staff B.V., RC Pharma B.V., Euroservice Venlo B.V., Europa Apotheek Venlo B.V., EHSC B.V., Europa Apotheek Service Venlo B.V. and EHS Europe Health Services B.V. according to Article 403 of the Dutch Civil Code. As of 1 January 2019, Redcare Pharmacy N.V. is also liable for the Dutch Group companies Europa Apotheek Venlo B.V., EHSC B.V., Europa Apotheek Service Venlo B.V. and EHS Europe Health Services B.V. according to Article 403 of the Dutch Civil Code. Article 264 of the German Civil Code. Redcare Pharmacy N.V. is liable for the German group company nu3 GmbH and Shop Apotheke Service GmbH according to Article 264.3 of the German Civil Code. Rental commitments buildings and other (lease) agreements. The obligations for property leases as of 31 December 2023 (except for short-term leases and leases of low value assets) have been presented as lease liabilities in the statement of financial position. The Group has entered into contracts with external parties on obligations for the distribution centre in Sevenum amongst which the agreement with the equipment manufacturer and supplier. The invoiced contract values are included in property plant and equipment (refer to Note 13). The total outstanding contract value of the off-balance sheet commitments as of 31 December 2023 amounts to EUR 9.5 million which is mainly due in 2024 (2022: EUR 5 million). Legal proceedings. Redcare Pharmacy N.V. and its subsidiaries are parties to a number of other legal proceedings arising out of their business operations. Redcare Pharmacy believes that the ultimate resolution of these proceedings will not, in the aggregate, have a material adverse effect on Redcare Pharmacy\u2019s financial position, results of operations or cash flows. Such other legal proceedings, however, are subject to inherent uncertainties and the outcome of individual matters is unpredictable. It is possible that Redcare Pharmacy could be required to have expenses in excess of established provisions, at amounts that cannot reasonably be estimated", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-32": { "value": "34. Standards issued but not yet effective. The Group has not early adopted any standards, interpretations or amendments that have been issued but are not yet effective. The application of new accounting standards and amendments that had already been issued by the IASB as of the time the financial statements were authorised for issue, is not expected to have any material effect on the consolidated financial statements. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they become effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-33": { "value": "35. Subsequent events. There have been no significant subsequent events", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "36. Other information. Auditor\u2019s fees. The Company\u2019s 2023 and 2022 financial statements were audited by Mazars Accountants N.V. The following auditor\u2019s fees were expensed in the statement of profit and loss in the reporting period: Year ended 31. 12. 2023 Year ended 31. 12. 2022 in EUR 1,000 Mazars Accountants N.V. Other audit firms 3 Mazars Accountants N.V. Other audit firms Audit of the financial statements 626 1 130 492 2 \u2013 Other audit engagements 30 \u2013 \u2013 \u2013 Total 656 130 492 \u2013 Approval and signing of the consolidated financial statements. Sevenum, 4 March 2024 Managing Board Members: Olaf Heinrich, Jasper Eenhorst, Marc Fischer, Theresa Holler, Stephan Weber Supervisory Board Members: Bj\u00f6rn S\u00f6der (Chairman), Frank K\u00f6hler, J\u00e9r\u00f4me Cochet, Henriette Peucker and Jaska de Bakker 1 This amount includes 70 k relating to the audit 2022. 2 This amount includes 42 k relating to the audit 2021. 3 This relates to the audit for group purposes of financial data of a subsidiary by a local audit firm. This audit has been performed by another audit firm", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-35": { "value": "Auditor\u2019s fees. The Company\u2019s 2023 and 2022 financial statements were audited by Mazars Accountants N.V. The following auditor\u2019s fees were expensed in the statement of profit and loss in the reporting period: Year ended 31. 12. 2023 Year ended 31. 12. 2022 in EUR 1,000 Mazars Accountants N.V. Other audit firms 3 Mazars Accountants N.V. Other audit firms Audit of the financial statements 626 1 130 492 2 \u2013 Other audit engagements 30 \u2013 \u2013 \u2013 Total 656 130 492 \u2013 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-34": { "value": "Approval and signing of the consolidated financial statements. Sevenum, 4 March 2024 Managing Board Members: Olaf Heinrich, Jasper Eenhorst, Marc Fischer, Theresa Holler, Stephan Weber Supervisory Board Members: Bj\u00f6rn S\u00f6der (Chairman), Frank K\u00f6hler, J\u00e9r\u00f4me Cochet, Henriette Peucker and Jaska de Bakker", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-480": { "value": "Erik de Rodeweg 11 \u2013 13, NL \u2013 5975 WD Sevenum", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900JK6UXHY1YKZ082", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }